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"Definition of 'Death Spiral'
A type of loan investors give to a company in exchange for convertible debt, which, like convertible bonds, typically has provisions that allow investors to convert the bonds into stock at below-market prices. This can cause the original shareholders to lose control of the company."
Quite the contrary "kezzek", I don't see the word convertible any where in the news release. They specifically state a "senior secured debenture". Based on the limited information available this is not a death spiral. One could assume further that the financials are complete and the lender has reviewed them and feels the company is worth the investment of $2M. This could be very GOOD news. Maybe the news releases will start flowing as Taylor said a few weeks ago.
All my opinion of course.
"In Canada, a debenture refers to a secured loan instrument where security is generally over the debtor's credit"
It is a good sign to see that Margiotta and GRNO have the ability to secure a credit line of this size. It also doesn't seem like the stock will be diluted any as a result. Maybe this money is to be used for part of a Balallan settlement ??????
In my opinion this is good news no matter how they spend the money.
Judging from the volume lately you are not alone with your opinion on this stock !!
WHEN and IF they file their financials this stock will immediately increase by 10X. I am betting a big chunk of my wifes beer money that Peter and Sharon get it done eventually.
Good weekend to all !!!
"Audits will catch up over the weekend and they'll be filed by Monday's closing, I'm sure."
Are you sure about that 'Ferick', I heard they would be filed by noon on Monday ???
Have a good weekend all !!
"Somebody wanted out and sold 47k shares at the bid."
Very true "kezzek", but more significant in my book, is that the three trades just prior were someone that wanted in bad enough to pay $0.03 for 100,000 shares. The word is slowly leaking out IMO.
Sounds like the glass is half full to me !!
Have a great weekend all.
Please be patient a little longer !
I have been told by someone I deeply respect within the company, that Peter has been working very hard to turn this around and 'real' news is coming. I personally am hoping by May.
So.. let's see.. Ramos and Ramm both were sold stock in a very risky pink sheet company for seed money to get the deal done...now Ramm is being sued by Fidelity because they somehow bought stock in another company without paying and managed to sell the stock illegally making the share price of that company tank...
Well, well, well. What first comes to mind is I hope Peter got paid for the stock he sold to the both of them. Secondly, it wouldn't surprise me at all that Ramm, Ramos, Aldo and Monk are all in bed together. Third, I sincerely hope Peter has learned to be more careful who he does business with in the future.
That being said I firmly believe this is not your daddy's GRNO. At least since Sharon Mitchel came on board. If you have noticed since last August the BS news releases have stopped, the players have changed and the share count is virtually unchanged.
I am a believer and still buying at these prices. All my opinion of course.
"Wow, lots of shares issued and a big float now."
NOT TRUE 'kezzek'! The float and outstanding share count has not changed much since last summer. This is a VERY GOOD sign that Peter Margiotta and the company are for real.
Maybe now that we are past the Monk/ Aldo days we can see a real business emerge with real revenues. No more smoke and mirrors or FLD crap.
Thanks for taking the time to share that info with us Luken...
It doesn't sound like Aldo is involved anymore with the company. He was the broker that put the deal together and appears to have gotten his money out of the deal and moved on.
Ramos and Ramos could be anyone who was willing to lend Peter the funds associated with the cost of acquiring the shell. Buyout Carraway etc....I would guess they were a contact of Aldo's. Who knows, besides, they all could have been tied in with Monk. Either way, I would guess that they sold on the last run up to the seventies.
It is my hope that Peter is trying on his own to clean this mess up and become a legit company. He might have gotten stuck with a dirty shell but he now needs to move forward and clean it up. If the company is making money as they say then it can be done. It doesn't appear that he has sold any stock recently nor has he added much to the float.
May should be the make it or break it month !!
All my opinion of course.
Good morning Luke,
I think it is safe to assume the company has news releases and filings planned for May or June. We have heard this from enough sources to believe it is true this time around. We will know it is coming when the stock shows some life. A million share day will do it for me. I am in it for the long haul. Show me some real numbers and I plan on sticking around for a while.
