James River Holdings Corp (fka JRIV)

[Renee]

JRIV added to the OTC:

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

[Renee]

JRIV: inactive security. FINRA deleted symbol:

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

[Renee]

JRIV SEC Suspension because of questions regarding the adequacy and accuracy of information about the company.

https://www.sec.gov/litigation/suspensions/2021/34-91170.pdf

Order:

https://www.sec.gov/litigation/suspensions/2021/34-91170-o.pdf

[k1234]

Hi itsthebox1,

Did you ever find out the answer to your question? We have been trying to reach someone at the company but can't get a hold of anyone.

Any information you (or anyone) have about James River Holding would be appreciated.

Karen

[itsthebox1]

Company still in biz?

[$hellKing]

Could of bought .06 and sold .10 maybe its a spiteful person doing that just to go against me.lol

[$hellKing]

Yes I am weary of touching a co that just goes dark. Could be 7 years 10 years or will be revoked before that time. Yeah I remember watching this the past long while and I remember a larger sized ask at .30 like 30k or more and never being touched. The bid just was at .06 or so and never really rose. For some reason I didnt like it bc didnt want to pay .30 bc no one else would either.

[Big Brother]

Yeah the company is now defunct, I guess this is essentially a shell now that will get liquidated with the other assets of the company. Probably be years before anything happens with this, if ever, might just be one of those that goes dark and is never heard from again.

The one good thing though is that very few shares were ever traded of this, if I recall correctly no more then a couple thousand, so it could be appealing to someone who wanted to utilize this again someday.

I had high hopes for this, it had real promise but got FUBAR-ed, especially after they lost the Walmart contract, personally I don't think I'd touch it now as your money will sit stagnate for ages IMO.

[$hellKing]

Im glad I read your post. Thought about buying some today when the ask finally lowered but now I can see this is a BK co.

[Big Brother]

Yeah what a complete disaster, I'm glad I never picked up any shares of this, I dodged a bullet there....phew.

SPRINGFIELD, MO (May 12, 2014) – James River Holdings Corporation OTCQB: JRIV) today announced it has ceased operations.

In December 2013, the Company spun out its real estate division, Property Partners, LLC into a separate operating company owned pro-rata by James River shareholders. This, in response to overwhelming guidance from the investment banking community which repeatedly expressed distaste for real estate related investments as the Company sought to raise capital in meetings with New York investment banking firms. More recently, the investment banking firm contracted to raise capital for the company failed to deliver on assurances made regarding the bankability of the Company. This resulted in a cash flow crisis that has disabled the company from further operations.

Despite upbeat news reports regarding real estate in some parts of the U.S. real estate prices in Springfield, Missouri continue to languish, beating down valuations on the Property Partner’s portfolio. An April 24, 2014 article from the New York Times titled Why the Housing Market is Still Stalling the Economy and a May 1, 2014 article from ETF.com titled Shiller: Allure of Home Ownership Fading clearly articulate the stream against which real estate investors continue to swim; a difficulty that plagued the Company and continues to affect Property Partners.

In January of 2014, Property Partners contracted Williams & Williams, the Tulsa, Oklahoma based real estate marketing firm to begin selling its portfolio to provide investors the liquidity anticipated at the time of their investment. In 60 days of marketing to thousands of buyers in its network Williams & Williams brought only three offers, at 12%, 27% and 55% of original bank appraisals. These offers were rejected as inadequate to pay off the mortgage debts on the properties. Total mortgage debt on the over 200 properties is approximately $13 million, all of which is personally guaranteed by the Company’s largest shareholder, James Watts.

In March of 2014, Property Partners began soliciting competitive market analysis from Springfield, Missouri-based real estate firms. Those valuations came in at 45-75% of original bank appraisals, the higher valuations being barely adequate to pay off the mortgages on some individual properties.
Property Partners began listing for sale those properties whose competitive market analysis indicated a possible sale price adequate to satisfy the indebtedness for that particular property, and currently has over 100 individual properties listed. Response from buyers has been soft to date, with only 4 of over 200 properties going under contract.

Property Partners will liquidate its residential housing portfolio, attempting first to satisfy the outstanding mortgage balances. Upon complete payoff of all outstanding debts, the remaining proceeds—if any—will be distributed to unit holders. Shareholders are advised to assume such a distribution will not occur, but if it does, it will likely be two to five years away.

