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Never seen a stock like this.
It's +50% today. That's a pretty significant move.
That's a fallacy. You're assuming that taking salaries in shares wasn't part of the scam to make people believe that everybody's interests were aligned. I'd like to point out to you that Don even used this as a main point in one of his CEO Corners last fall.
Per the filings, FLPC paid a total of $934,266 to G8 Minerals as of April 30, 2014.
In 2012 and 2013, $109,375 and $187,500 was paid to LTV International Holdings. Through April 2014, and additional $35,091 was paid.
Both G8 and LTV are Don's companies. That's a lot of money for nothing.
You are correct, but it's more and more believable each day.
The restructure has been characterized to me as no more than reorganizing their files/lawsuits and figuring out who all they owe money to.
I'm also told that the consulting firm they hired has been on the books for almost a year now.
They won't release news because the show is over. There's no more pressure from the toxic note holders to pump the stock anymore because they realized they've raped just about everything they could out if it.
The company is millions in debt and all it has is a flooded mine that has produced low concentrations of antimony and no way of milling it.
Think about the Liberty Mill fiasco and ask yourself if you really think they ever intended to actually use it. They had no money when they signed the agreement, no way of mining any ore without getting a large sum of money to develop another property. It was just just one final hail Mary from Tangiers to pump the stock so they could try to get some more money out of it.
I was actually told of a meeting that happened last fall where Don and Robert Papiri of Tangiers were basically patting themselves on the back for all the liquidity they were able create in the market in 2013-2014. That's the only game for toxic lenders.
Sad part is, the guy the company threw under the bus is the only one that had an actual plan to get to production. I saw details of the mill plan myself. I know they were able to find gold at Rose Creek with just a metal detector and shovels. The problem is, they went into it all and sold it to investors knowing that they were flat broke and that none of it was ever going to materialize.
And as for Jimmy, if you want to know what he is up to it is not that hard to find out. Remember that LLC he filed for last October?
Anybody hear from Shelly today? Are they standing by their story?
Agreed.
They were so willing to refute the PR, surely they would recant if it was a misunderstanding or at a minimum recall the emails to those that received them.
My two cents if anyone cares...
The PR today was nice, but it would be great to understand the magnitude of the PO. Either way, these aren't just samples, it's enough for them to run their own tests on. My guess is that they will perform their own independent QC tests on them and then determine where to go from there.
Just keep in mind that no where is it stated that this order has been filled or even that production has even begun. It would be very nice to better understand where they will be getting the cash for this and also for paying off the outstanding notes in cash.
I will say though, in China there is money available from investors and getting funding to fulfill a PO over there shouldn't be a problem.
I have no clue how to assign a probability of success here, but if Timken likes the product and does add it to their line-up, that is huge. It actually reeks of a potential buy-out, if you ask me.
My guess is that the PR is going to have to do with some kind of cash infusion.
All the shares going to insiders are in lieu of payment/salary. The timing is the same every year. They even acknowledged this last year in one of their CEO corners.
Be careful not to read too much into this. It's been a pretty lousy leading indicator in the past.
I'm a little confused. How did they reduce the O/S? I thought it was the A/S they were reducing?
He's on the BOD and he's a member of management. He gets paid a salary.
With respect to all the other comments, take a look at the last several form 4's and the timing and consider that with the update Don gave late last summer. They're salaries are being paid in shares.
I've fallen for this same false hope with them before, it's meaningless.
He didn't spend anything, it's compensation for owed salary just like it was the last three times. The only thing it means is that the company is still broke.
Lol, 6 months and all they accomplished was finding a new transfer agent and calling a consulting company.
Take note of the language they used... "FLPC has commenced an affiliation with BusinessGPS..."
Now consider BusinessGPS selling point, "We only get paid if we successfully resolve your issue. No resolution; no charge; it's that simple."
I'm willing to bet that all they did was seek consultation. They're at the level of the injury lawyers that advertise on TV.
If you're talking about Marcus, this is what I was told in November...
"What can I say?
Marcus was willing and able to help at the start with a low cost per day and extra hours and contacts for nothing so to see a mill in Winnemucca as it made sense...
FLPC always delayed paying him and I was going after him to get him back on each time.
