Savings Experiment: Snow Removal
The Money Man Behind Rick Santorum: Who Is Foster S. Friess?The post quotes a letter posted on Yahoo! message board by someone claiming to be a former executive at the company, Matthew Mills: "As most you know, I am the former Chief Operation Officer of Bidz. I have maintained a very close relationship with a great number of the original shareholders of Bidz and still hold a sizeable stock position in the company."
In the post, this Mr. Mills fellow discussed plans he was making with "investors are very well known in the investment community, connected to big name law firms coast to coast and have political ties in Washington DC" to sue "naked short sellers" who were driving down the company's share price.
He wrote that "The first step will be to file lawsuits against certain individuals and/or entities who have been involved in the publishing and disseminating negative information as part of the scheme to illegally manipulate Bidz stock."
Right. Not untrue information. Not defamatory information. This man wants to sue people for posting negative information about a stock on the internet. I thought this was America! "Mr. Mills" urges shareholders to contact him at "matthewmills21[at] yahoo.com." Interestingly, someone claiming to be this same Matthew Mills recently urged Bidz shareholders to contact him on a comment on Barron's Tech Trader Daily blog. The email address he gave was matt@intlally.com.
The SeekingAlpha contributor, who disclosed that he had spent $13500 on merchandise from Bidz and is long the stock, wrote that "It would appear that the shareholders are fed up with the current stock price and ready to fight back."
Securities lawyer Howard Sirota of Sirota & Sirota told me by phone that, in his experience, anytime a company starts complaining about naked short sellers, "the underlying company is a fraud."
A few prominent bloggers have raised questions about Bidz.com's business model and accounting. Andrew Left wondered about the company's inventory and accounting, and ex-con turned fraud fighter Sam Antar has opined that the company's accounting is not in compliance with GAAP.
Before talking about lawsuits and conspiracy theories, Bidz shareholders would do well to take a look at some of this research, and remember: Short sellers can't destroy good companies. If there is a naked shorting attack on Bidz.com -- I can't see any evidence that there is -- driving its stock price well below the company's value, where are the competitors making offers for the company?
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Reader Comments (Page 1 of 1)
3-24-2008 @ 10:49PM
Chris said...
And exactly what quality control does bloggingstocks.com tout?
3-25-2008 @ 11:35AM
nobrainur said...
So...let's look at bloggingstocks.com's QC:
In par. 2: It's Chief Operations Officer, not Chief Operation Officer
In par. 3: You need a "who" inserted between investors and are.
O, and now we get to the juicy stuff...
In par. 4: "This man wants to sue people for posting negative information about a stock on the internet. I thought this was America!" - I'm pretty sure libel is not included in our Consitutional rights.
Also in par. 4: He gave his email address as matty@intlally.com, not matt@intlally.com
AND IT GETS BETTER. ACCORDING TO THIS LINK: http://www.rockawave.com/News/2001/1222/Front_Page/C-Prominent_Lawyer_Arrested_For_Assault1222.html
THE LAWYER HE MENTIONS IN PARAGRAPH SEVEN HAS BEEN ARRESTED FOR ASSAULT AND HARRASSMENT!!
DO YOU STILL TRUST ZAC BISSONNETTE?
3-27-2008 @ 3:07PM
snakecorleone said...
There is no scam with BIDZ. The only scam is people like yourself writing this pointless articles with no facts what so ever. BIDZ is a growing company that continues to post great numbers. Numbers that are real. Go to their site, you will see hundreds of auctions. Watch them end. Add up the money, this is one company that hides nothing. Stop by BIDZ in CA, they are more than happy to show shareholders and potential shareholders their operation. The operation is real, the profits are real... and all the naysayers and shorts are going to be in trouble.
Short interest is down 14%... I guess they can't bang this company down any further... Eventually shorts lose to companies that have strong financials and that are growing... This company will be a Billion Dollar company sooner than later.
This stock is a GEM... the past 2 days, BIDZ has gone up on little volume... the short squeeze is coming.... most of the shorts have stopped their scare tactics on the numerous blogs and the shorts are starting to cover..... LAST CHANCE to buy in the 8.00 range....
I am long in BIDZ.