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So Virgin is in bankruptcy and Worthington teeters on the brink after management has buried it in toxic debt and spent money foolishly making Tony a sweetheart deal to drill an asset that was a complete bust.
And a judge will allow these two, let's just kindly call them "under-performers" merge because together they can....... well, all I can think of is together they can scam shareholders out of even more money. I guess I have seen worse things happen in this market and in our courts.
GLTY. IMO, of course.
Virgin will be a wholly-owned subsidiary of Paxton and Paxton anticipates changing its name to Virgin Oil Company, Inc.
The number of restricted shares probably equals the number of shares issued to management and insiders as compensation for various activities. Shares issued to insiders are required to be restricted. Since the company conducts no business and since the toxic guys already have the ability to convert more shares than the AS will accommodate, it makes sense that the insiders are reduced to taking restricted shares as payment instead of that easy cash from toxic financing. Just my opinion, of course.
Wow, 432,324,774 is a long way from the 32.6 million it was back in November right after the third reverse split.
That's a little under 400 million shares added in a little more than 5 months.
How long will they continue to dilute this pig at a rate of 80 million shares a month? I guess as long as there are gullible folks around the market.
C'est Rien
As of May 13, 2013, there are 364,323,826 shares of registrant's common stock outstanding,
In theory, yep.
I think it will be no bid long before those are dumped, I mean sold, though.
Maybe those preferred shares will seal the deal for the shell when that happens. Just my opinion.
The share selling will stop for a moment when the OS plus the restricted shares= the AS. After that who knows how they will deal with the remaining share overhang.
Wow, 31 million shares traded today for a whopping total of under 16k, and 10 days of this will buy the company. I guess that's a decent price for an empty shell. And I see it's downgraded to a real stinky pink as well.
This story is about played out. Volk sold shares for awhile and then he brought in his good friend Mason with his, ahem, big time well asset. Then they reverse split the stock, sold some discounted shares to the toxic guys, pocketed the money, and enriched "others" (Attorneys, etc) who helped tout the stock. After Tony collected some money and the shareholders paid for the drilling, Tony took some more money, and his well and left. Meanwhile back at WGAS, Volk became the hero for some reason, put out some questionable info and sold some more stock to the toxic guys so the staff and "others" (again Attorneys, etc.) could keep getting their huge paychecks. Then they went to court. That story line didn't work out so well and now the stock sits at trip 5.
So, time to set up some new companies and get what you can for an empty shell. I wonder whose shares came off restriction lately. Whoever it is, that is our seller. And, of course they are taking turns with the toxic guys. A very synergistic relationship between management and the toxic guys who give them cash. It's nice to see how they patiently take turns selling. All IMO of course.
I sure hope all the loyal longs are long gone here. After all, trash is for trading, not investing. But, I bet the WGAS shell will rise from the ashes as something else, reverse split, get a new story and sell more shares. No matter what, it will continue to be a share selling company with a story and highly compensated management. This is the way of the OTC.
C&D's seem to be running rampant these days so I thought they should be included here.
Something to watch:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=88051283
GO TRIBE!!! Even if it's only for a week, it is a proud moment!
Now, if we can only keep the owner of the Browns out of jail......
Large percentage of the float trades every day, price declines. Close enough look. Thanks though and GLTY.
Okay, but in penny stock land, it is common for preferred shares to be issued in conjunction with toxic convertible debt. It's the only way the execs can remain in control as the stock price declines as the toxic guys convert more and more shares at lower and lower prices.
I wonder why the market doesn't seem to notice this monumental opportunity to buy the next Exxon at around a half penny???
If there are material events that affect shareholders, the company is required to announce them within a few days. No announcements?
Interesting that the "merger" isn't being anticipated by the rest of the market. GLTY
I do think there's manipulation here but I don't think the MM's have much to do with it. This is toxic financing and they could short this into oblivion for certain. The company itself gave the toxic guys that power. Neither cares much about retail as long as retail continues to buy at any price. IMO, of course.
I really do think there is a court case going on regarding VM179. But, I don't think the WGAS shareholders will ever benefit from the outcome of those proceedings, positive or negative. There is a reason for the creation of the Preferred class of stock and for all those shiny new companies. Watch and learn how it's done in penny stock land.
As far as VFIN, yes, that 10k shares they show is certainly a bottomless pit and they don't seem to care how low they need to go to dump them. It's telling that they were only able to dump 1/3 the number of shares today that they dumped yesterday. Maybe the market has wised up. All IMO, of course.
In My opinion, no matter what is going on in court there is no escape from the toxic debt here. They have shown zero fiscal responsibility. Millions of dollars wasted to date.
So, again, court proceedings have no bearing on THIS company IMO. But, if the outcome is good, you can bet that one of those other recently created companies will benefit. Preferred shares come with super voting powers, do they not?
Hopefully, not many held through that run to .04. But, if the stock was held through the reverse split, even .04 may not have been break even.
Sure I will share what I know one more time.
The stock is trading in the .0008 range.
WGAS has been in business for years.
WGAS has reverse split it's stock 3 times.
WGAS has zero revenue
WGAS has zero properties that are not currently in litigation.
WGAS has sold billions of discounted shares to some of the most famous of the toxic financiers, including Ike Sutton. Google Ike if you need additional info about this deal.