He owes us some work and we owe him money and since that we don't have money, the case is in limbo..."
I speak for myself, though I'm sure others agree, but I'm not here to protect you or anyone else that decides to put their blinders on. There obviously might be a play here where you or anybody else can make money, but unfortunately it will be at some future investors loss.
My motivation is clear. I lost a lot of money here and have since engaged in a number of detailed correspondences that have made me believe, with 100% certainty, that there never was, nor will there ever be, any plan to actually produce anything or make money in the long run. Furthermore, I believe with 100% certainty that the company has walked a very fine line of blatantly lying and stretching the truth. They have and continue to operate with a very high level of deception.
Let me use Bob's most recent correspondence to explain...
"Three weeks ago, the CEO returned from an extended stay in the Lovelock/Reno area where he was working on a “Restructuring Operation” for the company as well as began overseeing the daily operations that he has assumed in Nevada."
- Don was in Reno over that time period. I know that for a fact. The "restructuring operation" was simply cleaning things up in Lovelock so that they didn't get fined by NDEP. Cleaning things up consisted of bartering away the company's equipment to "meth heads" (as they were described to me) in exchange for cleaning up the antimony ore that was being stored in a manner that violated NDEP guidelines. Restructuring involved letting go their site manager, Miles, in Lovelock. They owed him roughly $20k of which they paid him $10k with company assets.
"Additionally, in December, the CEO also spent over two weeks following the resignation of the COO, evaluating and assessing the day-to-day operational process that was currently in place. "
- There were no day-to-day operations. Don had not given Jimmy any funds since August.
"The COO decided to resign after being presented with “Just Cause” for termination.
The Reno Office was also discontinued upon the company accepting the Resignation of the COO for “Just Cause” in December 2014. "
- I'm not sure what the "just cause" was, but I do know that Jimmy sold some assets in order to pay some vendors/employees since Don wasn't able to give him any funds. The Reno offices were closed because they have no use for them since there are no operations.
"The CEO has returned to the Reno/Lovelock/Las Vegas area this week as he continues to analyze and work with vendors, investors and government agencies that are involved with the operational part of the business. "
- Not sure what they're doing because there doesn't appear to be anything going on and nobody has been paid. Could be related to closing Fencemaker.
"The company has put in place a “Restructuring Operation” that is appraising and acting on “financial restructuring programs, accounting & bookkeeping, alternative dispute resolutions, capitalization, and debt negotiations” to name a few areas that are being addressed.
Additionally, the company took action on several items that have not been completed by Coronet Metals as per the SPA agreement.
The company has already provided $140K to move the Liberty Mill into operation.
This has resulted in the company notifying Coronet thru a legal representative of the concerns and matters that need to be addressed before the final $60k is delivered per our agreement. "
- Well, where should I start? There is nothing positive here. They apparently did pay them something, but they couldn't come up with the rest within the 60 day window. There is no agreement because Coronet terminated per their PR a couple months ago. They had the right to terminate the LOI at any time under the due diligence clause in the agreement.
"The CEO also has been in regular contact with the financial institution that agreed to fund the $200k Liberty Mill venture to keep them abreast as well."
- I get a little confused here. The language would make one think that they never funded it? "Agreed to fund" $200k or "funded" $200k? My bet is they never funded FLPC for the agreement. Robert Papiri of Tangiers is the investor in question here. As I understand it, he was the only one left at Tangiers that supported FLPC, but he was not able to get them funding if they could no be operational, which they couldn't be.
"The company continues to address the company’s SEC filings and much of the information is presently in the independent auditor’s possession.
Sir, there are many parties involved to get the filings up-to-date, as well as the initiating 14A process for the A/S increase which include the company providing additional funds to perform this tasks.
Once these items are completed and funding confirmed, the 14A will be filed and the shareholder meeting date will be announced."
- The information is in the auditors hands and they're not doing anything with it because FLPC owes them more than $20k already.
"It should be noted, since these tasks do require funding, the CEO has been involved in numerous conversation and negotiations with our current note holders and other parties on these matters as well. "
- Exactly the problem. Nothing has happened because it takes money to do these things and they are flat broke. As time goes by, the worse it gets. Getting $100k from someone isn't going to scratch the surface of their issues. It's an inescapable situation that ends only one way, bankruptcy.
