Paco Integrated Energy Inc. (fka PACO)

[trader59]

You can take a tax deduction if you can determine the basis. If the shares "hit your account," that implies you didn't buy them, so they were likely given to you as a result of some sort of corporate action (spin-off?). If that is the case, they should have been recorded as a dividend when they were awarded with a value set by the parent company.
2009 is ancient history in tax land, digging out the basis is going to be a chore, but it may be worth it if you think the basis is high enough. $1.20 per share is quite a sum for 6+M shares, over $7M... I'd like to get to a spot where I didn't know where $7M showed up in my account 14 years ago...

[Renee]

Get a good tax company. IMO you can deduct all of the losses even though you still own worthless shares.

Best o' luck.

[Joe Burmeister]

I was doing my 2022 tax return and in my 1099-B form from TD Ameritrade, there is an entry for PACO

PACO INTEGRATED ENERGY INC COM / CUSIP: 69523R103 / Symbol: PACO
09/23/22 6,112.000

But there is no basis or dates...only that i had 6 million shares of PACO shares that are now worthless. I believe these shares hit my account back in early 2009.

I don't think i can take a deduction for these worthless shares although it would be nice as PACO was trading at $1.20 in early 2009 however i don't think no one was able to sell as the 6,112, 000 shares were restricted, and the restriction was never lifted.

I still have 10 million shares of DVFI (parent co of PACO).

[Renee]

PACO: inactive security. FINRA deleted symbol:

https://otce.finra.org/otce/dailyList?viewType=Deletions

[Tommycjr43]

Ameritrade just trashed my shares without informing me.. said they were junk when I called to inquire

[Apophis]

Wow, this is trading again?

[skizimus]

What happened with this? I have 17 shares....

[AFvet86]

Would be nice to hear some news on this. The website posted is for sale. Is this company even active or just another dead stock?

[Imperial Whazoo]

I've searched the web several times since the discovery of it having happened & I can not find a single bit of info on it anywhere. Hope springeth eternal, and so, maybe it portend good between now and the end of the year. Who knows.

Imperial Whazoo

[ThSeeker]

My wife just discovered the same thing and it freaked her out, Wondering where those came from.

[Imperial Whazoo]

My shares were obtained by a distribution a long time ago. Today, my TDA account converted them from "69523R996" to PACO. I'd always known they were shares in PACO but this conversion to an active symbol came as a complete surprise.

I did a quick search and discovered nothing at all in way of explanation.

Anyone know what happened here today?

Imperial Whazoo

[Apophis]

up 800% today

[popcorn202]

If I could sell the stock I would use the proceeds to buy WMIH stock.

[Apophis]

anyone got a phone#

I wanted to call to see if they are actually dead? Some volume last week?

[Apophis]

Nothing

[Billiam_2]

I got my shares mailed to me...still restricted. Anything happening here?

[Apophis]

Is this place still in operation?

[Apophis]

Up 800%?

[Apophis]

down to Zero

[Apophis]

WOW

now at 0.005?

[Apophis]

no clue on that one?

[popcorn202]

Do you know why the pps went from 0.20 to 0.50?

[popcorn202]

I havent chedcked them in a while, I had some shares in one account at Fidekity unrestricted before the price went into the toilet and managed to sell a few thousand shares. I had some others in a non-Keogh account and they are still restricted unless something happened.

[Apophis]

your shares still restricted?

[Apophis]

fifty cents

[Apophis]

twenty cents?


anything new?

[cdaniel394]

Didn't know we had news in October. Didn't know we had a website. Didn't know we had a company.

[cdaniel394]

Yeah! It's July now so we'll have all of our shares free trading soon. Sure! Ha Ha

[Apophis]

I do not think they have any activity but at least
someone answers the phone and takes down the caller info.


Noone ever calls back to my surprise?

[medchal]

"10 cents today" I better tell E*Trade. They keep telling me that I should pay them $1.50 per share, or some such fantasy number. My guess: They might have even been involved in the phantom transaction that produced that $1.50 figure.

[Apophis]

10 cents today

time to buy?

[cdaniel394]

Not sure. I unluckily was rewarded with these shares from another poor investment. Anything money in return is a positive.

[comon16]

I thought that one of the items necessary for a stock to go through the process of becoming unrestricted was a current financial statement?

[cdaniel394]

July is almost here! Anyone getting antsy for this to start trading?

