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As I always said, I don't believe in schadenfreude.
Brand new 52 week low. I do admit and when I predicted a massive drop about 6-8 weeks ago at 2.8, I was surprised it held up this long. I expect large bids tomorrow to try to hold 2. Should break 2 shortly
The value to this company is their ability to have the same cost of goods sold to grow their shrimp anywhere in the world. That is quite miraculous. Their cost to grow shrimp in Iceland is the same cost as the cost to gtow shrimp in Miami Florida. Note, they have never published a different cost to grow shrimp in Iowa as compared to San Antonio Texas. Of course, I am being a little sarcastic if you can't figure it out.
The funny thing is that Niterra is only interested in testing Natural Shrimp technology to see if their ammonia sensors are working. They have zero interest in being in the shrimp, growing business and certain people are trying to spread that rumour. It is quite sad.
Oh I'm trying. Will they generate as much business from Niterra as US Foods. Wowwwww. That means revenue will increase by $2500 a quarter. Very very impressive. I'm about to say uncle
I think you told us you would defer to US Foods. You use that line a lot. I also thought you wanted to defer to the SPAC. How did that work out?
Utah, come on man. They are processing shrimp exactly the way I predicted. They won't use the term IQF so the chef tells people I give it a quick blast. IQF. I do run classes and all are welcome.
We still plan on selling frozen shrimp for $30 a pound.
Here is the good news. The stock price has not collapsed YET.
Why Buying this Stock Right Now is Idiotic
Simple. Take the best case scenario. They would most likely have to reverse split. If they reverse split, the chances of this stock dropping 20-50% are north of 90%. In the rarest of occasions, stocks will go up on a reverse split. As far as a SPAC, don't see it working. MOST SPACS will redeem before the transaction closes.
Yeah Yeah Yeah
You mentioned Nasdaq at least 10 times.
Probably wouldn't say zero but unlikely.
No sir. You stated it as fact. Maybe you can explain to the board how SHMP gets out of $30,000,000 in debt with a $25,000,000 market cap and little cash and revenues. They need 7-10 million to survive. BTW, if they get sued by Yotta, that pretty much blows any other SPAC deal.
He who posts SHMP is going to Nasdaq when their balance sheet is a horror show opens themselves up for debate.
Utah. That is misinformation. I told you they would start processing the shrimp and it's happened. The company is in dire financial trouble unless you simply ignore the balance sheet. Their only chance is a SPAC deal.
Utah, I of course thought it would be you to be the first to congratulate me on the first 2 of my 4 predictions and being right . They are now processing exactly what I said and they are quick blasting the shrimp before they are packing. To be fair, I'm not exactly sure what quick blast means but that means the failed step before full IQF. Congratulations and with the heads off, you now have lost 1/3 or your weight. As I said, fresh never frozen is a logistical nightmare. Sounds great at an investor meeting but in reality, it's frenzied bullshotttt!!
Sir I believe those words will be defeated.
Your post emanates from the capital of dreamland.
The shrimp you cherish are categorized as farm raised. Unless you want to invent your own category such as fiberglass pool raised.
Wild caught sell at higher prices than farm raised.
They are now processing as I predicted and I am the only person that was adamant that they would process. This is plain stupid. For this company to have shipped out shrimp with the heads turning black in which a 9 year old would have told them that was going to happen within 72 hours is unfrackenbelievable. They are now also flash blasting the shrimp before they are packed and next is IQF.
You can search this board for the words logistical nightmare and I have stated many times that this dream about selling wholesale fresh never frozen is a frocked nightmare.
So yes, you can show up to an Asian outdoor market and sell fresh never frozen shrimp and command a premium price and have a $1,000 day. However, restaurants and most every wholesaler will require IQF. The notion people can't get fresh shrimp is a fracked lie. I can on a daily basis deliver thousands of pounds of fresh never frozen shrimp to your doorstep on a daily basis. I will double my money at the very least on every shrimp sold and you can have them at your doorstep. I can bring you down south and we can choose about 50 docks to start our business and they will sell you all the shrimp you want at less than $5.00 a pound.
