Don't expect a dime.

The end. Just checked up and saw the news. Good riddance.

Janice... Breaking

Obama victim of forclosure fraud.

http://www.zerohedge.com/article/4closurefraud-exclusive-–-president-obama-falls-victim-chase-robo-signer

Derb

Have we processed a gold flake yet? Silver flake? Copper flake? Lead flake?

Since the company is run by flakes, you would think they would be proficient in propagating more flakes.

Derb

Are you guys aware that Unico management is posting on the board?

Derb

Janice, do they have this substance called "cash" on which to convert these preferred shares?

Derb

I think your siggy of the guy on the wave accurately predicts the FFGO situation as being all down hill from here if it could actually get any worse.

Derb

Can the series A and B shares be converted in full without a reverse split?

Derb

AlanC

I know that some think that because this is a dormant stock, that it could suddenly explode into a live volcano. It will never happen.

Derb

Speaking of fantasy

I currently hold negative 10 billion shares, please communicate that to miss V so she can add that to the fantasy count.

Derb

Janice, no longer a paying member of I Hub so no secret love messages between us lol. Just checking if the mice left the sinking ship here, or if they were still chewing on the remaining planks before she flounders to the bottom of the Grayvee Jones Locker.

Derb

Wow sounds like they qualify for an FHA loan!

Derb

Every long position turns into a short position when they sell. Fact is anyone holding is planning to sell at some point. Rightfully, anyone posting long is prepared to exert downward pressure at any given time.

The more longs and more vocal they are, the greater the future catastrophe that will be upcoming.

You know it is true!!!!!!!!!!!

Derb

"My opinion is that there is a short position for FFGO"

You think they will cover at .0001 or wait for the RS?

Derb

Unico has a history of "sham deals" so would expect Royal Mines to be no different.

Derb

Aero was a dead dog before Javelin came into the picture. Javelin orcharcastrated a 2 million funding at the beginning and regardless of share price, success will be based on the ability of the company to produce profits. And if not profits today, the appearance that there will be profits down the line, Aero was never able to paint this picture.

Derb

Never looked into them before but would be funny if it was.

A google search of the fax number of Royal Mines reveals it is the same fax of another publicly traded company Royalite petroleum. Generally a danger sign when two public companies share the same fax or the fax is passed on to a new company. Both Nevada corps.

Derb

They are floorless or best known as death spiral becasue subsequent conversions are most always at a lower price. So what you thought was a 1 million share liability could turn into 10 as the price drops, further weaking the price and your position.

Derb

As I recall the CEO's daddy bought 5 million of convertible debt origionally sold to other parties so that would be ten million dollars in discounted shares in the pipeline.

Derb

guess $1,125

Did they not buy 5 million of 50% off convertible debenture making it 10 million dollars in shares to sell? How many shares is that?

Derb

They must be getting desperate to sell shares if they are making like they are going to be refining metals now. That one was stretching.

Derb

Do you think it is missleading for Unico say the final product will be gold and silver bullion?

Derb

That last PR gives the impression that they are going to be producing gold and silver bullion on site! What a laugh "final product to be gold and silver bullion" or words to that effect. It may be somebodies final product but not likely Unico's. Apparently they are in the refining business too.

Derb

Only a 5.0 but felt worse eom

Decent size earthquake just hit CA eom

From Karl Denninger

My comment, the government is taking away the rights and favoring the unions, Karl puts it in blunt form, yet the truth. We now have the strong arm administration far worse than Bush, far, far worse. If that was even concievable.

Tuesday, May 12. 2009
Posted by Karl Denninger in Company Specific at 13:34
(Page 1 of 321, totaling 961 entries) » next page

Holding GM Debt? Gubbermint Is Robbing You!
Do you hold GM bonds? Perhaps some so-called "unsubordinated" debt?

A lot of people - individuals - do.

These bonds were quite popular for college savings and other long-term plans - including retirement.

Why?

Because the coupon was pretty good, they were unsubordinated (meaning senior, or first) preference in the event of bankruptcy, and GM has been around for a very, very long time.

If you hold this debt you are about to be wiped out by our government, who has decreed by fiat, without even a vote in Congress, that:

You don't matter.
You don't have a right to rely on anything in the prospectus printed when these bonds issued, or even common and statutory law.
Your rights do not exist. Your government has literally declared economic war on you.
Let me be clear: The government, specifically President Obama's Treasury, is acting exactly as did George Bush's Treasury - they are behaving as gangsters who are about to rob you blind, returning only 10 cents - if that - on the dollar for your investment and they are going to force you to take it at gunpoint.

