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Here you go: http://www.xkedata.com/cars/detail/?car=1E13902
Dino
Their transponder shows them near False Pass, or Isanotski Strait , Alaska, on Unimak Island, near the Alaska Maritime National Wildlife Refuge.
The town is locate at 54.8548° N, 163.4142° W. Nome is located at 64°30'14?N 165°23'58?W. That's quite a distance. They've been moored there about 10 days.
Take another look: https://www.marinetraffic.com/en/ais/home/shipid:8859384/zoom:13
Dino
Somebody paid for the annual audit. That's encouraging.
A buyer? Sorry, I broke my crystal ball.
Dino
They're a thousand miles from Nome, Pedro. They're anchored halfway down the Aleutian archipelago.
I'm surprised that you invested in this venture. I didn't.
Dino
That's what I thought. ChatGPT strikes again. There was no trial: there was no verdict: there was no plaintiff.
Dino
Who is the plaintiff?
Dino
What a waste.
I just received notices by snail mail telling me to log into a website to see proxy materials. The website requires me to log in, using 2 8-digit numbers on each letter. When I do so, I get access to the annual report, but no proxy information. However, the two items to vote on are presented - election of Jason and Bill as Directors and appointment of the auditor firm. Pressing "next" takes you to a page requiring me to type my name to "sign" my ballot! I closed to page and trashed the letters. They can raise a quorum without my votes.
What's wrong with www.proxyvote.com emails from my broker(s), like they've used every year before this?
Dino
The honey dipper you're probably familiar with is the funny-looking stick designed to reduce dripping when you pull it out of the jar. In the same manner that "Little John" was a big man and "Curly" was bald, the tank and hoses used to empty a septic tank is referred to - at least to us southern folk - as a honeydipper.
Dino
Something off-topic, but you might enjoy.
I followed a honey dipper down the road near Lake Anna in VA a while back. I almost wrecked from laughing when I passed him and read his slogan on the side of the bed. "Nobody sticks his nose in my business."
Dino
My apologies, sir. I confused this stock with another I have.
The par value of Mexus stock is, and always has been .001. When they did the reverse split, they changed the par value back to .001.
You were correct.
Dino
Par value of the stock is $0.005. If the company sells stock for that price or above, it is "fully paid and non-assessable." Sold for less than that, the purchaser could be assessed the difference between the actual purchase price and the par value. Moreover, that assessment could occur at any time in the future, even if the stock changed hands, no matter what price was paid on subsequent sales. For that reason, market makers and stock exchanges wouldn't touch the stock.
Look up "par value", 1manband. You might learn something.
Dino
Mexus and Mr. Mark Ashley Agree To Mutually Part Ways
https://finance.yahoo.com/news/mexus-mr-mark-ashley-agree-120000365.html
Dino
You were hoping to make a profit?
Dino
What do you think I did to disappoint you so?
Dino
Seems to me that it was always the case. Unfortunately, I can't check now, since the "Customize" button must not be a feature for "free" users. I'll try using the new format again, more carefully, after a reboot.
Dino
Gee, then I shouldn't have referred to myself as a Software Engineer since my degree was actually in Physics. Perhaps I should have complained to GE Aerospace or RCA or NSA all those years. Engineering is a term used to describe an action or discipline. It can be practiced without a piece of paper (they stopped using sheepskin even before I graduated) issued by a college.
I remember working at RCA Missiles and Surface Radar with Dr. Patton - the "Father of phased array radar." When we had a problem he couldn't solve, we called in a Senior Engineer SME to come up with the solution. That man was the most highly respected member of the engineering staff even though he only had a high school education. College was boring. He could learn what he wanted to know faster on his own.
My experience was a little different. I took the only course offered at the time - Computer Programming - as an elective because it looked interesting. I loved it. IBM hired me and called me a Junior Programmer. Two years later four of us started a software as a service company. I decided that I preferred designing and developing solutions to problems better than managing others, so I switched primarily to the technical side. By that time, the title Software Engineer was in common use and I spent the next 37 years being called one.
On the other side of the coin, I also used to know a guy who had a PhD in Nuclear Physics who drove a taxi in Philadelphia. Should we have called him a physicist? Sorry, we called him a cab driver. He too eventually got bitten by the software bug and became a Software Engineer at RCA GCS in Camden, NJ. Did neither of us deserve that title?
Perhaps Will said it best, "A rose by any other name would smell as sweet."
Dino
Hate is probably too strong a word. Let's just say I greatly dislike the new format. The default format should be the classic, since most of the time people want to read the newest post, not have to scroll all the way from the bottom of the thread to get to the most recent one.
Dino
The Federal tax rate on trusts allows a $300 deduction and then taxes the remainder of income at a flat 32%, as I recall. That limits their usefulness. Trusts are good for transfers of wealth to minor children and, perhaps, to people who can not or will not handle money properly. The other possibility is a charitable trust. I think you can draw a salary to direct the distribution, but you have to give the rest of the money away. A charitable remainder trust allows you to shelter your current income, but, again, gives the rest away at your death.
Really, the only real tax shelter left is whole life insurance. If you set up a trust for which you are neither beneficiary nor trustee and gift it a policy on your life, the proceeds - both face value of the policy and cash value - are tax free to the beneficiaries. The interesting thing is that you can overpay the premiums and let that overage go into the cash value where it is sheltered. I'm not sure if that's true for all whole life policies, but I think it is. You can pay the premiums tax free up to the limit of individual gift exclusion X the number of beneficiaries. Many policies even allow you to select from the available mutual funds and change allocations. The above doesn't reduce your taxes, but does help your loved ones.
