Wow, now that's what I call having a bad day! AHM down $9.34 today to $1.13 (89.3%) at the moment I type this. It hit $1.03 earlier. Not a good time to be a sub-prime lender.
Maybe VG isn't so bad after all. With VG, at least you can watch your money bleed away slowly.
navydavy2001 Vonage Forum MVM
Joined: May 26, 2005 Posts: 1125
Location: United States
" ZZZZ Best Inc., 1986 - Barry Minkow, the owner of this business, posited that this carpet cleaning company of the 1980s would become "The General Motors of carpet cleaning". Minkow appeared to be building a multi-million dollar corporation, but he did so through forgery and theft. He created over 10,000 phony documents and sales receipts without anybody suspecting anything. Although his business was a complete fraud designed to deceive auditors and investors, Minkow shelled out over $4 million to lease and renovate an office building in San Diego. ZZZZ Best went public in December of 1986, eventually reaching a market capitalization of over $200 million. Amazingly, Barry Minkow was only a teenager at the time! He was sentenced to 25 years in prison. "
VG may not be the most dismal performer on the street, but it has been an absolutely dependable money maker for the shorts and a source of agony for the longs. So here we are with over 2 billion in equity wiped out, over a 20% loss to a long position in the past three (3!) days, and for every seller there is a buyer. What, I ask, is going on in the heads of the buyers? I cannot put together any business scenario in my head for which this company is worth anything. One idea might be that Vonage will be bought. But the only companies that want Vonage's customers will get them for nothing when Vonage does a SunRocket. Why would they pay anything for them? Another idea might be that Vonage will continue to gain customers, hold costs down, and start making money. But Verizon and Comcast are now offering calling plans that are more or less as cheap as Vonage, so most people will not be attracted away from their broadband source to Vonage, and some people will drop Vonage for their broadband provider, especially people who follow VG and wonder what it might be like to try to get their number back from a bankrupt Vonage. So I wonder. Any happy buyers out there want to clue me in about your optimism?
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