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4 18 19 also please
Aagh!!!! Finally made it to the top 10 in points from almost dead last and I forgot to post picks. Sigh.....
All doubles today. 11 22 88 please
Someone texted me a link to your post and I forwarded it to Lee, he sent this in response.
Hi Chuck,
I received your text containing a link to the iHub post.
I think it may be important for you to go on iHub and point out the difference between "Issued" shares and "Authorized" shares.
In Paragraph 6.8 of the Plan it says the following:
Limitation on Issuance of New Common Stock and Other Securities.
Only 10,000,000 shares of New Common Stock shall be initially issued, and without affirmative vote of holders of 60% of the New Common Stock, no additional shares of New Common Stock shall be issued for a period of three (3) years from the Effective Date. .........
In the Paragraph 10 of the Confirmation Order it says the following:
Amendments to Articles of Incorporation and Other Actions. On the Effective Date, the Board of Directors of the Reorganized Debtors shall be authorized to amend the Articles of Incorporation and Bylaws to accomplish the following:
i. Authorize the issuance of one hundred million shares of New Common Stock and fifty million shares of Reorganized CK’s preferred stock. The Board of Directors shall determine in their discretion the rights, privileges and restrictions granted or imposed on such shares.
Under Paragraph 11 of the Order it effectively orders the Board to take certain actions:
11. Take Required Actions. Without shareholder approval, the Boards of Directors of Reorganized Debtors shall be authorized to take any and all action necessary or appropriate to effectuate any amendments to the Reorganized Debtors’ Certificate of Incorporation and/or Bylaws called for under the Plan and the Board of Directors and officers of the Reorganized Debtors shall be authorized to execute, verify, acknowledge, file and publish any and all instruments or documents that may be required to accomplish same.
Reorganized CK shall amend its charter in conformance with Nevada General Corporation Law and pursuant to section 1123(a)(5)(I) of the Bankruptcy Code. The amended charter or bylaws shall, among other provisions: (i) authorize the issuance of the New Common Stock; (ii) prohibit the issuance of nonvoting equity securities to the extent required by section 1123(a)(6) of the Bankruptcy Code; ............
I don't know that all of the Shareholders can be expected to understand the nuance in a 125 page legal document but I hope most of them will get it.
To imply (which is how I took the post) that I somehow manipulated the time to get past the Share Limitation is just plan wrong. I am in this with everyone else and what's good for shareholders in general is good for me. By reading the paragraphs above it is obvious that the Board could have (and probably should have) "Authorized" One Hundred Million shares over 3 years ago.
Just because shares are authorized does NOT mean they will be issued. However, the ability to issue shares can be very important to corporate financial flexibility and enhance the ability of management to get things done. It is important that all shares are issued with discretion, integrity and in concert with an overall strategic plan.
4 48 88 please
2 4 22 please
Since you brought it up please do explain to everyone how exactly you were "involved with the creation of this pig from the very beginning"??
For the rest of you guys, I am very busy with several other projects at the moment including some renovations on my house and one of my rentals. Also restoring one of my cars for fun. Also my mother had a very bad accident recently and I am taking her to rehab and other doctors appointments 3-4 times a week. She is recovering well but its going to be a long process. I am not watching this board everyday but I do respond to calls,texts, and emails as quickly as I can. Also note that the company is holding conference calls monthly that are recorded.
Hope you guys enjoy your summer.
18 78 88 please
4 18 78 please
Yes 75 not 85. Fat fingered phone
3 24 42 sd. 4 48 85 as. Please
4 18 48 please
Odyssey Marine Exploration Reports First Quarter 2016 Results
TAMPA, Fla., May 12, 2016 (GLOBE NEWSWIRE) -- Odyssey Marine Exploration, Inc. (NASDAQ:OMEX), a pioneer in the field of deep-ocean exploration, reported results for the first quarter ended March 31, 2016.
Q1 2016 Highlights
Odyssey was contracted by a third-party to perform a commercial survey project in the Mediterranean using the company's equipment and crew.
