Numbersman

4 Comments

    • Wall Street Breakfast: Must-Know News [view article]
      You state that BIDZ "Q1 EPS of $0.15 in-line". This is an incorrect statement. The actual was $0.18, which beats Street estimate of $0.14 (27% better than estimate). May 07 08:31 AM
    • More Questions on BIDZ.com's Inventory Disclosures [view article]
      Go blow your smoke some place else. Your points were previously refuted and yet to still continue to beat this "inventory" dead horse. You love to use terms like, "don't seem to be" and "may violate". Either they do or they don't or they are or aren't. I'm sick and tired of your innuendos. Move on!!! Apr 01 06:45 AM
    • Bidz.com & Citron Research: The Soap Opera Continues [view article]
      Correction: Under Truth #5 -- BIDZ started trading on the OTCBB on May 1, 2007 (not June 1, 2007). Nov 29 06:25 PM
    • Bidz.com & Citron Research: The Soap Opera Continues [view article]
      "God Bless Citron". You've got to be kidding me.

      "And if Citron lies…..they lose credibility". Citron’s initial report is full of lies as noted below. At this point, in my opinion, Citron’s credibility is ZERO as you will clearly see by the lies and truths below.

      "Shorted ahead of the release. Big deal. That's not unethical...Risky"... You've got to be kidding me. For the author (Andrew Left) to not disclose he purchased or sold short is absolutely unethical. For Andrew to bring up major concerns/doubt about a company and he takes a SHORT position prior to his article being published and doesn’t disclose it – that is dead wrong and unethical!! And he obviously didn’t do his homework to understand the company's business model. If he did, some of his concerns wouldn't have even been a concern.

      Andrew Left’s research leaves a lot to be desired. Just look at the lies and truths below.

      1) LIE: “Zinberg sells 30,000 shares per month and holds 6 million stock options worth $78 million at today’s stock price”.

      TRUTH: In Part II, Andrew said “let us offer one important correction. In the initial report we stated that CEO Zinberg pays himself 30,000 shares per month. This was not correct. He has been selling 30,000 shares per month from his own holdings”. And Andrew failed to mention that this is a pre-arranged sale in lieu of only taking a $1 annual salary as reported at the SEC web site: (www.sec.gov/Archives/e...). Also, Mr. Zinberg announced on the conference call that he has reduced the sales to 10,000 shares per month starting in December. Furthermore, Andrew failed to mention that Zinberg does NOT own any options.

      2) LIE: “BIDZ largest supplier for years has been LA Jewelry, owned and operated by Saied Aframian”.

      TRUTH: Saied Aframian does NOT own LA Jewelry, he is just the manager. On the BIDZ conference call, Mr. Zinberg stated that he was just a manager. And Andrew failed to correct this lie in Part II.

      3) LIE: Saied Aframian is a convicted felon and has served time in the Federal System for fencing stolen goods”.

      TRUTH: All I could find was that Saied Aframian was convicted of credit card fraud, not fencing stolen goods as Andrew claims. Also, Andrew failed to mention that this happened 22 years ago. And since I can’t find anything to the contrary, I have to assume that Mr. Aframian has had a clean record since then.

      4) LIE: “Any time we have seen a company work on guaranteed margins by a large shareholder, the results have been dismal”.

      TRUTH: While Saied Aframian is a large shareholder (owns 5% of the outstanding shares), Mr. Aframian is not the owner of LA Jewelry. And Andrew fails to mention that LA Jewelry is now supplying only 11.6% of BIDZ’s items.

      5) LIE: “Speaking of the public offering, BIDZ filed a registration and began to trade on a public exchange. But Citron notes that in 2006, after paying for the preparations for an IPO, it then cancelled. Their stated reason was because insiders refused to sign lockup agreements. This alone should be a red flag”.

      TRUTH: While an IPO was scheduled in June 2006, it was cancelled the day it was supposed to start trading. The company said it was due to various reasons, but primarily because most to the shareholders did not sign the lock-up agreement. The investment bankers who were purchasing a lot of the shares felt it was too risky without most of the shareholders locked-up for 6 months. So, they pulled out. And the IPO failed. It’s important to note here, that the INSIDERS all signed the lockup (Andrew stated that the insiders refused to sign lockup agreements). Then, BIDZ re-grouped and started quietly trading on the OTCBB on June 1, 2007 and moved to the NASDAQ Capital Market on June 6, 2007.

      6) LIE: “Citron paid a visit to AIG labs and an illusion it is”.

      TRUTH: AIG Labs is a legitimate appraisal company. They have been in business for sixteen (16) years. Check out their web-site: www.aiglabs.com/

      7) LIE: “One common complaint that we see online is “shill bidding”. On Wednesday, November 28, Citron will expose what we believe to be is some extremely questionable bids and bidding practices that occur on BIDZ.com. This part 2 will have much supporting documentation that the investing public should be made aware of.”

      TRUTH: Part II, published November 28, 2007, did NOT provide one stitch of proof that there is “shill bidding” going on at BIDZ’s auction site.

      8) LIE: “It is the opinion of Citron Research that Bidz.com’s business model is not sustainable”.

      TRUTH: BIDZ.com was founded nine (9) years ago (in 1998). So, it has been sustainable for nine (9) years -- and with phenomenal growth. It started from nothing and has turned into a successful and profitable company today.

      Andrew Left is rumored to have a questionable past. Just Google his name and see what you find out.

      Can BIDZ improve some things? Absolutely, as anyone and any company can and should.

      God Bless the TRUTH!!       Nov 29 06:17 PM
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