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Despite Reports Google Did Not Just Buy ICOA 55

Posted by samzenpus
from the someone's-in-trouble dept.
alphatel writes "In an odd PRWeb snafu, a press release was issued citing sources at Google as having acquired wireless carrier ICOA for $400 million. In full-out retraction, both companies denied the deal outright. Is this a case of pre-release or simply false PR by a third party? Could such incidents be used for pump and dump schemes?" ZDNet reports that, "at midday, more than 3 billion shares (pink sheets) traded over the counter for ICOA."
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Despite Reports Google Did Not Just Buy ICOA

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  • by aepervius (535155) on Monday November 26, 2012 @02:17PM (#42095889)
    1) somebody buy some pink sheet stocks over quite some time for a cheap price
    2) spread rumor as to make the price spike.
    3) profit. There is no "????".


    Heck some even attempted to use spam to spread pink sheet scam, attempting to sell those as good sale.
    • I have an alternate theory. Some dumbass released a PR that was written ahead of time just in case because they saw that it was overdue for release and was never classified as "this didn't happen."
      • by squiggleslash (241428) on Monday November 26, 2012 @03:47PM (#42096937) Homepage Journal
        Quite. In my experience, most large corporations, and quite a few small ones, have memos lying around reporting a forthcoming sale to Google. Only last week there was a near riot when Exxon corporation nearly released their's.
    • I have traced the sale of ICOA stock since the bogus story broke:

      18% sold by mutual funds
      28% sold by day traders
      54% sold by Kim Dotcom

    • The SEC will likely be interested in this topic as well. Maybe whoever did it can get the cell next to Martha Stewart.

         

  • It looks like someone MAY HAVE pissed off a former employee of ICOA. That is, if said person could think long-term.

  • by Trepidity (597) <delirium-slashdot AT hackish DOT org> on Monday November 26, 2012 @02:43PM (#42096177)

    Consider ICOA has a market cap of around $800,000, Google would have to be really shit at negotiating to acquire them for $400 million.

    • by Sir_Sri (199544)

      Depends on what they have and what they do. Especially patents.

      One would need to think more abstract that the current product, but bear with me a moment.

      ICOA designs and installs wifi setups. They do this in all sorts of different areas (metro, hotels, airports etc.). Now lets say they have a patent on some tech that's only critical to one of those different areas.

      Now lets say you're google, and you want to offer wifi service in mountain view, or the bay area, or all of california, all of the US, whateve

      • do both the decent thing and the useful thing, and buy them up.

        Sure, but you don't just call them up and say "Hi, we're Google and we want to buy you." Instead you do it through a broker or shell company so you can conceal your identity, and conceal the reason (supposedly patents) you want to buy them. They don't find out who the buyer is until the price is agreed to.

        • Well that's probably how it happens in the movies. In real life, there's these people called 'lawyers' who ensure absolutely everything is declared and transparent up front.
  • by Animats (122034) on Monday November 26, 2012 @02:44PM (#42096185) Homepage

    The ticker symbol is ICOA.PK. This is an operating company [icoacorp.com]? The stock has been around $0.0001. Even on the Pink Sheets, companies don't usually go that low. There are 3.49 billion shares outstanding. That's a market cap of $349,000. With the frantic trading today, the price briefly went all the way up to $0.0004.

    • by terraformer (617565) <tpb@pervici.com> on Monday November 26, 2012 @03:06PM (#42096471) Journal

      Right, the stock ticker and the wireless company aren't the same, which means there are a lot of dumb people out there.

      • by Animats (122034)

        ICOA.PK is "icoacorp.com". They're a "wireless company" in a limited sense. Their business is installing WiFi nodes in airports, motels, trailer parks, etc. They provide a "Tollbooth" system of the kind found in hotels where you have to pay to get on the network. They were apparently reasonably successful at this around 2002-2009, but not so much since. They have no exciting technology and serve no key market that would be of interest to Google.

        Yahoo's stock quotes show the stock declining from over $3

  • That's okay. I never believe these things unless Netcraft confirms it.

  • by Anonymous Coward

    Google needs a continuing supply of inexpensive furniture, and besides their devs may have come up with some robotic furniture assembly algorithms during 20 percent time.

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