Revenue was $0.6 million, an increase of $0.5 million compared to the same year-ago quarter, primarily due to the third-party marine services contract.
Continued to actively manage costs and as a result improved both operating results and net results by 50% or more and improved operating cash flows by 38% compared to the same period last year.
Implemented a 1-for-12 reverse stock split of its common stock, which took effect during the after-market hours on February 19, 2016.
Entered into a loan agreement with Epsilon Acquisitions LLC (Epsilon) for $3 million.
Entered into a loan agreement with Monaco Financial, LLC for $1.825 million.
Management Commentary
Subsequent to the first quarter, Odyssey reported that the environmental permit application submitted in June 2015 had been denied in Mexico. "Although this was a disappointing and surprising decision, we believe that this project will ultimately be approved. Odyssey and our partners continue to work towards approval of the environmental permit for the dredging and extraction of phosphate sands at the ‘Don Diego' deposit. We have filed new documents with the Mexican authorities and we have hired additional environmental experts and other advisors to move the project forward. We can assure you, that Odyssey and its partners remain committed to pursuing the ‘Don Diego' phosphate dredging project through ultimate approval," said Mark Gordon, Odyssey President and Chief Executive Officer.
"While we continue to manage operating costs actively, as evidenced by the 50% decrease in operating costs in the first quarter of 2016, we are also striving to increase revenue generated from our equipment, team, and methodologies. In the first quarter of 2016, this effort resulted in a 400% increase in revenue compared to the same quarter a year earlier. We further anticipate that revenue in the second quarter of 2016 will be more than double the revenue achieved in the first quarter of 2016."
Q1 2016 Financial Summary
Total revenue in the first quarter of 2016 was $0.6 million, a $0.5 million increase over the revenue in the same period a year ago. The majority of revenue in 2016 was generated by providing marine charter services to a third party, whereas the majority of revenue in 2015 was generated from the sales of inventory items, such as coins.
Marketing, general and administrative expenses were reduced by $0.6 million, or by 21%, from $3.0 million in 2015 to $2.4 million in 2016, primarily as a result of cost cuts implemented by the Company.
Operations and research expenses were reduced by $1.2 million, or by 35%, from $3.4 million in 2015 to $2.2 million in 2016 primarily as a result of lower expenditures on vessel operations in 2016.
Total operating expenses in the first quarter of the 2016 were reduced by 50%, or by $4.5 million, compared to the same period a year ago. The increased revenues, reduced operating expenses, and the absence in 2016 of any issuance of shares to cancel options, yielded a 56% improvement in the operating results, or an improvement of $5.0 million.
In the first quarter of 2016, Odyssey entered into a new loan agreement with Monaco Financial, LLC ("Monaco") and amended the existing loans with Monaco. The cancellation of the Share Purchase Option in our holdings of one of our subsidiaries and the accounting treatment of this transaction resulted in the elimination of a $3.4 million derivative liability from our balance sheet, which is recognized as other income in our income statement.
The increase in revenue, the reduction in operating expenses, and the loan amendment with Monaco, resulted in earnings per share for the quarter of $0.01, compared to a loss per share of ($1.35) in the same quarter a year earlier.
Operating cash flows improved by 38%, or by $1.6 million compared to the same period of the prior year. Cash and cash equivalents at March 31, 2016 were $2.8 million, or an increase of $0.5 million compared to the cash balance at December 31, 2015.
Consolidated financial statements, the 2015 Bank loan amendment, as well as the Company's Quarterly Report on Form 10-Q for the three months ended May 30, 2016, are available on the company's website at www.odysseymarine.com as well as at www.sec.gov.
Annual Meeting of Stockholders
The Annual Meeting of Stockholders will be held at the Holiday Inn — Tampa, located at 700 North West Shore Boulevard, Tampa, Florida 33609, on Tuesday, June 7, 2016, at 9:30 a.m. E.T.
