is close to bankrupcy
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'Royalflush1' Americano used to tell us that Jaime Melgarecho's dad was ex president of Bolivia. Therefore he carry lot of high end connections and influence that matters in S.A. But look like Taxan Lord Pity successfully knocked him out. But so far our experience with this Taxan is not as good(I mean in term of PPS) as with the other one in the White House.
'nvestn4newshooz' as I wrote before we all are bonded to this stock b/c of our losses. No where to go with empty bowl. Never wish any bad but some time can't resist sharing how I feel.
There are lot of veterans here and most of them are only watching with no comments b/c they feel their credibility is hurt by presenting any bright scenario. Another reason to avoid some pie in the sky kind of statements is to prevent any novice investor sinking his hard earned money here b/c of that.
Most of old guards are here b/c of one of our friend, Americano, who couple of years ago was a strong supporter of this company. He was instrumental in getting most of present day veterans into this until such time that he just faded away and never came back. He left when Jimmy was still CEO and Chairman. What can u say about that person? IMP
'nvestn4newshooz' good to keep your hopes still alive. We have become used to follow shadows of possibilities.
'sps50'I wish you heard it right from HQ. Just joking. You know we are clinging to that hope for a very long time. It has always been risky to invest into any pinky but we never considered it one. Therefore we sank boat load of our dough into this play. Didn't sell any of my shares and am waiting for miracle here. IMHO
'sps50'
"All the financing is being done behind the scenes."
I doubt b/c if that would have been the case Lord Pity would have already used all medias to announce that. No CEO will never go for dilution at prices as low as he did if he had any remotest chance to sell at any better price and that too by only issuing another PR. You know our PR machine is trigger happy.Any such negotiation could generate legitimate interest into this company and PPS would have took off.
'dendiamonds' My concern is that the management has opened several fronts. With all those fronts open, there are some expenses involve. The overheads at present look like that of a full fledged revenue generating corporation. With no revenue and no financier we are diluting it fast toward 0.0001. In such case dollar save is dollar earned.
Then question will arise whether or not Mr. Pity will keep his spirit up and fight on or will suddenly lay down his arms with the statement for us that he tried his best but failed to turn it around.
With Jimmy around we were still not generating any revenue but at least we were not having so much expenses and therefore PPS was not close to no where.
I have no doubt about the intentions of Mr.Pity but must say he looks like a too optimistic a leader. We have arrived at a situation where we can say that nothing in hand and every thing is in bushes. JMHO
'nvestn4newshooz! Very nightmarish situation, well described by u as,
"...but I'm afraid that the clock will expire on them before they can get something tangible moving..."
'Rasica' You are welcome. It seems Dinar is under tremendous upward pressure. May be we will see rapid rise of dinar from here. IMO
'Mtclimbervt' It is not a question rather a reference in inverted comas to the article/news you have posted. The news says that FMNJ has bought the exclusive right for use of GTL technology developed by Texas university. I mean this part of that news carry a lot of credibility for FMNJ. Yes company has no money at this time but with that exclusive right, it must be easy to find a deep pocket investor very soon. IMP
ISX opens with huge contract on Sun.
Basra - Voices of Iraq
Sunday , 07 /09 /2008 Time 6:33:06
BAGHDAD, Sept. 7 (VOI) - The Iraqi Stock Exchange (ISX) opened its session on Sunday, the first this week, with one contract worth 10 million shares.
The contract was concluded by an Iraqi company, which bought the shares from Basra Bank at a value of 1.25 Iraqi dinars (1 U.S. dollar = 1,118 Iraqi dinars) per share.
The Iraqi Stock Exchange, established under Law No. 74 of the year 2004, held its first session on June 24, 2004. The stock market holds three sessions a week: Sunday, Tuesday, and Thursday.
SS (P)
"What is the big letter that this gentleman has Pity? That he bought the exclusive rights to a plant for converting gas to liquid (GTL) that produced a university in Texas. The company called International and Sinfuels is that he stayed with the patent and gave the exclusivity of technology management of this plant, precisely, Franklin Mining Inc.. for that develops in Latin America."
