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Actually, it is extremely common for a startup company to not become profitable for several years. If you are focused on Net Income in relation to a bankruptcy proceeding, you are not focused on the right section of the Balance Sheet.
A correction ....
The one you're referring to as a simple error.
Can you post the update like you have so kindly and expeditiously posted all of the other updates? TIA
So you're saying this post was incorrect. It wasn't really "any leases" it was just leases under severance. Thanks for clarifying the misinformation.
I'm confused. How is Treaty able to transfer these leases? I read previously on this board that the TRRC would not allow this to occur. Was that information incorrect?
Do you know what it means to hold funds in escrow?
As a reminder, the Government of Belize must approve any announcement of oil.
There won't even be a bankruptcy hearing if the petitioners cannot show cause next Wednesday as to why they have not filed proof of service to the court for a petition that was filed almost a month ago.
Chart continues to look great here for $WPNV
Giddy up. $WPNV is rolling. There may be some minor resistance at .06 then next stop is .10
You are conflating issues.
Yes, the things you mention have impacted or are currently impacting the PPS. That does not mean the bankruptcy petition is not negatively impacting the PPS. There really is no way to logically argue against Treaty's claim that the bankruptcy petition has negatively impacted the PPS. If you'd like, I can link to hundreds of posts on this board supporting the claim that investors are afraid to buy or the PPS is being impacted by the petition. Here is one example. Here's another. There's also this. I can keep going if you'd like.
The PPS has not doubled since the filing ... yet.
The claim that the bankruptcy filing has hurt the PPS is a slam dunk. You have substantiated Treaty's claim through your posts on this board which have stated you feel there is a risk in buying the stock due to the petition.
Stock prices are determined based on supply and demand. If demand is curtailed due to fear, it will impact the stock price. That is basic economics.
Next Week ...
Justice Legall retires.
Oh, I'm sorry, that actually happens this week.
Who would have thought his tenure would outlast Audrey Matura-Shepherd's tenure at Oceana?
Incorrect. Until the 10K is filed we do not know the actual expenses for FY12Q4; however, to use only the FY12Q3 figures as a basis for estimates without comparing those figures within the context of any other Quarter is extremely reckless.
As an example, GS&A for FY11Q2 was $2,651,562. If one estimated GS&A going forward using that figure as the only input, he would have grossly overestimated actual expenses for the next 4 quarters. In fact, the combined GS&A for FY11Q3, FY11Q4, FY12Q1, and FY12Q2 was $2,810,375, which was barely more than FY11Q2 on its own.
Based on how often that number has been quoted for Treaty's ongoing daily expenses, I have to presume you did the research on previous quarters as well to confirm whether that figure falls within 2 standard deviations of the historical average. After all, the last thing any of us would want to do to is use a statistical outlier to make assumptions on expenses going forward, right? And surely if that figure was a magnitude of 7 times greater than the daily average from FY12Q2, one would want to do more due diligence before recklessly quoting it as an assumed average moving forward, right?
I'm not sure what you mean by "not a sold shorted this".
Correct.
There have been hundreds of posts on this board warning investors about the involuntary bankruptcy petition. If any investor sold TECO shares or did not buy TECO shares because of the petition, then the stock price has been hurt.
Can't wait to see how many shares were shorted today. The totals the other days this week were 1.3M on Tuesday, 1.4M on Wednesday, and 2.5M(!) yesterday. Add on today and there are a LOT of shorts that still need to cover. This is setting up for a huge squeeze.
Lighter volume today than rest of this week, but still heavy volume as compared to norm for $WPNV. Looks like pretty good consolidation today. It's a good bet there will be news and/or alerts put out before the opening bell on Monday, so I won't be surprised if we see some decent buying into the close today.
Correct.
The timeline once more:
4/23 - The bottom on the PPS (.0078) occurred intraday.
4/24 - The PPS reversal started when Treaty announced drilling had begun on the Mitchell lease.
5/6 - TECO closed at .0124 (59% increase from the low)
5/7 - The involuntary bankruptcy petition was filed. At this point, it would be reasonable for Treaty to assume they would be served a summons (without a summons the petition cannot move forward). It would not be reasonable to assume Treaty would have knowledge of the petition before it was filed.
5/15 - Treaty was finally served the summons for the involuntary bankruptcy.
Might want to check your timeline again.
The bottom on the PPS occurred on 4/23. The reversal started on 4/24 when Treaty announced drilling had begun on the Mitchell lease. The reversal was two weeks underway and the PPS was going up almost daily (FACT) when the involuntary bankruptcy petition was filed on 5/7. For your reference, the closing price on 5/6 (i.e. the day before the petition was filed) was .0124 (59% increase from the low).
These are facts and not opinions.
I'm seeing some buys above the Ask ... that is short covering. There were 1.4M shares sold short on Tuesday and 1.3M yesterday. We could get a very nice short squeeze here.
Great continuation today and great close. Great volume. Accumulation continuing to spike. MACD crossed over. Giddy up.
Oceana is bringing in an environmental consultant from Alaska to refute some portion of evidence submitted by the GOB as part of their appeal.
Huge volume, closed over the 50 day moving average, accumulation spiking, MACD about to crossover. Giddy up.
MMs always know first.
I can't even make this up.
Fact: The Prime Minister of Belize stated the ruling by Justice Legall was "egregiously wrong" and the filing of the appeal was "light work" because "the errors were so patent and so multiple."
Good to finally see a PR with Tom Nelson's name at the bottom.
To answer your question, yes, Treaty is following the advice of Princess Petroleum's lawyers. I understand you don't agree with it; I think you've made that clear.
Small clarification- it was actually Princess Petroleum's legal team that advised Treaty regarding resuming drilling in Belize.
You believe the information that the TRRC enforcement office is providing via phone is incorrect?
I agree TECO needs to get its SEC filings in. Their PRs also leave a lot to be desired although the last handful have been much better. They've left out the estimates and we've actually seen follow through on what has been stated in the PRs. They obviously have a lot of room to improve & build credibility otherwise this wouldn't be trading at 1.5 cents.
I believe the quote you provided was in response to a question about the legitimacy of posts on a specific message board. It is extremely doubtful to me that TECO was implying you cannot trust the SEC or TRRC. If you inferred that though, I'd encourage you to reach out to TECO to confirm.
If someone has concerns about Treaty's standing with the TRRC, by all means contact them. Several posters on this board have done just that and provided specific details regarding who they talked to and the information that was provided. It was quite interesting how this differed from previous information.
"For that particular reason" ... What reason? It seems like we are missing some context.
It was mentioned by several sources that the lights were getting turned off on May 1st, so that should save on some expenses.
Hold on a second ... I'm confused. We were already informed earlier that the TRRC would not allow a lease to be transfered.
I guess the TRRC website must be wrong?
tl;dr
Belize, Mitchell, Standard. Let's see if TECO can build any sort of credibility to raise the PPS out of this 1.5 cent range.
WPNV will continue noting that in their filings until the certificate is returned. Until that time, you can expect to hear two O/S counts (with a 20M share difference) thrown around depending on how you ask the question.
The remaining 10M share difference between the O/S count in the quarterly filing and the current O/S count is the 10M restricted shares issued to acquire RIG.
Well look at that, TECO followed through on the May 7th PR that many doubted.
No, I think you're misunderstanding the difference between Outstanding Shares and Float.