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Yes, great catch their TTR. And Jambam...and all along I'm out searching for the infamous Mr. O'Riley. Looks like I was a couple of letters off...
I'm just trying to read L2's and I don't quite have the "eyes" yet. I'm not interested in catching a falling knife here. Let's see how the day plays out but have sold some shares in a double I have to free up some cash for SPZI.
You think this is just MM's trying to trigger GTC sells on SPZI? I've liked the consolidation and was looking for my next entry point...
"this is not a shareholder 'common' friendly company for sure"
Do you mean PBLS or do you mean the so called "new partners?"
If you mean PBLS, I have to agree. If you mean the new partners, I have to disagree. Part of the rumors floating around yesterday is that the "new partners" were ticked about the Pinksheets Yield Sign and brought it up in the meetings that they want it fixed now. If that's true, that's awesome. We might finally have a voice. Secondly, the rumors also go that these "new partners" have made all of their money by investing in and helping grow publically traded mining companies. If that's true, then PBLS is going to have to become a "common" friendly company for sure. The partners history seems to suggest that they would rather buy common and blow the roof off of earnings as they grow the company. If that's true, that's awesome.
I for one don't trust anyone and certainly not runors. I'm trying to confirm the existence of these "new partners," their history and whether or not they are in fact working with PBLS now. For me, the verdict is still out which is why I haven't bought more yet. If it dips sub-penny I will buy, but only on a technical play.
As always, in my opinion.
Ren
Thoughts on a R/S (crazy for me to bring it up)...
Someone PM'd me about what would happen to the Preferred Stock if PBLS does end up doing a R/S. Unless Nevada law says differently, I believe that these boys do hold the right to R/S any equity share that they have outstanding, whether its common, warrants, options, convertible preferred and "standard" preferred as long as the majority vote approves it. Nevada might have different provisions as state law is given precedence, but I don't find any evidence that Nevada Law is different. I believe that because the Preferred Shares that are received from exchanging common shares are voting, the majority of the holders of those preferred shares have to approve a R/S of those specific preferreds.
Now I haven't heard anything from IR or management that makes me think that a R/S is going to happen, but any and all things are possible. But here's one interesting thing I found out about R/S. If they did decide to do a R/S of common shares without a vote from us, they would have to do a R/S on the Preferred III as well because they are convertible forward to common. So in effect, a R/S of common would be doing something that is detrimental to their ownership assuming that Paul, Ron and Carolyn own the Preferred III's.
I'm no lawyer so please do correct me if I am wrong. All I did was google "preferred stock reverse split" and go from there. Just trying to tie up loose ends. Again, I think the fact that the Preferreds received from the offer that they extended on Monday have voting rights, PBLS can't just choose to R/S them with a vote by everyone. Again, if they do a R/S of the common, it in effect would produce a R/S on the Preferred III's which we all believe to be held by the Bayou boys.
Here are some examples of companies that did R/S the preferreds. Pay close attention to the link from Occam. Their Series A-2 Preferreds seem to be similar to PBLS' Preferred III's...
http://www.law.uc.edu/CCL/InvCoRls/rule18f-2.html
Rule 18f-2 -- Fair and Equitable Treatment for Holders of Each Class or Series of Stock of Series Investment Companies
http://www.occamnetworks.com/news_and_press/press_releases/pr134.cfm
“As of February 17, 2006, Occam had shares of common stock issued and outstanding. Including 356,265,536 shares of common stock to be issued upon conversion of outstanding series A-2 preferred stock and warrants, the company had a total of 631,667,076 shares of common stock outstanding on an as-converted basis. Post reverse split, the company will have approximately 6,885,039 common shares issued and outstanding and a total of 15,791,677 shares outstanding on an as-converted basis. As a result of the reverse split, the conversion ratio of our Series A-2 preferred stock will be proportionately adjusted which will decrease the number of shares of common stock issuable upon conversion of each share of Series A-2 preferred stock from approximately 90.9 shares of common stock to approximately 2.27 shares of common stock.”
http://investor.poniard.com/faq.cfm?faqid=2&mode=test
“Following the reverse stock split, which became effective at 5:00 p.m. Pacific Time on Friday September 22, 2006, every six shares of Poniard issued and outstanding common stock automatically were combined into one share of common stock. There is no change in the par value of such shares. The reverse stock split results in similar adjustments to Poniard's outstanding stock options, warrants and convertible preferred stock.”
http://www.marketwatch.com/news/story/milacrons-1-for-10-reverse-stock-split/story.aspx?guid=%7BCF61....
