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How can I determine when my 46,500 shares of NSOL/USFF are deemed zero value in order to claim the loss on my taxes? I have researched several boards and it appears the last posted value was Feb 5, 2014. And their bankruptcy was reported this past fall. Any suggestions? Thanx!
RS & Shkreli stories have erie similarities
Seems Drinkwater and Co should be looking over their shoulders
Appears agents are digging into lawyer buffeted schemes.
phantom of course he is to blame. no one else
Was USFF a Scam lead by Rob Schwartz
Phantom X raised the question of whether USFF was a scam and whether shareholders should pursue some form of legal action. Rather than state an opinion or provide a recommendation, I thought I would respond by providing some informational ‘dots’ which shareholders can connect as you see fit and raise some questions to which shareholders may want answers. This post is not intended to be an all inclusive list of informational dots or questions; this is just some of the information available from public sources.
If, after reviewing this post, there are shareholders who are interested in more information regarding USFF, including non-public information, retain an attorney and have that attorney contact me.
Consider the USFF SEC filing, made on August 21, 2012, regarding a Stock Purchase Agreement (SPA) with G & A Capital and available online at [url]www.sec.gov/Archives/edgar/data/1116112/000139834412002707/fp0005402_8k.htm:
***
Item 1.01 Entry into a Material Definitive Agreement
On 10 June 2011, the board of directors ratified a Stock Purchase Agreement entered into between G&A Capital Development, LLC and Nuclear Solutions, Inc. on 12 May 2011. Under the terms of the Stock Purchase Agreement, G&A Capital paid Six Hundred Sixty-Two Thousand Five Hundred Forty Dollars And Thirty Seven Cents (US $662,540.37) for One Hundred Sixty-Four Million Four Hundred Two Thousand Seventy-Six (164,402,076) common shares.
To facilitate the transaction contemplated by the Stock Purchase Agreement, the board modified the corporate Articles of Incorporation and Bylaws, including the following resolution:
RESOLVED, that the corporation will have authority to issue Eight Hundred Fifty Million (850,000,000) shares of stock in the aggregate. These shares will be divided into two classes. The number of authorized common shares in the Articles of Incorporation is changed to 800,000,000 (Eight Hundred Million) shares authorized with a par value of $.0001, and the number of preferred shares is changed to 50,000,000 (Fifty Million) shares authorized with a par value of $.001
Under the terms of the Stock Purchase Agreement, the $662,540.37 was placed in escrow and used to retire in excess of 75% of the outstanding corporate debt.
***
The ‘facts’ in the last sentence of this filing are inconsistent with ‘facts’ in other USFF SEC filings and other public information: there never was a lump sum of $662,540.37, there never was an escrow and 75% of the USFF corporate debt was NOT retired.
The assertion that USFF conducted a transaction with G & A Capital Development contradicts the records of the NJ Secretary of State; there is no evidence that G&A Capital Development ever existed as a NJ limited liability company. Visit https://www.njportal.com/DOR/businessrecords/EntityDocs/BusinessStatCopies.aspx and conduct a business name search for a New Jersey LLC named “G & A Capital Development”; the search will return no records.
An edited version of the G & A Stock Purchase Agreement (SPA) was filed with the SEC in 2013 and is available online at http://www.sec.gov/Archives/edgar/data/1116112/000114420413042758/v351020_ex10-1.htm.
Examine the language in paragraph 1 and the dates of the ‘investments’ listed in attachment 1 to the SPA. If Attachment 1 is accurate, there could never have been a lump sum of $662,540.37 to put into escrow in May 2011 when the SPA was executed unless the $90,000 from March 10, 2010 and the $155,000 from April 13, 2010 was held, unused for over a year until the SPA was signed in May 2011.
Note that paragraph 1 of the SPA identifies an ‘Escrow Agreement’ which is purportedly attached to the SPA as Attachment 2. There is no Attachment 2 to the copy of the SPA USFF filed with the SEC, perhaps because, like G & A Capital itself, Attachment 2 never existed and there never was an escrow of any funds.
