The Shorting of Frauds, Overhyped and Bankrupt Stocks Journal
- Thread starter Daal
- Start date
seems like OSG couldn't squeeze it's way out of a wet paper bag.
Given the big declines earlier in the week, the low market cap and lack of new catalyst (in the absence of bankruptcy), this is why I like to sell out of the money calls.
You get paid even if there is no chapter 11, and the premiums are higher than normal because of the heightened volatility.
The obvious negative to the strategy is that you don't get to participate in the downside of the stock.
Does anyone follow this stock DROP, where Tiger Woods is involved with? It all sounds a bit fishy.
1) overly use of jargon and words like 'unique, proprietary, groundbreaking'
2) Track record of athletes involved in or investing in 'idea' companies
I'll probably give it a pass, because I don't like OTC and under $5 stocks.
1) overly use of jargon and words like 'unique, proprietary, groundbreaking'
2) Track record of athletes involved in or investing in 'idea' companies
I'll probably give it a pass, because I don't like OTC and under $5 stocks.
OSG considering Chapter 11
http://www.sec.gov/Archives/edgar/data/75208/000090342312000497/osg8k_1022.htm
"In connection with these matters and other matters, including negotiations with its bank creditors, the Company is evaluating its strategic options, including the potential voluntary filing of a petition for relief to reorganize under Chapter 11 of the Bankruptcy Code."
http://www.sec.gov/Archives/edgar/data/75208/000090342312000497/osg8k_1022.htm
"In connection with these matters and other matters, including negotiations with its bank creditors, the Company is evaluating its strategic options, including the potential voluntary filing of a petition for relief to reorganize under Chapter 11 of the Bankruptcy Code."
Item 4.02 â Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review
_
As previously disclosed in a Current Report on Form 8-K filed on October 3, 2012, Overseas Shipholding Group Inc. (the âCompanyâ) is in the process of reviewing a tax issue arising from the fact that the Company is domiciled in the United States and has substantial international operations, and relating to the interpretation of certain provisions contained in the Companyâs loan agreements._As a result of that continuing process, on_ October 19, 2012, the Audit Committee of the Board of Directors of the Company, on the recommendation of management, concluded that the Companyâs previously issued financial statements for at least the three years_ended December 31, 2011and associated interim periods, and for the fiscal quarters ended March 31 and June 30, 2012, should no longer be relied upon. The Audit Committee and authorized officers have informed the Companyâs independent registered public accountants of this conclusion. The Company is continuing its review processes, including determining whether a restatement of those financial statements may be required, and the nature and amount of any potential restatement. In connection with these matters and other matters, including negotiations with its bank creditors, the Company is evaluating its strategic options, including the potential voluntary filing of a petition for relief_to reorganize_under Chapter 11 of the Bankruptcy Code.
_
As previously disclosed in a Current Report on Form 8-K filed on October 3, 2012, Overseas Shipholding Group Inc. (the âCompanyâ) is in the process of reviewing a tax issue arising from the fact that the Company is domiciled in the United States and has substantial international operations, and relating to the interpretation of certain provisions contained in the Companyâs loan agreements._As a result of that continuing process, on_ October 19, 2012, the Audit Committee of the Board of Directors of the Company, on the recommendation of management, concluded that the Companyâs previously issued financial statements for at least the three years_ended December 31, 2011and associated interim periods, and for the fiscal quarters ended March 31 and June 30, 2012, should no longer be relied upon. The Audit Committee and authorized officers have informed the Companyâs independent registered public accountants of this conclusion. The Company is continuing its review processes, including determining whether a restatement of those financial statements may be required, and the nature and amount of any potential restatement. In connection with these matters and other matters, including negotiations with its bank creditors, the Company is evaluating its strategic options, including the potential voluntary filing of a petition for relief_to reorganize_under Chapter 11 of the Bankruptcy Code.