Ponzi scheme or just poorly run?
Foolish to be adding at current levels imo.
Sentiment: Strong Sell
Those 18-45 year olds pumping their 401K money into the S&P 500 are bailing out pension funds and padding retiring boomers' retirement funds. It's quite obvious which age group is calling the shots in government. Today's youth will never experience the wealth accumulation that the boomers enjoyed.
LOOK OUT BELOW once those funds and boomers cash out!
Maybe all these labor suits are causing RICK to have to give up their real estate. Why else would they be selling organs to stay alive?
Sentiment: Strong Sell
"Due to the rise of the Cotai Strip over the past year, casinos on the Macau Peninsula have suffered and Wynn Macau Ltd. posted an 18 percent decrease in net profits to $196.8m for the fourth quarter last year, the worst performance amongst Macau’s six concessionaires."
And no Boston approval in site.
Trying to learn about the company to figure out if it's a ponzischeme or not. I'm leary about anything Bermuda. Plus, everytime I've checked on this stock over the last 5 years they seem to be diluting and handing over money. But then the stock sinks further and never recovers the dividend amount.
BTW, has anyone ever seen their ships? Just curious if they exist.
I agree. Is Bernanke or Yellen printing shares for this company?
I remember Cramer pumping this near $30 so I figured it was a good short.
Rates will drop below operating costs I would think.
Are there two different companies?
Nordic American Tankers' 1Q2014 Report -- Cash dividend of $0.23 declared. On April 2, 2014 NAT declared a cash dividend of $0.23 per share payable to shareholders of record as of May 15, 2014. The dividend is expected to be paid on or about May 27, 2014.
Nordic American Tanker Ltd declares 0.45 Dividend
On May 9, 2014 the board of directors at Nordic American Tanker Ltd approved a dividend of 0.45 per share. The dividend is payable on June 30, 2014 to shareholders of record on June 17, 2014.
2 dividends, one in May and then another in June? Is this a ponzischeme or something. Bermuda? doesn't that raise red flags? They've been diluting and throwing away cash from $30/share all the way to $7.
How much is the insurance alone hurting the company?
SELL IT if you say you're going to sell it!
Net debt was 1/3 of that figure about 2 1/2 years ago, while earnings where only slightly less.
Back then the company had $10M+ in tangible assets but today it has NEGATIVE tangible assets.
So where is the company's earnings and cash flow really going?
Hint: Not to shareholders.
The financers are getting richer.
Certain management are getting richer.
Club sellers are getting richer.
Shorts and traders in the know are making some.
Longterm common shareholder return hasn't even beaten inflation or come remotely close to returns in the S&P 500!
This is beginning to look like a Ponzischeme to me. Not alot different from a Canadian junior miner that keeps diluting then reverse-splitting the stock to keep the gig going while funneling earnings and any proceeds to financers and management while longterm shareholders wait in the wings to be used as an ATM again.
But in a miner, the mine gets smaller (used up) and eventually they close down and shareholders lose all. Here, they keep expanding the number of gold mines, but using debt and dillution (rather than earnings) to do so. So the debt keeps building faster than the earnings. The financers keep getting more and more, as does the management and the stock manipulators. When the gig starts getting out of control, they tap shareholders (dilution) to keep the game alive. When a lawsuit threatens to sink the gig, they have more excuses to tap the shareholder ATM.
They only wrote down $8.2M of goodwill.
You claiming that the nearly $100M of asset decline is from $100M of goodwill IS NOT " just making a factual accounting comment" as you claim later in this thread. You are full of sh-t and obviously a pumper probably trying to score a whopping 10 cent trade by deceiving newbs.
Need to get it to $1.75 to sell it for around $2.20. Insiders wouldn't keep dumping in the $2.20's if it was worth more than that.
Take receivable MINUS payables and if it is positive, then they are "assets". Now compare the balance sheet before and after this last aernings call. Those "assets" are $52M less now and contributed to the nearly $100M drop in assets on the balance sheet.
Without those "net receiveables", the cash flow would have been NEGATIVE! And I don't see such assets building up again with such low revenue due to reduced gov.'t contracts.
I know you see what I'm saying, but you are obviously long and don't want to admit to such a big drop in assets relative to the total assets. And goodwill is still listed as a large % of current assets, despite most of it being actually worthless imo.
It wasn't $100M of just goodwill. Goodwill writedown was very small last quarter. Look at the change in receiveables and payables (mostly last quarter). Net receivables have fallen about $52M. They are GONE! They were used as income and are no longer on the balance sheet to be used again. All income now must come fresh, and I just don't see the gov.'t contracts building up to provide the necessary income. The management looting the free shares is disgusting at this point. Their salaries are already too high and they aren't producing gains for shareholders.
They erased nearly $100M of assets from the balance sheet in the past year. That means the company is worth nearly $100M less, while the suits collect free shares that dilute others. They cashed in most of the net receiveables and revenue is shrinking, so Q1 "earnings" should be horrific. Plus goodwill needs to be written down further.
Appearantly people think the patent deal is a big thing, but I doubt it. It will result in very small royalties and they are at least a couple years away imo. Maybe the shorts have weak hands and this ever climbing market has them spooked?
There's no evidence of anything. Period.