Note that paragraph 2(f) of the SPA calls for issuance of a warrant to purchase additional shares for an aggregate price of $2,000,000. While paragraph 2(f) recites that a form of warrant was included as Attachment 3 to the SPA, the copy of the SPA USFF filed with the SEC does not include an Attachment 3, perhaps because, like G & A Capital itself and Attachment 2 (the Escrow Agreement), Attachment 3 never existed.
This raises at least three questions:
1. What due diligence did USFF officers and directors conduct regarding G & A Capital Development?
2. Did Bagot sign and implement an incomplete agreement in May 2011?
3. Did Drinkwater, Bagot and Chady approve an incomplete agreement in June 2011?
Applying simple math to the provisions of paragraph 2(f) of the SPA establishes a share price of $0.004 per share ($2,000,000 to purchase 496,277,915 shares of stock). Using this valuation, 300,851,000 shares should cost $1,212,429, yet in multiple SEC filings, USFF asserts that G & A Capital obtained 300,851,000 shares by exercising a ‘cashless warrant’.
Note that paragraph 4.4 of the SPA omits the address for notices to G & A Capital Development, LLC. The address included in the actual SPA but intentionally deleted from the copy of the SPA filed with the SEC, was:
G & A Capital
One Miss America Way
Atlantic City, NJ 08401
That address is the address of the Atlantic City Convention Center and a phone call to the convention center will reveal that G & A never had an office there. Perhaps the address was intentionally omitted to avoid revealing a material fact that might raise questions about the existence of G & A Capital and the validity of the SPA.
Enquiring minds may want to look at corporate governance, specifically how the board that approved the G & A Capital SPA was ‘elected’ and maintained in power, supposedly acting as fiduciaries for you as a shareholder. Before you review the following, ask yourself:
• Do you recall ever receiving a notice of a USFF annual meeting?
• Did you ever attend a USFF annual meeting?
• Do you recall ever being asked to send, or actually sending, your proxy to vote in the board elections conducted at a USFF annual meeting?
Now consider one sentence regarding annual meetings and board elections that is repeated verbatim in multiple USFF SEC filings: “Each director is elected at our annual meeting of shareholders and holds office until the next annual meeting of shareholders, or until his successor is elected and qualified.”
(http://www.sec.gov/Archives/edgar/data/1116112/000114420413042758/v351020_10k.htm), at page F-20 of the 2010 10K;
(http://www.sec.gov/Archives/edgar/data/1116112/000114420413047620/v353019_10k.htm, at page 20 of the 2011 10K ;
(http://www.sec.gov/Archives/edgar/data/1116112/000114420413067721/v362810_10k.htm) at page 35 of the 2012 10K;
(http://www.sec.gov/Archives/edgar/data/1116112/000114420414009810/v368506_10-12g.htm) at page 10 of the Form 10 filed in 2014.
This statement regarding annual meetings and board elections was certified by Bagot in all of the 10Ks and Form 10s; Chady certified the statement in the 2010, 2011 and 2012 10Ks. One of the 10K certifications can be seen for Bagot at http://www.sec.gov/Archives/edgar/data/1116112/000114420413042758/v351020_ex31-1.htm and for Chady at http://www.sec.gov/Archives/edgar/data/1116112/000114420413042758/v351020_ex31-2.htm.
As you will see, the certification language includes, in part, that:
“(2) Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this annual report;”
This raises at least two questions:
1. If there was no annual meeting and no board election in 2010, 2011, 2012, 2013 and 2013, is certifying that an election was conducted at an annual meeting in each of those years an untrue statement of a material fact?
2. Is it possible that the CEO (Bagot) and the CFO (Chady) did not know that there was no annual meeting and no board election in 2010, 2011, 2012, 2013 or 2014?
Review the articles of incorporation and bylaws USFF filed with the SEC at http://www.sec.gov/Archives/edgar/data/1116112/000114420413042758/v351020_ex3-1.htm and http://www.sec.gov/Archives/edgar/data/1116112/000114420413042758/v351020_ex3-2.htm, respectively and then ask yourself at least two questions:
1. Is there any provision in the articles of incorporation or bylaws that provides an exemption from the requirement for an annual meeting and an election of directors?