If Peter can prove his plans are for real and this company shows a profit with growth potential. GRNO could support a $100M market cap which means $1 per share is possible in time. The oil sector is hot and the crude oil prices don't look like they are going down much for the rest of this year.
In the mean time anyone who takes the time to communicate with the company and can share with us is greatly appreciated in my book.
Now, who was going to do that site visit ???
26 FLIPPIN POSTS TODAY........I almost wet my pants. You'd think just one of them could be about GRNO !!
Hell of a way to end a happy hour !!
What is this 'FINRA' is that a NASDAQ stock or something ???? I thought they only used four letters ???
Just kidding for those who don't get my humor.
Have a good weekend all.
I don't want to fuel the spectulation, but FWIW I was told from Sharon Mitchel about a week or two ago that Mr Margiotta has been very busy and to expect some positive news shortly. I don't have any insider info but I have the utmost respect for Sharon.
What Stephen Taylor has to say in my opinion is not worth repeating.
Common guys... this ain't no stinkin lottery....somebody knows something... that is the only explanation of the buying interest... we're only talking a few thousand dollars here....I think it was the gardener..oh wait a minute the ground is probably still frozen up there in Canada......I know !! I bet it was those damn prostitutes...you have to watch what you say to them you know.....either way I am betting there will be some real news within a few days.....or maybe not.
Yes, we settled, the company did the right thing. Sharon Mitchel is a professional attorney, not like St Pierre. She adds a lot of credability to the company.
I have been buying stock for the last for months.
Thanks again Ferick for sharing.
FWI, I wouldn't get to excited about what Mitchel St Pierre has to say. My attorney sent Mitchel a demand letter two years ago and his response was that GRNO was not the same company that it was ten years ago. Any moron can do simple research on GRNO and prove that he is wrong. Even their website contradicts this.
Keep talking to them, they have to realize by now we are all on the same team.
I for one would like to thank you 'Ferick' for taking the time to call the company and everyone else for sharing this weeks due dilligence.
Now let me recap for the week for those who missed it......we started out with this a scam.... we are all screwed.... company doesn't exist.... where's waldo.... and finished with spoke to Peter and all is well.....
Sounds like a hell of a good week to me !!
I do believe the financials are coming next.
"Don't know if I'd say hopeless, but certainly the chances are slim and getting slimmer every day."
I don't understand Paula how you can say this after saying that you know Margiota has a legitimate money making business. If CCP was and is profitable than GRNO should be able to survive. I know that Peter has an attorney working on the filings, I have communicated with her several times. I believe her when she says the auditer is working on 2009-2010 filings. Once any of these filings or financials get done don't the 'naked shorts' get screwed ? No Paula, I believe the only real threat Peter has is settling with Balallan. If he can work a deal with them AND the company can show a profit we are good to go.
Paula,
Do you think Margiotta was a participant or a victim ?? If he was a victim will the company survive ??
"I would say it is more likely that Aldo and Carraway shared in $ from disposing of the worthless shell when they conned Margiotta or they all conspired to make use of the worthless shell."
I have to admit this is a very, very interesting twist that I hadn't thought of. Maybe Aldo was part of the problem. He sounded and acted like a real snake oil salesman to me. He never answered the phone or returned phone calls or emails. He very well could have set Margiotta up. I have heard Margiotta and Rotondi are no longer speaking. I wonder if he had something to do with the Ramos and Ramos connection as well?? Very interesting ??
I also had dealings with the then corporate counsel, St Pierre. All I will say is he did not seem up to the job in my opinion. As an attorney a simple search would have revealed the Balallan judgement against the company. Also if they had counted on litigating against Carraway the attorney could have done a simple asset search and they would have known he was broke.
Now it is up to Margiotta to decide. I would guess he has in the mid six figures invested in the shell and with a profitable company it is worth a lot more to him. However, if Ballalan pushes the issue he could take his marbles and go private again I am guessing.
