Xero Mobile - SEC Fun Begins
As was amazingly predictable (here and here), "son of Gizmondo" mobile company Xero Mobile (XRMB.PK) that the the LA office of the SEC has begun conducting an informal inquiry into aspects of the company's business. The stock has dropped to $.20 a share from the original $1 reverse-merger price, on its way to what I can only assume will be inevitable bankruptcy. This is only a concern for those few who actually foolishly bought the stock in the first place, but it's good to see it at least happening quickly this time.
You're so bang on re: Xero Mobile. It's ironic that everyone analyzes the "pure proposal" of Xero - and rarely brings up the fact that some of the smartest, most savvy gangsters run the joint. Did anyone that invested $$ do their due diligence?
Ferrari's, Bentleys, Yachts, G2's, etc. This is just another hop, skip and a jump to another country with new cars and boats for the Xero execs.
What a shame.
Wish there were more "heads up sites like yours.
Posted by: David | July 31, 2006 at 10:49 PM