The impact of continued real estate valuation problems on the Company, coupled with its ongoing inability to raise additional capital, has hampered the Company’s stock since the inception of trading. Though prices have been quoted on the Over the Counter exchanges, very few shares have traded, or are expected to.
The Company currently has a civil action filed against Robert G. Sorensen, Patricia J. Sorensen, and Thomas R. Sorensen seeking $16,000,000 in damages for breach of contract and fraud. The Company currently has a civil action against Anton & Chia, LP seeking unspecified damages for fraud. If the company prevails, proceeds will be used first to reduce corporate debt after which any excess would be distributed to shareholders.

The Company has ceased trading. It’s remaining assets will be liquidated to pay off outstanding debt and negotiations with creditors to resolve outstanding debts—which exceed the expected value of its remaining assets—has commenced. Apart from successful collection on the above lawsuits, it is not expected that anything will be left to distribute to shareholders once the debts are resolved. Shareholders should consult their tax advisor regarding the possible deductibility of any potential capital losses.

The Company has terminated Hanover-Elite, the firm handling its shareholder relations. No further information is available at this time. Any additional information will be disseminated through www.JRHoldings.com as it becomes available.

[IPO$]

Kiss of death - FORM 15


CERTIFICATION AND NOTICE OF TERMINATION OF REGISTRATION UNDER SECTION 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR SUSPENSION OF DUTY TO FILE REPORTS UNDER SECTIONS 13 AND 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.




JAMES RIVER HOLDING CORPORATION

(Exact Name of Registrant as Specified in its Charter)

[Big Brother]

It's been disappointing to say the least. This is a real and promising company yet the lack of publicity and liquidity is absolutely killing it.

They obviously want it to start trading in the .30's, and they don't want to budge, however, problem is the few folks who know about it aren't willing to pay that.

Not that the company isn't worth it but again it all comes back to liquidity. If someone slapped the ask at .30 a year ago they would still be stuck in this today with no way out other than taking a huge haircut. There would be absolutely no way to even sell and get your initial investment back. There aren't many in the penny stock community willing to let their money sit in a totally & completely illiquid stock for years.

They need to let some shares go cheaper and just get it trading for now. Once folks get some shares in their hands then perhaps the word will slowly start spreading but something has to give.

Either hire an IR/PR company who knows how to get your company some exposure, let some shares go cheap and start getting on folks scanners or better yet....both....lol.

[IPO$]

Floating down the river to nowhere.

[Big Brother]

No idea, honestly I'm more concerned about the lack of liquidity here, there are Chinese scam companies and zombie tickers that get more volume then this.

They desperately need a PR firm that understands how to get the word out about this company, nothing too 'promotional' though.

Wonder what happened to the 4 acquisitions they had in the pipeline?

[IPO$]

How did the audit of the company go?

[Big Brother]

You know it's funny you always see people complain that there are no real or legit companies on the OTC or they can't find any that are real and I guess that's true to a degree.

However, whenever I do run across one that is 100% real and legit, like JRIV, they are usually illiquid and get little to no interest from investors.

JRIV needs a spark to get this trading or investors are not going to touch it, you would think just being real and legit would be enough but unfortunately it's not.

I'm not saying I think the company should run some sort of stock promotion, no way, that would only solve the liquidity issue in the short term after that no one would ever take it seriously again. However, it couldn't hurt for them to name drop their relationship with ....Walmart....in their next PR, that would surely get some folks attentions.


IMO management probably did not mention their Walmart contracts in PR's because they did not want to look like they were 'pumping' but JRIV desperately needs a break and that might provide it, I don't really see anything wrong with it.

[Big Brother]

Beyond the fact that this company has clients like Walmart and Tractor Supply Co this also has sort of an intangible factor of being an intensely religious owned company.

James River is essentially the Chick-fil-A of the asphalt/real estate industry, so I could potentially see this attracting many christian investors IMO.

Of course that's assuming the word ever even gets out on this one that is, right now it's ridiculously illiquid and that huge spread isn't helping matters any.

[Big Brother]

It's been almost a year since I've started following this one and we have had a grand total of what 25K shares traded total in that time, for a company who's clients include Walmart, Tractor Supply Co and Murphy USA. Might be time to start thinking about kicking Hanover Elite to the curb as they are not getting it done, not even close.........in fact it's a disgrace.

