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the SEC accomplished their primary goal which is to protect potential investors from experiencing investment losses
As some will undoubtably comment on this statement, there is very little the SEC can do for those who have already invested.
I see LLEG list on the NASDAQ
You are joking, correct?
Do you have any idea what the listing standards are for Nasdaq?
And if you do, please explain how LLEG can possibly achieve them?
I'll even start with something needed to meet the bid price requirement ... a 10000:1 reverse split.
Perhaps. But generally the 1-2 year time frame is from when the company becomes aware of it/reports it. Although 6 months is not unheard of. It all depends and could conclude tomorrow...but LLEG will be pretty much in the dark as the rest of us unfortunately.
The next question is what will happen. The absolute best case is books and records violation with an injunction against breaking the law in the future (that one always makes me laugh)...beyond that it can get bad...guick.
No question 2012 is a make or break year. But even if they pull it off, my biggest question is how value is going accrue to the common stock beyond hype or emotion? The dilution, ownership structure, governance, financing requirements, etc. etc. create some pretty strong headwinds, even if the boat and motor are fixed.
To be honest I am not sure what else Mr. Ed would say. "We're not looking for a MM"? Unless he can describe the actual steps they are taking, who they have talked to, etc. etc. He could be doing nothing more than thumbing through his rolodex once a day. I am sure they are "looking"...but that could mean anything...and it might not happen for 2 years.
And as we have seen numerous times in the past, they give just enough information to let everyone interpret in their own way. And for those that hold stock, they just want a reason to not sell and some "hope". There is nothing that prevents them from looking for a MM while under investigation. They have no reason to tell you that they won't be looking for a MM until after the SEC 'clears' them (and that is a whole other discussion about how that actually happens). But the reality is whether they are looking or not is irrelevant really. Can/when will they be successful is an entirely different thing...and all that really matters.
I am afraid you are doing exactly as they hope, reading something into his comment such as:
"Either Mr. Ed is really naive and thinks a Market Maker can be found who will sponsor them while their is an ongoing investigation, or perhaps the SEC has informed them that their investigation will be concluding shortly"
Neither one of those is required to say what he is saying and not be lying. I think Ed knows exactly the situation they are in. That is entirely your own construct I am afraid...as is the assumption they are actually say something will happen "soon". But your "soon" may be very different from their "soon".
So the best approach is to use precedent from other companies who have been through the process.
1) A 1-2 year investigation is pretty normal.
2) No MM is likely going to sponsor a grey sheet under investigation
3) We now know (through the 10F) that the issues the SEC has are real.
4) We know the investigation is ongoing.
But this does not help for anyone who is holding unfortunately.
Sunspotter beat me to it..
TAP - I suggest you read the filing in its entirety.
Do you know for sure that LLEG is currently under investigation? Are you speculating that there is an ongoing investigation. I don't recall seeing any statements from either the SEC or LLEG? I assume all the talk of an investigation is speculation, has it been corroborated by anyone? Sorry if I missed something
Yes, you missed LLEG's own filing.
*****************************
Risks Related to Us and Our Common Shares
We are subject to an SEC investigation.
We received a subpoena from the SEC on June 28, 2011 requiring us to provide documentation to the SEC and for designated officers to provide testimony to the SEC. The SEC is investigating us and our officers, directors and others regarding compliance or possible violations under certain securities laws, primarily relating to our issuance and sale of unregistered securities, the purchase and sale of our securities and reports and other disclosures that we made to our shareholders and publicly. We have been cooperating with the SEC with respect to its investigation. Our Chief Executive Officer has provided testimony to the SEC on the record and we have produced documents to the SEC in response to the subpoena. The SEC has the authority to order a wide scope of remedies against us and any of our officers or directors, any of which could materially and adversely affect us, our ability to issue our securities and the price of, or ability to trade, our common stock. The SEC is continuing its investigation and we cannot provide any assurance of when the SEC investigation will be concluded or the effect of any remedies that the SEC may seek to enforce, if any.
What were we talking about?
He didn't. The entire MB conversation was in December of 2010. Someone merely responded today to MB's post from way back. Looks like that post was deleted today...just check it was not deleted. Post 102455 responded to an MB post from 2010.
Anyways, anyone can go back to a message from 2 years ago and hit "reply".
How could that be when it was posted from Mike tonight. You can copy and past a message but that was a reply to a message. It didn't stay long enough to barely read it
Look at the message number and the date. December 2010.
And if he ever did again post on this board, it would be proof that he truly doesn't get it.
It certainly cannot get any worse!
Oh...you'd be surprised.
How about a 1000:1 R/S?
Extract from the filing Form 10k...Comment By Marcum...Looks ok....
Yes the financials are deemed to be accurate.
But do you think what this filing says is OK?
Do you believe Mr. B and company made a deliberate and conscious attempt to mislead investors, or are you more inclined to think that the problems that Laidlaw has brought upon itself in regards to the SEC are the result of incompetence and mismanagement by this CEO.
