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.
John I wasnt talking about the naked shorting, I am talking about allegations of securities fraud by prior management.
Added some at .0088, with the mine report due any day now and possibility of release on quarterly production, stock could geta nice spike.
Shadow- Perry County register does not have online access that I could find.You would have to go and look up any information you want at the office.
Beigle I dont know the Rochester market, if it hasn't had the price appreciation other areas have had it may not experience drastic declines. If you and your wife really like the house and plan on staying put for 20 or 30 years it should not mattter that much. Is the house big enough to accommodate the size family you and your wife expect to have, are the school systems good, consider any reason you would be likely to pick up and move in a couple of years and possibly sell at a loss.
I think your original offer will cover his costs and is good enough. If it sits another month or two he may regret not accepting your offer, I would wait a month and offer 5k less, play hardball you might be the only one that has made an offer on the house. How long has the house been on the market?
Your welcome Beigle I have alot of experience in title research, thought I might be able to help.
Beigle here is the link for online access. Sign up to use the system then search the database and you will have your answer.
http://www.clerk.co.monroe.ny.us/CGI-BIN/DB2WWW/NHOME.MBR/DEFAULT
Beigle what county is the house in.
True Len, look at how this marketwatch article described the Government figures-they're are pretty worthless.
New-home sales rise 4.6% to 1.234 mln
Home builders say May's figures 'too good to be true'
E-mail | Print | | Disable live quotes
By Rex Nutting, MarketWatch
Last Update: 4:17 PM ET Jun 26, 2006
WASHINGTON (MarketWatch) -- Confounding expectations of a slower housing market, sales of new homes unexpectedly increased an estimated 4.6% to a seasonally adjusted annualized rate of 1.234 million in May, the Commerce Department estimated Monday.
New-home sales in May were running at the fastest pace since December after three straight increases.
Sales were down by 5.9% from May 2005 and by 9.7% from the record selling pace of 1.37 million set in July.
For the year to date, sales are down 10.9%. "This year's numbers are down but still quite high," said Stephen Stanley, chief economist for RBS Greenwich Capital.
Too good?
"The May sales number seems a bit too good to be true," said David Seiders, chief economist for the National Association of Home Builders, pointing to well-known statistical problems with the data. "We don't think the cooling process for housing is over yet."
In its most recent reading, the NAHB's home builders' index has fallen to an 11-year low. See full story.
Also Monday, Lennar Corp. (LEN :
45.68, +1.14, +2.6% ) became the latest big home builder to slash its revenue and profit forecast. The company said activity in its markets is softening on "speculators exiting the market and changing homebuyer sentiment." See full story.
The government cautions that its housing data are subject to large sampling and other statistical errors. The standard error is so high, in fact, that the government cannot be sure sales increased at all in May. The 4.6% increase is statistically meaningless.
"We now wonder if the methodology impacts the estimates so much as to make the data meaningless," said Daniel Oppenheim, an analyst for Bank of America who covers home building stocks.
It can take up to six months for a trend in sales to emerge in the government data. New-home sales have averaged 1.17 million per month over the past six months, unchanged from the six-month period ending in April. In all of 2005, 1.28 million new homes were sold.
The report counts signed contracts as sales. Most of the big builders have reported a sharp increase in canceled contracts.
Of the homes sold in May, only 23% had been completed.
The housing market's a key to the U.S. economic outlook. Most housing indicators are showing a marked decline, but not a collapse, in activity that could shock the consumer, who's been reliant on gains from the housing market to supplement stagnant incomes. See related story on the apartment rental market.
Economists had been looking for about a 2% decline in sales in May to a 1.15 million pace, according to a survey conducted by MarketWatch. See Economic Calendar.
Treasury prices fell after the report came out, pushing yields slightly higher. See Bond Report.
Home builder stocks rallied, but the Dow Jones home construction index (DJ_3728 :
0.00, 0.00, 0.0% ) is still down nearly 30% in the past three months.
