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djsp - DJSP disaster reaches some clarity
As mentioned, this company and JBII have been the 2 I noted here for shorting this year at much higher levels although I generally don't short.
Looks like DJSP's CEO biz may have been in default already. Buzzards look like they may be landing already with the potential legal liabilities on top of this news.
http://finance.yahoo.c...
Something to remember, this company has a PE way under 1 but if you look at historical #s and where the earnings cashflow 'went' to, it should have raised more eyebrows than it ever did IMO. Looked like a complete sham to me from the get-go. Kinda like JBII IMO.
The shame is that it seems the CEO gets to remain quite wealthy (look how much $ he pocketed from those 'earnings' in prior years) while shareholders got thrown off his boat? Ugh. The system we have is broken in many ways... Wonder if he ever gets jail time or even gets prosecuted. I personally doubt it.
Now to see if/when JBII follows suit. They have been bleeding money and just reported another horrendous quarter. Looks like they're almost out of cash too.
http://www.sec.gov/Arc...
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One flag (of several) on DJSP for me was when the company took out an approx $10 mill loan even though they were generating big earnings and very little money put back into ops (i.e. why would they need a loan?).
What was worse was when it looked to me most of that borrowed money along with most 'earnings' were paid out as I think dividends/distributions. LOL have company take (I mean 'borrow') some $ from a bank and pocket it err I mean ditribute it, then have company declare BK not that long after some of that borrowed money was distributed??? Oopsy. Dumb banks.
I linked to your post on the JBII and DJSP boards on iHub. This was the response by "Daylas" on the JBII board ( http://investorshub.ad... ):
"Great post! At 3-7 bucks I could understand a short term short position in this stock 6 months ago...especially with the PIPE coming off restriction at .80...Now this is the kicker...If one thought that this company was a scam.. one might continue to short and drive the price down even lower...
The biggest mistake they have made...Most of the PIPE investors are very loyal..They are either friends or family of the company ...or people that went to the shareholder meeting..They believe in this company unlike most of your large PIPE investors... who invest for 20% to 100% gain and get out without regard for anyone else..
Most importantly...This investment is so easy to understand...Taking garbage and turning it into oil..Not T-shirts..Not filler for jackets..Not for packing boxes...OIL...
IMO there will be very little stock to 2 bucks...Thats where the fun starts.."