Re: Preventing short sales - was it Portee?
in response to
by
posted on
Mar 05, 2009 04:52PM
Creating shareholder wealth by advancing gold projects through the exploration and mine development cycle.
Thanks Portee - whoever it was (about a year ago) deserves credit for trying to get us to oust the shorts back then by locking in our KXL shares in our brokerage accounts. I forgot that putting in "stink bid" too-high sell orders will work even if you have a margin account. I'll take their advice more seriously next time. Hope whoever it was can reproduce their Agoracom posting here so I can thank them. Funny Ford Motor Co. story too, he? Pretty transparent. I wonder if any investor that got hit up to loan out their shares said "sure, you can borrow my own stock to bet against me, enjoy yourself, have a good time."
I'm sure you're right about RRSP and IRA accounts - I had the idea (correct me if wrong) that there is no such thing as a margin-account RRSP or IRA, and as such that means the KXL shares couldn't be lent out.
The principals here own most of the KXL shares, and an investor or two I met last year hold about another 1/4, so the float held by many of us here, at least those with margin accounts, isn't that much of the total. So, contrary to my earlier skepticism, we actually _can_ control the shorts, should it come to that again - I hope KXL is high enough to interest some shorts within the 1/2 year! Maybe we could then do a massive short squeeze - like Porche did on Volkswagen stock last year - they made a tidy $6 Billion and for a short time made Volkswagen the most highly valued company in the world. Nice work if you can get it.
I think the focus on a resource estimate, centre on results-based drilling, is exactly right for KXL now. We have the good stuff and to misparaphrase R. Dangerfield - KXL just hasn't been getting any respect!
I take the uranium prospect seriously. Finding something like Hathor got could take us above $3 all by itself. No guarantees, but Keith the geology prof did inspire some confidence. The flip side is that Cameco originally let the property go for nothing, before we got it. Certainly worth a try.
Very, very interesting that Brian apparently said that the major but long-time-period news releases are over, if that's true. The market seems to like minor ones better. It doesn't matter if that's stupid. Same as when my mother taught me to drive a car - there's nothing gained in being "right" but dead. So if the market wants little updates, then give it just that.