The details
Also Monday, the Commerce Department revised April's sales rate lower, to 1.18 million from 1.20 million.
The number of new homes on the market fell 0.7% to 556,000 last month from a record 560,000 in April. The inventory fell to a 5.5-month supply from 5.8 months in April. The inventory ratio peaked at 6.4 months in February. Read the full report.
More than 75% of the new homes for sale have not been completed. The median time a completed home was on the market remained at 3.9 months in May, up only slightly from the recent low of 3.7 months, an indication that there hasn't been much overbuilding, Stanley said.
"Residential construction will still be under significant pressure in the coming year," said Steven Wieting, U.S. economist for Citigroup Global Markets.
Builders have said they are cutting prices and offering incentives to boost sales. The median price of a new home was $235,300 in May, up 3.1% in the past year.
It's the smallest year-over-year price gain since December 2003, however, and just the second time in the past three years that new home prices have risen at a pace slower than other consumer prices.
In May, sales increased by 6% in the South, by 5.3% in the West and by 2.7% in the Midwest. Sales fell 7.9% in the Northeast.
Beigle you may be able to find out that information(whether they have a mortgage) over the web, if your county clerk has recorded documents available over the web. Otherwise you research it yourself at the clerks office or you could pay a local title company industry average is $300.00, better yet go to the clerks office talk to an independent title examiner and they would probably do it for you for $100 or less. Ask for a full search, that way you would get any easements or restrictions that affect the property as well as any outstanding mortgages. They may have used equity in that home to pay for the Lake home.
Housing Market Confuses Economists
Sellers slashed prices on new homes in May and managed to attract buyers, surprising economists.
Sales of new homes jumped 4.6 percent in May to a seasonally-adjusted annual rate of 1.234 million units, says the Commerce Department. That's the third month in a row that sales for new home sales rose. In April, sales jumped 5.9 percent, following a big 7.3 percent rise in March sales.
The only part of the country experiencing a decline in sales this month was the Northeast, which posted a 7.9 percent drop. Showing the best volume of sales was the South with a 6 percent jump in sales. The West was second best with a 5.3 percent rise, and sales in the Midwest increased 2.7 percent.
Analysts, meanwhile, are expecting sales for new and existing homes to fall by about 10 percent this year, according to the AP. As mortgage rates rise, says the analysts, buyers will recede.
For proof of the struggling housing market, economists point to tumbling prices. The median price of homes sold declined to $235,300, a 4.3 percent drop from the month before.
Also, inventories remain high. The number of homes on the market fell slightly to 556,000 units, not far from the recent all-time high of 560,000 units for sale. Currently, there is 5.5 months worth of inventory on the market.
Last week, MoneyNews reported that housing construction activity was up 5 percent in May. As developers continue to build new homes, the amount of inventory will swell and push prices even lower.
That's not good news for homebuilders. After all, when you're a homebuilder trying to sell a home, it doesn't matter how many units you sell, but how big your profit is. In other words, if the volume's up, but prices are down, you're probably not going to make shareholders happy..
Considering the allegations in the lawsuit,you would think the SEC would have conducted its own investigation.
I would like to see Parent and the others settle. Make them return all of their shares to the company treasury and pay have of the lawyers bills. I can dream.
I talked to IR today, transfer(assignment) of the lease should take place any day now, I'm sure it was dated prior to the SEC action so that is a positive, but I think the timelines to revenue grow longer now.
No TG I bailed today want to watch on the sidelines for a while. Flying A connection could still pay off.
Thanks thought it might be a reverse merger situation.
IHDR you know they approval for an R/S,is that is what you expect to take place with the name change?
U.S. District Court in Dallas, not sure of a date,they have 30 days to answer.
What if Stiles oversold interest in the wells and it has to be settled by the courts.