If SHMP shareholders want to get their head out of their Oss, they can simply conclude as a fact that free range poultry sells higher than poultry from Purdue or Tyson raised indoors. When the consumer educates themselves, WILD CAUGHT AMERICAN SHRIMP is more attractive than shrimp raised in a 84 degree water fiberglass pool. I know the truth hurts but nothing in this post is factually incorrect.
That has been going on for months. Ecuador is flooding the market. I know people also like to talk about Asia. However, Ecuador creates a good product. They are absolutely flooding the market. Even if we say that are not competing with any imported shrimp, how much of a premium will wholesalers pay? That is why I have always been the number one poster who has always focused on what is their cost to grow the shrimp
Uber he did but if you listened to the hearing, the question had to do more with judges interest in the concept. Maybe he blew smoke but really immaterial to the hearing. JMO.
I just saw your response. I am not the judge's doctor and I doubt your diagnosis.
A few people have said, "Well the judge signed off on it."
Any judge in America will tell you the following:
1. We listen to the facts presented.
2. We apply the law. (Case and statutory).
3. We make a decision.
Judges are not detectives or researchers on SHMP's history.
Judges also have a goal of getting cases off their docket. The judge accomplished his goal.
Utah, is this a game of good news tag. We all remember US Foods. So if the price is so low, why isn't US Foods rocking. We also remember Trane. That was Trane's fault. What happened to Trane. I also do remember Gulf Seafood announced in January 2022. How much are they selling to Gulf Seafood. Niterra is selling ammonia sensors. That is their interest in SHMP's system.
Here is the water on the fire. Price of wholesale shrimp in Japan per pound is 2-5 dollars. So please explain Shrimp's business model with Niterra even if Niterra was in the shrimp selling business which they are not.
It's his kids and they legitimately worked for the company. Are we attacking his kids now?
Not a layup. Either way. Only Shover has a claim against Walker for malpractice unless it was a conspiracy claim which would be hard to prove. As far as piercing the corporate veil, I would put the odds at 5% for success. Shareholder derivative action against the offers may have legs but even that is a long shot.
This would be more of a regulatory matter. Very novel in fact.
Steve Walker owned 2,557,183 shares of NSH. Hid brother Jack owned 310,027. BTW, Steve is a gem of a guy. Simply a nice man.
Josh brilliant question which I never thought of. Did Easterling and Untermeyer not exchange?
No it's not. I am describing fact. Besides the opinion that I state clearly is opinion, please state any other sentence that is opinion and I'll prove it as fact
Utah, i"ll show you and everyone how disingenuous you are. Your answers always create snippets of information to protect but if you know it can get your boys in trouble, you will refuse to answer. Watch.
Since you know all NSH shareholders signed releases, you should know the answer to this.
Name all remaining shareholders of NSH.
Describe in detail all compensation Gerald Easterling paid for the Series A
Anticipated no answer
Franny I read every word of the documents. Shover had no standing to sue the pubco. Period. It is not debatable. NSH, the private company only had the ability to issue the shares to their own shareholders. Why don't you call Steve Walker and ask him why he didn't name himself and his brother as plaintiffs.
Here is the explanation:
Please note NSH is the private company. The pubco is SHMP.
There is one matter that is of my opinion so I will state IMO.
On 1/30/2015, an asset purchase was completed between NSH (the private company) and the public company. All assets of NSH were exchanged for 75,520,240 pubco shares.
On August 15, 2018, NSH exchanged 75,000,000 shares of the pubco for 5,000,000 Series A shares. Upon a majority vote by the NSH shareholders and beginning on 8/15/2029, the Series A shareholders could convert into half of the shares of the company upon majority vote. These Series A shares were controlled by NSH which was run by Bill Williams and Gerald Easterling (note this transaction was not legal. I am not insinuating or even inferring criminal liability. It is a civil matter. What is the issue? All shareholders of any class of securities must be offered the same offer, compensation, benefit. Only the NSH shareholders received the Series A. This can't be done and be compliant with Nevada law. This is a fact)
IMO,the above transaction was done because the company was running out of authorized shares. Within weeks, they increased the authorized shares in Nevada.
On or around August 11, 2020, Gary Shover filed a lawsuit against the pubco stating he never received his shares. Note, the lawsuit was not filed against NSH which at the time the lawsuit was filed owned a Series A preferred that upon majority vote of the NSH shareholders, they could convert into half of the pubco shares.
