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The lawsuit is a class action. A class of shareholders, and former shareholders, has filed against former board members and officers of the company.

The folks bringing the suit claim that various high placed persons misrepresented several material facts to hide a very poor bottom line. The alleged evil occurred around last April-July.

Myself, I currently long in this stock and was a holder last year during "the troubles". Normally I think shareholder suits are counter-productive. In this case, I agree with the plaintiffs wholeheartedly. Enough that I am also a member of the filing class.

Truth is, Most of us have lost a ton on this one. Personally, this is the Worst Investment I have EVER made (80% loss). I am still holding (1) because I do not yet need the loss on my books, and (2) I think it looks reasonable for a turnaround, albeit a long term one, mainly because the "liquidate and sell the furniture" value is around 3 bucks/share.

Here is the URL for GAEO on the Yahoo message board. Read the messages going forward from around Sep last year: ""

Leave now while you still can.

But seriously, this is a watch and wait. They have a new board that seems to have half a brain. Watch a few quarters and see if the new managment can right this badly holed ship.

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