I didn't think it was possible but...
 

FFN has managed to exceed even my expectations, the stock dropping to a record low of 32 cents at one point in the last few sessions, right now at 37 cents. You can buy the whole mess for 12 million.

I can only wonder how long it will be before the delisting action starts. I am guessing a reverse 100 for 1 stock split will be next, trying to get the value to stay over $1 for a while.

Re: I didn't think it was possible but...
 

The Hungarians had a similar problem after ww2.....

http://en.wikipedia.org/wiki/Hungarian_peng%C5%91

Re: I didn't think it was possible but...
 

So it gets better... FFN released their financial reports on the 15th, and the stock promptly dropped to 34 cents a share, even as their cash on hand grew. Why did it grow? But cutting out "lower margin affiliate and advertising spending" - which actually lead to a decline in sales. However, they retained slightly longer, so they made more cash in the short run.

Interestingly, when I looked at their balance sheet, they have one item that made me giggle: domains valued at over 56 million dollars. Pumped up much?

Re: I didn't think it was possible but...
 

FFN was 34 cents over the weekend, not a big deal, except that they got their 180 day delisting notice in early February, with the required goals being over $1 per share and at least a 15 million market cap. At this point, they are closer to 11 million market cap and certainly well below the dollar.

Now, for you risk takers out there, consider: If they want to stay public, they are going to have to come up with some sort of miracle that hauls the stock up to over a dollar to a period of time no later than August, and this has to happen without just buying back and removing shares from circulation, as that won't fix the market cap. Don't be shocked to see one or more of their big investors come in and try to move the stock with some solid buying, hoping that they start a run.

The risk? The risk is that they have decided to stop being public again, as it's not working out for them, so they could possibly just let it slip, accept the delisting, and end up on pink sheets or just dead completely, which would mean anyone buying in now would be screwed solidly.

Re: I didn't think it was possible but...
 

The good ship FFN is sinking by the day... today's low was 26 cents a share, or slightly over 97% below the IPO price. Whoever bought this dog at $10 and held on now owns one nice piece of expensive toilet paper. Total outstanding shares less than 10 million dollars and sinking.

About another 60 days to delisting for this one, it seems.

Re: I didn't think it was possible but...
 

lars was forced!!!

Re: I didn't think it was possible but...
 

I am sure he was. See Lars and Conru I guess got out pretty good, much of the debt taken on was apparently to pay them off, so they got at least part of the money up front. But the mapstead family trust holds a whole pile of stock in this company, and it's now reached a level of seriously not worth much.

Up 11% today, all the way to 30 cents(!) but that just means it made it to 30 cents, almost any move by 1 cent is a big jump now. It;s going to need for the stock to more than triple in place in the next 30 days for them to avoid delisting, even a reverse split won't help because the market value is under 15 million.

Re: I didn't think it was possible but...
 

I just have a hard time figuring out why anyone bought in to begin with. It was pretty obvious to anyone with half a brain that this was going to be a dog long before it finally went public.

Re: I didn't think it was possible but...
 

Actually Toby, it's what makes the whole thing seem a little suspect. The ratio of income to debt was essentially that of a near bankrupt company from the word go. They didn't even raise enough in the IPO to retire enough debt... so they are still holding notes and paying high interest rates, which is in turn hobbling the company and keeping it from having positive results.

Further they list domains as assets at incredibly inflated values, which creates a nearly artificial balance sheet. It's legal, but wow... it's certainly on the limits IMHO.

My guess is that unless someone comes charging in within the next 60 days, they delisting process will start and that will be that. I am guessing the company will bankrupt out, selling off the friend finder stuff to another company, and possibly killing off the magazine(s).