U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 19737 / June 23, 2006
Securities and Exchange Commission v. Sunray Oil Company, Inc., Abilene Oil & Gas, LP, Larry Stiles, Defendants, and J&L Drilling, LLC, Relief Defendant, Civil Action No. 3:06CV-1097R, United States District Court for the Northern District of Texas (Dallas Division).
On June 21, 2006, the United States Securities and Exchange Commission filed an emergency civil action in United States District Court in Dallas, Texas, to preserve and recover funds and assets that were derived from an alleged fraudulent offering of oil and gas interests. The Commission's complaint alleges that Sunray Oil Company, Inc. and its principal, Larry Stiles, conducted a fraudulent offering of limited partnership interests in the Abilene Oil & Gas, LP, which raised $1.14 million from 52 investors residing in ten states and Canada. In connection with the Abilene partnership offering, it is alleged that the defendants made material misrepresentations and omissions concerning, among other things, Sunray's and Stiles' prior history in the oil and gas business, the profitability of the partnership, and the use of investor funds. U.S. District Judge Jerry Buchmeyer granted the Commission's Motion for Emergency Relief and issued an Order: 1) freezing the defendants' assets; 2) requiring an accounting; 3) preserving documents; 4) authorizing expedited discovery, and 5) appointing a receiver for all defendants.
The Commission's complaint names the following entities and individual as defendants:
Sunray Oil Company, Inc., an Oklahoma corporation, based in Addison, Texas;
Abilene Oil & Gas, LP, a Texas-registered limited partnership; and
Larry Stiles, 56, of Carrollton, Texas.
The Commission's complaint alleges that the defendants engaged in an unregistered and fraudulent securities offering during which they touted Sunray's "50 years of experience" in the oil business, without disclosing that Sunray was only formed in 2000 and that Stiles' previous oil and gas company was dissolved in bankruptcy after being assessed over $700,000 in penalties for failing to plug abandoned wells it operated in Texas. The defendants further represented that their drilling program was "so successful" that Sunray, the general partner, agreed to repurchase the partnership interest after five years at a 50% profit. Moreover, the repurchase agreement was to be funded by an "Insurance Guarantee Bond" or other financial instrument purchased "from one of the top twenty European Banks." In reality, according to the complaint, the company never purchased any bonds or financial instruments to fund the repurchase agreement.
The complaint further alleges that Stiles, contrary to representations made to Abilene LP investors, commingled partnership funds in Sunray's operating bank account and diverted at least $247,000 for personal expenses. Sunray also used investor funds for another undisclosed purpose - to purchase a drilling rig in the name of J&L Drilling, LLC, a Texas limited liability company that is named as a defendant solely for purposes of relief. In addition to the funds raised in the Abilene partnership offering, the complaint alleges that Sunray and Stiles received approximately $800,000 of investor funds raised in an unlawful "prime bank" scheme recently halted by the Commission in SEC v. EFS, LLC, et. al. (USDC N.D. Tex. No. 3-06CV0793-M (Lit. Rel. 19689 May 5, 2006). In return for the EFS funds, Sunray purportedly agreed in January 2005, to assign to EFS 50% of all oil and gas interests that Sunray acquired over at least a four-year period. Further, the complaint alleges that the defendants used Abilene partnership and EFS investor funds to acquire oil and gas leases in Taylor County, Texas, but never assigned an interest in those leases to the Abilene partnership or EFS.
The Commission's complaint charges that the defendants have violated Sections 5(a), 5(c) and 17(a) of the Securities Act of 1933 [15 U.S.C. §§ 77e(a), 77e(c) and 77q(a)] and Section 10(b) of the Securities Exchange Act of 1934 [15 U.S.C. § 78j(b)] and Rule 10b-5 thereunder [17 C.F.R. § 240.10b-5]. In addition to seeking preliminary and permanent injunctive relief against all defendants, the Commission seeks orders requiring defendants Sunray and Stiles to pay civil monetary penalties and to disgorge all ill-gotten gains, plus prejudgment interest thereon. The complaint further seeks disgorgement against relief defendant J&L Drilling.
