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Ok...so I'm an investment nubie. I have a common stock certificate for 5000 shares of Enercorp dated 3/91. Is this worth anything more than the paper it's printed on?
You can find thousands of companies in the exact same boat as ENCP - why were they all not suspended? Oh wait brokers and MMs are making money selling those shares with bloated share structures that just continually reverse split. Oh yea, thats why they do nothing with those comapnies, it behooves their friends!
That is why they are a PINK company and not an OTCBB company.
Lets discuss SEC responsibility.
How does an organization ignore their very own rule -
Go do some research on GVRP / MAMG
CRIMINAL behavior by regulators
They even reference the situation (but not the stock) in later discussions and say we want to prevent another scenario like this happening. (which would have been bad for our friends).
In Japan, when a situation about 1/1000000th the size of GVRP happened a Jap broker lost more than 20 MILLION USD to an American broker.
Their markets have integrity - the US has corrupt regulators
Mr. Bill, Enercorp is an SEC Filer that hasn't filed Financials since 2009. Shouldn't a teensy bit of the responsibility for the SEC Suspension belong to Enercorp?
The SEC is terribly derelict in not suspending every delinquent SEC Filer after 2 quarters of delinquent Financials. Even though ENCP was demoted to the OTC they were still an SEC Filer that hid among the thousands of non-SEC reporting OTC's.
First, the SEC should abolish the OTC where non-SEC reporting companies can go years without filing any Financials to OTC Markets, or when they do file they can file absolute hogwash.
Second, when an SEC Filer on the OTCBB does not file they should not be demoted to the OTC (which should be abolished) where they hide among all of the non SEC reporting stocks. A delinquent SEC Filer should either be suspended after 2 quarters of delinquent Financials and / or dispatched to the Grey Sheets with or without an SEC Suspension. Grey Sheets should be automatic for non filing after 2 quarters, IMO.
Indeed the SEC is derelict but a company that doesn't file Fins for 4 years is 100 percent responsibe for the suspension.
EXCERPT from the Admin Proceeding:
Enercorp, Inc. (“ENCP”) 1 (CIK No. 313116) is a Colorado corporation located in Auburn Hills, Michigan with a class of securities registered with the Commission pursuant to Exchange Act Section 12(g). ENCP is delinquent in its periodic filings with the Commission, having not filed any periodic reports since it filed a Form 10-Q for the period ended March 31, 2009, which reported a net decrease in net assets of $115,413 for the prior nine months. As of April 22, 2013, the common stock of ENCP was quoted on OTC Link, (formerly “Pink Sheets”)
What a joke! Hundreds to Thousands of pink stocks (that is why they are pink) do not file and are not suspended. Oh this one has an OS of 750K so we dont like our buddies (ie MMs) short positions and will just find an excuse to suspend it.
The Commission temporarily suspended trading in the securities of the foregoing companies due
to a lack of current and accurate information about the companies because they have not filed
certain periodic reports with the Commission. This order was entered pursuant to Section 12(k)
of the Securities Exchange Act of 1934 (Exchange Act).
The SEC are such frauds!
Case in point - they allowed and supported GVRP being sold by insider friends and let them keep the money.
Let us review - rule 10-b17 stated that on large dividends if someone sold early they were responsible for the dividend. So insider friends/company officers sold 150K shares when the OS was 11 and float was 1. HUGE problem.
The resolution - fraudsters at SEC bailed them out by sending GVRP/MAMG to the pinks after the 3M to 1 FS saying there were some questions about it's share structure. Forget about the rules!
Just remember (SEC) one day you will stand before GOD and answer for what you have done on Earth!
We all will have to do that one day - it is called atoning for your sins!
ENCP SEC Suspension:
http://www.sec.gov/litigation/suspensions/2013/34-69446.pdf
ORDER:
http://www.sec.gov/litigation/suspensions/2013/34-69446-o.pdf
ADMIN Proceeding:
http://www.sec.gov/litigation/admin/2013/34-69447.pdf
Thanks. Hoping this one can jump start my 2012.
