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I have not heard the term "reverse takeover" used, but it may be something like a carve-out or spin off. That is, a division of a company is spun off to become its own business entity.
Example: In 1999 Hewlett Packard spun off Agilent, which consisted of HP's instrument/measurement products.
Hope this helps.
I suspect that scenario is close to the truth. I question whether Andy DeVries was telling PV what to do behind the scenes. (I just get the feeling that AD is the puppetmaster in all this.) I also wonder about the culpability of the Suljas; I think they probably started out as innocent dupes, but probably became willing participants in the scam at some point.
Here's something I have never seen before:
http://finance.yahoo.com/q?s=SLJB.PK
At this moment, Yahoo!'s stock page for SLJB actually has negative numbers on the lower part of its graph of SLJB's price. I have never seen a Yahoo! finance stock price graph go below zero. This may change as the day goes on, but it's as though the graphing software wants to give SLJB room to attain negative prices.
IMO.
Does that mean you expect Petar to enter the shipbuilding business?
Possibly jumped the gun on that one. Gambling on cruise line's is not illegal though.
Sadly, you are not the only one (getting old here...)
You misunderstood me. If I were on a jury, I would make an effort not to settle into an opinion of guilt or innocence before all the evidence were presented. However, not being on a jury and having the process drawn out over several months, I tend to form opinions. Currently, I think the Suljas, PV and AD are guilty. I feel this way because there has been no evidence made public that they are NOT guilty while there is ample evidence that they ARE guilty. Do you understand now?
I form opinions on guilt and innocence as evidence becomes known. I cannot ignore it all until someone says, "Go!" and then try to evaluate all of it at once. Although this may sound prejudicial, I try to keep an open mind and have, in the past, changed my mind regarding some cases as they progressed.
That being said, I think Andrew DeVries is the puppetmaster in the SLJB scam. I think Petar V was a willing and knowing participant in a scam intended to defraud investors of their money. I think the Suljas were trying and failing to run an honest business a few years back, and fell in with PV; I think they (Suljas) saw the stock fraud as a way to prop up a failing business. I think PV lost his nerve when the run up ran WAY up and garnered a lot of unexpected attention.
Thus, I think the whole lot of them are guilty of various violations of criminal law.
This is all my opinion, and it's subject to change should any exculpatory evidence come to light. So far, I have not seen any so I believe they are guilty.
IMO.
Absolutely right! Although sometimes frustrating in cases of especially nasty crimes where there is overwhelming evidence, due process is in extremely important.
Petar is going to do what he thinks will benefit Petar.
A few months back CNBC carried a story about a con man who set up a phony hedge fund and duped a lot of people out of money. He was being investigated by the FBI and SEC, and he knew he was being investigate. Still, he tried to deceive more people into investing in his scam... right up until the morning that the FBI awakened him, standing around his bed with their guns pointed at him. The point is, just because someone is under suspicion, don't expect them to start acting like a saint.
I understand. If you can sell at a loss and use the proceeds to buy yourself a nice bottle of bourbon or scotch to help ease the pain, it might be preferable to not selling ever. JMO.
There may be a couple of explanations. What follows is supposition and opinion (mine).
The OSC is working on more than just SLJB. There are a limited supply of OSC person-hours available.
Andrew DeVries is an experienced con-man. As such, he has learned how to hide his ill gotten gains well. Following the money, in the case of SLJB, is likely a convoluted, international path involving several jurisdictions. Some of those jurisdictions may not give a hoot about helping the OSC in a timely manner.
There may be a forensic reckoning occurring. I was at a company that was subject to an SEC forensic audit/investigation. It took about 17 months to determine what occurred over the span of 2 months. The point is, forensic accounting is a painstaking, slow process. With all of SLJB's nominee accounts and money flowing hither and yon across borders, I am not surprised at how long it's taking.
That's certainly possible, even likely, too.
To the people still holding SLJB, I ask you to ask yourselves this:
How much will I get if I sell my shares now? If I miss out on that amount and later the share price goes to 0, will I regret not having sold, even if for a pittance?
My take on "principal asset" is that Sulja Nevada, whose shares trade as SLJB, has no other material (i.e., valuable) assets other than its interest in Sulja Ontario. This implies that Sulja Nevada owns some percentage of the Sulja Ontario operations, but not necessarily all of them.
Given how things have played out, I would not be surprised to learn that SLJB/Sulja Nevada only has claim to a small percentage of Sulja Ontario. I may be totally wrong on this. I hope, for the sake of SLJB shareholders, that I am wrong about it. However, we have seen so much bad governance, dishonesty and deceit from PV, AD, the Suljas, Leslie, et al. that I would not be surprised if it were true.
Hahaha, very very well said.
IIRC, the Alberta Securities Commission statement when SLJB was suspended from trading in Alberta said something to the effect of "Sulja Nevada's principal asset is its interest in Sulja Ontario."
The ASC statement did not indicate what percentage of Sulja Ontario that Sulja Nevada owns/owned. That is, Sulja Nevada could own only 1% of Sulja Ontario, but that 1% would be its principal asset. OTOH, Sulja Nevada could own 100% of Sulja Ontario. The point is, no one who knows with certainty is saying what the percentage of ownership is. The only stake in the ground we have is that Sulja Nevada has no other material assets than its stake in Sulja Ontario.
Hope this helps, or at least doesn't muddy things more...
Does this correction materially affect the implications of the article? Does it mean SLJB is better or worse of financially?
The 'lots of assets' info came from Petar "The AF's are in my hand, no they ain't, they're being translated, don't believe a word I say" Vucicevich.