'Mtclimbervt' the author having recognized that FMNJ has bought exclusive rights to use this technology is itself a great news for any reader here. It provides a great credibility to this tiny company even if it has no funds at the moment. It is just like a guy invented RIM technology in his garage but then sold it to the one presently called of RIM, one of the blue chip company.
Not every thing bad is there. IMO
'strongtower' do u think banks will rip off as much as the dealers will? I have no comparison of existing spread the dealers are offering as compared to banks. Until such time I am not in position to say anything. Is it not that bank will follow the exchange rate CBI will fix at the time of announcement?
Yes in case of dealers, they can take advantage of seller if and when LOP is announced. But if some one has bought dinars from one of the big banks, they should not worry for getting ripped off. I have bought from Scotia Bank and am sure they should have no hesitation to replace them even after the LOP is announced. IMO
'imanjen13' FMNJ will never sell Escala since it is a 1st step before they embark on developing mega deposit of Cerro Rico mine. Escala will work like a laboratory and getting acquainted with the pros and cons of mining and thus build an experienced team to start the big venture. In my view Bill may, if at all he has to, sell those GTL venture and continue with mining. IMO
That said the only thing that concerned me is the circumstances the SIL and CDE is going through. May be it is b/c of the those companies, the Bill is paying more attention toward GTL plants. Time will tell about that. IMO
'opportunist'
Your Father in law right. I have received an email Jason Hommel and seems like you are hearing right kind of rumblings.
Silver has Run Out, Now!
(Just try to find some!)
Silver Stock Report
by Jason Hommel, August 20th, 2008
For a long time, people have been asking me, "When will silver run out?". They know that the world uses up more silver each year (about 850 million ounces) than the world mines (about 600 million ounces), and that existing demand can only be met by selling existing inventory (such as recycling 200 million ounces, or goverments selling 50 million ounces), so it's a natural question to ask. The question is not implying that mankind will be unable to mine any more. Rumor is that there remains at least about 14-16 years of silver in the ground at "current" prices; while at much higher prices, silver mining becomes more economic, and more deposits can be added to that "in ground" reserve number.
So, the question is really just asking, "When will we run out of "excess" above ground silver that can meet the supply/demand gap, so that the price will begin to really take off upwards?" Clearly, the world has silver in supplies above ground, and such silver supplies are dwindling in order to meet the supply/demand gap. About two years ago, the world started adding to above ground silver supplies as silver investors started buying, (and the silver surveys label investor buying as a "surplus". However, silver recycling was still greater than new stockpiling, which continued to deplete overall silver supplies.
Such a question as "When will silver run out?" cannot really be answered in advance, since nobody really knows how much silver there is, and who owns it, and at what price they are willing to sell it. Again, that brings us back to the nature of silver; it's inherantly private wealth, held anonymously. Estimates on "above ground" silver, in refined, deliverable form have ranged from 300 million ounces to 1 billion ounces, to about a high of 4 billion ounces if you include jewelry and flatware, up to 20 billion ounces if you include all forms of silver that have not ended up in landfills, out of the total of 43 billion ounces of silver estimated to have been mined in all of human history. Furthermore, nobody is arguing that the last bit of silver that exists needs to be consumed before the price rises substantially. The question is really about when will all the unwanted silver, in so-called "weak" hands of holders who don't really want it, be sold, to allow the price to rise to meet the majority of the expectations of the remaining wise investors who have planned in advance to actually store up some of the rare stuff.
But finally, I think the answer has arrived. The answer is "NOW!" Silver has run out, now! Or, in other words, most of the cheap silver has run out.
There are two excellent articles on the shortage of Silver that I'd like to bring to your attention if you have not already seen them:
This one is by "seekingalpha", and is very excellent, and very comprehensive.
