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Does anyone know who Laurus Warrant is, and what this is all about? I don't know how I missed this the first time around.
"an attempt to reduce the exposure to the Laurus Warrant to for which a lawsuit has been launched."
Hobbie, I get it now...
"Best Regards,
Kevin Hamilton
kevinbobbiehamilton@mac.com"
From Kevin:
Dear Board Members,
I was directed to your site by my brother Steve Hamilton who was contacted by one of your members to read the board of IHUB of which I have read some. Please let me share with you the following:
1. Snowbird Mortgages (USA) is indeed owned by my wife, who is a registered mortgage agent in Canada and successful businesswomen. Snowbird Canada provided a warehouse line facility and mortgage brokerage services for Snowbird USA who acts as a temporary funder and real estate listing service The concept is simple, a qualified Canadian wants to purchase a home in the USA contacts the Canadian office (who have registered Canadian Mortgage Agents), and the loan is brokered in Canada and temporarily booked and funded by Snowbird USA. By then the loan has been simultaneously sold to Bayview Financial at Par or better on a predetermined underwriting criteria and bid price prior to closing. The USA also charges the client a 2 to 3 percent lending fee built into the mortgage and charges 50 Bps to the real estate or developer seller if the home is on the site. Two beta tests were conducted by the company one for Boyd Sousanna (a good friend) who required refinancing as his current mortgage was due (he has owned this property for over 10 years, a check of the public records will verify), FYI, Boyd was charged 3% service fees for this loan. Boyd is a long time friend of mine and did a fantastic job for Reliant and deserves some respect, he was paid minimal money and restricted shares (See SEC Filings). And one for my wife and myself, and we did not charge lending fees to ourselves. FYI, a PPM for Snowbird USA was filed under rule 504 with the SEC on 15 May 2007, which discloses all of the above information along with several blue-sky filings. About the acquisition, I still believe it was a good idea; in fact, the CBC TV last night had a report on the boom of Canadian’s purchasing properties in the USA market due to the high dollar. But the bottom line was that Bayview Financial who were purchasing the mortgages contacted the due diligence counsel the next day after the press release and informed him the spreads could be as low as Par - 5 due to the current market conditions, Bayview could not guarantee this would change in the near future. This requires Snowbird to change the underwriting criteria, resubmit to Bayview to formalize a new trading price or find a new lender. This cannot be the obligation of Reliant after any acquisition and the valuation would not be to the benefit of the Company. This was the factoring reason for termination of the transaction, as part of the deal the management’s intention was to add the dividend and split as part of the restructuring for two reasons. One, in a genuine attempt to reward the shareholders who have stuck it out, two, an attempt to reduce the exposure to the Laurus Warrant to for which a lawsuit has been launched. (See SEC filings). Reliant had no choice but to cancel the transaction without delay. In any event, if this went forward, a 14C for this transaction by Reliant would have been required to be filed that disclosed all pertinent information. A copy of any independent evaluation, further information could have been requested by any shareholder to examine and make comments prior to the acquisition as is required under SEC 14C filings.
2. Reliant management could not have predicted the events of the market collapse, and in my opinion had taken prudent steps to manage the fall out while the company remains in the market until the correction takes place. Currently Reliant has a mortgage warehouse line and pays a standby fee to retain it, it has a pool of mortgages of approx 1.5 million, which it is holding onto until it can be sold at a profit. Reliant has a large broker base waiting for Reliant to go again, and the last few pieces have to be completed. Namely, the new capital and to identify new purchasers for the pools, Reliant needs further injection of capital and a new restart, it would be silly to think otherwise, take a look at the market. FYI, Reliant’s insurance company has even stepped in to help by sending requests to various buyers, promoting Reliant and offering their guarantee on Reliant’s behalf, it takes time, months not weeks, but I believe Reliant is close. I have read that many members are frustrated with not having information as to who the insurer is, who the new capital offers are from. Simply, the Company has a confidentiality agreement contained within the new offers and cannot release the name of the lender until negotiations and due diligence is complete. I can tell you I believe we are very close. As for the insurer, same thing, and with so many sub prime companies scrambling for this insurance wrap, why give them an edge. However, I can tell you if you read the SEC filing closely you will quickly make the right guess. That is not to say, Reliant could not with stand scrutiny from the NASD regulator to provide the proof of press releases when required, on the contrary, a complete due diligence book is continuously updated and available for such request by any regulator. For your information, Reliant was the subject of an NASD due diligence review in Feb 07 and the NASD verified all information, as a result, the due diligence book is maintained. As a majority shareholder I have arranged for the advanced unsecured loans to the company, secured by family property (see SEC filings), taken services from other company’s I am associated with without charge to Reliant. I will continue to help in anyway I can to advance the business plan to be a sub-prime lender, it my belief those that are left standing in the end will reap the benefits. It is my view, we must work together to make it happen. I hope this is informative to you. I don’t advocate that you buy more shares or hold shares if you need to sell. However I do know Reliant will listen to your ideas, if you notice any trends, and see a new product that will help the company, do not hesitate to send it to them. I know once the new capital and other items are finalized you will hear from the CEO directly. In my opinion, threats and insults at this time are non productive and any energy should be used to forward the company plan.
