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It's not uncommon in BK cases for creditors, both secured, but especially unsecured to form a committee of several members to monitor the proceedings and attend the various hearings in an effort to look out for the best interests of the unsecured creditors. The Unsecured Creditors Committee is/was probably opposed since Skye had promised to pay them some money which is usually not the case in a BK, the unsecureds usually get nothing.
I wouldn't read too much into the highlighted line. By default the fact that they've undertaken the attempt to accomplish these goals means they're being optimistic they can accomplish them, wouldn't make much sense to try if they felt like the goals they were aiming at were completely out of reach. I'm optimistic they can achieve these goals but realistic that they're not entirely in control of the process at this point and we still have a lot of ground to cover.
You've got to be trying to be misleading and ignorant, noone could possibly be this clueless on accident.
You know I think there's medicine for those conditions unfortunately it contains some traces of copper. :)
If you truly believe it is going to .0001 then why were you begging people to donate their money to the cause of trying to save the company? Or was that your alter-ego and you were unaware that you (they) were making the request?
Not completely on fundamentals, since on the basis of the anticipated 40% dilution and the .025 price prior to the announcement this should be trading around .015 which I believe the 50 dma. However, I didn't foresee the amount of panic which would feed on itself as many "longs" who were in below .01 probably sold and are now buying back in with their profits or banking "free" shares.
Thanks, let's hope we don't have to get there.
It will be interesting to get some HONEST evaluation of the charts after today's action from some of the technical gurus on the board, it just looks like a bunch of pretty pictures to me unfortunately, or not so pretty pictures the last 2 days.
I understand what you're saying, I don't have a huge amount of shares and bought some more in the .016-.017 range today in anticipation of some of those positive events coming along shortly. I always thought of it as a longer term hold but now that I'm under water slightly it can't be a short term hold, my gut told me to sell yesterday when the news came out and hold the $ to buy in later, but I honestly thought the action yesterday was the extent of the damage, my experience has been the first day is usually the worst, I guess I was wrong, good luck to all of us
It's funny, after the PR came out yesterday morning you were thrilled with the transparency from mgmt and talking about the losers panic selling, now today with no change other than the pps is lower mgmt are idiots, lol, people's chaning attitudes is what's really great about pinks
Yeah, I would have expected this action yesterday when the news came out early in the day, not sure why the delay, when all of the same information was available yesterday
I like how when etmm is on the bid and the ask both miraculously change at exactly the same instant, I'm sure it's just coincidence.
I think today is an early morning attempt by the MM's to see if anyone's paying attention and if they can scare them into unloading their shares cheaply. There's absolutely no reason for it to be trading lower today than yesterday since the news was released yesterday and all of that should already be baked into the price. If the 8K comes out and actually gives a clearer more detailed explanation of things then we have a good chance of finishing green, however, I wouldn't mind it basing in this area until new news of production results come out or the next filing hits.
At least short term it looks like some people have gotten scared and decided to bail out. If the 8K provides that the debt can be repaid without the warrants being exercised then this was a good thing to get cash flow sufficient to fund operations. If they were out of cash and the only other option was to not operate at all, then they really didn't have a choice and the price would have nose dived a lot further ultimately. I think this was just an unavoidable option and the issue price was probably at the highest level that they could negotiate and get the $ they need.
I'm getting tired of seeing etmm on the bid and the ask all the time, especially when they keep undercutting themselves on the ask when everyone else is staying much higher.
I think this was to address short term cash flow needs to they could really get the operation up and running with the anticipation that they'll be able to generate enough cash in a fairly short time frame to pay off the debt, which would be a good sign to the market as well. I noticed that the debt window for repayment is 90-180 days so they obviously have high hopes for some quick cash generation from the dredges and maybe to help buy some more dredges quicker based on excitement over what they've seen so far.
And you probably thought there was copper and gold in those cprkq lands, shows how little you know, lol
That's the beauty of uplisting since it's much harder to play these kinds of games on the higher exchanges.
I can see the big issue that was made with the 10K getting filed. If they couldn't come through with something that should have been done a long time ago, after committing to doing it twice with a firm date, how could you start trusting them to follow through with anything else. To me it's a trust issue, which is huge when you're dealing with at pink, since so many of them are untrustworthy. If/when they follow through with the remainder of the filings in a semi-timely manner and become transparent then they'll have vaulted past almost all other pink stocks and they'll be much more believable in all other areas as well, such as production numbers etc.
I agree with you and they need to not PR concrete dates, since even if they do everything they can in their power, things that might be out of their hands can delay it which makes them look bad at best and manipulative and incompetent at worst. I would like to see the filings come out spaced out with no PR in advance as the PR of it having been done will do more to pop the pps in my opinion. What do you see as a realistic time frame for the .10 to .15 range, assuming they continue to do what they should with the filings and operations?
