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It's been doing that all week on Scottrade.
Unfortunately the only news they're going to have is bad news.
What are they supposed to say? That Liberty Mill doesn't have the permits to process antimony? Or that they're staring down the barrel at hundreds of thousands of dollars of work and fines just to get into good standing with NDEP?
Better late than never.
They have bigger problems than that.
Well, think about this...
In the conference call, they were subtly trying to manage our expectations about Fencemaker not necessarily being the best source of ore moving forward. In fact, it was my impression from that call that Arabia was a much more promising property. In fact, they felt that with Arabia they could potentially become cash positive by early next year.
There was supposedly new geological surveys being completed at that time and the results were supposed to come out within weeks of the call. That was 6 months ago and we have heard NOTHING. Since then, the geologist is MIA, Arabia is gone, Rose Creek came and went, and we are back to Fencemaker being the center of attention with us shifting assets around and issuing even more shares in order to acquire more of Fencemaker.
What gives?
So, do you agree with my suggestion that the $950k transferred to G8MI and funded through convertibles went right into Don and his friends' pockets and never went to paying for setting up anything?
MB,
Where I'm struggling to connect the dots fully is understanding how much money they made here and how. Any thoughts?
Just like Don's business plan Jo... leading to NOTHING.
Did the other stake holders of Fencemaker pony up any money for the development or did we foot the entire bill?
Do you think that they were receiving salaries or consulting fees from all the companies involved in this and we only know about the FLPC side?
Ah, I see. Do you really believe that all that money was used properly?
I'm not questioning the legality of this, but I am questioning the way in which they went about all of this as it seems to be done in a manner to keep FLPC share holders blind to where all the money is going.
Did FLPC foot the whole bill?
Yea, I know, that's why I am questioning everyone's incentives right now. There's no denying that the near $1MM they funneled out of the company has lead to the disaster of a year we have had here. It's too hard to over look the fact that the people running the company are the same people that benefited from that money at the expense of all the shareholders. It's funny that they will default on a $10k agreement, but have no problem paying themselves a million bucks.
Also, Jotuk, think about everything I was told and the fact that damn near none of it ever came to fruition, so what kind of information did I ever really have?
I'm speculating. They're clearly broke if they are defaulting on $10k agreements in only 90 days. It's realistic to believe that they have virtual no operations right now.
One thing that doesn't sit well with me and causes me to not trust anybody at this point is the payments they've made to G8MI. My conspiracy theory right now is this:
Don and his pals through Stockpile Reserves and Group8 acquired the mineral rights to the Fencemaker mine. They then sold that off to FLPC for 83M shares of FLPC and $2MM for supposed property payments and exploration costs. The details of Group8's actual cost of acquiring Fencemaker are unknown, because Group8 is a privately held company which Don is the director of. They certainly could not have spent that much money doing proper exploration work, because it wasn't until this year that they actually scanned the entire property. The results of that scan are presumably pretty bad because they are now months late in delivering the results to investors.
They made a payment of $934,266 to G8MI sometime during the quarter ending January 31, 2014. That payment was financed through convertibles, as that is the only source of cash the company has been able to secure up until that time. What we will find out, I'm sure, is what FLPC got for that money is essentially a worthless, old, nearly depleted mine.
So, my theory is that they used FLPC to sell off a worthless asset. They either knew it was worthless when they acquired it, or discovered it later and came up with a way through FLPC to get their money back. They started blasting without doing any proper exploration for one reason, to increase the pps so that they could get convertible financing and pay G8MI. Furthermore, they traded the rest of their worthless rights to Fencemaker for 5M preferred shares of FLPC which gave them the voting rights they needed to increase the A/S and keep things going so they can complete the payment to G8MI. They signed agreements for other properties (Arabia, Rose Creed, etc) without any intention of ever getting to production, but only in an effort to pump the pps so they could get further funding to complete their payment to G8MI.
Either way, if Don and G8MI cared about the value of their 83M shares, they would not had taken $855,608 out of the company when they were essentially in pre-revenue mode. That money right now is the difference between FLPC's current state of affairs and actual production and potential profitability. So, it leads me to believe that their leading priority was the make the $2M cash payment to G8MI and that the rest of this is just smoke and mirrors.
Just think about all that... it's hard for me to see this any other way right now and the red flags are all in the filings.
Don, I dare you to refute any of this:
1) You started blasting at Fencemaker without any serious concern about the long term sustainability of the project. It was just blind blasting with no other purpose but to produce a PR and create liquidity in the market so you could placate investors and pump the pps.
2) The company is so broke that they can't even pay the internet bill at their Reno office.
3) You PR'd about Liberty Mill and then subsequently issued 200M+ shares. The same investor that gave you the $200K for liberty mill was the one that cashed out those 200M shares.
4) Any ore you do have is not being stored in the manner that you claim it is in your filings. Any transportation of the existing ore will require an NDEP inspection which will reveal a number of issues and will prohibit you from transporting the ore without paying massive fines.
5) There is no possibility of any profitability from Liberty Mill and there really is no growing list of third party sources.
