Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Hi Leit...
It's a little confusing to follow even after reading it several times....
"the company is not a party to the arbitration"...I take that to mean Torvec Inc is not a party to the arbitration request...it doesn't appear to be an issue for Torvec,Inc , albeit one that Sarbanes - Oxley compels them to 8k....
As for being dissapointed, everyone has their own levels of expectations and vision for how this all plays out...reading this 8k doesn't change my view of where the company is today and where I think it's going...I think the share price will take care of itself....I bought more today at $2.56.
8k just popped up...
I wonder if this has anything to do with the stock drifting this last week..maybe a rumor about a lawsuit on this was floated..after reading it appears to be a non-issue for Torvec..
Item 8.01 Other Events.
The controlling persons of the company’s majority-owned subsidiary, Ice Surface Development, Inc. ("ISDI"), namely, its chief executive officer, chief operating officer and vice-president of manufacturing have served notice upon ISDI that they are prepared to commence arbitration against ISDI to recover approximately $925,000 of unpaid salaries allegedly due them under certain employment agreements with ISDI. In connection with such arbitration, the three ISDI executive officers have petitioned the Supreme Court of the State of New York for the Seventh Judicial District for an order restraining the company from assigning the license held by ISDI to Ice Engineering, LLC in exchange for a 5% royalty until the arbitration is completed.
The company believes the assertions made by the three ISDI executive officers are completely without merit. Specifically, at an ISDI shareholders meeting duly held on June 7, 2007, the shareholders voted to pay such alleged salaries in full by converting the amount of such salaries into shares of ISDI common stock, a form of payment explicitly authorized under the subject employment agreements and reiterated in the company’s annual and quarterly reports since the quartered ended March 31, 2002.
Secondly, the requested relief is moot since the license was assigned to Ice Engineering, effective June 15, 2007. Such assignment was made in accordance with with a Plan of Complete Liquidation and Dissolution duly adopted by the ISDI shareholders on June 7, 2007.
Third, the company is not a party to the arbitration. The employment agreements in question are between the executive officers of ISDI on the one hand and ISDI itself and do not involve, directly or indirectly, the company nor any of its other subsidiaries. Consequently, the company can not be compelled to arbitrate any claims of the executive officers for allegedly lost salaries. In this connection, the company believes that whether the agreements were the product of arms-length negotiation is open to question since the three petitioners have effectively controlled ISDI since March, 2002.
Fourth, the employment agreements, by their terms, expired on July 31, 2004 and the company is not aware of any extension of the term of such agreements. By their terms, any arbitration with respect to such employment agreements must have been commenced within six months of their expiration, namely, January 31, 2005. Thus, the company believes that the executives’ claims are time-barred.
I know it's OT but not really...any guesses anyone...?
Now I see it....I invented another one below.....
____________________________O-o sssssssssss
Not following you...??
didnot see NY Times...
That is possibly...
the largest emoticon ever used in a post on the ihub Torvec board....just when we think nothing can be topped....LOL
The calm before the storm...
Granted, it's been a long calm....this low volume price drift isnot reflecting what the future holds...I believe the volume spicket will be turned on without warning upon the occurrence of an "event".....or "events" plural.....
I think it was Leit who mentioned the liquidity topic...at some point, the speed of this whole thing will go from what we see here to iso-torque corner grabbing speed and people will be watching it run and adjusting their exit points upward on the fly....that will be fun to deal with...my exit point is still north of 20 subject to change based on analysis of "events" as they occur...
Please visit the souvenier shop in the lobby of Torvec headquarters for a list of coming attractions....
The published short position for TOVC for July..
Drecreased by roughly 11,000 shares...
Stock Symbol:
TOVC $
Torvec Inc.
Shares Short 138,900
Days to Cover (Short Ratio) 16.3
Short % of Float 0.92 %
Shares Short - Prior 150,600
Short % Increase / Decrease -7.77 %
Squeeze Ranking™ 10
% from 52-Wk HIGH ( 6.60 ) %
% from 52-Wk LOW ( 1.60 ) %
% from 200-Day MA ( 4.05 ) %
% from 50-Day MA ( 3.50 )%
Price % Change (52-Wk) 68.40 %
Trading Volume - Today 10,950
Trading Volume - Average 8,500
Trading Volume Vs. Avg. 128.82 %
Total Shares - Float 15,020,000
Total Shares - Outstanding 31,337,339
% Held by Insiders 72.50 %
% Held by Institutions 0.10 %
Market Cap 96,675,691
EPS -0.26
PE Ratio
Sector: Consumer Goods
Industry: Auto Parts
SI Record Date 2007-July
Was away for a while..
