Financials just in. CISG loses over $47M and expects to lose more money for next 2 to 3 y
Here's a good way to get rich for insiders of CISG at the expense of shareholders. 1. Sell shares to public at $18, $20 and $25. 2. Sell lots of non-reported options with guarantee buyback to agents to entice them to sell more insurance. 3. Make an offer to take company private at $19. to try to support stock price which was subsequently withdrawn. 4. Announce a change of strategy, requiring massive capital expenditure 5. Announce a Loss and write off of Assets for 2011. 6. Warn that there could be 2 or 3 more years of losses due to change of stragegy and no way to predict outcome of class action suit against management.
Yes, I don't know what I am talking about, and you do, and I quote what you wrote a while back: "I doubt it will drop below 8. It is trading at the cash value. I think the company itself is worth 0.5-1Billion dollars"
It's now below $6 so I guess you make a lot of money going long right? Why don't you learn to read Financial Statements so you can make some money in the stock market and not make comments about others who are much more informed and educated in money and finance that you. That way you at least will know that CISG lost money this quarter.
That is the prelude to going private. The management is cleaning the balance sheet so they can offer lower price for the company - and then relist in china or hongkong. Selling company stock to public is more profitable..