I don't want to come across as being condescending but I think you might have a misunderstanding about bankruptcy. You could have raised a BILLION dollars and have another BILLION in the bank and be a candidate for bankruptcy.
This might help you, are they losing money? Are you aware of the loses in share holder value per day on heavy volume? Is there any technical or fundamental argument for owning this stock? What was your cost basis?
I know yada, yada, yada.
You can't feal good about your investment or can you?
If you are in love with the stock, why don't you sell it and by it back at$2.50??????You will end up with more shares. I feel your frustration and that of my friends.
Unless you have inside information, you can't defend the stock price fundamentally or through TA.
What I suggested my friends do, was to sell at $5.50 and by back below $2.50. If you have to hold it then at a minimum you will at least have more stock. But as I said, they can't for themselves to move.
They will file for Chapter 11 in 2 weeks. I've seen this type of down turn in a few stocks and think they will BK very soon. I have several friends that have large positions that are frozen at the wheel. They just can't make themselves sell. So sad to watch.
The company is so vague in its releases that it is impossible to put a price on the company. Who knows if the price it's trading at today is realistic or not? I'm guessing that we will have to wait for the next quarter results to find out. I hope it will not be another disappointment.
that the larger shareholders have not sued these pigs. As mentioned hundreds of times before, there has been 0 sacrifice in any fashion from this management or the bod's. I know that the private placement people and Berg are underwater by well over $3. If Pudong can't force change then this scam will be in its final inning.