6) The filings are late not because you have been so busy in your imaginary land, but because you can't even pay your accountant.
7) Fencemaker is completely flooded by now and you can longer play your security.
8) There isn't even one 40th the amount of antimony at Fencemaker as you originally thought.
Let's start there.
It will be hard for any shareholder to dig up enough of anything to give to the SEC. The company's real problem, however, is that they have burned so many people in Nevada that eventually one or more of them are going to take documentation to the SEC.
They defaulted on a $10k agreement... how many other things do you think they haven't paid that we don't even know or think about. How many people do you think they screwed with unpaid work, materials, or property?
I'm willing to bet the filings are late because they can't even pay the accountant.
From the operational update today:
"Following this week's significant changes to the First Liberty Power management team, a review of operations at the Reno / Lovelock / Winnemucca properties was undertaken by Company officials. During that review it was concluded that the Rose Creek Properties would not be the best option for delivery of near term revenue to the Company as was predicted by the former COO. Based on that conclusion, the management team has decided to end all active connections with, and expenditures related to, the Rose Creek Properties and associated operations."
From the 8k filing today:
"In a letter dated November 19, 2014, which was accepted for delivery at the address of notice on or about November 22nd, First
Liberty was provided with a 15 day notice of default on the Agreements. Upon further review of the underlying projects, First Liberty
elected not to seek remediation of the default condition, therefore the Agreements terminated on or about December 6th, 2014."
So, the timeline is (1) you get the default notice 90 days after you sign the agreement, (2) you decided to let the agreement terminate on Dec 6, (3) the COO resigns on Dec 9, (4) you then meet again and decide to terminate the same agreement you let terminate a week earlier.
Don, your timeline doesn't make sense. This latest story is just an effort to pin YOUR failure on the COO. You're telling us that you met a week after the termination date to decide. You went default on a $10K agreement... what kind of freaking deadbeat are you? Why would anybody in the state do business with you anymore when you're defaulting on such small deals. You're getting sloppy, your stories don't even make sense anymore. You're probably under a lot of stress because your web of lies is catching up to you and you can't even keep your own BS story straight.
I lost a lot of money here folks and I'd rather burn this thing to the ground than let these a-holes steal anyone else's money.
"For leading the pack was a suite for the apparent use and abuse of bovine to haul antimony over to Bob so he could shake and pack it..'
lol... is that true? I heard there was some embarrassing story, but I never got any details.
On the bright side, and I don't know if this has come up yet, but Tom Dean of Murdock has not been listed on any of the PR's since 10/24/2014. So, it appears that they are out of the picture.
Nobody wants to talk about the operational update?
Apparently, rose creek was all Jimmy's fault and the real way to make money here is processing other company's feed stock, 50 tons at a time in the middle of no where. Then, dump hundreds of thousands of more dollars into developing other antimony properties and, wait for it, LITHIUM is back!
What a joke.
They completely failed at Fencemaker, yet they want to spend more money, that they don't have, on other properties because supposedly they "demonstrated to the investment community that management... Can take an old historical mine, remediate it, and bring it into initial operation with very limited funds." Those very limited funds are going to end up being about a billion shares and the only thing they have demonstrated is failure.
Send in the clowns.
A proxy fight is certainly possible. Who's going to be the one to step in and take dead aim at Don and this useless BOD?
Time will tell the tale I guess. But, I would hope every shareholder on the outside of the company would stand up and support any measure to remove Don and his clan of thieves from control of this company.
Reverse split is actually a better option in my opinion. It's hard to see this not going to zero under this inept leadership. I sure wish changing the BOD and firing the CEO were on the agenda for the meeting.
Don't know when this showed up... wonder what's going to be in the proxys?
***Important Notice
In near future, the company will provide additional information regarding the availability of Proxy Materials for the Stockholders Meeting that is being scheduled in January.
- See more at: http://www.firstlibertypower.com/14a-proxy-materials-information/#sthash.j0Y3I18N.dpuf
Jotuk, I'm not trying to be combative here.
The issue of inventory came up in the conference call and to my recollection it was stated by Don that they use the average cost incurred to value their inventory for the filings.
This actually went from $186k in the march filing to $305k in the June filing.
Max,
Jimmy had a plan in place in Reno and Don and them went to Liberty Mill. There was a clear disagreement there.
Ultimately, I don't like the liberty mill move and here's why...
The Mill is close to 350+ miles away from both the gold site and the antimony sites. With gold, your talking 2-3 grams per ton or about $80-$120 per ton. Not bad if your milling 50 tons a day, but what is the total cost of mining the ore, loading for shipment, shipping it 350+ miles, milling it, and paying the royalties. I don't see how that could be a profitable business plan.
For antimony, they said the ore was about what they expected from their reports, so 3-4% concentration. So, by my estimation they have at most $280k worth of antimony in the 700MT of ore they've mined. But, from the filings, we know that it has cost them $186k to mine it. So, now they need to ship 700MT of ore 350+ miles, mill it all down to probably 40%-60% purity, and then ship it to California. How much money can they possibly make if they are milling 50 tons a day and the mine supposedly costs $25k per week to operate?