Best Regards,
Kevin Hamilton
kevinbobbiehamilton@mac.com
This is way too familiar. Scary.
http://www.traderji.com/trading-psychology/837-deadly-art-stock-manipulation-pt1.html
If you truly don't believe that this company will generate a profit, them pumping/marketing is dishonest. Agree. But, it doesn't sound like that's the case you are making. You must believe that something is coming.
If they do get $10 million, it's game on. We would just be assisting with marketing.
Let's not be sorry bagholders, let's be winners.
Patience are thin. Some days I'm happy, most days I see red.
There are only 2 viable ways out of this, and I will get out of this somehow... For the record, we are here to make money, not to wait around and pray to the tooth fairy.
Only Two ways out of this.
1) Someone buys my shares for a reasonable amount, (however that happens) by promotion or otherwise.
2) Someone goes to court.
The Juicer Guy!!! That's Hilarious!
Thinking about the juicer makes me thirsty for some carrot juice. Mmmmm!
Speaking of carrots;
Hey, Kevin, how's about some more carrots; perhaps in the form of a press release. We need some help to start pumping this thing. A %75 appreciation is a good figure to throw out there. Let's get this thing going.
I just dropped a subtle hint on the board of one of my other holdings. I of course included a heavy, adult disclaimer.
Someone actually knew the company and referred to the good old days and how the major price swings would occur on no news or volume.
I enjoy the vision, thanks Maz. I wonder how long it would actually take to fill the blimp up with a bicycle pump?
It would make your arms sore and tired for sure.
I wonder how long before we hurdle a penny?
Here's an idea:
If the Hamilton core duo were to actually land some cash and go active. We should have a contest (with incentives) to see who can pump this thing on the most active boards. NOTHING TO LOOSE.
The reward, we all escape, or better.
This makes me dizzy... I'm seeing things and DeJavu is occuring.
Wait and see? Again?...
To stay alive you have to figure out how to accomplish things in a timely manor. There are some extremely intelligent people (sharks) that operate in this financial sector that can/will accomplish things, including putting its competition out of business before it gets started.
Be smart, be creative, and for crying out loud; launch and be successful despite the odds.
Some educational reading material on Bhagwan.
Um, yeah... Still don't see any evidence of price movement either way. But thanks.
http://home.att.net/~meditation/Osho.html
" Rajneesh possessed the power of direct energy transmission, which is known in India as "shaktipat." He used this power nobly to bring comfort and inspiration to his disciples. Rajneesh claimed to have the "third eye" powers of telepathy and remote viewing as well, and for many years I believed that claim to be true. However, in the 1980s Rajneesh was unable to perceive the tragic events at his Oregon commune which occurred directly under his nose, so those claimed powers are now a question mark in my mind. Many gurus boast of having mysterious psychic abilities in order to attract new disciples and new money. Rajneesh's habit of getting his helpers to investigate visitors, so he could impress them with his knowledge of their personal lives, adds to my current skepticism about the effectiveness of his "third eye." It was a fact, however, that those who came near him did experience his incredible cosmic presence. One or two face to face meetings with Rajneesh was all it took to turn doubting Western skepticism into awed admiration and devotion"
God... Facts only please. At the very least, make up your mind. Confused speculator...
Will it be over a penny, or not over a penny? If everything hinges on funding, then, we already know that! But why $.0001 in a couple of days if no funding?
Oh tell us some more please Bhagwan. We yearn for your insightful predictions.
My favorite color is on the board (green). It's nice to see it.
Who are you telling? We have already been here a long time.
Yeah... It's back. The ugle R/S posting and all...
The volume sure is low this week. It's like nobody cares, or they are just patiently waiting for some funding.
NFI sure took a beating...
I noticed that the Yahoo summary page has a clean slate, again.
It must be time for a new cycle.
Let's be kind to the new speculators, err umm, investors. Hotel California is nice and all, but I'm ready to go.
