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There are 2 Gustavson reports. One was for Pilgrim, the other for American Petroleum, no Arcland I think. Anyway yes, the assessment is old. It would be nice to see something more current. Did you see my discussion with Janice the other night? 229.1200 is for SEC registrants, but PGPM is not an SEC registrant. They sold exempt securities under Regulation D.
17 CFR Part 229, Subpart 229.1200 - Disclosure by Registrants Engaged in Oil and Gas Producing Activities
https://www.law.cornell.edu/cfr/text/17/part-229/subpart-229.1200
The president has testified that his net worth is determined by his emotional state. That's the very definition of arbitrary. Is that fraud?
I'm waiting to see if the company can produce any evidence in light of the recent SEC action.
Never is a strong word. You've already made up your mind. I don't know about anyone else, but I'm just deferring my decision because it's an available option.
Yeah, no posted quotes. Indications of interest is the term, I believe. If you're indicating you want to sell (an offer) and you match with someone indicating they want to buy (a bid) at or above your indication then shares can change hands. It's order matching, a crossing network, I think, but certainly there are no posted quotes by market makers
Even if there are no bids just tell your broker you want to get rid of it and they will take it off your hands at $0 plus commission. They put it in a house account and if it is ever worth more they will kick it out and take the proceeds for themselves. You can delay taking the loss until December to see what happens, unless psychologically you just need to get rid of it right away to clear your head and move on.
EDIT: Oh, yeah...and nobody is trading it today so you're not missing out on selling it right now.
Ok, thanks Janice. Read the first one. Second link is TLDR. Have to get off this phone because I can't read that much text on a small screen. LOL, can't stand smart phones/can't live without them.
Then what am I missing? How is it irrelevant?
Threshold list has a very high threshold - 13 days failure to deliver. You can still have a significant amount of short shares without a failure to deliver. Remember, there are 2 billion PGPM shares to go around.
Bi-weekly numbers are too slow. I'd rather look at reg sho and make an inference.
a bi-weekly short interest number is meaningless
Well then it wasn't MMs shorting. Reg sho only represents MM activity? OR, they did it in a proprietary account.
They can make some cheddar from the transactional activity, but if they take a position and they are right they can make a lot more. And I would expect MMs to be shorting more so on up days on stabilizing ticks. Someone was leaning on the stock.
Hmmmm. You're right! I remember now. I looked into reg sho data quite a while ago and forgot the details of it. They are prices at which shares were shorted, but we don't know if they covered, right?
Regardless, I feel that a majority of those short shares are not covered.
I wonder if it's a "short and report" strategy employed here where they short the stock and then file an SEC complaint. I'll tell you this. I was reviewing the reg sho short data and short interest swelled to 70 million shrs on June 16th. That's a day where previously it had already been coming down from a penny in prior days and on the 16th they seemed to be really leaning on this stock. They were trying to crack it -- punch through support. In other words they were not shorting into strength but into weakness. They briefly got screwed on June 20 by the June 19 after hours pr. Short interest wasn't even as high as June 16: it was around 40 million shrs on June 20th. Maybe they were actually sweating a bit. Ultimately, though, they ended up with 12 million short going into the suspension. Who knows for sure. It's interesting to follow the story. BTW, totally agree with Bama. Hope costs $0 for us existing shareholders now.
Good find, Bama! It's not exempt shorts, either. I believe that means it's not necessarily shorts due to market making activity. It could be retail shorts, although it is very costly. I've read that a broker could demand $1.00 or more per share to cover penny stock short positions. That means $8 million to cover an 8 million share short position with a max potential gain of $48,000. Then again, market makers don't necessarily have to be naked short and don't need to put up that much capital.
OK, great talking with you. Have to get some sleep now.
Yes, out of date, to be sure. But, again. "Disclosure by Registrants," and they are not registrants. Where is the prohibition of NI-51 for non-registrants?
Additionally, GAAP is not law - Generally Accepted Accounting Principles.
To be clear, there is great risk in buying stock in companies not beholden to such regulations and standards. But, I've yet to find the language prohibiting use of the NI-51. Can you cite it?
I believe you are correct. They sold exempt securities under Reg D. I'm not an attorney, but it seems that since they are not registrants they do not have to adhere to "17 CFR Part 229, Subpart 229.1200 - Disclosure by Registrants Engaged in Oil and Gas Producing Activities"
https://www.law.cornell.edu/cfr/text/17/part-229/subpart-229.1200
It doesn't mean they can lie about assets, but the contentious Gustavson Report and its use to justify the assets may not be illegal. Janice, what do you think?
Is PGPM an SEC registrant?
Didn't know that! Traders call whole numbers "the figure."
Did you sell your IBM at the bid? It's 100-1/8.
No, sold a few minutes ago at the figure.
I got post 60,000! Woo hoo!
I have to agree with you, Bama. Per the SEC's own investor bulletin, already referenced here more than once including what you just posted, they say:
Ha, true! Funny thing about "drill, baby, drill" is it's good for consumers and bad for exploration companies. Integrated oil can weather price dips better, I think. Even still, low oil prices are no guarantee of low gas prices. Refineries have to keep up the production or gas supply remains tight.