2. If the board had a secret agreement to forego annual meetings and board elections, would failure to inform shareholders of that fact in SEC filings be an omission of a material fact that should have been disclosed in order to ensure that a filing was not misleading?
Look again at the G & A SPA; that transaction was proposed by Schwartz and approved by Drinkwater, Bagot and Chady. G & A obtained a total of 465,253,076 shares of USFF stock, 164,402,076 shares of stock from the SPA itself and another 300,851,000 shares from the ‘cashless warrant’.
If your brain did not explode the first time you tried, pause here and take another shot at reconciling a cashless warrant for 300,851,000 shares with paragraph 2(f) of the SPA setting a share price of $0.004 ($2,000,000 for 496,277,915 shares).
Tracing the stock is important, for now just consider what the SEC filings show: 190,432,576 shares – over 40% - of the G & A shares went to parties involved in proposing and approving the transaction. After the G & A SPA was approved by Drinkwater, Bagot and Chady, Drinkwater received 76,050,000 shares, Bagot received 33,000,000 shares, Chady received 10,000,000 shares and Reyna & Associates, a company controlled by Rob Schwartz, received 71,382,576 shares. See, for example, pages 5, 39 and 40 of the USFF 2012 10K at http://www.sec.gov/Archives/edgar/data/1116112/000114420413067721/v362810_10k.htm.
Enquiring minds may want to identify the source of the funds described in Attachment 1 of the SPA and ask at least three questions –
1. What was the source of the $662,540.37 referenced in the SPA?
2. How much of the alleged $662,540.37 from the SPA was provided by Schwartz, Drinkwater, Bagot or Chady?
3. How often does an investor put money into a company so that stock can be issued to a third party?
Enquiring minds may also want to dig a little deeper to examine shareholder lists and track stock holdings and transfers, with a special focus on shareholder last names and family affiliations.
Phantom X said “I think we were all scammed” and that Rob Schwartz was the ringleader. If by “scammed” Phantom X meant being victimized by a scheme to make money by dishonest means, perhaps shareholders should consider conducting some basic background checking. This could include
1. Reviewing a February 21, 2014 article on Rob Schwartz available at http://www.nj.com/gloucester-county/index.ssf/2014/02/washington_township_man_gets_5_years_probation_for_stealing_in-laws_mortgage_money.html . Here is a portion of that article:
Schwartz — an entrepreneur who studied financial management at Drexel University — pleaded guilty in October [2013] to theft by deception. He admitted to stealing funds meant to pay the mortgage on the Gloucester Township home his sister-in-law, Karen Giosa, shares with her husband, Frank Giosa and their two children.
Frank Giosa said Schwartz took $175,000 from him and his wife in 2007, having agreed to use it to pay the mortgage. After some time, he stopped making the payments. But he didn’t tell the Giosas, Frank said.
“We didn’t know what was going on until we got a foreclosure notice,” he explained after Friday’s sentencing. That foreclosure notice came in 2009.
2. Scrutinizing the timing of Rob Schwartz’ ‘resignation’ from the USFF executive committee in August 2012 (http://www.sec.gov/Archives/edgar/data/1116112/000139834412002954/fp0005501_8k.htm) and his indictment for theft by deception in October 2012 (http://www.nj.com/gloucester-county/index.ssf/2012/10/gloucester_county_indicts_30_s.html).
3. Reviewing Civil Action No. 09-CI-00931, Franklin Circuit Court, Commonwealth of Kentucky; the end result is that a USFF investor obtained a $728,677.60 judgment against Schwartz for breach of contract relating to a USFF investment.
4. Investigating the facts behind the ‘settlement’ with Larry Harris referenced in SEC filings.
5. Examining the filings made in the USFF Chapter 7 bankruptcy, pending in the US Bankruptcy Court in the Eastern District of New Jersey, Case Number 14-35701-GMB – US.
So there is no misunderstanding, I have no intention of engaging in an endless debate on this forum regarding anything and will not communicate with people who keep their identity hidden behind a forum pseudonym.