"Furthermore, daily operational objectives are being addressed and/or scrutinized as the company continues to function in an exploration/development status. "
- They make it sound like there is people actually doing work, but there isn't. Nobody has been paid and everything is in stand by mode.
"The Fencemaker Mine is in a standby state and parties are being contacted as needed.
The company continues to pursue operational concepts for the mine property."
- Read this carefully... Fencemaker is closed and they are trying to figure out what the hell to do with it. Notice "property" is not plural. Fencemaker is the only thing they have left and they still do not have a business plan to make it turn a profit.
"To further answer several questions concerning the antimony ore; 1000 one-ton bags of Antimony have been properly label and marked for shipment, and the expectations are to get this material processed at the Liberty Mill."
- Liberty Mill has "conditional" permits and nothing for Antimony nor the ponds to store that much ore.
Personally, I make my claims because they come from a reliable source and the timeline I have been given makes sense.
I'm not sure what you guys are looking at, but there has been nothing tangible done here since the handful of blasts they did nearly 18 months ago. Every single PR they put out fell apart including the most recent ones about the 10k being filed, a shareholder meeting being scheduled, and the latest operational update claiming the now defunct Liberty Mill was the way of the future.
Stick to official news if you want. They have over $2M in liabilities per the last filing and they don't have a single means of generating any income.
They enter agreements, release news, dilute 100's of millions of shares into it, then a few months later the agreements default. How many times does it have to happen before you realize there was never any plan to follow through on any of the agreements in the first place?
Fencemaker, Don, and Bob are all that are left. A run down mine and two guys with no mining experience that are already $2M in debt and have no means of mining or processing. There's also no buyer as those relationships walked out the door with the COO.
$800k to pay back everyone they owe, find a new mine, find a new mill, and then f$@k it all up again.
Maybe they'll finally pay their accountant and get some financials out. Or maybe they'll get the insurance back on their vehicles, oh wait they bartered the vehicles away in order to clean up their ore that was just piled haphazardly on the ground completely exposed (not stored containers like they claimed in the filings). Or maybe they'll get their internet turned back on. Or maybe they'll issue all the past due convertibles. Or maybe they'll pay SMD the $200k they owe them, or their Lovelock manager. Maybe they'll pump all the water out of Fencemaker and start mining again even though they have no mill and the ore is basically just dirt. Maybe they'll mine Arabia, oh wait. Maybe they'll mine rose creek, oh wait. Maybe they'll start lithium, oh wait. Maybe they'll update Liberty Mill, oh wait.
It's a mining company with two guys who have no mining experience. There's no one else around. Everyone that knew anything about mining is long gone.
Tell your investors that there are a lot better places in Vegas to throw their money away.
Last I heard there was potentially new funds coming, but like $80k... Where's that gonna get them?
Remember, they have NOTHING. A big pile of debt and nothing to show for it. Not to mention that they owe everyone in the state money and no one will be willing to work with them unless there is cash up front, including the regulators.
And Don, while stubborn, is not brave. He's a coward and a scoundrel.
It's over and done Lcbm.
The company has been completely lifeless for two months. The 10k is now a quarter late and there has been no official financials released by the company in nearly 8 months.
Look at their last 7 press releases... It's all bullshit and has fallen apart. Look at the PRs over the last 18 months. Absolutely zero progress on any of it. Just one story after another.
Their last PR was an operations update which pointed to two areas that they are going to focus on, one is Liberty Mill and the other is lithium. One month after the update we learned that Liberty Mill was never paid for and the agreement was terminated. Given that they were required to make the payments within 60 days of the effective date, it means that they put out the operational update knowing full well that they were in default of the agreement. As far as lithium goes, please... You're talking millions to get that up and running and those agreements are in default also.
There's no assets here and a big pile of debt. No investor is going to put money into this POS, they have nothing to offer.
Still no shareholder meeting and they're now listed as delinquent.
4s hitting!
Rebound coming.
Might just be a waiting game. Something could be coming. Between this and getting current with the filings, they're setting up for something.