Fair warning, I'm neither an insurance salesman nor CPA, so add salt judiciously.
Dino
The only trick I know only works if you bought PMs at a higher price than the current market. A friend of mine, Michael Checkan, runs a PM dealership in Rockville, MD, called Asset Strategies International. They offer an unusual program. If you send them PM - bullion or coins - they will buy them from you at the current price and sell them back to you at the same price and establish a new basis. Because they're not securities, it's not a wash sale and you can deduct the paper loss on your taxes. Your only real loss is the cost of postage. - which, fortunately, is also deductible.
They do several unusual things. They invented the Perth Mint Certificates, for instance. They were also founding members of the Hard Assets Alliance.
Afraid that's the best I can do.
Dino
The theory is that purchasing stock on the open market and retiring it will increase the share price. Same value divided into fewer pieces should make the pieces bigger. However, according to Keynes, "The market can remain irrational longer than I can remain solvent." No guarantees, but if it does work, he's hoping that selling the stock at a profit is a more lightly taxed capital gain rather than the rate on dividends.
Actually, I'm not so sure. Since the dividends are "qualified", they're only taxed at 15%. Gains tax could be higher if you're in the upper brackets. N.B. I'm ignoring the AMT because no one, myself included, understands that.
Dino
Does it seem odd to you that a Mexican court would issue a formal, grammatically correct, order in American English? All the ones I've seen were in Mexican Spanish. ChatGPT, anyone?
Dino
Gee, then why does my login to TD Ameritrade still work and their name is at the top of my statements?
Mine isn't due to convert until October.
Dino
It's almost the equivalent of a BK except it doesn't wipe out current stockholders. Without the overhang of a couple million or so of debt accruing interest, any additional funds they raise can be used for drilling, leaching, etc. If those are the terms offered, I understand why they are necessary and will go along with them. The alternative would be to wait until the court ordered sales are complete and write off my total investment - stock as well as loans.
Dino
Yes. I signed the offer this morning.
Considering the current structure, this provides some hope of future recovery or maybe even a gain. Since my notes are junior to several others far larger than mine (and my total is also considerably larger than yours), it is unlikely that I would receive anything in a BK settlement.
As far as a reverse split: yup, obvious. It will have to be done probably before any potential good news, but I don't see any other way to get this thing moving again. C'est la vie.
Dino
So, are you going to accept the offer and sign?
Dino
Because auditors have this funny habit of asking for verification. They compare the records of the transfer agent and the secretary of the corporation and spot check the records of the stockholders. Then, and only then, will they sign off on the audit, putting their reputation - and their licenses - on the line.
The SEC likes it that way.
Dino
Schwab, nor Fidelity, allow DRIPs on OTC stocks. TD Ameritrade does. I think that was a sales feature with Scottrade and they kept it after the merger. TDA may be the only brokerage to offer that service. I think they just buy shares in the open market and pro-rate into individual accounts.
Dino
Fidelity won't allow a DRIP on BB/OTC stocks, either.
Dino
Gee, wasn't there a chip factory a few years ago that got a billion dollar award just before they declared bankruptcy?
Dino
Looks like the momo boys have discovered us.
Dino
Our time frames are different. You and I are retired (1992 for me), and have a different outlook than the current FTCO management. We are in a recession and have a good chance at deepening into a depression in my opinion. That creates three reasons for hoarding cash.
First, holding cash now provides a cushion for survival during a long downturn.
Second, that long term down trend will probably create create opportunities to buy good properties with less prescient management. All that cash would allow taking advantage of that.
Third, if you consider rising interest rates, the return on cash may become better than the return on gold for a short time. Remember Volker's 21% Fed funds rate?
In short, Jason is taking a conservative approach during what appears to me to be perilous times. I like that.
Both GORO (2010) and FTCO have been major investments for me also. As for tax purposes, most of my holdings of both stocks are in IRAs, so that's not a real consideration for me.
Dino
From your posts, I'd say you don't think so. If you really believe the future in this company is a long time happening, why don't you sell now and write off the long-term capital loss? If and when Jason finds something to buy or expands production significantly, you can buy your position back. Just wait for the re-entry point.
You'll get rid of the constant annoyance and get the tax benefits at both ends.
Dino
I've set most of my FTCO stock up as a DRIP. That 8%ish dividend keeps compounding, so I'm happy with the low price. Of course, I'm not planning to sell any for a long time.
Dino
It's MRTMF on the Pink Sheets. Currently $0.0363.
Dino
With only 24 million shares outstanding, FTCO trades less than 40K shares a day. If they bought back stock, you'd need an appointment to trade your shares. It actually might help the stock price if they split the stock to create more trading volume - and interest.
Dino
Nope. I've been involved in negotiations myself. I know why, and I'm not the least disturbed by his finding something else to do while waiting for the next round of questions.
Dino
I was curious, so I called.
Wildcat Mining, LLC is a limited liability company formed for the Alaskan barge operation. It was formed by Paul Thompson - Paul Thompson, Jr.. Now that the boat is finished, Paul Sr. has nothing to do with it Even then, his contribution was labor, not cash. I'm sure Sr. will offer fatherly advice, and just as sure Jr. will ignore it.
Dino
I think the CEO is hard working, honest and, unfortunately, well acquainted with Captain Murphy.
Dino