How can so many people blame the short traders or the manipulators etc and not management. Further, how can you say that PSN is worth x or x plus 2,  without doing any analysis of value. As one poster said- these stocks trade around five times cash flow(- I think there is no cash flow at all?????)- but using  PSN numbers, they might get 80 million in next 12 months or a buck  a share- 5 times a buck  a share is five bucks- right where stock is trading  today-

 

so don't blame the shorts or who ever ,for the drop to 5 dollars- its not manipulated, its where it is, based on info from yesterdays numbers. But- i think its far worse and  the stock  will fall  lower  in a few months. A few questions you might ask if you are thinking of buying.

 

- Why is there 125 million in receivables at end of September--- close to the  entire years sales- does that mean that almost no cash was collected in year??? seems like almost no cash came in the door since January of 2012?????? 

- why is there only 3 million in cash left at Sept 30th? ( see first point!!)

- How are sales booked- do they set them up when a contract is signed , or when  the tanks are on the ground?-  why are  payments are not made?  The oil and gas business is doing very well thank you- why dont they pay these folks??? why didnt they pay in the summer or spring????What is the real story on why no one pays??? I have never seen 270 days in receivables in a public company

- how can you have a bad debt of 9.5 million and be on top of your business  thats 25% of last quarter sales????- was this really a bad debt- or could it be a sale set up and then something went wrong??? - or  could it  be simply sales  of 9.5 million reversed??? How can you let such a huge error happen if you are in deed on top of your business- As no cash is coming in the door, what will bad debts be next quarter- more or less than 9.5 million ???

 

- Why didn't management warn investors in August or even September  of far far far lower earnings cash flow, sales and tank production in late summer? They told the public when it was going up, early in the year??? Did they just find out about this disaster a few weeks ago??

 

How can you have a dividend - 88 million a year- that is  more than your net income for next year  and which  you must borrow from the bank to pay for the dividend????????

- What are the odds of the dividend gone Jan 1 2013??????- How could the Board approve another 22 million in dividends in their  last quarter, knowing these results, ????

 

and last- how many days before the bank steps in and starts a review of  their credit limit???

 

so

these are the questions you should ask if you are still holding this stock or thinking of buying- not are the shorts going to pounce etc and its a real buy at these levels, not having a clue as to what is the right level for these earnings.

 

long note 

and no I am not short- and yes I did sell quite a while ago-