Legend International Holdings, Inc

Jalbiglog, unfortunately you have made a realistic assessment of the situation. In 2008, the company raised at least $125mm in sales of shares at $2.50 each to big investors like Soros and the Indian Farmers Coop. These investors have big money to lose if the company goes bust, yet they chose not to throw good money after bad. They clearly have much more information than we do (we being sucker retail investors), so their decision to pass is an ominous indicator of what is to come. Gutnick will continue to milk this cow for as long as he can, and the company will probably limp along for some time to come. I think we are dealing with a Madoff-like psychotic cleptomaniac. I'm just hoping for a pop to sell, maybe on that "successful" IPO.

This is very much like a Ponzi scheme, where we are all waiting for the next suckers to come along, allowing us to cash out. Gutnick is a smart guy, and he always follows the letter of the law, so unlike Madoff he will probably escape scott free from this elaborate scam of his. Like Madoff, some of his biggest victims (Soros and Slager) are Jews, which does not seem to trouble the rabbi's conscience. Perhaps he is consoled by the fact that he snookered the Indians and Chinese too.