Now that would be sweet, this one will be a rocket if that happens. Still holding all my shares tightly... nice find Creede...
http://jp.advfn.com/news__47829487.html
Item: 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
Effective May 12, 2011, the Board of Directors of Enercorp elected James Jeszke in the position of Director, replacing Gene Nowak whose decision to resign from his duties was voluntary which the Board of Directors accepted. There were no disagreements between Mr. Nowak and the Board of Directors.
Mr. Jeszke is a Senior Vice President, Special Asset Group, of Michigan Commerce Bank. In this position he is responsible for restructuring, preservation and or liquidation of troubled loans in the bank’s portfolio. Before assuming the loan work out position, Mr. Jeszke was the Group Loan Manager of Ann Arbor Commerce Bank which is now the main office for Michigan Commerce Bank. Jeszke received his B.S. from Michigan State University where he majored in Accounting. He passed the C.P.A. exam and is a graduate of the School of Banking, Madison, Wisconsin. Mr. Jeszke is deemed to be a disinterested director.
Effective May 12, 2011, the Board of Directors of Enercorp elected Fabian Ciavaglia in the position of Director replacing James Bedsworth whose decision to resign from his duties was voluntary which the Board of Directors accepted. There were no disagreements between Mr. Bedsworth and the Board of Directors.
Mr. Ciavaglia is the Director of Supply Chain, Commercial Aircrafts with Bombardier Aerospace, Inc. since September 2010. He has over 20 years of global experience in the automotive industry. He served as a Business Unit Manager at Valiant International, Inc., where he managed the overall automotive sector revenue strategies, and prior to this position he served as Senior Program Manager at Magna Steyr Corporation. From 1998 to 2008 he worked at Comau, Inc a subsidiary of FIAT, where held several managing positions. Ciavaglia’s formal education includes achieving a BS in Electrical Engineering from Lawrence Technological University and an MBA from Northwestern University’s Kellogg School of Management. Mr. Ciavaglia is deemed to be a disinterested director.
In addition, the Board of Directors appointed Mr. William Salatino in the position of the President and Chief Operating Officer of Enercorp. Mr. Salatino has over 20 years of diversified Sr. Executive, Operational and Team Building experience. Mr. Salatino was Group Vice President of Valiant Corporations North American Manufacturing, Production and Tooling Divisions. Headquartered in Ontario Canada, Valiant operates a number of businesses globally. Salatino was the founding member and President/CEO of VPTECH, LLC in Auburn Hills, Michigan. Before founding VPTECH, Mr. Salatino was President/CEO of MOCO Thermal Industries, Inc. (a.k.a, Michigan Oven Company) and President of Acco Systems Inc. Mr. Salatino gained his operational and general management experience during his eight years with the General Electric Company (“GE”), where he accelerated through increased operational managing positions. Mr. Salatino holds a BS degree in Industrial Engineering from the University of Massachusetts at Lowell, and is a graduate of GE’s highly acclaimed two year corporate, Manufacturing Management Program.
Item 8.01 Other Events
The Board of Directors of Enercorp intends to raise up to $1.5 million of new capital in the form of equity by issuing shares of common stock at $0.30 per share to accredited investors. Concurrent with this transaction, the Board of Directors intends to complete the conversion of most of the debt carried by Enercorp into shares of its common stock at $0.20 per share, as provided by the conversion agreements dated June 30, 2009.
Proceeds from the new capital will first be used to complete the necessary steps to bring Enercorp into full compliance with all applicable rules and regulations. Currently, Enercorp is past due with its SEC filings. In addition, the Board of Directors intends to invest the proceeds in eligible companies in order to build a solid investments portfolio.
Enercorp is in the process of negotiating with qualified placement agents to raise some or all of the $1.5 million. As of the day of this report, no agreements or letters of intent have been signed or entered into with any placement agents.
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Bill Salatino
http://www.linkedin.com/in/billsalatino
Bill Salatino's Overview
Current
President & COO at Enercorp, Inc.
