wondering where we are headed
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yikes! what a drop
wonder when 10K will be out?
no trades?
Sure did
I think Indy was going to update everyday. tomorrow would be 3
tHX g
yeah, big jump up before decline. Still in the green
LOL. my guess is you will be buying/holding for a bit.
when I go to http://www.ceonews.tv/awyi/ today, I have to hit refresh after page loads, then i can hear message #1.
Go to manage. Then manage sticky notes. Add post # 25841. That's it.
LOL, Nice. I like the rock and roll switch.
yeah, that name sounds familiar. :P
thanks Lil. As mod, can you make your DD page a sticky-note?
Just talked to INDY. He put audio message #5 back up @ http://www.ceonews.tv/awyi/ . If you hit refresh it should play OK.
He also stated that he will repost #1 tomorrow and keep updating until #6
Once upon a time a man appeared in a village and announced to the villagers that he would buy monkeys for $10 each.
The villagers, seeing that there were many monkeys around, went out to the forest and started catching them.
The man bought thousands at $10 and, as supply started to diminish, the
villagers stopped their effort. He next announced that he would now buy
monkeys at $20 each. This renewed the efforts of the villagers and they
started catching monkeys again.
Soon the supply diminished even further and people started going back to
their farms. The offer increased to $25 each and the supply of monkeys
became so scarce it was an effort to even find a monkey, let alone catch
it!
The man now announced that he would buy monkeys at $50 each! However,
since he had to go to the city on some business, his assistant would buy
on his behalf. In the absence of the man, the assistant told the
villagers: "Look at all these monkeys in the big cage that the man has
already collected. I will sell them to you at $35 and when the man returns
from the city, you can sell them to him for $50 each."
The villagers rounded up all their savings and bought all the monkeys for
700 billion dollars.
They never saw the man or his assistant again, only lots and lots of monkeys!
heh, nice.
I recently installed a new ceramic floor in a house that I rent out to a young family, only to witness their kids using it for their roller blading races.
maybe the name leaves a nasty taste in his mouth. It does mine
thanks bahouka!
no clue on how long.
Union has been working without a contract. what happens if they strike?
Most of the answers you guys seek can be found here:
http://www.sec.gov/cgi-bin/browse-edgar?company=Ariel+Way&CIK=&filenum=&State=&SIC=&owner=include&action=getcompany
Without having to sift through old reports again, I think in a sense it was like a loan that was suppose to have been paid back long ago. In retaliation, they have been converting the interest owed into shares at a bargain price.
However this is how it reads:
Preferred Stock
The Company has 5,000,000 shares of preferred stock, $0.001 par value per share, authorized of which 165 have been designated as shares of Series A Convertible Preferred Stock (“Series A Preferred Shares”) pursuant to a Certificate of Designation filed with the Florida Secretary of State on March 6, 2006. On February 28, 2006, pursuant to an Investment Agreement among the Company, Yorkville Advisors and Montgomery Equity (Yorkville Advisors and Montgomery Equity, collectively, the “Buyers”), the Company sold and issued to the Buyers an aggregate of one hundred sixty (160) Series A Preferred Shares for a consideration consisting solely of the surrender of the Prior Securities. As of June 30, 2008, 125.75 Series A Preferred Shares were issued and outstanding.
The Holders of Series A Preferred Shares shall be entitled to receive dividends or distributions on a pro rata basis according to their holdings of shares of Series A Preferred Shares when and if declared by the Board of Directors of the Company in the amount of five (5.0%) percent per year. Dividends shall be paid in cash. Dividends shall be cumulative. No cash dividends or distributions shall be declared or paid or set apart for payment on the Common Stock in any calendar year unless cash dividends or distributions on the Series A Preferred Stock for such calendar year are likewise declared and paid or set apart for payment. No declared and unpaid dividends shall bear or accrue interest.