All my opinion of course as always.
"Is that typically done in commercial cases?"
The judgement is against GRNO which is a Florida corporation. The judgement follows the corporation as do the assets. I would imagine even into Canada if the company had assets there. When Margiotta and Aldo Rotondi bought control of the corporate shell from the Carraway clan they had him sign a document saying he would be liable for any and all past liens or encumbrances. They thought this would suffice. Carraway fooled them because he is penny less and therefore judgement proof. I am sure anything he was given for the sale of his stock immediately went into his son, wife or daughter's name. The man has spent the last ten years of his life hiding the assets he didn't loose in the original GRNO. If he had put that much energy into building a legitimate business he probably would be a millionaire by now.
All my opinion of course.
"As for Margiotta getting his restricted shares lifted, it's not clear how many shares he still has, how many are actually restricted and how many have found their way onto the open market.
If few are buying, and the price is already around a penny, there's not a lot of incentive to flood the market with more shares."
I disagree, between 8/8/11 and 1/26/12:
1)The amount of restricted stock IS very clear as per BayCity T/A and has NOT substantially changed. Therefore these shares have NOT found their way onto the open market. What we can't confirm is who owns them.
2)If the company was worthless believe me there would be plenty of incentive to flood the market with more shares. Clearly the owners of the restricted think the stock will be worth more at some time in the future. Personally I hope they are correct.
All my opinion of course !
Good point. But if Margiotta sold his shares privately, which we have seen in the past, the buyer would be more knowledgable about the goings on of the company and hopefully buying the future of the company. Either way these shares are still restricted and not being dumped at 2 cents which is a good sign that the company has a future.
I know less than you about restricted shares. But what I was told is that six months is the minimum restriction and that Margiotta's shares carried a two year restriction. Either way he could of had the restriction lifted by now and been selling the shares on the open market if he did not believe the company had a future.
If this company was a scam the insiders would be dumpin at any price and the stock price would be in the sub pennies by now.
All my opinion of course and in full disclosure I have a bucket load of shares.
I would not count on "pinksheets" information as being accurate. The only reliable source for share count is the transfer agent. A simple email will get you an update.
The fact is the share count and float was never accurately reported since the "Monk" days. In my opinion the share count has stabilized in recent months.
"Are those numbers directly from the T/A?"
Yes they are.
Since August there were 2,864,317 additional shares issued and 1,199,910 shares that are now off restriction according to these numbers. Doesn't sound like any major dumping is being done by insiders. Sounds more to me like Margiotta has been doing a little house keeping and issued shares to clean up Caraway's mess.
The latest share count doesn't look like a company that is preparing to cut and run.
8/8/2011
Outstanding 123,991,432
Restricted 80,699,230
1/26/2012
Outstanding 126,855,659
Restricted 82,363,547
According to the latest count I would assume Peter Margiotta still has his restricted shares. I am guessing we will see the financials sooner rather than later. Wishful thinking maybe.
Regards
"It seems to me that, since GRNO has a package coming from Europe, it might have something to do with that patent."
The patent is for the old process that never was commercialized. Carraway had a prototype in Charleston which turned out to be a very expensive pile of scrap iron. Margiotta's process seperates crude oil from water. Carraway's patented process rerefined dirty motor oil and turned it into diesel fuel. The patent that Ballalan holds title to so far is worthless and expires in a couple of years. Ballalan really does not have any bargaining power in my opinion. Peter could take this thing private again in a heartbeat and then we all lose.
The lack of reporting by the company might have some bearing on this although it is no excuse. What it boils down to is what is the value of the public shell to Peter Margiotta ??
If Carraway had any assets there would be a line of people sueing his ass off right now.
All my opinion of course.
