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Lets hope so
Share Lending Agreement (thought this was interesting from the 10-Q, so our lender can short over 3 mil shares of FTK stock, no wonder the short interest is so high)
Concurrent with the offering of the 2008 Notes, the Company entered into a share lending agreement (the “Share Lending Agreement”) with Bear, Stearns International Limited (the “Borrower”). The Borrower soon thereafter became an indirect, wholly owned subsidiary of JPMorgan Chase & Company. In accordance with the Share Lending Agreement, the Company loaned 3.8 million shares of common stock (the “Borrowed Shares”) to the Borrower for a period commencing February 11, 2008 and ending on February 15, 2028. The Company may terminate the Share Lending Agreement earlier, upon written notice to the Borrower, if the principal balance of the 2008 Notes has been paid or upon agreement with the Borrower. The Borrower is permitted to use the Borrowed Shares only for the purpose of directly or indirectly facilitating the sale of the 2008 Notes and for the establishment of hedge positions by holders of the 2008 Notes. The Company did not require collateral to mitigate any inherent or associated risk of the Share Lending Agreement.
Borrowed Shares are subject to adjustments for stock dividends, stock splits or reverse stock splits. The Company did not receive any proceeds for the Borrowed Shares, but did receive a nominal loan fee of $0.0001 for each share loaned. The Borrower retains all proceeds from sale of Borrowed Shares pursuant to the Share Lending Agreement. Upon conversion of the 2008 Notes, the number of Borrowed Shares proportionate to the conversion rate for the notes must be returned to the Company. Any borrowed shares returned to the Company cannot be re-borrowed.
The Borrowed Shares are issued and outstanding for corporate law purposes. Accordingly, holders of Borrowed Shares possess all of the rights of a holder of the Company’s outstanding shares, including the right to vote the shares on all matters submitted to a vote of stockholders and the right to receive any dividends or other distributions declared or paid on outstanding shares of common stock. Under the Share Lending Agreement, the Borrower has agreed to pay to the Company, within one business day after a payment date, an amount equal to any cash dividends that the Company paid on the Borrowed Shares, and to pay or deliver to the Company, upon termination of the loan of Borrowed Shares, any other distribution, in liquidation or otherwise, that the Company made on the Borrowed Shares.
To the extent the Borrowed Shares loaned under the Share Lending Agreement are not sold or returned to the Company, the Borrower has agreed to not vote any borrowed shares of which the Borrower is the owner of record. The Borrower has also agreed, under the Share Lending Agreement, to not transfer or dispose of any borrowed shares, other than to Borrower’s affiliates, unless such transfer or disposition is pursuant to a registration statement that is effective under the Securities Act. Investors that purchase shares from the Borrower, and all subsequent transferees of such purchasers, will be entitled to the same voting rights, with respect to owned shares, as any other holder of common stock.
During November 2011, the Borrower returned 701,102 shares of the Company’s common stock that had been borrowed, leaving 3,098,898 Borrowed Shares outstanding as of March 31, 2012.
The Company determined the value of the share lending arrangement was $0.5 million at the date of issuance. The fair value has been recognized as a debt issuance cost and is being amortized to interest expense through the earliest put date of the related debt, February 15, 2013. As of March 31, 2012 unamortized debt issuance costs relating to the share lending arrangement were $0.1 million. The Company estimates this unamortized value approximates the fair value of the loaned shares outstanding at March 31, 2012. The fair value of similar common shares not subject to the share lending arrangement, based on the closing price of the Company’s common stock at March 31, 2012, was $37.2 million.
I'm quiet because this PPS action is a bummer. Great numbers all around, then add in all the adjustments for financing moves from the past, poof, there goes the EPS number being broadcast everywhere. Then sprinkle in a little caution for the rest of 2012, and we are down 5%
pd, I thought the foreclosure was a done deal? now you say "...and they are FORECLOSING on HLNT" as in, foreclosure is still being worked on.
Flip, Flop, flip, flop all the day long
the Agreement provides a framework for preferential pricing for Pioneer while enhancing Flotek's margin potential through a pricing schematic related to raw material prices and purchase volumes.
win, win. I like that part
Flotek Industries Announces Chemical Supply Agreement with Pioneer Natural Resources
PR Newswire
HOUSTON, May 9, 2012
HOUSTON, May 9, 2012 /PRNewswire/ -- Flotek Industries, Inc. ("Flotek" or the "Company") (NYSE:FTK) announced today that the Company has entered into a multi-year bulk chemical supply agreement (the "Agreement") with Pioneer Natural Resources Pumping Services, LLC ("Pioneer").