Upon any liquidation, dissolution, or winding up of the Company, whether voluntary or involuntary (collectively, a “Liquidation”), before any distribution or payment shall be made to any of the holders of Common Stock or any series of Preferred Shares, the holders of Series A Preferred Shares shall be entitled to receive out of the assets of the Company, whether such assets are capital, surplus or earnings, an amount equal to $10,031 per share of Series A Preferred Shares (the “Liquidation Amount”) plus all declared and unpaid dividends thereon, for each share of Series A Preferred Shares held by them.
If, upon any Liquidation, the assets of the Company shall be insufficient to pay the Liquidation Amount, together with declared and unpaid dividends thereon, in full to all holders of Series A Preferred Shares, then the entire net assets of the Corporation shall be distributed among the holders of the Series A Preferred Shares, ratably in proportion to the full amounts to which they would otherwise be respectively entitled and such distributions may be made in cash or in property taken at its fair value (as determined in good faith by the Company’s Board of Directors), or both, at the election of the Company’s Board of Directors.
The Series A Preferred Shares shall have registration rights pursuant to a certain Investor’s Registration Rights Agreement dated the February 28, 2006.
In lieu of payment on the Maturity Date as outlined herein the Holders of Series A Preferred Shares shall have sole right and in their discretion to elect conversion pursuant to the conversion rights, at any time and from time to time at their sole discretion, as follow (the "Conversion Rights"):
F-13
--------------------------------------------------------------------------------
Each share of Series A Preferred Shares shall be convertible, at the option of the holder thereof, at any time after the date of issuance of such share, at the office of the Company’s transfer agent, pursuant to the Irrevocable Transfer Agent Instructions dated the date hereof, for the Series A Preferred Stock into such number of fully paid and non-assessable shares of Common Stock equal to the quotient of the Liquidation Amount divided by the Conversion Price. The Conversion Price shall be equal to, the lesser of at the option of the Buyers either: i) Ten Cents ($0.10) or ii) ninety five percent (95%) of the lowest volume weighted average price of the Common Stock for the twenty (20) trading days immediately preceding the date of conversion, as quoted Bloomberg LP.
At the Option of the Holders, if there are outstanding Series A Preferred Shares on February 28, 2008, each share of Series A Preferred Stock shall convert into shares of Common Stock at the Conversion Price then in effect on February 28, 2008. As of August 14, 2008, the Holder has not exercised or provided a notice of its intent to exercise the option.
Each share of Series A Preferred Shares automatically shall convert into shares of Common Stock at the Conversion Price then in effect immediately upon the consummation of the occurrence of a stock acquisition, merger, consolidation or reorganization of the Company into or with another entity through one or a series of related transactions, or the sale, transfer or lease (but not including a transfer by pledge or mortgage to a bona fide lender) of all or substantially all of the assets of the Company.
The Conversion Price of the Series A Preferred Shares as described above shall be adjusted from time to time pursuant to the terms and conditions of the Ariel Way Series A Convertible Preferred Stock. No holder of the shares of Series A Preferred Shares shall be entitled to convert the Series A Preferred Shares to the extent, but only to the extent, that such conversion would, upon giving effect to such conversion, cause the aggregate number of shares of Common Stock beneficially owned by such holder to exceed 4.99% of the outstanding shares of Common Stock following such conversion (which provision may be waived by such Holder by written notice from such holder to the Company, which notice shall be effective sixty one (61) days after the date of such notice).
The Investment Agreement contains certain negative covenants and other agreements of the parties. We are prohibited from merging or consolidating with any person or entity or selling, leasing or disposing of our assets other than in the ordinary course of business involving aggregate consideration of less than 10% of the book value of our or any target’s assets on a consolidated basis in any 12 month period, or liquidating, dissolving, recapitalizing or reorganizing. We may not incur indebtedness or become contingently liable for such indebtedness except for trade payables or purchase money obligations in the ordinary course of business. Also, the Investment Agreement contains restrictions on our ability to issue or sell common stock, preferred stock, warrants, options, or similar securities, or on our ability to enter into security instruments granting the holder a security interest in assets of the company or any subsidiary, or filing a Form S-8 registration statement. We may be deemed to be in default under certain of these provisions or agreements.
