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A simple google search takes only a minute.
http://latimesblogs.latimes.com/money_co/2010/03/pacific-ethanol-announces-bankruptcy-reorganization-plan.html
Energy company Pacific Ethanol Holding Co. revealed Monday that it had filed a bankruptcy reorganization plan after being hit hard by fluctuating prices for the biofuel and its main source, corn.
The subsidiary of Sacramento-based Pacific Ethanol Inc. would restructure its $293.5 million of debt into a combination of equity and $115 million in debt. The company would relinquish ownership of its four plants to lenders led by European bank West LB AG while continuing to staff, manage and operate the factories.
The plan, filed in a bankruptcy court in Delaware on Friday, also allows for a $35-million credit line for plant operations that could help reopen the company’s facilities in Stockton and Madera. The plants, including others in Oregon and Idaho, entered Chapter 11 bankruptcy in May.
Creditors and the bankruptcy judge must first approve the reorganization proposal for the unit.
The parent Pacific Ethanol once was an industry golden child that boasted of an $84-million investment from Microsoft Corp. Chairman Bill Gates. Gates’ Cascade Investment firm has since sold its 21% stake in the company.
Pacific Ethanol Holding expects to exit bankruptcy around the end of the second quarter, but if negotiations result in an acquisition agreement with the lenders, the company said it would modify its reorganization plan.
The parent company's stock plunged 41% on Monday to $1.17. It was trading off another 5 cents to $1.12 at about 10:10 a.m. PDT Tuesday.
-- Tiffany Hsu
http://gigaom.com/cleantech/bill-gates-slashing-stake-in-pacific-ethanol/
He's been out for years.
Except that next quarter PEIX earnings will be divided into twice as many shares.
And they won't get the $4 million accounting boost. They actually made nothing in Q3 after backing out that meaningless adjustment.
PEIX share of the Madera plant is 20%. That's 8million gallons at a margin of at most 25 cents per gallon. Optimistically might bring $2 million to the bottom line ... About 3 cents per share.
Doesn't matter how well ethanol does....PEIX doesn't own enough of it to create meaningful earnings after the huge dilution this year to the floorless convert holders.
Plus, today's ethanol margins are about as high as they can go. Any higher and lots of idled plants will be brought back on line. Too much capacity was built in 2005 - 2007.
Bill Gates has not been invested in PEIX for several years. He lost most of his investment.
Pumpers on Yahoo are also selling the same old falsehoods.
In the first 9 months of 2011 PEIX made a grand total of $229,000 of operating profit.
At the moment they are doing relatively well as ethanol prices are up and corn prices are stable. But that's just commodity cyclical stuff and the poor sugar harvest in Brazil. It won't last longterm.
And PEIX just sold 28 million shares at $0.30. That makes me suspect that maybe there is paid pumping going on.
Why do you say Q3 was awesome? PEIX broke even except for an accounting adjustment.
If awesome is breakeven, I'd hate to see just OK.
Interactive Brokers no longer shows quotes for UTOG. I don't know why.
Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.
Annual Report on Form 10-K for the year ended April 30, 2011 (the “2011 10-K”)
On July 30, 2011, the Audit Committee of the Board of Directors of Miller Energy Resources, Inc. determined that our consolidated balance sheet at April 30, 2011, and our consolidated statements of operations, stockholders’ equity and cash flows for the year then ended, as well as the report of KPMG LLP dated July 29, 2011 on such statements, all as included in our 2011 10-K, should not be relied upon. The 2011 10-K was filed with the SEC on July 29, 2011 prior to KPMG LLP completing its review of the annual report and issuing their independent accountants’ report on the financial statements, as well as the consent to the use of their report filed as Exhibit 23.3.
8k filed this morning stating that they will have to re-state financials just published. Not sure they really got the KPMG audit signed off.
That is just not true. You are simply perpetuating penny stock myths.
Any company with a real product and real prospects would do almost anything to avoid even becoming a publicly traded penny stock. There are other better sources of capital for real businesses. Only the scams and hopeless cases resort to being a penny stock.
"many of the tech stocks today started out as pennies in the '80's.Pennies ,micro caps, could actually grow , if they have a saleable product or service, and aren't sucked dry by the MM's ,and shorts as they are trying to grow."
I guess those cheap $0.70 shares are now available for trading. Nice how they profit off the investors here.
