I know absolutely nothing about MEJ's history prior to last week. I'm only interested in its new Bitcoin life, and am extremely positive on its prospects, especially its new management team. I think it is perfect timing.
I also predicted last week that a lot of negative press would emerge. I wish I could be that right all the time.
Many of the posts here obviously relate to its previous life, so I've done some digging. Mr Burton, the subject of the sale mentioned above, became a substantial shareholder in October 2010. His holding increased to 26% of the company by means of placement and allotments, with his net cost being a long way above his sale price notified yesterday. Make of that what you will. His history with a myriad of other companies is not one of wealth and success.
I suspect that a lot of old stale sellers will be happy to supply stock as the price increases. But once they are out and Australia joins the Bitcoin scramble already underway overseas, then we might start to see MEJ regarded as a gung-ho Bitcoin developer, not a stale old failed energy company.
MEJ Price at posting:
6.3¢ Sentiment: Buy Disclosure: Held
