Saturday, July 7, 2012

Ribbing Odyssey Marine

The pun in the title is that a Rigid Inflatable Boat (RIB) is used in a variety of supporting roles in many salvage jobs, particularly those with shallow-water diving and surveying components. Yes, I should keep my day job.

At Seeking Alpha, I wrote another article on OMEX (earlier one here). I noted that the Odyssey run-up on further losses was a good reason to look at companies that use similar technology but couple it with a plan that creates regular income. Naturally, all the OMEX longs who subscribe to alerts showed up and explained that I was an idiot and would regret not owning OMEX when it hit the moon following the Big Score.

There's gold in them thar waters, but so far the only gold management has managed to keep at OMEX has been the gold produced by investors at each successive equity issuance. Well, "keep" is too strong a word: they have lost most of it, but have paid themselves millions to do so.

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