Ok that's pretty funny. Where, pray tell, did you hear that? I do give you points for imagination.
I just went to pinksheets.com to see if I had overlooked information there regarding shares outstanding and whatnot.
Now they have a skull and crossbones caveat emptor warning there on BORK. That can't be good.
All of this discussion is very interesting but without a share count it is absolutely not possible to make an investment decision of any kind.
Whenever you buy something you must know the price to weigh whether or not it is worth the price. In this case we can say either that you don't know what it is you are buying (since you don't know what share of the enterprise you are buying) or that you don't know the price (since you don't know the price of the enterprise as a whole.
I'll tell you what. I'll sell you a piece of pizza for a dime. I will even tell you that it's a 20" pie. However I cannot tell you how many slices I am selling out of that pie. Anyone wanna take that deal?
The UTOG halt had nothing to do with those other ones. those were stocks that had barely traded in years and had made no filings for years.
The UTOG halt was done separately and for specific and different reasons. It is a misconception to think that the UTOG halt is somehow related to those other ones or that it is part of some larger government plan.
UTOG was halted because the SEC suspected it had been untruthful in something they said or it's promoters said.
So, what range of dollar amounts do you feel is appropriate as a value for the entire company, given the new financial statements and other information?
What would you say is the appropriate market value for the entire company based on the financials in the 10Q and other publicly available information?
The $25 million or so in assets appeared on the balance sheet by virtue of a transaction in which UTOG gave 10 million shares and 10 million warrants in exchange for a 75% interest in the Musselshell Prospect.
That value uses the share price at the time of $1.19 and an option value of $1.14 to determine the value of the asset. There is no independent appraisal nor is there any significant cold hard cash changing hands. If the transaction was done today the same asset would have a stated value of $10 million or so, not $24 million, due to the decline in share price.
It's a charade. To say those 10 million shares and warrants were worth $25 million is to say that the $400 million market cap of UTOG prior to this transaction was reasonable based on its $789 total assets. The real value of 10 million restricted shares + warrants was and remains worth a very tiny fraction of the $24 million.
The share price was ridiculous, the transaction value is vastly over-stated and UTOG's current market cap of $150 million remains absurd.
As regards the $2.4mm private placement of 1 million shares, it's a sure bet that the buyer of the shares is the same entity who owns the majority of the shares. The money spent on stock promotions could be paid by this entity, but instead was probably paid by the company using that entity's money. The placement says nothing about UTOG's true value.
It's all part of the game to entice unwary people to buy the stock.
Not only that, just 16 days ago the CEO paid $20,000 for 75% ownership.
On May 30, 2011, Paul Luna Belfiore (“Mr. Belfiore”) acquired control of four hundred eighty million (480,000,000) shares of the Company’s issued and outstanding common stock, representing approximately 75.33% of the Company’s total issued and outstanding common stock, from Martine Caron (“Mr. Caron”), and Russell L. James (“Mr. James”) in accordance with stock purchase agreements between Mr. Belfiore and Messrs. Caron and James, respectively, (the “Stock Purchase Agreements”). Pursuant to the Stock Purchase Agreements, Mr. Belfiore paid an aggregate purchase price of twenty thousand dollars ($20,000) to Messrs. Caron and James in exchange for the shares
I don't know if you actually believe what you are saying or whether you are just trying to convince others who might put in buy orders for the stock after the halt is over.
If you really believe what you are saying, you will likely end up losing a ton of money because of the belief. What you describe isn't what is happening at all. It's a myth perpetrated by promoters trying to get people to buy worthless paper in exchange for real money.
That's just the way it is.
Hi: Can you tell me why you say "SEC can lump a bunch of companies together that they have suspended trading on, and act like their all guilty of the SAME thing"
When I look at the suspension order I see only UTOG. What stocks was it lumped with? Is there a link to more information?
http://www.sec.gov/litigation/suspensions/2011/34-64576-o.pdf
Thanks
You are not being very polite. But you don't really care I suppose.
I am scaring people off because it angers me that this probable deceptive investment is making financially unsophisticated people lose money. I just get angry when people deceive for profit. I don't like to see dishonest people taking money from other people. And then it upsets me that the victims themselves eagerly close their eyes and deny the facts in front of their eyes. And then it upsets me when they become verbally abusive to anyone who expresses skepticism about their group self-delusion It's that simple.