When the lawsuit was filed, Gary Shover's attorney was a shareholder of NSH and so was the attorney's brother. Neither was listed as a plaintiff and since Steve Walker was practicing law and securities law for decades, it is hard to believe he didn't know the terms of the preferred.
Now, here is where it gets interesting. First, Shover sued the wrong plaintiff. Any first year law student could have gotten the case dismissed because Shover had zero standing to sue the pubco. The pubco issued the common shares in 2015 and did the exchange for the Series E in 2018. It was only NSH (the private company) that had the right to distribute the 75,000,000 shares to their own shareholders and only NSH had the right to vote the Series A. Any first year law student could have gotten the case dismissed. Perhaps even more interesting, all NSH shareholders received a letter directly from THE CHEF offering them the opportunity to agree to the proposed distribution post lawsuit. The lawyer did not send the letter. The Chef sent it.
When the Shover lawsuit was filed, both parties kept the judge completely in the dark about how many shares the Series A was convertible into. If the judge was told, he could not have approved the exchange because the shares that NSH rshareholders received was less than what they would have received if they just voted as a majority to convert the Series A. In other words, the 3a10 exchange is unfair mathematically. This is a fact.
Now we move to the court approved settlement which was proposed by Both parties. The NSH shareholders, in exchange for the NSH shares (private company shares) received public company shares. LET ME MAKE IT PERFECTLY CLEAR. THE PUBLIC COMPANY HAD NO BASIS TO AGREE TO THIS. WHEN THE ASSET PURCHASE OCCURRED IN 2015, NSH RECEIVED SHARES. IT WAS NSH'S RESPONSIBILITY TO DISTIBUTE THE SHARES TO THEIR SHAREHOLDERS. THEY THEN EXCHANGED IN 2018 THE SHARES FOR THE SERIES A WHICH ALLOWED THEM TO CONVERT INTO HALF OF THE COMPANY. THERE WAS NO LEGAL BASIS FOR THE PUBCO TO AGREE TO THIS. IN THE END, NSH STILL OWNS THE SERIES A PREFERRED EFFECTIVELY CONTROLLED BY GERALD EASTERLING AND THE NSH SHAREHOLDERS ESSENTIALLY HAVE THEIR ORIGINAL SHARES THEY RECEIVED IN 2015 PLUS THE SERIES A. THEY KEY WORDS ARE PLUS THE SERIES A.
Hope this makes sense
Please give me until tonight and I will offer a thorough explanation
Wow you really know a lot about this. Fantastic job!!
Bobcat, is that transport company Roadships, the public company that reported 0 revenues on the last Q. with $8,000 in assets. That one? Can you give us an update on Fire from Ice Films.
They better move quick. SOL almost expired.
One other thing. If SHMP was ever sued in a class action lawsuit or a derivative lawsuit, they would lose on summary judgment if someone challenged the initial Series A issuance. The smartest lawyer in America could not create a legal basis for the issuance which was done in exchange for the COMMON shares that were held by NSH. All common shareholders that did not get the Series A and did not have a chance to enforce their rights would have a legal basis to sue.
Lol.
To be clear, yes the court was mislead. There is no court in America that is not mislead by at least one attorney on a daily basis. If the misleading is bad, the result is sanctions. The act has to be criminal and really be egregious criminal acts before disbarment is even in the air. For example, stealing from an escrow account. For example, found guilty of a criminal act. For example, accepting a bribe to the detriment of a client.
I 100% agree that there was misrepresentation on the Series A. The judge was never told that the NSH shareholders actually owned a preferred at the time of the hearing and was not told what the terms of the preferred were. However, the attorney was an advocate as are all attorneys. Saying he was testifying under oath is legally incorrect which I believe you know. I do agree that the attorney could potentially have an issue if this was ever looked into. He didn't even disclose to the judge he was a NSH shareholder. However he has an out. It is a fact that the individual NSH shareholders never received their individual allotments. That is a fact.
By the way and if you're being fair, no one from SHRIMP ever testified under oath in the hearing so not sure where that came from.
If anything was going to happen on the Series A, would have happened already. I have always agreed that the Series A transactions were beyond stupid. Nothing will happen in my opinion.