On the other hand, if a shareholder or a group of shareholders decide to investigate USFF, retain an attorney and have that attorney contact me; I am prepared to share what I have with your attorney.
Thanks brother, I appreciate the tip and will keep an eye on it. Good luck to you also
It sucks for everybody shareholders and management. Harry blew his own money and time as well. Everyone did. It was my biggest lost and just bad timing for oil and gas plays. I did bet heavy on a hedge in case Oil and Gas did fail and I still have once chance for a heavy hit on a hydro dam project in Albania.
Check it out as I have done extensive DD on this one. 3Power Energy (PSPW) which is currently dormant but they did commence operations of a subsiduary which commenced operations after 3 years of silence. These guys are the same guys who own the Dubai Sports Center, the Falak Holding Group, multi billionaires.
Bet $3k-$10k and sit on it. If they construct the dams the stock price will be an instant $4-$8 a share and make a a couple hundred multibagger. Good luck PhantomX!
It just sucks dude, I thought Robert was a friend and I feel like I was betrayed. Promises were made that were never fulfilled and the frustration just spilled over to an argument that I know I will probably regret. I had close friends of mine who also bought the stock and lots of it and I feel as though I let them down. May be he is not to blame, I dont know but someone should have to take responsibility
Forget this man its dead. Waste of time and its still in bankruptcy!!!! Everybody lost money because of oil and gas investments in general were hyped by Wall street and the news media due to $100/barrel oil. We will never see that again for 10 to 20 years. Market condition do not support these projects currently and with Iran oil coming on line its even going lower as the economic battle between Saudi and Iran takes place. Oil goes up and bust all the time, 1980s, 1990s, 2010s, and yes probably 2020s. The world is awash of oil. All oil and gas projects failed in the last 3 years look at the price of oil. This project would have failed too even if they got the financing it probably would have been foreclosed on too. Projections were something like $55 a barrel. We are not there now.
If you want a stock to potentially make your money back I found one in Dubai a Holding Company of IPOs that is at 3.6 cents. GEQU check it out if you have time. I speculate that it will be 25 to 35 cents by the end of this year. Institutional buying started on Friday with an uplist to OTCQB. This stock is in the top 0.1% on OTCQB and most read and watched. $400k cash flow today which was an increase from the $50k to $120k it was 3 weeks earlier. These are my opinions and Goodluck!
Can I Deduct a Stock Loss Due to a Bankruptcy?
by John Csiszar, Demand Media
Stock in bankrupt companies is usually deemed worthless.
If a company goes into bankruptcy, the stock can drop dramatically and often stops trading on the stock exchange. Generally, you have to sell a stock to claim a capital loss, so a bankrupt stock can cause problems. The Internal Revenue Service recognizes this difficulty and allows you to deduct stock losses due to bankruptcy. However, you must carefully document the stock's worthless status. Most brokerage firms also provide assistance in unloading bankrupt stocks.
Form 8949
Form 8949 is a worksheet you have to use when filing capital gains or losses with your taxes. The information you enter on Form 8949 ultimately gets entered on Schedule D and transferred to your Form 1040. To deduct a stock loss due to bankruptcy, enter the information regarding the stock on line 1 of Part 1 or line 3 of Part II, as you would with any other stock sale. Under the sales price column, enter "worthless." For tax purposes, you should enter the last trading day of the year as the sale date for a worthless security, according to Bankrate.com. Check the box indicating that this transaction was not included on Form 1099-B, which lists all regular stock transactions.
Documentation
In the event of an audit, the IRS will want to know how you arrived at a valuation of "worthless" for your security. Bankrate.com suggests that you keep documentation of when the stock became worthless and how you made that determination. Anything that demonstrates the impossibility of that stock providing any return to investors will suffice. Examples include canceled stock certificates, evidence that the stock no longer trades on any stock market or the non-existence of the company should suffice. Some firms will allow you to sell worthless stock for penny in exchange for signing a "tax loss" letter. Since the letter shows that you have relinquished all interest in a stock, it is an easy way to document your loss. Obviously, if you do sell your stock lot for a penny, you should enter the actual price on your tax forms, rather than writing "worthless."