About Odyssey Marine Exploration
Odyssey Marine Exploration, Inc. (Nasdaq:OMEX) is engaged in deep-ocean exploration using innovative methods and state of-the-art technology for shipwreck projects and mineral exploration. For additional details, please visit www.odysseymarine.com. The company also maintains a Facebook page at http://www.facebook.com/OdysseyMarine and a Twitter feed @OdysseyMarine. For additional details on Odyssey Marine Exploration, please visit www.odysseymarine.com.
4 18 22 please
From 8k this morning
Epsilon Transaction
On April 29, 2016, Odyssey Marine Enterprises, Ltd. (“OME”), an indirect, wholly owned subsidiary of Odyssey Marine Exploration, Inc. (“Odyssey”), received the second and final advance of $1.5 million from Epsilon Acquisitions LLC (“Epsilon”) pursuant to the Note Purchase Agreement, dated as of March 18, 2016 (the “Purchase Agreement”), among Epsilon, OME, and Odyssey. The execution and delivery of the Purchase Agreement were disclosed in the Current Report on Form 8-K that was filed by Odyssey with the Securities and Exchange Commission on March 24, 2016, and OME received the first advance of $1.5 million from Epsilon on March 31, 2016. Epsilon is an investment vehicle controlled by Mr. Alonso Ancira.
“Don Diego” Deposit
On April 29, 2016, Odyssey’s subsidiary in Mexico filed documents with the Mexican government requesting a review of the government’s recent decision on the application for an environmental permit for the dredging and extraction of the phosphate sands from the “Don Diego” deposit. Odyssey, its subsidiaries and partners remain committed to developing the phosphate deposit and, to that end, have also recently hired additional environmental experts and other advisers to assist in moving the project forward.
Looks like my mulligan may help me out this weekend cause I damn sure would have had jr with everyone else.
The DTC should have removed the 6 month "restricted" status off of the shares that they held by now or they will very shortly. FINRA has yet to grant approval for trading though. Im sure the Company will make an announcement as soon as they do.
4 18 22 please
19 22 48 please
4 18 48 please
11 18 31 please
Im curious as to who exactly are the "owners" of this "worthless shell"?
Odyssey Marine Exploration Reports Fourth Quarter and Full Year 2015 Results
??
Alert
Odyssey Marine Exploration, Inc. (MM) (NASDAQ:OMEX)
Today : Wednesday 30 March 2016
?
Odyssey Marine Exploration, Inc. (NASDAQ:OMEX), a pioneer in the field of deep-ocean exploration, reports results for the fourth quarter and full year ended December 31, 2015.
Fourth Quarter 2015 Highlights
Total revenue was $3.3 million compared to $0.3 million in the fourth quarter of 2014 and was primarily related to a project conducted under contract with a third-party entity.
Net income was $2.2 million compared to a net loss of $5.2 million in the fourth quarter of 2014.
Earnings per share, on a split adjusted basis, were $0.33 compared to a loss of $(0.72) in the fourth quarter of 2014.
In the fourth quarter of 2015, Odyssey sold certain intangible and tangible assets primarily related to its shipwreck business to Monaco Financial LLC and affiliated entities for approximately $21 million in aggregate consideration (the “Monaco transaction”). As part of the Monaco transaction, Odyssey retained a 21.25% interest in the future net proceeds from shipwreck projects and entered into an exclusive contract to provide shipwreck search and recovery services.
As a result of the Monaco transaction, (i) all of Odyssey’s bank debt, which totaled $11.7 million, was repaid in full; (ii) $2.2 million of Odyssey’s debt owed to Monaco Financial was retired; (iii) a further $5 million of this debt ceased to accrue interest and is only repayable under certain circumstances and only from future proceeds from specified shipwreck projects; and (iv) a $2.0 million loan, which was advanced in October and December of 2015, was forgiven.
Seabed Mineral Exploration Update
The “Don Diego” deposit is currently a focus of Odyssey’s mineral exploration division. The company believes that the “Don Diego” deposit contains phosphate rock that can be extracted on a financially attractive basis and that the product will be attractive to Mexican and other world producers of fertilizers.
