This information was all included at the end of a long post earlier today, but, in retrospect, I buried the lede. So here it is again, on it’s own. Sitestar(SYTE) borrowed money from CEO Frank Erhartic’s mother at an interest rate that was 8% in one filing and 10% in one much later. At both times, prevailing interest… Read More »
I hesitated for a long time before posting about Sitestar(SYTE) yesterday. Now that I have, I am gratified by the response. I have been contacted by a number of Sitestar shareholders, representing a significant ownership % of the company. Every one of them shared my concerns. It would appear that the only shareholders who don’t agree are the… Read More »
I’ve been hesitant to publicly speak about Sitestar(SYTE). With a market cap of under $3MM and 50% held by directors, it’s too thinly traded to be relevant to most investors. I also have no intent or interest to move the stock price in the short term. I personally have a relatively large position, comprising between 1 and 2%… Read More »
The title on this morning’s press release from J. C. Penney(JCP) reads “J. C. Penney Company, Inc. Announces Settlement of Class Action Lawsuit,” and, indeed it did. But hidden in the same press release, in the fourth paragraph the company comments on Q3 numbers. “While we are confident of our position, resolving this litigation removes any uncertainty and… Read More »
Nearly two weeks after Valeant(VRX) cut ties with specialty pharmacy Philidor, which it owned but didn’t own, when we were told that “The [ad hoc] committee will be meeting promptly to determine the work plan for its review in consultation with counsel.”, the company has decided to host another conference call today. the Company will provide a business… Read More »
Herbalife(HLF) has been the target of a very public campaign by Bill Ackman, who is short and insists the company is a massive fraud. This morning, Herbalife is clearly enjoying the schadenfreude as Ackman prepares for a conference call in support of his long position in the embattled Valeant(VRX). The entire text of the press release: “I hope Bill… Read More »
Minutes after we wrote about the curious absence of Valeant’s ad hoc committee from this morning’s press release severing ties with Philidor, Valeant(VRX) issued a second press release which confirms that the committee has not yet done anything. the ad hoc committee appointed by Valeant’s board of directors has appointed former Deputy Attorney General of the United States Mark Filip… Read More »
Nearly two weeks after serious allegations emerged about Philidor and Valeant’s(VRX) relationship with it, and five days after a conference call in which Valeant defended the indefensible, Valeant has finally cut ties with Philidor and Philidor will cease its operations. We had urged this as the only rational action for Valeant, and were surprised when Valeant instead spent… Read More »
Dear Concerned Shareholders- We are pleased to inform you that our actions regarding the henhouse have been “fully compliant with the law. However, other issues have been raised publicly about [our henhouse] business practices, and it is appropriate that they be fully reviewed. This decision to create an ad hoc committee of [foxes], which I fully support, will help… Read More »
It’s been a long week for Valeant(VRX), a longer weekend, and with the fresh allegations published tonight in the Wall Street Journal, it’s going to be a long night. The week began with Valeant changing its business model completely, putatively in the face of pressure on raising prices on “mispriced” drugs. In reality, a business model based on… Read More »