Grenville Posted February 11, 2015 Share Posted February 11, 2015 A bit more of the story - http://www.sec.gov/Archives/edgar/data/1096934/000072174815000072/0000721748-15-000072-index.htm Interesting. Thanks for posting! Link to comment Share on other sites More sharing options...
gfp Posted February 12, 2015 Share Posted February 12, 2015 Looks like someone is getting goofy with their buying today - this thing traded six and a half cents at one point today. Link to comment Share on other sites More sharing options...
gfp Posted April 2, 2015 Share Posted April 2, 2015 Annual Report out at Sitestar - http://www.sec.gov/Archives/edgar/data/1096934/000072174815000203/site10k033115.htm Link to comment Share on other sites More sharing options...
gfp Posted May 16, 2015 Share Posted May 16, 2015 10Q is out - http://www.sec.gov/Archives/edgar/data/1096934/000072174815000361/site10q051515.htm Link to comment Share on other sites More sharing options...
InelegantInvestor Posted May 17, 2015 Share Posted May 17, 2015 10Q is out. Quarter only contained a month or so of involvement of new directors, and shows no change. Reporting is not materially improved, and results certainly are not. I'm hopeful to see change in Q2, first full quarter with new directors. If it's just going to be more of the same with three more guys in the room, not much to stay around for. Link to comment Share on other sites More sharing options...
alertmeipp Posted May 17, 2015 Share Posted May 17, 2015 Interesting read. So this company is up 3 times since his involvement even with all those actions. What is the remaining upside. Link to comment Share on other sites More sharing options...
InelegantInvestor Posted November 25, 2015 Share Posted November 25, 2015 10Q is out. Quarter only contained a month or so of involvement of new directors, and shows no change. Reporting is not materially improved, and results certainly are not. I'm hopeful to see change in Q2, first full quarter with new directors. If it's just going to be more of the same with three more guys in the room, not much to stay around for. 2 more quarters, and no change, except accelerated decline in internet business. I wonder if Board has even met. Link to comment Share on other sites More sharing options...
matts Posted November 26, 2015 Share Posted November 26, 2015 Agreed. I expected investor communication to improve with the new directors. I have been disappointed by the lack of progress (or at least its invisibility). Link to comment Share on other sites More sharing options...
InelegantInvestor Posted December 3, 2015 Share Posted December 3, 2015 http://www.inelegantinvestor.com/2015/12/02/sitestarsyte-management-asleep-at-the-wheel/ Link to comment Share on other sites More sharing options...
ScottHall Posted December 3, 2015 Share Posted December 3, 2015 If Frank Erhartic hates his shareholders so much maybe he should just take the thing private. Link to comment Share on other sites More sharing options...
InelegantInvestor Posted December 3, 2015 Share Posted December 3, 2015 Depending on the price, that would be one acceptable outcome If Frank Erhartic hates his shareholders so much maybe he should just take the thing private. Link to comment Share on other sites More sharing options...
DTEJD1997 Posted December 3, 2015 Share Posted December 3, 2015 Hey all: I used to own this stock a while ago... Fortunately, I sold out at a profit. The problem is that management seems to be totally disconnected from running it in any meaningful way. Additionally, they seem somewhat hostile to shareholders. How much of a discount do you need to overcome incompetent/hostile management? In my opinion, there was not enough of a discount... Link to comment Share on other sites More sharing options...
InelegantInvestor Posted December 3, 2015 Share Posted December 3, 2015 The stock is so illiquid that if I were to try to sell my stake, I'd end up giving someone else enough of a discount... How much of a discount do you need to overcome incompetent/hostile management? In my opinion, there was not enough of a discount... Link to comment Share on other sites More sharing options...
InelegantInvestor Posted December 3, 2015 Share Posted December 3, 2015 Sitestar(SYTE) Management Acts As Though It Is Not A Public Company http://www.inelegantinvestor.com/2015/12/03/sitestarsyte-management-acts-as-though-it-is-not-a-public-company/ Link to comment Share on other sites More sharing options...
ratiman Posted December 3, 2015 Share Posted December 3, 2015 The level of unreality in this thread has reached a point that I am compelled to post. This is not a company. It has no valuable, cash generating assets. It has no strategy. It has negligible capital. It is run by a guy who is mostly qualified to run Windows servers circa 1998. It will generate no significant returns, not this year, not in ten years. The bid ask spread is larger than the value of the company. If you can get out at 1c you are very lucky. Link to comment Share on other sites More sharing options...