Exploraciones Oceanicas (ExO), the Mexican company that controls the "Don Diego" offshore phosphate resource, has conducted extensive scientific testing of the mineralized phosphate material and the environmental impact of recovering the mineralized material from the seafloor. ExO has been working with environmental experts on the impact assessment and permit process, with potential partners on the extraction program, and with financial advisors on the strategic growth alternatives.
A public hearing on the current Environmental Impact Assessment (EIA) application was conducted by SEMARNAT on October 8, 2015, additional questions were received from SEMARNAT in November 2015, and ExO’s responses to the questions were filed with SEMARNAT on December 3, 2015. In order to move to the next phase of development of the deposit, Odyssey and its subsidiaries need the approval of this environmental permit application. A decision on this application is expected in the near future. Odyssey indirectly owns 54% of the outstanding shares of a subsidiary, Oceanica Resources S. de. R.L., which owns Exploraciones Oceanicos, S. R.L. de CV, the Mexican operating company with the mining concession containing the Don Diego phosphate deposit.
Shipwreck Projects Update
In the fourth quarter of 2015, a third-party company contracted Odyssey to recover cargo from a shipwreck located in the Mediterranean Sea. Odyssey recognized $3.0 million of revenue in 2015 for these services. The recovered cargo is the property of the contracting party and was not part of the Monaco transaction summarized below.
On December 10, 2015, Odyssey sold certain intangible and tangible assets primarily related to its shipwreck business to Monaco Financial, LLC and affiliated entities for aggregate consideration of approximately $21.0 million. The company’s shipwreck database and research library was acquired by Magellan Offshore Services, Ltd. (“Magellan”). However, Odyssey retained its vessel, equipment, tools, and specialized offshore team members. As part of the Monaco transaction, Magellan agreed to exclusively hire Odyssey on a “cost plus” basis for any shipwreck search and recovery projects conducted in the next five years. In turn, Odyssey agreed not to compete with Magellan in the shipwreck search and recovery business. Odyssey is also entitled to receive 21.25% of the net proceeds from any monetization of recovered cargo. As part of the Monaco transaction, Odyssey retained four pre-existing projects, including the HMS Victory 1744 and HMS Sussex projects. Magellan may participate in funding the recovery costs of these projects in the future, and will have the right to receive up to 50% of Odyssey’s net proceeds, if any.
Monaco Financial, LLC acquired all of Odyssey’s remaining coins, ingots and bars from the SS Republic, “Tortugas,” and SS Gairsoppa shipwrecks, as well as an interest in the proceeds payable to Odyssey under the Master Services Agreement for the SS Central America project. Monaco Financial also purchased Odyssey’s headquarters building and leased office space back to Odyssey.
Seascape Artifact Exhibits acquired Odyssey’s artifact collection, exhibits, and all of Odyssey’s shipwreck intellectual property and copyrights, including video, photos and publications.
Management Commentary
“Following a productive fourth quarter in 2015, we believe this year is off to a great start with positive developments already coming to fruition. As we continue to await the approval of our ‘Don Diego’ environmental permit, the MINOSA team’s ongoing cooperation and support, in conjunction with the recent agreement with Epsilon, reinforces our belief that MINOSA is the right partner for Odyssey's offshore mineral exploration business,” said Mark Gordon, Odyssey chief executive officer and president. “Additionally, we recently regained compliance with NASDAQ’s continued listing requirements.”
Fourth Quarter and Full Year 2015 Financial Results
Total revenue in the fourth quarter of 2015 was $3.3 million, compared to $0.3 million in the same year-ago quarter. Total revenue for the full year of 2015 was $5.3 million versus $1.3 million in 2014, an increase of $4.0 million. $3.3 million of the revenue in 2015 resulted from providing marine exploration services to third parties, primarily for a shipwreck recovery project in the fourth quarter, and $1.9 million of the 2015 revenue resulted from the sale of inventory items such as coins. The 2014 revenue was primarily due to coin sales and the sale of gold obtained from refining the silver bullion recovered from the Gairsoppa shipwreck.
