Last post on Aug 14, 2008 at 8:37 AM
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#1 of 7 End of August
Aug 13, 2008 (2:02 pm)
For the stocks that are due to "retire" at the end of this month (23 stocks in all), here's a summary of how the process will work:
After 8/31, no one will be able to trade those stocks anymore (as of midnight Pacific Time, 9/1). What will happen is this:
1. We "retire" the stocks that are due to expire on 8/31/08
2. The stocks will be listed as retired, but people can still (for a short time) view the stocks pages. However, if you hold one of those stocks, you will not be able to unload it or buy more after 8/31. We will convert your holdings to cash.
3. We will calculate final sales and then publish those results and adjust the stock prices to match those sales 6-month sales totals (probably on or just after September 3 -- with Labor Day weekend and all).
4. The market will correct and all portfolios will be adjusted for actual stock values (retired stocks in your portfolios will be converted to their cash value).
5. We will calculate August's winner and award the prize
6. The game will go on!!!
So, it will take at least a few days to calculate everything, but the retiring stocks will no longer be available to trade after 8/31.
I will have more details as we near the month's end.
CSX Game Supervisor
#2 of 7 Re: End of August [mikedrud]
Aug 13, 2008 (10:59 pm)
Will the conversion to cash happen on the 31st or will our retired assets be frozen until the the winner is calculated?
I'm looking forward to seeing what the game will be like with the correction component kicking in for the first time. I think it may have already made a difference in 'first day' value of the last IPO.
Aug 14, 2008 (5:37 am)
isnt it 22 stocks?
The G8 has been moved to 11/30/08 no?
Aug 14, 2008 (8:05 am)
What I find interesting is that the IS-F can only sell 3600 units for the YEAR, yet its trading at around $25.00 per share, or 25,000 in first six months?!
If I understand the game correctly, if I have a short position in the IS-F, and I hold it until its retired, I will be forced to "buy back" or cover my position at the calculated total sale price....this means if all 3600 are sold, the stock price will be $3.60.
If I short 1,000 shares $25/share, that's a profit of $21,400.
#5 of 7 Re: [hedgehunter]
Aug 14, 2008 (8:07 am)
You are right...
That's why I shorted the IS F when it was at around $80 if I remember correctly...
#6 of 7 Re: End of August [networkguy]
Aug 14, 2008 (8:36 am)
The cash-for-stock held process won't happen until the 3rd or 4th of September, but you are correct, networkguy, the stocks/assets will be frozen on the 31st at 11:59pm Pacific Time.
Sorry, I also made one mistake: there will be 20 stocks retiring on 8/31. Not 23. Here are the stocks that will retire:
2008 Lexus LX 570
2008 Subaru Impreza WRX STI
2008 Toyota Sequoia
2008 Infiniti EX35
2009 Nissan Murano
2008 Saturn Astra
2008 smart fortwo
2008 Mitsubishi Lancer Evolution
2008 Chevrolet HHR SS
2008 Chevrolet Tahoe hybrid
2008 GMC Yukon hybrid
2009 Mini Clubman
2009 Pontiac Vibe
2009 Toyota Corolla
2009 Toyota Matrix
2008 BMW M3
2009 Dodge Journey
2009 Jaguar XF sedan
2009 Lexus IS F
2009 Audi A5
#7 of 7 Re: [hedgehunter]
Aug 14, 2008 (8:37 am)
That was my main stumbling point when I started with this game. Now that stocks will start retiring on a regular basis we may see more realistic values on newer IPO's. I've managed to short and hang on to few ridiculously valued stocks too. I'll see how well that plays out by months end.