The share price is showing the truth. When the company stopped updating the Ortsbo figures, the end game was upon us.
I don't see why they can't raise the price. Seems to me they can halt the current offering and start a new one. At a $2 per share difference that would be worth $10 million - plenty of money to handle the incidental extra costs.
Are these shares restricted from being sold into the market?
You have GOT to be kidding me. The company is valuing itself at 70 cents a share. That's just great! They couldn't even get some crappy Rodman financing at a 25% discount to share price. They had to give an 80% discount. Sheesh.
I'm a seller in the morning.
A short time ago this stock was ten cents. A company doesn't suddenly become worth 10x that except in rare cases when they really have something new that catches on big.
This one has been touting itself for years, tryig on one business model after the other. Why would you think it is suddenly a billion dollar company?
No one likes to be called names. I try very hard to keep some decency going, but that doesn't work with people who don't care about decency.
I do thank you for your civil words, though. I am always willing to have a civilized discussion with anyone based on facts and logic - it's the lack of honesty and decency that just really gets to me.
Oh well, the world is not always a pretty place, particularly in the penny stock world.
Of course, you are right. It is all opinion.
'Dumbass' is a lovely compliment. Thank you for your high class response.
Trash
On May 19th Planopenny advised another poster to think long term - that is not to worry that the share price was falling and that one should hold onto their shares and not sell. http://investorshub.advfn.com/boards/read_msg.aspx?message_id=63308540
To me, that advice is consistent with a pump and dump, enticing people to buy and not sell, so that insiders and promoters can sell at inflated prices.
Whether that price is the May 19 price of $1.15, or the June 7 price of $0.60, it makes no difference to the promoter - the advice will always be the same. Buy and hold.
That's the best explanation for the continuing price collapse amid all these 'enthusiastic' message board posters.
People here have been 'enthusiastically' adding all the way down. No one is talking about their misery watching their money disappear, which is what real people do as their wealth vanishes.
My opinion is that it's all bs.
I would say more likely that the selling is caused by promoters and insiders selling their shares at these highly inflated prices. Yes, even $0.60 is highly inflated.
There is no substantive value in this shell.
Not worried. Disgusted more apt.
Why does anyone have an opinion about anything that doesn't affect them directly? People do, that's all.
And you questioning my motives is simply another distraction from the plain facts here that no value exists.
Instead, why not say, "geez peter, you were right. The share price is down 50% from where you posted. I should have listened to you." And the answer is that, in all probability, the people posting here ARE selling the stock, but at the same time trying to get other people to buy it.
I believe the mission of this board is to distract investors from the real factsa about PSPW. Price follows from value. Value must be substantiated or it simply is not there in almost all cases.
Here's my earlier post and a typical post in reaction.
petermic Share Friday, May 20, 2011 10:26:49 AM
Re: Crusader post# 32335 Post # of 34675
For 20% of the company, we got nothing from Viewpoint. Or you can say for 60% of the company we got Seawind. Either way it's a huge price to pay for the assets.
I'm seeing very little of real substance in any of the transactions or partners.
CR&P is probably an empty shell.
Seawind is almost an empty shell.
We have 100 million shares outstanding and there's no substance that I can find.
Crusader Share Friday, May 20, 2011 10:37:31 AM
Re: petermic post# 32507 Post # of 34674
petermic: All opinions and conclusions,
your DD needs to be based upon your own work/facts and not hearsay. Where's your evidence? Post links and facts!
Nice hearing from you, but I will not do your DD for you and every other doubting thomas who pops up on this board looking for an easy buck.
Hasta la Vista Baby!
That is a surprisingly sound reply. Very unusual.
And yet, it is you, I think, who is participating on the PSPW board. Not much difference there. PSPW is all talk, no substance, just like any other stock promotion.
There's always that 1 in a hundred, or 1 in a thousand, example that breaks the rule, but the odds are not with PSPW.
Well, I'm no fan of Rufus, having been one of the early posters speaking out against the fraud.
Still, I cannot cheer the suffering that this man will now commence to experience. Justice may be served but the victims will remain victimized. I'm not saying he should go unpunished, but rather than glee I feel only sadness for the pain he has caused others and himself. I was never one to enjoy an execution.
Still with the personal insults. I've had enough. I've lost my desire to post on either INT board.
I see no one is taking my bet on the share price. I will leave by reiterating my price target - 10 cents. Time will tell.