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Although I wouldn't have put it quite the way litar did, I doubt that calling untrue statements "lies" could be in any way, shape or form, construed as slander.
Now, it seems we await "The changing story" you so presciently defined as a hallmark of a scam.
On a more serious note, one wonders why, if they were actually serious about running this as a business, they did not bother to contact an accountant. Another indicator that they view the REAL gold mine to be private placements and financings.
PS - When I said yesterday that I would not have pulled your post, I was not saying I felt it did not break the rules. My hesitation stemmed from the fact that it was addressed to me and I have a fairly thick skin. If it had been a response to anyone else, I would not have hesitated to remove it.
I guess they're in for a shock! I'm surprised they didn't check with a tax accountant or at least read the applicable tax codes efore wasting 5 million shares.
The Continuity of Business requirements of section 382 of the IRC spell it out. The continuity test requires that after a change of ownership, either the historic business must continue, or a significant portion of the historic assets must be used in the continuing business. Otherwise, NONE of the pre-change losses can be used.
The "Mineral King" is evidently a "Tier-1" goober.
It's explained fairly well here:
http://www.nysscpa.org/cpajournal/2007/307/essentials/p52.htm
If Al really bought RPTN for the losses, he must be a real goober, unless of course, he plans to sell ethernet switching equipment.
Under the IRS code, the “value” of a net operating loss (NOL) is zero if the Continuity-of-Business requirement is not met.
Failure to meet the business-continuity requirement is fatal; the IRC section 382 limitation becomes zero. None of the pre-change losses can be used. The continuity test requires that either the historic business must continue, or a significant portion of the historic assets must be used. Where multiple lines of business are involved, continuation of one of the significant lines of business will meet the requirement under current regulations. Thus, discontinuing a loss line and using its losses against a continuing profitable line should be allowable. This continuity must be maintained for a period of two years after the change date.
I understand why you posted this here but it is one of the no-no's to discuss on the board.
Here is a link to the rules regarding removed posts:
http://ihwiki.advfn.com/index.php?title=Handbook#Deletion_of_Posts
If you click on 'More Tools' towards the top of the page, not one of the drop down selections but the words 'More Tools', it will open up another set of tools. At towards the top, you will see a selection, 'My Removed Posts'. If you click on that, it will show your deleted posts. If you open the post, you will find somewhere a link to ask for an ADMIN review.
I speak from experience here but it has been a long time since one of my post has been deleted. You can also find help in the handbook.
Personally, I would not have removed your post.
Good morning wow,
Regarding the shares issued to Raptor in the stock purchase agreement and the pass through to CCE, I made a mistake. Although rare, it's not the first and probably won't be the last but it was honestly come by.
You didn't answer my question, "Did you find out in one of your chats with the CEO that they bought RPTN for the tax write off or did you just make it up on your own?" As I indicated then, I'd be more inclined to believe that's why they did it if someone other than the "little birdie" told you that. If you avoid answering, I'll take it that it was just the "little birdie".
You may wish to continue try to to paint me as a "disgruntled RPTN investor", but you KNOW now, that such is NOT the case. To continue in such an attempt would be dishonest.
Oops! Sorry for the typo.
The Intro Message is 100% false, not the "into message".
Start right after RPTN.OB and continue up to the candlestick chart at the bottom of the message. Everything else is history at best and no longer applicable to the stock or its prospects.
1. I'm glad to hear you say Slashwood is not important. It should put to rest the evidently false opinion stated by johnstockmaster when he said, "Look you need to understand the potential of teh(sic) 10% stake in slashwood mining once the financials are slowly brought out in the next quarter the LLSR stock would be past any small investors reach i have been buying from the levels of .03 and now hold more than 800000 shares and will add more as i get my liquidity."
You may have saved him from making a BIG mistake.
By the way, if Slashwood is of no importance, why did they give 5 million shares to Ontage? Just being "nice guys" and giving some buddies a piece for nothing, some "under the table deal" or just a stupid mistake? What the heck, with shares treated like toilet paper, what difference does it make, right?
2. STAY ON TOPIC, PLEASE! I said NOTHING about HPC-10s or revenue from such. Why do you keep trying to introduce the subject of HPCs? They are not produced by LLSR. They are just equipment. Do we need to discuss shovels too?