InelegantInvestor Posted December 3, 2015 Share Posted December 3, 2015 It is true that it is not a company, and the CEO is not competent. That said, the ISP continues to throw off some cash, and the value of the RE exceeds the market cap of the company. There is no debt. The ISP also contains some valuable domain names, one worth six figures on its own. $.01 would value the company at $750,000. That just doesn't make sense compared to the asset values. Link to comment Share on other sites More sharing options...
Junto Posted December 4, 2015 Share Posted December 4, 2015 The level of unreality in this thread has reached a point that I am compelled to post. This is not a company. It has no valuable, cash generating assets. It has no strategy. It has negligible capital. It is run by a guy who is mostly qualified to run Windows servers circa 1998. It will generate no significant returns, not this year, not in ten years. The bid ask spread is larger than the value of the company. If you can get out at 1c you are very lucky. It certainly is a company, whether it should be public is another question. Perhaps the larger question not asked is who wants to put out a tender to buy those that want out? Jeff Moore (ragnarisapirate) has demonstrable experience in real estate. He could be the new CEO and go to market to raise more capital for "investment purposes." Hell PDH had a much worse business model and underlying business when Parsad made his move for it and look at the premium on that stock right now! Instant money for those wanting to make a play.... :o Link to comment Share on other sites More sharing options...
no_thanks Posted December 4, 2015 Share Posted December 4, 2015 Good idea, and I would be interested in giving it a go, but the issue would be buying Frank's shares and not InelegantInvestor's :) I might send him an email though just to see. Link to comment Share on other sites More sharing options...
rkbabang Posted December 4, 2015 Share Posted December 4, 2015 I own over 1% of shares, I'd certainly vote to replace the CEO at this point. Link to comment Share on other sites More sharing options...
DTEJD1997 Posted December 4, 2015 Share Posted December 4, 2015 If Jeff wanted to be CEO, I would back him in an instant! He gets my endorsement. Link to comment Share on other sites More sharing options...
InelegantInvestor Posted December 4, 2015 Share Posted December 4, 2015 I've spoken with probably over 10% of shares over the past few days. Everyone would vote to replace the CEO. That's probably why the company has refused over and over again to hold a meeting. The settlement requires that one be held by June of 2016 though. I own over 1% of shares, I'd certainly vote to replace the CEO at this point. Link to comment Share on other sites More sharing options...
InelegantInvestor Posted December 4, 2015 Share Posted December 4, 2015 Good idea, and I would be interested in giving it a go, but the issue would be buying Frank's shares and not InelegantInvestor's :) I might send him an email though just to see. I'm not really looking to sell my shares; I'd much rather let them realize their value. That said, I would have to consider a reasonable offer. Link to comment Share on other sites More sharing options...
InelegantInvestor Posted December 4, 2015 Share Posted December 4, 2015 I elaborated a bit on the issue of the loan the company took out from the CEO's mother. Basically the loan was unnecessary, the interest rate absurd(and it increased without disclosure), and the relationship was not disclosed. This is a serious issue and the Board must investigate it. http://www.inelegantinvestor.com/2015/12/03/sitestarsyte-failed-to-disclose-unnecessary-high-interest-rate-loan-from-ceos-mother/ Link to comment Share on other sites More sharing options...
ScottHall Posted December 4, 2015 Share Posted December 4, 2015 I don't own shares but this guy seems like a real jackass. The internet business probably isn't worth too much at this point given its decline rate, but the real estate has probably appreciated since the company bought it. Jeff as CEO would get me to buy shares immediately. We've talked briefly in the past, and he seems like a great guy. Link to comment Share on other sites More sharing options...
oddballstocks Posted December 4, 2015 Share Posted December 4, 2015 Right now Jeff is probably reading this thread, drinking a good Kentucky bourbon and nodding his head in approval.... If he were to become CEO I'd buy in as well. Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now