[findit]

As with the POGC shares, I now have unrestricted PACO shares in my account. This time I will not sell them without evidence that they are really unrestricted. Should be 7/31, but with new shares issued as PACO we may have a new restricted date attached. Should not make a difference as when the restriction is truly lifted, the shares will more than likely be worth near zero. Kinda wish I had never received any of these shares as my time determining what is going on is worth more than the shares at the current 1.45. This is a joke. Jim

[medchal]

"...whomever has the better broker to them unrestricted before everyone else?" Probably not. I am still wrangling with E*Trade, and I can't be the only one. They simply (evidently) made a mistake and transferred shares unrestricted. They now have what one might call "transferor's remorse", and want their customers to kiss the boo-boo. I have referred them to another part of my anatomy. We shall see.

[Apophis]

Then it comes down to whomever has

the better broker to them unrestricted before everyone else?

[popcorn202]

They are restricted until July 09. You have to get your broker to have the TA unrestricted.

[joakim]

does anyone know when those who got stumped in DVFI will be able to trade and get rid of our PACOL shares? I have a ton of them and don't know if they will let us sell them yet.

Thanks

[Apophis]

Ticker is fixed

[comon16]

I think that each broker is following some kind of internal rules for the reverse split. Fidelity said that on smaller stocks the client had to request that the shares be sent to the TA for processing. I did that and the shares(still restricted) after the reverse split adjustment are now in my account.

As far as getting the restriction removed, I think that this could turn out to be a mess. I have talked to the TA and to Fidelity. Also consulted the SEC website for restricted shares.
Below is my understanding. I may be completely wrong so do your own investigation.

One problem is that if you and your broker have some king of misunderstanding, the broker may allow you to sell the restricted shares but then the TA may reject the sale saying the shares are still restricted. Your broker might try to force you to buy the shares on the open market to present to the entity that you sold the original restricted shares to. I think that there was somebody on the board that had that problem. I don't know how it turned out.

Between six months and one year there are definite requirements for lifting the restriction for enough time to sell the shares. One requirement is current financial statements.

If PACO comes out with recognition of a "tack back" to the time that the shares were held as wwog shares then the shares might qualify as being held more than one year and then PACO could issue a blanket statement unrestricting all of the shares.

[juxtaposezen]

I think I answered my question. I looks like July 31 2009?

Sherman, Texas—November 4, 2008—Paco Oil & Gas Inc. (OTC:POGC) (4IP.Frankfurt)-has completed its takeover bid for WW Oil & Gas Inc., a Texas based junior oil and gas exploration company. WW Oil & Gas shareholders voted in favor of the offer by majority October 31, 2008. Paco has begun the takeover effective immediately. WW Oil & Gas shareholders of record will receive 1(one) Paco Oil & Gas Inc. share for every 1 (one) WW Oil & Gas share held. The new Paco shares are issued with a 6 month restriction. The shareholders will receive their Paco certificates beginning with shareholders who have surrendered their WW Oil certificates to the transfer agency. Certificates that are not returned by January 31, 2009 will automatically be cancelled and Paco's transfer agent will issue the new certificate with the 6 month restriction beginning on that date of issue. The company is excited about the new acquisition and expects the blended synergies of the two companies will provide cost effective mechanisms that will offer Paco Oil & Gas a competitive edge in the oil and gas exploration industry.

[juxtaposezen]

I just contacted my broker about the reverse because it did not show up in my account automatically. He said they cannot reflect the split until after the restriction has been lifted. I explained that the PR said the shares needed to be sent to the TA. He said no usually that type of thing happens automatically. I would have to cough up $100 to get actual certificates printed to send. He said for me to call the TA and find out the exact date that the restriction will be lifted and then on that date they can reflect the reverse split.

Does anyone recall the exact date the restrictions will be lifted?

[Apophis]

price is 1.50

[popcorn202]

I think it did move to $1.19 in my Fidelity account..

[Apophis]

with a 1:17 the price should have moved X17 to $1.20?


we got screwed again

[Apophis]

Pancontinental?

[popcorn202]

There was a notice about a month or so ago, at least I was aware of this name change. I am just hoping that the stocks will not be restricted when this is all finished.

[Apophis]

Name change again?

look at the ticker

Did we miss a secret PR?


Pancontinental Energ (OTC) (USOTC:PACOF)

[popcorn202]

ever hear the fable of the scorpion and the frog? The scorpion asked the frog if he would carry him on his back across the pond and the frog said no because he was afraid that he would get stung by the scorpion. But the scorpion said well if I did then I would drown and why would I want to do that? And the frog finally agreed to give him a ride. Well, half way across, sure enough, the scorpion stung the frog and the frog cried "why did yo do that, now we are both going to die". and the scorpion replied, I couldnt help myself I am after all, a scorpion, and that what I do.