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JER Investors Trust Inc. Message Board

  • value.digger value.digger Mar 3, 2009 10:25 AM Flag

    Admit My Mistake on JRT

    I should admit that I was very wrong about this company and it cost me a little bit. I already took my loss and out of JRT.

    What happened is that I believed that management of this company was honest. My bad. I wrongly assumed that the management made a mistake with stock dividend or was forced to issue stock dividend instead of cash. Then, I assumed that the management corrected the situation with the reverse split.

    Well, today's announcement that the management is going to issue $150M new stock clearly demonstrates that I was dead wrong.

    They plan to go from 5M shares outstanding to some crazy number of shares outstanding. They will have something like 120M or even more shares outstanding after this combination.

    Such actions effectively wipe out all current shareholders, the ones that held 5M shares. So, management just grabs as much as it can to continue to pay itself salaries and bonuses at the expense of existing shareholders.

    Looks like fraud to me, so I am out of JRT.

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