Past
Group Vice President at Valiant Corporation
CEO at Venus Imports
President & CEO at VPTECH
see all
Education
GE Crotonville
GE Corporate
University of Massachusetts at Lowell
Recommendations
2 people have recommended Bill
Connections
500+ connections
Websites
Company Website
Bill Salatino's Summary
Specialties
With over 25 years of specialized experience in industrial management, a known team builder, noted with business development, turn-a-rounds, start ups, consolidations, mergers & acquisitions, international sales & alliances and management coaching & consulting capabilities.
Bill Salatino's Experience
President & COO
Enercorp, Inc.
February 2011 – Present (1 year)
Enercorp Inc. is a Business Development Company also known as a BDC. Enercorp headquartered in Michigan, was formed and incorporated in 1978. Enercorp is an internally managed BDC and has primarily been engaged in the business of investing in developing companies showing potential for substantial growth. Enercorp also provides managerial and financial assistance to investee/portfolio companies and outside companies.
Group Vice President
Valiant Corporation
January 2009 – December 2010 (2 years)
Manufacturing, Production and Tooling Divisions
CEO
Venus Imports
February 2006 – January 2009 (3 years)
Founding Memeber, International Importer & Distributor of Fine Wines
President & CEO
VPTECH
September 2003 – December 2008 (5 years 4 months)
Founding Memeber of VPTECH. VPTECH designs and builds custom machinery and tooling for the plastics industry. Succesfully completed the sale of VPTECH during December 2008.
President & CEO
Michigan Oven Company
January 2000 – September 2003 (3 years 9 months)
President
Acco Systems Inc
September 1990 – October 1999 (9 years 2 months)
Material Handling & Industrial Automation
VP Operations
Danly Die Set Inc
February 1989 – September 1990 (1 year 8 months)
Manager Manufacturing Operations
GE
Public Company; 10,001+ employees; GE; Electrical/Electronic Manufacturing industry
May 1981 – February 1989 (7 years 10 months)
Started on GE's 2 year Manufacturing Management Program. Held Manufacturing Management positions in 4 GE Divisions in 4 locations and with increasing responsibilites. Left as GM/Manager of Manufacturing Operations.
Engineer
Omni Spectra Inc.
1978 – 1981 (3 years)
Bill Salatino's Education
GE Crotonville
Management Studies
1983 – 1988
GE Corporate
Manufacturing Management Program
1981 – 1983
University of Massachusetts at Lowell
BSIE
1976 – 1981
Bill Salatino's Additional Information
Websites:
Company Website
Groups and Associations:
ALTERNATIVE ENERGY NETWORK logo
ALTERNATIVE ENERGY NETWORK
AMT - The Association For Manufacturing Technology logo
AMT - The Association For Manufacturing Technology
Angel Investment Network logo
Angel Investment Network
Auto OEM Network logo
Auto OEM Network
Composites Industry Forum logo
Composites Industry Forum
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Consultants Network
Conveyor systems logo
Conveyor systems
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Detroit Athletic Club Members
Detroit Regional Chamber logo
Detroit Regional Chamber
Environmental-Expert.com - Environmental Professionals logo
Environmental-Expert.com - Environmental Professionals
GE Alumni Network logo
GE Alumni Network
GE MMP, TLP & OMLP Global Alumni Network logo
GE MMP, TLP & OMLP Global Alumni Network
General Electric Alumni logo
General Electric Alumni
General Electric Current & Former Employees logo
General Electric Current & Former Employees
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Green
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Hybrid and Electric Vehicles, Michigan
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Infocast Europe Finance & Investment News
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Linkin Michigan
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Luxury Events - Wine, Art and Great People
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M/A-COM Alumni
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Mergers & Acquisitions Network
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Michigan Business Networking Group (MBNG)
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Motor City Connect
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Motorcycle OEM Network
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North American Wind Turbine Supply Chain
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Official GE Careers Group
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On Startups - The Community For Entrepreneurs
Plastics Professionals logo
Plastics Professionals
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Private Equity Investment Group
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Private Equity and Venture Capital Group
R3 Products Limited logo
R3 Products Limited
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Restructuring and Turnaround Management
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Roeper School Network
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Startup Specialists
Supply Chain Today: Latest News & Trends, Delete Spam, Technology Innovation, Search Executive Jobs logo
Supply Chain Today: Latest News & Trends, Delete Spam, Technology Innovation, Search Executive Jobs
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The Roeper School Dad's Club
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UMass Lowell Alumni
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Venture Capital
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World Class Manufacturing
theMeatBall / GE Alumni logo
theMeatBall / GE Alumni
Website: http://www.enercorp.com/about.htm
ENCP -
New Statement of Ownership filed on the 20th.
