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Manchester's sugar daddy: I just called to say "I don't want to talk to you."

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December 07, 2006 – Comments (6)

My coworkers don't let me take too many bong hits at work. That's how I know I didn't hallucinate this whole thing…

I answered the phone a couple of days back -- perplexed because no one ever calls me. On the other end of the line, a pleasant female voice. She's calling from "Palm Beach Capital" she says, and she'd like to discuss "Manchester Inc." or rather, the partners at her firm would. Could we arrange a conference call?

I ran the name through my mental database… Oh yeah, the mysterious Palm Beach Capital, the one I couldn't find any information on, but the one that is, according to Manchester, providing some very expensive funding for its used car-lot roll-up plan.

I told her the afternoon was bad, but I might be able to talk now. But first, a test question… "Are you the folks funding Manchester?"

"No," came the response, that's "Palm Beach Links Capital. We're a partner in that."

I ran the mental database again. Palm Beach Links Capital? Oh yeah, there was no info on that at all either.

"Really?" I respond. "I remember checking Florida business records and finding no information whatsoever on that name."

She put me on hold.

I pulled up www.sunbiz.org and did a search. Ah HA! There it is, a brand new entry for Palm Beach Links Capital. Whoever's providing the dough to Manchester, they're doing it through a freshly minted firm in Florida.

Then she gets back on the phone. I'm sorry, she tells me, the partners can't talk now. In fact, they don't want to talk at all anymore…

"Are you sure?" I ask. "Because now I'm pretty interested in hearing what it is they want to discuss."

"No." she says.

"Well then will you please at least tell me which Palm Beach Capital you are? There are about 20 listed in the Florida business records database."

"I'd rather not."

"What?" I reply. "Are you saying you called me to arrange a conference call with your partners, and now you won't even identify your employer?"

"Sorry," she said. "I can't."

Then she hung up.

I guess they had me confused with that other Seth Jayson, the one who doesn't do research, read filings, and is easily snowed by dog-and-pony shows from Florida money managers who are funding self-promotional billboard stocks…

Time for more digging.

6 Comments – Post Your Own

#1) On December 07, 2006 at 3:42 PM, Ganndalf (68.88) wrote:

Very Good, Seth.... That's the best Blog, yet, that I've heard at caps.

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#2) On December 07, 2006 at 4:26 PM, downwithpumpers (< 20) wrote:

Great article Seth!

Just so people remember this play, MNCS is the stock that only had one down day (it fell one cent) from April 19th until October 11th. You can imagine how many people were drawn in by that action. By October 13th all the gains from six months were gone and it was down over 30% from the low set April 19th.

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#3) On December 07, 2006 at 8:26 PM, s1an3 (42.64) wrote:

Hilarious! You must be hitting pretty close to the mark. It make one wonder if these folks walk on 2 legs, 8 legs or slither.

Seth, if this stock market stuff doesn't work out for you, I think you may have a real future in pest control :)

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#4) On December 08, 2006 at 11:33 AM, vittorio301 (68.98) wrote:

Now that's what I call a true horror story. Are you sure its not an urban legend?

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#5) On December 08, 2006 at 11:49 AM, krumb31 (74.31) wrote:

Seth,

You let the cat out of the bag a little too early. It would have been great to get those partners on the line!

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#6) On June 17, 2010 at 11:23 PM, mslve (< 20) wrote:

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