re: Official Erin Energy (ERN) thread

What did you pay for July $7.50? 5 @ .98, was that you?

Yes, trust me I know. I tried selling Nov $7.50 puts for $2. 132 contracts sold, none of the volume mine. Everything moved at $2. Market makers, brokers, banks and investment bankers orders get filled first it seems to me. Unfair and unlevel playing field.

But they did what I tried to do. They smelled potential opportunity for acceptable risk, and they acted. They didn't think about it, or talk about it, they acted.

Congratulations. A decent options play with a very good chance to make you a little bit of money.

My hope is to sell the calls and not exercise the option. Hoping it plays out like I think it will. I'll be good though. Didn't risk much money. The option volume is typically low but I have a couple weeks and hoping the chart goes up and right

I read through this again:

LINK

Here are my takeaways. "grossly overvalued." "growing debt" And some other fundamental arguments made. Then the author, a hedge fund seemingly in trouble (and I won't bore you with my reasoning on this) goes into some great detail about valuation, all cookie cutter stuff from other sources.

What I found about the rest of the stuff really validates my long held opinion that the markets are not a level playing field, and hugely unethical. Mostly the laundry list of Mr. Lawall's sins, mostly unproven, followed by this one quote:

"Kase Lawal has been appointed (incredibly, given his background) to public commissions by three different US presidential administrations. According to a profile published by The Economist, Lawal was "a member of the United States Presidential Trade Advisory Committee on Africa during the Bush and Clinton Administrations." The Obama administration appointed Lawal as a member of the Advisory Committee for Trade Policy and Negotiations in 2010. It appears Lawal may have been removed from this committee following the 2011 Congolese warlord gold smuggling fiasco."

So I guess, if I can't beat them, and I can't, I should join them, which I'm trying to do by owning ERN. A very risky play, but in my opinion, a risky play of acceptable level for part of my speculative portion of investments.

quote:

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ERIN ENERGY CORPORATION (ERN) SHAREHOLDER ALERT – Andrews & Springer LLC Is Investigating Erin Energy Corporation For Potential Securities Fraud and Breach of Fiduciary Duty

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Not really surprised. Always a lawyer somewhere that wants a settlement.

Sky is falling, sky is falling.

I got it too. A smidge higher.

Laffy. At least I hope laffy.

Hedge fund guy is just doing his job, short a stock, write an article slamming it and hire a law firm to put out a press release for a couple grand and make a quick profit.

If I was him I'd be a little leary of doing it to one of Sheik Obama's cronies though, that pesky SEC and Justice Dept. might decide to check his prostate.

The whole reason Erin is a good buy is the current political wind is at Lawal's back, the day that changes we'll all be in GTFO mode.

How low do you think it drops?

Saw the drop towards the end of last week and got out thinking I could buy back at its lowest point in the dip.

Anyone thinks it bounces back from here? Or should we wait a bit longer?