Nothing going on. Have a good weekend.
"Mr. Loeb’s service to the company during the restructuring period has been second to none"
I must admit that these guys have a sense of humor. Their play on words is kind of entertaining.
Your second question answers your first. That is a wost-case scenario, and hopefully never plays out.
If it does... Well, we finish what what we have started and then we go on with life.
If you recall. This is the third week, this is the new carrot as predicted.
Shareholders:
If a reverse split occurs as a part of said "new acquisition" will you finally get the point I am trying to make?
Warren Buffett's only directive to the leaders of his companies is this: Don't ever loose the value for shareholders.
Kevin, Steve. I know that you are reading this. I have only one request. Do not perpetuate furthur loss of our share value.
You do not have my vote to reverse split shares.
I am fairly certain that the other shareholders have the same sentiment.
"its called risk and we all took it when we bought in!"
I see it quite differently. I know a risk when I see one, but this falls into a different category.
LOL! I could use some actually... My portfolio is the pits right now...
Public sentiment is fantastic! RFNS Is going to the moon!
Just wait until they come up with the Capital to fund these conservativly underwriten loans. With an Insurance wrap, partners will trip over themselves to get in on the liquid.
Canada is a safe haven for lending. The housing-market is still on fire! Teh Candian dollar is growing stronger!
Everyone should be buying at these prices!
Disclaimer:
Private sentiment: not so well.
When aren't we still on track? What happened to this contract with Filogix? Mortgage department, sounds so official.
http://home.businesswire.com/portal/site/google/index.jsp?ndmViewId=news_view&newsId=20070508005566&newsLang=en
Show of hands:
Who bought this on a fairly convincing penny-stock marketing ad? Something about a rocket, ready to launch...
Honestly, honesty isn't something we are getting in e-mail from anyone, whether or not it really comes directly from the brothers account or some other alias. The reply is total BS either way. So, from that perspective, I don't really value these communications. Not even for entertainment.
Keeping the "lines of communication open" is just more opportunity to fabricate.
Hobie, I am very clear about what is going on here.
Wode: Yes, the brothers are on/reading this board, and yes. I think that you just asked the right question...
I recall reading HongKong's post in April. I just dismissed it as bashing... I guess that I didn't want to believe it.
Here's the deal:
For crying out loud, you do all realize that this is a public board? One way to make sure that they say one step in front of us is to post our intentions here for them to read... Friends, let' be smart about how we proceed...
For starters:
Let's not have Hobie communicate for us since he can't seem to validate his transmissions. Sorry about that, but we need truth, and there is no time for nonsense. I suggest MAZ, if you are up to it?
The line will be crossed on Friday. It happened, don't kid yourself.
Wannasurfdude@yahoo.com
Good news, my Fidelity account came through with the report FOC.
I read it, and didn't find any content that I was unaware of... No surprises, basically a lacklust. Many fields populated with N/A. This is the first/only such report that I have seen for RFNS to date. Sort-of a vital sign, err, umm I guess.
Wode: you were right, I'd be a little short-changed if I had dropped a $20 on it, but I didn't...
If you want a copy of the pdf, just shoot me an e-mail.
wannasurfdude@yahoo.com
OK, you're right, I dealt it...
I'll grab it after I get out of this noon meeting ~ 1hr.
However, I obviously can't post the contents. So, the take-home summary will be offered in private. e-mail me if interested in any of the listed topics.
Curious if any of the brokers offer this report free [fidelity, etrade etc...]
wannasurfdude@yahoo.com
New Reuters report on RFNS summary analysis? It's listed on Yahoo under the RFNS.pk ticker.
Is anyone able to drop $20 on it this morning for review?
http://reports.finance.yahoo.com/w0?r=40129958:1&p=5
Guys & Gals,
For those who feel like I am putting up a fence and asking you to choose a side, it's not like that. I want our PPS to go up too. There will be no bashing, just fact seperation from this point forward.
FYI- MTB forwarded the e-mail to me and it looks legit. Hobie has not forwarded his longer, more optimistic e-mail.
As for over-reacting and selling your extremely down position. My opinion is this: Never sell when you are down, unless you perceive a complete capital loss ahead. You must protect yourself at some point, but we aren't there yet. It's time to gather the facts.
So, as for the "remain calm" program, I could not agree more.
Now, for those of you who are not tracking yet, guess what day it is?
Let's be objective for the rest of the day:
Does anyone have comments about an average loan processing timeline? One day - 1 month? One day - 1 week?
Perhaps you got me wrong. I was asking for your contact information like Stoxter, not insulting you.
