i know a lot of you (hi y_o_s_e!) want to believe in this company, but what i don't get is why so much venom is directed at hopeful and others...
the ONLY verifiable information from this company is negitive, so why attack hopeful or others who believe this company a fraud? why not attack the facts, not the people?
can someone defend their inability to restate? most find the "we have 2000 entities..." excuse hollow. a lot larger companies with far more complex financing structures are able to state and restate just fine.
can someone defend their dividend cut? since we cannot see their financial position, we have no idea if this was needed. we just have to rely on management guidence, the same guidence that told us all was fine a few months ago.
can someone give us an accurate picture of MMA as of 12/31/07? no. no one can.
debate the facts, don't personalize the attacks.
imho, nothing from MMA indicates this company is viable. now if i SAW something that indicated it was, i might be persuaded.
lastly, don't attack the shorts please - they are not responsible for the tanking stock. the div cut caused a lot of people to get out due to increased risk and the delisting would force institutional investors to sell.
Short all you want, I'm indifferent. I've traded this stock a few times and made a little money. Nothing major. I'm not a pound the table long on this stock, I'm just adding a little balance (and factual information) to the posts.
I have a background in finance, with a fair amount of real estate and tax experience, so I feel I'm qualified to make the statements I do. Readers can evaluate the content of those statements just like I can evaluate the statements made by others.
Based on Hopefull's evaluation of my statements, she thinks I'm wrong in things I've said. Based on my evaluation of her statements, I think she's wrong in things she has said.
No more, no less.
And regarding your statement about how hard can it be to do financial statements for 2,000 entities and consolidate them, it's a lot harder than you think, especially when many of them go back many years. FIN 46 is another disaster of an accounting pronouncement that adds more complexity, adn less clarity, to financial statements.
All in my opinion.
Definitely. I will admit I am short (which is a very rare event, like snow in FL, too risky most the time). The only reason is I was long in a large position of RGFC and got burned bad (stock went from 40's to 7's straight down, then pennies). This is THE EXACT same thing that happened to them. I am trying to be nice and warn others. I am telling you guys to take a look at RGFC and its history over the past 3 years (you would think they are the same co.).
Like you, I experienced the same thing back in 2001 while I held on to a dot com stock after it was delisted for not reporting on time.
It turned out the company was insolvent but we (the stockholders)found out after the stock had gone down to a few pennies in share price. I learned an expensive lesson.
Because while it is perfectly fine to believe MMA is a scam or fraud, it is not perfectly ok to state that unless one accompanies the charge with logic hopefully accompanied by some facts.
Merely saying that MMA is a scam or as you put it, a fraud, based on suspicions is protected under freedom of speech, but also leaves one open to criticism.
This should be no surprise.
Want to read an intelligent post or two? How about some of "Index"'s stuff. Guy says he is a CPA and be that as it may, Index's stuff is worth the read.
I initially was impressed when I read Hopeful's reminder of the 3 day trade settlement rule. But have not de-rated her as just another routine basher. And I've seen better bashers than her.
"I've seen better bashers than her."
I am sure you have because I don't usually short stocks, but MMA is a screaming short. There is nothing of substance
to hold this stock up. Trust is the only thing, and that is not enough in the financial industry environment we are currently experiencing. Trust has been broken.
It has been over a year since an insider at MMA has made a purchase of company stock. Presumably, insiders have not had high expectations for price appreciation in the stock. The last buy occurred when BERNDT RICHARD O purchased 182 shares on 5/13/2005. Over the last 5 years insiders have on average purchased 6,670 shares each year.