No Solar Energy Needed Here
Since Jan. 1 split-adjusted shares of what is now Prime Sun Power (otcbb: PSPW - news - people ) have risen 6,000% to a recent $4.50, for a $183 million market cap. Highlights of its latest financial statement: no cash, no operations, no employees, accounting errors, a negative net worth and a going-concern warning. Prime Sun began life in 2002 as atm Financial Corp., chartered in Nevada but hoping to service cash-dispensing outlets in Canada. That went absolutely nowhere. Majority control was acquired earlier this year by Switzerland's Rudana Investment Group, which moved the company to a Wall Street address, changed the name and said it planned "a new business model, involving solar power and other alternative energies." So far, no additional details--and no comment forthcoming from boss Gerald Sullivan. --W.P.B.