Look. These companies are Spencer's way of screwing regulatory authorities and shareholders. He feels like he was screwed by short sellers before Wizzard became FAB Universal. He feels justified in putting the middle finger up to regulators and shareholders (hence the ticker symbols he chose for his vehicles of mass retribution).
Please stop thinking this is anything other than fraud. If the companies were solvent and had that much cash, then share repurchases would reward Spencer. However, he knows the truth and isn't that stupid. Keep collecting two salaries and smile all the way to the bank.
Shorts won. Spencer won. Regulatory doesn't care. Shareholders lose.
So, what finance accounting department decides to not write assets down during the proper time frame and then lumps complete adjustment in one quarter? Ineffective controls over financial statements. Clean house within finance and get a new auditor. Book value of $6B turns to $0 in one quarter?
I've wasted my time again. No more. I will post twice more and that will be soon and sooner when ONP is less than $1 and when ONP is delisted.
Go away. Quit it. Stop. You are an open wound to the investing world. ONP = scam. If ONP had cash it would buy back shares or pay a dividend. ONP is a shell. ONP is a scam. Scam. Scam. Scam.
Now scram doneatforty.
Don't fall in love with the stock. Trade it. FLWS management doesn't return cash to shareholders. Only take through options and overcompensation. Sell relatively soon. There will be an opportunity to buy back below $5 within 12 months.
Why would Amazon open a store if brick and mortar is doomed? BBY is not bankrupt although the fearful crowd would have you believe it was dead 3 years ago.
Scam. This stock has a micro-micro cap. It operates in a country that is known for fraud. Supposedly this pushes out $20M a year in cash. Where's the cash? Stop thinking it is 'reinvestment'. If it were reinvestment, why are there related party loan transactions? ONP = scam. Why don't you tell Blackrock / Barclays yourself?
Stop pushing a scam, this makes you as guilty as the scammers.
The full market cap of ONP is a meaningless trade to a firm like Blackrock, let alone a few hundred thousand shares. Really, you think this is not a scam? Where's the cash?
Say it with me.
"ONP = scam"
"ONP = scam"
"ONP = scam"
Now stop with this other nonsense and live your life. Build value in something. Don't build scams. Find value. Don't find scams.
ONP = scam. Stop. You are only contributing to misinformation and poor investing.
That means the market doesn't believe the asset valuation. I'm long on CLF, but things will get worse before they get better. The big question I have is when will the write-down take place and how much will it be. The market pricing indicates that the bonds due 2020 have significant risk of not being paid. When JNK and HYG junk bond ETFs are paying around 6% and CLF bonds are at 9% not a good thing.
Can go bust through bone headed moves such as using potentially precious cash on a stock buy back, although at 10 it would be awfully enticing. This only serves to push the company further toward the liquidity cliff (snicker).
Prove that the company is cash flow positive in a weak pricing environment, then buy back stock. Not beforehand. Secure financing to ensure mid-term liquidity then make the best moves possible for the long term.
The vast majority of bonds are due 2020/2040, so this is not an immediate bankruptcy risk from long term debt rolling current / due.
When do you think long term assets will be revalued to about 50% of their current value and the market further beats share price?
Disclosure: I'm long on CLF and I've been wrong many times before.
Current market conditions $500M-$700M tops. I think this is all a cash / capital structure issue right now. However, the market is definitely reacting strongly. I did buy more CLF and next move will be to consider acquiring senior secured debt. The long term assets are there, just a #$%$ capital structure at the moment.
Not a chance.
Destruction of shareholder value occurred when assets were acquired at the height of the market. Management couldn't think of the right thing to do (reward shareholders). Now assets will be sold at the low of the market. Buy high, sell low.
Want to know what the market thinks of things? If bonds are priced with significant risk, the market thinks the bond holders have a chance of owning the company before/when the bonds mature. This is what happens in bankruptcy. If you're thinking of buying shares of CLF, think instead of buying senior secured debt.
What humor they have. No. Should have gotten rid of it in January 2008 or December 2010. Now? Really?
Sham. That's the point. Read the financials and then look at the stock price. The market has spoken and there is a 90%+ chance this company is a sham. In other words, why waste anymore time on this message board posting anything. The company is most likely a sham and you will be left holding the bag as some point in the near future. How many more years? I think less than 12 months but could be 24-36 months.