Be sure to check your statement for a charge of $65 million.
Who in the world is still giving them money? They can’t even raise via stock since they’d need to sell 2 billion shares to cover a day.
It’s not like they have any tangible assets that will be sold at the inevitable liquidation. Enron at least owned a couple of nice office buildings.
Someone out there is stuck in a Brewster’s Millions scenario.
Well, that’s not good.
I received an e-mail from MoviePass today. Said I could receive two free bottles of wine if I buy a first two from some home-delivery service.
As for movies, not able to use it the first weekend this month, too busy to watch a movie last weekend.
Sounds like they’re desperate for another revenue stream.
Every time this thread is bumped I check in to see if they’ve officially closed for business.
But nope, they’re still somehow kicking!
(Not for nothing but I’m loving my A-list still)
And today I got an e-mail from Movie Pass offering me two months of Movie Pass for free if I switch my cellphone carrier to T-Mobile. Which I’m not going to do.
I’m just amazed at how this has become one of the most popular threads I’ve ever started in two decades on this board.
I don’t know about anyone else, but when I see this thread rise to the top of the page, I open it just to see if the company finally collapsed.
Me, as well.
Everyone loves a good, slow drama twisting in the wind.
Well it’s sink or swim now; I’m gonna go ahead and boldly predict that this stone will sink.
I saw HMNY’s stock was trending yesterday and was up like 20% or something, so I checked it out to see if they’re coming back. Yeah, it got up to like 2 and a half cents per share. Somehow it’s still listed on NASDAQ. The parent company wants to distance itself from Movie Pass and spin it off as its own publicly traded entity.
From Snowboarder Bo’s link:
At current stock prices for the parent company, I imagine that you could get 10 shares of MoviePass stock in a pack, along with a stick of bubble gum, at your local drug store.
Movie Pass is like one of those long vehicles in the movies, the ones that almost go off the road and over a cliff, almost, and just teeter there on the edge, and no one dare breathe lest they make it go over.
I really don’t understand how they’re still operating. I get that they only put out so many tickets per day, but are they really operating even with their membership fees? They had to take out a 20% interest 4 day $5m loan just to stay afloat a few months ago - but what did they get that allowed them to continue at that point? There was no big stock buy (their stock is worthless anyway) and no outside financing was announced. So how were they desperate to keep operations going for a few days, and still here they are a few months later? Baffling.
I have to wonder not just how, but why? It seems like they must be digging a deeper and deeper hole.
I suspect that if they just shut it down and declare bankruptcy some sort of illegality will become evident or at the very least they’ll open themselves up to some major lawsuits.
Yeah, I’m really wondering what’s going on, that they’re still trying to tread water, months after it became clear that their business model wasn’t sustainable. I have to think it’s either:
a) They’re somehow still holding out hope that some white knight will drop a bunch of money in their laps, in order to get access to their data on members (and, thus, the investors will get back some of their money), or
b) There’s something hinky in their finances, and they’re trying to get as much money in as they can to pay something off before everything finally goes down the drain.
I mean, it’s been clear to anyone with a modicum of sense that their business model was pure fantasy from the get-go. A few months ago is just when the dumb money ran out. None of the claims they made were ever plausible. The whole concept was stupid and never had even the barest chance of working. The idea that marketing data on what movies that people who have their movie tickets massively subsidized see would ever be worth the bits it’s stored in is ridiculous.
There was maybe the barest slimmest chance that the major theater chains were totally asleep at the wheel and would let MoviePass burn money at a tremendous rate to insert themselves as a middleman. But that ship sailed before this thread started.
Which all points to b. There’s some fraud going on, and they’re shuffling the deck chairs around as long as they can to obfuscate it.