Tim Sykes Article in Financial Times

[TimothySykes]

Quote from RedDuke:

Tim,

At the end of Wall Street Warriors, you sound upset when you mention how hard it is to raise money for young fund managers.
Then you invest large chunk of your fund into illiquid and pink slip traded stock.

And I remember you saying on one of the threads that you did it to impress your investors with good return. This is precisely why young people have difficulty and should have difficulty even with track record of turning 12k into 1.5 mil.

Since you day trade a lot, I would recommend switching from stocks to futures.

redduke

Your confusing lots of different things there. I didn't invest in Cygnus because I wanted to impress new investors, I invested because I thought the company was going places and that their stock would likely rise. I loaned them $ because I naively believed it to be a low-risk situation.

WSW was filmed during the summer of 2006 and at that point, I was already fully invested in Cygnus.

 

[Babak]

Tim, did you loan them money or buy their stock? If a loan, was it secured or unsecured? Or was it some sort of hybrid multi headed beast of a deal?

You seem to contradict yourself.

 

[gov]

History
Cygnus eTransactions Group, Inc. (previously known as Antiquescollections.com, Inc., a Colorado corporation) was originally formed by the filing of Articles of Incorporation with the Secretary of State of Colorado on July 25, 2000. Antiquescollections.com, Inc., a Nevada corporation, was formed by the filing of Articles of Incorporation in the State of Nevada on July 6, 2004. On July 26, 2004 Antiquescollections.com, Inc. (Colorado) merged with Antiquescollections.com, Inc. (Nevada) for purposes of changing domicile only. Subsequent to such merger, Antiquescollections.com, the surviving entity, filed with the Nevada Secretary of State, an amendment to its Articles of Incorporation, changing its corporate name to "Cygnus eTransactions Group, Inc", herein after referred to as the "Company" or "Cygnus".
On January 14, 2005, the Company approved the merger of Cygnus Entertainment, Inc., a Florida corporation, into Cygnus eTransactions Group, Inc. Upon completion of the merger, Cygnus eTransactions Group, Inc. owned 100% of Cygnus Entertainment, Inc. in exchange for 6,366,028 shares of restricted common stock in the Company. A 3:1 stock split was accomplished in March 2005.

I think I have an old Nevada Corp. from '97 or 8 laying around here somewhere.... Maybe I'll dig it up and I'll even make you a Director! That should get you back on the invite list. Cost you a few hundred grand, but don't worry this company's going places, very low risk!

From just the history, this company makes KTEL look like Fortune500...

 

[TheSorcerer]

Quote from gov:


I think I have an old Nevada Corp. from '97 or 8 laying around here somewhere.... Maybe I'll dig it up and I'll even make you a Director! That should get you back on the invite list. Cost you a few hundred grand, but don't worry this company's going places, very low risk!

It better be restricted shares for special/high-level people with a built-in discount. After all, Mr.Timmay is a hedge fund super star.

 

[slacker]

Quote from TimothySykes:

I didn't invest in Cygnus because I wanted to impress new investors, I invested because I thought the company was going places and that their stock would likely rise.

On page 182:
"I wanted to impress my new investors with gains, so my fund made a short-term loan to Cygnus for $250,000 because it seemed to be an easy way to accumulate added interest without much risk..."

Brutally honest?

 

[slacker]

Posted on 9/21

Quote from slacker:

CYGT

The stock is now selling at .06.

It's all about the money. Watch the stock!

Who cares about the book sales. Timmay makes thousands on hype, good or bad, around the company.

Now at .08.

How many shares do you still have Timmay?

Penny stock scam anyone?

 

[Trvlwanderer]

Another example that justifies the title "Piece of Shit". You can't deny that.

 

[TimothySykes]

Quote from slacker:

Brutally honest?

Thank you for clarifying my point--I loaned them money because I believed it to be a low risk situation. I was already invested BEFORE I loaned them money.

Quote from slacker:

Posted on 9/21



Now at .08.

How many shares do you still have Timmay?

Penny stock scam anyone?

I disclose my personal and fund's position at the end of the book. It's nto a scam, it's a real company. Go to sixflags.com and see who's handling all their online ticketing. Not to mention they signed a partnership with NCR, a $9 billion company. Again, great technology, lousy stock.

Quote from gov:

H
From just the history, this company makes KTEL look like Fortune500...

It's so nice to look back in hindsight, right? While I was all hyped about CYGT, they signed deals with Hershey, AAA, Six Flags, Universal Studios (later lost), Cedar Fair (later lost), AOL (later lost), Harrahs (later lost) and Expedia (later lost).

My mistake was thinking that at least one of these big name deals would make it---that's the difference between a Penny Stock that rises 500% or drops 90%. Looking back, it was a mistake, but in the beginning, I had very good reasons for being invested.

 

[Warrior4g]

TIM

"Nah man, the main lesson of my book is to stick to stocks that are in play. Don't try to go for the seemingly easy gains in Penny Stocks because there's always something hidden"

that was the smartest thing you ever said and i agree 100%. i always tell guys never to play stocks under 10 bucks. penny stocks are losing propositions and of course if you play them enough you will hit a winner but in the long run its a losers game. i played ICE today for .80 cents on 700 shares. did i get rich? no. but i have an ok paycheck for the day and hopefully tomorrow will be better, i go whereever the action is and am always searching for a catalyst.

 

[Bob Rowshan]

Quote from TimothySykes:

My mistake was thinking that...

Your biggest mistake of your life was escalating your feud with the rag magazine to the point where they disclosed your grovelling, begging emails, exposing yourself as a laughingstock and loser. "Please let me go to the party, 2 girls bought dresses and can't return 'em. Waaah!!"

I hear that Wall St. won't touch you now. Investors won't touch you now. Your gigs are also drying up quickly now. Totally reminds me of Howard Dean. Personal implosions come fast, and rarely can be reversed. But you always have your "best selling" book. Hahaha.