Michael Smedley
Oilexco Inc
OIL-X
HOLD
Dec 31, 2008
Filed for bankruptcy protection. Desperately trying to raise money. It doesn’t look good. If you own, it’s too late to sell for tax losses so hold if you don’t have much money in it.
(Top Pick Apr 4/08 Down 99.20%) Got into a debt problem. Company got blindsided by the storm. Management is trying to resurrect company. If Chrysler can come out of bankruptcy, then so can Oilexco.
(A Top Pick June 3/08. Down 99.59%. Has moved to a different investment firm.) Had a stop loss of $11 so would have been down 31%. Company is now bankrupt.
Has potentially blown up in bankruptcy. If you own, take your losses and move on. You could also talk to a stockbroker to see if there is any “over-the-counter” trading. If so, Sell.