Kherson, Simply "saying" that you, "have no worries about getting a large percentage of my money back" does not cut it. It will NOT make it come true just because you wish it would. You need to show concrete examples of a securities class action lawsuit recouping 75% of losses for shareowners, as you have posted here previously.
Stop posting your garbage assumption of 75% and put up some concrete evidence.
You threw your lot in successfully a bit earlier than others with those who were correctly negative on Poseidon after you lost a huge percentage of your investment. Other investors here also lost a huge percentage of their investment in PSN who held on just a few weeks longer than you did. Both lost huge percentages. I'm sure you have been wiped out financially from your posts about how overinvested percentagewise you were in PSN. So don't post as if you are the almighty and wise. And don't throw around BS numbers like 75% recoupment of your losses.
Post your research to back up those 75% RECOUPMENT assertions. If you do not, the message board will see your assertions for the BS that they truly are.
And to gillsr and Kherson, this is not just a failing of inept accounting practices (as a best case scenario) or an outright fraud played out by PSN management (worst case scenario). Recall that there are public auditors who have previously signed off on the financials at PSN, and there is an Audit Committee that is to sit on the board of directors. Both the auditors and the BOD audit committee on public companies function as checks and balances to ensure that accounting practices ARE NOT inept, and that NO FRAUD will occur. And yet, what we know with an eye toward history is that these checks and balances are not 100% effective, and that there are some examples of ineptitude and fraud that do happen in publicly traded companies.
gillsr, do not beat yourself up over a failure on your part to do better due dilligence. You could never spend the time required to visit all 440 tanks to ensure they are really there on the job bringing revenue. As an investor, you must accept that the auditors have vetted the company's financial statements and representations well, and that the audit committee who is yet closer to the company still is fullfilling its function as well. YOU ALONE cannot due enough due dilligence so I sure hope you (and Kherson, too!) are not beating yourselves up over this. You could do NOTHING to ensure the veracity of PSN's financial statements that would allow you to be 100% sure that there was no ineptitude or fraud here. A further point--I know for a certainty that even auditors cannot be 100% sure there is no ineptitude or fraud. The reason for this is that auditors do NOT review every line item entry and then verify everything stated on the financials. Auditors perform a TEST of the financial statements. They simply do not have the time to audit 100% of the company, so they perform a TEST of the accounting systems and procedures and then sign off on the financial statements of the company. If their audit test fails to find ineptitude or fraud which susequently is found, they have insurance to cover their failings to detect ineptitude and fraud. This is called, Errors and Ommisions insurance.
Thinking about the history of ineptitude and fraud in public market companies, the ONLY rational way that you CAN protect yourself is through sensible DIVERSIFICATION. That way, should your portfolio encounter a disaster such as PSN, your portfolio can continue to grow and not be dealt a blow from which you cannot recover.
I think that is the FINEST lesson that you can learn here. Never forget it, for in your investment lifetime's you will likely, sad to say, encounter another such situation as PSN. Prepare ahead for it through sensible diversification!
As I posted about my position in PSN, keep it small, and if it goes down the tubes, so what. Move on and make money elsewhere. That is what I do when such a disaster strikes any one company that I own shares in.
Kherson, I can see where having lost such a large percentage of your, your mom's, and any other people you care about's investable assets would cause you to hope that you can recover 75% of those lost assets. As I posted, after the 33.33% of any recovery that the class action attorneys will take, plus litigation expenses, your 75% HOPE is simply NOT AT ALL NUMERICALLY EVEN POSSIBLE! And you will be very lucky to get 1 or 2% on your losses even in the best of circumstances, and if PSN goes Bankrupt you will not get a dime from PSN. You may get a percent or two from the Auditors errors and ommissions insurance policies in the class action settlement, but that is it.
Swallow the misfortune, sign up for the class action if you wish, wait a few years and you may get pennies on the dollar of your losses back. But do not run around thinking you will get 75% back, as this is not even possible given attorney's fees and litigatioin costs which will be aborbed by any recovery the class action may achieve.
Better to be realistic about the prospect of recovery in this and move forward in life.