Buy.com goes private, buys stock back

[SimMike2]

The original owner of Buy.com, Steven Blum (I think) is buying back all Buy.com stock at 17 cents a share. For people like me, this is certainly better than losing all your money, but if by some miracle Buy.com does make it big, all the little people like me will only have 17 cents per share to show for it.

The whole dot.com feeding frenzy was nothing more than an elaborate pyramid scheme, in which the people who understood this from the beginning made money. Mr. Blum is one of the people who made his money and now is spending a tiny part of it to get his company back at a firesale price.

 

[pulse8]

Can you really blame him?

 

[Maetryx]

Do you have to sell your stock for $0.17? Or can you just keep it and hope there is a rebound?

 

[Rallispec]

I like Buy.Com i think i've probably spent close to 1000 dollars there over the past 2 years.

 

[Logix]

Apparently 96% of the shareholders approved this move. So, I guess you HAVE to sell your shares at $0.17, which is a lot better than $0.

 

[pillage2001]

<< Apparently 96% of the shareholders approved this move. So, I guess you HAVE to sell your shares at $0.17, which is a lot better than $0. >>



Why sell when it's rebounding??