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It's been ages since I last posted here, having written off this stock four years ago. AMNE is existing limbo as there is nobody at home to delist the security. A brief timeline from my time of investing in the company:
Under one of its former names, Regions Oil and Gas (No relation to a current low-sulfur fuel company), it filed for bankruptcy in 2007.
1-for-500 reverse split in February 2008 with a symbol change from RGNO to AMGG.
Switched core business from exploration of mature oil wells to eco-friendly insulation products.
That August, there was a 1-for-20 reverse split and another symbol change to AMNE.
No SEC filings since 2010.
CEO Terry Mixon died in 2011.
Cannabis company was granted a trademark for this name in 2017. (AMNE is considered to have abandoned their name?)
There is nobody home to file a "Form 15-12G - Termination of Registration of a Class of Security under Section 12(g)". Some here had speculated that the symbol was still active until the bankruptcy was completely adjudicated, but after more than a decade it's still hanging in limbo.
News feeds pick up "American Green" and associate it with AMNE even though the company has been dark for over 10 years.
As for writing off the loss, it has to be done in the year in which a security becomes "worthless". AMNE is still listed on the OTC "Expert" market and even at six decimals it's not zero so therefore not theoretically "worthless". I'd recommend that you ask your broker to remove the shares from your account. Once you no longer own them you can take write off the loss.
I'm always amazed that AMNE is still listed. No filings since 2010 and CEO Mixon has been room temperature since 2011.
Pink sheets lists WLBAQ as deliquent in their SEC filings - not encouraging. All of the assets of Westmoreland Coal Company (“Old Westmoreland”) were transferred to Westmoreland Mining Holdings LLC (“New Westmoreland”).
3 June 2019
The url registration might be the cannabis company with the similar name. Because of the name similarity financial news aggregator sites sometimes pick up the name "American Green" and report items as news for AMNE. As stated in this board's descriptive header this company has been dark for eight years. Miracles sometimes do happen but only about as often as hitting a major lottery prize.
Sorry for the long delayed response but I have not posted for a while. I asked my broker to remove the shares from my account so I'll be writing off AMNE this tax year.
Thanks for the report. But I'm out, having sold my WLBAQ shares.
One, it was a sure thing and only involced a commission rather than a $25 "reorganization fee". Second, WMLP is a partnership and issues K-1s. Having dealt with K-1s in the past I make a specific point to avoid any investments that issues them. That's just me. And most important, I don't see the demand for coal returning to the point where Westmoreland can sustain operations.
Good luck to all longs.
That's what I don't get either - that a company with no SEC filings since 2010 remains listed. All FINRA has to do is make a simple telephone call to find out that it's disconnected.
Generally speaking, when and if a company emerges from Chapter 11 the old stock is cancelled and new stock is issued. The problem for investors is when and how to declare a stock "worthless" for tax purposes. It has to have zero value and be claimed in the tax year it becomes worthless. WLBAQ is still trading at about two cents so it certainly isn't at zero. Unless it is formally delisted and ceases trading by December 31, 2018 we can't claim it as a 2018 capital loss.
The alternative is to ask your broker to buy your shares by the end of this year. Then you have a record of having disposed of all of your interest in the company and can write off the loss.
San Juan, NM, mine is to be sold. The entire production of the mine was used by the San Juan electrical generating plant but two of its four units are to be shut down.
According to a report in the Great Falls Tribune, it will be a "stalking horse" aution. In addition to most of the San Juan Mine assets the sale will also include "Colstrip, Montana, and Canadian assets."
Janssen Pharmaceuticals and MeiraGTx just entered into a collaboration agreement. MeiraGTx will use their "riboswitch" technologoy with Janssen's proprietary gene sequences.
KD025 just got Breakthrough Therapy Designation from the FDA. Breakthrough Therapy Designation is supposed to speed development and review of a drug used for a serious condition when early results show clinical improvement over existing therapies. Alas, it doesn't seem to do anything for the stock price.
MetLife Investment Advisors has acquired 37K more shares of KDMN, at about $148K.
Ouch. 52 week low. Not much news coming out except for some conference presentations.
I'm also concerned about the long term ability to restore profitability. About the only operation is the mine the exports to Asia. They have a mine that is affected by a power plant scheduled to convert to natural gas.
Gary Gray seems to have gone off line. (Retired or deceased?) A search turned up some appearances and industry conferences back in 2016 when he had a company "Applied Innovation Group". AMNE's former product Infinite-R is sold by a company in Georgia. There is a private company in IL called "Gray's Nu Tek" but may not be the same person. Although they do insulation they're primarily in the plastering business.
He was the last managerial link to AMNE.
WLBA seems to be hanging on. I missed that they filed an 8-K on September 7th. They made an amendment to their May 2018 Bridge Loan. They are negotiation with Komatsu Financial regarding a lease of their Coal Valley facility.
8-K September 7, 2018
Zacks Investment Research downgraded MGTX from a “hold” rating to a “sell” rating on Thursday 9/6.
1.4M KDMN shares were just purchased by VHCP Management II. Other institutional investors taking a new position or adding to their current one include Dynamic Technology Lab Private, Citadel Advisors, Rhumbline Advisors, and DAFNA Capital Management.
Almost 70% of KDMN is owned by institutional investors.
WLBA's subsidiary Oxford Mining Company wants to mine area of the Perry State Forest in Ohio. A local paper's (Perry County Tribune) write up of a community meeting on Aug. 8th was all negative:
"...The company could be permitted to mine within 300 feet of residential homes and up to the lease line where there are not homes. Local landowners could experience structural damage to their homes, increased traffic on local roads, water contamination, and other issues..."