http://ih.advfn.com/p.php?pid=nmona&article=50835335
A r/m sure would be perfect here since the o/s is already so darn low.
She was extremely tight lipped. Would not say anything but to please just read the filing. I tried to get a website address, and even told her that Enercorp.com was already taken. She said a website would be coming in the future, and the name has been reserved. Leads me to conclude a name change is probably coming.
Maybe Bill will be less tightly lipped?
Date: October 11, 2011
ENERCORP, INC
By: /s/William Salatino
President & COO
Sure thing. Looking very forward to seeing who is appointed.
Thx for sharing Creede....
Just noticed a new 8k. Took a look after seeing that purchase @ .12 yesterday.
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8185299
Thanks a bunch. Feel pretty certain that we will see more news and/or filings in the near future.
Completed Creede
Symbol Request Completed
Your symbol request for [ENCP] has been submitted to the StockCharts.com Support team. We will email you once it has been added to StockCharts.com.
Please fill this short form out so Stockcharts.com will add ENCP:
http://stockcharts.com/help/doku.php?id=support:feedback:symbol_request
Xhuti is a new CPA.
http://www.michcpa.org/Content/23303.aspx
Thomas Itin
CEO at TWI INTERNATIONAL INC
Location
Greater Detroit Area
Industry
Financial Services
Thomas Itin's Overview
Current CEO at LBO Capital Corp.
CEO at TWI INTERNATIONAL INC
Education UNIVERSITY OF MARYLAND
New York University - Leonard N. Stern School of Business
Cornell University
Connections 27 connections
Thomas Itin's Experience
CEO LBO Capital Corp.
Public Company; lboa; Capital Markets industry
1987 – Present (24 years)
CEO TWI INTERNATIONAL INC
Privately Held; Transportation/Trucking/Railroad industry
1964 – Present (47 years)
Thomas Itin's Education
UNIVERSITY OF MARYLAND ECONOMICS
1960 – 1962
New York University - Leonard N. Stern School of Business MBA, FINANCE AND HUMAN RESOURCES
1957 – 1960
Cornell University 1953 – 1957
http://www.linkedin.com/pub/thomas-itin/6/411/66
http://www.lbocapitalcorp.com/keypersonnelB.html
LBO Capital Corp.
A Strategic Development And International Holding Company.
LBO Capital Corp., originally founded in 1987, has recently moved to acquire innovative technologies with significant IP assets for potential worldwide commercialization. The company has identified several key market opportunities and is the majority stake holder in four U.S. based subsidiaries.
The subsidiary companies are leading innovators that have developed advanced technologies and other high level intellectual property with particular reference to the automotive, plastics, energy generation, sensor and environmental fields. With the backing of LBO Capital Corp., these valuable IP assets are being leveraged for the purpose of licensing, spin-off, merger and/or buy-out.
The company is led by a management team with the commercial and technical expertise to drive business growth. Integral to that growth is our ability to identify and develop the next generation of technology and build relationships with the major players in our chosen sectors.
less
Not sure, will have to check it out, thx.
Hummm. Did not notice this before.
