A trip to Creighton

When I bought this stock back in April 07, it was at six bucks. 10 months later, it’s at 39 cents and delisted. What’s up with that?

I went out to look the plant over in Creighton. Should have done that before I bought. The place looks like a Superfund site. Talked with some of the employees. They’re all looking. The company isn’t making payroll. Suppliers and vendors aren’t getting paid. There is no inventory. They said that all the base material they use to make the products was sold off. The storage tanks are pretty much empty.

Somebody on the Yahoo message board said something about all the products the company makes. I tried to find some of them in the stores. Not there. Nobody knows much about our products and we’re in Pittsburgh. So I ask myself just what’s this all about? Everybody here keeps talking about when the 10K/8K are coming out. I don’t give a damn about the reports. I want to see these guys sell something! That’s how you make money.

We’re paying this guy Redmond $275 thou a year and giving him a luxury car to drive. God knows what else. I don’t know what he’s been doing but it sure hasn’t been moving product out the door. We don’t need a production guy running the place. We need someone who knows how to get our products in front of people who’ll pay real money for them.

Did you ever wonder what the "Pink Sheets" are?

I looked it up and learned more than I wanted to know.

"Companies will typically be listed on the OTCBB for one of two reasons:

(1) The company has been delisted from a major exchange. When a company is facing tough times and is unable to meet the requirements for continued listing on the Nasdaq or NYSE, it will be delisted. This usually happens to companies that are under financial strain and near bankruptcy. Even when listed on the OTCBB, companies are still required to maintain SEC filings and minimum requirements set by the OTCBB; however, these requirements are considerably easier to meet than those set by the national exchanges. If a company undergoes bankruptcy proceedings or misses certain SEC filings, an additional letter will be added to the company's ticker symbol to notify investors of this problem.

Typically, companies are on the Pink Sheets because either they are too small to be listed on a national exchange or they do not wish to make their budgets and accounting statements public.
Companies listed on the Pink Sheets are difficult to analyze because it is tough to obtain accurate information about them. The companies on the Pink Sheets are usually penny stocks and are often targets of price manipulation. They should only be purchased with extreme caution."

I'm not surprised about the "...do not wish to make their budgets and accounting statements public." That's what got us into this mess in the first place. What happened to transparency?

The news is all bad

I did my trip to Creighton. What a downer! Didn't see or hear anything there that made me feel any better about this dog. I'll post a run down later.

What do we do next?

Wow! Delisted. Way to go guys!

Since I live here in Pittsburgh, I'm heading up to Creighton to see what's up. I'll let you know what I find out. I'm not expecting much.

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