Sorry if that was unclear.
I deserve it...
Hobie,
Where's that extremely positive E-mail that you claimed Kevin Hamilton sent you? It's been two days...
You wouldn't be leading us on would you?
Same goes for you aghrum.
Stoxter,
Let's trade contact information in case funding doesn't come through by tomorrow.
wannasurfdude@yahoo.com
There are definately others who have drawn a line.
JDS,
If you look back, I think that you will find that I was just as hopeful as you, that was until the reverse split announcement almost screwed us all... If you are really a ligit investor, I would say that you are naive to think that holding onto a company that produces no revenue is a good idea. I'm certainly not trying to be mean or offensive, but your posts are by far the most peculiar on this board.
Recently, I held another Subprime stock (NFI) do you see what happened there? A reverse split occured? That's right, for different reasons, but ultimately it is an unthinkable and terrible management decision. Many lost their life savings >$50,000. I lost roughly $17K overnight, and feel fortunate to have escaped.
Needless to say this move got my attention, along with the other flags being thrown. I am fairly clear on what could be happening, and I will get to the bottom of it. A bit of DD never hurt anyone. In fact, if all goes well, then RFNS gets a clean bill of health, huh? That would not be such a bad thing...
So,
It's definately not bitching that you are encountering, think more in terms of a wakeup call. You are encountering the beginning of a rally, it's different. And, to answer you're question, why I don't just sell and move on... Don't be silly, that's exactly what I'd like to do.
Send me your phone number if I have not offended you (even if I have). I would like chat to see what produces your optimism. I would like to think that you are for real.
wannasurfdude@yahoo.com
Sorry, "Everything is going according to plan" doesn't do it for me anymore. Especially since nothing has materialized according to plan, not one single thing. Those posters which state that everything will be OK in 6 months, those are your suspects folks. A phone call from K Hamilton... You are killing me, Laugh-out-loud.
Send me an e-mail with your phone number. I want to talk with you.
Here's the deal: Show up with money by Friday, or it's going to get ugly. It is all up to you RFNS.
wannasurfdude@yahoo.com
HOBIE,
I am still waiting for the ligitimate e-mail response that you received from Kevin. Please forward the e-mail so I can validate whether you speak the truth or not. This is no time for more bullshit lies. It's action time.
For those other folks: I have received a few inquiries regarding taking action. No funding by Friday, action begins.
Private e-mail: WannaSurfDude@yahoo.com
I might change mail accounts this one might have a non-credible name...
I wish I bought this. Hobie: Not trying to call a bluff, but can you forward his reply to my e-mail address? And, I don't understand why Kevin is doing all of the communicating, wasn't he going on a trip, or something like that? Where is his wonderful brother, and Loeb?
Please send to:
WannaSurfDude@yahoo.com
Something tells me that they are packing as we speak.
I think that we should go active, right now.
It might be best also to establish a private forum & compile a defense for those who are serious about justice.
My private unassuming e-mail address.
Mail:WannaSurfDude@yahoo.com
Mail me and we can establish a protocol.
The ride has already been rough, for the past year no operation has materialized, this scam was planned way before the subprime mess occurred. The meltdown was a convenient excuse to think that we are lucky that operations had not materialized... At this point, it is just insulting, another carrot will be dangled. Last week I predicted that three weeks from now will all be chomping at a new carrot.
We shall see. 10 million Cap, or dump for a 2007 write-off. Final decision.
I hate giving up, but seriously, with the current passive dumping I need one reason to believe that .007 won't become .006, and then .005, and then .004 until zero volume / .00000 PRICE...
OK... Enough of the psycho anger already.
Let's use our heads here. Who's buying? Why?
Do we have 1 week left before the gig is up? Or longer?
Do they have to file bankruptsy before the shares are actually considered worthless?
Is it really that much harder to start an operation than to run from angry investors for the rest of your life? Seems like a ligitimate business would definately be a smarter move, and profitable also...
Do us all a fovor and come through with a real op!!
The donor might not have to be in the know... The part about executing the loan documents first, and the pulling the plug... makes me think that some major skin is involved and an now we are in an over-protection mode. It's hard to say whether a lendor would favor this move or not... I've trying to see the value of the move, outside of the cost savings and reporting. In retrospect, a cost savings plan is nothing to thumb our nose at though... That is good.
Dropping in on reality though: I agree, anyone who has 10 Million to loan is hopefully smart and won't do it without being in the know, or providing some direction; particularly in this cash-poor financial market that we live in today.
Bottom Line: This is a speculative question.
LET's GET SOME CASH FOR OPS!!