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That is how I read it as well! Do we really believe anything these guys say? They just announced through a limited CC major dilution! Who really knows how many shares are in the treasury? The only thing I believe is Petar and Steve don't own any, anymore, as they sold them all before this crashed!
Maybe even shorted but that is pure speculation! Say short on the 15th knowing the date certain AF's they know don't exist and then cover maybe at a price 80% less than the shorted price! Nah they wouldn't do that!
JMHO!
7 million shares traded in the first 10 minutes! Someones walking! LOL! Watch the open he said and that is a very agressive volume open!
EXACTLY! Might have been an important question to ask in a CC!
You are correct. I am willing to bet they sold the other 200M shares and MAYBE bought them back into the treasury at the very low prices. Per the CC O/S are now 800M! That could mean another 18 million to the ....what's that word ..."trustees"! LOL!
JMHO!
I feel for those who are still long and trying to recoup! I personally have flipped this a few times after getting creamed on 11-16. Still down a big bunch! I believe the more time given for these guys to cover their tracks and lose the millions that have been sucked from good people, the less chance any of us have to get some or most of our money back. I have researched a CLASS ACTION against all of the participants since April of 2005. I have held off as this would be a death blow to the company and even with my losses I do not want to screw those who are still very long.
It is a mistake IMHO to let this go on for another 5-6 weeks with the track record this company has established! JMHO! I believe the right coarse of action is a CLASS ACTION against all of the crew! Again JMHO! I do know many share that opinion!
Especially in a depressed market!
Hi Angela! According to the conference call there are no restricted shares. NONE! Now that sure looks like this was pumped up and then insiders/whoever that had their restricted shares sold them. There were also 300 M shares for the merger with Consultech which we now know was bogus, as well, as Consultech has been out of business and no longer a corporation in Michigan since the summer of 2005. So they sold 100 M shares of that "merger" stock as well. They also could have sold the remaining 200 M shares in the fall and bought them back to the treasury at these depressed prices.
Major dilution at a time when the reported financial condition of the company (unaudited financials) were totally false and no where near where they reported. They are now saying the business is doing 12-14.4 mil sales with approx 15% profit margin. Look at the unaudited financials they reported! This IMHO is major fraud!
You are forgetting they also have moved all of the restricted shares! JMHO! So when Petar says he doesn't own any my bet is he sold all of his restricted shares! Again JMHO! But the fact is none of the 800 M shares are restricted so they can sell them any time they want! Like they already have. Problem is they pumped the price with false PR's, financials and if proven that they sold shares while issuing false company statements they will be joining Jeff Skilling who just reported to Federal prison in the Enron case! JMHO!
I would say you are correct. They will release them at a time that they feel will have the most positive effect! Many are bi***ing daily about no AF's. Take a look at what is going on in the last 6 weeks. I sure wouldn't want to be short right now.
Best sign I have seen is BASHERS came out of the woodwork last night! LOL! The horses tail is twitching as he knows if he is short he has to cover and if he doesn't own much he is going to miss the run. That tail was twitching a mile a minute last night! Either that or horse flies! LOL!
I read it very close and maybe you should take the time to read it again! If you don't like it move on!
GLTY
YES! They also sold all of the restricted shares. 600 mil O/S, 800 Mil A/S.
JMHO!
UP! OK JMHO!
realest; If you really own this stock why continue to bash it. Makes no sense! I believe you have done a ton of DD, visited the places. If you own this which I believe you do then stop bashing it! LOL! People come here, read your posts and move on to some pumper paradise that is going to rob them blind! This is real and I believe a good company. I would rather have the people invest here than get sucked into some other pumper cash trap and lose their collective shorts!
JMHO!
His silence is deafening!
I believe they were first going to fix up (restore) the Country Club and construction was later.
It was a GOOD DAY today! Why not enjoy instead of always negative. IT WAS A GOOD DAY! My bet is tomorrow will be even better! Give it a rest through mid next week and then start the complaining again! Go pop a cold one and relax!
This company has been undervalued IMHO! The spin off divi alone is going to be double what this stock is trading for at this time. The hard assets are the hotels, and hopefully soon the Country Club.
You are correct that after the spin off IBAC will be less of a company short term, but I believe more things are coming! So maybe this price is close for the left overs but we also get the spin divi!
That is correct. It will show up on December 20.
JMHO!
UPDATE! BUY! LOL! They will figure it out!
