Fugk! I know I shouldn’t bemoan someone else’s success, but I just read about Steve Lipscomb and Lyle Berman’s new venture, an energy company called Voyager Oil & Gas. (Seventh item down.)
Back in November, when I first learned about the WPT’s imminent sale to PartyGaming, I bought up as much WPTE stock as I could, assuming it would blow up, or at least be converted to Party stock in a highly profitable way. Much to my disappointment, when the new shares showed up in my online account, they were for Lipscomb’s new company, Ante4, which had no plans just a bunch of cash. They were trading at less than a dollar a share.
Believing I had seen this repeatedly while chasing penny tech stocks in the late ’90s — almost always these companies available on the cheap gave me hope briefly before descending on an asymptotic curve towards zero — I quickly sold all I had just bought of ANTF and dumped it into PRTY.L. If only someone had told me to hold on to it! Now, just six months later, the new Lipscomb-Berman joint that I got (and got rid of) at 90something cents is trading at $3.44, for a YTD increase of 222 percent.
Why do I think for all the grief I’ve given Steve Lipscomb over the years, he’s sitting in a very happy place right now, laughing … at me?
Seriously, I can’t believe they let people gamble this way on the internet! But it’s just so hard not to with those cute baby ads making it seem like any kid with access to a computer and a credit card can do it!
Party’s stock, btw, hasn’t exactly exactly been doing poorly. But does anyone know what caused such a dramatic but temporary plummet for a few days this month?