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Yeah I saw that ... Almost had a heart attack !
YO YO we have a trade today !!!!!
Usually that is the day the new administration takes office... which in this instance could be dramatically more important than many past transitions. There will be changes at the SEC, and not just changes in motivation, focus or personnel there. I expect the Madoff scandal will not be the limit of the problems that will be addressed under new leadership rather than another added to a growing list... and I expect it will not be change at the SEC that defines the limits in "reform" applied to correct problems... Rather I expect that we may see the FBI and the new U.S. Attorneys with Justice doing the SEC's job in some part, while the SEC itself, or parts of it, are as likely to be the target of some of those efforts as participants in the cleanup.
JMHO, of course... but, the legacy of laissez faire re the rules and a blind eye re the law from the SEC under the two prior Administrations is due for a change. I still expect we have yet to see the beginning of the more literal aspects of "blood in the streets" as it applies to "correction"... and without it I expect without it we will not see a restoration of trust.
what's happening on Jan 20th?
Nothing here worth bothering to begin being excited about... at least until after January 20th... and then, it may still take a bit of time...
'doinit' I'm still here but not very excited to say the least.
where is everyone , used to be a exciting board !!!!!!
'doinit' Same ole same ole.
hey John,anything new today , any words of wit or wisdom???
we don't know , legal avenues are being tried , but probably nothing soon ,you could sell to take write-off and probably have lot's of time to buy back after 30 days !!!! all imo of course , it's what I'm doing !!!
Is this company toast ??? will it ever trade again ?? should we just take the write off (tax loss) or maybe wait it out ?
still calling John ????
Patience, patience, patience !!!
Report fraud. Fill out and send in.
https://www.csgrr.com/csgrr-cgi-bin/mil?templ=contact/report-fraud.html
I still call from time to time myself. That is just an answering service that puts you into a mailbox. I don't think anyone ever checks it though. His cell phone number is still working.
it would be real fascinating if he answered to hear what he had to say !!!
I am not holding my breath. However, I will continue pestering that prick Pagnum from time to time
Dude thanks for the up-date !!!! just wondering if it will ever trade again (up i mean )
Hello board,
Just called Kingslake, the receptionist put me directly thru to Pagnum's VM. I know I will not hear back from him and these efforts are futile, but want to let him know that I am still out here and not going away. I call him once a month or so. Hope some of you are doing the same.
Doug
I guess a couple of things come out of it, or will:
One, never give up. The only time you're actually out of the game is when you quit. If you are in the right, you should not quit. Hound them. Make them pay. It is good for the market to require actual accountability as the law requires, even if it seems the rules and enforcement efforts are designed to prevent that.
Two, things are almost never what they seem. That is a truth which cuts both ways, however... as in "assuming" that the protections you expect to allow you to get away with fraud... may not. Also applies to the regulators as well as the regulated, as in the assumption of many that the bureaucracy will shield you from the impact of your choices...
Three, don't be stupid, and when asked and given the option, don't volunteer yourself to be someone else's poster boy.
Four, things change. Sometimes that matters.
Thanks for your thoughts and info. This was my first Pinky, not a very good one to start out with! lol. Not really sure what to do with it if I can do anything at all. Don't have a huge position in this but still makes me wonder how many of these scams are out there, a lot I'm assuming.
Well, if nothing else, it gives you a benchmark on the market value of what was stolen from you... with a perhaps significant discount applied for the added risk of the buyers taking a disputed, possibly stolen property ?
There is still no clarity on HOW the theft was completed...
NAFG and JA White were clearly responsible... they FORMED KGLJ and were major shareholders, insiders by definition, and also as operator each had a fiduciary responsibility to KGLJ shareholders.
KGLJ met the contract terms on the well development project, so was the owner of the completed wells...
Which doesn't mean that they didn't complete some "transaction" or "transactions" with KGLJ that we are not being told about... to try to paper over the obvious appearance of general corporate malfeasance or theft... which transactions may have nothing to do with the legality of what was done.
White is no longer openly serving on the boards of the complicit partners who helped enable the effort... and it seems he has decided to keep a low profile for a while...
The stock prices of MGWSF, EGYF, PXXFF, and ITME have clearly been hurt by the association with White and his history of oil and gas related stock frauds.
I expect it is an open question what sort of pay off was arranged for JP... My read on it is that he was either "willingly coerced" into his role in participation, or was directly threatened with violence to ensure his cooperation. I think he likely was a non-executive employee doing field work on projects for the EGYF - Megawest joint ventures...
Otherwise, all is in a black box on both sides... I have handed off to others.
What does this mean for us? Anything? Can anything happen that will move this thing and maybe be able to be traded again?
Looks like they may have completed a sale of the KGLJ assets:
http://www.tradingmarkets.com/.site/news/Stock%20News/1696075/
GALE FORCE PETROLEUM INC. ("GFP") BULLETIN TYPE: Property-Asset or Share Purchase Agreement BULLETIN DATE: June 18, 2008 TSX Venture Tier 2 Company TSX Venture Exchange has accepted for filing the documentation pursuant to a Letter of Intent dated May 7, 2008 between the Company, Derby Resources LLC ("Derby"), Wind Hydrogen Limited ("WHL") and NAFG, LLC ("NAFG"), in connection with the acquisition by the Company of a 50% interest in the Kentucky Shale Gas Property (the "Property"), inclusive of 22,000 acres of oil and gas leases, 9 gas wells and 5 miles gathering lines, including compressors, all located in the State of Kentucky, United States, from NAFG. The acquisition price payable consists of US$2,500,000 in cash (of which US$1,250,000 is payable by the Company) and a 5% Net Profit Interest ("NPI") payable to NAFG on production from geological formations below the Devonian (the Company being responsible for half of the NPI in proportion to its ownership of the property). The Company's two joint venture partners, Wind and Derby, will hold the remaining 50% ownership in the Property. The Company has confirmed that it deals at arm's length from all other parties of the transaction. No shares will be issued in consideration of the acquisition. For further information, please refer to the Company's press releases dated May 7, May 15, May 29 and June 13, 2008.