The Disconnect Between Supply and Demand in Gold & Silver Markets
(August 18th)
http://seekingalpha.com/article/91357-the-disconnect-between-supply-and-demand-in-gold-silver-markets
The article goes over how the silver shortage is also affecting India.
He also covers the paper silver fraud that is commonplace and "standard business practice" in Wall Street brokerage houses.
This next article is short and powerful, and written by a coin dealer:
The Disconnect Between The Physical Gold and 'Paper Contract' Markets
(August 19th)
http://www.numismaster.com/ta/numis/Article.jsp?ad=article&ArticleId=5093
What's amazing is that last year, net physical silver investment demand was estimated to be about 30-60 million ounces, or about $1 billion worth.
Today, with 90% of the people in the U.S. being concerned about inflation, and a growing awareness of the danger of banks going bankrupt, there ought to be about 90% of the $14,000 billion of money in the banks that should be seeking to buy either some silver, or gold.
So, where do you think silver prices are headed? How can most of $14,000 billion enter a market of $1 billion that is already suffering a shortage, and prices not go up, a lot?
And oh yes, what about that current low price?
There's a short story that goes something like this. A lady wants to buy sausage. There are two butcher shops next to each other, one advertises $1.99/lb., the other advertises $2.99/lb. She goes to the $1.99/lb. shop first. But there's no sausage, they are out. So, she goes across the street, and sees sausage for $2.99/lb., and promptely complains about the price. "Why don't you sell it for $1.99/lb like the other guy?" Butcher answers, "Lady, when I'm out, mine is $1.99/lb, too!"
Price means nothing if you can't get the product. Many people are still sending money to dealers who will take your money, but have no silver, and no idea when they can get it.
Be very, very careful about ordering silver right now. Demand to know exactly when they can deliver. If they can't guarantee delivery within a week or your full money back, then consider that they probably don't have it!
Here's what I suggest. FIND YOUR LOCAL COIN SHOP and go there, in person. Or visit the dealers who are recommended at:
www.find-your-local-coin-shop.com
In fact, now might be a good time to meet up other Silver Stock Report readers.
I suggest that everyone visit their favorite local coin shop on September 1, at 1PM. That's a Monday.
Sincerely,
Jason Hommel
'imanjen13'
"Howard Dunn, P.E., is returning to Bolivia earlier than planned to supervise final testing and preparation for upcoming site visits by potential purchasers of zinc and other minerals."
Fortunately today's PR does not say that they are going to sell Escala mine. It is rather to sell Zinc and other minerals on long term basis, hedging the future production at present prices.
I think that is the way to generate urgently needed funds. IMO
Stable demand for the dollar on Tues.
Baghdad - Voices of Iraq
Tuesday , 19 /08 /2008 Time 9:20:54
BAGHDAD, Aug. 19 (VOI) - Demand for the dollar was stable in the Central Bank of Iraq's (CBI) auction on Tuesday, registering at $77.28 million compared to $76.91 million on Monday.
"The demand hit $21.82 million in cash and $55.46 million in foreign transfers outside the country, all covered by the bank at a stable exchange rate of 1,187 Iraqi dinars per dollar," an official source from the bank told Aswat al-Iraq - Voices of Iraq - (VOI).
None of the 10 banks that participated in the auction offered to sell dollars.
The Iraqi Central Bank runs a daily auction from Sunday to Thursday.
http://www.aswataliraq.info/look/english/article.tpl?IdLanguage=1&IdPublication=4&NrArticle=89961&NrIssue=2&NrSection=2
'realest' I'm as much interested to see my investment appreciate here as much the invading countries wanted to secure their oil supplies. Rest is all the modis operandi and nothing else. The crime is that in the process hundreds of thousands of innocent human beings were perished. But I know this sounds like a lonely voice in a herd blinded with selfish and narrow interests. IMO
With that I am off for couple of hours.