Did I miss anything....?
Welcome aborad to fatherofthree and hello to wave who hasn't been around in a while....
Iso Torque Racing....
Love the picture of the Car and Driver/ Nissan Z with the Iso Torque Racing logo above it...
Nice update...
Nasa purchase order north of $200,000 and a great review of the iso-torque from the race team with the Nissan...sounds like the iso is working great and they are providing Nissan with that same feedback....
Another example of the multi-tech, multi-directional aspect of Torvec that will play into the company's success..
DA...
Welcome to the therapy group...
Just yesterday....
I said to myself, I hope Dadio comes back on the board cause I really miss him......
Welcome back....
So....how's it goin...?
I have nothing to add...
Just wanted to be the 12,000th post on this forum...
Another milestone for your creation dread....here's to the next 12,000..!
Two of the most active market makers...
on TOVC are Knight Securities and UBS...while the volume has been small today, at one point Knight was on both ends of the bid and ask...when the volumes are slow like this, the MM's will try to create some volume sometimes by creating price movement....they are very good at it....
You are and will always in our eyes be....
Artguy....
We'll still get to do all that stuff...
....If it takes longer than we think, there will be lots of Jello at The Acres...LOL
I have 2 degrees.......
......in Advanced Enlightenment.......LOL
LOL...
There's always room at the Inn...!
LOL.....
That was very compassionate...! Given my view that there are multiple short players on Torvec, I hope they trample each other on the way to the slaughterhouse....I know...again with the compassion...I'm just an easy going nice person.....
Thank you for thinking of me dread...!
Below are a few excerpts from the article that I think are key to the issue...
"'Phantom Stock'
Some delivery failures linger for weeks or months. Until that failure is resolved, there are effectively additional shares of a company's stock rattling around the trading system in the form of the shares credited to the buyer's account, critics say. This "phantom stock" can put downward pressure on a company's share price by increasing the supply.
DTCC officials counter that for each undelivered share there is a corresponding obligation created to deliver stock, which keeps the system in balance. They also say that 80% of the delivery failures are resolved within two business weeks.
There are legitimate reasons for delivery failures, including simple clerical errors. But one illegitimate reason is naked shorting by traders looking to drive down a stock's price.
Critics contend DTCC has turned a blind eye to the naked-shorting problem.
and this....
"Among other things, authorities need to make public much more trading data related to stock-delivery failures, he says.
Critics contend that DTCC and the SEC have been too secretive with delivery-failure data, depriving the public of important information about where naked shorting might be taking place. Currently, DTCC's delivery-failure data can only be obtained through a Freedom of Information Act request to the SEC, which has released some statistics that are generally two months old."
I post the published short numbers here each month and on the surface those numbers, which represent the reported short position, seem minor....150,000 shares. That is the tip of the ice berg in my opinion...the broker/dealer to broker/dealer FTD's (failure to deliver), or in other terms, IOU's on Torvec in my opinion account for millions of shares of TOVC naked short and it's been happening for years....I think it's more than one short player and the huge bet has always been that Torvec willnot make it financially...they will run out of money....interestingly enough, Torvec keeps getting stronger, not weaker...the ICE tech sale funded about a year and half of burn and there is NO debt....
My observations....I think the shorts also have been betting on Torvec tech not getting to market...the company now appears on the edge of that indeed happening and fortunately for us shareholders, the company has 8 or 9 products which are essentially ready to go...if this was a one-tech company, i would be a little worried.....TOVC could be a billion ompany on one for their technologies alone...they have 8 more after that...
The shorts will at some point have to deliver shares to cover...forget about the 150,000 short shares...think millions....In the event of a deal annoucement that has some critical mass, where are they even going to be able to get the 150,000 shares inthe middle of a stampede let alone millions...
Zendo....I have never for a minute doubted the fact that over the years, TOVC stock goes down on good news way more than it goes up...I have also never doubted why....
