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Damn I hate this stuff.

http://biz.yahoo.com/cnw/081031/resin_systems_claim.html?.v=...

Resin Systems Files Statement of Claim against Motor City Community Credit Union
Friday October 31, 9:10 am ET


CALGARY, Oct. 31 /CNW/ - Resin Systems Inc. ("RS") (RS - TSX/RSSYF - OTCBB), a technology innovator that develops advanced composite material products for infrastructure markets, announced that it has filed a statement of claim against the Motor City Community Credit Union ("MCCCU") of Windsor, ON.
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Oops. Messy.
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Oops. Messy.

Yup, messy is a good word.

Interestingly, nothing happened for awhile... then stock dropped like a rock to 12.5¢... I put in an offer at that price,... by time I clicked "T", the stock started to move back up and closed down only a penny. Volume was about 8 times normal.

There is a lot I don't know but I do know that RS owns the manufacturing equipement. The fact that the credit union was trying to sell it leads me to suspect that they do not have their ducks in a row. They may very well have messed up on the disbursement thingy as well.

Meanwhile my new URE.to, OIL.to and IOL.to holdings all had a great week and my oversized position in PMT.un was up nearly 20%.

Great weekend all

Tim
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Be afraid Tim, be really afraid!

I took a small position in RS-T today at $0.16. That means that they should be filing for bankrupcy by next week. At this price I can take a chance considering their history.

Good luck to us all.

Bob
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Be afraid Tim, be really afraid!

I took a small position in RS-T today at $0.16. That means that they should be filing for bankrupcy by next week. At this price I can take a chance considering their history.

Good luck to us all.

Bob


NNNNNNNNNNNNNnnnnnnnnnnnnoooooooooooooooooooooooooooooo }}:-O

While I'm not selling, I'm not buying either. I am as usual pissed that others were trading on this info days if not weeks before I saw it.

Tim
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I can't get into TD's website right now but this morning I only had a partial fill at sixteen cents. I can absorb a loss like that.

Ivernia at seven cents could be a proper double down.

My last buy of Noranda finally went green today so the next down leg is coming soon.

Bob
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RS had a good pop this late last week. I don't follow the story but noticed it has some (two?) followers on this board. Is this story worth looking into (notwithstanding the little brouhaha they are currently involved in).

coldcanuck
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RS had a good pop this late last week. I don't follow the story but noticed it has some (two?) followers on this board. Is this story worth looking into (notwithstanding the little brouhaha they are currently involved in).

coldcanuck


Well, when the TSX asked them why they went up 78% one day this week, they said they had no idea.

http://biz.yahoo.com/cnw/081211/resin_systems_respond.html?....

As to " Is this story worth looking into", there is no way I am going to suggest buying them. They have a couple of very interesting products that in normal times could do very well. Unfortunately, the bankruptcy of their contract manufacturer exposed them to serious financial stress at a time when that is about the worst thing that could happen to a small company. They were supposed to be cash flow positive this quarter but that has obviously gone by the wayside.

Regards Tim
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