David Cockfield Poseidon Concepts PSN-T SELL Jan 25, 2013

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.

(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.