And there are pro baseball players in the hall of fame batting .300
And pepeoil always got 100% on all his exams at school. Wink, wink
SEC has no claim of exclusivity to the word filings. Merriam Webster's 2nd definition of filing is "a document filed"(first definition relates to the hand tool that is a file). Otcmarkets, the ones against which you have a vendetta and seem to have caused you to become jaded, refer to some company filings without the SEC qualifier. Some pinkies are foreign companies that meet foreign exchange listing requirements like NSANY which I mentioned previously. They are Pink Current and are the company that manufactures, you know, the Maxima, Rogue, Pathfinder, Altima, etc. They must maintain current FILINGS in their respective countries to keep their foreign (actually, domestic for them) exchange listing. I get it. It's important to differentiate SEC filings from the unaudited quarterly and annual reports PGPM filed, but take a breath man!
Ha! True!
Yes, I thought about the P-5. If not banned outright, then banned through lack of permission.
Yes, to me an OR means a ban until either of those conditions becomes true. If he payed sooner, the ban would have been lifted before 7 years passed and he could have gotten back to business right away. Seems he waited the 7 years...that's the OR. At least that's how I'm reading it.
That says, "banned for no more than 7 years" and is from 2008. Seems it's not currently in force. Is there a newer ban against Pinedo?
Despite all that, I still have a differeing opinion. Wait. You know what, you're right. NSANY, Nissan Motors, is a Pink Current company and they're the same as PGPM with its grey mkt + CE designation because the different tiers and icons are meaningless. Thanks for informing me.
Your opinion regarding the otcmarket tiers is pure hyperbole. The different designations actually mean something and I maintain they are useful. OTCQX is the highest tier and companies have to qualify. Next lower tier is OTCQB. Then the next lower is the Pink Sheets. There are pink stocks that are sec reporting companies. The icons give further information. It's all on their website. People just have to read it. http://www.otcmarkets.com/learn/otc-market-tiers
Pink Market
The Open Market
The Pink® Open Market offers trading in a wide spectrum of equity securities through any broker. This market is for all types of companies that are there by reasons of default, distress or design, which is why they are further sub-categorized by the levels of information that they provide.
Current Information
Companies may be categorized in Current Information by following the International Reporting Standard, which requires the company to be listed on a Qualifying Foreign Exchange that requires periodic disclosure filings, or by following the Alternative Reporting Standard by making filings publicly available through the OTC Disclosure & News Service pursuant to the Pink Basic Disclosure Guidelines. The Current Information category is based on the level and timely availability of disclosure and is not a designation of quality or investment risk.
OTC Pink Limited Information Logo
Limited Information
Designed for companies with financial reporting problems, economic distress, or in bankruptcy to make the limited information they have publicly available. The Limited Information category also includes companies that may not be troubled, but are unwilling to provide disclosure pursuant to Pink Basic Disclosure Guidelines. Companies in this category have limited financial information not older than six months available on the OTC Disclosure & News Service or have made a required filing on the SEC's EDGAR system in the previous six months.
OTC Pink No Information Logo
No Information
Indicates companies that are not able or willing to provide disclosure to the public markets - either to a regulator, an exchange or OTC Markets Group. Companies in this category do not make Current Information available via OTC Markets Group's News Service, or if they do, the available information is older than six months. This category includes defunct companies that have ceased operations as well as 'dark' companies with questionable management and market disclosure practices. Publicly traded companies that are not willing to provide information to investors should be treated with suspicion and their securities should be considered highly risky.
Other Market Designations
Caveat Emptor Logo
Caveat Emptor
Buyer Beware. There is a public interest concern associated with the company, security, or control person which may include but is not limited to a spam campaign, questionable stock promotion, investigation of fraudulent or other criminal activity, regulatory suspensions, or disruptive corporate actions. During the time it is labeled Caveat Emptor, any stock that is not in Pink Current Information will also have its quotes blocked on www.otcmarkets.com.
Grey Market Logo
OTC, Other OTC or Grey Market
"OTC", "Other OTC" or "Grey Market" is a security that is not currently traded on the OTCQX, OTCQB or Pink markets. Broker-dealers are not willing or able to publicly quote OTC securities because of a lack of investor interest, company information availability or regulatory compliance.
That was pretty epic, man! 80's slow clap to you
This sums it up for me:
But, Janice, the cost to carry these penny stocks short is so prohibitive. I think you're kibbutzing!
The additional capital you plan to put into this...how much is it as a percentage of your total capital? This is not a stock to bet the farm on and I have to say that is just my opinion. I don't want to look stupid if I'm wrong, but you can't deny the risk here.
EDIT: Dammit! Ran out of posts for the day. See you all tomorrow, unless I decide to pay iHub for membership.
Well, I didn't expect them to get Jack Welch. I know what I'm holding here. It is a stock that traded at a fraction of a penny after all, and there's the caveat emptor.
EDIT: BTW, I just realized that my broker's app doesn't have any warning about the stocks when I pull them up for quotes OR on the order entry screen. Part of the problem. Maybe all brokers should be required to display those categorizations from the otcmarkets website - the little icons showing various types of warnings.
I don't know. How far back does their relationship go? I'm saying he took the driver's seat on PGPM recently and maybe saw that as a problem right away when he started to look at things. He's here on iHub. You can ask him yourself!
I hear ya about the share count. Wasn't happy when I found out about it. They're saying it was inadvertent. Erroneous. A mistake. That's a big difference, 1.15BB vs 2BB. Well, if anyone can find out what's what with that it's the SEC. They have access to all the trade data.
Well, all I've got left is that this new guy at the helm knows more about the rules than Raffy did. Maybe he realized right away what was wrong and corrected the website. Or he was reading iHub. He did apparently open an account here recently.