The Agreement provides that Pioneer will purchase 80% of certain blended chemistries from Flotek for a period of three years with an option to extend the Agreement beyond the initial term. Chemicals covered by the Agreement include Flotek's patented Complex Nanofluid Chemistries as well as certain friction reducers, cross-linkers, scale inhibitors and other products.
"We are honored that Pioneer has chosen Flotek as a preferred partner to supply our world-class completion chemistries," said John Chisholm, Flotek's Chairman, President and Chief Executive Officer. "As a leader in the development of unconventional resource plays, we believe our partnership with Pioneer not only provides a tangible economic benefit to our shareholders, it more importantly demonstrates Flotek's leadership as a preferred provider of advanced completion solutions to leaders in unconventional exploration and production."
Over the past several months, Pioneer and Flotek have worked together to expand their existing relationship leading to this formal supply Agreement to meet the growing completion chemical needs of Pioneer. While economic terms will not be disclosed, the Agreement provides a framework for preferential pricing for Pioneer while enhancing Flotek's margin potential through a pricing schematic related to raw material prices and purchase volumes.
"Pioneer is pleased to welcome Flotek to its family of partners as we work to build a vertically integrated company and accelerate development of our significant resource base," said Kyle Zemlak, President of Pioneer Natural Resources Pumping Services, LLC. "Flotek's chemicals, including patented Complex Nano Fluid® chemistries and their technical expertise have enhanced our completion results. We look forward to a long and mutually rewarding partnership."
The initial term of the contract will run through April, 2015.
About Flotek Industries, Inc.
Flotek is a global developer and distributor of a portfolio of innovative oilfield technologies, including specialty chemicals and down-hole drilling and production equipment. It serves major and independent companies in the domestic and international oilfield service industry. Flotek Industries, Inc. is a publicly traded company headquartered in Houston, Texas, and its common shares are traded on the New York Stock Exchange under the ticker symbol "FTK."
For additional information, please visit Flotek's web site at www.flotekind.com.
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I think you are correct......so, this is a good thing, Humphries not being able to show.......SWEET
I'm curious as to how much rope Humphries still has left. If I were that Judge, I think I'd smack him a little
Humphries saying he can't make it .......blah, blah, blah
I agree with you. I also felt the following was to the benefit of HLNT:
"Only 9 companies out of over 100 actually have operating businesses."
Are you serious pd?
This case has not been decided.
The one that involves HLNT, The one that matters here, at this MB
You should really post all that other dribble on NIR Group MB, as it's not relevant to HLNT.
Recent Breakdown of NIR investments: courtesey of
Firsk at the NIR Group MB
Friday, May 04, 2012 3:29:28 PM
Post # of 5951
"They named no companies.
They had 3 categories. Only 9 companies out of over 100 actually have operating businesses. 16 have no business but they do file SEC paperwork and maintain websites. And the rest have nada, zip, zilch, nunca.
It's amazing! How could that idiot turn over millions of dollars to these people? To say that their operations were "flimsy" would be a gross exaggeration. In many cases, there were no operations at all; it was more like a guy working out of his garage with a computer and calling it a company.
I've still got all Corey's quarterly letters with the glowing reports. You know, the funny thing is that he didn't name the companies either. He never did.
This recent update from the liquidators was emailed to all NIR investors, and that's how I got it.
It's truly a lost cause, and the the only thing that gives any faint hope is the prospect of suing the accounting firm or firms that backed his valuations. The problem is that even that takes money."
Here is a Nugget, from the NIR Group MB
courtesy of:"Firsk
Friday, May 04, 2012 11:36:42 AM
Post # of 5951
We just heard from the AJW Liquidators
They're saying that it's looking dismal. Of all the 100+ companies in the NIR portfolio, only 9 show signs of life. There are 16 more which at least are still making SEC filings and are maintaining websites. (although, it doesn't take much to maintain a website; just about anybody can do it) But the rest of the companies all have no activity, no filings, no trading, no ongoing business, no websites, no nothing.
My question is: how is it that Corey is not behind bars?
What kind of money manager makes it a practice to hand over millions of dollars to fly-by-night, fraudulent companies run by criminals?
The liquidators have been seeking help from experts to realize value from the portfolio, but some of these experts have informed them that the realizable value is too small to make it worthwhile.
But, the topper is that we've been advised not to expect reportable tax losses because losses, like gains, have to be realized in order to be taken. Well, surely at some point we should be allowed to take them. Right?