Typically, profits earned by a small business prior to the sale of the business stay in the pockets of the former owners, esoecially in an all stock transaction.
For something you say is unimportant, you sure try to make a big deal out of it.
3. YOU were the one who brought up the subject of the "dental play" and the former LLSR management.
YOU said (in a rather long winded manner which I am shortening here), "...LLSR as the "dental" play had (and still has) great potential....", and, "management team did not have the skill set to play wallstreet or raise capital...."
My short, simple reply to your bloviation was, "They still managed to sell an awful lot of shares for unskilled labor. :)"
4. Let's see, there's just this, "The Company (Raptor Networks Technology, Inc.) and Lantis Laser entered into a letter of intent (" LOI ") on August 19, 2011 under which Lantis Laser agreed to exchange 5,000,000 restricted shares of its common stock, $.001 par value per share (" Lantis Common Stock "), for 80% of all the issued and outstanding shares of the Company's capital stock."
Then, there's this part, "In consideration for receiving 5,000,000 shares of Lantis Common Stock prior to the 1:10 reverse split and 13,510,752 shares of Company Common Stock on a post-split basis, all financial obligations of the Company to California Capital Equity, LLC and Raptor Acquisition, LLC (collectively " CCE ") have been converted to shares of Company Common Stock and no further financial obligations by the Company to CCE exist."
You see, that first part and that second part are two different transactions between two seperate parties. The first part is the stock purchase agreement and the second part is the release of the debt. Not the same transaction. (LOL!) {8^D
5. You bring up these extraneous topics, like the HPC-30 patents and then accuse me of going off topic when I reply. Like I said, it ain't worth diddly to LLSR.
Who considers him an EXPERT? You? Who else? They? Them? (LOL!)
By the way, before you take my next words out of context and get all snippy about staying on topic again, let me remind you that I am simply replying to your contention that the patent means ANYTHING at all.
Like I tried to say before without rubbing your nose in it, anyone can get a patent. TW put his name on 17 different patents while he was CEO of Raptor Networks. The ER1010 was rated #1 by RiviewBoard (LOL). People who knew and worked with TW called him several things, which I won't repeat, but none of them called him an "expert". The point is, having your name on a patent does not qualify you as an expert in anything. Hope that helps.... :)
6. No, I traded in and out a few times to take advantage of the hype, but I never "invested" in RPTN and I was always up front about when I bought and why.
My reasons for posting are my own. Suffice it to say I never would have started posting here if you had not gone over there and drawn my attention to this.
7. Off topic and immaterial. I don't wish to discuss what brand of shovel they are using either. It just doesn't matter.
8. So did you find out in one of your chats with the CEO that they bought RPTN for the tax write off or did you just make it up on your own? I'm curious. If the "Mineral King" told you, I'd be more inclined to believe that's why they did it.
If your face is red, you'll know.....that's why they ALL call me,
Lotz Marterniew :)
The into message is 100% FALSE!
Caerus, when are you going to take it down?
I suppose a few people might yet be fooled.
1. "......pay attention please...." They gave 5 million shares to Raptor Networks AND ANOTHER 5 million shares to CCE to release the debt.
2. I said, "As far as patents go, Tom Wittenschlaeger supposedly "authored" 17 patents at Raptor, including one for "Interstellar Networks" (LOL!) What does that mean for LLSR? NADA dang thang.... :) For YEARS I told them over at RPTN such fluff is meaningless. If it ain't listed as an asset on their balance sheet, it ain't worth diddly squat. Some people listened and saved themselves a lot of heartache. Some people didn't and look where they are now. The patent may have been co-authored by Oppenheimer but it's not listed as an asset for LLSR so it ain't worth diddly."
If you include the entire context, it is obvious I was referring to the "patent" you keep raving about. The one that means absolutely diddly squat to LLSR.
3. I never said I was an "RPTN investor", disgrutled or otherwise, you just made that up. People who have a habit of making things up are don't engender much credibility.
4. I won't dispute the merits of the HPC-30 because it is immaterial, but they ain't exactly selling like hot cakes, are they? Who cares about how HPC-30's are rated? Is Lantis going to become a distributor?
Finally, about your continued statements that Lantis bought RPTN for the "accumulated deficit".
