((((NOTICE: Rip-off Report REDACTED copy in the title that was in violation of ROR's Terms of Service.)))
Ladies & Gentlemen,
[REPOST FROM AUGUST 10, 2006]
Google Finance/Yahoo Finance/MSN Money/MarketWatch/CNN Money
LQDT Liquidity Services Inc., is "a-pig-in-a-poke" be very careful, short term in and out trades only. [not recommended if any].
1) Government Liquidation Division expected to loose contract with GAO / DOD.
a) Hundreds of complaints of intentional misrepresentation. Two-dozen at the BBB in Scottsdale, AZ., alone.
b) Scrap metal weight fraud.
c) Denial of customer security & recourse which has been standard in that industry for years [ref. e-bay buyer safeguards].
d) Allegations of "Boosting" auction prices through manipulation of their AUTO-BID feature.
e) State & Federal litigation line-ups
f) No checks and balances.
2) These guys built the business model so they can get paid, not you.
a) You should track "STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES" S.E.C.
b) William P. Angrick III cashed-out to the tune of 17-million-dollars shortly after going public! His "crew" did likewise.
c) As in most public offerings you have a time of euphoria and then reality sets in. And, the rumor mill already has S.E.C opening a manila folder on them.
If you've never bought IPO's before,LEARN. Take a step back and look at LQDT. There's nothing special about it. An office, a computer guy, a math major, a hungry marketer, and a money man. What REAL assets do they own? And, why did they need to go public? They've supposedly been functioning fine without the hundreds of millions of dollars their seeking.
In my opinion, their biggest problems are yet to come. For if they already have hundreds of, (and I'll even say alleged) victims, and that's just with the Government Liquidation Division...
Sincerely, and again be careful they are poised to make money not you. For ten-thousand-dollars and a couple of employees, you could be doing the same thing, probably better, and without the fraud.
I hope you find my comments helpful. If you know of a blog or other individuals with similar concerns, I'd like to talk with them. maybe we can help each other.
Note: The beltway inside favorite to take the GAO/DOD contract is Maximus Inc.
Feel free to respond.