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Another Lemon Falls from Citiron Research: (BIDZ) Bidz.com

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November 27, 2007 – Comments (3)

Citron Research, adding CAPS points since it's inception. 

The Citron esearch is a must read for Top Fools (TF) and Top Fool Wanabees (TFW).

BIDZ is a one of kind. The Citron report is worth reading just for the story. BIDZ should make a 60 Minutes story easy.

Great quote:

"BIDZ largest supplier for years has been LA Jewelry, owned and operated by Saied Aframian, who also happens to be one of BIDZ largest shareholders. Not surprisingly, LA Jewelry is also BIDZ largest creditor, and a large participant in BIDZ co-op advertising program. These “related party” transactions are all over BIDZ financials including:

Over $5.3m accounts payables to a related party (nearly 20% of AP)Purchase of 11.6% of its merchandise from a related partyParticipation in co-op marketing (12%) by related partyGuarantee agreement with the same party related for “minimum profit” on inventory purchased from the party.The related party owns 1,228,000 shares of BIDZ’s stock.

Saied Aframian is a convicted felon and has served time in the Federal System for fencing stolen goods. Not just petty crime either, but for being the prime fence for a multi-million dollar nationwide ring of stolen watches and jewelry." 

http://www.citronresearch.com/

3 Comments – Post Your Own

#1) On November 27, 2007 at 1:44 PM, GS751 (27.40) wrote:

nice work man.

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#2) On November 27, 2007 at 8:10 PM, zygnoda (27.24) wrote:

Looks like another fantastic stock.  Top Fool Wanabees (TFW).  haaa (isn't that everyone?)

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#3) On November 27, 2007 at 9:18 PM, abitare (35.58) wrote:

I think there are plenty of TFW. But you have some Fools, who pretend they are just trying to be themselves ;), they cannot be influenced by these "cherry picks"

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