Monday, December 20, 2004
Stupid press release of the day
Once again, the dubious honor goes to Ableauction.com (AAC) for this stupid press release, which simply announces that they filed an 8k with the SEC disclosing this even stupider press release that they released a few days earlier. And what was the content of this "news"? Well, it turns out that the company is crowing about the fact that its shareholder's equity has grown by $5 million since last year. No surprise that they neglected to point out that $4 million of that is attributable to sale of stock. But I suppose expecting most AAC longs to know how to read a cash flow statement is asking for too much. Friends, if it looks like a pump and dump and quacks like a pump and dump, my experience has always been that it IS a pump and dump.