"...the company's public stock has dramatically declined over the past several weeks due to the neutral outcome of its recent arbitration with Schlumberger...." What a hoot. I wouldn't call the gross mismanagement of a $100 million+ contract (or so it was hyped), to the point that not one cent was ever collected, a "neutral outcome." Hand Salsa shamelessly hyped the SLB contract to pump ERF Wireless' stock price. All were seeing now (with ERFB hitting $0.05 as share) is a LONG overdue correction. The market is not wrong, Clubbungler, you are.
Clubbungler's opinion: "...the company's current valuation is unrealistically low and could be at least $1.00 per share...." Guidance? Nay, overt desperation. Proof again, as Einstein said, that no problem can be solved from the same level of consciousness that created it.
He already owns or controls many millions of ERFB shares, yet he must constantly step in and buy even more of the company's POS shares (as he did again today) in order to hold the price above 5 cents. At this rate, Hand Salsa's $130k salary will soon be all gone : (
"The company’s network currently covers 450,000 square miles, mostly in Texas, Louisiana, New Mexico and Oklahoma. It has spent $19 million since 2004 on acquisitions and new towers, according to Cubley." NONE OF THESE ACQUISITIONS HAVE EVER BEEN ACCRETIVE TO EARNING - JUST THE OPPOSITE!!!
Clubbungler is singlehandedly trying to hold the bottom for his family's sake. Nothing more, nothing less. Also, keep in mind, Hand Salsa has taken millions and millions out of ERF over the years and now he's just putting a few thousand back. A little bit like raping a girl and then apologizing.
Yes, and with each RS that percentage increases even more. Funny, his percentage of control very closely approximates the loss percentage (-99.95%) in the value of ERF Wireless stock over the last ten years. As I have said many, many times over the years, Hand Salsa D. Clubbungler is the greatest destroyer of shareholder value I have ever known.
"Shareholders should also recognize that once a forward or reverse split is affected, they will own more or fewer number of shares than they currently own (a number equal to the number of shares owned immediately prior to the forward or reverse split multiplied or divided by a number between two and ten [no, not ten, but FOUR HUNDRED]. While we expect that a forward split will result in a reduction of the per share price or a reverse split will result in an increase [for a few days perhaps] in the per share price of our common stock, these per share prices may go up or down [no, really?]following the split. It also may not result in a permanent increase or decrease in the per share price, which depends on many factors, including our performance, prospects and other factors [like toxic debt] that may be unrelated to the number of shares outstanding. The history of similar forward or reverse splits for companies in similar circumstances is varied [but not at ERF Wireless]. We cannot predict the effect of any stock split upon the market price over an extended period [that's funny, I can]." Honest to God, what a hoot.
"The Company's Board of Directors and stockholders with a majority of the voting power have approved the Proposal to authorize the Board to amend our Articles of Incorporation to effect one or a series of forward [what a hoot] or reverse splits of the Company’s common stock at a ratio of not less than 2 and not greater than 400 with the exact ratio to be set within such range in the discretion of the Board of Directors, without further approval or authorization of the Company’s shareholders...."
Note to Hand Salsa: It's a 5 cent stock no matter how many times you RS it.
"The ruling of the arbitrators is that no award will be made to ERF Wireless and that each party will be responsible for their own legal expenses and one-half of the arbitrator fees."
What a hoot. I was right all along. ERFB down 53% on the news. Now $0.21/share (sorry, actually 0.21/500 = $0.00042/share for the long timers like Lew). This should be the straw that broke the camel's back, but we'll see what tricks old Hand Salsa has left. Can't resist: Remember when I bet that idiot on this board that ERFW would fall to $0.25/share before it ever hit $1 again? Well, it's now $0.00042 a share. And to think that I once called ERFW a 5 cent stock (that is, when it was still a fifty cent stock). It now looks more like a $0.00005 cent stock, or am I still guessing too high?