I think it's time to contact the SEC again about Corey, and I am going to do just that. I'll send them a copy of this latest report from the liquidators. "
"...note holders that have sued for forclosure... "
NOPE....it aint done
you just said it yourself
take the weekend off, you need some rest
that does not prove anything, that is what the the court case is about.......and additionally, what you want to happen, not what has happened
I do believe FTK will firmly beat the street's earnings expectation, in fact, I think it will beat even the high estimate
Hey Pd, can you also provide a link to it being foreclosed on
THAT WAS SICK WEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE
weeeeeeeeeeeeeeeeeeee weeeeeeeeeeeeee weeeeeeeeeeeee
that was interesting today
quite the reversal
wow weeeeeeeeeeeeeeeeeeeeeeee
nah, all ready submitted questions myself along with Swarm, just was poking you
cd24dc
Well Said
Enjoy your day
HOUSTON (AP) -- The number of rigs actively exploring for oil and natural gas in the U.S. is down 27 this week to 1,945.
Houston-based oilfield services company Baker Hughes Inc. reported Friday that 1,328 rigs were exploring for oil and 613 were looking for gas. Four were listed as miscellaneous. A year ago this week, Baker Hughes reported 1,818 rigs.
Of the major oil- and gas-producing states, only North Dakota increased its total, gaining one rig.
Louisiana lost five rigs, Pennsylvania and Texas each lost four while Arkansas and Oklahoma each lost three. Alaska, California and New Mexico lost two apiece and Colorado and Wyoming each lost one.
West Virginia was unchanged.
The rig count peaked at 4,530 in 1981 and bottomed at 488 in 1999.
http://finance.yahoo.com/news/weekly-us-oil-gas-rig-180658434.html
Unless you can PROVE and SUPPORT your THEORIES with FACTUAL data and LINKS, I will continue to believe what you post is FALSE
What is your definition of 'Business Development'?
http://www.linkedin.com/answers/marketing-sales/business-development/MAR_BDV/289019-25901?browseIdx=0&sik=1217788562122&goback=.amq
just a snipit from the link:
"Best Answers in: Business Development (1)
This was selected as Best Answer
1) Looking outside your normal sales channels /partners /customers and
2) finding new reasons that potential customers/partners/channels can engage your company and
3) nailing down a mutually revenue producing relationship.
In startups, these "tangential" deals are often where you end up even if you didn't start there or plan to be there. "
Highline Technical Share Structure
(i) Period end date; 3/31/2012
(ii) Number of shares authorized;
Common-1 2,700,000,000
Preferred - 100,000,000
(iii) Number of shares outstanding;
Common - 2,578,414,832
Preferred - 83,945,578
(iv) Freely tradable shares (public float);
Common - 2,380,994,313
(v) Total number of beneficial shareholders;
Unavailable
(vi) Total number of shareholders of record.
Common - 374
2. Line items "Due from Sale of Asset" for $5,710, 428.88 and Notes A through E under the Liability "Long Term Liability" are the result of an "Asset Purchase Agreement" made in December 2008 from Dealers Advance. The notes, and the corresponding asset, are currently under litigation in the state of New York.
NOTES: HTI (symbol HLNT) is continuing to take steps to prepare for complete disclosure and necessary auditing of financials. Corrections have been made in the prior year filings, and as historical information becomes available, any other adjustments will be made where substantiated.
1. HTI is receiving advances toward business development which must be reported as a liability at this time.
1. In a Question and Answer news letter released for Investors for February, mention was made of a business development activity that HTI is working on. As that has been the focus of HTI, it was necessary to raise the A/S by 8% to provide room for additional funding through a PIPE to supplement HTI's cash flow during the 1st Quarter. For more information, see the CASH FLOW report also included.
Highline Technical Share Structure
(i) Period end date; 3/31/2012
(ii) Number of shares authorized;
Common-1 2,700,000,000
Preferred - 100,000,000
(iii) Number of shares outstanding;
Common - 2,578,414,832
Preferred - 83,945,578
(iv) Freely tradable shares (public float);
Common - 2,380,994,313
(v) Total number of beneficial shareholders;
Unavailable
(vi) Total number of shareholders of record.
Common - 374
2. Line items "Due from Sale of Asset" for $5,710, 428.88 and Notes A through E under the Liability "Long Term Liability" are the result of an "Asset Purchase Agreement" made in December 2008 from Dealers Advance. The notes, and the corresponding asset, are currently under litigation in the state of New York.
NOTES: HTI (symbol HLNT) is continuing to take steps to prepare for complete disclosure and necessary auditing of financials. Corrections have been made in the prior year filings, and as historical information becomes available, any other adjustments will be made where substantiated.