What I believe is irrelevant....and frankly do you think which explanation it is matters?
But I think we can say conclusively it is one or the other.
I don't know any of the specifics, do you?
Are you not familiar with the SEC suspension notice?
Did you not read LLEG's 10 recently PR'd?
What do we know now from the recent filing?
1. The "financials" LLEG issued in Feb 2010 were not worth the paper thery were written on.
2. LLEG issued unregistered shares.
3. Mazuma....a la Curt Kramer....known for toxic debt finance owns a boatload of stock. We can now start to see some of the flames causing the smoke on the stock promotion question....we just don't know how big the fire is.
Do you really need more details than that before you suspect it is more than the cartoons and website issue floated by some "sources" accepted on this form as MBB himself right after the suspension?
So my point remains, there is enough to know now that the SEC questions are very real and the investigation will continue to be a major impediment to a MM signing on.
What items/item makes this such a hard task?
There are a number of different issues that make this difficult. One issue will be that the SEC will say nothing about the investigation. It may be very difficult for LLEG to get any information to satisfy a MM that the SEC is satisfied. It has only been a little over 6 months since the suspension. It could be another 6 months (minimum) to 2 years before anything happens with the SEC. Until then, no MM is going to stick their necks out for LLEG. Especially since we now know the suspension was for more than cartoons and websites.
Is LLeg still on gray sheets
with caveat emptor lifted?
Yes
or more likely after uplisting the PPS can't support Renergy diluting the stock or obtaining their cash
This is where the rubber is going to meet the road because the SEC investigation (which could go on for many more months or even years) will likely curtail the usual penny stock pump strategies used to create conditions to sell into....which it now appears were used extensively pre-suspension.
Caveat Emptor status as been removed for LLEG on OTCMarkets
I count myself in that category also. On the plus side I took the advice to "sell into stupid" right after the suspension was lifted and got out around 0.002. That was about even for me.
For some that opportunity may come again if it gets back on the pinks with the emotion spike.
Even if Susanville gets financed, and New Bedford gets magically approved....there is nothing I can see in this mess of filings that lead me to believe there is ANY mechanism to add sustainable value to the common stock...or ever get out of the trips.
And as before, it will come down to how much speculation can be generated. There is a sucker born every minute. Hopefully this experience will keep from being "born again".
This explains a lot of the happenings over the last few years.
I'll give them is much, it's all pretty much out there now. Not a pretty sight, and it is astonishing how much they withheld, fudged or outright mis-represented.
Fool me once, shame on you...
Fool me twice, shame on me...
Understood.
On to more important questions. It will be interesting to see what exposure MBB has to the SEC now. Basically, these financials demonstrate that the previous ones we're not worth the paper they were written on.
What this means to me is "HOPE".
Probably the most dangerous emotion there is when it comes to penny stocks.
Well, spent the last hour scouring the filings. And see a lot of comments here about this being a positive step forward. And it is a step forward.
But please read these filings carefully. They don't paint a good picture. At least to the degree that new investors will be attracted to this in any way, and at the end of the day that is all that matters.. It may lead to existing holders increasing their holdings, as in good money will always follow bad, to some degree.
But the lowest rung on this ladder is the current common stockholder. The structure now is so convoluted that even a very savvy investor would have a very difficult time figuring out how value accrues to the common stock. This is, and will continue to be, a speculation play for a very long time, even with some significant business success.
Somehow I feel like the roller coaster is again leaving the station for its next "thrill ride".
But I got my answer.
GLTA
I wonder who is buying and for what reason
I'd be much more interested in who is selling...
I thought that was the mantra for little volume...nobody wanting to sell
Hard to believe that anyone would sell at these low prices.
I think some are just happy to be able to sell for the write-off.
The CA BIOMASS project is payout in CASH + STOCK
Once again, the lack of details leads to optimistic speculation as to the import of the deal to the common stock.
Was it 95% stock and 5% cash OR 95% cash and 5% stock? It could have VERY different meanings in terms of what it means to the common stock and how much LLEG's current "true" situation played into the success of the "deal".
In general sense, the fact there is a deal does bode well for the preferred stockholders and management.
Until more details emerge, if ever, the reality is, it is meaningless to common stockholders...unless emotion is what drives one decisions or view, in which case, it does play to the only card management has with the common stockholders currently.
Give them enough information to seed the dream for the potential, but hide the reality as long as possible.
Why else would they not disclose the terms?? Why?
Correct, nothing in your post changes the fact that the statement:
sorry...I guess I missed the part where he was trying to change that by stating they had and office in the west.
Except Berlin was essentially worthless in the hands of LLEG. They could do nothing with it. Cate was in a very strong negotiating position. Unless there was another bidder involved, which it does not appear there was, LLEG took the best deal it could get. What choice did they have? I highly doubt Cate had to add any sweeteners.
