As of 11/30 there were a little over 13.6 million shares of IMAX sold short out of a 55.4 million share float. That equates to almost 25% of the float being shorted. It looks like a few shorts bailed today on the FOMC announcement of additional stimulus and record low interest rates until mid-2015. If Gelfond and his cronies stay out of the way IMAX has a shot at sparking a short covering rally to the upside before Christmas. If the fiscal cliff gets resolved then $24 is real possibility.
24? Seriously 24? You must be new here. This stock was at 39 when Gelfond premtively informed the press, upon rumors that specifically Disney might be interested in buying the company, that he was not interested in selling the company at this time, that he wanted to grow the company before entertaining any offers. This sounded like a sound game plan at the time. Unfortunately, what the investors could NOT have known is that the aggressive awarding of incentive shares and options to him and Wechsler which was set to "complete" in a few short months, would be renewed ad infinitum. This man and his cronies have repeatedly returned to the till to rob the company's shareholders of any profit participation what so ever. He should in fact be outsted as CEO on this alone. Unfortunately, he is valuable, but stupid in his failure to cede to fair business practices. He's current practice of me-first is a collision course with either the demise of the company, it's shareholders or his job. What is his understanding of the stock market and public shareholders in the first place. If we had simply wanted low, safe returns, we would not have invested in a growth stock in the first place. Growth stock investors want to be rewarded for their vision as well as that of the people who work for them. Yes, as a boardmember of a publicly held company, albeit CEO Mr. Gelfond works for us. Something you and the ever faithful seem to have lost sight of and Mr. Gelfond has conveniently forgotten altogether.
Nah not new, not even close. Been watching and trading IMAX since '09. I explicitly said that the stock could see $24 IF Gelfond and his buddies keep their hands out of the cookie jar. In fact, I believe we would already be at $24-plus had he not started dumping shares a couple of weeks back.
The schedule for last month and subsequent months China will blow everything away in the market. The announced lineup is as follows:
Tai Chi O Sept. 27
Tai Chi Hero Nov. 1
Back to 1942 Dec. 6
Chinese Zodiac Dec. 20
Cloud Atlas Jan 10
Skyfall Jan 20
The Hobbit Feb. 15
The last announcement for this lineup of the last 3 in yesterday's hollywood Reporter . China's Q4 & Q1 should blow the box office away for China.