WGAS has accumulated millions and millions of dollars in debt.
Considering the fact that nothing has ever been accomplished, WGAS management is grossly overpaid, IMO.
The fact is that the only business being conducted here is selling stock wholesale.
And now, trip 7 is the bottom. How many other numbers have been touted as the bottom?
Given the choice between facts and positive feelings,it's best to trade on facts related to WGAS. Those facts are reflected in the current price of the stock.
The OTCQB market is considered to be the middle tier of the OTC market for companies and penny stocks that do not qualify for the OTCQX market – the top tier of the OTC market. The OTCQB was created in 2010 and is now home to nearly 4,000 small and emerging companies – including many penny stocks.
Companies and penny stocks listed on this tier report to the Securities and Exchange Commission (SEC) or with an appropriate banking regulator. However, there are no financial or qualitative standards for a company or penny stock listed on this tier.
Mid 13's would be a great place to add a few IMO. TSLA over $90, F should be at $30 minimum.
Wow, another solid move in the right direction this week!
I see the headline links on the website but no links to the presentations. Maybe there will be a pre market PR.
Wow, what a great stock and wonderful company WGAS is. Go team WGAS. No revenue, no assets, no prospects but 25 million plus shares traded daily at progressively lower prices. WGAS is a stock selling company and it is doing a tremendous job!
But Volk wants investors to double down so they can be taken to the cleaners over and over. He is selling all those discounted shares just so retail can get this valuable stock at bargain basement pricing. This is benevolence at it's finest, well at least it's the penny stock version.
IMO, of course.
But, don't forget, the fact that this company has been around for years, done three reverse splits to date and sold billions of shares into the market is not the reason for the .0007 price. The reason for the .0007 price is because of a Bear Raid.
No assets, not a problem. No revenue, not a problem. The most toxic financing on the planet, no worries. The only reason for this dismal price is the perceived Bear Raid.
IMO, of course.
Ike Sutton is a POS scumbag that has stolen millions of dollars from investors in at least two other companies. I am sorry to see his involvement with WGAS.
I read that Savwatt reference before but just thought was a typo from another scam that GEL bought discounted shares from, I mean funded. Can there really be a connection between WGAS and Savwatt??
The company is legally required to announce material events. If there are no announcements, there are no material events. So, all this speculation about dockets and Paxton Intervention and even numbered blocks of shares, etc. is just speculation.
When there is a material event as a result of the court proceedings, the company will be required to announce it. Until then, the docket is just a court calendar.
Penny stock companies go to court all the time over worthless properties, oil, gold, silver, non-existent technology. "Value" in penny stock land is not necessarily what most would consider viable economic value.
Again, if this was really prime, a large, profitable company with rigs already in the area could develop it for much less than a company with nothing there already. Common sense tells me that. Maybe this is a penny stock story property used to sell shares, just as Tony's really, really wonderful property was? We can all speculate while more and more trading platforms CHILL this stock, can't we.
IMO.
If VM-179 was such a prime property, a viable company would have partnered with them and developed it. The parcel is surrounded by viable companies who are developing other parts of it. Why do you suppose not one of those other large, established, profitable companies have offered to drill this parcel for a cut of the oil? They could have financed this one long ago with pocket lint.
So no, I haven't watched the dockets. The local court calendar and record of payments and paperwork served has little to do with, ahem, oil exploration.
What I have watched is the gift the shareholders gave Tony to develop his worthless well on the shareholders' dime, the third reverse split, the accumulation of more and more toxic debt, Charles setting up two more companies, dilution, dilution and more dilution. Everything else has been speculation for YEARS. The facts speak for themselves as does the share price and the CHILL by two trading platforms.
Again, as with all postings on message boards, IMO.
The bottom line here remains as it has always been. The company and it's management have excelled at only one thing. They are GREAT at issuing shares for cash to toxic funders at rates well below market. The stock will eventually trade at the level the toxic guys paid and less. As long as those shares continue to hit the float at an alarming rate, the price will decline.
There are still no assets and no oil and gas, ahem, exploration is happening. The management continue to collect their pay via toxic debt. There is not revenue except from selling discounted shares. Apparently pointing this out is irritating. Goes without saying that this is all IMO.
Finally it's moving! Nice news this morning.
From October 24th, 2012 but still applicable today. Well, except that today is after the 1 for 10 reverse and the stock closed at .0019 yesterday.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=80856669
Agreed, the stock was sold at a discount to the market and the warrants are the equivalent of lottery tickets. It's a common practice in penny stock land, imo.
Bottom line, the stock closed down again yesterday because the company is not doing anything that generates revenue or furthers it's business of, ahem, Oil Exploration, again imo.
Just to clarify. WGAS has not generated one dime of revenue from operations, ever. WGAS has no assets that are not currently in litigation. WGAS carries tons of toxic debt, has just increased the AS to 1.5 billion shares and the OS has been rising at an alarming rate since the third reverse split last fall. There is no indication that this will not continue in my opinion. It seems that these facts have not been well-received but they remain facts. All else here is speculation.
TDA does not speculate on sub-penny stocks. TDA is not accumulating cheap shares. TDA is protecting it's customers.