Las Vegas Railway Express (Nasdaq symbol XTRN) routinely posts on its Facebook page and the other day responded to questions and complaints about the drop in its stock price. The stock recently set a new all-time low of 4-cents a share.
The company responded this way to the selling and the drop in price:
You never really know why people buy or sell stock, but, as JP Morgan once said "Remember that for each person who sells because he thinks the stock is a bad investment, there is a buyer equally convinced it is a good deal." Projects like this take a long time and the company is not always in control of the issues which affect the timetable. We are no exception to that, but we do our best everyday to move the ball forward. Sometimes that's not in align with what investors have as their own timetable. Be that as it may, we are sorry to see those who sold go and happy to welcome those new shareholders who have taken their place.
I think the key phrase is this: "...the company is not always in control of the issues which affect the timetable."
Actually, there is no timetable. We have heard over the last several years projected start dates but there still isn't a specific start date.
There isn't even a time table for buying or renovating train cars and the biggest disappointment seems to be the change from a downtown Las Vegas train station to a North Vegas station and there still hasn't been a formal announcement of an actual deal for a North Vegas station.
The criticisms are getting worse and harsher. One person posted on Facebook:
18 months ago or so they had got a deal on the old train station, Hired a FEMALE Owned Construction company and so on now what happed to all that ....... Modern day scams this SUCKS !!!!
You have to remember that over the past two years this company has been raising money in the private sector with private placements of stock and now the stock price is only a small fraction of what it was. At it's high, I think the XTRN stock sold at 45-cents a share... so it's down about 90% from its peak.