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UNTIL THE TERMS OF THE TRANSACTION HAVE BEEN SATISFIED, LLEG WILL RETAIN ITS EQUITY INTEREST
Can you point out where it says "LEGG will retain its equity interest"?
I do believe that Cate Street is making a last ditch attempt to get the opponent IPP(s) back in line. Public pressure, media, political, etc.
But I would think that something needs to break loose soon...as in days...maybe a week or so.
The chances of this getting worked out drop each day.
I'd say it is dependent on how long the SEC investigation is
So what is your opinion? How many months need to pass before your level of concern starts to increase significantly?
If I said a minimum of six months for the SEC to even hint at a proposed resolution to LLEG, would that surprise you?
Uplisting is in the works so we should not be here to much longer
Just curious, how long, in your mind, is "not too much longer", and, how much time would have to pass without the uplisting happening before you would be concerned (I am assuming you are not at the moment)?
I am interested in what a long's expectation is?
So can someone tell me whether this stock is suspended or not?
The stock was suspended on June 7 for 10 days. It re-opened on the grey sheets and started trading again on June 22.
Whether there still exists $2.7M cash on the sheets is speculative
My understanding is it was never "cash". As of Dec 2010 it was an account receivable. There is no indication yet as to whether it was paid or not.
I hope it was...otherwise it could be yet another battle.
This was actually my first thought. As of Dec 31, 2010 it was only AR and not cash in the bank. The question is whether this is a last attempt negotiating tactic or whether the finance guys are taking their marbles somewhere else.
WHAT IS THE DATE OF THIS PR?????
According to the NHPR website it is FRIDAY, JULY 01, 2011
it boils down to what each of our definitions of the word "action" is based on the first para of the origin post of this thread.
for me the "action" definition is simple.
It is the SEC's suspension 'action'.
That action is based on their own investigation and what they found and their judgment of the necessity of a suspension.
How their interest was triggered is really immaterial.
Could've happened to LLEG.
Of course it could. You need to read what I said again. In fact it may be likely.
The point is they do not suspend based solely on a complaint. They do their own investigation. Their decisions are based on what THEY find regardless of how that interest is triggered.
The pure folly would be to suggest that they got a "complaint" or ten and said "wow, we better suspend to see if there is anything to these complaints".
That is not how it works.
The grey sheets are interesting...that is for sure!
As has been pointed out numerous times. The SEC does its own investigating. They are not going to take action on the basis of a complaint or two or 10. Although the idea may be attractive to you that this is the result of someone, or small group of individuals trying to use the SEC to torpedo a company, that is not how it works. And LLEG would not be unique in someone trying to do so.
How often do you think they SEC gets a complaint about a pink? More than you would care to admit.
Could this have been the result of complaint? Yes...but only AFTER the SEC had done its own investigating and determined that there was a basis to suspend the stock, which is a decision that is not made lightly. If it was you would see a dozen pinks suspended each week.
I place the blame here right where it belongs,on over-jealous new cowboys at the sec
There are over 6,000 pink sheet securities....why pick on LLEG?
Is this a spin off from Laidlaw Environmental?
No. Laidlaw Environmental was a Canadian company that merge with Safety Kleen
.....based on current share (all classes) when fully diluted they own 70%
I would very much like to know if they ever owned a greater % of the common stock than the 10% of it they control now? I still find the posts from Feb 22 very interesting regarding the stock PPS movement that day....especially if the answer to the first question is yes.
The intention of every long is to sell...someday.
But the volume and PPS are pretty much meaningless at the moment either way. Although it is too early really tell, LLEG appears to be following a fairly typical trajectory for a new listing on the grey sheets.
Time is an enemy, so hopefully LLEG can have some meaningful info soon.
Amazing, a float of several billion and a measly 3 mill trade in the whole day. Seems to me that there is a lot of people holding this stock that believe in LLEG.
I guess that is one way to look at it...so if LLEG's volume drops to <1 mill per day, you will be ecstatic ?!?
Belief on the part of existing shareholder's won't get you much.
Gaining the belief of new ones is what matters.
When this SEC thing gets ironed out we won't see these prices again, ever.
If you know anything about SEC investigations it will be 6-8 months minimum before anything of substance can be said one way or another by LLEG. That is the problem with SEC investigations, they take a long time...and you don't hear anything. They won't even tell you if they have stopped or are satisfied.
Could LLEG be one company that charts a different path with the SEC? Anything is possible I guess. But that is pure hope and wishful thinking unfortunately.