On February 28, 2006, the Company pursuant to an Investment Agreement by and between Ariel Way, Inc. and Yorkville Advisors and Montgomery Equity (collectively referred to as the “Buyers”), Ariel Way sold and issued to the Buyers 160 Series A Preferred Shares for a consideration consisting solely of the surrender of certain Prior Securities.
On April 21, 2008, the Company executed a Forbearance Agreement (the “Agreement”) by and between Ariel Way, Inc. (the “Company”) and YA Global Investments, L.P. (formerly Cornell Capital Partners, LP, a Delaware limited partnership (“YA Global”) or Yorkville Advisors and Montgomery Equity Partners, Ltd., a Cayman Islands exempted Company and wholly owned subsidiary of YA Global (“Montgomery” and together with YA Global, the “Investor”). Pursuant to the terms and conditions of this Agreement, the Company is among others, obligated to amend (the “Amendment”) the Company’s Articles of Incorporation related to its Series A Convertible Preferred Shares (“Preferred Stock”) as follows:
a.
Holders of Preferred Stock will be entitled to receive dividends or distributions on a pro rata basis according to their holdings of shares of Preferred Stock when and if declared by the Company’s Board of Directors at an annual rate of eighteen percent (18%) effective as of the date hereof; and
b.
the Conversion Price as set forth in the Preferred Stock shall be equal to the lesser of (a)Ten Cents ($0.10), or (b) seventy-five percent (75%) of the lowest volume weighted average price of the Common Stock as quoted by Bloomberg, LP during the twenty (20) trading days immediately preceding the date of conversion.
The Agreement identifies the following as events of default under the provisions of the Series A Preferred Shares: (i) the Company’s inability to reserve and keep available out its authorized but unissued shares of common stock a number of shares sufficient to effect the conversion of the Series A Preferred Shares and (ii) the Company’s inability to call and hold a special meeting of its stockholders within 30 days of the time that it no longer had a number of shares sufficient to effect conversion of the Series A Preferred Shares, for purposes of increasing the number of shares of common stock. The Agreement provides that the Investor will forbear from exercising its rights under the Investment Agreement and related transaction documents relating to such events of default until September 6, 2008, so long as the Company strictly complies with the terms of the Agreement and there is no occurrence or existence of any other event of default other than the existing defaults. The Agreement also provides for the amendment to common stock purchase warrants to purchase an aggregate of 1,000,000 shares of common stock that were issued on February 28, 2006, to reduce the exercise price of such warrants from $0.010 per share to $.001 per share. Also pursuant to the Agreement, the Company agreed to issue to YA Global a
F-14
--------------------------------------------------------------------------------
warrant to purchase an aggregate of 500,000,000 shares at an exercise price of $.001 per share for a period of five years from the date of issuance. The warrant may not be exercised for shares of common stock if, upon giving effect to such exercise, such exercise would cause the holder and its affiliates to own beneficially in excess of 4.99% of the outstanding shares of the Company’s common stock, except that such restriction may be waived upon 65 days prior notice to the Company. The warrant contains a cashless exercise provision, certain anti-dilution provisions, including a price anti-dilution provision, a piggy back registration right, and other customary provisions.
On June 20, 2008, Ariel Way, Inc. (the “Company”), amended and restated (the “Amendment”) its Certificate of Designation (the “Certificate of Designation”) for the Company’s Series A Convertible Preferred Stock (“Series A Preferred Stock”). The Amendment was filed on June 13, 2008, and was accepted for filing by the Division of Corporations of the Florida Department of State on June 20, 2008. The Amendment was made pursuant to the terms of a Forbearance Agreement, dated April 21, 2008, among the Company, YA Global Investments, L.P. (formerly Cornell Capital Partners, LP, a Delaware limited partnership (“YA Global”)), and Montgomery Equity Partners, Ltd., a Cayman Islands exempted company and wholly owned subsidiary of YA Global.
