Skip to main content
Message Font: Serif | Sans-Serif
No. of Recommendations: 6
I know that many of us (all of us?) have lost money in WCG.
I just sold 13,500 shares at 4 cents.
(And that buyer just lost $550 – he just doesn't know it yet!)

But false press releases?
Inflated Company statements?
Falsehoods made by the Executives?

I don't think so.

Just because I didn't believe that WCG would fail does not mean that I was tricked in to that belief. Just because I believed that the Company was fishing the bankers for concessions does not mean that the Company told me their plans. In fact, all of the statements made by them that I saw indicated they were telling me that I might be a foolish speculator to buy any of their stock. They were warning of banker issued default notices. Both WCG and WMB delayed issuing their financial statements for the year while contemplating the significantly negative results of default consequences. Global Crossing went though this same reorganization process with the common stock holders getting nothing in the end. (Read their website press release regarding their new capital issue – the old common does not participate in the new structure).

And everybody knows about the death of the dot.coms and the poor health of virtually the entire telecom industry.

Sure, the politicos are saying the, “If you bring us evidence of falsehood, we will prosecute.” And the newspapers would love to have volunteer fact gatherers research dirt for a really great story. But realistically? No way!

Who are you going to sue? The bankruptcy is an almost automatic “Get out of Jail Free” card. There aren't any assets available to general creditors, which is what a plaintiff represents. So unless you hang personal irresponsibility and deception on the head of a Director – you got zip! So go look for damaging press releases . . . you won't find any.

I still believe in this company, its product, its mission, and its executives.

As soon as the reorganized WCG comes on the block, I will be in line to buy stock from the bankers' share. (I doubt that WMB will sell any of their 48% block.)

I lost money.
I was not cheated out of it.
My eyes were fully open and aware.
You won't hear me whining.

formerly, hopefully “The Ostrich”
now looking around.
Print the post  


What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.