The piper will eventually have to be paid on the cover....I personally hope it occurs without warning and is swift and decisive....
allnumbers...
the ICE asset was impaired from an SEC accounting standpoint due to the the depreciation time line vs. when expected revenue for the asset could be reasonably anticipated.....impaired doesn't mean it was broken...
The other Torvec technologies are valueless in terms of the balance sheet, so there is nothing to impair...I'm not an accountant, but the firm that Torvec uses out of NY is an SEC accounting firm that has been around for a long time...
I still can't find my Journal of Accountancy ...I know it's around here somewhere..
I would like to...
wish everyone a happy and safe 4th of July holiday...
Keep the alka-seltzer handy and go easy on the beans and potato salad.......
Short position for June....
The published short position on TOVC has decreased very slightly during June....how big is the unpublished short position on TOVC.?..I still think it's quite large and will have to be covered some day...
TOVC $
Torvec Inc.
Shares Short 150,600
Days to Cover (Short Ratio) 22.5
Short % of Float 1.00 %
Shares Short - Prior 153,600
Short % Increase / Decrease -1.95 %
Squeeze Ranking™ 16
% from 52-Wk HIGH ( 6.60 ) %
% from 52-Wk LOW ( 1.60 ) %
% from 200-Day MA ( 4.32 ) %
% from 50-Day MA ( 3.81 )%
Price % Change (52-Wk) 71.60 %
Trading Volume - Today 4,000
Trading Volume - Average 6,700
Trading Volume Vs. Avg. 59.70 %
Total Shares - Float 15,020,000
Total Shares - Outstanding 31,337,339
% Held by Insiders 72.50 %
% Held by Institutions 0.10 %
Market Cap 104,039,965
EPS -0.26
PE Ratio
Sector: Consumer Goods
Industry: Auto Parts
SI Record Date 2007-Jun
This is serious...
I accidently knocked over a bucket of the oinment on the way out this morning.....my wife just called and said the house is surrounded by naked State Farm agents.....
It's a home remedy....
But since I've been using it my cholesterol has dropped to 150 and I saved 15% on my car insurance...
I have developed ....
...an topical ointment that gets rid of the Carlyle Effect should a relapse ever occur...no worries
The way I see it....
I think an acquisition of Torvec is a very viable possibility. The most logical time for that to happen in my opinion is after Torvec has landed a couple of revenue scenarios with some critcal mass....it could happen with any of their products individually or a few of them, but it will happen....thats when a player will unluck the value with a tender offer..when, who knows, but it will make the wait very worthwhile...
If that is where this is all heading, I'd rather see it happen at a time when Torvec has more meat on the bone....it will be a much better payday than a discount offer today...
LOL....you piqued my curiosity...
That was a very unique way to slow down speeders...! It might be tough to implement in Rochester in the middle of January, but you've got to hand it to those wacky , free-wheeling Danes....!
Nice MM action today....
UBS on both ends of the spread......
Hello Neb....
Welcome to our therapy group...
Hi Caveman....
Looks like some mechanical stuff, horsepower issues and a few accidents caused some poor results or no shows....no mention of the Torvec differential.....
Race Summary:
"Mike Borkowski qualified the #35 Playboy/Vonage/Palms Nissan 350Z in 13th position out of a field of 104 cars. With Tommy Constantine behind the wheel, the car crashed in the last practice session before the race due to a total brake failure. The #35 Nissan 350Z was unable to compete in the 2007 Fresh from Florida 200 at Daytona."
Race Summary:
"The #35 Playboy/Vonage/Palms Nissan 350Z GT experienced front brake problems during qualifying which resulted in a very ill handling (rear brake only) car. The blah qualified in the 21st position. During the race, the car ran steadily forward until an intermittent power steering problem surfaced during Tommy Constantine's stint. The varying physical steering inputs required to drive the car made it very difficult and particularly dangerous in the high speed banking part of the track. The power steering eventually failed and although the physical strain on the drivers was greater, the consistency was easier to manage. The #35 350Z finished 17th in the 2007 Grand Prix of Miami. The bugs or kinks, which are typical in a newly developed race car, made the 350Z's first appearance a challenge. Look for a highly competitive #35 Playboy/Vonage/Palms Nissan 350Z GT at its official debut at VIR."
