How can 'big money' miss something so badly as this? According to secform4dotcom, Cap Gen plunked down $24,157,296 for 2,684,144 shares on Nov 16, 2010. Currently trading at $0.45, those shares are worth just $1,207,865 . . . a loss of about 95% on the purchase. I can't help but wonder who was doing the due-diligence for them on this transaction?
How are they going to minimize the dilution from the 105 million shares outstanding, and how does dilution imply a reversal ? Thanks for your insight.
The "big boys", the so called "smart money", aren't always right. The New York boys have lost a ton on this stock, paying $9.00 per share for about $35 mil worth over two years ago, IF my memory serves me correctly . . . and I think it does.
Before the market opened on Feb 19 Kramer said he was a "buyer" of CLF. It opened that morning at 29.41, now down some 38% to close today at 18.18. Boo-Yah ! !
Before the market opened on Feb 19 Kramer said that he was a buyer of CLF. That was the clue to cut for the hut. Since then, about 27 trading sessions, the stock is down about 35%.
Before the market opened on Feb 19, Cramer on Squawk on the Street: Cramer said a secondary offering from Cliff's Natural Resources is holding its price, which makes him a buyer of the stock. In the 18 sessions since that time the stock is down some 25%.
IMO they have made some bad buys. Everything that I see they have bought this year is under water, about 37% of which now needs more than a double to get back to even, according to what I find on the web
That's what it looks to me like Steelhead is down on their two purchases this year. Maybe I am wrong, but that's what it looks like to me. Why should I follow them? I can lose that much on my own.