If they did that, boy are they (and LLSR shareholders) in for a BIG, NASTY surprise.
Read TITLE 26 - INTERNAL REVENUE CODE
Subtitle A - Income Taxes
CHAPTER 1 - NORMAL TAXES AND SURTAXES
Subchapter C - Corporate Distributions and Adjustments
PART V - CARRYOVERS
Section 382
But ESPECIALLY the part that talks about disallowance of carryovers if continuity of business requirements not met.
In general, if the new loss corporation does not continue the business enterprise of the old loss corporation at all times during the 2-year period beginning on the change date, the section 382 limitation for any post-change year shall be zero."
Yes, there is a reason they all call me,
Lotz Marterniew :)
Ok, back again. Hopefully, I can finish with 3, 4 and 5 and tell why you are sooooooooo wrong about RPTN's accumulated deficit in my NEXT post.
3. Of course, you are wrong here again TAG did not acquire Ontage until July 2011. There was no revenue reported from Slashwood on the last 10Q. Are you surprised by this? You shouldn't be. Ontage and therfore it's 10% stake in Slashwood, was acquired on July 21. Quarterly distributions are usually made on the 15th of the month so any July distribution would have gone to the people who owned Ontage.
If your aim is to claim "gold revenue" without breaking out where it comes from, the last thing you would want to do is draw attention to Slashwood.
4. You said, "...we know that 2 HPC-10s were involved over 1 years ago sampling riverbed soils.... no revenue is reported..... why?" Are you serious? Why would LLSR report something TAG or Ontage did a year ago?
You said, "...the two HPC-10s must have been sample testing along a riverbank identifying the concentrated areas of grams/ton...." Who on earth told you that????
Even IF it were true, that only highlights what I said about declaring claims as an asset. If it ain't an asset, it just ain't.
5. You said, "...the management team did not have the skill set to play wallstreet or raise capital...." They still managed to sell an awful lot of shares for unskilled labor. :)
Finally, I have no "team". It's just me.
That's why they all call me,
Lotz Marterniew :)
Ok, I'm back, for a little while anyway. Now, where did we leave off again? Oh yeah, the extra 5 million shares you didn't know about, given to CCE to release the debt on RPTN (No one wants to buy stock in a company that is already in default).
I have to say, I'm surprised anyone who is invested or interested in investing in this company would miss that. But then again, what's 5 million more shares here or there?
As far as patents go, Tom Wittenschlaeger supposedly "authored" 17 patents at Raptor, including one for "Interstellar Networks" (LOL!) What does that mean for LLSR? NADA dang thang.... :)
For YEARS I told them over at RPTN such fluff is meaningless. If it ain't listed as an asset on their balance sheet, it ain't worth diddly squat. Some people listened and saved themselves a lot of heartache. Some people didn't and look where they are now.
The patent may have been co-authored by Oppenheimer but it's not listed as an asset for LLSR so it ain't worth diddly.
If I start a mining company in my back yard, will you invest? Just send me a check for $500k and I'll make you a 50% owner. If I strike gold or silver, you could be a BILLIONAIRE overnight! (LOL)
If you want to know the difference between a real "Mineral King" or "mining expert" and these guys, Google 'Peter Kinver' or 'Steve Reid Goldcorp' or literally hundreds of others. Perhaps then you won't be so easily impressed.
I'd have more to say but I have to leave again for a bit. I'll try to address 3, 4, and 5 later.
There's a reason they all call me,
Lotz Marterniew :)
Good morning wow, I will address your "facts" one by one as I will necessarily be in and out quite a bit today and therefore not able to sit down and write for any extended period.
1. Mostly self-aggrandizing puffery with absolutely NO material facts presented.
It is not my fault you invested money in this. Seems like it hasn't worked out very well. I have seen many who would do practically anything, to try and get their money back no matter who else gets hurt, so you wouldn't be the first.
2. "Mineral King" implies that he has some significance in the mining/mineral community. He has NONE, ZIP, ZILCH, NADA. You will find more accusations by investors who apparently lost a lot of money than you will find about him being any kind of "Mineral King"
I have seen a number of people who claim to have a personal relationship with the CEO or someone else "in the know". So far as I can tell, either they were lying to the board or the friendly CEO was lying to them. No CEO in his right mind is going to divulge non public, material information to an investor (unless they have a fondness for orange jump suits).