There was a large cash payment to G8MI in December 2013, in excess of $800k. It's in the filings. It's problematic because there are many vendors around that time that claim they were not paid for work they did, including Small Mine Developments, the ones physically mining Fencemaker, who are owed in excess of $200k.
So, there was opportunities for Don to take large amounts of cash out of this. I will also suggest that he got paid on the back end of many of stock transfers. Look at the notes on common stock, they issued a lot of shares to people.
They already are having a hard time paying the bills... They are not carrying any insurance and couldn't even pay the internet bill at their offices.
It's over and done. All that's left is one last desperate play by Fife to pump this with another fairytale with a 6-12 month scope and to hopefully clear out the remaining convertibles.
Those that own the notes also own notes that will be due in the future. It's more likely that things are on hold right now so they can clean things up before starting the next round of their scam.
That's all it is, they just need some time to think. You will all probably get a pop here one day, but don't make the mistake of going long on Don.
Hear him, hear him.
How's this for fact checking... They sold off company assets including vehicles to clean everything up.
Money on the hoof is how we describe this where I'm from.
I can confirm that. Bob told me that last week after I inquired about Coronets PR.
I fail to see the benefit in doing so and doubt it will actually go anywhere. Why spend money on law suits when you can't even afford to complete your 10K.
It's just a play. If you believe, at this point, that FLPC didn't default on the agreement, like they've defaulted on every other agreement, then I don't know what to tell you.
What link? You have me confused with another.
Companies registered to Don...
1. International Corporate Support Services
2. Globalert24 Emergency Services & Safety Systems
3. First Mercantile Infrastructure Development
4. Cobre Real Minerals
5. Ultramar Energy
6. Group8 Mining Innovations
7. Group8 Minerals
8. Pan Pacific Aggregate
9. SG8 Exploration
10. Lolamex Corp
11. Enhance Skin Products
12. First Liberty Power
13. Pepper Rock Resources
14. Stockpile Reserves
15. Dynamic Hydrocarbons
16. Plata Real Minerals
17. Central Nevada Processing
18. First Liberty Minerals Processing
19. First Liberty Properties
20. First Liberty Exploration
21. First Liberty Mining
22. IT-Vantage
Well, what is he waiting for? The meeting was supposed to be in January and they haven't said anything about it. If you remember from the May "Shareholder Outreach Program," the meeting was actually supposed to be in November. Just another broken promise.
They owe the account $20k, that's what's holding up the 10-k filing. How can they go into a shareholders meeting with a 10k that is now months late. How than even afford to hold a meeting when they have no money and are now paying people with what little assets they have.
Yet, Bob tells me they are supposedly initiating legal action against the Liberty Mill. Where did they get the money for that and how would the outcome possibly be positive?
I genuinely hope there is no AS increase because this scam has gone on long enough.
Just note that the 9.99% is based on a very old OS count that is from the most recent 10Q filing. It's closer to 5% now.
My guess is that it has something to do with the $35k note due on Jan 9.
Her certainly didn't buy them.
Just to qualify my statement... It's essentially heresay, but word is that the survey they did this summer (the one they promised us in June but never delivered) showed significantly less antimony than the original reports.
Take it for what it's worth.
This is only a stock play and who knows what kind of story they will come up with.
All they have left is Fencemaker, which is currently flooded, doesn't have 20% of the antimony they originally said it did, and is expensive to mine.
Hi marexx,
The problem they have run into, it seems, is that they do not have enough shares authorized to fulfill these notes.
1,500,000,000 A/S
1,244,459,836 O/S
That leaves 255,540,164 shares remaining. At 0.0005 cents and discount of 40%, the most they can fulfill with these shares is:
255,540,164 x 0.0005 x 0.6 = $76,662
Hence the emergency meeting (still not scheduled!) to try and increase the A/S to 5B.
http://m.newsfilecorp.com/release/13411/Coronet-Metals-Terminates-the-Sale-of-50-Operational-Interest-in-Coronet-Metals-US-Inc.
All they have left is a bunch of debt, a pile of ore that the NDEP wants cleaned up and disposed of, and a handful of unauthorized shares. Bravo Don.
I've also noticed it on other tickers... I think its the Y2K bug finally roaring it's ugly head.