Never been to the boardwalk but would like to see it one day,and I guess that old saying is true there is a sucker born every second and bio's are perfect for drawing them in with dreams of big money watching a drug you invest your money in go to market and you can brag about being one of the original investors that helped bring it to market. I guess we all have to learn the hard way so you don't make the same mistake again...........
Well my story is just as stupid I suppose. I was not an investor, just a chemist. My mother was an orphan and when she died I looked up her family from her maiden name. Finding a first cousin once removed running a biotech as CEO, and being a scientist, I bought shares. Sadly that was when it was $5 a share and RNAi was just coming on like 2006.
Well I tried to be careful, used a company called sharebuilder to buy weekly very slowly, sold a few times to get even and just told myself if there was a way to get out I would. The trick was I did not expect that private placement last summer because the only way out was a reverse split. I just did not think it would happen.
When it became obvious I sold and you know the rest, I lost between 6 and 7 grand. I have never spoken to this CEO but have watched the company because I admit, I was very curious about my mothers family name.
But I should have never gotten involved. Luckily I was so careful it took 6 years for me to get on the hook ever so slowly at probably $60 a week.
Along the way I learned an awful lot of probably useless information about the stock market.
As for CytRx, if you have ever been to the boardwalk in atlantic city they used to have this game where you put a quarter in and watch a brush push gently a massive pile of quarters to the edge.
But quarters never fall off and you just lose the quarter. Somehow there will be another group of investors after us to jump in and folks like you who know what you are doing may find a way to make something off of this stock.
But looking around all these biotechs are like this. It's seems to be a lot like multilevel marketing where they have an actual decent product to base the pyramid on but it is still multilevel marketing.
And it is still a game. Like any other casino game for that matter. You just invest and lose. All my other investments are normal professor stuff.
I just feel stupid. My Catholic side is used to losing and being humble.
Watcher . . . I should have added . . . with some dignity!
I originally bought this stock in 2002 because Kriegsmann said he had a relative who had ALS and he desperately wanted to find a cure. Maybe there's someone out there who remembers the occasion more accurately, but I think he said it was actually his mother! As you know he was a Money manager and had nothing to do with bio stocks but I thought - here is someone who is successful who wants to do something for his mother and I fell for his sales pitch! As did many others including the Greater Los Angeles Chapter of the ALS Association who made him their Corporate Philanthropist of the Year and the Muscular Dystrophy Association who awarded him the Lou Gehrig Memorial Award, in 2006. They also "granted" him $10 million which somehow "disappeared" along with his commitment to finding a cure!
But as soon as an opportunity arose to take out my initial investment I did so at $4+ when Mark Tepper the CFO "resigned" [always a red alert warning].
Likewise the "free shares" we picked up from the RXII spin-off! I had a sell order in for $10 and it went to $9+ on the last run before it crashed so I hung on too long and sold my remaining RXII at .74c; bought GALE at .37c and sold it again at 74c as I stated over on the GALE MB at the time! So I feel somewhat vindicated on that score. And I will trade GALE again mercilessly!
But I am still seething with contempt at how CytRx has been mismanaged and driven to its knees by this "dream team". Call it morbid fascination if you like . . . I want to see exactly how far he can get with this scam and exactly how he goes about it!
But I too have learned a very valuable lesson. I would NEVER buy a stock on emotion again! There are too many indicators in Technical Analysis and/or Fundamentals to guide any would be investor. And I would never buy and hold again. I also believe that the Stock Market is inherently crooked, corrupt and stacked against the investor! Definitely Caveat Emptor!
Old Joe Kennedy said he couldn't believe his luck that "naked shorting stocks" wasn't illegal in his time! Well guess what! It's still around Joe!
At least on the FOREX you have a chance if you follow the rules! Its you and the dollar . . . that's it!
All imo of course! LOL!
If there is no requirement for an Investor Relations company to represent them, then it might be at Legend's request - as part of the deal they made with Kriegsmann when they purchased the warrants. Possibly to make them look legit or give them some sort of "street cred". Like a no-show on a construction site they get paid for not showing up but they still show on the books! Pretty cozy! So now they can "leverage" their investment by exerting pressure on the SP and we get our oxen gored! Just a theory but . . . all imo of course! LOL!
Health and sanity are fine down about 55% from here at.28 cents I kept buying on the way down but I am known in my family as a buy high sell low kind of investor,just once I wanted to get it right.
Depends on a few things only you can answer if you hold. First of course how big is this investment and what percentage you can afford to lose if you did lose.
But more importantly if this is affecting your health and family relations you might need to just protect your sanity.
Hold only if you can accept the worst possible outcome as Dale Carnigie used to say, ("How to Stop Worrying and Start Living" from the 1930's originally. Better then the win friends and influence people book of his.)
If you can accept it, move forward with a lesson learned if it happens, no real bad effect to your life, you might want to hold and hope for the best.
But your health and sanity comes first in my opinion.
When you say, "when I can get out of this POS." you once asked me my pps to get back in and I said the other side of the reverse split, on the day Rodman is shorting it down as close to $1 as possible then with the bounce I sell. Nver hold again.
So I have to ask, what is your get out point? You skipped 32 cents and that was out there a while the other day. Maybe news tied to a reverse split that gives some results and a little bit of financing to maybe 40 cents before the split?
What is your point to get out or will you hold through?
Thank you Ijob, but nothing new . . . in fact on Aug 3 I printed part of the the text of my communication which more or less said the same BS.
It's pretty clear to me that they don't know jack about what goes on within the CytRx BOD.
Is there some legal and/or listing requirement to have an Investor Relations company representing companies on the Nasdaq?
If so it would explain a lot about why these know nothing idiots are in the position of having to defend a company's practices that they obviously know nothing about?
On another thread I mentioned that I actually asked them in JUNE 2011, would they confirm that a 1:10 R/S was NOT BEING CONSIDERED. They declined to comment!
Meanwhile Kriegsmann and the BOD draw their inflated salaries for dealing out this crap?
It was/is an invaluable experience to see what scumbags there are out there and how little accountability and oversight there is to protect investors through FINRA and the SEC. In fact they are the people who should be held accountable for allowing this scam to keep on going. But they have done absolutely nothing to discourage this type of behavior. The Kriegsmanns and Madoffs of this world have nothing to fear. In fact Bernie wasn't even under investigation when he voluntarily packed it in!
I'm off to the FOREX when I can get out of this POS.
All imo of course LOL!