The actual filing shows the following
Record date; December 1
Payment Date; December 15
EX DIVIDEND DATE; December 18
Bill Due dividend payment date; December 20
The confusion has to do with this being a 25% share dividend. There was a great deal of discussion before December 1. Most agree you own this at the close on the 15th and you will get the divi. If you were not the owner of record it will be a "bill due" divi that is paid on December 20.
JMHO!
$4.5-5mil spin off. 350 M shares! Think that approx .014 alone!
I agree and actually have had the same food for thought calculations as well!
So many have been screaming for the AF's, so I do apologize if I was to harsh. I really think Ed and Wayne are putting together something fantastic!
We shall see!
GLTY!
NO! READ POST 4700! Please!
I did not like what was going on with BANY so yesterday dumped a big bunch. Rolled it all in here yesterday and this morning dumped the rest of a very large BANY position and moved it all in here. NO INSIDE INFORMATION HERE. Can't say the same for others. The "potential spin off" was announced in a PR in early November. Happy to be where I am at here. The spin off alone is over double the present price!
You missed O/S of 600M plus none of them restricted. Oh and business of 1-1.2M per month including SAMS. So you missed big time dilution with a huge reduction in revenue, not to mention Pro Formas that are a total joke! Many more nothings like no AF's for many months! Nothing new I guess!
These large blocks in the last hour of trading have been going on for the last week. Big trades 3+ M at the bid each time. I have commented on them a few times. The trade today had to either be a buy or MM covering. It could not have been a sell as the price shot right up after the trade. My guess is MM covering before all the late buying came in!
LOL!
I love DD's so how big do they get! Compounding would make them GG's! LOL!
It was a 4,700,000 trade! Not 470,000.
They have been working their butts off on the spin off, country club! Give them a break! There is a clear plan in place and I for one am VERY appreciative. Read the latest PR again. "IBAC will continue with its anticipated move to the OTCBB with a stronger asset base," said Wayne Burmaster, President IBAC".
Won't get there without AF's. There is some excellant planning and thought that has gone into all the timing taking place. I would hope they have Q3 financials done as well as they are very strong. We should get November revenue numbers late next week following record October numbers! This is setting up to be a "perfect storm" and I for one wouldn't want to be short right now! LOL! Shorty ain't getting any of my shares! LOL!
Think of it potential Double Dividend before the end of the year! I love DD's! The spin off divi is over .021 per share so any shorts are going to need to cover and there just aren't that many shares available!
There is always tomorrow, but be quick cause this is going to run hard! LOL! JMHO!
So Lookatme123 knew what he/she was talking about last night! LOL! I sure thought it looked fishy but watched all day and BINGO!!!
You can't give yourself consent to record a conversation with me! At least not in the state I live in!
Read post 4700 on the divi. You will get the "bill due" divi if you own the stock at the close on the 15th. Payable on December 20th for the "bill due" divi.
JMHO!
No! That makes no sense! I am having a phone conversation with you and using what you said I can record it, even though you don't know that I am recording it but I gave myself permission to record it!
The person who I am having the phone conversation with must approve my recording the call or it is against the law to record it!
JMHO!
Welcome aboard! Good timing and hold til the close on Friday and you get rewarded with the 25% share dividend next week! You should consider that in any decisions on buy/sell this week.
GLTY!
This has happened many days recently with very big blocks going off at the bid in the last hour of trading. Talking 3M+ shares and always at the bid in the last hour. Don't think they are sells, especially two days from divi. That trade just doesn't make sense as a sell. JMHO! But it has been going on for at least a week!
Yes, but I think we are all sure they sold all of these shares before the tank! Then on 11-15 and 11-16 this got shorted big time! The insiders etc. made out like bandits!
JMHO!
In the 500M there were a bunch of restricted shares as well. That answers another question when everyone was thinking the float was like 38M! They have dumped the 162M restricted shares, the 120M insider shares, and sold another 100M to take the float to 600M! WOW!
From PR 8-22-06
"CEO Steve Sulja stated: "The current outstanding shares are 500 million. There are 362 million shares held by insiders. Of the 362 million insider shares, 162 million are restricted. There are 138 million shares in the public float. The number of inside owners, of 10% of common class shares, decreased after the reverse merger. The increase of outstanding shares from 200 million to 500 million excluded holders of 20 to 50 million shares from insider status. Basically, three insiders with 40 million shares from the open market did not meet the 10% of class rule; therefore, they are no longer considered insiders.""
No restricted shares either!