Race Summary:
"The #33 Playboy/Vonage/Palms Nissan 350Z qualified in 4th position after being held up by a slower car on its fastest lap which most certainly would have resulted in a pole position qualifying effort. On the third lap, the a trailing #09 BMW hit the #33 Playboy/Vonage/Palms Nissan 350Z forcing it off the track. This resulted in a loss of 7 positions, dropping the car to 10th and a gap of over a hundred yards to the 9th place car. Under all green flag conditions, Tommy Constantine driving the #33 car, caught and passed all cars but the leader and ran a strong second place until pitting for a scheduled driver change and service. After a flawless pitstop, Mike Borkowski experienced an electrical problem very early in his stint which dropped the #33 Playboy/Vonage/Palms Nissan 350Z several positions before retiring in 25th position."
Race Summary:
"On it's only seemingly clear and fastest lap of qualifying the #33 Playboy/Vonage/Palms Nissan 350Z was held up by the number #20 Porsche, driven by Ross Thompson, costing it .4 seconds and a certain top 3 qualifying position. In the race, starting in 12th position, the car advanced to 10th place in a few short laps. Then unfortunately the #37 Mustang driven by Bret Seafuse crashed into the Nissan 350Z for a second time in 2 laps while attempting a pass. This time damaging the car and it's handling enough to render it uncompetitive. No penalty was assessed by Grand-Am. The #33 Playboy/Vonage/Palms Nissan 350Z finished in 24th position."
Race Summary:
"Due to a lack of horsepower under the current technical guidelines set forth by grand-am, the #35 Playboy/Vonage/Palms Nissan 350Z GT was only capable of qualifying in the 26th position. During the race the #35 car broke a half shaft and finished in 23rd."
Race Summary:
"Earlier this month, the Playboy Racing team met with Grand-Am officials at the NASCAR dyno for an evaluation of the 350Z GT engine's capabilities. Due to technical guidelines initially imposed upon us by Grand-Am, it was determined that the Nissan 350Z GT engine was producing significantly less horsepower than its competitors. These guidelines have been revised and the engine is currently being redeveloped to equal the playing field. Unfortunately the parts required to do so could not be developed in time for the 2007 U.S. Sports Car Invitational at Laguna Seca Raceway. Therefore the #33 Playboy/Vonage/Palms Nissan 350Z GT ran in the same configuration as it did in Virginia, rendering it uncompetitive. The car qualified 19th and finished 19th. Neither of the Playboy Racing 350Z GTs will participate at the race at Lime Rock Park in order to allow the team sufficient time to develop and install the upgraded engine parts. Look for two very competitive Playboy Racing Nissan 350Z GT entries at the following event!"
Feelings.....
Nothing more than feelings....trying to forget those...feelings of ....oh sorry
That pretty much sums it up...
The cash in and cash to come from the deal certainly cant sit well for shorts who have been betting that Torvec cannot survive the cash burn....this deal alone covers a couple years of burn...this company is here to stay and will succeed to the benefit of the shareholders despite the heavy betting that has continued to occur on that not happening...
Touche to the whole Torvec team...keep it coming...
I misplaced my Journal of Accountancy....
Can't find it anywhere....major panic attack....LOL
I'm not an accountant or an auditor..
but an impaired asset doesn't mean the tech is impaired....it has to do with the remaining depreciation of the asset relative to expectation time lines for revenue to come in for that asset...it doesn't mean it's broke...
I agree that there will be revenue for the ice tech which Torvec will share in...my point was to illustrate that the "crummy" (which I disagree with completely) 3.5 million they are getting is a home run compared to the minus 1.5 million on the books last week...
I agree 100%..
A few points..
I dont know the answers to some of your q's on the royalties portion of this deal but I do know this...if it doesn't get commercialized by the acquiring group, X% of zero = zero....
Even if the royalties are zero, Torvec, which you and I are investors in, just sold a technology that on paper was worth minus $1.5 million dollars for $3.5 million dollars...they turned what recently was a lump of coal into a 3.5 million carot diamond....thats a swing of 5 million George Washingtons..I'm ok with that..LOL
db...
Thanks for the kind words...
Hi Lynx...
good to hear from you...did Velvet Spicer respond to your email..?