[Big Brother]

Getting bored waiting for this one to start trading, Barry needs to let a few go and get some action going. There is a lot of potential here, it's exceedingly difficult for penny stock companies to do business with Walmart and PaveCare is their go-to asphalt company for many of their locations, so the potential is there but it's just so incredibly illiquid. Granted a 1.5m float is tiny but this should still be seeing more activity then this.

[Big Brother]

They posted the presentation from the NIBA Investment Conference today, sounds like this company has a promising future. Four new acquisitions in the pipeline with $30M combined sales. PaveCare is already a top asphalt contractor for Walmart and Tractor Supply Co and Murphy USA are also interested in their services for their locations as well.

http://ir.jrholdings.com/presentations/view/64/niba-investment-conference

[Big Brother]

I have no shares here either, been on the bid for months but have not gotten anything as of yet, for that matter there has never been any real volume to speak either though, just a couple test buys here and there.

This is just starting out, it seems as though they want it to start in the .30's but they are going to have a hard time finding folks to slap the ask with such a massive spread.

Personally I think they should let some cheepies go to the early birds and get some action going on it...lol.

[db7]

yep saw that.. interesting.. i wondered what would happen if the .35 ask was eaten

is it a deal (?)

we will see.



fwiw: i have no position here

[Big Brother]

More news out today, it sounds as though PaveCare just signed a big deal with Wally World.

http://app.efcg.net/uploads/advisory/JRIV_PAVECARE_June_12_2013.pdf

[Big Brother]

News Out, would be nice to see them let some shares go here and get this thing finally started trading.

http://app.efcg.net/pressrelease/NewsRelease.asp?NewsID=3178

[IPO$]

The pcaob hit them hard. They laid off partners and closed their Chinese audit practice.

[Big Brother]

And very legit too IMO. I believe they were the first ones to expose the whole Chinese RM 'cooked book' scams a couple years back.

[IPO$]

They're expensive.

[Big Brother]

According to the 8K filed Friday the company is now using MaloneBailey, LLP as their new accounting firm.

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=9343541

[Big Brother]

According to OTC Markets they are utilizing

Stan J.H. Lee, CPA
Auditor
2160 North Central Road
Suite 203
Fort Lee, NJ, 07024
619-623-7799

[IPO$]

Anton Chia = auditors???

[Big Brother]

ONE TO WATCH – JAMES RIVER HOLDINGS CORPORATION (OTCQB: JRIV)

Hanover|Elite is pleased to introduce James River Holdings Corporation (OTCBB: JRIV), one of our valued, new clients. The attached fact sheet endeavors to provide greater insight and perspective on the Company's business plan centered on growing their portfolio of diversified, profitable, entrepreneurial businesses operating in mature markets.

Through strict financial discipline, rigorous analysis and valuation, and a refusal to overpay for acquisitions, James River's proven management team sets targets, monitors performance and concentrates on resource allocation and portfolio management to help optimize growth, profitability and shareholder value.

Current portfolio companies include Springfield Property Management, which owns and manages 217 residential rental properties in Missouri (96% occupancy) and provides turnkey property management solutions to other commercial and residential property owners; and PaveCare, a company specializing in commercial pavement repair and parking lot maintenance services, mainly to big-box retailers

To view the full fact sheet, please click on the link directly below; or to receive a complete investor kit on James River Holdings and/or to be added to the Company's email database, please contact Hanover|Elite at 407-585-1080 or via email at [e-mail]. Thank you!

Please click on the link below to view:

http://app.efcg.net/uploads/advisory/James_River_Holdings_Corporation_Corporate_Fact_Sheet.pdf

James River Holdings Corporation
Headquartered in Springfield, Missouri, James River Holdings Corporation is a diversified holding company engaged in acquiring controlling interests in established companies operating high growth, entrepreneurial businesses in mature markets. Current portfolio companies include Springfield Property Management, which owns and manages 217 residential rental properties in Missouri and provides turnkey property management solutions to other commercial and residential property owners; and PaveCare, a company specializing in commercial pavement repair and parking lot maintenance services mainly to big-box retailers. For more information, please visit www.jrholdings.com.


For more information on James River Holdings Corporation please contact Hanover|Elite at 407-585-1080 or via email at [e-mail].

Professional Regards,
HANOVER|ELITE
407-585-1080

[DOLLARLAND]

.01 Bid.