Operations and research expenses in the fourth quarter of 2015 were $2.4 million compared to $4.5 million in the same quarter of the prior year. For the full year 2015, operations and research expenses were $11.4 million as compared to $19.5 million in 2014. The $8.0 million decrease in 2015 is primarily due to (a) lower costs in 2015 associated with the Dorado Discovery vessel that came off a long term lease in August 2014, and (b) our Odyssey Explorer vessel was operating offshore for most of 2014, whereas in 2015 it only operated offshore for part of the year. The 2014 period included a credit to expenses of $6.3 million for the priority cost recoupment on the SS Central America shipwreck project. Excluding this credit to expenses of $6.3 million in 2014, operations and research expenses actually decreased by $14.3 million in 2015.
Marketing, general and administrative expenses in the fourth quarter of 2015 were $2.9 million compared to $1.6 million in the same year-ago quarter. For the full year 2015, marketing, general and administrative expenses increased from $9.8 million in 2014 to $11.5 million. This $1.7 million variance is primarily due to (i) a reversal of a bad debt provision of $0.5 million in 2014, (ii) higher legal and transaction costs in 2015 related to the Stock Purchase Agreement with MINOSA, (iii) the accelerated vesting of restricted stock units related to the retirement of the Company’s former general counsel in June 2015, and (iv) the accrual of compensation expenses for 2015.
The net income for the fourth quarter of 2015 was $2.2 million, or $0.33 per share, compared to net loss of $5.2 million, or $(0.72) per share, in the same quarter of the prior year. For the full year 2015, the net loss was $18.2 million, or $(2.46) per share, compared to a net loss of $26.5 million, or $(3.74) per share, in 2014. The improvement in the net results in the fourth quarter of 2015 and the full year 2015 are due primarily to the reduction in the expenses related to vessel operations and to the gain of $5.6 million recognized in the fourth quarter of 2015 related to the Monaco transaction.
Cash and cash equivalents totaled $2.2 million as of December 31, 2015, compared to $3.1 million a year earlier. The decrease was mainly the result of cash used in operations. Although there were significant cash inflows from financing activities ($15.5 million) in 2015, operating activities consumed $17.2 million of cash. The operating cash flows improved by 40% from the previous year primarily as a result of reducing the marine expenditures on vessels.
Cash flows provided by financing activities in 2015 were $15.5 million. During this period, Odyssey borrowed $14.75 million from MINOSA and $2.0 million from Monaco. On December 10, 2015, Odyssey repaid all of its bank loans, which resulted in the release of $0.5 million in restricted cash that had been required to be maintained in a restricted bank account related to the bank loans. This cash inflow was partially offset by repayment of debt obligations, which included $0.7 million in mortgage payable reductions after the sale of our Nassau Street building and an additional $1.1 million in payments on the term loan from Fifth Third Bank.
Consolidated financial statements as well as Odyssey’s Annual Report on Form 10-K for the year ended December 31, 2015, are available on the company's website at www.odysseymarine.com as well as at www.sec.gov.
Conference Call
Odyssey will not hold a conference call to discuss the fourth quarter and annual results at this time. Once significant corporate developments occur, we will schedule a conference call to update shareholders. Shareholders with questions about the Odyssey’s fourth quarter and full year 2015 results may submit inquiries by emailing IR@odysseymarine.com.
Bought 20 today at $472.01 to start a position.
Odyssey Marine Exploration Executes Funding Transaction
Existing MINOSA Loan Term Extended and NASDAQ Compliance Regained
TAMPA, Fla., March 22, 2016 (GLOBE NEWSWIRE) -- Odyssey Marine Exploration, Inc. (NASDAQ:OMEX), a pioneer in the field of deep-ocean exploration, has entered into an agreement with Epsilon Acquisitions LLC (Epsilon), under which it will receive a $3 million loan from Epsilon. The loan has been structured as a one-year interest-bearing note, which is convertible at $5.00 per share, which is the volume-weighted average price of Odyssey's common stock for the five trading day period ending on March 17, 2016.