> You said, "He is a Wallstreet player..."
I don't for a second believe that. Can you back up that claim or is that just puffery?
> "...he took 100% control of LLSR with no money that I can identify in the SEC filings."
Goes to show what the former management of the company thought of its true value and prospects. I expect they know better than you or do you think they just fell off the turnip truck? Or maybe you think he just suckered them into it?
He took control of a bankrupt company with no products or assets in return for 6 million shares of LLSR. Since 5 million shares went to the company and LLSR owns 80% of the company, only 20% or 1 million shares are attributable to RPTN shareholders (and about 70% of that is attributable to CCE). Now I said 6 million because you obviously missed the part where they had to give CCE 5 million shares to release the debt.
There is no benefit to RPTN's deficit. RPTN was acquired simply as a vehicle to sell stock. Remember Clue number 1 form yesterday? Clue number 1: In 13 YEARS the only thing this company has ever sold is stock certificates.
No, I don't agree that meets the criteria for "Wallstreet". Perhaps for "Boiler Room", but not "Wallstreet".
I'm afraid I'm out of time for now. I have some business to attend to. I will pick up where I left off when I get back.
Have a nice day.
Hi hyrpower,
Have you gone over their financials? I've only taken a cursory look myself but that has revealed some clues.
Clue number 1: In 13 YEARS the only thing this company has ever sold is stock certificates.
Clue number 2: As of last report, there are only 3 "employees" all of whom are management. Who is building and selling the dental imaging equipment? (See clue number 1)
Clue number 3: How much success has the "Mineral King of Wall Street" had in mining of ANY type? NONE! His experience is in promoting and selling stock (See clue number 1)
There are more clues but I have to leave for a while now. But in the end, they all lead us back to clue number 1 anyway.
I'm not saying the stock price will never go up. After all, someone once said, "There's a sucker born every minute", and I think he might have been underestimating. Just remember, if it ain't on the books, it ain't really there, no matter what ANYONE says.
Aside to WoW, I'd be happy to discuss LLSR and exchange facts with you.
Good luck guys, have a nice day.
That post will probably be deleted by Admin because it is a personal attack. If you want your posts to remain, please follow the rules. I cannot stress this enough but I will not say it again as this may be considered "off topic" by site Administrators.
I didn't see the post to which he replied so I can't speak to the degree of provocation, but I agree in general. Profanity towards another poster is unnecessary. We all make mistakes.
Note: The use of the pronoun "You", is in the general sense not a personal address.
If you feel a post has been unfairly removed, you can ask for an Admin review. They will read the post in context and either reinstate it or tell you what was wrong with it. The site Administrators take a strict view of the rules though. Simply saying something you might mean humorously like, "You need to put your glasses on and READ....", is considered a personal attack.
One more note, the site Administrators are busy people. Don't pester them needlessly. They won't like it.
Where did the other posts go?
Guys, it's not so hard to follow the rules, is it?
No personal attacks. No cussin'. No spam. Stick mainly to the topic (consistently off topic posts are usually deleted). Those are the main ones.
Read the IHub User and Moderator Handbook for more info
http://ihwiki.advfn.com/index.php?title=Handbook
I don't know litar and I am not speaking for him, but I will try to answer your question, "Where's the pumping?"
First, Pump and dumps are not usually quick, fast operations, they take time to develop and they are not generally obvious or you'd see a lot more people going to jail. Now, I don't know for certain that this is a pump and dump because I haven't been around here long enough. I do recognize warning signs though and this one is lit up like the Las Vegas strip at midnight.
First, you've got a self-aggrandizing promoter seemingly conducting an internet campaign to proclaim AP, the "Mineral King of Wall Streeet". LOL! AP, a man with NO experience in mining whatsoever, let alone gold mining, is the "Mineral King"? As I pointed out earlier, the "Mineral King's" area of expertise is NOT mining. It's stock promotion and sales! Zebras don't change their stripes overnight.
