Ghb, my conclusion is just that, MY conclusion. Management has quite obviously decided that it IS the proper course. So, I can 1 - just accept it, 2 - deal with it and work to change it through ongoing contact with management, or 3 - I can walk. For the time being, I choose option #2.
As far a holding goes, I am certainly not compelled to do so, and could even now sell and walk away with a decent profit. However, that being said, I am not looking to sell, since if the longer-term estimates I have generated come even close, then it stands to reason that as the market normalizes, so too will GIGM's pps. When that happens it should pay off handsomely. But right now it's the "when" part that is the hardest to figure.
So, while I am not planning on selling, am I not yet buying either. If the price stabilizes this week, then I may begin to add, but there are a lot of outside factors that will play into any decision I make. I am not at all inclined to reach, simply to buy at the current prices, especially given the condition of the overall markets.
Ccraft... In other words, there are no overt reasons that would lead you to conclude this is a positive course of action. I would think that bright minds could figure this out... Thanks...
By the way, if it's not too personal: What is it that compels you to continue holding this stock, especially when there's blood in the streets... ie the general market.
Disclosure- I have sold half of my shares at around 14.00.
No Ghb, you're not on IGGY.
I think that what we are seeing, at least to some degree, is the price you pay for deciding to take a restructured company and relatively new management team with only a short track record to lean on, and then pretend you are Mr. Buffet.
I know from past postings that there are some here that think it's great that the company doesn't talk. Personally, I could do with a bit more in the way of substantive information. After all, fluff PR's don't do anyone any good, and really only serve as a distraction from other issues.
While I don't think they are actively trying to go the way of a disgraced samurai, they sure are making it easy for the hedge funds to continue theirs games on this and other MB's; a point that Brad said they were actively concerned about.
Obviously, I can't speak to their thinking, only the results of their action or inaction, and all too often I am left scratching my head wondering why they either have or haven't done something. While it is relatively easy to Monday morning quarterback, my own experience, plus conversations with other business owners, has led me to the conclusion that while our management team might be GREAT dealmakers, they lack a well-rounded approach to running the company. IMHO, they lack a certain amount of the understanding that they not only have to OPERATE a multi-segment business, but also must properly PRESENT the company to the investing public (that's why they do road-shows and conferences, and are also supposed to release substantive PR's).
In the end though, to answer your question of why, I simply have to say, "I don't know."
Ccraft... I concur, just don't know why they operate this was. I know they keep at least one eye on the pps, but why don't they do the sane things available to them in order to support their company... I'ts almost like they are trying to commit Hari-Kari, But why?
Any idea, or do you also have me on ignore?
I don't know, maybe. The thing to realize is that after the deal is done, they are still not talking about it. It's not like other companies don't know about the WSOP sponsorship, or the more recent deal with the German Poker League. And it's not like the other companies vying for these sponsorships don't know how much they would cost, what the duration would be, or the overall scope of the deal. So that pretty much leaves just us in the dark.
Welcome to "Mushroomville"
Population - GIGM shareholders