Capital Losses
Once you have documented your loss, you can deduct your stock loss just like any other losing stock sale. Using Form 8949 and Schedule D, offset your gains and losses to determine your net capital gain or loss. If you show a net capital loss, the IRS allows you to offset an additional $3,000 of income. If you have a significant loss, you can carry that loss forward into future years, offsetting capital gains and $3,000 of income per year until your total loss is depleted.
New Shares
While most bankrupt stock ends up worthless, it's possible that you will get new shares of stock when a company emerges from bankruptcy. While this is a rare occurrence, it's possible that the stock you thought was worthless when a company declared bankruptcy will actually find new life when the newly reorganized company comes out of bankruptcy. In this case, your stock will not be worthless. However, you can still sell it and deduct the loss if it sells below your original purchase price.
Oil and Gas projects all around failed. Get use to the idea! If they built those plants we would be in the same situation. Look around even HIIT failed too! All the new companies failed majority of them in the last 3 years. USA Synthetic Corporation the biggest of them all failed as well. Pacific Ethanol is holding on by a thread and will probably fail as well.
I think we were all scammed and i think robert schwartz was the ring leader, I lost quite a bit of money on this stock by listenting to what robert was saying, i also had lots of friends who lost money on this stock for the same reasons. I dont think we should allow them to get away with this, i think we should stART A CLASS ACTION LAWSUIT against all the characters that were involved in this. If anyone agrees i am sure we can find an attorney to take this case on. Send me a private reply and we can discuss this further if anyone thinks we were screwed and we have a shot of recovering funds, since the bankruptcy was never completed, only filed i cannot even right off the losses against my tax returns, looking forward to hearing from someone or many i hope
yes mlm you were correct. I have learned a big lesson. wonder how doc explained that loss. it is a shame. ceo that was fired was not problem we all no who the prob was. it was a fun expensive life learning experience
nobody left, and not much more to say about this brazen scam.......
BTW, wonder how Brent Yonts is doing????....it's one thing for penny stock operators to do their thing, but another for a politician to be an accessory to the deceit on his constituents....hope those curtains were worth it!!!
http://www.lrc.ky.gov/legislator/h015.htm
Just checking to see if anyone ever looks at this board? LOL!
if anyone here remembers Elgindy, the rumor is he committed suicide recently:
http://www.sandiegoreader.com/news/2015/jul/25/ticker-anthony-elgindy-dead/#
hate to say I told you so........but I did!!!
(the general "you", being nobody in particular......)
RIP NSOL! Was a lotta fun back in the day...
So we can write this off for 2014 taxes, right?
seems Harry has a new job. If you have LinkedIn you will find him.
What part of bankrupt don't you understand...We are done!!!
Wow maybe thier is hope thats a good g move
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): December 23, 2014
U.S. FUEL CORPORATION
(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
Nevada 000-31959 88-0433815
(STATE OR OTHER JURISDICTION OF
INCORPORATION OR ORGANIZATION)
(COMMISSION FILE NO.)
(IRS EMPLOYEE
IDENTIFICATION NO.)
277 White Horse Pike, Ste.200, Atco, N.J., 08004
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
(856) 753 - 1046
(ISSUER TELEPHONE NUMBER)
Copies to:
Hunter Taubman Weiss LLP
130 w. 42nd Street, Suite 1050
New York, NY 10036
Tel: 212-732-7184
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a -12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d -2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e -4(c))
Item 1.03 Bankruptcy or Receivership
On December 23, 2014 (the "Petition Date"), US Fuel Corporation (the “Company”) filed a voluntary petition for relief (the "Chapter 7 Petition") in the United States Bankruptcy Court, District of New Jersey (the "Bankruptcy Court") seeking relief under the provisions of Chapter 7 of Title 11 of the United States Code (the "Bankruptcy Code"). The matter has been assigned Case No. 14-35701.
SIGNATURES
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 hereunto duly authorized.
US FUEL COPORATION
Date: December 29, 2014 By: /s/ Stanley Drinkwater
Stanley Drinkwater
Chairman of the Board
(Authorized Signatory)
Hey Joe,
Let us know how your lawsuit is going.
