Buffman - the bid WAS bad. And now pulling the bid, on a dubious excuse, is bad as well. I don't have any IDG shares any more, so it doesn't affect my pocket at all, but I'm just trying to follow what these wiseguys are actually trying to do. I'm still trying to make sense out of what their motives are.
I think that there are many on here who are still looking through rose-coloured specs at what is happening, and can't see the games that are being played. You WANT to believe that this is all OK, and that putting in 10% takeover bids, then pulling the bids, spilling the board, declaring their intentions to sell their shares down and/or do a cap-raising, is all just fine and dandy.
I agree with everyone else that the previous directors did NOT do a good job for the company or its shareholders. Totally agree. But this new lot have me baffled - what is their game? What are they up to? What will be the next move?
I voted to keep the old directors, not out of faith in them, but out of concern for what the new mob might be up to. And I voted with my shares when the previous board resigned - I sold.
But I'm very suspicious of these moves by BIV. No word at all from the new directors.
Too many on here are being blind to the bleeding obvious - this is a scam of the first degree. Or at least, that's how it looks so far. Use the shell of a company that is worth virtually nothing - GLI (now BIV) - and play on the disappointment of shareholders to spill the current board. Restructure the company, sell assets, juggle cash around a few accounts, then suddenly IDG goes kaput.
But nobody here appears to be able to see what is right in front of them, because you WANT to believe that your IDG shares will be worth a fortune in the next few weeks or months. I'm betting they'll be worth next to nothing...!
If I'm wrong, I'll be the first to admit it, and I'll probably buy back into IDG. But if I'm right, I wonder how many who have ignored my warnings and suspicions will also admit that THEY were wrong?
IDG Price at posting:
34.4¢ Sentiment: Sell Disclosure: Not Held
