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Author: Grunschev One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 3874  
Subject: Boston Chicken Date: 6/30/1999 3:37 PM
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BOST (now BOSTQ, if it's still trading) is my biggest blunder. I bought at 13.125 and finally sold at 1.00, after they filed bankruptcy. Along the way I saw the basic structure of the company change (from franchisor to company owned stores), the CEO change, the competition change (competitors going out of business), and more.

But I don't feel dumb for buying it in the first place, because I really don't think I could have ever understood the true financial position of the company. Only after trudging through many SEC filings (over several quarters and with the help of other BOST investors) did it become clear that it was a cleverly disguised pyramid scheme. Now it's a great case study for finance students.

The dumb part was seeing each of the changes and thinking, "This will turn it around! I'll give it one more quarter."

In then end I was willing to have the broker send me the certificate so I could frame it as a reminder. But I had it in my IRA, so it would have cost me in early withdrawls and taxes. I didn't even get a tax break because of the loss!

Igor
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