It seems that all of the employees here must be pretty happy with their jobs and pay. No matter that the stock price is way down. It must be nice to work at Ion.
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Bout as much as we’re seeing with rfp activity in oCean GeOh
Back from the dead again!
Quite simple - just not enough income to cover expenses. In Q3 Ion lost 7.5 million (51 million over first 3 quarters). With 30 milliion in cash and cash equivalents, ION will be completely bankrupt in about a year. Other assets are worthless - data libraries that no one wants to buy, equipment that no one wants to purchase, and 23 million in "good will" is pure fantasy. Add to this a lawsuit that may (by IONs website) go up to another 4 years. Absolutely no reason to invest. In fact the only reason that the stock hasn't dropped further is that there are many shareholders that bought at a much higher level that haven't sold out of hope that they may recoup some of their losses.
Of course, paying around 5 million in annual pay to the executives will only accelerate the evaporation of ION - Hansen knows this and doesn't care. During the downturn he has increased his salary at every opportunity. Simply drawing as much as he can while laying off his staff. Pretty sickening that he took a company paid vacation to Cabo in 2014 to avoid facing the multitude of staff that lost their jobs.
The company is finally f---ed!!
In the last 3 weeks, Ion has dropped from $10/share to $6.18/share. Market has not yet closed, so it could drop further. What is going on?