I get lots of anomalies like that in may account. Actually When I was finishing up an application for a business loan the guy was right in my office and asked about equities. I told him I didnt include that account in my net worth statement as it is play money and I could piss it all away in a few bad days. He wanted me to print it off. I still have the copy when I had two equities one being GVRP valued combined of $1.2 Million. The account actually had about $15,000 worth of net value. I had to cross it out and state real values as I didnt weant to be borrowing against false info.
WHOAAAAAAAAAA if I didnt that borrow against false assets - Heck I could work on wall street
KGLJ,looks good "masontrend", check back through "downsideup's" posting !! he's the one with a legal thing on this stock !!! not to good for awhile, but, if it comes back to investors , will be real good for us !!!!
Looks like a paint job though .
facinating, isn't it ??? check on cwrm yesterday , my tda account says up 6,528%, !!!!
KGLJ up %4,900...eom
someone put through a little buy, makes the sp increase look great !!!!
some people's thinking can be so stuck on an objective , they can't see the trees for the forest , or viceversa ! extremely short term thinking !!!
I don't think anything has changed...
I'm holding and waiting for the legal process to work...
Otherwise, my current KGLJ comparable risk and long shot is PGPM which could deliver an interesting ride soon. At PGPM it looks like when they got lucky, they had the same option as here to either try to steal the value in the assets they found, or align interests with the shareholders for mutual benefit, and they have more wisely opted to generally align ownership interests with the shareholders and NOT just steal the assets from the shareholders outright... while, at least, posturing to make it look that they were ? It seems they have either altered course, or succeeded in making it look like KGLJ in order to drive a large degree of undervaluation in the shares that they could exploit... which is what I expected would happen here, too... since the assets ARE real.
Still a lot of the same sort of black box issues at PGPM as here, but, at PGPM they are resolving them by moving up market and becoming a reporting company... a more satisfying result than the KGLJ "steal the assets and then try to run away" approach.
Pagnum still seems only a perhaps a too willing patsy... put up by White to posture as CEO, because no one in their right mind would have trusted White after Oklahoma. Pattern seems consistent, too, with other companies White operates from behind the scenes as puppet master. And EGYF isn't doing all that well either ? Still seems likely to me that Pagnum was really only ever a low level employee at MGWSF who got strong armed into it... or was paid to posture and play the role.
KGLJ still looks to me like one of those ridiculous situations where if they had put half the effort into making the company a success as they put into operating it as a scam, they would have made a WHOLE lot more money for themselves, and for shareholders, with a lot less bother, and WAY less trouble. When you're legit, one of the benefits is you don't have to fence the goods for $0.01 on the $1 ? These guys were just buffoons... preferring to screw themselves while working over the shareholders... rather than make $$$. The KGLJ story belongs in one of the "stupid criminals" segments on TV.
I guess it boils down to patterns of behavior, and people doing what they do that they are comfortable with, instead of what they should or could do that makes more sense... some bad actors are bad only because they want to be, not because it makes more $$$ sense than the alternatives.
What's going on here???
Thoughts??
Anybody try to make contact with company lately?
traded today !!!
200,000 not toooo shabby!!! Interesting!
Any good news directly for Kingslake Energy, not for the whole market?
What's happening with the stock? A rise of 300% in the stock chart? wow
yeah, I know the feeling !!
Some people, too...
I didn't get a full night, last night...
Maybe a tad punchy, lapsing into occasionally brain dead this afternoon.
Good news ? Where ? LOL!!!
I think there is some, actually, for the markets, but it is only in terms of that "relative" to other news...
Against expectations, it turns out that much of the rest of the world still depends on the American market to support their local economies, one way or another...
Our outlook isn't great, but it is perhaps less problematic in financial terms, and "real" terms, than it is being painted, but it is looking more like we really are less bad than others...
some systems work slow, real slow !!!
Nothing. I saw a trade, which turns out to have been on 10/3 for 1.17 million shares... but it is the last thing my system shows, so I thought it was current...
there is always more bad news , the media never shows enough good news , not enough sensationalism in good news !!!
how is the co. ?? any new info ??
That, incidentally, is a reason to reserve commitment to the strength of any rally in this market. A couple of banks blowing up and a short term credit freeze is still relatively small in impact relative to things which might eliminate larger trust in the market itself... combine leverage and fraud in clearing functions that officially sanctioned counterfeiting of shares... differential treatment that turns "equal protection under the law" on its head... and interventions that pick winners and losers, apparently randomly... and you might expect that not all the bad news is fully out there yet.
No way to know... Whatever it is the gubmint does, it is all inside the black box... and no one will know anything... until they do. Doesn't mean you can't encourage them, help if you can, carrot and/or stick as required, etc.
I don't know if I'd posted on that topic here before or not... but many months ago I was posting about the impacts likely to occur WHEN the market reacted to the obvious excesses... pointedly including the problems inside the government agencies apparently rife with regulatory malfeasance. I still think it is VERY likely that it won't be just a couple of CEO's that end up holding the bag this time around... incestuous relationships will out.
Is the legal system pursuing any legal action against KGLJ? I wouldn't even know where to look to find such things other than here on this board.Thanks for the information. I enjoy reading your posts and have learned a great deal from them. Good to at least hear something even if it's not the best news for shareholders. Thanks again!!!
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