Next, there is the hype surrounding "gold revenue". That could be the very reason they bought the 10% stake in Slashwood. "Gold revenue" shows up on the books, no matter how small, and that opens the way to all sorts of misleading claims while providing legal cover. I wouldn't be at all surprised to see promoters all over the internet, posting under multiple ID's, proclaiming stuff like, "This is only the beginning. This is just what they are picking up off the ground while they are exploring......" etc, etc, etc.
As for the dump, that usually takes a while. First some demand has to be created and that's going to take time. Look for large private placements and borrowing, that's the most desireable target.
Look for statements that are slightly to grossly misleading without being outright lies (most people like to avoid being fitted for orange jump suits). You can hire people to lie for you on the internet. They're safe because they can claim to be merely voicing their opinion.
Examine the books. This is the one place where it's really dangerous to lie. Not that the books can't be a little misleading sometimes. Revenue shows up as revenue no matter if the source is semi-fixed revenue (Slashwood) or if it comes from a genuine claim. Just remember, if a claim really contains gold, there must be an asset value attached to it representing the estimated net value of the gold. This is an area that can be fudged a little but outright lies will earn a trip to the local club Fed.
Remember, this company, in its entire 13 year existance has never sold ANYTHING other than stock certificates!
Good morning litar,
I haven't been following LLSR for very long but it seems that from reading the financials, this company has NEVER sold ANYTHING BUT STOCK! Their only product appears to be stock certificates.
Looking at the company itself, their latest report says, "We have three employees, all of whom are management." LOL!
What's more, it appears no insider has ever purchased a single share of LLSR themselves, not even at the lows. I always figure, if the guys running the company wouldn't touch the stock with a 10ft pole, it's probably wise to follow their example.
Hi litar, thanks.
Just seems like a little common sense to me. "Connecting the dots" using the numbers and not imagination and the picture starts to look more like a turd and not the unicorn others are might claim it to be.
PRs are all well and good for a temporary boost in the stock price but the true worth of the PR always shows up on the balance sheet. That's the reason for keeping a Balance Sheet.
As I said before, it's not surprising that the RPTN acquisition was done with little publicity. What did they really aquire? RPTN has NO assets, it's only usefulness is as a vehicle to sell stock.
What is the "Mineral King's" area of expertise? Is it gold mining? NO! It's stock promotion and sales.
As far as RPTN shareholders go, they will NEVER recover thier losses and most will never recover anything as the cost of selling their shares exceeds the proceeds. That's what they get for disregarding the numbers and "connecting the dots" to make the picture appear the way they wanted instead of reality.
The stake in Slashwood is not worth much except to provide "truth" to the claim of gold revenues or do you think the former owners of Ontage were stupid enough to sell something worth a lot of money for a "handful of magic beans"? Slashwood is a mature operation so Ontage knew what to expect from their 10%. If it was significant, they would not have sold it for risky penny stock shares.
Good luck to you.
Unwarranted and useless aggrandizement of management and self aggrandizing proclamations by promoters in order to add false weight to their words is always a red flag when it comes to investments. They need to do this because the story can't stand on its own. Those who do this and claim they are "connecting the dots" usually tend to ignore the numbers on the "dots" and connect them any way they wish, adding dots of their own here and skipping some there, in order to make the picture look the way they want it to.
What's the assay ton on their proved claim(s)? If they are predicting a revenue stream, they must know this already. Funny that the only possible mining asset they list in their latest report appears to be the 150k they "invested" in Ontage, apparently for the 10% stake in Slashwood.
Now, Slashwood is not a new venture. They have been around for a while and should know what to expect in the way of ongoing revenue, therefor one can safely assume that the Ontage people knew what the fair value of their 10% stake in Slashwood was worth, unless they just fell out of the tree. Since they accepted about $150k worth of a penny stock in a company with few prospects other than what they were selling them (Ontage), it should be safe to assume the stock was discounted against the purchase to make up for the risk. Being reasonably generous in favor of LLSR, that would make Ontage worth perhaps $75k in cash.
Just skimming the transactions reveals layers of private companies with no reporting or accountability and no transparency. A perfect setup for creating "cover" from disappointed investors by pointing fingers at "the other guy". Hard to disprove, especially when the other guys are in different countries. This creates the kind of situation where the case gets thrown out because of "proceedural irregularities" because it's difficult to pin anyone down.