Come on 'Rocker', it's not that bad. Ballalan won't enforce their judgement until GRNO has established some value. They wouild have done it allready. Peter controls the value of the public company. I am sure Balallan will settle for far less than the $2M owed. The interest as well as the principal are negotiable. I am guessing that they will settle for far less than a million. If the company is legit and making money you might see 10%-20% dillution in the stock, my guess of course. I think Peter and his counsel are presently trying to clear the skeletons out of the closet from the Carraway days. The company has a lot invested in the shell, it has to be cheaper to settle than walk away.
All my opinion of course, we shall see.
P.S. Peter never answered my emails either. Don't read anything into that.
"Where do get this Information?"
'goalpost', the Balallan judgement is public information which has been discussed on the board many times.
I was told by the company's attorney that they were in talks with Balallan a couple months ago. I have no idea how the talks have progressed and I can only assume they were talking about the judgement. Their attorney has been straight up with me in my dealings with her and I have no reason not to believe her.
I agree 'deitcher', the Ballalan judgement is for real and they need to clean it up to move forward. I was told they were in talks with Ballalan a couple months ago. That in itself is a good sign. In prior years they sat back and blamed it all on Carraway. They need to fix the problem and chase Carraway later. I am hoping there will be a news release if and when they come to an agreement with Ballalan.
"FLOAT-LOCK-DOWN tires".... you made a funny....that's a good one..... are those the tires that have to be inflated with HOT AIR ????
A sight visit would be great. Almost as good as the company filing a set of financials....
You should have no problem averaging down... I think the stock has bottomed out for now... we will need some REAL news to start the climb back up....
Happy New Year to all !!
"Ferick"...Looks like we should have held out for some 2 cent shares...... One more day and the selling should be over.
More tax loss selling.... in a couple more days the sale will be over..... I've been buying at 2 1/2 cents...
Happy, healthy and prosperous New Year to all !!!
"Somebody's buying and somebody's selling; over 1.4 mil. shares, so far this week. What does it all mean?"
I am sure the selling is tax loss related, I expected the price to go under a penny by now. The support is encouraging even though we are only talking about a couple thousand dollars of buys. Looks encouraging for next year...
"Why are people all of a sudden buying?"
I don't know about other people but I am buying because of Sharon Mitchell. She is a real person and I believe she is honestly working on turning this ship around. The Aldo Rotondi days are over. I am hoping to see the results of her labor early next year and if I am right my 2 1/2 cent shares will look damn good by then.
Then again I could be wrong too !!!
Hawk, I thought the tax loss selling pressure from the Monk days would have driven the stock price down a lot more. Now that the year is almost over I have been buying. I am sure I am not the only one. It's all chump change anyway at these low volumes. Bring back those million plus share days and we can make some money again.
Good post 'seebreezing', it's going to take some time to digest but at least the GRNO Gods won't have to delete it.
Regards to all.
Hawk, Wyoming is a little far for me to travel especially this time of the year. If we have a 50 degree morning here in South Florida I freeze my ass off. If the stock was 20 cents instead of 2 cents I might have a different attitude towards making the trip.
Anyway, I believe Sharon Mitchell when she tells me the company is working on 2009 and 2010 financials and I will give them the benefit of the doubt for now that it will get done. I believe that prior to 2009 they are going to claim the company was dormant as they were told by Bill Carraway. It would be hard to prove otherwise as they did no business in that period. Then all that is left is 2011 which should be easy. After following this stock for almost 15 years I have gotten accustomed to waiting.
I am surprised the stock is holding 2 cents. I figured the Monk followers would be dumping for tax loss and we would be in the sub pennies by now. I intend on buying a few more shares before years end and it looks like 2+ cents is the cheapest I am going to get them. Based on my experience with Sharon Mitchell I feel it is worth risking a few more dollars of my wife's beer money.
Regards.
For what it's worth I had a communication with the company attorney this week and was told they were still working on 2009 and 2010 financials and had every expectation that they would get done eventually. I specifically asked if Bill Carraway and his cooperation was going to be a problem. The answer I got was 'no we can do it without him'.
If this is in fact the case the stock is selling for a bargain. I am looking forward to someone doing a site visit in the coming months.
Regards