The Amendment effected the following changes to the designations and preferences of the Company’s Series A Preferred Stock:
1.
Increased the amount of dividends or distributions that holders of the Series A Preferred Stock are entitled to receive pro rata on their shares when and if declared by the board of directors from 5% to 18% per year of the liquidation amount. The Amendment now provides that such dividends or distribution shall be paid quarterly on the first day of March, June, September and December of each year, and that such dividends shall begin to accrue and shall be cumulative as of May 31, 2008. Further, the Amendment provides that accrued but unpaid dividends may be paid, at the option of the holder of the Series A Preferred Stock, in cash or shares of the Company’s common stock. Prior to the Amendment, the Certificate of Designation provided that such dividends and distributions were payable in cash.
2.
Reduced the price at which shares of Series A Preferred Stock are convertible into shares of the Company’s common stock to a price that shall equal the lesser of $0.10 or 75% of the lowest volume weighted average price of the Company’s common stock for the 20 trading days immediately preceding the date of conversion of the shares of Series A Preferred Stock, as quoted by Bloomberg, L.P. (“VWAP”). Prior to the Amendment, the Certificate of Designation provided that the conversion price was equal to the lesser of $0.10 or 95% of the VWAP of the common stock for the 20 trading days immediately preceding the date of conversion, as quoted by Bloomberg,
Before the latest conversions., Cornell was owed $1.2mil. I would guess any recent conversions were probably the 18% on that 1.2 mil. So I would guess that 1.2 mil would pay them off.
optimism!! This is a different look for you Louie. LOL.
If Arne is to get the financing that he is looking for. I think paying off Cornell would be at the top of the list.
13 bil to be exact
almost all buys
13 bil
you can give them to me!
hmm dying the death of a ragdoll
Always did want to move to Montana.
Starbucks (MM) (SBUX)$9.92Change:0.08 (0.81%)Volume:8,035,31919:13:48 ESTJan-5-09
I turned my back on CBAY a year ago when it was, umm, Oh yeah .0001 :P
Last Price (USD) $ 0.07
Change 0.04 (133.33%)
Bid 0.03
Ask 0.10
Volume 10,000
Day's Range 0.07 - 0.10
Financial : S&Ls/Savings BanksSlow Growth
Buy SellSet TriggersSet AlertAdd to Watch List
$0.07 0.04 (133.33%) Bid
0.03Ask
0.10B/A Size
5000x5000High
0.10Low
0.07Volume
10,000 (Light)
OverviewNewsChartsEarningsFundamentalsValuationCalendarReportsSEC Filings
Prev Close0.03
Market Cap ($)211.7K
Today's Open0.10
Shares Out.3.0M
Day's Range0.07 - 0.10
EPS-2.10
Avg Vol (10-day)21.1K
P/E Ratio--
Last (time)12:49p ET 01/05/09
Dividend/Yield--
Last (size)5K
Ex-Dividend Date--
52wk Range0.02 - 5.10
Beta-0.1
250% above its low12/22/08 - 02/29/08
% Held by Inst0.03
Implied Volatility506.0%
Short Interest (% of float)--
Historical Volatility311.3%
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December 16, 2008
4:57p Summit Financial Group, Inc. Announces Mutual Termination of Agreement to Acquire Greater Atlantic Financial Corp.(GlobeNewswire)
4:00p Greater Atlantic Financial Corp. Announces Mutual Termination of Merger Agreement with Summit Financial Group, Inc.(PR NewsWire)
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nice move up
duuno, maybe you can make 1?
NO!!!!, If you bought @.0003. I would be thinking about an exit real soon. just my opinion.
Heh, Yeah that's me and my oldest , at her wedding last month in the Caymans.