'realest' It is good for Dinar if there is no conflict in the region. But this news is not good for US and other Western allies since they like to alienate Iran and curtail her growing influence in the region. With the Northern Alliance in power in Afghanistan and pro Iran Shia government in Iraq, Iran has already came out the lone winner from this Bush's war.
Iran ready to offer technical services to Iraq – minister
Baghdad - Voices of Iraq
Monday , 18 /08 /2008 Time 5:28:53
BAGHDAD, Aug. 16 (VOI) – Iran's energy minister said his country was ready to offer technical services to Iraq in the fields of energy and electricity, expressing content with the current level of cooperation between the two neighboring countries, according to Iran's news agency Fars.
"Iranian experts, who acquired a good know-how in setting up power stations and extension of high-pressure lines, are ready to offer their experience to their Iraqi counterparts," Pervez Fattah said after receiving visiting Iraqi Electricity Minister Kareem Waheed.
Iraqi Deputy Premier Burham Saleh had paid an official visit to the Iranian capital Tehran on Wednesday, leading a delegation that comprised Waheed, Trade Minister Abdelfalah al-Sudani and other government officials.
Saleh met with Iranian President Mahmoud Ahmadinejad and other Iranian officials to discuss means to activate economic agreements and supplying Iraq with electric power as well as other topics of mutual interest.
Fattah said the Iranian companies were ready to participate in the international tenders in Iraq to launch projects in the spheres of energy, water and sewage.
Waheed, for his part, praised as "distinguished" relations binding Iraq and Iran, noting the Iraqi government is welcoming cooperation with the Iranian companies, reported Fars.
Waheed had told Aswat al-Iraq – Voices of Iraq – (VOI) on Friday that the two countries signed an agreement to provide Iraq with 4500 megawatt of electricity.
"Iranian companies will carry out a project of a power station with a capacity of 320 megawatt in the eastern Baghdad district of Sadr City," he said, adding that Iranian companies have also finalized designs for another power station in al-Hadariya area, Najaf province, 180 km southwest of the Iraqi capital Baghdad as a gift for the Iraqi people.
AmR (S)/SR
I got the same in my IBox.
'Leisure Man' Some body rightly once said that never average down when share prices is not going any where except sliding down. Since this stock seems like range bound I think I will trade it too when ever it pops hence forth.
Translation of the news.
In this regard, the holder of Fomicruz, Miguel Angel Ferro, elaborated that? We are signing a letter intent between FOMICRUZ SE Franklin Oil Gas and Argentina to open the possibility that the company signatory begin the process of private initiative within the next thirty days to build, in Punta Keel Puerto Santa Cruz, an LPG plant that will transform 6 million cubic meters of gas in an estimated fifteen to twenty thousand barrels of diesel fuel, naphthas, kerosene and other derivatives.? <br> <br> ? This project aims to use gas with the installation of a generator of 250 megabytes, which will require an investment of 980 million dollars and a construction time of 24 to 36 months?, Ferro specified. <br> <br> For his part, Daniel Peralta, noted that? This government aims to accompany power generation, according to the diversification of energy matrix to which Argentina is betting? and valued private initiative Franklin Oil which is also operating in Tierra del Fuego, which like Santa Cruz has the potential to work in a joint effort represented by this letter of commitment that will become a legitimate investment project?. <br> <br> Finally the owner of the Franklin Oil Company, William Petty, stated that? Look with great optimism the possibility of working with this province in transforming energy with the same determination with which we work with other foreign companies.? <br> <br> <br> <br> Admission to industrialization <br> <br> In dialogue with the local press, Daniel Peralta described the agreement with the foreign company as the definitive entry? To the industrial stage of Santa Cruz? While commending the work of the state mining? trying to attract investments to diversify our energy and economic matrix?. <br> <br> ? Now we can say that we have the possibility of a genuine energy that will be boosted by the National Interconnected already in Pico Truncado and next to reach hope, Rio Gallegos, El Calafate and Rio Turbio? Said provincial representative , While adding that? This series of projects are possible thanks to the planning that the nation state has done.? <br> <br> Referring to the demand for jobs that would create such works, the chairman of Fomicruz, Miguel Angel Ferro, said that? Solely on construction of the plant between 2000 and 2500 will generate jobs, while the operation of the same deal between 400 and 500 operators?
