A few years back just before the bubble deflated, I started an internet site called www.123hits.com (no longer in existence). I put it up for sale for $30,000 because we where getting 100,000 hits a day to listen to our online music. I was approached by a great guy here in Toronto that asked me if I would accept shares of a small public company in exchange for the site. I agreed and received the shares that traded at .06 at the time. Within 3 months the shares shot up to .78 and I was sitting on almost $750,000.00 in profits. I set a goal for 1 million and waited because this company had a fantastic product that I believed was revolutionary. Unfortunately the shares fell in sympathy with the markets and also 911 and they now trade for .03.
I hope he sold it back in '01 when he might have had a profit.But that is a pretty tough hold.I cant believe that he would hold this long if he is a trader.
Here's a silly story... Last month as my share of a class action settlement for investors in AremisSoft (which I briefly traded during the bubble) I got 2 shares of SoftBrands (SFBD.PK). Woohoo! They even sent me the stock certificate. It turns out that SoftBrands trades at $1.23 per share. My position was worth a whopping $2.46. And it has since dropped to $1.14 per share. I'm not going to bother with trying to figure out how to sell these shares and am just going to file them away. I feel sorry for the company, though, having to pay to send me proxies and annual reports from now until kingdom come (or chapter 11). Some judge was pretty silly in not requiring cash if the settlement was for less than $10 or so.
"Of course, they tanked to grand father...." I would have gotten tanked too and made a toast to... grand father. to