Tomorrow in Denver, Evergreen Energy is scheduled to hold its annual meeting. In the past, these gatherings have been known to produce hype and distortion about the company's prospects – particularly the notion that K-fool has commercial viability. I'm confident that Stoner and Company will follow the same path tomorrow, with the added insult of a reverse stock split which will be another slap at long-suffering shareholders. Hope the SEC is in attendance.
I have been very critical of EEE's management and I think with good reason. However, today I will offer a word of advice that could change my thinking about their competence. Specifically, the company should call off this reverse split nonsense and allow the shares to be delisted. By reversing the stock management will play right into the hands of shorts who have had a field day with this stock as long as I have owned it. After the reverse shorts will once again be aggressive and will be the only ones to make money. The theory for staying on NYSE Arca is completely bogus and stupid. If Stoner is serious about saving the company he should also get rid of all the dead wood that helped bring about the current disastrous state of affairs. Trying to be constructive here since I would like to recoup some of my losses, but by reversing the stock price management will assure that I have no chance of that.
There are those that are harping that Obama has not done enough in the Gulf. Really? What would they have him do in this unprecedented environmental disaster? However, what I blame the president for is not addressing the unemployment situation in the country which is still horrible. The spending stimulus package should have been larger, coupled with tax breaks for business so as to encourage hiring. The detachment of this president is really starting to bug me and at this time I cannot imagine a scenario in which I would vote for him again. Even Biden would be better!! Maybe Obama should turn the office over to him and go back to teaching law. Really, enough is enough Barry!!! I think you should be unemployed.
I'm wondering if the local Denver media will be covering EEE's annual meeting next week? Indeed, where has The Denver Post been on this story. Since Stoner took the reigns of this company the stock price has gone from approximately $1.00 t0 $0.07. Seems like there's a story in that record of failure.
Well for those of you who are long it was a great week with the market posting its best performance in a year. A word of caution though, the volume was very light and I don't think there was much conviction in the move. Next week second quarter earnings begin to roll in and that will be the major determinant of how stocks trade. Have a great weekend everybody!!!
On a personal note I would like to thank all those who made the past week the highest page view week in the history of Barrow Bits. I will continue to call them as I see them and hope you continue to log on!!
The just completed World Cup competition was a boom for soccer in the United States. The championship game on Sunday had a viewing audience of 26.3 million in the US, the biggest ever for a soccer game in the country and more than any of games in the 2009 World Series. Additionally, the demographics of those that were watching the game was definitely on the young side, suggesting that soccer has a fertile fan base brewing. Professional soccer is advancing in the US with new teams and new stadiums attracting good crowds. I will be looking for opportunities among public companies that can benefit from a stronger US market for soccer related merchandise and promotions. If any readers have any ideas, send them along.
Sondheim is making another revival on Broadway, and that wonderful song "Send in the Clowns" is a featured number. Upon reflection I think Mr. Sondheim should think of employing the senior management team of Evergreen as extras in the staging of the song since they would be perfect performing as clowns. Chief clown of course would be Tom Stoner who gave a brilliant comic performance Tuesday at the annual meeting. He had them rolling in the aisles with his rendition of happy days are hear again and how he has established "a solid go-forward strategy". Roars of laughter were heard as he told the crowd about how great things are (because of him of course) and how hard everybody works. Of course, before the meeting in an effort to whip up the crowd EEE put out some nutty PR having something to do with business in China for K-fool. Must admit after rereading a few times still don't know what it says? People who promote such confusion would be great clowns! There was so much more in Stoner's performance but I felt just one thing was missing. How come he didn't mention that since he became Chief clown the stock price has gone down by more than 90%. Seriously folks what can you really say about these delusional people who seem to get away with this crap without getting into trouble. Moreover, if the NYSE allows a company with these credentials to have a listing it will just exemplify all that is wrong with Wall Street. So they will do their reverse and qualify on price but does this company, at this stage of its history belong anywhere else but the pink sheets? Lots of people make money with EEE, unfortunately it's not the shareholders. Yeah, send in the clowns!!!
As I predicted months ago in this space Goldman got off with a slap on the wrist. The best lawyers always win and Goldman had the money to buy the best legal representation that money can buy. Disgusting.
It really is amazing that after all the years of failure to deliver EEE is allowed to continue to trade and has not been the target of investigations pertaining to years of bogus PR's and promises. After re-reading Stoners comments at the annual meeting I am stunned how delusional and disingenuous they were. At this point the only reason that the company remains in business is to pay the outrageous salaries of its officers while having complete disregard for shareholders. Call me bitter if you wish because I have lost so much money in this stock but any objective analyst would look at this situation and conclude this has been a major fraud and lots have people have contributed to it. They should be held accountable.