Befitting the day, there are indeed some weird happenings in our markets.
First, recall the release yesterday – TradingScreen Majority Shareholders Initiate Criminal Legal Action Against Giampiero Grandi, Board Chairman, For Misappropriation Of Corporate Assets. TradingScreen responded to that release with a statement, saying the allegations made were: “false, baseless, and meritless, and has been propagated by the company’s disgruntled former CEO [Philippe Buhannic], who was fired by the Board for cause last year after intentionally hitting an employee in front of numerous witnesses and attempting to cover it up, as well as for other corporate malfeasance. This individual neither is a majority shareholder of TradingScreen nor does he represent a majority of shareholders or even speak for the majority of shareholders. Thus, the standing he claims is totally false. Just because he claims it, does not make it so.”
Then there is a marvelous tale of ineptitude and insider trading from the Minneapolis Star Tribune. Apparently, this fellow Shane Fleming worked for Life Time Fitness and stumbled across some non-public information which he knew was an opportunity to make money. The problem? He didn’t know how to execute.
That led to him placing a call to his brokerage firm, asking “If you are trading, and I’ve heard of … companies that are trading and eventually they sometimes are bought and they go private and the company will buy out all of the existing stock that is outstanding, you know. So how does that work? Like, say for example if I had, if I had just bought options on a stock …” Wow. Making matters even stranger is that he passed the info along to associates who then paid him for the tip. In one instance, the tip was paid for with “at least 10 pounds of marijuana.”
Also worth noting is the release about Dimon Exchange, a planned cryptocurrency derivatives exchange about to have an ICO. It’s notable mostly for the firm’s disdain for Jamie Dimon. The website includes commentary like “Why call it Dimon? Just so that every morning Mr. Jamie Dimon will hear and see the cryptocurrency he inspired to create. The Ticker Symbol is DIM” and “[Dimon] is the master of media manipulation and has managed to avoid any and all backlash by the general population, resulting in extra bonuses and increase in income and now he is a BILLIONAIRE.” There’s quite a bit more along those lines included.
Then we have ANOTHER hurricane – a record setting 10th straight. Making it more anomalous, this hurricane, Ophelia, is projected to potentially hit Europe. Europe?!
Weird goings-on for sure.