Thanks for the concise post. I sold my remaining 9k shares today for a substantial loss. A year ago it seemed this company was on the up and up but now it's just a Management MONEY GRAB who has shown blatent CONTEMPT for their shareholders.
I'm moving on and hope to recoup my large losses on a company who doesn't SPIT on their shareholders while pocketing more and more of the companies profits.
This is really some SHADY STUFF going on with PSEC.
Last post - and see you fools later.
JIMCOOPER was expecting management of PSEC to be truthful to investors with their statements and they were and continue to be elusive to shareholders. Their actions speak louder than words and SLASHING the dividend 1 day after the Annual Meeting without saying a WORD of it at the meeting was a certain raised middle finger to investors that they don't care about them.
Then instead of reducing their EXCEXSSIVE "MIS-MANAGEMENT" Fees, they don't and then promise spinoff will benefit shareholders. I seriously doubt it.
If the Management of PSEC had any credibility - the investment community would support it and the share price. The Street has NO CONFIDENCE in PSEC Management and if so, the shares would be north of $11.
Now MINNY is on ignore due to both ignoring FACTS and calling posers who post facts BASHERS. It's obvious MINNY is either a PAID PUMPER of a Fool.
If you'rfe a supporter of this debacle - then you're a fool.
Looking to get out of a 30% loser with NO HOPE of ever getting back to my $11.37 buy in price while Management gets richer (bigger % of profits) at our expense and seemingly doesn't care.
How can you defend a company that 1 day after not mentioning a dividend cut at the annual meeting (and practically saying they would NOT DO IT) cut it's dividend 25% but NOT IT'S EXCESSIVE FEES (sharing the pain). Anyone defending such action must be a company insider.
Now, I'm SURE that this spin off will hurt investors but not Management! Any bets?
No wonder the investment community has lost the trust of this company and it's MIS-Management Team - hence the continuing of the share price losing value and no one stepping in to salvage any hope of any share price appreciation.
Another dividend cut coming to pad Management Fees? That's a bet I would take.
Thanks Jim. You're the only one here who has been RIGHT with PSEC and it's management screwing it's investors. Still down 30% in a year. Still collecting increasing MANAGEMENT FEES while cutting investors dividends 25%. And now, I'm sure they will NOT BE LOOKING OUT FOR SHAREHOLDERS INTERESTS - JUST THEIR OWN. This has been a disastrous investment and likely a LOT MORE PAIN for us and GAIN for Management.
or maybe it won't come which is what I'm thinking..
How freaking long does this take? My guess is it will be a net negative anyway - which is par for the course with this company. I guess I guess have to hold it for 3 more years just to break even. Sucks in this great bull market that this management team just uses our money to enrich themselves at the our expense. They pay themselves FIRST and return 50 cents for every $1 we invest.
Where is the spin off news (from 4 months ago?
Will this company EVER let it's shareholders know what is going on?
Find out about dividend reduction 1 day AFTER the annual meeting, and announce intention to spin off companies almost a HALF year ago and so far --- NOTHING!
A normal companies management puts the shareholders (or OWNERS) of the company first. This management team puts their shareholders LAST. They need replaced until this turns into a OTC BB stock. They are no longer to be trusted. They pay themselves FIRST with excessive management fees while the company keeps losing value.
What good does it do to get a 10% yearly dividend when the stock value drops 15% in the same timeframe? Illogical..
This is my opinion too. Management keeps siphoning off 50% of the profits for themselves while the company is in a death spiral. The dividend cut should have been accompanied with a reduction from 2% to 1% of their fees until they get the companies problems fixed. That didn't happen so therefore the people MOST responsible for the disaster did not feel any impact. Investors will not trust this team again and this company will spiral down to irrelevance. All the while Management will keep collecting management fees while the company burns.