Besides, given the propensity of LLEG to want to embellish news or infer something more than actually exists...why would this aspect of the closing with Cate not be announced? This would be bona fide good news. My sense is Cate is happy to have LLEG out of the picture.
Until the terms of the Susanville deal are disclosed and the ownership structure revealed...it is almost a meaningless announcement. The common stockholders of LLEG could have 1% stake and you would not know it.
The PR demonstrates that if the lawyers had muzzled LLEG, it's been lifted .
I highly doubt they were ever muzzled from issuing a PR for a material event.
It isn't about misleading the stockholders, but rather cueing them into the true state of the company
This is what baffles me a little. Its not like the stock can tank any further. So it will get 200K days at 0.0003 instead of 500K days at 0.0006?
How damaging could a 10Q be? Showing they have no cash? That they overstated the revenue from the sale of Berlin?
But there is a thought...maybe a Q would essentially admit guilt of a violation...and for various reasons they are trying to avoid that at all costs....
Window for a 3rd qtr Q closes today .
Next stop, will be a K early next year, if the train doesn't blow by that station also.
WHAT OTHER CHOICE DO WE HAVE?
I know.
I wasn't advocating anything...except maybe flooding LLEG offices, email, phone with demands for some answers. I was responding mostly to the posts that this represents some sort of vindication for True Longs™. The reality is it could be good or bad. And given the recent experience, the lack of details probably means that it will never be as good as anybody expects.
I represent someone that will buy in when I have more information. Current holders should be demanding it. Its the only way the PPS can go up. I realize it is the grey market, but this puppy traded over 50 million shares in 2 days on the greys.
Unfortunately, all this could mean is that the common shareholder has a bigger hole to dig out of in getting any accrued value from future activities of LLEG.
I realize it does represent some kind of lifeline, but it is amazing to me that some of the comments on this board seem to ignore the past.
The old adage "fool me once, shame on you...fool me twice shame on me" holds here.
The lack of information, details and transparency is stunning.
I'd buy back into this thing in a heartbeat if it rose above some minimum level of transparency...even if the story is not all good.
At the moment it seems to be a recycle of the same game hoping for short memories.
I hope there is not another NDA to hide behind...
Without the terms, this could be either really good...or really bad for common stockholders over the long term.
Its amazing to me that they could work this deal since the suspension, but NOT get a 10Q out!!!!!
Why is that Bart?
Very interesting. I wish we could see the terms. I am just a little jaded, based on past experiece, that the reality is never as good as the expectation that is set. Eg. Management controls 70% of the equity and the non-insider common stock (almost all of it) is only 30%...the payment expectation from Cate...uplisting promised since 2008...on and on.
But for those holding the common stock, there is some hope now. Hopefully it is rewarded and does not lead to disappointment yet again.
GLTA
Do you believe it will drag out for 2 yrs, as opposed to folding into a private company?
"Believe" is probably too strong a characterization. I guess even the "going private" option has some challenges.
It may be more valuable letting it devolve into a dormant shell...for some future reverse merger.
But I am far from expert in these sorts of things. Once the Cate payment is made and in the bank and the SEC stops asking for information or docs...then I suspect the telephone and email will go silent.
I know some are hoping for "resolution of all SEC issues"...the problem is how one defines resolution. If they think it is a letter giving LLEG a clean bill of health...they are going to be disappointed. About the best they can hope for is silence from the SEC for abuot 2 years...and then it is a safe bet that they have decided not to pursue things further.
Maybe the best result is a books and records violation with an injunction against "doing it again".
The lowest probable outcome is a Q or K, and "moving forward"...although probabilities are meaningless when hope and faith are involved.
I don't expect to see a Q or K ever. The 45 days was just putting a little objectivity to the "fork day" designation...which I thought was a perfect characterization.
If the facebook page is any indication, hope does truly spring eternal...although the frustration is starting to dominate the discussion there as well.
I expect one of two results at the moment. (1) There is some communication that essentially confirms that this is dead in the water in some form...in order to clean up the SEC mess...or (2) Mr. Ed stops answering the phone at some point and this stock is bouncing around .0001 and 0.0004 on once a month trades two years from now.
I think that the SEC deadline for a non-accelerated filer of this size would be 45 days for a 10Q...so theoretically we are looking at November 15 as 'true' fork day.
To my knowledge I think Grey Sheet stocks
http://www.otcmarkets.com/other-otc/marketActivity/splits
There appear to be plenty of grey sheet stocks that have RS lately.
I am going to predict a reverse split as part of any effort "to get back on track". Rationale will be to make it more attractive to investors by getting out of the trips. The 2.4 billion issued shares is a joke.
I realize that as a formerly suspended stock under investigation that it may be hard to do under the eye of the SEC, but if I am not mistaken they have never done a reverse split before. So I am guessing they get a pass on the first one.
thoughts...?
I still don't undersand why anyone would buy a stock that is almost impossible to sell. Isn't that like throwing money down a toilet bowl?
Hope is a powerful emotion that can easily overcome reason...