(02-21-2019, 09:14 PM)crimsonghost747 Wrote: Never owned it but I've been looking at it several times. I wouldn't be too worries about the SEC subpoena, those things are handed out quite often, it always scares investors away but usually nothing comes out of it. Of course you never know if this time there is something super dodgy that they will find.
What I don't understand is a 15 BILLION USD write-down. That is simply not acceptable, you don't just wake up one day and realize that your assets are 15 billion less than you thought.
Agreed, the balance sheet shenanigans smell bad with the info we have now. So many have continued to hold it against their better judgement this past year, and justified it with the hope the high Div would make it all work out somehow. Myself included. That is the lesson in this. I'm lucky I didn't get in a year earlier. I got in with puts and sold calls on the way down. Still lost plenty anyhow. Doubt I even calculate it because I understand what I did wrong. If I hold enough of these high yielders I am going to get burnt now and then. Pretty sure this stock will be deep in the 30s quick. When you lose trust it's game over for a very long time. Some will jump in on the "smoking good deal" this week and wonder why the market won't allow it to rise for a long time other than dead cat bounces. Investors that get burned have long memories.
The important decision for current investors here is whether to cut losses or be patient. I'll define patience as a years long wait to maybe get back to even. I usually look for a good time to exit when Divs get cut because my patience has generally been punished with much more pain from the stock. The stock evaluation has to start over.