This despite the fact that the UAW is going to get somewhere between 80 cents and the full buck for every dollar they are owed for their VEBA.

VEBA obligations are unsecured and subordinate to yours under the law.

That means that under the law the UAW is entitled to exactly nothing until you get every dollar you are owed.

President Obama and Geithner have declared that it does not matter what the law says - they are going to do whatever the hell they want - and what they want to do is SCREW YOU.

They just got done ramrodding Chrysler bondholders with the exact same "deal", shoved down their throats, and allegedly enforced with threats of tax audits and other jackbooted actions if the bondholders resisted in court.

To be clear: You have every right, under the law, to receive full value for your bonds before anyone else gets paid for so much as one penny of the subordinated or unsecured debt owed to them, INCLUDING THE UAW.

You accepted a lower coupon in exchange for what was represented to be less risk as a consequence of this protection.

Now, after the fact, you are being robbed just as clearly as you would be if President Obama and Tim Geithner came into your house at 3:00 AM with automatic weapons and shoved them up your nose, stealing every penny you had.

I ask you this essential question:

If President Obama and Tim Geithner will steal from you in this fashion, literally at gunpoint, do you believe that your 401k or IRA will not similarly be confiscated whenever our government decides it wants to steal from you on similar "terms" - or when it suddenly "needs" some money (like when the bond market has had enough of this crap and stops being willing to finance a nearly $2 trillion annual deficit!)

Disclosure: No position in any GM-related instrument.


Derb

Benz, I know that Amtrack is subsidized and also US shipping is given an operational subsidy (to pay for the cost of unionized labor). Hey remember that electrician that boasted that his union had never gone on strike in its entire history? That is because Unionized trades primarily work for the government, and the Union contractors just pass on the cost. Therefore nobody is really there to stand in the way of getting whatever they want.

Once a business catches the union it is kind of like a chronic disease. Now government has caught the disease and the nation is slowly dying.

Derb

Unionization is a coffin nail. Kind of like smoking or heavy drinking - only to the business. Eventually the business dies and everyone loses their job. That is why you only see unions surviving in captive or high entry cost industries like government, auto, rail and dockworkers. Oh and of course, government construction projects.

Derb

Well I guess a judge will be able to rule who was full of crap shortly, Obama or the small time investors.

Derb

How can he be a right wing shill when he states that he voted for Obama? He mentioned this again recently.

"And one President, Barack Obama, who ran on a message of "change."

I voted for him.

It appears that I am not the only person who has figured out that we got "change" all right. But the change we got wasn't the change we voted for."

http://market-ticker.denninger.net/archives/987-Oh,-You-Wanted-Change-100-Days-And.....html

Derb

People who support groups like Acorn that lack integrity lack integrity themselves. Obama supports Acorn, democrats support Acorn. This is typical of democratic methods where the end supports the means, yet neither the means or the end mix to create a desirable result.

Most recent example is crybaby Obama calling Chrysler bond investors speculators an hedge funds in a derogatory way when they failed to bend over to the administration. Who exactly would want to trade a bond for common shares in an auto right now anyway?

"Now on to the opinions.

President Obama's attempt to "demonize" those who refused to play ball is not only curious, its outrageous. Let's take his words:

President Barack Obama said Chrysler LLC lenders who turned down his buyout offers are a “small group of speculators” who forced the automaker into bankruptcy.

“A group of investment firms and hedge funds decided to hold out for the prospect of an unjustified taxpayer-funded bailout,” Obama said today in Washington before Chrysler filed for bankruptcy protection.

In bankruptcy, the company can now compel the dissidents, all secured creditors, to go along with a plan to create a more viable carmaker in partnership with Italy’s Fiat SpA.

No, in bankruptcy the company can compel exactly nothing. The company can suggest, but it is the judge who compels, and he or she (in theory at least) is supposed to be impartial.

These other lenders apparently thought they were getting a raw deal. That's up to the judge to decide. If he decides that the deal offered originally is fair, he can cram down the capital structure and force everyone to take it.

But he can also find that the negotiation was arbitrary, capricious, unjust, unfairly slanted in terms of who it favored, or simply throw the whole thing in the trash can, rip it up and start over.

You can bet these 20 lenders will ask to be heard on those points, and they should if they feel they were being treated unfairly.

The cute part of this will be to see if they do.

See, some of them may have been playing with CDS too, and if so, they might have a reason to see Chrysler go into BK simply on that basis. That is unlikely to find much sympathy with the judge.

