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that sinking feeling

meyers fingerWe haven’t said much about Dan Meyers ridiculous lawsuit against us lately, not because there isn’t  plenty to say about what has been going on, but we are compiling much of it for you to see so next week. Suffice it to say the fucking absurdity of not only this preposterous suit, but the chickenshit nature of the game that is being played is what is almost beyond belief.

Object to this, object to that, refuse this, refuse that. Delay, and bullshit. How in the fuck any of these people sleep at night is beyond us. Oh wait, Vampires sleep, right?

None of this retarded dance has a single thing to do with what is right, or just or fair, but everything about manipulating and exploiting a system that seemingly exists so that rich dips can piss away their money milking every god damn trivial minutiae out of it until it cries for mercy.

We digress as there lots more to say, but when this came across The Google today, we had to share.

First Marblehead stock down 24% as investors take skeptical view of company strategy

First Marblehead Corp. staved off delisting from the NYSE 10 days ago, but since then the company’s per-share price has plummeted more than 20 percent as investors have taken a dim view of the reverse stock split used to pull itself out of immediate trouble. Before the 1-for-10 reverse stock split First Marblehead performed Dec. 3, the student loan and college advisory firm’s stock was trading at less than $1. The reverse split boosted its price to nearly $8 per share and helped the company avoid delisting from the stock exchange.

“Delisting is off the table, but there are parts of the investment community that don’t like reverse splits,” said Chris Donat, an analyst with Sandler O’Neill. “You see reverse splits in companies that are in deep trouble, and there are investors who bet against companies with reverse splits as a rule.”

Friday morning, First Marblehead stock was trading at around $6.06 a share, a decline of about 24 percent in the space of 10 days.
At its peak, First Marblehead stock traded at almost $60 a share. But it came crashing down when demand for securitized loan products dried up during the credit crisis and recession.
After pulling beyond $1 and avoiding delisting from the NYSE in the spring, the company announced that an IRS audit had found the company owed $300 million plus interest and penalties related to refunds it took after selling its stake in a related business in 2009.
That sent the stock back below $1, even after FMD CEO and co-founder Dan Meyers said the company was so confident it could beat the IRS that it would put no money in reserve to pay the bill.

Read more at the Boston Busines Journal.

 

December 13th, 2013

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