Its MOMO is gone. Last two days are the peak for the next 20 years. You can short this with complete confidence and safety. This will never break 17 but is likely to break down into single digits in the next 5 months
If I were you I would stop investing my own money because you clearly have no clue how accounting works or what creates value for shareholders
My point was you can have assets and still be destined for Bankruptcy. Enron and Nortel both had assets. Both cooked their books to hide how bad the other half of the balance sheet was. DOES THAT SOUND FAMILIAR. I don't know, sounds exactly like PWE to me.
Hmmm. It's bankruptcy filing sworn to under oath said it had 62 Billion in assets. Of course I doubt all those attorney's and receivers who had to submit that information to the court would know as much as you
Enron had assets. It had billions and billions of assets. It's just that they hid liabilities and created phantom income through improper revenue recognition. Creative mark to market accounting if you will. Hmmmm sounds familiar. Where have I heard that recently.
Yes go back and look at the enron and nortel charts. The last months of their lives they lived in "oversold" technical territory. Did you scoop big chunks of those stock up? You can't look at technical analysis when you are facing the accounting problems confronting PWE
Wow. At issue in those cases were not security disclosure laws. They were a variety if laws dealing with fraud on actual sales securities. Look at Ackman and CarsonBlock. They heavily short a position then go out and issue reports that say the company's they just shorted are complete frauds. The stock tanks and they make a ton of money. Nothing illegal about that.
No news is not good news by any means. To me me it's an indication things are much worse than they epexcted. I'm still looking for write downs or write offs of close to 3 billion or more. An immediate call of all it's credit lines and a bankruptcy filing by year end. That's my investment thesis and the reason I remain heavily shirt.
there is nothing "illegal" about that. It could give rise to civil liability to its clients who maybe purchsed a long position in BAC but there is nothing criminal about it. GS owes no duty to the market in general
You are exactly right. Here is what is going on.. GS knows this stock is going to drop big over the next 12 months. Possibly to the low or middle single digits. GS has done iits DD. It knows BAC still has close to 1/2 Trillion in toxic loans on its balance sheet that eventually someone is going to sue them over. They issue a buy recommendation to allow their clients to get out at a higher price. Probably close to 17. Meanwhile they are selling short like crazy. You just watch. WIthin 30 days, this will start its decent towards single digits.
Not only is 12 coming but this is headed back down to the low to middle single digits. Don't listen to anyone else trust your instincts. You are in fact correct.
The problem of course is that you could have put the best captain in the world at the helm of the Titanic after it hit the iceberg and there is nothing he could have done to save it. I fear (or in my case hope) PWE is in the same position. I believe at the end of the day things will be substantially worse than they are now . I think we will see write offs and account recharacterizations approaching 3 Billion dollars. I think lenders will run for cover; I think PWE will run out of operating capital. I think it will have to file for reorganization and I think the current shareholder equity will get wiped out in that process.
The one thing giving it hope is the volatility in the middle east and the floor that has put on oil prices. But even that seems only a temporary relief. The writing is on the wall. All you need to do is step closer and read what it says to save your money.
How PWE is carrying about 2 Billion of worthless goodwill on its balance sheet which explains why its book value is so high. Hey wait. Somebody has been saying that for years on this board. Who is it. Hmmmmmm I can't remember I'm sure he's a handsome devil with the initials MDB. Although I must say that my bear brethren from Ohio has been preaching that same point longer than I have. Cudos to him also.
I told you idiot longs. This stock is a POS. This is headed back down to single digits. Just waiting for another billion dollar lawsuit to be filed against it so people realize that the DOJ settlement was not the last of its exposure to these toxic loans. See you in a couple months at 5
This POS worthless stock can start it's inevitable March back down to single digits where it belongs. I just can't wait until it gets sued again for a couple of billion dollars on it's junk bonds by some.pension fund (and it will) and every body comes to realize that the DOJ settlement was a drop in the bucket of its total exposure which remains close to 600 BILLION dollars on these junk bonds. Good luck longs. Hahahahahahahaha. I'm short and proud.
Well said Mr Bear. As I have frequently noted I'm short this stock but I have a plan. I've covered a significant portion of my short at the 7.00 range. Made a lot of money. Still have a significant short position because I think it is going much lower notwithstanding the news today. I'm not irrational though. I picked up some call options on the cheap to protect my position. Still have a hard time understanding the hatred of shorts in the market. The market is a casino really and you can only bet two ways. Why betting long is so much better than betting short is beyond me.