More stock splits at Seaway Valley (encore version)
Yesterday, Tom Scozzafava - CEO of Seaway Valley Capital Corporation, and owner of North Country firms Hacketts, Alteri's bakery, and Sackets Harbor Brewery - executed yet another reverse split of his Seaway Valley stock. This time, it was 1:1000, meaning if you owned 1,000 shares in Seaway Valley (SWVL on the pink sheets), now you own one share.
Last week, Scozzafava did a 1:50 reverse split on his spun-off Hacketts stock (HCKE, now HCKI).
Companies do reverse splits to boost the value of their stocks and attract new investors. In some cases, it's a normal way of doing business and building capital. But reverse splits are most often seen as warning signs. Given Seaway's massive debt load and recent history, this has to be seen as the latter. Scozzafava executed two reverse splits (1:5 and 1:1000) in 2008; the stock nevertheless still sunk to hundredths of a penny in value.
One former Seaway Valley investor e-mailed me to say he calculated the current value of a one original share of Seaway Valley stock (which would have been purchased in July 2007)....
Try to wrap your head around this number: .00000000002
posted by David Sommerstein @ 11/06/2009 08:51:00 AM
7 Comments
7 Comments:
This was the secret weapon the Conservatives neglected. Instead of alienating so many with an ideological attack they could have raised serious doubts about Dede and her connections to this debacle.
It could have been done 'Fair and Impartial' without threatening so many Republicans and gotten them the seat. Once they had it, then they could have purged the party.
Must be why the Hacketts store in Gouverneur is closing this Sunday??
First, a bit of hearfelt praise. I am glad that we are kept informed of important issues by our fine Public Radio services and that they also facilitate this great community service, "The In Box." Many thanks to the ladies and gents of our NCPR.
It is sad to see another local business go down the proverbial drain. Hacketts sells fine quality items, most of it made in the U.S.A.. Sackett's Harbor Brewery is a nice local touch for great brew and food, and Alteri's bakery strives for quality over mass produced baked goods.
Please forgive my ignorance, but will someone enlighten me as to how Dede Scozzafava was connected to her brother's businesses? Maybe then I can understand why there is speculation that Dede could have been "purged" from the Republican/Conservative party for...what? Corruption? Selling her stocks before they imploded?
Which then begs the question at the national level. Should ex-Pres. George W, Bush, of the "Compassionate Conservative Party" (see the gentleman wasn't a true "Conservative" after all) been purged because of the shady, corrupt and crooked business dealings of his brother Neal? Let us be careful about guilt by assocation.
I would like some evidence.
Sorry frank if led you off. Having got caught up a bit in the election I'm still recovering from the spin doctors treatments.
I don't think Dede had any connection. What happened with Hackett's I can't say and shouldn't have implied anything. That's one point I was attempting to make when I stuck my foot in my mouth.
I was wondering at the time what could have happened if Fox and Friends played a different card in a way that didn't play so heavy on ideology. Dede gets sacrificed either way
Taking a pot shot at 'Fair and Impartial' highjacked the thread. I apologize.
Thanks for the honest response.
This is no problema. Afterall, we are all human. But some are more human than others.
Now, isn't that just what a Marxist would say?
Forgive me my play on Orwell
I've been known to put foot in mouth. See above. BTW, I was always for Owens. :-)
Gouverneur Hacketts joins the unemployment ranks.
Anon - "Gouverneur Hacketts joins the unemployment ranks."
And business just picked up for the competing stores who had to hire new employees to meet the new need.
It all evens out.
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