Monday, April 9, 2012

BrightSource Energy about to go public with Nasdaq IPO this week(BRSE)- the backporch take on it- some will make millions and some are going to get screwed.

(Mea culpa. Just so my new visitors will understand where I am coming from,
new visitors are requested to input BrightSource Energy or Ivanpah SEGS into
the search box on the left side of this blog. I have written at least 100+ posts
against the Ivanpah project being built or about the B.S.’ers as I have taken to
calling themSurprised smile)

Whoa! Check out who just visited my little corner of the internet! This is from my weblog this very morning. I would like to extend a welcome to all my visitors from BrightSource Energy headquarters. I am honored.
ScreenHunter_01 Apr. 10 10.19

Want to guess who is going to make out like a bandit?

Historically tech companies that are capital intensive with a record of low or
no sales volume, come strong out of the gate, only to fade out over the long
term
.

Here is the plain vanilla English translation for those of us reading this who
might not have the background to wrap our minds around all the nuances and
complexities of the IPO process.

“The venture capitalists and company insiders, plus the bookiesjoint bookrunners: Goldman Sachs, Citibank, and Deutsche Bank Securities, along with their top tier clients, will be the only ones participating, and will make big money when the price shoots up in the first few days of trading, having paid only $21-23 a share. Everyone else including John Q. Public, will pay whatever the market price is when they buy their shares, if they are able at all to buy any that first day of trading.”

Just so all of you get it, let me say it again. Forget about buying any BRSE stock that first day at the IPO price of $21-23 a share. It ain’t gonna happen.
You ain’t got a snowball’s chance in Hell of getting even one share at that price. The big money is definitely going to be made this week as predicted in these very pages long ago, by the same damned insiders who put the whole sordid deal together. They will make theirs, and parachute out of this reeking pile of desert tortoise dung at the first opportunity to profitably do so.

And they will profit, there is no doubt about that.

Now who won’t profit in this fantastic investment screwing deal?

Answer: anyone who buys the shares second hand: in other words, anyone who doesn’t get in on the initial offering; especially those poor, deluded “buy
and hold”
investors. You know the ones in this day and age of “flash trading”
where shares are bought and sold in a matter of minutes, and in some cases, seconds by the large computer trading firms, screwing those buy and hold suckers by the score, in the process.

What is the long term prognosis for the BrightSource Energy concentrated
solar power(tower) business model?
Pretty dim, if I may use an electrical
lighting term. Dim, as the minds of the federal and state bureaucrats, who set
the stage in place for those forlorn B.S. er’s who spent literally years out
in the Sinai Desert trying to perfect their technology, and trying in vain to
sell it to any and all, and all to no avail(except for Chevron and maybe one or two others,) losing lots of money and running up over a billion dollars in debt, probably about to lose it all- and then the American taxpayers through the magic of Obama bucks, over a billion of them, in a feat not seen for almost two thousand years, provided the Resurrection that this company so desperately needed, and redemption.

A classic story for the ages which almost brings tears to this grizzled old desert
rat’s eyes. Almost, I said.

For I see the big picture here folks. I am not just a one trick blogger, knowing
only the huge environmental destruction that these renewable energy projects
are visiting upon our beloved desert wilderness, especially in Blythe and Ivanpah.

I know for a fact that photovoltaic solar panel prices are plummeting, and this fact by itself is pretty much exposing BrightSource Energy and their ilk, for the
dinosaurs that they are. So far, I know of at least two large solar projects,including one by eSolar, a company that I believe in, that have been
changed over to pv, in midstream of the building process. The feds are pushing for it, they know that the Congress may kill the loan guaranty program or at least clip its’ wings after the billion dollar Solyndra boondoggle and bankruptcy; if the truth was known BrightSource would probably be in chapter
11 bankruptcy right now if the federal loans hadn’t gone through when they did- why blow taxpayer money on needlessly expensive and highly technical  solar tower technology when you can go the cheap route, and make the same amount of electricity off pv panels?

I liked one report, which I will link to, from a year ago which said to beware of
the jaws and the claws of the desert tortoise, meaning B.S.’ERS beware- turned out all the money B.S. paid for tortoise counts was wasted, there were
huge numbers of the endangered species on site, hell they could have asked me and saved millions, but they knew it all- now they are paying many millions of dollars to mitigate the loss of one of the most heavily populated tortoise habitats in the whole Mojave Desert- but again nobody cared, and now all of us will pay the price, in the form of higher electricity costs, that, you can take the bank.

Now I know some of you think that I am trying to rain upon the BrightSource
Energy IPO parade. I am, I freely admit it. But I also told any and all who would
listen, that I would never piss on your back and tell you it is raining outside.

You buy this stock on the secondary market and hold it long term, you will
L-O-S-E YOUR HARD EARNED MONEY, understand?
It is my honest opinion, and not to be taken as investment advice, that this is
a stone cold long term loser, a dog, the worst piece of crap investment I could possibly think of long term- if you do buy it, set a goal for getting out with the
shirt on your back as soon as possible, then come back here and we will be
happy to tell you:
we told you so, dumbass!
bigmorongocanyonhike 001

Above is a downloadable photo of this blogger which can be affixed to your
dartboard, after you lose your whole BSRE portfolio and need to take your
rage out on something. This is presented as a public service and to save loved
ones from abuse which may occur shortly after the financial debacle. You may
ignore my financial warning but please, for your loved ones sake, take your
revenge on me, not on them.

You know it has taken a long time to get to the point where predictions made here on this blog are finally coming true - not that they please me-
but that it verifies what my common sense told me long ago, why build way
the f--- out in the boondocks hundreds of miles from the power users, when
millions of rooftops were sitting in socal and northern cal just waiting there primed to be covered with energy producing solar panels, but noooooooooo,
our elites in Washington and Sacramento knew better, avoiding the
common sense solution to possible climate change problems by paneling
rooftops at home, and making the desert wilderness the sacrificial lamb, for all of us carbon based units to offer up as penance for our great sin of burning carbon based fuels for energy-
and for those same elites to profit mightily from as they gamed the system, a process finally culminating next week with this obscene initial public offering from BrightSource Energy,
which some of you may recall is happening prior to the Ivanpah SEGS
completion, just as I said it would long ago.

Not only have these clowns figured out how to meter the sun, they have figured out how to make millions off a gullible public, and this after having never made a single penny of profit that this old boy can see in decades.

Not bad work if you can get it!

Links to articles read prior to writing this post:
http://www.mojavedesertblog.com/2012/04/brightsource-ipo-smoke-and-mirrors.html

http://community.nasdaq.com/News/2012-04/7-us-ipos-planned-for-the-week-of-apr-9.aspx?storyid=132351

http://www.greentechmedia.com/articles/read/brightsource-energy-files-for-250m-ipo-an-analysis/

Note- that last link from a year ago reminds me of an important point- why
did BrightSource lower their IPO target from 250 million a year ago to 152
million now? Could it be that they believe that investors won’t have the stomach for a quarter of a billion$ IPO for concentrated solar, now that photovoltaic solar seems to be the rising star of the industry? Something to mull over, if you are planning on buying this turkey!

Morongobill

No comments:

Post a Comment