Who is Twi International?
http://www.manta.com/cs/mm84d08/enercorp-inc?q=Brett%20A%20Homovec%20Enercorp&cx=000513454314247386359%3Aarvxicegnim&cof=FORID%3A10
Enercorp Inc, Twi International
3509 Auburn Road
Auburn Hills, MI 48326-3318 map
Detroit, MI Metro Area
Manta has Homovec listed as well.
http://www.manta.com/c/mm84d08/enercorp-inc
Still trying as hard as I can to figure out what is going on here. Check out this one and only inside that is listed at yahoo.
http://finance.yahoo.com/q/it?s=ENCP.PK
Brett A. Homovec
Principal
brett@companyconnections.net
Brett Homovec is the Principal of Company Connections of Southeast Michigan and also founder and President of Peak Blue Ventures Inc., a consulting firm serving entrepreneurs and business owners with strategy and implementation of business development plans, corporate finance and capital raising activities, and mergers and acquisition advisory services. Brett formed Company Connections of Southeast Michigan to join the Company Connections network for M&A services. He also provides corporate finance services to Company Connection clients when consensus is reached that acquisition or growth funding will best serve our client. Whether it be funding your expansion plans or managing the sale of your business, our goal is to help business owners and their management teams achieve peak values for their companies.
Brett served as President and COO of Enercorp, Inc., a closed-end Investment Company and business development company. At Enercorp, Brett was responsible for originating investment opportunities and providing on-going assistance and advice to investee companies, including corporate finance transactions, strategic acquisitions and divestitures. Prior to Enercorp, Brett served as a Principal and General Manager to a group of privately-owned luxury automotive retail centers, helping expand from a single location to four exclusive dealerships. He directed corporate affairs for companies with over $120 million in sales, including finance, accounting, insurance, regulatory compliance and corporate litigation. Brett also served as Vice President of Corporate Development and Franchise Operations for Sterling Optical Corporation, the nation's fourth largest optical retailer.
Brett gained his Corporate Finance/Mergers and Acquisitions experience as a Vice President in the Investment Banking Group for Rodman & Renshaw Inc. in New York and Chicago, where he advised business owners, corporate clients and financial buyers on business valuations, M&A and private placements. He also served as a Senior Associate in the Dean Witter Reynolds Corporate Finance Group and as an audit professional for Touche Ross & Co. in New York.
Brett graduated from Dartmouth College with a B.A. in Economics and received his MBA in Finance from New York University - Stern School of Business.
Bid at .10 for days now and NADA.
Just goes to show how incredibly thin this stock is.
Well based on the spread, the 695K OS looks accurate, glad I got a few for the ride...could end up going to $5-$10 or something with that kind of O/S....never know with these low floaters...
The number of shares outstanding of the registrant’s common stock as of March 31, 2009 was 695,897.
Doing a little DD on ENCP.
#1. New address.
3509 Auburn Rd.
Auburn Hills, MI 48321
http://www.loopnet.com/Listing/15853691/3509-Auburn-Rd-Auburn-Hills-MI/
#2. New Phone #.
(248) 683-4600
#3. Called thee number and spoke to Majlinda Xhuti.
She was extremely tight lipped. Would not say anything but to please just read the filing. I tried to get a website address, and even told her that Enercorp.com was already taken. She said a website would be coming in the future, and the name has been reserved. Leads me to conclude a name change is probably coming.
Thanks rrufff. Very good to see you.
Check this out.
cantgetmyname Share Thursday, May 26, 2011 10:49:43 AM
Re: creede post# 237969 Post # of 237978
Could be, 10 mill AS.
http://www.sos.state.co.us/biz/ViewImage.do?fileId=19961045237&masterFileId=19871350965
Last amendment was 1996
nice going
10:44:15 1000 0.40 + OTCEQ_NBB
10:32:45 8700 0.10 + OTCEQ_NBB
10:27:48 250 0.10 + OTCEQ_NBB
10:27:45 1250 0.10 + OTCEQ_NBB
10:23:57 1000 0.09 - OTCEQ_NBB
10:08:06 1500 0.09 - OTCEQ_NBB
09:47:15 3500 0.10 + OTCEQ_NBB
09:40:45 20000 0.09 OTCEQ_NBB
ENCP Quote .10 (1) x .40 (1)
Would not have done it had I not known the order size.
ENCP - Now .10 x .40
Nice job Creede! Ask .40 now LOL
I just took out all the 10's. SOOOOO glad order size is accurate now in the OTC market (well, a lot of the time).
40's UP!