'getthem1' Well said. We are all bonded by our losses and even if we like can't go anywhere. No body should take it to his heart when people say some thing out of shear frustration of seemingly ever lasting wait for accomplishment of any declared mile stone so far. Long too long
'Vianna' thank u for your innocent and unbiased statement that I have ever read from any moderator during my couple of years experience at such boards. This statement can be classified as most honest advice for any newbie or experienced folks here. I suggest to all those moderators who take it on them to pump their stocks in a way that most of the time prove disasterouse for thousands of investors on these boards.
I suggest you include this post of your in IBox.
Was this early morning jump a reaction to Morales win in referendum?
http://news.bbc.co.uk/go/rss/-/2/hi/americas/7551994.stm
'overachiever'thank u for your PM. I agree with you one 100%.
Do u think it is possible? That means if some one has 10M shares he will get $124000.00 as Dividend. Just think about the billion of shares out there and this pinkie is throwing away hundreds of million of dollars.
Thanks.
'powerup10' test are reported as positive and only anxiety is b/c of nonavailability of follow up production report. That should have been a top priority for this company and once production is stream line and revenue start flowing in, the sp will stabilize at a respectable level. Then it is a time to expand the efforts into different ventures. Some body should tell them that one in hand is better then two in the bush. IMO
I wish I am wrong in my assessment. GLTA
Iraq resumes oil exploration after 20 year hiatus
By Steve Goldstein
Last update: 6:06 a.m. EDT Aug. 8, 2008
Comments: 13
LONDON (MarketWatch) -- Iraq said it's resuming oil exploration after a break of nearly 20 years due to United Nations sanctions, wire services reported from Baghdad. Exploration will start at the Al-Garraf field 220 miles south of Baghdad. End of Story
http://www.marketwatch.com/news/story/iraq-resumes-oil-exploration-after/story.aspx?guid=%7B91DC03DE%2DC721%2D495E%2D9366%2DA0D2C41E1337%7D
What difference it will make? I can give many examples for penny stocks those are on OTC exchange for years but have not moved beyond 0.0001. Exchange does matter only when companies show some real progress on the ground and do not depend solely on dilution for there operating expenses.
Some time I think all these LOI's or MOU's are nothing but a diversion tactics from the real issue here and that is Escala. I fear they face some serious issues there and they are trying to divert our focus from basic purpose of this company. Still long and not able to go any where with what is left in this investment. JIMHO
Subject: Fw: Saddam in heaven .. Watch it (Speakers On)http://by136w.bay136.mail.live.com/mail/ScanAttachment.aspx?messageid=52d38421-a4a9-4bab-a4f9-33c093b0e661&bissafe=True&attindex=0&cp=20127&attdepth=0
You mean that banner for Franklin Oil and Gas. Yes couple of days ago some one posted that link here.
'stockmavin' SEC do take notice of the complaints. Yes they do not reply most of the time but any complaint bring a company under focus. It happened to me when I asked by email about a company named CSHD. They initially told me that there is no complaint against that company. But soon after they stopped the trading and then booted down to grey market and recently court decision against its CEO.
Therefore it is not useless to launch a complaint when necessary and wait for the action from SEC. IMHO
'tmcc' Thank you.
I agree with you one 100%.
You remember once they even gave away the contact number of Rothschild Investment Bank in NY for verification. Nobody in this business world afford to have their name being used by any scam artist and get sued. But then their is question why these high level contacts never came up to a level where one can say ok now FMNJ is backed up by their huge resources. That is still a mystery. However one thing can be said with confidence that since taking over as CEO, Petty has brought this company out of a stand still and is busy achieving a breakthrough in so many directions. I think our investment is safe as long as he is CEO of this company. JIMHO