Ah, the MUL saga... I have been holding this stock for so long...

Ah, the MUL saga... I have been holding this stock for so long now, it's not funny. Every year I was hoping that they would turn it into a profitable business. Each time they came up with some lame excuse, stuffing everything up again and again. When they produced the famous earnings outlook everything looked pretty good until they bought NewSkys which again delayed the whole profitability story. There was only one small remark in the address to shareholders letter that 07 would be a profitable year.

One thing that concerns me is that it's been very, VERY quiet ever since the name change was announced. Here's what they had to say after the meeting:

As of September 1, 2006, Multiemedia will commence trading as NewSat Limited and will be listed on the ASX under a new stock symbol: NWT.

It is now the end of September and absolutely nothing was done. NO name change, no nothing.

I wouldn't hold my breath. If they ever turn this into a profitable business then it would be in the 0.00x area and that's pretty much what the price is reflecting right now. IMHO they need to reverse split soon. It's become a joke with its billions of shares floating around.

The only reason why I'm holding my stake is because there's no point in selling it. Pretty lame strategy but obviously well suited for this sort of company...