Not to rain on your parade, but I wouldn't trust anyone who calls himself "The Mineral King of Wall Street" with absolutely NOTHING to back up that claim.
As far as assets go, you know everything that LLSR has. RPTN has nothing, just an empty shell with some pesky shareholders that expect a big return for nothing. If the company doesn't own it already, they'll have to buy it. If they own it already, it's on the books.
If RPTN is used to take a private company public, expect another reverse split, an increase in the authorized shares, probably a large one, or both to reduce the interests of LLSR and the RPTN shareholders.
With someone calling himself "The Mineral King" behind it, I'd be real skeptical.
Good news/bad news
Share price tends to drop after a reverse split - bad news
Current share price is almost nothing so a 50% drop from "almost nothing" is pretty much still almost nothing - good news???
That seems like pretty much the end of the "good news".
Now, what makes you think that "the Raptor Management team" think there is ANY potential? First, to which "team" are you referring? The one no longer in existence or the Lantis appointees?
"In connection with the closing of the Agreement, the Company’s current officers and directors (including all members of all committees of the Board) will resign upon closing of the Agreement and are expected to be replaced by Lantis appointees."
Wittenschlaeger and Van Leyen were tasked with trying to find someone to buy the company. That's what they were getting PAID to do for the last several months. This is the best they could do?
Then, what makes you think that CCE thinks there is ANY potential? They have put NO money into this "venture". As far as CCE's "belief" goes, exhanging a worthless debt for 5M shares of LLSR is hardly a ringing endorsement or even a WEAK indication of belief in a "material rebound".
And the 5M shares that went to the "Company", Raptor Networks, which is now 80% owned by Lantis. In effect, Lantis gave THEMSELVES 4M shares (80%) and 1M to be split between RPTN shareholders, including CCE who holds almost 70% of the original RPTN stock after they are issued the 135M shares (13.5M post split) under the terms of the secured notes. So the share attributable to current shareholders (ex CCE) is only about 300,000 shares, split between around 88M current (pre split) shares.
Admittedly, I don't know all the details of the case against the "Mineral King", LOL, but I understand the case was dismissed because of "procedural errors". From the little I do know, it seems the investor put up a lot of money in exchange for a 40%+ stake in the company after which, the company did a reverse split and sold a bunch of shares, reducing his interest to a small fraction. It seems to be a case of many people/entities involved, each with a degree of deniability. The promoters - "I don't run the company, I just said I thought it was a good investment. The company - "We stated the risks, it was the promoters and others who said it was just boilerplate." etc, etc, etc.
You know what the definition of a penny-stock gold mining company is, don't you? It's an empty hole in the ground with a liar on top. A penny-stock gold mining company in the "exploratory phase" is the same thing, without the hole!
Happy New Year to you too.
I think the question on THIS board is, what's in it for RPTN shareholders? My guess is, absolutely nothing.
As far as "The Mineral King of Wall Street" goes, it this the same guy that had one count under the Racketeer Influenced and Corrupt Organizations Act, 18 U.S.C. ? 1962 ("RICO"), one count under the Securities Exchange Act of 1934, 15 U.S.C. ? 78j(b) and Rule 10b-5, 17 C.F.R. ? 240, 10b-5 ("10b-5" or "Section 10(b)"), and seven counts under state common law filed against him?
I believe the above refers to a case involving alleged stock fraud where the investors were given a large share of ownership in the company in exchange for a large amount of cash, then the reverse splits, subsequent sale of new stock and a reverse merger turned that large percentage of ownership into next to nothing.
Do you mean THAT "Mineral King of Wall Street"?
I think Madoff was called a "King of Wallstreet" too at one time. The following is from "Springtime For Bernie." -
BERNIE MADOFF: How humiliating this is. Bernie Madoff. Bernard L. Madoff. [shouting] You know who I used to be? Bernie Madoff, King of Wall Street! Six scams running at once! [softer] Lunch at Tavern on the Green. Two thousand dollar suits. Now look at me! I've been trying to hang myself with a cardboard belt! [tears belt into pieces as orchestra begins to play "Meet the Mets" contemplatively] I remember a time when the only Bull people associated with me was my yacht ...
FRED WILPON: Remarkable, Bernie! How do you do it?
