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Follow up to "Manchester Inc. - Perfect Stock or Perfect Crock"

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This entry was posted on 10/7/2006 5:00 PM and is filed under Off Topic.

For those of you who are interested The Vancouver Sun today published a follow up story to my article  "Manchester Inc. - Perfect Stock or Perfect Crock."
Manchester's rise a Twilight Zone mystery
"David Baines, Vancouver Sun
Published: Saturday, October 07, 2006

Is Vancouver-originated Manchester Inc. "the perfect stock or a perfect crock?"

That's how one Internet poster framed the question last month when he looked at Manchester's stock chart, which has been rising in such a surrealistically systematic manner that it might easily have come from the Twilight Zone, rather than Howe Street.

Since it started trading on the OTC Bulletin Board in the United States in November 2004, Manchester's stock has risen nearly every single day, regardless of trading volume or news.

Some days, trading is substantial. On Friday, just over one million shares changed hands. News, on the other hand, has been scant. In fact, the company doesn't even have a business. It is simply proposing to acquire one.

Still, the stock has managed to steadily levitate during the past two years, from pennies per share to $7.95 US at Friday's close. With 33 million shares outstanding, the company's market capitalization now exceeds $260 million US.

"It's an investor's dream," Konrad Imielinski, a resident of Princeton, N.J., remarked on the website Seeking Alpha, which publishes stock market opinion and analysis.

"I have been following the mysterious Manchester Inc. for quite a while now and the brilliancy of its performance is dumfounding."

"The stock seems too good to be true. May 15th was the last day prices had a negative downtick. The daily pattern in which this stock continues to progress is shocking; it moves in penny-like increments."


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    • 10/9/2006 8:07 PM Rob wrote:
      With great interest I read your article in the Sun about Manchester, Inc. I am a shareholder in Manchester and also a member of the web based investment discussion group Elite Trader. I am of the understanding that the car lot investment group, now located in Dallas, Texas, bought the shell company of Manchester, the mining group, for the purpose of saving time and money in starting a corporate structure from scratch. I suppose this conjecture, but it would explain the possibly strange things reported in your article about the start up of the mining company.

      By the way, Minichiello resigned from the company in February 2006, according to Manchester's SEC filing.

      Also, Richard Gaines, the acting CEO seems to have good pedigree, having graduated from Harvard law School and specializing in merger and acquisitions legalities. I'm sure you're aware that Manchester filed with the SEC on October 6, 2006 that they had consummated the purchase of a car business with six lots located in Chattanooga, TN; Nice Cars, Inc. & Nice Cars Capital Acceptance Corp., for approximately $72.5 million in stock and cash. This would seem to be at odds with Mr. Imielinski's claim that there is no reason for the stock rise.
      Reply to this
    • 10/9/2006 10:59 PM Robert wrote:
      Manchester has a fantastic business plan which they are currently implementing (Check the news on Oct 6th). I have been a shareholder for many months and I strongly believe in the company.

      Recently, stocks such as Hansen Beverages(HANS) and Titanium Metals(TIE) were unknown penny stocks. However, they had great business models and executed their plan flawlessly. The investors who bought those stocks have been greatly rewarded. Likewise, the people who have bought shares of MNCS over the last year are investors who recognize a great opportunity.
      Reply to this
      1. 10/12/2006 10:23 PM Jim wrote:
        Interesting how in just a few hours the hype as offered in "Robert's" post have made an about face. Manchester closed down today more than 30% on the day...so now where are our "rewards" Robert?
        Reply to this
    • 10/14/2006 7:01 AM Rob wrote:
      Everyone complained it was being manipulated. Guess what? Looks like the manipulators quit, but it's pretty obvious not until they let everyone who wanted to, get out at $6. Did you think that chart was going to continue forever? Now it looks like it's trading where it should be.

      PS- BTW, I'm not Robert.
      Reply to this
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