The only person that can help you is Fred Frisco if he is still around. Or maybe this is Fred!
Adam filed a whistle blower case to get 1.7 million cash in back wages. His case is before an ALJ.... Adams used WestPiont creds to get FINRA to hold up approving us from trading. Global is a problem, I have read an internal independent legal analysis, (which I think the will release soon) that convinced me there are no merits to Global's case. But its Adam's case that is holding things up.
I investigated his background back when FFI paid him 20K to raise money. I told the company then he was a fraud, but the Kentucky folks loved. Then I warned ES about Adams when I saw that got onto the board. Remember the RB posts he made... Jus take a look, this guy was West Grad then went Hastings law school in SF CA. But he has done nothing in business, except hook with veteran's org and wiggle into a few Gov sponsered veterans work program. He has no real credentials, I mean he was working USFF and alleges we owe him 1.7 millions dollars.
I'm digging out all my case investigation work and sending to the ALJ, maybe the court will take a second look at Adam's credibility. If any of you know anything about him, share it. WE ARE NSOL< USFF SURVIVORS... we can't let this guy bring us down. help me..thanks
So is it HIS demand for $$$ that is causing the current problem or is it the Global mess?
That's Paul Adams.. sorry, Im so pissed.
Now Paul brown lives in his mother's bedroom and continues to perpetuate his frauds ad blackmail. I warned RS about Adams, but the Kentucky folks wanted him and Luck. I hope they finally understand their stupidndty.
I got to the bottom, remember Paul Adams. FFI paid him20k to get funding, but he was a fraud he never got a single investor and his resume was BS, he raised a nickel for any company. Herda tried to get the money back, but couldn't get support from FFI or NSOL board, lead to Herda leaving, THen Paul Adams snaked his way into USFF with Mr. Luck. it was the Kentucky folks who Paul;s Adams BS, Now Paul is the one stopped the FINRA process demanding 2 million dollars cash in back wages. Un friggin believable.
His whistle blower complaint is absolutely a farce, but he uses his WestPiont badge for creditability. But he is a liar and I can prove it. All shareholders should contact the ALJ handling Adams compliant and express our outrage. Paul Adam is a fraud and he is responsible for our losses.
As you can see the court order on 9/11/14, dismissed all causes of action against USFF. Unfortunately without prejudice, which allowed Global to refile 4 times before manufacturing a cause of action that has survived so far. But it Paul Adams whistleblower complaint that has killed us. NSOL should have listened to Herda years ago and slammed Paul Adams.
We have to act. I will
JOECraig,,,, PLEASE DELETE MY POSTS. They are inappropriate and don't help the company.. I was just pissed at Global, but I know RS did everything he could to settle the matter.
But this just my thoughts. I also know how hard RS worked to get the company back on the boards and he probably did everything he could to try and resolve the issue. He had every incentive to resolve it .....
That's way I think we shareholders should go after Global. They are the cause
Between RS and Drinkwater they probably own or control about 400million shares. You think they could have come up with enough shares 6 months ago to settle the lawsuit. But again knowing how RS treated my contract, I can only imagine what he did to Global and now Global has no reason to settle. I think Global is willing to spend the money and go to trial just out of vengeance because they have nothing to gain,,,,
I haven't seen USFF's answer to the Complaint and or if they made a cross complaint. The point is that Global,s allegations of wrongdoing have survived and according to Dave, it sounds like the company can't resolve the complaint with any motions, they have to defend it or settle it. IMO, the company should have settled tis matter 6 months ago, but greedy people thought they didn't need to protect shareholders. Now they lost too. Id say Drinkwater gave some bad advice and he should have been the 1st to step with shares to settle. The problem is Global may right! But until n independent attorney reviews all the case documents, we don't know if a class action is even viable. We may have a better case against Drinkwater
However, based on my person business experience with RS, I tend to believe there are merits to Global’s Complaint and we would only discover that the demise of the company was caused by management. But I don’t know the facts. I do know that FINRA believes the company acted inappropriately to the extent they won’t allow the company enter the public market.