ENCP(2011/05/26)
Time (EST) Volume Price Exchange Bought/Sold Tran/Type Legend
10:32:45 8700 0.10 + OTCEQ_NBB
10:27:48 250 0.10 + OTCEQ_NBB
10:27:45 1250 0.10 + OTCEQ_NBB
10:23:57 1000 0.09 - OTCEQ_NBB
10:08:06 1500 0.09 - OTCEQ_NBB
09:47:15 3500 0.10 + OTCEQ_NBB
09:40:45 20000 0.09 OTCEQ_NBB
In addition, the Board of Directors appointed Mr. William Salatino in the position of the President and Chief Operating Officer of Enercorp. Mr. Salatino has over 20 years of diversified Sr. Executive, Operational and Team Building experience. Mr. Salatino was Group Vice President of Valiant Corporations North American Manufacturing, Production and Tooling Divisions. Headquartered in Ontario Canada, Valiant operates a number of businesses globally. Salatino was the founding member and President/CEO of VPTECH, LLC in Auburn Hills, Michigan. Before founding VPTECH, Mr. Salatino was President/CEO of MOCO Thermal Industries, Inc. (a.k.a, Michigan Oven Company) and President of Acco Systems Inc. Mr. Salatino gained his operational and general management experience during his eight years with the General Electric Company (“GE”), where he accelerated through increased operational managing positions. Mr. Salatino holds a BS degree in Industrial Engineering from the University of Massachusetts at Lowell, and is a graduate of GE’s highly acclaimed two year corporate, Manufacturing Management Program.
Valiant Corportation
http://www.manta.com/ic/mtqg8f6/ca/valiant-corporation
first 8k out of ENCP in a couple of years.
http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=7636014
New 8k yesterday.
ENCP(2011/05/26)
Time (EST) Volume Price Exchange Bought/Sold Tran/Type Legend
10:08:06 1500 0.09 - OTCEQ_NBB
09:47:15 3500 0.10 + OTCEQ_NBB
09:40:45 20000 0.09 OTCEQ_NBB
You just never know what goes through peoples head. They could of had good enough tax loses last year and wanted to do the rest this year. They could of passed away and a relative was liquidating the account you just never know. Ive hardly ever have seen dilution in a dormant shell like this and they wouldnt be dumping 35k at the bid if they were.
If it were December I might agree with your reasoning - however in February it does not make sense to sell for tax loss reasons
It happens a lot with these old shells. See it all the time. It was probably some person who had it when it was 5.00 a share and decided one day to take the loss. They dont see the shells like we do.
It might be beneficial to us now with that sell. More people that get in the better I suppose. This can get some interest now.
perhaps but with 37K at the bid i have some concerns at this point -
I doubt it was dilution. Probably an old insider or some shell collector who got impatient or had a margin call.
42K shares? ENCP mainly SELLS? That is 6% of the OS - Makes me concerned about DILUTION at this point
Time & Sales
Price Size Exch Time
0.05 5000 OTO 14:47:48
0.031 34933 OTO 14:38:12
0.031 2500 OTO 11:36:41
Yep just takes a spark - and a FS would certainly do that!
I will do some investigating. My buddy called last year and the lady asked if he was you.lol because you both asked some of the same questions and mentioned a FS or something.
I see plenty of POS shell plays with 20 mil OSs and they run to .20 or crazy stuff. And then you have shells with 700k OS and they are at .01 or .02 so go figure.
Nice - with that many shares I would call the CEO and talk with her and see what is going on. Find out if they sold any of those shares they had of a sister company on the big run up a year or two ago. Forget the name now, I had posted here asking that question if I recall.
Sometimes mysterious buying out of the blue can preceed something big as some one in the know loads up in advance
Well worth the time if you have it to call the company imo
that wasnt my 2k buy. either someone had a 4999 sell in at .0759 or had their order hidden. maybe the did a feeler buy and see if there was any sellers before .09.
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OS 695,897
Float 208,000 to 540,000
FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
May 25, 2011
Enercorp, Inc.
