Amid a nightmare with no apparent end in sight, Starnet investors find themselves sticking together. Some have found virtual and real-world support groups in which they share angst, confusion and maybe even hope. Others are rallying behind class action lawyers and praying the company is brought to its knees. And then there's Starnet Investors Group (SIG), a gathering of investors who are fed up with the heat the company is taking and strongly believe that the company will prevail.
"Eat Our Dust" is the motto for the newly formed ad hoc group, according to spokesman Jim Lewis of Vancouver. Lewis is a filmmaker who met up with like-minded Starnet investors at ragingbull.com. After getting tired of the nasty comments some investors were posting, a group of the investors formed a private Yahoo club called Starnet Island, open only to its 615 members.
Lewis says Starnet Investors Group was formed when members of the club grew increasingly incensed by the class action suits filed against Starnet and the subsequent press coverage. According to Lewis, SIG has more than 1,000 members, and more investors have contacted the group for information.
Lewis says Starnet appears to be pleased with the group's response, however, the company isn't backing the group and is keeping its distance because it doesn't want it to appear as if there's a relationship.
The group is planning a website and monthly newsletter. "Plus, we're going to make up some t-shirts with our motto," added Lewis. The website is getting its final check before going live. Its URL was not available at press time.
Lewis contends that Starnet had done an excellent job of keeping investors informed about the risks of investing in their company. SIG members have also offered to appear in court if any of the suits
get that far. The company is the subject of as many as nine class action suits for alleged insider trading by company officials.