I AM DEFINITELY IN ON THAT!!!!!
The only way to save us is a shareholder class action against Global, if its BS like RS says. Need a few hundred shareholder to pony up a few bucks each.
Hey Joe. If you don't realize I am not defending anyone. The phone number works. Maybe you should wake up. And the microscope was already shoved up their ass in the form 10 or don't you remember that.
As for me this is my last post. I wish all a great future.
I'm not sure what kind of conspiracy you believe is going on here,
but I am not Dave. Vamm is not an alias for Dave.
I was just curious about you intentions to sue. Being inept is a shame, not a crime. If you know of illegal activities that are legitimately actionable, as an investor who has lost money, I would be interested in you sharing. If you based your purchase of this stock from what you read on this message board, well.... Before you retain an attorney, however, I would research how the plaintiffs against Enron are doing. Just saying...
Hey Dave you sure are doing a lot of explaining for your good friend Rob aren't ya?? Cmon were not a bunch of idiots here, what exactly would Global have to gain from pushing a law suit on a "broke" company that doesn't even have a backer with a lousy 2.5 million to keep this thing going until we get a resolution when there is soooo much to lose for people like Rob and Stan?? Pleas explain what Global would be suing for because I'm pretty sure that suit was dropped about a year ago in Federal court as there were several of your alias's stating so with links to the website, so what is this another piss poor excuse as to why you can't move forward when you really just won't move forward?? You ask what kind of illegal activities mr alias Vamm, well it begins with a big capital F for FRAUD, and then it goes much deeper like pumping a worthless penny stock on a public message board under certain alias's and then nothing gets done, I'm sure the Feds can track the alias's through email, then back to the computer so fake names to open those emails go out the water when when the Feds track a certain few that made BIG claims to pump this bit** the last few years, and it would be worth the sweat off the balls of so one like me to see that investigation transpire and see the dirty sh** fu**s running this thing and seeing the misleading frauds all go to jail for awhile! Hey probation is good enough for me because it will be on the records of those behinde this and they can never do this to a whole group of investors again! So has Rob really gave up because there is another step for a few of us here and the legal process is never fun but sometimes it's how we get justice! Also your a lying co** sucker Dave, not just because of the lawsuit excuse that is supposedly what's holding this up and inevitably lead to the companies failure, but also because you gave us a bogus number to get ahold of yourself Rob! That number hasn't worked since the day we missed filing the quarterly, you should know that better than any of us, and guess what it doesn't say thanks for calling us fuel corp, it says the Verizon wireless customer you are trying to reach is out of service or whatever, so don't give us a bogus number and then give us that line of b.s about how you can reach call the company or Rob for your selves, we have heard that for years and I'm not going to put up with you making that your last line before the big exit, because I'm sure this alias is attached to someone that knows a lot more about what is going on then your letting on to, you just don't want to address the tough questions so you mark it off with a lawsuit that was dismissed in the past, and then try to smooth it over with a fake phone number that don't even work for the company anymore! We want some ANSWERS and we want them fast, or else this probably won't be a good holiday season for the insiders when there is a micro scope shoved up their ass!
STlogic or anyone else. 856 753 1046. You can reach Robert there if anyone wants to chat with him.
Case # Robert?.... you hear AG filed
charges against bil Alverson recently
for restricted shares sold by him
seems Feds are wisen up to the games
better late than never
Basically usff is finished!
I have had a chance to discuss with Robert and here is the low down.
Fact 1. Global has re-filed a law suit 4 times before they were able to finally get something to move forward against empyream. US Fuel is additionally named and they are trying to collect approx. 42million dollars. What the law suit is in reality no one knows but US Fuel will have to defend the allegations.
Fact 2. It will take approx. 2 years to get to trial of which we would win but it will take 2 years. Then you have to assume that global will appeal the decision. So now we are looking at 3-3.5 years to conclusion.
Fact 3. Finra will not let US Fuel trade until lawsuit is concluded.
Fact 4. Global in their pleadings bragged / boasted / patted their back that they were the ones to get the 12J initiated by the SEC which then removed the companys ability to raise funds.