My problem with this so-called "pre-structured" deal is this:

Banks including JPMorgan Chase & Co., Citigroup Inc., Morgan Stanley and Goldman Sachs Group Inc. lent Chrysler $6.9 billion, reselling some of their secured loans at discounts to investors. Chrysler took a $4 billion bailout loan from the U.S. Treasury and was racing to reduce debt in order to meet a government deadline today for more aid, after workers agreed to give up $10 billion in future pension benefits.

Is there a "side agreement" in here somewhere - or worse, some arm-twisting? We don't know, but I bet in a bankruptcy, with aggressive creditors who feel they got the Chrysler Building stuffed somewhere painful, we will find out.

Here's the problem as described by Oppenheimer:

“Our holdings in secured Chrysler debt are entitled to priority in long-established U.S. bankruptcy law, and we are obligated to our fund shareholders to support agreements that respect these laws,” the company said in an e-mail.

That is sort of correct. Priority is sometimes overridden by a bankruptcy judge, who has pretty close to plenary authority.

If President Obama tried to ram something down their throat that was clearly inequitable then this should become apparent in due course.

The objections from the group of lenders also drew criticism from Michigan lawmakers, including Democratic Representatives John Dingell and Sander Levin.

“The rogue hedge funds that refused to agree to a fair offer to exchange debt for cash from the U.S. Treasury -- firms I label as the ‘vultures’ -- will now be dealt with accordingly in court,” Dingell said.

Yes they will Mr. Dingy, and it is entirely possible that they'll get far more fighting this than they would playing "nice-nice."

It is of course expedient for everyone to take the cheap shots within the government when they want to demonize people. I prefer to see the evidence, and from where I sit the jury is out on whether priority was respected at all along with whether there was some unseemly (or worse) arm-twisting going on with TARP'd banks that "agreed".

I'm reserving judgment on the acts, but I call BS here and now on the rhetoric.

Not that I'm surprised by any of it."

http://market-ticker.denninger.net/archives/1003-Chrysler-Bumbled,-Fumbled,-or-Smart.html

Derb

Is stacking naked men more like a pastime that would come from a red state or a blue state?

Derb

Years ago when I checked there was only one primary lead smelter in the US and in Unico's SEC filing they stated that they had Penoles in Mexico and Tech in BC Canada where they would have to ship. The 2003 shipments went to Penoles. Taking stuff into Mexico is a freaking nightmare last time I did it. Perishables like vegetables get priority at customs and sometimes the commercial crossings have all day waits coming back. Good thing I had a broker and an agent to work me through the process.

Derb

LOL, I thought I was responding to another post on the political board. It was in reference to Biden's brother and son running a hedge fund that appears to have been marketing a ponzi scheme. That is what I get for clicking on a response and not looking at which board it is from....

Derb

I have never seen a base metals smelter contract that did not include credits for precious metals recovered. A leach claim may be due to not wanting to permit the tailing's pond plus it buys more "time". Who knows the mind of Unico...

Derb

SoxFan, here is a histoy of the debt cieling through Clinton years.

DATE STATUS DEBT CEILING
June 25, 1940 Permanent $US 49,000,000,000
February 19, 1941 Permanent $US 65,000,000,000

December 7, 1941: U.S. enters World War II after Japanese attack on Pearl Harbour.

March 28, 1942 Permanent $US 125,000,000,000
April 11, 1943 Permanent $US 210,000,000,000
June 9, 1944 Permanent $US 260,000,000,000

July 1944: U.S. Dollar becomes the World's Reserve Currency - at Bretton Woods.

April 3, 1945 Permanent $US 300,000,000,000

September 1, 1945: End of World War II - Japanese surrender in Tokyo Bay

June 26, 1946 Decrease $US 275,000,000,000

Winter 1948-49: "Marshall Plan" - Berlin Air Lift - start of "Cold War"

August 28, 1954 "Temporary" $US 281,000,000,000
June 30, 1955 "Extension" $US 281,000,000,000
July 9, 1956 "Temp. Decrease" $US 275,000,000,000
February 26, 1958 "Temporary" $US 280,000,000,000
September 2, 1958 "Temporary" $US 288,000,000,000
June 30, 1959 "Temporary" $US 295,000,000,000
June 30, 1960 "Temp. Decrease" $US 293,000,000,000
June 30, 1961 "Temporary" $US 298,000,000,000

October 1961: Debt ceiling back to the level set in 1945 - 16 years earlier. Now you know why the 1950s were the "Golden Decade".

July 1, 1962 "Temporary" $US 308,000,000,000
March 31, 1963 "Temp. Decrease" $US 305,000,000,000
June 25, 1963 "Temp. Decrease" $US 300,000,000,000
June 30, 1963 "Temporary" $US 307,000,000,000
August 31, 1963 "Temporary" $US 309,000,000,000

November 22, 1963: Kennedy Assassination - The End Of "Innocence".