I don't think that was an after hours trade since you can't trade pinks after hours, that was probably a late day settlement of a trade from earlier in the day when it was actually trading around .02. My brokerage is showing the actual close at .0233
Nice how they listed a trade for .02 that showed up after hours so it looks like it closed at .02
So you mean if they file chapter 11 bankruptcy again this month it will dip down to the same levels as the last time they did it last year? Hmm, never thought of playing it that way.
Interesting that it's almost all buys since the news came out yet they're walking it down anyway, typical, especially for nite and etmm.
Yeah, but I'm betting that once people get a chance to look at the filing tonight, and just the fact that they filed within 1 day of having a last minute hiccup, that it will gap up in the morning. Lots of people don't have access to the markets during the day and still know nothing about this. I know I'm adding some more now that the first filing is out.
it looks like the mm's are going to try to use this as an opportunity to walk it down some at the end of the day, probably hoping people don't look at the date on the information and assume it's current and get scared and sell cheap. I expect we'll see more current information filed in the next week or so and like some have said, it would be nice to get some every so often instead of all at once and get a slow build going on the pps.
Being that it's looking back a year and a half when the company was just getting things rolling, I didn't expect much in the way of financial information to get me excited. The biggest benefit of the report is that it got filed and they can now file their 2010 and 1st Q 2011 information and move towards getting the CE removed.
You've missed the point, it has been confirmed by the company but that's not good enough for you but it's all you're going to get. I've got a feeling if the auditors did confirm it for you you'd be complaining because the managing partner at the audit firm wasn't the one who confirmed it so you couldn't trust the information. His is a not so ingenious way for you to try to plant seeds of doubt by complaining about something that isn't even possible for any company, not just SNEY.
I'm not sure they even can due to their fiduciary duties, especially after the grief they justifiably caught a couple of years ago. We just got through our annual audit and even as a private company the auditors really weren't forthcoming with us, they would just say when the audit is complete we'll discuss it with you. I do think they need to light a fire under the auditor's behinds and let them know unless they can produce more quickly they may be searching for a new firm going forward.
What I'm saying is that it would be unconfirmable for any company from IBM to Exxon, not just SNEY, any company would only confirm it through their own assertions, not through their auditors, that fact means nothing in this case or for any other company you could name. But of course you don't trust the company so the auditors should spoon feed you this info so you can feel better or worse about things, I understand completely.
Auditors won't confirm or deny anything like this on any company, especially a publicly held one, nor should they. They have a duty to ensure that the financial results reported by the company are accurate and meet all standards and regs, they could care less about a stockholder calling in and asking this kind of information, and in fact if the auditors for my company released any information to anyone other than the completed audit, I'd fire them on the spot. I don't know where the idea has come into play that just because any stockholder wants a certain piece of information everyone involved with the company either directly or as a service provider should bend over backwards and provide it immediately. If you don't trust that the company has turned over the fins when they say they have you really shouldn't consider investing in them.
And I'm assuming you've got proof since we all know that noone on this board, including you, just wants to take someone else's word for anything.
youre talking in absolutes, you've said absolutely they won't be filing today and abolutely the pps is going to nosedive
I deal on the accounting side and there are always unforeseen occurrences as to deadlines as well, that's why there are contingencies and extensions on quarterly, yearly filings, tax filings etc., That being said they would have been smart to just say they intended to get the filings done in time to satisfy the requirements to get the CE removed which would give them some leeway. I'm not fond of backing yourselves into a corner when it's entirely unnecessary.
Then you're not in the construction side of things because I know from lots of experience that in construction deadlines are best guesstimates about when you hope to be completed barring any unforeseen circumstances.
In investing I think it's as much perception as anything and I think the CE removal will help the general perception of the company. I do agree without production news the CE would carry a lot more weight, but I think at this point everyone believes the CE removal will definitely happen sooner or later and is looking more for production information.
In investing I think it's as much perception as anything and I think the CE removal will help the general perception of the company. I do agree without production news the CE would carry a lot more weight, but I think at this point everyone believes the CE removal will definitely happen sooner or later and is looking more for production information.
I agree. The notice of filing in and of itself won't be a huge impetus to increase share price, notification of the CE removal is the biggie that will help the pps increase since that's what the filing is really about.
If you're thinking that it will go to .009 when people find out about the extension and you indicated you'd want to buy in at a lower level, why wouldn't you want to provide proof so it can start dropping and you can go ahead and buy in, unless of course you don't have any proof.