Basically it was a nano-capped stock that happened to be trading at the same level (.0001) as QBID after it took off. People saw that QBID was up almost 400% in a single day, and so they began looking for another .0001 stock to get in on the ground floor with. PCBM just happened to have sustainable volume for a quick in and out, and so people invested and drove the stock up. No one really expected much from the company, just a quick profit, and so to me it is not a very good long term hold, at least not without a very high risk involved.
[This message has been edited by cdrj1 (edited February 12, 2004).]
Posts: 85 | From: Orlando, Fl, US | Registered: Jan 2004
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does anyone have any reason to belive this will go up or is everyone just in for kicks
Posts: 662 | From: nj | Registered: Jan 2004
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I was in this stock but got out after the hype didn't move it much and here is why:
From their Aug, 3 2003 8-K
"The company has been in default of its obligation to the Vincent A. LoCastro Irrevocable Trust dated 11/30/93. The current default includes approximately 6.6 million dollars in principal and $761,000 in delinquent interest. The company has also been in default of its June 2002 forbearance agreement with the LoCastro's. The Trust has declared a foreclosure and default. The company was unable to cure the default therefore effective July 31, 2003 the foreclosure was effective. The companies only operating business reverted to the Vincent A. LoCastro Irrevocable Trust dated 11/30/93. As a result the company has no assets, no operating business and no sources of revenue. Mr. Vincent LoCastro and Mr. Jeffrey Turino have resigned. Mr. Bruce Hall will remain as sole officer and director.
The Lo Castros are in the process of returning 2,169,990,000 shares of common stock which leaves 22,309,515,014 issued and 25 billion authorized."
This is bad even for a shell and is not a company I want my money in. Hype or no do not expect any news or anything out of Pinnacle any time soon.
FS ~ Trust your dd
[This message has been edited by Fallstaff (edited February 15, 2004).]
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