Yes, the poster of this thread is now at least 50% underwater... I can't think of too much worse of an investment to make in the past few months than GMAN.
I actually bought some last week and sold at .89 for a quick flip... but holding through ER could be a homerun.
Once it hits 15, you'll say you have a GTC for 14.50. Then once it runs back to 18, you'll say you bought at 15. You're very predictable.
This board is chalk full of bagholders who tried to buy in the 18s after the ER... where did they go? Did they all bail? And if any are left, what is their strategy moving forward? This one has taught these value shoppers a good lesson to wait until the selloff is finished before diving in.
Take a cue from the bondholders. What they are saying in simple terms is that this company will go bankrupt- in order words, there is no way they can make their upcoming bond payments and this will default. When this happens, the shareholders will be wiped out, and the assets will be scooped up in bankruptcy court. Anyone who disputes this, please explain how this will not happen.
Exactly. It's deja vu all over again with ATP, GMXR, etc. The only time to make money with them was after they declare bankruptcy and the shorts cover... but those were much more heavily shorted than this one, so I'm not expecting the same bounce here.
Boy you guys don't seem to have much experience with companies in this situation- rarely does it work out that a buyer comes in to rescue a debt laden company- it is very true that they will wait to scoop up the pieces in bankruptcy court.
That's what's keeping me on the sidelines, even though the book value is tempting.. is there any hope for climbing out from this debt? I don't see it if there is... their bonds look very distressed.
So what's your plans on this? Holding for the long term? My hypothesis is most of those pumping were penny flippers looking for a quick bounce and now they were either stopped out or have a decision coming up on whether they should cut their losses or invest for the long term.
On the first day of the selloff there were countless longs on this board message who bought at 18+ and were pumping this nonstop. My question is, where did they all go? Did they sell already?