Fact 5. And the clincher. It will cost approx. 2-2.5 million doillars to litigate against global over the projected next 3-3.5 years to its final conclusion.
Fact 6. Who in your opinion is going to front 2-2.5 million dollars for frivolous litigation. Not Robert, Not anyone in their right mind.
So in conclusion maybe you should focus your frustrations on Global. I for one told Robert he is an idiot if he even thought of raising and throwing 2 million plus out the window for nothing. Not that he could raise that kind of cash for frivolous litigation.
My friends we have been financial screwed by Global. Tie everything up in litigation and suck us dry on legal fees. Oldest trick in the book.
'joecreg7088'
You invested in a penny stock that is not doing well, and is most likely finished. I am curious to know why you keep threatening legal proceedings. Would you share the illegal activities that you plan to take action against?
So is this its hard to get ahold of anybody story another ploy to buy time before we all have to get legal, or have you heard whether or not we are going to get some effort out of Rob or Stan to keep this thing going, because supposedly they are the ones with the most to lose, not to mention all of the law suits that will transpire if they don't stay serious and work until they get this going again, change the focal plan if need be, we are so so so close to being approved with FINRA just asking more rounds of questions right?? Or was that all lies to buy more time before all of us wronged investors caught on?? Tom, Doc, Dave, midtown, and you Phantom, someone please provide answers, opinions, or just hot air to appease us before people like myself have to start turning the legal sharks on!!!
No they have not filed....Very hard to get any news from anyone lately
Hello phantom and a very good day to you.....have you heard or read wheather or not the company filed it's latest sec filing...just curious at this point in time.....
The people running this company have been all talk and no action for the last 100 years. No surprise this did not pan out. I was just hoping they could come up with one last BS press release to get back some of my losses and get out. Does not look like that will happen. I feel bad for the people who bought this stock right before they got pinched. May only satisfaction at this point is seeing the people running this company go to jail.
Hello to all,I'm having some after thoughts about what's taking place currently, and yes i do understand the situation that all of us are in....However i would like and appreciate to hear from DOC and or Dave and or someone who has occasional communication with the boy's and or with Finra....Sincerly Stink
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U.S. FUEL CORPORATION
U.S. Fuel Corporation 277 White Horse Pike Suite: 200 Atco, N.J. 08004 Investor Relations: 856.753.1046 Info@USFuelCorporation.com |
US Fuel a publicly traded company, OTC ticker symbol- USFF is developing its first plants, 2000 barrel per day (bpd) in Muhlenberg County Kentucky or Henderson Kentucky. The Company has invested over $900,000 in the projects to date, and is seeking $200 million to achieve commercial operation of the first plant.
US Fuel anticipates funding to be in three tranches, $963,000 to complete Development, $6.56 million to complete the Front End Engineering and Design, and $337.93 million to complete construction. We estimate a plant could begin commercial operations as soon as twenty four months after the first funding.
The Fischer–Tropsch process is a collection of chemical reactions that converts synthesis gas (syngas) a mixture of carbon monoxide and hydrogen into liquid hydrocarbons. US Fuel will produce syngas from natural gas and a Fischer-Tropsch technology to produce diesel fuel, naphtha.
The high quality diesel fuel produced through the Fischer–Tropsch (FT) process contains near zero Sulfur and can be used directly in today’s diesel-powered vehicles. Laboratory testing indicates that F-T diesel provides superior vehicle performance and delivers dramatic across-the-board reductions in all major criteria pollutants such as SOx, NOx, and hydrocarbon (HC) emissions and reduces the most harmful pollutant, PM 10 (10 micron particulates) by 34%.
These fuels are compatible with the current petroleum distribution infrastructure and do not require new or modified pipelines, storage tanks, or retail stations.
US Fuels’ strategy of locating small plants next to interstate pipelines will maximize returns by lowering feed stock prices and reducing transportation costs. The smaller size will significantly reduce the time to permit each plant so shorten the construction period, and make the projects easier to finance.
Critical News
http://usfuelcorporation.com/?page_id=2043
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