Nearly 10 years ago, I took a small position in some Washington Mutual stock and sold it a couple of years later resulting in a small profit. Thinking that my stock picking prowess was better than most, I decided a bit later to get back in and bought 200 shares to make some more money off of this "winner". Previously priced in the high $40 range, I got in at a mere $2 a share, this thing is going to go up! Of course, this decision was made in September of 2008, a mere month before the total collapse and forced insolvency of Washington Mutual. It was highly speculative and I knew it. I got greedy and gambled and lost. Game over.
Now, yesterday, I receive 30 pages of small print explanation explaining that I am eligible for some compensation due to a class action lawsuit that was filed alleging fraud and mismanagement. Thinking that, by golly, I might recover some of my lost $800+ investment, I started to wade through all of the gibberish. Buried deep in the middle of the brochure was the statement that at this time no one knows what the participation rate of past
My confusion over this incident stems from the fact that we here at FTI had, in fact, been discussing issuing our own IPO to raise additional capital. With our pending $14 cash infusion slated to arrive anywhere within the next 12-14 months, I have developed a budget that should negate our need to go public. No public oversight, no unnecessary SEC regulations, no mad shareholders. Just the same bunch of idiots.
The liquidation sale beings next Tuesday.