The Commission acknowledges the assistance and cooperation of the Pennsylvania Securities Commission and The Railroad Commission of Texas.
http://www.sec.gov/litigation/litreleases/2006/lr19737.htm
FF Gerald Holden assigned the Oil Gas and Mineral rights for a property in Taylor county Texas in 2005.
Try this link.
https://www.texaslandrecords.com/txlr/controller?commandflag=getDetails&optflag=DetailsCommand&county=TXTAY&userid=null&userCategory=7&nameid=425828&ptrno=1838391&instrumentnumber=5014615&fileDate=07/29/2005&instDate=%A0%A0&book=OR/&volume=03123/&page=530&doctype=All&partytype=&name=SUNRAY%2BOIL%2BCOMPANY%2BINC&officeid=70&fromdate=01/01/1981&todate=06/22/2006&lastname=sunray
Here is the link to the Waggoner ranch
http://www.waggonerranch.com/
Yes but if Sunrays assets have been frozen how long will we have to wait until IDCN gets its hands on the oil. Sunray is the one doing the drilling, will the asset seizure affect the well? Was IDCN first to the table in establishing its interest? Sunray may have lied to IDCN about the Waggoner Estate too, I emailed the person running oil leases to find out if Sunray had leases on the property and they said no, but they are calling another property in Wichita County the Waggoner Estate Property. Never found a recorded lease to Sunray in Wichita.
The Sunray deal, no, disappointed yes.
and a couple of CO's who lost money on IDCN.
Sunray was one of the defendants and it specifically said the defendants assets were frozen.
I know but Sunray is the one doing the drilling, what are they going to have to do, locate another operator to work the well for them, that will cost money, I'm on the sidelines while this plays out.
Stiles was the one that Assigned the leases to Sunray-but he is Sunray, there is no assingment to IDCN that I have found.
Thanks for the post I'm out, looks like IDCN gets screwed on this one.
thats all the government needs to do is bail out Fannie Freddie and all the other banks that fail this time around. They have created enough debt as it is.
read that wrong are you short Fannie, cant go wrong there.
Are you now in the mortgage business?
Whats not over GA?
Sharon I have no intention of selling at these prices, they could announce new contracts or that existing ones were fulfilled and it could be a 3 or 4 bagger in a day.
BLYM volume!
I added BLYM no brainer here.
Decent buying, I think the weak support mean it could drop again, anything around .01 and I will add.
I think the revised timeline puts it at the end of June, which would also leave it open to comments on quarterly gold production.
There wont be much buying as long as the mm's keep support as weak as it is.
Mortgage Applications Tumble
Applications for mortgages dipped last week as interest rates climbed and the housing market cooled.
Overall, mortgage applications fell 0.8 percent to 567.6 last week from 571.9 the week before, according to the Mortgage Bankers Association. Purchase applications were unchanged from a week ago, while applications to refinance dropped 2.2 percent.
New homebuyers stalled out last week, and house purchases are down 22 percent from their peak last June. Some analysts suggest that homebuyers moved up their purchases in anticipation of further rate hikes in coming weeks. If so, that could mean worse numbers in the weeks ahead.
The Fed is signaling a rate hike when it meets next week. The jury is still out on future rate hikes.
Refinancings have cratered 43 percent since last year. That's because rates have gone nowhere but straight up. The average rate for a 30-year fixed mortgage was 6.73 percent, the highest since May 2002 says Bloomberg News.
Falling interest rates and rising home prices allowed homeowners to cash out the equity in their homes by refinancing. That extra cash, in turn, gave them the means to fuel a consumer-spending spree to strengthen the economy. So now, not only do we now face a possible real estate crash, but we also may face an economic slowdown.
Sharon there may be some exceptions, but that would be the exception not the rule.
Nope it was better than reading doom and gloom bs.