no you can't take it from that. see my reply to Mriucd. It's not an actual customer delivery. It's a simulated customer. Yes they did the delivery but it was staged.
THe 10k is out. As expected they are going to be out of money and try to raise more which they most likely will be unable to do and they will lose the company because of the previous loan agreement. Moto Meter still not in production. Very slim chance this company survives.
There are no sales agreements in place. Where the heck did you get that? You don't know the difference in a sales agreement and a distribution agreement? Are you talking about the Wheelies for which they have an agreement to sell the 10 they had for marketing for $3500??? I suggest you all go out and read the 10k for yourselves, this guy has no idea what he is talking about.
They don't have the cash to last another couple of years nor do I think they have the ability to raise enough to matter. Just my opinion but after that last loan agreement I think they don't survive. Can only hope I'm wrong
uh , yeah, I'd call you crazy. Did you read their latest 10k? they have a total of $56k left as of April 15th, enough to last them until May 15. I guess 50k shares doesn't cost you much but I'm not about to put anymore in this company. I don't see any reference on their facebook page to a motometer release. I see they rescheduled a management update but there isn't any information on what the management update will address as far as I see. If you turn out to be right I guess we'll call you a genius.
Ok I went thru the facebook page and did see in the reply to one of the Scotts that there is supposed to be an update on the motometer. I wouldn't expect much since according to the 10k they are still modifying the motor and I read (contrary to some of their releases) that the meter is still in PRE-production status.
Well, we'll probably know by the end of this month whether to finally give up the faint hope we have. They should be out of money by then. They are counting on an equity offering to generate cash. I can't see that succeeding but we will see I guess.
Rates aren't the problem. You do realize their earnings will go down by the amount of earnings associated with the spinoffs and unless you are planning on paying the inflated CLO valuations for the "spin offs" through the rights offering you aren't going to get the exposure to those earnings. They are going to have to increase their earning going forward post spin off by that amount just to break even. They are NAV neutral only in that they will get the current cash value ( which is inflated so maybe that's good) but on an ongoing basis that isn't true.
not only no answers but they cut the answer session short on the second question that was critical of them. Not a good sign management is willing to be open about things. We obviously need a large activist investor to get involved to get the fee issue straightened out. I'm still waiting to see how much the rights for the spin offs are going to cost , that will say a lot about how interested they are in serving shareholders rather than themselves.
well I would agree with the daily part of your statement but for you all to say as shareholders we shouldn't try to hold management responsible and expect them to improve things they can directly effect? Interesting ideas you have of shareholder responsibility you have there. I'm sure Madoff and several others would love you two as shareholders. I will sell if the share price continues to decline but I would prefer management gain the confidence of fund managers so the price will go up. that isn't going to happen when they cut off conference calls as soon as the calls become critical or they keep cutting the div which they will have to do again after the spinoffs if they don't increase earnings on the businesses they keep within PSEC..
Rights to sell? There is no guarantee that there will be any mkt for the rights. Little is even known about the rights at this point. I hope there is a mkt for them because I would definitely sell mine but I doubt there will be. Hard to say at this point though.
Every stock holder should have already known all that without reading his notes. I agree with all he said but still have a problem with the way the spin offs are being handled and the arrogance of management when it comes to answering any criticism. There are some serious questions that need to be answered openly and honestly. As to the direction we are headed in I'm curious on how you arrive at that conclusion. I judge the direction by share price and sustainability of dividend and neither of those is headed in the right direction. Lets not forget that these initiatives have to make up for the loss of income from the spinoffs before they help the dividend unless there is something I don't understand there. When the initially announced the spin offs I thought they would be "regular" spinoffs and so we would get either a special dividend or the equivalent equity in the spin offs so it sounded good. There has been plenty written about doing this with the rights offering instead so I won't repeat all that.
Not sure why you would be happy with a 5% return in this stock. If that is all you want there are far safer div plays that pay that much. You paid $10.83 if you've made a %5 annualized return for 4 years so even if it gets to $10 you are going to be making the 12% I assume you bought the stock for.
That said I wouldn't be too unhappy in your shoes. Unfortunately I have lost money in this stock even after dividends in the 2 years I've owned it. I am still hanging in but I'm losing trust in the management. This rights offering isn't making me happy. I think the best I can come out of that is if I'm able to sell my rights which I think is pretty iffy. I'm definitely not buying any of the spinoffs unless the price is a lot less then I think it will be.
Wait, you are a strong buy and you realize that PSEC trades at a deeper discount than any other BDC? I guess your logic there is that PSEC will trade closer to the other BDC discount rates at some point in the future? My question is WHY do they trade at such a deep discount. I understand your value argument but I assume you've heard of value traps? Not saying this is I just don't like the fact that people on this board seem to be at one extreme or the other. The longs ignore the warning signals and the shorts ignore the good points. Why can't we just have an honest discussion about the good and bad? I just want to know the truth though I realize the chance of obtaining that on a message board is zero guess i can't help hoping though. I don't really care about anyones opinion, I just want to know the actual numbers and facts.
It was a question. If you just want a 5% return why not buy a stock that gives you a 5% return with more safety?
Why are you even on the board if you don't want to discuss what other people think? You apparently do want to since you replied to my post. How much do you make minding my business? What's your objective here to get everyone to quit posting anything. Not sure why you bothered to reply.
That's completely untrue. KCSA could care less about whether the company is legit or not. They just care if they get paid. We'll see what they come out with, don't think they are going to spend a lot of effort on FARE since there is no way FARE is a major customer for them.