Some made some serious money this week.
What do you consider serious money and how was it made?
About $160K worth of stock traded hands this week and it has gotten no higher than about 60% of it pre-suspension price. Do you think most of the trading this week was flipping today and yesterday?
That would be nice however the min list price is .25 for the BX Venture Market PAGE 8.
A 500>1 R/S should do the trick.
Thus NO REAL DILUTION OF O/S.
Except the website clearly states:
"Taking into account all classes of equity securities, management currently owns approximately 70% of the Company's equity securities on a fully diluted basis."
And they only own about 10% of the O/S common stock.
What else is one to read from that?
Have they applied for this?
Questions, questions...
The reason I got out was this preferred issue..and every new little tidbit was raising the risk and it started to require a more emotional belief to justifiy staying in. I don't do emotion on this stuff.
I got burned many years ago on nebulous preferred stock issues...they diluted the common down the toilet followed by a massive R/S (under the "we were forced to" excuse) and obliterated the regular shareholders. Learned my lesson. I don't believe that was the plan going in...but when things started to fall apart common shareholders are the first ones overboard.
I truly hope everyone well. Just fell outside my zone.
Sorry I thought you were referring to the Susanville preferred. The even number of "60%" tells me it may be a fixed conversion for the mgt preferred. But who knows. Like I said earlier...if it is not and is dollar for dollar and the 60% was based on 0.0052 or some higher common stock price...that ownership may be at 80-90% at 0.002. Who knows.
If we see another filing, I would expect this to be in there in much mroe detail. Time will tell. I am a bit surprised that some longs are not hammering the company for this info.
what is the conversion rate?
I would bet dollar for dollar (otherwise the deal would be hard to complete IMO)...in which case the 3 Bil ain't enough.
You are right if that is all they are factoring into the calculation, and if they change the website then they did indeed make that mistake. However, there could be something else that is driving their statement of 70%...and until it is changed my 30% statement stands. And since we don't know the conversion basis for the preferred shares....that number could fluctuate significantly.
We just don't know.
Need to sharpen those math skills.
My math skills are just fine thanks. As the updated website clearly states, LEGG insiders OWN 70% of the total equity in the company on a fully diluted basis through a combination of convertible preferred stock (60%) and common shares (and options) another 10% of the total equity. 60+10=70. If you take the total o/s shares of about 2.4 Billion and subtract the insider’s common share ownership and options…you are left with about 2.2 Billion give or take. That 2.2 Billion owns the remaining 100%-70%=30%. Can’t cut the pie any other way.
The only problem is we don’t know the conversion factor…but we have a clue…when the Capitalization was updated on the website to come up with the 70% (actually the 60% preferred stock component), I am betting that they used the 0.0052 per common share it closed on 6/6/11. I don't see how they could have used a higher number (which they would want to do) to keep the shock factor down.
Now here is the kicker, if the conversion is dollar for dollar then that 30% is probably now somewhere between 8-15% and will drop further if the stock does. I don’t think it was planned to happen that way…but the suspension threw a major monkey wrench into it.
That is why I got out.
Yup. About 2.2 BILLION common shares only owns 30% of the company. I think that is a bit of a shocker to many.
What I meant to say was the number of shares in the float will not increase or decrease. They will simply exchange hands.
The same could be said before the suspension. I don't think the float on LLEG has changed all that much recently.
The term "float" applies to ANY share that CAN be made available for sale. What a MM may be holding (which I think is what you are referring to)is part of the float...it is not 'the' float.
Someone has to buy those shares which were sold, this is what you do not understand.
Then, by definition, the shares were not "locked". I think you are misunderstanding the term "locked up float".
I am out too. Even overall....which amazes me a little.
truly, GLTA.
Actually the general theme I have read here in the last two weeks is that there should be price support for a few days. The "selling into stupid" phenomena seems to be right on track so far. But as always time will tell. GLTA.
You likely can't on-line.
Call your broker.
Then one might have expected a different answer from Ed as moorewdaniel posted in #96599
An email I sent to Ed Yesterday, received response yesterday:
Hi Edward,
I'd like to share that many LLEG shareholders would like to see a PR/Statement from the company on Monday if possible.
It would be very beneficial to investor confidence.
---
His Response: "We hope to be able to do so."
Well full plate or not...one would hope this was the main course over the last two weeks. I have a very hard time understanding why a PR has not been issued. I guess he still has 13 hours or so.
I wish it took less than 13 days to get ready.