Apparently, I didn't worry enough about the 18% loan. It's obvious now that we should have bailed out, but it's too late. Several people here saw what was wrong with the Search Systems deal, why didn't management see it?
When I bought this company, it was making a nice profit, and had a great P/E ratio. It was SAFE. I admit I liked the Search Systems buy, because it was a real company selling real things (and the website was geared to woo customers, not to woo investors) but that 18% loan was a killer.
It's taken a long time, over five years, but I've lost more money on this stock than any other.
It's hard to sell a falling stock because at each new low, it feels like the bottom.
This was a very bad experience. I felt things were wrong when they used Katrina as an excuse for falling into loss, but I didn't listen to my fears, unfortunately.
I feel sorry for the people I encouraged along the way, but I only said what I honestly felt. I hope you didn't lose as much as I did.