[Big Brother]

No not yet but I'll see if I can find out this week.

[ASK]

GM Bro

Any idea when this would start trading.

Thx

[Big Brother]

Thanks for the update, 10Q was out yesterday, really doesn't look too bad IMO, especially since they just started bringing in revenue from those 216($18M worth)residences they acquired.

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8924646

[p56]

I received a couple e-mails from the ceo...........the stock will trade right after the first of January!

[p56]

I hear ya.......I watch the new board page to find up-starts and such, could be a great time to get into this one, not sure what will be the bid here when it does start trading, I'm sure it won't be at.0001 however! GLTY

[Big Brother]

Not really sure when it suppose to start trading, just found this one the other day so still haven't really done much DD or contacted the company yet, it's on my list to do eventually though.

[p56]

I just called the company in regards to trading the stock......the guy I spoke to didn't know, he was a real estate guy. When is it expected to trade? TIA

[Big Brother]

Yeah your right according to his bio he has/had the most successful "We Buy Ugly Houses" franchise out of 300 franchises.

Though it does not trade now this could be an interesting one keep an eye on.

http://www.gsrealtors.com/about-us.php

http://www.jbarrywatts.com/biography.php

http://www.jbarrywatts.com/

http://www.linkedin.com/in/jbarrywatts

http://www.gigsalad.com/j_barry_watts_springfield

[p56]

this looks very promising,the CEO is the same guy that owns the "We buy ugly houses franchises" With the way the real estate properties are depressed this could not be a better time for this one. SS is at about 50 million I believe........Might have to pick-up a small position!

[Big Brother]

On watch here after an interesting 8K

http://www.jrholdings.com/

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8853634

Completion of Acquisition of Disposition of Assets

On August 15, 2012, James River Holdings Corporation (the “Company”) through its subsidiary Property Partners, LLC entered into an agreement to acquire all the assets of Springfield Property Management, Inc. including 12 single-family residential houses and nine undeveloped acres of land valued at $1,530,141 in exchange for the assumption of $1,197,896 of mortgages secured by first deeds of trust on the properties. The transaction was completed on September 25, 2012.

On August 15, 2012, James River Holdings Corporation through its subsidiary Property Partners, LLC entered into an agreement to acquire 92 single-family residential houses and two residential duplexes from Springfield Real Estate Fund 2009, LLC valued at $7,316,523 in exchange for 9,666,667 shares of stock and the assumption of $4,738,782 of mortgages secured by first deeds of trust on the properties. The transaction was completed on September 25, 2012.

On August 15, 2012, James River Holdings Corporation through its subsidiary Property Partners, LLC entered into an agreement to acquire 28 single-family residential houses from Springfield Real Estate Fund B-09, LLC valued at $2,346,758 in exchange for 3,333,334 shares of stock and the assumption of $1,529,492 of mortgages secured by first deeds of trust on the properties. The transaction was completed on September 25, 2012.

On August 15, 2012, James River Holdings Corporation through its subsidiary Property Partners, LLC entered into an agreement to acquire 26 single-family residential houses from Wilson Creek Real Estate Fund, LLC valued at $2,364,113 in exchange for 3,329,333 shares of stock and the assumption of $1,386,815 of mortgages secured by first deeds of trust on the properties. The transaction was completed on September 25, 2012.

On August 15, 2012, James River Holdings Corporation through its subsidiary Property Partners, LLC entered into an agreement to acquire 29 single-family residential houses from Railey Creek Real Estate Fund, LLC valued at $2,463,455 in exchange for 3,331,667 shares of stock and the assumption of $1,542,102 of mortgages secured by first deeds of trust on the properties. The transaction was completed on September 25, 2012.

On August 15, 2012 James River Holdings Corporation through its subsidiary Property Partners, LLC entered into an agreement to acquire 28 single-family residential houses from Jordan Creek Real Estate Fund, LLC valued at $2,415,300 in exchange for 500,000 shares of stock and the assumption of $1,871,195 of mortgages secured by first deeds of trust on the properties. The transaction was completed on September 25, 2012.

In summary, the above transactions resulted in the acquisition of 216 houses and nine acres of undeveloped land. These assets we believe are value of $18,436,290. The company issued 20,161,000 shares of stock and assumed $12,266,282 in mortgages secured by the assets.