Well, it's hard to prove any of it other than that there were big disagreements between Jimmy and Don regarding what needed to be done.
At the end of the day, it's hard to determine if Don is just a retard that has and continues to make poor decisions or if he concocted this whole scheme.
He's made the following hypotheses since yesterday. He's not pulling what he says out of thin air.
1) Everything the company has done was initiated as a means of pumping the stock without any plan to actually do anything but default and sell stock. Arabia, for example, was just a story. They signed the agreement knowing full well they could never fulfill the contract within the agreed upon time frame, yet even while they knew this they pumped it up on the conference call. Is there something there, sure, but Don never intended to find it. If you read Ren's filings, you'd know that they were almost immediately in default on this and ended up paying a lot of it off with shares of FLPC.
Go back and read the PRs for the last 18 months and try to write the story yourself.
2) he has suggested that all the PRs and POP updates were written by Don, regardless of what was said or who was saying it.
3) He has suggested that shuffling all the companies around and buying out the rights to Fencemaker and that was just a move to put more shares in Dons pocket, including all the preferred shares with the 80-1 voting power as a move to push AS increases through that were rejected by shareholders last year.
4) He has suggested that Don knew Jimmy was reaching out to shareholders and was either okay with it or encouraged it. MB feels this was done maliciously in a conspiracy to get him to shut up on these boards.
To the last point MB, perhaps their goal was to get you to stop hammering the company on here, but that was something that was encouraged by the shareholder that was visiting with Jimmy at the time and myself. Your communications with Jimmy did get you to ease up on here, unfortunately my communications with him caused me to quit pumping the potential of this company, as I started to realize that Don was either an idiot and the worst CEO ever, or that he had a different agenda.
You should take whatever Bob said with a grain of salt.
Not be a Debby Downer, but the only time we've seen volume spikes here is because of dilution.
There's over 100M shares due in convertible notes on December 4th... my bet is the spike in volume had something to do with that.
Hmm... I wonder if anybody knows that or if that has anything to do with the current lack of interest here.
Oil isn't going to be cheap for very long. Enjoy watching everybody over react. TXHE is entering a buyers market at exactly the right time. They'll get good prices on their purchases as small oil companies panic to sell off unprofitable wells. Then, when oils goes back to $90 a barrel, TXHE will be very well positioned for sustainable long run profits.
Time to break out!
Looks like bottom is behind us to me.
Nah. We'll get some action in the next few weeks.
9 everywhere.
There's no buyers or sellers really. Need a catalyst either way.
Still not a bad day. We went up 50% yesterday and held that gain all day.
Seems like a stale mate right now, but I think bulls have the momentum.
Things are heating up a bit. More support and 9's almost gone.
I sure wish a trade would go through today!
I like this play. Any positive attention at all and this will run. Let's get some news already!
I was around at the top, but sold most of it in the 0.04's and 0.03's. At one time, I had high expectations for Marani, but they were quickly soured after they failed to deliver once the license was approved.
In the OTC, things are never as they seem. There was a lot of blind faith on this board from investors that actually thought these international "contracts" would materialize.
I've said this before and I'll say it again... why would you believe a company can manage such large contracts internationally when they were only able to get into a handful of stores in their own back yard?
Was this a scam? I'm not sure, but time after time the company grossly exaggerated the truth and made very bold predictions. The CEO told a member here in January that she thought the stock would have a value of 20 cents by the end of this year, for Christ's sake.
Personally, Marg just comes off as an idiot to me. Why should tax stamps even be an issue? She's the CEO of company that supposedly has millions of dollars in contracts exporting Vodka, but some how this whole tax stamp thing just snuck up on her? She's either completely incompetent or she played everybody. My bet is that it is a lot of both.
The lesson here is, don't believe any OTC company. Don't get caught up in the madness when these stocks take off... they almost all come crashing right back down. Don't go long in ANY OTC company unless there has been clear rapid growth and the debt is manageable. Don't believe ANY PR completely unless the company has a record of following through and executing. Companies lie, especially those with a lot of convertible debt. It's the only way for them to keep the company alive, albeit on life support. They're not all scams... many are just failed companies doing what they have to, to stay afloat... but they are all liars.
That being said, I might jump in here. I don't think it goes trips on this leg and I'm looking for a rebound to 0.003. Next leg down though, trips will come.
Yep. Going up! Good day here. Would love to see volume pick up.
It's only a matter of time. Not much selling going on, all we need is some buying and we'll get back on track.
An update or news from CEO would help.
It's so thin... Things can get crazy quickly.
Zzzzzz... Could be a boring few weeks a this rate.
Wonder what's going on?
Alright, not bad. I'll take it. Seems like we have solid support and dilution is over.
Looking over the most recent filing, there was two notes that were potentially due in mid to late October. It looks like there was enough volume that they would have both cleared.
Does anybody have the OS increase since mid October?