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Novation Companies, Inc. Message Board

  • rooky_is_lucky rooky_is_lucky Jun 4, 2013 11:24 AM Flag

    How much longer will you be able to buy shares under .50?

    One thing thats been acknowledged by miscreants and NOVC's lead basher is that there are still retirees who held preferred shares prior to the restructuring in June 2011 that just want out. With approximately 45M new common shares created by the conversion of 3M preferred shares, there are still those (mostly retirees) who paid $25 a share for their preferreds, and will accept between .40 and .50 a share for their common today.

    Other former preferred shareholders like Barry Igdaloff, Howard Amster and investors not unlike myself who accumulated prefferds on the cheap are holding for the big pay day.

    While there is no way of knowing how many old timers just want out (my guess about 5M shares), there is still an opportunity to buy shares for less than .50.

    I know I posted on IV at least a dozen times that I'd accumulated 25K preferred shares, or 18.5K shares more than Paul Fluto at an "average" cost of 1.50 per share, so it should be obvious that I really don't need any more shares, or else I'd be buying hand over fist.

    Anyone buying today may not need the patience thats been required of some of us, but can benefit from the knowledge we've gained because of our patience. Good Luck and,

    Stay tuned!

    Rooky
    aka
    Richard Morris
    Va. Beach, Va.

    Sentiment: Strong Buy

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • rich , i came late to the preferred party and i paid around .316 for the shares that were converted . it looks like u only paid a nickel for yours! congrats !

      Sentiment: Strong Buy

      • 1 Reply to cptave
      • cptave....it was more like .09 since my "average" cost of preferreds was 1.50 and I got approximately 17 shares of common for every preferred share. Since my average cost of common shares is 1.76, the preferred restructuring was a real blessing. When you combine the two my "average" cost is around .34,
        so in order to realize the 10 bagger I've been talking about, we've still a long way to go.

        Hang in there my friend....our day will come.

        Rooky

        Sentiment: Strong Buy

 
NOVC
0.291-0.003(-0.92%)12:16 PMEST

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