“Milacron now has approximately 5.6 million common shares as well as 6,000 shares of 4% preferred stock outstanding. Including its 6% convertible preferred stock on an "as converted" basis, the company now has approximately 11.3 million fully diluted common shares. Common stockholders otherwise entitled to fractional shares are receiving a cash payment in lieu thereof, while fractional shares of the 4% preferred stock are being issued to qualified holders.”
Funny you should just mention sub-prime...
I just had an Indymac rep call me and tell me that they are pulling all their subprime products and that I need to "lock anything and everything I can." He was almost frantic. Wells Fargo already dropped them but now are going to drop their Alt-A programs too (Stated loans, Jumbo loans etc). I'm watching AE's for all of these lenders quit, change companies etc. Two weeks ago my Bear Stearns AE quit Bear, went to ABC, and the next week ABC stopped writing new business and she now she is out of a job. I might hire her in my office though just because she's a good tactician...
The market correction that is occuring now will be the push over the edge for many of the remaining sub-prime lenders. No one wants to invest in financials. No one will be there to buy their bonds. So they can write high risk loans but have no one to sell them to, which means they stop writing. None of the prime lenders want to hang their fanny out there since appreciation is stagnant in most of the major markets.
Weird thing about the current market...probably is one of the best buying opportunities to buy in ten years but it's much harder to get the financing to buy. I'll tell you this, folks with deep pockets are virtually stealing property right now...short sales, foreclosures, developer incentives...buying at the bottom is fun but I feel for the families that made the unwise decision to trust in appreciation, ARM's, and the ability to sell before their gamble caught up with them. Moral of the story, buy what you can afford to pay for at fixed rates.
Back to the grind...got to go "lock, lock, lock!"
Ren
It just remains to be scene whether or not the ratings will have a genuine positive effect down here in the garbage dump that is the pinks...
Agreed and agreed.
OT - Wood
SLJB bit me because I got greedy. It was the first and only scam I have ever played, and ever plan on playing. CKYS bit me because I assumed PR's are truth. Live and learn. Will PBLS bite me? I don't know, but time will tell and I'm learning a little bit more about how not to get bit each time I get bitten.
Sorry for the painful reminder...just learn from past mistakes. Don't trust anyone, even me. I'm just a screen name on a message board...
WOW look at that volume...HUGE...
(sigh.)
OT Gnulnx
That's what my wife calls sports...and here, here to the approach of football season...
Play nice everyone. (Including me.)
Let's stay on topic. Any new tidbits of information on the Waste Management or Mining connections and our "new partners?"
OT - Asus
Sorry that you bought the party line back then. I know you've been roving around from stock to stock since PBLS failed you. If you feel the need, please do come back to the confessional here and tell us how angry you are...its completely understandable. Guess you put all the chips your were holding on the table with this one and feel you were burned. Hey, look on the bright side, at least it's not as bad as putting all your hard earned money into SLJB and loosing it all again. Sorry about that too. I hope that RLTR treats you better. It seems to have tons of real potential.
GLTY
Ren
I've been watching the show for almost 16 months now. I just can't decide if its a comedy, a horror flick, a drama, an adult film, or some sick combo of all four (think Sin City).
And tedwitt you're not allowed to answer this one...;)
Everyone gripes but no one sells. That's a great observation roach and very, very true.
The "massive amount of nothingness" could be wrong. The fact is that this didn't go sub-penny. That's huge considering board sentiment and the increase in the A/S.
Sadly, I kind of want it to go sub as I could average down again.
Either way 5.2M in volume today is pathetic.
Shhhh...don't tell anyone but I hide that stuff in posts all the time. No need to give the address.
Unless we see some eod volume, we might not see 6M shares trade. Crazy...hookers with the clap is right...
Board:
Thanks so much for making the mod's job somewhat easier for the most part with this crazy stock. Lord knows that the Bayou Boys don't make our job easy. We all get ticked at some points and we all certainly disagree on most points, but collectively, we have been able to bounce ideas and DD off of each other.
Things are always prone to get nasty when certain posters come looking for fights. I expect a few more to migrate this way once they lose their audience from other boards. Be smart, don't waste your time. "Don't have anything to do with foolish and stupid arguments, because you know they produce quarrels." We all waste too much time posting on these boards so no sense in wasting more time by engaging in a useless debate.
