Thanks for the update.
The timing of that article may be very fortuitous for the author. I'm not sure the reasoning of a China recovery makes any sense (but think, instead, it may at least stabilize and believe it's possible AMCO's transition to more of a concentration on their recycling business may be very fruitful).
I mention the timing because the converts mature tomorrow and that SHOULD remove the overhang on the stock. Keep in mind that it has been in Heqi's best interest over the past few weeks to drive the stock as low as possible, since they will get either long shares (or long shares to cover an earlier short) at a 15% discount to whatever the average closing price has been over the last ten days.
I would think there will be a news release coming on that sometime this week.
$1.20 seems like a reasonable price target and I think a key level to trade above.
Well, there you go. MM allowed a bogus trade at .75 at the close. It's sad when I can predict with 100% certainty ahead of time some of these criminal actions.
Let's see what happens when I put MM under the microscope ahead of time.
Last trade .80 with most of the trades today on the high side as opposed to the low.
Will he be Heqi's b!tch and post a closing trade at .765 or thereabouts? Let's see, 15 minutes to go.
well, regarding the Heqi yoyos and their converts, they expire on Monday. So, either today or Monday is the last day they have any incentive to force the price down.
I still could increase my position another 15% or so but won't do anything until the end of Monday at the earliest.
MM did same #$%$ today at the close - bid was .78 but he put through a tiny closing trade of .7643.
But that is how the U.S market works - criminals hold sway quite often.
At the close today, the bid was .8199 and yet somehow a tiny 900 share trade didn't fill any of that bid and instead was posted at .81, taking more than 1 percent off the total stock value.
Doesn't seem like a big deal but when done regularly will help the MM erode the stock price.
...under the terms of their converts, they could not hold more than 5% of the outstanding shares, therefore they must have shorted ahead of receiving each of their long shares. But now that they have come to the last 260K shares, they would be allowed to hold them long.
Not saying they would be that smart, but it's possible.
Exactly right. The Heqi yoyos have been the only real seller for the past three months, artificially holding the price down. And now they are done or nearly done. Also, a few panic sold below 1.00, which is good for the long-term because the weakest hands and minds are now out of the stock.
When this will really get interesting is not when it gets back to 1.00 but when it eventually gets back to 1.25 and 1.50.
...my guess is they are trying to do two things at once, put the last of their shorts on and at the same time hold the stock price down through Friday so they get a better price for the converts they are using to cover.
If enough buying comes in, they will no longer be able to hold the price down as they've done since the good news started at the beginning of April and the stock will finally move higher as warranted by improving fundamentals.
Either way, it might not happen today but I think by the end of next week we are back to the 1.00 area.
...a rare day with no endless MM games all day long.
I wonder if the Hegi yoyos are done shorting in advance of receiving their last tranche of converts. Seems to me the smart thing to do would be to stay long some of the shares as nearly all of the selling for the past three months was Hegi themselves. The path of least resistance should be to the upside - whether from now or when the converts expire on July 20.
Still have room to add 20% to my position - we shall have to see on that. I will keep that on tap if the stock dips again.
to state the obvious, a large % of WStreet is dedicated to separating normal, hard working people from their money. it´s a very stacked game, and i rue the day i entered it.
IT'S HARD TO ARGUE WITH THAT!
Well, it's either MM acting as Heqi's agent or MM ALSO shorting because he knows that Hegi is shorting with the intention of driving the price down.
The one positive is that as each day goes by, it's less advantageous for Heqi to short at a lower price, as the jerk*ffs would like their shorts to be as high as possible as compared to the ten day average price.
I already was planning on speaking to Raymond tomorrow and will now discuss the converts issue with him as well - I mentioned it in a previous conversation (when I didn't fully understand what was going on) and I have to say in retrospect that he was clueless on the issue himself.
I think you bring up something worthwhile but your timing is not useful in this particular case, since we are at the tail-end of the damage being done.
If you had mentioned this at the end of April, that would have been quite a bit more helpful.
yeah, the convertible debt is almost paid off but the remainder is basically totally controlling the stock at the moment.
Commodity prices are low but have been low for awhile and AMCO has still managed to finally begin turning their business around. Again, we have a P/E of less than 1 here, so it's hard to argue some type of rebound in the share price is not coming.
I think what you are seeing with SHO is directly related to the converts. My guess (yes, a guess) is MM is acting as Heqi's agent and you are seeing that as SHO. MM will eventually take the shares Heqi receives and that will cover the SHO shares.
This has been happening since that big 5.4 M share day (you will notice the convert press release came at about the same time).
The good thing is this will all be over by July 20th at the latest (but could end earlier if enough buying comes in to raise the price and make Heqi feel it is not worth waiting until the last second to convert).
No comparison between the two companies, AMCO has done only one reverse split in their existence.
Share price will be back to 1.00 and then go higher not long after the last conversion, IMO.
...agree to a specific price if you ever do one of these again (let's hope this was the last one).
Doing it open-ended like this totally collapsed the stock price to due to Heqi's insatiable greed.
There was a reason they couldn't see after all - the converts. But almost over. Too late to sell but has to be bought here, IMO. Sometime between now and the end of next week.
From the evidence, I think Heqi is looking to convert at the average price from the ten trading days between July 6th to the 17th (or possibly from the 7th to the 20th, if allowed). Notice the attack really began on the 6th.
They may be close to the limit of the damage they are going to be able to do, because they only have 260K shares left to work with and they've already been using some of those (probably since June 26). Once those are bought, seems as though they would be a lot less limited in what they can do?
It's just a question of when to buy more at this point. I'll watch and wait for now, even though it's hard to resist buying at .70.
If I didn't have any, I'd definitely be buying 1/4 to 1/3 of my position right now...