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Penn National Gaming Inc. Message Board

scottsdalem 10 posts  |  Last Activity: Oct 29, 2014 10:44 PM Member since: Jul 2, 2007
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  • scottsdalem scottsdalem Oct 29, 2014 10:44 PM Flag

    Dont you think they could have planned an 8 AM CC instead? If the investigation was going on for 2 months, and the other executives were notified last friday, they could have planned prepared a 8 AM CC.

    It all sounds fishy to me.

    Sentiment: Strong Sell

  • This was not a bad judgement or mistake. A whistle blower reported the fraud and the investigation started. The CEO was wrong in the CC to say that it was a bad judgement. Why did the whistle blower reported the mistake then? If it was a bad judgement and bad mistake, and the numbers are immaterial as it sound, then the company could have refiled and said so. All the companies do that. This is FRAUD. Everything sounds fishy.

    The CEO saying bad judgement and bad mistake is a mistake.

    Sentiment: Strong Sell

  • Reply to

    @ $10.00 it's a 10% dividend

    by azfinanceguy Oct 29, 2014 9:43 PM
    scottsdalem scottsdalem Oct 29, 2014 10:23 PM Flag

    It was not a honest mistake. It was intended mistake. Why would the whistle blower report then? The whistle blower knew something wrong was happening. Who knows what else is hiding.

    Sentiment: Strong Sell

  • Reply to

    SEC investigation and divident payment

    by scottsdalem Oct 29, 2014 8:36 PM
    scottsdalem scottsdalem Oct 29, 2014 9:13 PM Flag

    There are some serious issues here. First most of the SEC reviews become informal investigation by default.
    1) The CEO is new. He came in only a month after the formal internal review started after am employee whistle-blower. So you want to trust the new CEO now?

    2) They didn't suspend the CFO and CAO during the internal investigation. The new CFO and CAO have no prior CFO experience. They are newbies. PRomoted from director level.

    3) With S&P review of ratings, no new debt or stock selling. The secondary 1.6 bil selling is in question now. They sold it during the internal investigation.

    4) Retirees who owned this to earn 8% yield are down 20% today alone and were down 37% at one time. Pretty good chance lot of retirement accounts will sell this tomorrow.

    Sentiment: Strong Sell

  • Reply to

    So the final AH number was down 2 cents

    by xrayflourishes Oct 29, 2014 8:58 PM
    scottsdalem scottsdalem Oct 29, 2014 9:03 PM Flag

    Are you holding short position? I could not find any shares to short after 3 pm. Will try tomorrow.

    Sentiment: Strong Sell

  • The SEC investigation news came out at 2.47 pm. The CC started at 3 pm. I dont know how much time the CEO had in between to discuss with legal team to make the buy back remark. I wont be surprised if the SEC request the company to stop dividend payment during the investigation. Doesn't the SEC investigation typically take few months?

    Sentiment: Strong Sell

  • Reply to

    Current CEO is on the job only for a month

    by scottsdalem Oct 29, 2014 8:05 PM
    scottsdalem scottsdalem Oct 29, 2014 8:26 PM Flag

    I am very surprised SEC already announced the investigation within few hours. That tells the severity of this fraud. And they made so many transactions in the last month or so even after the investigation had already started. All sound fishy to me. I ont be surprised if this tanks another 30% tomorrow. IRa, 401k and mutual funds will unload tomorrow. Probably lot of retirees were holding this for 10% annual gain. They already lost 20% today, and were down 37% at one time.

    Sentiment: Strong Sell

  • Doesn't that sound more fishy? Kay is on the job only for a month, since Oct 1st. The old CEO was in charge when the investigation started in early September. They didn't tell the market anything until today. The CEO escaped. CFO and CAO were made scapegoats. A Director with prior CFO qualification was made CFO today. All sound fishy.

    Sentiment: Strong Sell

  • Reply to

    expect selling again

    by stockpickinmoron Oct 29, 2014 5:38 PM
    scottsdalem scottsdalem Oct 29, 2014 7:32 PM Flag

    I totally agree. This will tank again tomorrow. Three downgrades today even before the CC. The CC was catalyst for the manipulators and MMs to force short covering at the end. But the current CEO is new. The previous CEO was in charge when the accounting fraud was identified. The CEO moved out first. The CFO and CAO were made scapegoats today. Wonder why they didn't suspend those two ehwn the investigation was on-going. Also they issued secondary stock for $1.6 Billion to raise capital when the investigation was going on. Lot of red flags.

    Sentiment: Strong Sell

  • scottsdalem scottsdalem Oct 11, 2014 11:26 AM Flag

    Exactly. All Longs, Please take a few minutes to read an article on LAKE for why it is insane. It posted on the Yahoo LAKE finance page on Thu evening. Stupid Yahoo wont let me paste the link.

    Some traders may have misinterpreted that to mean that Lakeland had received an order for 160,000 suits. But that's not what the news release says. And the Ronkonkoma, N.Y.-based company has turned down numerous requests from CNN for comment.
    A spokesperson for the State Department told CNN that it was aiming to supply 130,000 (not 160,000) sets of hazmat suits and other personal protective equipment (PPE) in the coming weeks. The State Department added that it was getting supplies from "multiple locations around the world, and there are many suppliers."

    Sentiment: Strong Sell

PENN
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