Mostly, use common sense, watch your language, and don't attack the people directly with your words. Refrain from responding in pure emotion, type clearly and try to use a little bit o logic. We're all prone to attacking someone who peeves us, but they are TOU violations. Also, saying the same thing over and over and over and over is just annoying and the mods consider it spam, even if you are correct. Determining what is and what isn't spam is tough but if we deem that it's spam, it will be deleted. Also, all opinions are welcome. Just don't post it over and over please.
Well, that's my sermon. Welcome to the PBLS board everyone. Spend more time doing DD on the PR's and trying to crack the code of their claims than on arguing with each other and we all "win." And don't get angry at the mods if what you post is deleted. They are probably not going to change their minds. Take it up with iHub admin. They're the only one's getting paid.
Ren
You posted "before my time" here, so I have no reason to think you will do otherwise.
Ren
"expects to close this new acquisition within 90 days."
Ah...there's that ugly forward looking statement word again...
Shhhh...don't tell PA and RB...I don't know if they know yet.
ICBM board mood is now changing and what do you know, shocker we're up for the first time in 6 trading days.
Waiting to see what the close brings...
Don't tell my ego. He's rather unruly...
Notice the banned list. Some were casualties, but one in particular was better off "on the other board."
Depends on where you are buying. Contrary to popular opinion, housing IS NOT a national phenomenon.
1. What location do you want to live in?
2. How much inventory is there on the market including MLS and FSBO?
3. What are the average days on the MLS and how does that compare month over month for the past 2 years?
4. What is the percentage of asking price that most sellers are receiving on houses sold?
5. What is current property tax policy for the area that you are looking at? Have there been any changes?
6. What does your credit look like? Is it above 680? Do you need to pay down some debts to get a better DTI?
7. How long do you plan on holding the house you want to buy?
8. How much payment can you afford on a monthly basis without becoming "house poor?"
My suggestion. Don't listen to the media's spew. Do your home work. My primary residence is in FL. I bought in NC last year. I am about to buy in MS and in GA this year. All 3 were different property types and were bought for different reasons. GLTY
Ren
This PR might just be posturing to show the "partners" that they are keeping part of their end of the bargin by trying to reduce the O/S. Just opinion.
I think they are still trying to entice people to make the conversion. I think they expected a much bigger response than they originally received. Just IMO.
Ren
Goosfraba. ;)
(Remember the Dinovite my friend. I try to be on at least the side your dog takes.)
I know. I got a few of them too. It's all rubbish.
I just wanted to make a point after reading through the one's I got...Let's be big people here. This stock is 100% absolute gamble. Play it accordingly.
Actually, it wasn't your post at all Pnew. But new potential shareholders are supposed to see this for what it is right now...a semi-reporting pink with a gagged T/A, and thus the pps is where it is right now. The gamble is always on the future with this one. That's why you and I bought. And as much as we get aggrevated, the truth is we are ticked because the future seems to be a mirage. Time will tell.
I have absolutely no proof, just conjecture. When no one is talking about the something that used to be the big thing, that means it's probably either a dud or gone. I've personally written off all the O&G play here except for Best Aero.
In my opinion...(and I'm pretty heated right now after reading last night's posts)...
In 2005 they claimed to have $88M in assets. In 2006, they claim to have $125M and remember an attorney (who shareholders have met with and know lives and breaths) signed off on that. That's a growth of $37M or 42%.
In 2005 they claimed to have $7M in pre-tax N.I. In 2006 they claimed to have $8.6M in pre-tax N.I. Again, the attorney signed off on it. That's a growth of $1.6M or 23%.
Now assuming the Preferred 3's were the so called "poison pill" and that insiders simply hold them to protect their hold on the company. That leaves approx. $10M in outstanding Preferred's based on June 15th filings. Best we can tell is that they had approx. 400M in the O/S pre-Katrina. And now, let's say that they sold 1.35B shares into the market. Keep in mind that this doesn't even account for the Preferred 3 convertibility or any of the restricted shares they used for acquisitions. With that said, those 1.35B shares at say, average price of .02 would be worth $27M. But if you back out say half of that 1.35B for preferred convertibles and restricted commons, you would have 675M shares sold into the market. 675M times .02 nets you $13.5M.
So worst case, they sold $37M worth of equities to acquire $37M in assets. Logic says that the number is probably closer to $25M worth of equities to acquire $37M in assets. Still no evidence of long term debt besides the Preferred dividends (which are really an equity/debt combo).
Any growth company does this, whether on the AMEX or pinks.