(Exact Name of Registrant as specified in its charter)
COLORADO 0-9083 84-0768802
(State or other jurisdiction (Commission file number) (I.R.S. Employer
of incorporation, or organization)) or Identification Number)
3509 Auburn Rd.
Auburn Hills, MI 48326
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (248) 683-4600
Item: 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
Effective May 12, 2011, the Board of Directors of Enercorp elected James Jeszke in the position of Director, replacing Gene Nowak whose decision to resign from his duties was voluntary which the Board of Directors accepted. There were no disagreements between Mr. Nowak and the Board of Directors.
Mr. Jeszke is a Senior Vice President, Special Asset Group, of Michigan Commerce Bank. In this position he is responsible for restructuring, preservation and or liquidation of troubled loans in the bank's portfolio. Before assuming the loan work out position, Mr. Jeszke was the Group Loan Manager of Ann Arbor Commerce Bank which is now the main office for Michigan Commerce Bank. Jeszke received his B.S. from Michigan State University where he majored in Accounting. He passed the C.P.A. exam and is a graduate of the School of Banking, Madison, Wisconsin. Mr. Jeszke is deemed to be a disinterested director.
Effective May 12, 2011, the Board of Directors of Enercorp elected Fabian Ciavaglia in the position of Director replacing James Bedsworth whose decision to resign from his duties was voluntary which the Board of Directors accepted. There were no disagreements between Mr. Bedsworth and the Board of Directors.
Mr. Ciavaglia is the Director of Supply Chain, Commercial Aircrafts with Bombardier Aerospace, Inc. since September 2010. He has over 20 years of global experience in the automotive industry. He served as a Business Unit Manager at Valiant International, Inc., where he managed the overall automotive sector revenue strategies, and prior to this position he served as Senior Program Manager at Magna Steyr Corporation. From 1998 to 2008 he worked at Comau, Inc a subsidiary of FIAT, where held several managing positions. Ciavaglia's formal education includes achieving a BS in Electrical Engineering from Lawrence Technological University and an MBA from Northwestern University's Kellogg School of Management. Mr. Ciavaglia is deemed to be a disinterested director.
In addition, the Board of Directors appointed Mr. William Salatino in the position of the President and Chief Operating Officer of Enercorp. Mr. Salatino has over 20 years of diversified Sr. Executive, Operational and Team Building experience. Mr. Salatino was Group Vice President of Valiant Corporations North American Manufacturing, Production and Tooling Divisions. Headquartered in Ontario Canada, Valiant operates a number of businesses globally. Salatino was the founding member and President/CEO of VPTECH, LLC in Auburn Hills, Michigan. Before founding VPTECH, Mr. Salatino was President/CEO of MOCO Thermal Industries, Inc. (a.k.a, Michigan Oven Company) and President of Acco Systems Inc. Mr. Salatino gained his operational and general management experience during his eight years with the General Electric Company ("GE"), where he accelerated through increased operational managing positions. Mr. Salatino holds a BS degree in Industrial Engineering from the University of Massachusetts at Lowell, and is a graduate of GE's highly acclaimed two year corporate, Manufacturing Management Program.
Item 8.01 Other Events
The Board of Directors of Enercorp intends to raise up to $1.5 million of new capital in the form of equity by issuing shares of common stock at $0.30 per share to accredited investors. Concurrent with this transaction, the Board of Directors intends to complete the conversion of most of the debt carried by Enercorp into shares of its common stock at $0.20 per share, as provided by the conversion agreements dated June 30, 2009.
Proceeds from the new capital will first be used to complete the necessary steps to bring Enercorp into full compliance with all applicable rules and regulations. Currently, Enercorp is past due with its SEC filings. In addition, the Board of Directors intends to invest the proceeds in eligible companies in order to build a solid investments portfolio.
Enercorp is in the process of negotiating with qualified placement agents to raise some or all of the $1.5 million. As of the day of this report, no agreements or letters of intent have been signed or entered into with any placement agents.
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Date: May 23, 2011
ENERCORP, INC
By: /s/Majlinda Xhuti
Majlinda Xhuti
Chairman of the Board of Directors
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