In related agreements, the Maturity Date of the existing note from Minera del Norte S.A. de C.V. (MINOSA) was extended until March 18, 2017, and Odyssey has agreed not to exercise its right to terminate the Stock Purchase Agreement (SPA) with Penelope Mining LLC, which is a subsidiary of MINOSA, until March 18, 2017. The stand-alone call option held by MINOSA for Odyssey's equity in Oceanica expired on March 11, 2016 and will not be renewed or extended.
"The Odyssey management team has been working closely with the MINOSA team throughout the past year," said Mark Gordon, Odyssey's chief executive officer. "Although the initial closing of the SPA has taken longer than originally contemplated due to the extended environmental approval process for the Oceanica project, the continued assistance provided by MINOSA and this recent agreement with Epsilon reinforces our belief that MINOSA is the right partner for Odyssey's offshore mineral exploration business."
Under the terms of the SPA, which was announced March 13, 2015 and was approved by Odyssey stockholders, subject to the satisfaction of certain specified conditions, Penelope Mining agreed to invest up to $101 million over three years in convertible preferred stock of Odyssey at a split-adjusted price of $12 per share.
Epsilon is an investment vehicle controlled by Mr. Alonso Ancira. Mr. Ancira is also the executive chairman of Altos Hornos de Mexico S.A.B. de C.V. which is the owner of MINOSA.
In an unrelated action, Odyssey received notification from NASDAQ on March 7, 2016, that the company was in compliance with minimum stock price requirements and on March 21, 2016, that the company had regained the minimum market value necessary for continued listing. Odyssey is now in full compliance with all NASDAQ continued listing requirements.
About Odyssey Marine Exploration
Odyssey Marine Exploration, Inc. (Nasdaq:OMEX) is engaged in deep-ocean exploration using innovative methods and state of-the-art technology for mineral exploration and shipwreck projects. For additional details on Odyssey Marine Exploration, please visit www.odysseymarine.com.
Forward Looking Information
Odyssey Marine Exploration believes the information set forth in this Press Release may include "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. Certain factors that could cause results to differ materially from those projected in the forward-looking statements are set forth in "Risk Factors" in Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2014, which was filed with the Securities and Exchange Commission on March 16, 2015. The financial and operating projections are based solely on the assumptions developed by Odyssey that it believes are reasonable based upon information available to Odyssey as of the date of this release. All projections and estimates are subject to material uncertainties, and should not be viewed as a prediction or an assurance of actual future performance. The validity and accuracy of Odyssey's projections will depend upon unpredictable future events, many of which are beyond Odyssey's control and, accordingly, no assurance can be given that Odyssey's assumptions will prove true or that its projected results will be achieved.
CONTACT:
Liz Shows
Odyssey Marine Exploration, Inc.
(813) 876-1776 x 2335
lshows@odysseymarine.com
3 4 18 please
2 4 18 please
18 20 41 please
4 18 48 please
18 24 88 please
2 11 88. 18 20 41
Will do. Going to be a few more weeks.
4 18 88. Race season really snuck up on me, been busy completely tearing apart one of my 3000gt's for paint etc.
Hey Tom, I sent you an email.
The Cusip is 21750M208
For anyone else still having issues have your broker contact the Transfer Agent at 801-571-8844. Ask for Amy or Kim
The company has hired specialist attorneys to handle the trading issue, they have provided FINRA everything they need to approve trading (including an order from the judge saying the stock can trade). How long it takes is anyone's guess at this point.
The financials are done through at least 2012 last I heard. Many many thousands have been paid to accountants to make it happen. The last 2 years are not a big deal, the sticky area is how the APA is handled, there is still some disagreement among the bean counters on exactly how to handle that and to maximize the NOL's
Transfer Agent says the new number 21799BA30 assigned by Fidelity is an internal number. The "restriction" is not the typical type restriction that is assigned to some type of special shares, just means they are not trading. The powers that be have been provided with info from company attorneys to prove that Copper King is a real company, just waiting.......
Send an email to info@copperkingming.com with the name of your broker and whoever clears their US trades.
I sure did guess a good entry point wrong on this one, will buy some more just not sure at what level. Div yield is now 6.2%
Added a few more of the 2018 $100 calls. These things are a steal in my opinion $14ish