1. HTI is receiving advances toward business development which must be reported as a liability at this time.
1. In a Question and Answer news letter released for Investors for February, mention was made of a business development activity that HTI is working on. As that has been the focus of HTI, it was necessary to raise the A/S by 8% to provide room for additional funding through a PIPE to supplement HTI's cash flow during the 1st Quarter. For more information, see the CASH FLOW report also included.
WHAT DID YOU SEE AND WHAT DO YOU MEAN?
What page is the HLNT ad on?
Those are not Facts:
That is fiction until You post (valid) links to prove your diatribe
ok, will wait and see, looks like some 13+ mil have traded since I flapped my gums
"EPGL is totally new co. after restructuring"
Ok, New company has No Cash, plans to hire people, plans to market the medical device and most important, no new debt. This sounds on the surface all Good, but, Where is the $$$$ going to come from to pay for all this? If investors thought this was such a great deal, how come they are not buying right now?
I admit it. I'm stupid enough to have tried to get the PR's and Links to those PR's to TRY and show Josey that the info. has not just vanished. Now I understand that he really did not care about the info. itself, just that Yahoo and Scottrade were not showing it, AND SOMETHING REALLY, REALLY, REALLY BAD WAS ABOUT TO HAPPEN. Or, nothing at all. I don't know, BUT I'VE got a FEELING, AND I talked to some people also a few years ago, their names both started with W....and boy o boy, DID THEY HAVE STUFF TO SAY, I MEAN, it COULD OF BEEN ABOUT HLNT OR SHARES OR SOMETHING THAT STARTED WITH A P, I DON'T KNOW
I'll make you a deal, I will stop if you do
"the ccs deal and the newspaper article are gone"
ccs deal: http://www.highlineinnovations.com/news-and-media/press-release/detail/highline-technical-innovations-inc-announces-a-contract-with-ccs-midstream-services-llc-and-wildcat-llc-in-a-green-and-co--0
newspaper article: http://www.highlineinnovations.com/news-and-media/press-release/detail/hti-dealer-hydro-gen-llc-is-featured-in-article-in-rhode-island-publication-standard-times-0
I'm Sorry, I was being sarcastic
What do you think "IT" is if this is not a glitch?
My Guess: HTI / HLNT no longer exists
Flotek Industries Announces Upcoming Presentation at Independent Petroleum Association of America New York Investment Confere...
Flotek Industries Common Stock (NYSE:FTK)
Intraday Stock Chart
Today : Friday 13 April 2012
Flotek will make a presentation at the Independent Petroleum Association of America (IPAA) New York Oil and Gas Investment Symposium in New York City on Monday, April 16, 2012. John Chisholm, Chairman and President of Flotek, will present to conference attendees beginning at 9:35am EDT.
The presentation will be webcast live beginning at 9:35am EDT on Monday, April 16, 2012 and can be accessed from Flotek's website, www.flotekind.com. The presentation slides will be available on the Flotek website coincident with the conference presentation.
About Flotek Industries, Inc.
Flotek is a global developer and distributor of a portfolio of innovative oilfield technologies, including specialty chemicals and down-hole drilling and production equipment. It serves major and independent companies in the domestic and international oilfield service industry. Flotek Industries, Inc. is a publicly traded company headquartered in Houston, Texas, and its common shares are traded on the New York Stock Exchange under the ticker symbol "FTK."
For additional information, please visit Flotek's web site at www.flotekind.com.
Forward-Looking Statements:
Certain statements set forth in this Press Release constitute forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934) regarding Flotek Industries, Inc.'s business, financial condition, results of operations and prospects. Words such as expects, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements, but are not the exclusive means of identifying forward-looking statements in this Press Release.
Although forward-looking statements in this Press Release reflect the good faith judgment of management, such statements can only be based on facts and factors currently known to management. Consequently, forward-looking statements are inherently subject to risks and uncertainties, and actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements. Factors that could cause or contribute to such differences in results and outcomes include, but are not limited to, demand for oil and natural gas drilling services in the areas and markets in which the Company operates, competition, obsolescence of products and services, the Company's ability to obtain financing to support its operations, environmental and other casualty risks, and the impact of government regulation. Further information about the risks and uncertainties that may impact the Company are set forth in the Company's most recent filings on Form 10-K (including without limitation in the "Risk Factors" Section), and in the Company's other SEC filings and publicly available documents. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this Press Release. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this Press Release.
SOURCE Flotek Industries