Robert McWhirter Poseidon Concepts PSN-T BUY Aug 21, 2012

Had a 43% miss on earnings. Cut guidance. Whole bunch of problems. Confidence has been lost in management. Yield of 31% so definitely the dividend is in doubt. Have more competition coming on. Demand for this kind of service is declining.

He owned it and rode it down. Was a very, very bad drop. 50-60% in a single day and then it kept going. He got out right away. Don’t expect a dead cat bounce. Has gone beyond panic selling.

Wouldn’t be stepping into this one today. Management team left. Dividend has been suspended. Have a number of lawsuits against them.

Sold some of his holdings of on the way down. Management is doing a spinoff. He has no sense of the reason for the calamity. Doesn’t know what happens next.

Have more than 3 competitors in the oil patch doing exactly the same thing. As a growth stock, this company has overstayed its welcome. When he sees a stock like this that has fallen from grace and suddenly has accounting issues, it’s a run for the door stock.

Still owns all his holdings and even bought some more at $2.50. Things are happening behind the scenes so how much can be recovered he doesn’t really know. There is a lot of volume at the $1.50-$1.60 level. Even though he is holding all of his stocks, he is not recommending to anybody that they do anything right now.

Stay away until this company shows it has some credibility. If you own, he would go elsewhere.

(Market Call Minute.) Real disaster stock to own. Have a fair bit of debt on their balance sheet. Future is very unclear.

Just sold his holdings.

(A Top Pick August 12/12. Down 98.12%.) This company was delisted from the TSX. It will be interesting to see the results of the class-action suit.