November 26, 1963 "Temporary" $US 315,000,000,000
June 29, 1964 "Temporary" $US 324,000,000,000
June 24, 1965 "Temporary" $US 328,000,000,000
June 24, 1966 "Temporary" $US 330,000,000,000
March 2, 1967 "Temporary" $US 336,000,000,000
June 30, 1967 "Temporary" $US 358,000,000,000
July 1, 1968 "Temporary" $US 365,000,000,000
April 7, 1969 "Temporary" $US 377,000,000,000

July-Sept. 1969: Apollo 11 - Woodstock - The LAST Balanced Budget

June 30, 1970 "Temporary" $US 395,000,000,000
March 17, 1971 "Temporary" $US 430,000,000,000

March 17, 1971: The "Permanent" debt ceiling is fixed at $400 Billion. That "permanent" ceiling doesn't move for eleven years. The "temporary" one does.

August 15, 1971: The "Fiat Currency" era begins as President Nixon closes the "Gold Window". For the first time since the redemption of the "Greenbacks" in 1879 - the U.S. Dollar has NO Gold backing. For the first time since 700 BC - NO currency has any connection to Gold.

March 15, 1972 "Temporary" $US 450,000,000,000
October 27, 1972 "Temporary" $US 465,000,000,000
June 30, 1974 "Temporary" $US 495,000,000,000
February 19, 1975 "Temporary" $US 577,000,000,000
November 14, 1975 "Temporary" $US 595,000,000,000
March 15, 1976 "Temporary" $US 627,000,000,000
June 30, 1976 "Temporary" $US 636,000,000,000
September 30, 1976 "Temporary" $US 682,000,000,000
April 1, 1977 "Temporary" $US 700,000,000,000

October 1, 1977: The "limit" is due to revert to $400 Billion!

October 4, 1977 "VERY Temporary" $US 752,000,000,000
August 3, 1978 "Temporary" $US 798,000,000,000

April 1, 1979:The "limit" to again due to revert to $400 Billion!

April 2, 1979 "VERY Temporary" $US 830,000,000,000

April 1979: The "temporary" ceiling is now bigger than the "permanent" ceiling

September 29, 1979 "Temporary" $US 879,000,000,000
June 28, 1980 "Temporary" $US 925,000,000,000
December 19, 1980 "Temporary" $US 935,000,000,000
February 7, 1981 "Temporary" $US 985,000,000,000
September 30, 1981 "Temporary" $US 1,079,000,000,000
June 28, 1982 "Temporary" $US 1,143,000,000,000
September 30, 1982 "Temporary" $US 1,290,200,000,000

End 1982: What the hell! Distinction between "temporary" and "permanent" ceiling eliminated.

May 26, 1983 Permanent $US 1,389,000,000,000
November 21, Permanent $US 1,490,000,000,000
May, 25, 1984 Permanent $US 1,520,000,000,000
July 6, 1984 Permanent $US 1,573,000,000,000
October 13, 1984 Permanent $US 1,823,000,000,000

March 1985: U.S. Dollar "tops out". U.S. becomes net EXTERNAL debtor.

November 14, 1985 "Temporary" $US 1,903,800,000,000
December 12, 1985 Permanent $US 2,078,700,000,000
August 21, 1986 Permanent $US 2,111,000,000,000
October 21, 1986 "Temporary" $US 2,300,000,000,000
May 15, 1987 "Temporary" $US 2,320,000,000,000
August 10, 1987 "Temporary" $US 2,352,000,000,000
September 29, 1987 Permanent $US 2,800,000,000,000

October 19, 1987: Wall street crash - Dow falls 508 points or 22.62%

August 7, 1989 "Temporary" $US 2,870,000,000,000
November 8, 1989 Permanent $US 3,122,700,000,000

November 1989: Berlin Wall falls - collapse of Communism - end of "Cold War".

August 9, 1990 "Temporary" $US 3,195,000,000,000

Sept. 1990: Budget "train wreck" in Congress - National Parks and Washington museums closed.

October 28, 1990 "Temporary" $US 3,230,000,000,000
November 5, 1990 Permanent $US 4,145,000,000,000
April 6, 1993 "Temporary" $US 4,370,000,000,000
August 10, 1993 Permanent $US 4,900,000,000,000

November 1994: Historic Republican landslide - majorities in both Houses

March 29, 1996 Permanent $US 5,500,000,000,000
November 1996: Bill Clinton (Democrat) elected for a second term as President.
August 5, 1997 Permanent $US 5,950,000,000,000

Derb