Existing shareholders get 5% of the company, the 250 mil debt holders and 50 mil in new financing gets the rest. Amazing that the russel index itself bought 10 mil shares of JAG at over $10 a share which are now worth like 3 mil of their original investment. Shows that no matter what you say you have when you dont have qualified people running things, they can turn anything to shiet. So glag that the chairman spent like 20 mil of his own money buying shares in the company! Whoopie!!! He should have sold out to the chinese when they offerd him $9 a share since he now gets like 30 cents a shares for them.
If you actually shorted during the times you were bashing this stock you would have done well. But I highly doubt you were short. Thats too bad..
Big players on a 50 cent stock????? You can buy the entire company for a few thousand shares of apple or google. I doubt even those old hedge funds that were playing gss short are around any more. More likely they took the money and ran and maybe come back when the price is over $2 or so. But who ever sold when this spiked to 80 cents made a few mil. But a few mil is what most decent traders make so it is not even worth anyones time. Even the computers will lose money playing this stock long or short.
I dont think it matter all that much. The chairman of the board of JAG bought a whole bunch of shares in the mid $6's.. Since he controls the CEO he should have known everything. I bet he is kicking himself for losing many millions on his baby. He also turned down an offer to sell for $9 a share as well and was looking around for another buyer, one that would keep him on or something. Then again, there are people who bought millions of shares of GSS around $3... But I dont feel too bad for him since he is one of the main causes for the current share price.
Well they refused almost $15 a share and now with 5 times the amount of shares, who would pay $5 for it? Better yet that would also mean the management would be out looking for a new cushy job!! better to just wait and buy it out in BK court as they been doing with almost every valuable resource. Look at all the internet companies, most got built with shareholder money and then the banks came in a took them out for tens of millions what cost billions to build.
If you go back a few years when prices were 300% higher or more you said the same thing. Whats different now compared to then?
Well that would mean the shorts would have to cover but manipulation is a lot higher. At these prices it might mean higher prices as well. But then this would never see that $5 figure again. And it would be much harder to get back on the exchanges as well. Both have the good and bad and it is just too late to do much now anyway. They blew away so many chances. You can still make money in this but why even bother. Too many people have been burnt too badly for this one to ever perform like before. But when it did the 2 times in 2001 and 2008 it sure made some people a lot of money as well. The smart ones took the money and ran. Emotionally attaching to a company that has not shown any regard to shareholders is not the way to riches. But good luck..
Its been many years since I looked at the indexes but how did GSS get into the GDX? Heck it aint even a candidate for the GDXJ which only has a market cap of under like 300 mil now and they kicked out SSRI. Someone sure is selling cause volume is rather high even if the total $$$ involved is minuscule. Heck trading 1000 shares of AAPL costs more than an entire days trading of GSS. Considering the 100 mil market cap, you are still only looking at like less than 5 mil in $$$ terms. Heck thats not even worth human labor in these markets. Amazing how far this one has fallen.
Volume was pretty high so I think someone buys shares and spikes the price and then dump it. But if there are no buyers they dump it anyway. I cant see how gold spiking $50 and this not moving up and then when gold flatlines this drops back to where it started from. The only buyer seems to be the MM because he is always selling and shorting. They are supposed to hold shares but I think for the last 2 decades these guys dont hold any shares at all and make money fleecing buyers rather than the old work hard to make money by making a market with buyers and sellers, now its just fleecing the suckers which are you and me..
Do you know of many miners that mine 400K o's of gold and still cant show any money in their bank account? In fact this company would have been so much better had they just put up a fence and not done anything at all the last 10 years. JAG was another one with a huge ego trip. People actually thought they would make money hand over fist, buying a property from the likes of AUY. No miner sells something unless they think its worthless to them. When someone gets that desperate they are too late anyway. Even PAL who thought buying a cheap mine would be the way to riches. Well it was cheap for a reason. And after wasting 2 years and most of their equity, they also realized. I just wonder where do these guys study about business management. Yea some of the con artists make a killing in the tech bubble or other bubbles. But those were not managing a business, they were just pure con artists fleecing their shareholders and running off with the loot. Now watch how some of the waananabees try to discredit anyone who talks the truth. Every excuse in the book and after losing almost everything they still say, Heck yea to the moon!!!!!
Well in south africa they have found large gold nuggets which are huge. They always find higher grade in such areas, but they have to average it out over the entire area. If they only find a brick sized nugget over a mile area and its a mile under ground it is not feasible to mine there. But if they find nuggets the size of peanuts every few meters over the same area it would be profitable to mine it in most cases. I dont think these studies would help investors as much as the one doing the research who would have access to the entire data among other things how cost effective it would be to mine there. Look at NG which has like 50 mil oz's of high grade ore, except they need to build a small city to get at it. And even GFI is having a hard time building a mine 2 miles deep even with high grade ore. The costs are really high and people want really high pay to work in such dangerous places. There is after all no help arriving if there is an accident. Thousands die each year in very shallow mines of a few hundred meters, miles below is a whole another ball game. Just goes to show you, even 50 mil oz's of gold is not worth much these days.
Well when you take an office in many professions you have to sign something or take an oath about lying. Not come right out and say no lying like in the bible but not to deceive. But as we have seen just in the last week, how many people form high official positions have come out in front and lied. Many of their excuses are, they are not exactly lying, they are just not telling the whole truth. So a company that has fooled investors for a decade is now different? Do I really need to dig out all the projections from 2002? Cash costs of under $200 they said.. Huge deposits in the millions of oz's.. Not much investment needed... yada yada yada... We now know none of that were the truth. No matter how high the PO goes, GSS's costs will be right up there because they dont really have high grade ore. A company mining close to 500K oz's should be a mid cap like AEM and not a penny stock. There is a reason for that. And why is GSS under valued? Might that have something to do with the things implied in 2002? Not enough new suckers to find any more? Would think most went broke the last 5 years. Except the likes of cheepy who took the money and ran.