Any growth company sees a lag in profits, as assets typically come first. MOST growth companies trade at a multiple (RLTR, SPZI etc etc), but not PBLS. The problem is that everyone (including you and I) want to treat PBLS like an AMEX stock when it's not. After all, we're about the only Pinks that actually OWNS something instead of JUST OWNING A DREAM.
Yes, the Bayou Boys definitely have an "over promising in their pr's problem" but WHAT WE'RE ALL TICKED ABOUT IS THE PPS...BOTTOM LINE. You can tell me sob stories about how they promised financials and how they promised to uplist and about how they were going to be the next Exxon with their O&G...blah, blah and I find myself getting ticked about it too because THEY'RE NOT MAKING ME RICH FAST ENOUGH.
THE TRUTH IS...IF THE O/S WAS 100B RIGHT NOW BUT WE WERE TRADING AT $1, NO ONE HERE WOULD BE COMPLAINING.
Everyone take a deep breath and say "goosfraba." Remember something...YOU BOUGHT A PINK SHEET STOCK! You're not married to a debutant. She's not an honor student. She didn't go to Harvard. You're married to a trailer park hooker. She's dirty and promiscuous and shady. She'll give you the run around. She'll cheat on you. She'll lie to your face. So what did you expect when you paid for her? (Ladies reading this please forgive if this insults...not my intention).
File a lawsuit. Sell your shares. Write your letters to the SEC. Their response: WHAT DID YOU EXPECT when you bought a non-reporting pink? SLJB got investigated because it's in Canada. The SEC went after CKYS because they claimed to have contracts with the Dept. of Homeland Security...majorly stupid. I bought them both, one as a scam and one as something that appeared to be true. PBLS said the O/S would be 815M in a forward looking statement. PBLS said that Pro-gas revenues could be $1B a year by 2007 in a forward looking statement. PBLS claimed that they would be fully reporting "soon" in a forward looking statement. Get the picture. What case do you have? What are you going to accomplish with the lawsuit?
Anyway, this is a harsh post and I'm not a harsh guy. Just cranky over a couple of posts from last night that I read this morning. I'm just trying to get some longs to clear their head and say "goosfraba" with me. Sorry, but there is SIMPLY NOTHING WE CAN DO ABOUT THE PAST NOW. Sorry, but WE'RE TRADING AT $.012. Sorry, but you're going to have to keep your day job for a little while longer.
But it's only been 22 months since Katrina and probably 18 months since they got back up and operational. Before Katrina they were a struggling defunct holding company that had rusty mining equipment and very little cash in the bank trading SUB-PENNY!!!. 18 MONTHS AGO! Now, we've seen the share price go up 300% in 2 years. Not bad if you bought 2 years ago, but most of us, INCLUDING ME, BOUGHT WRONG. We bought at the top and have been bag holding as these bumpkins try to shape up this defunct company using an infusion of cash from equities. Now, they are putting 100M in Preferred 3's in place to seemingly protect themselves from SOMEONE BIGGER. That's great news IMO.
I'm calmer on PBLS now than I was on June 15th. Let them increase the A/S. Let them sell a billion shares. Let them do what they think is best. After all, when I bought this hooker, I wasn't buying Murphy as much as the men running Murphy. They play dirty, but seem to be growing the company in such a way to move us towards the pay day that we all care most about. And now, it appears some folks even more confident than the Murphy boys are having a say and THEY OWN COMMON SHARES. Wait, a minute, I own common shares too. Could they in fact have my best interest in mind for a change? We'll just have to wait and see...
From One Bag-holder to Another,
Ren
SPZI running out of steam? <5M shares trade by mid day. On pace for 10M which is half of the 10 day average. Plus intraday looks weak IMO.
Weird thing about the run is that it all started with no news, no collective pump that I can tell. I don't see any of the big gurus promoting it...yet.
What stock? There's a stock here?
Working hard on it.
Board mood is nasty, worse than I have seen on PBLS. It's almost CKYS when the CEO got arrested by the MIB nasty.
That's good news IMO. Volume still there. I'll sit and wait with you. After all, I've got about $500 tied up in it so it's something to watch while watching the paint dry with others...
Speaking of loud noises...
Please no membermarks. Someone might think I know what I am doing.
And my problem with insiders is that I don't believe any of them so I never go there for info. Sadly, what you do find on PBLS is still mostly rumor, conjecture etc.
What about the neuvo-turd? You watching it. Looks like the mod just quit after loosing faith...