Have I been fleeced?

[eyuget]

Hello,

I am a fairly new investor who in a leap of over confidence/greed made a couple rash trades. Now in hindsight I wish I had the motivation to learn about trading before making those decisions but I always say better late then ever.


So I have current position I hold in EVFL they're a bio-fuel company in Delaware. So in my naivety I saw that the stock was trading at .0001 and said to myself well it can not go any lower and if I am wrong I can just sell and loose only the commission. Now the problem is I can not sell because their is no one buying. What I also do not understand is it has tons and tons of volume. My question really revolves around am I ever going to get out and where should I start in my learning process. I read some of the stickies in this part of the forum and found them useful and have come to realize I am one of the suckers that was born yesterday.

Any help would be appreciated

[greencat]

Originally Posted by eyuget

Hello,

I am a fairly new investor who in a leap of over confidence/greed made a couple rash trades. Now in hindsight I wish I had the motivation to learn about trading before making those decisions but I always say better late then ever.


So I have current position I hold in EVFL they're a bio-fuel company in Delaware. So in my naivety I saw that the stock was trading at .0001 and said to myself well it can not go any lower and if I am wrong I can just sell and loose only the commission. Now the problem is I can not sell because their is no one buying. What I also do not understand is it has tons and tons of volume. My question really revolves around am I ever going to get out and where should I start in my learning process. I read some of the stickies in this part of the forum and found them useful and have come to realize I am one of the suckers that was born yesterday.

Any help would be appreciated

Thank you,
Eyual Getahun

Maybe you can. Look for dilution. Looks like they diluted the crap out of it. Its not going anywhere until they turn off the dilution machine. Also check on the float. If its in the billions its going to take huge volume to move it.

Don't worry about being a sucker. Most of us have been there done that. I certainly have...Move on and learn.
I hope you enjoy the site..

[mike_d]

just keep your sell order up it will eventually go through. I was in the same situation as you a week or so ago. I though I could flip it at .0002... it didnt fill for weeks . I changed the order and it took 3 or 4 days to get my cash back.

[Weirdharold]

I did a small amount of DD on your question, and it certainly isn't a pretty situation to be in. I didn't bother to try to get more accurate details about Outstanding shares later than June 30, 2009 which shows the outstanding at 21 BILLION + shares and an Authorized share structure of 100 BILLION with a float of 17.5 Billion shares ... again those figures are from June 30, so the outstanding could be much higher now. I was unable to obtain an accurate avg. daily volume but appears to have been doing close to 1.5 Billion a day sorta kinda.

It is not pretty that is for sure.. still a lot of legal skirmishes left to be done....

If you are wanting out set a good til cancel limit sell order for .0001 and sit back and wait for it to fill. With a float of 17.5 Billion share it may take a while even with it trading 1.5 billion a day, but hopefully you will get out with just the loss of commission .

Good Luck to you

[pinero]

Usually brokers don´t accept orders for less than 0.0001, but i don´t know how some people are trading EVFl below 0.0001, keep your order and be patient , by the way i was in the same situation with LDSR, tried to sell at 0.0001 and nothing, changed my order to 0.0002 and in about 2 weeks went through, in a month LDSR went from 0.0001 to 0.0101 !!!!! 101 times the price and i lost it!!!!!

Sorry but my english is not very good