SLJB may not even be that, Tuslog28. SLJB may be nothing but an empty shell based in NV. :(
You can't talk logic to crazy.
Every so often I run across a statement that is profound, simple and a near universal truth. The above statement is one.
Kind of like "No one ever goes to Denny's, they just wind up there."
I agree very very much!
Scorp, without a doubt. If you read the old treehouse after he took over you would know that the cult parallels are pretty similar: No tolerance for dissent, banishment of anyone who does not toe the line and worship him, etc.
I can only speak for myself when I say, I never had confidence in Steve as a CEO.
Strange you never said as much here. Only now are you claiming to think this is a good move.
Not only am I holding, I'm loading the coffers.
Go, Sally, go! I suggest you take out whatever loans you can on your new house to get more money to buy SLJB. Sell your car and cash in any 401k you have... don't worry about the tax penalties... your only mission should be consolidating ALL of your assets in SLJB stock.
Of course, for most people reading this, I say sell sell sell! Cut your losses as best you can and try to learn from the experience. SLJB is a scam, and if you make money investing in it, it's only because PV, AD and the rest of the rogues overlooked an opportunity to fleece you.
Worse than that, she claimed to have resigned on June 31st. Whoever posted that, and I am assuming it to be Leslie Budway, is an idiot.
IMO.
Please provide links to my posts where I speculated about SLJB without stating that it was speculation or my opinion.
Please support your claim with facts or verifiable statements by those in a position to know.
Canadian Bankruptcies
Do any of our resident Canucks know how receivership typically plays out for Canadian companies? In the U.S. a company enters a chapter (usually 7 or 11). 7 is for liquidation (calling it quits) and 11 is to get some breathing room and try to get the business back on its feet.
Example: Eastern Airlines (if you are old enough to remember them) entered chapter 7 after being in chapter 11. Eastern ceased to exist.
UAL, parent to United Airlines, entered chapter 11 in Dec 2002, was there for three years, then emerged as a new company (UAUA).
In almost all cases of bankruptcy in the U.S., shareholders get NOTHING.
What's it like in Canada? If (and it's a big if) SLJB shareholders have any claim to Sulja's various operations then they may still get nothing if there is not enough of the company to satisfy creditors. Does anyone have some insight into north of the border receiverships?
Thanks!
Why on earth would you wait for a PR to buy more shares? You say you need more, then just buy them. Identify the highest price you are willing to pay and keep upping your bid until you get to that price.
Do you expect SLJB to release a bad-news PR that will drive the price down? Is that why you want to wait? If so, why do you need more shares? Why would you invest in a company that is releasing negative PRs?
I just don't follow your logic.
And as of this afternoon, that dollar will get you 200 shares of SLJB.
Very well said really775!
ME deals, which I still believe we have. On what do you base your belief? PRs that have been retracted by the company? Hope and nothing more?
I assume that because of this ongoing investigation the company is acting in the best interest of the company name and it's shareholders. Please give exemplar events from the past 18 months when SLJB acted in the best interest of the company name AND its shareholders.
Me, I'm personally tired of the negative spin you and a few others put out everyday. Me, I'm personally offended that there are posters on this board who won't even acknowledge the possibility that they were taken in by a couple of slick scammers, but instead try to lure those unfamiliar with SLJB into throwing good money into this scam so that said posters can dump their shares for less of a loss.
I just wish some of you could be a little more respectful of our interests. I don't lose respect for someone until they act in an unrespectable way.
Taking a step back... Let me understand this:
Longs are claiming a truck owned by Sulja moved? They are not posting about allegedly done deals for shipping cement to the Middle East. They are not posting about when the store that Steve Sulja (and it would seem no one else) owns in Alberta is going to open. They are not posting about vindication by the OSC, ASC, etc. They are not posting about audited financials being made available to all. Instead, they are posting about whether or not a truck has moved...
Is that right?
That'd be a pretty cheap screw. :D
Maybe Sulja can give away free drywall screws to all shareholders on the basis of 1 screw per 100,000 shares.,/i]
So it was 5 years, more or less, from the beginning of the fraud to sentencing.
How much time does that leave Petar, Andrew and the Suljas?
By expanding into Alberta Sulja instantly becomes a
competitive force in that region as it is in Windsor.
At first I thought there were two lies in your statement, Red. But I can see how it can be interpreted in a manner which is truthful: Sulja will be about as competitive in Alberta as it is in Windsor. That is, not competitive at all. And yes, becoming not competitive at all happened more or less as soon as scammer steve closed up shop in Windsor and scampered to Alberta; i.e., instantly.
IMO
I'm betting on phishing/log in compromise to explain Grande's posts. If that's the case, then whoever is doing it should be ashamed, jailed and exposed.
If, on the other hand, Grande has truly had a change of heart, well, good luck to you.
IMO.
Grande, explain yourself please. Was there an epiphany? Did you get information to which the rest of us are not privy? What's up, dude?
I have no idea where alleged SLJB projects are supposed to be, but if you can get pics of Al Birj and/or Birj Dubai that would be cool!
(Al Birj and Birj Dubai are buildings under construction. They are competing to be the world's tallest building. They will be MUCH taller than the next tallest buildings.)
Thanks!
Do you continue to believe every PR SLJB published last year? I mean the PRs claiming hundreds of millions of dollars in revenue, tens of millions of dollars in profits and completed deals in the Middle East?
No, this is the New & Improved AF report that doesn't have those annoying details like revenue, balance sheet or cash flow for the period when SLJB was claiming they were making hundreds of millions of dollars. This AF report will be much easier to read, without all the confusing numbers that represent income, etc.
IMO.
What's the name of the Chief Investigator with whom you spoke? Where is his/her office?