Macro Tsimmis

intelligently hedged investment

Transmeridian (TMY) update #24

Posted by intelledgement on Thu, 07 Aug 08

Looks as if we won’t have to go far to track the disappointing performance of TMY stock for another few months, as the AMEX has agreed to extend until 31 October an opportunity for the company to regain compliance with the AMEX’s continued listing standards, according to a TMY press release. AMEX said back in May that they were considering delisting TMY due to “sustained losses which are so substantial in relation to its overall operations or its existing financial resources…that it appears questionable, in the opinion of the AMEX, as to whether the Company will be able to continue operations and/or meet its obligations as they mature.” 

Yep, well we are so far in the hole here that at this point, we are holding on primarily as a potential tax loss to offset capital gains. (Or at least we should like to avail ourselves of that rationalization…if only we didn’t recommend this port primarily for tax-free accounts.) So we can’t gainsay the AMEX’s concern…but we do look forward to seeing if, with their new financing, management can pull a rabbit out of the hat here. A good sign would be if the new investors bring in fresh talent, as the existing cast of characters have pretty decisively demonstrated they are out of their league.

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