Monday, August 22, 2016

Tom Biscardi is back making Bigfoot a $10 billion value!

Tom Biscardi is back and had just finished a six-week expedition looking for Bigfoot in Montana, and that he was working with former Navy SEALS and Army Airborne Rangers in the hunt. "We know that they exist," Biscardi said of the malevolent bipeds. Now his goal is "to prove it to mainstream America." Tom Biscardi said he has personally seen Bigfoot seven times in 45 years. But that isn't the most surprising thing about him. No, the most surprising thing about Biscardi is that he is the CEO and controlling shareholder of a company that had a market capitalization on Wednesday morning of more than $10 billion, according to FactSet, a widely used data provider that tracks publicly traded companies.

What does that company do?

Biscardi's company is in the, um, big business of Bigfoot.

Figuring out just how a company like that came to have a market capitalization listed at more than $10 billion is a mystery worthy of Bigfoot himself.

It begins in the woods, as all good Yeti stories do. Biscardi told CNBC on Tuesday that his first encounter with a Bigfoot came on a creature-finding expedition in Northern California in 1973. He said he saw a large hairy monster squatting by a chokecherry bush, eating. It had a hairy face that looked almost human, and the creature had berry juice all over its mouth. As it stood up, it turned and looked directly at the explorers, Biscardi recalled.

"I got to tell you something, I nearly shit."

Not to worry. The beast did not harm Biscardi. He survived the encounter and says he went on to spot Bigfoot six more times, lead expeditions across the country, produce a variety of videos and help launch a website on which he is referred to as the "Godfather of Bigfoot."

In 2013, the company Biscardi controls filed an S-1 form and registered with the Securities and Exchange Commission. The stock ticker: BGFT, of course.

The company is officially named Bigfoot Project Investments Inc., and it is what's known on Wall Street as a "pink sheets" firm. That means it is an over-the-counter stock traded in the OTC's least-regulated and least-scrutinized market. On its website, OTC Markets describes the pink sheets market as home to penny stocks, shell corporations and "distressed, delinquent, and dark companies" that are not able or willing to provide adequate information to investors.

This netherworld of stocks has attracted increased scrutiny this week in the wake of the SEC's decision to suspend trading in another over-the-counter stock: Neuromama, a Tijuana, Mexico-based company with a murky business model that somehow achieved a staggering $35 billion market capitalization. But for SEC enforcement personnel, finding and eliminating such companies can be a lot like the work Biscardi does hunting for Bigfoot: a slow, painstaking accumulation of evidence, often with very little to show for it. 

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Source: CNBC

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