BERNIE MADOFF: [quietly] There are a lot of little old ladies in Palm Beach County...
FRED WILPON: What's that?
BERNIE MADOFF: [brighter] Diversification! So as I was saying, it's quite possible. You could make more money with a team that's a flop than one that's a hit!
FRED WILPON: But I don't understand ...
BERNIE MADOFF: [incredulously] You're going to question the man who gets you impossibly high profits every year?
FRED WILPON: OK, I'll do it!
Just remember, there's more than one company out there who's only real product is SHARES!
Yes, throwitfar, I caught that and you're right, it's not surprising.
As far as all that "connecting the dots" goes, I can call my grandmother the Queen and my wife Kate, that still doesn't make me Prince William. Of course, everyone's free to their own opinion on that. :)
Good morning Caerus. What's all that network switching, ER1010, "Major Shareholders" junk up top in the "Intro Message"? Don't you think that's a little misleading to leave that up?
I'm with you there, throwitfar. What a LOAD of HOGWASH!
"Mineral King of Wall Street"??? ROTFLMAO!
His whole premise is laughable! Just so much BS.
Hasn't anyone else noticed that NONE of what's in the "Intro Message" applies to this stock? It is misleading and should just be removed, IMO.
Actually, John, LLSR will end up with at least 80% of the company and probably more because they had to make some sort of arrangement with Soon-Shiong regarding the debt. Doing the math, that puts the value to current RPTN shareholders at less than 0.0005, more than 90% below where it is right now.
You asked me a question. I gave you a straight forward answer with a chance to ask for further clarification.
No need for you to be rude about it.
It seems pretty self explanatory. It means the company has no assets, tangible or intangible, and the company still owes $11.3 million in first priority, perfected secured notes.
Is there something in particular about that you don't understand?
It would be nice if you guys could get back some of what you lost on this. I don't think that's going to amount to much but good luck to you.
Remember the convertible shares and the warrants....they are not your little friends.
Held a few shares quite a while back. Traded in and out a couple more times.
Knew a lot more about the company than most. I say "knew" because the company has ceased to exist as an operational entity.
Only 5,000 shares total today. That's less than $18 worth, so I wouldn't get too excited.
I think that's a sensible idea, keeping an eye on this. You never know when a dog turd will turn into a gold nugget.
With no assets and more than $11 million in debt, the company is worthless to anyone except the debt holder. The only usefullness of the remains as a shell would be to leach off $11 million of shareholder value from another company to put in the pockets of the debt holder.
Acrually, the last filing said a lot.
On August 1, 2011, CCE, in its capacity as a secured lender, held a public foreclosure sale (the “Public Sale”) of substantially all of the Company’s assets, including, but not limited to, the Company’s inventory, equipment, machinery, intellectual property, accounts receivable and other intangibles (collectively, the “Assets”). CCE was the only bidder at the Public Sale, acquiring all of the Assets for a credit bid in the amount of $100,000. The remaining balance of the senior notes in the amount of approximately $11,300,000 remains as an outstanding obligation of the Company. As a result of the Public Sale, the Company retains NO material assets with which to continue its operations.
That sure doesn't sound like a company on the rebound to me. Does it to you?
Completion of Acquisition or Disposition of Assets.
As previously reported on the Current Report on Form 8-K of Raptor Networks Technology, Inc. (the “Company”) filed with the Securities and Exchange Commission on July 11, 2011 (the “Prior Report”), on July 6, 2011, California Capital Equity, LLC (“CCE”), holder of all of the Company’s senior notes, provided the Company notice of default under the senior notes, declaring all amounts thereunder due and payable in full, and of CCE’s intent to exercise its rights and remedies as a secured lender against the Company’s assets.
On August 1, 2011, CCE, in its capacity as a secured lender, held a public foreclosure sale (the “Public Sale”) of substantially all of the Company’s assets, including, but not limited to, the Company’s inventory, equipment, machinery, intellectual property, accounts receivable and other intangibles (collectively, the “Assets”). CCE was the only bidder at the Public Sale, acquiring all of the Assets for a credit bid in the amount of $100,000. The remaining balance of the senior notes in the amount of approximately $11,300,000 remains as an outstanding obligation of the Company.
Another day.....Down 25%
A new all time low close.