Ted that little bastard did it again. A 1:500 share Reverse Split.
It’s impossible to say anything other than Farnsworth is a total scam artist.
I am officially done with HMNY and with Ted Farnsworth.
The ONLY hope – and there is pretty much zero hope left now – is that Ted gets sacked- or that Moviepass posts some kind of big surprise.
The chances of either happening are probably less than being struck by lightning.
I now recommend staying away from the stock.
It’s time for me to accept that this stock is a scam. And I don’t want to risk having others get hurt by this scam.
My only advice here is to stay away – even from the lotto ticket idea. You are likely just throwing away your money.
It is with deep sadness and regret that I have come to this conclusion. I was such a deep believer in this company, the idea, and the potential to change an industry for the good.
It’s not just losing money that hurts here. It is the fact that I decided to pick this stock of all stocks to get behind and to write about.
It’s crazy for me to even think about it. I am mostly – 95% plus – an index ETF investor. I don’t like penny stocks and never intended to be involved with one at all. That I picked this stock with a lying thieving CEO, an idiotic management team, and a cavalier toxic view against shareholders absolutely sickens me. It is toxic – so I am done.
I believe a better and more honest management team possibly could have pulled this off. But for HMNY it was not to be.
In full disclosure – I am going to hold the shares I have for the 5 years I committed to earlier. I have about 4 more years to go. With this next RS it will be a minuscule number anyway. And I suppose if they go BK before that I can take the tax loss when it happens.
I may poke my head up and write something if there is a really big new development on the positive side. Otherwise this is my last post on HMNY.
So with that – my final apology for those who caught HMNY fever from me or with me. It was fun dreaming, and an interesting case study. Ultimately it was a case study of how management can and will lie to stockholders for their own personal gain.