Ohio has a Reclamation Forfeiture Fund, which is a pool of money allocated for environmental remediation should a company to bankrupt. Want to guess why it is underfunded? Just last year Ohio transferred $5M out of the Fund into their general funds.
Sometimes miracles do happen but the longer AMNE lingers in this regulatory limbo the less likely it is. Holding on with the hope that a buyer will emerge is about as likely hitting a major lottery prize IMHO.
The cannabis company going by the name "American Green" has no relationship whatsoever to AMNE. Nor did they have any use of AMNE as a shell because they have their own ticker symbol. Unfortunately news feeds continue to pick up that name and plug it into the old AMNE boards and listings.
I sometimes wonder how many of these mystery AMNE trades are made by buyers who confuse the two "American Green" names. Anybody to did failed at elementary DD as AMNE has had no SEC filings and no press releases for almost 8 years.
Whatever might happen now won't affect me as last year I had Scottrade remove my shares. This was just speculation for me. But I don't understand all the factors that affect the oil drilling business (the origial RGNO) nor the insulation business (AMGG/AMNE).
This has been a lesson for me on penny stock speculation and fortunately it was not an expensive lesson. I'm still here more out of curiosity to see how long it takes to get delisted or if there might be a miracle of resurrection. It's probably easier for a company to just start with a "clean" slate rather than to buy a shell along with its bad publicity.
HC Wainwright has given KDMN a "Buy" rating with a $25 target price. Other analysts are not as optimistic. Zacks downgraded KDMN from a “buy” rating to a “hold” earlier this year.
Chardan Capital just rated MGTX a "Buy" with a target price of $30.
More like 7. Mixon died in 2011. Gary Gray went on to push Infinite-R with a company called Phage Change Technologies but that web site is off line. A company with the similar name Phase Change Energy Solutions doesn't list him among the people in charge. Nor does it specifically mention Infinite-R. Can't find where he is now.
If I remember the timeline correctly Mixon was diagnosed with cancer and succumbed quickly. After Mixon died Gray just walked away from AMNE.
Yes, and why this stock doesn't have its symbol revoked is something that eludes me. No financials filed in 8 years. OCT Markets won't even give a quote because it's Gray Market - Caveat Emptor.
Yep, it happens even to those who should know better. Over on OTC Markets the press releases from the similarly-named cannabis company get filed under AMNE.
duplicate
Zacks has rated Kadmon "buy" but contradicts their own "style score". When rated for Value, Growth and Momentum they rate KDMN an "F".
Some recent analyst comments on MGTX:
* Barclays started coverage and gives a $20.00 target price,
* Bank of America issued a “buy” rating,
* Evercore ISI issued an “outperform” rating and a $21.00 target price.
FDA has granted orphan drug designation to MeiraGTx's AAV-CNGA3 gene therapy candidate for the treatment of achromatopsia caused by mutations in the CNGA3 gene.
Achromatopsia is a genetic retinal disease that impairs a person’s sight by preventing cone photoreceptors in the eye from functioning. AAV-CNGA3 is intended to restore cone function and is delivered to the cone receptors at the back of the eye via subretinal injection.
New research paper is out regarding KD025, the ROCK2 inhibitor. "The selective ROCK2 inhibitor KD025 reduces IL-17 secretion in human peripheral blood mononuclear cells independent of IL-1 and IL-6."
Dinarello et al.
It's all lab bench type work that's not going to affect investor appeal but it's more supporting work for the pharmacology of KD025.
Second quarter Q-10 is out. The crux of it is on page 7, where the company outlines long term debt due and the inability to pay long term obligations.
Most likely the "buyers" are brokers who removed these shares from accounts for their clients. I finally asked my broker to do the same last year when it became apparent that nobody had any interest in AMNE as shell company. I decided to take that tax write off rather than wait for a resurrection that is unlikely to ever happen.
2Q 2018 10-K is out.
87 pages is a lot to get through, but they are to build up inventory of KD034, their generic version of trientine hydrochloride. Kadmon has submitted 2 Abrreviated New Drug Applications with the FDA since it's chemically equivalent to the originally approved drug.
Limited Default
Moody's today issued a statement that called Westmoreland's delayed interest payment on the 2022 notes a "Limited Default".
Bought in at 0.85 and it's only gone down since. WLBA isn't out of the woods yet. It has suspended interest payments on the 2022 notes. Eventually investors' patience will run out. Sometimes a BK acknowledges the inevitable.
European Medicines Agency's (EMA) Committee gave MieraGTx a "positive opinion" to recommend an orphan medicinal product (orphan drug) designation of AAV-CNGA3 for the treatment of achromatopsia (ACHM) caused by mutations in the CNGA3 gene.
Annual meeting announced for July 27th at the NY headquarters:
Schedule 14A
In other news the company completed a $113M public offering, and provided a positive update on the Phase II study of KD025 in cGVHD: ORR of >65%.
Not the same company that we are discussing here. American Green Group (AMNE) was most recently in the eco-friendly insulation business and before that mature oil wells. AMNE never marketed pharmaceutical products.
Not familiar with that company. I looked up my historic records for AMNE. In August 2008 AMNE changed symbols from AMGG in a 1-for-20 RS. A few months earlier, February, it had a 1-for-500 RS when it transitioned from RGNO.
The company had been "Regions Oil and Gas" before it transitioned from exploring "mature oil wells" to the insulation business. When I first invested the geopolitical situation indicated that domestic oil production was a good speculative bet. Had they stayed in that business through fracking or natural gas production it might have turned out to be a good call. They went in another direction so now it is what it is.