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We have a front going to be pushing thru from up North , might have the exact effect you lay out here. It looks like if this front does not get here with right timing and or fizzles and not steer IKE back to FL we will have another one heading for the Catchers Mit MID week.....
IMPO can WEGI hold off IRS and or the bankrupcy filing or massive stock sales to keep doors open until next week?
Here is some new Jim Dial info from RB GFCI board by Best2Listen:
By: best2listen
06 Sep 2008, 11:28 AM EDT
Msg. 45836 of 45843
J. Dial's telephone interview 9-3-08
in this piece featuring his new company Ozona Natural Gas Co. of Conroe, Texas. My guess is that he's still got a relationship with Precision Drilling & is still holding some interest in the Adam's ranch gas leases.
http://www.desmoinesregister.com/apps/pbcs.dll/article?AID=/20080903/NEWS10/809030362
"Jim Dial, president of Ozona Gas, said in a telephone interview that the Red Oak-area well has been designated a "tight hole." This means all information about the drilling is being kept confidential for one year for competitive reasons.
"Unfortunately, this is a cutthroat business ... and we have a tremendous amount of money at risk by going and drilling a development well," Dial said."
Article Futher States:
The most recent drilling was done by Ozona Natural Gas in a partnership with Friendly Energy Corp., a Nevada-based firm.
Friendly Energy has issued public statements saying the drilling found some oil, but it wasn't sufficient for commercial production. Company President Douglas Tallant said in a press release the firm is "analyzing the potential for development of this prospect as a gas-producing property."
Friendly Energy Corp. is a public company traded on the over-the-counter stock market.
I found this on the TX RRC website - not sure if this is same company, but funny it is in FL, and very close to B Puhlman Naples company
Is it Ozona Natural Gas company LLC?
630648 OZONA NATURAL GAS COMPANY,L.L.C. 16411 PONTO BELLO ST BOKEELIA FL 33922 (239) 572-1733
http://www.rrc.state.tx.us/divisions/og/ogdirectory/o.html
IMPO you are on the right track, call it a shell game but they WANT , THEY (Major insider holders) NEED ERHE assets to be removed from this present shell , it is all funked up with the ABCs investigations and they cant unlock full value in its present form, they either swap to new shell and or sell it outright or some sort of share swap.... IMPO to unlock ERHE full value now , before risking drilling issues, nigerian political issues, ABCs issues, they need to make a move to some new "form" of EHRE assets........ IMPO
I hear ya , I read Jasons emails , I am able to buy 90% at spot pretty easy at my local coin shop nfccoins.com but 100 ounce or even 10 ounce bars - forget it, not to be found unless u want to pay $2-$3 over spot , I say buy physical , hedge with some SLV and few miners, the paper market is going to be forced in compliance in due time. Silver IS in short supply and the spot price, the manipulated paper spot price does not reflect the true scarcity , but the day is coming.
If u subtract out the monies WEGI has not YET BEEN PAID for Katrina work , and it looks like great chance will NOT be paid, they were NOT profitable during Katrina period, I dont recall WEGI making more then $7 million profit? ADD on the lawyer fees, the time loss on the money , the tax issues they now face, IMO Katrina work is why WEGI is in such bad shape financially right now , I have to disagree you, WEGI was better off growing the business piece by piece slowly keeping profitable instead of doing the $5 million loan with Laurus in order to chase the huge profitable(tic) Katrina work and destroying the share structure and finances of the entire company in the process, IMPO
And lets not forget it went backwards from OTCBB to pinksheets, AND the IRS INTENDS to Levy its account. PLUS Yes of course the majority of 150,000,000 authorized shares is owned by a notorious offshore toxic financeer, yes, that will also be viewed upon negatively....
Your totals are incorrect:
As of June 30, 2008
Authorized: 150,000,000
Outstanding: 44,113,709
sold Options/warrants: 103,702,220 (already SOLD!)
Available for issuance : 2,184,071
No assurance can be given that additional debt or equity financing will be available or that, if either of such financing is available, the terms of such financing will be favorable to us or our stockholders without substantial dilution of their ownership and rights. If adequate funds are not available, we may be required to curtail our future operations significantly or to forego expansion opportunities. Further, until such time as we are able to increase the number of authorized shares of common stock, our ability to secure equity-related financing will be limited. As of June 30, 2008, our authorized shares of common stock were 150,000,000 shares, of which 44,113,709 shares were issued and outstanding, 103,702,220 shares were reserved under options, warrants and a convertible note and 2,184,071 shares were available for further issuance
http://www.sec.gov/Archives/edgar/data/814915/000114420408044881/v122495_s1a.htm
The 8K didnt help, but IMO the downlisting to the PINK SHEETS was an awful step backwards, for a company that was making noise about UP listing to AMEX to then downlist to pinksheets is not good move, most large institution type traders dont or cant play pink sheets and some not even OTCBB , u do realize WEGI could at will stop issuing filings and reports like 10Q, 8K reports and it woulod be fine with SEC, they presently do NOT need to disclose as much as they did last year, Pink sheets listing is risky IMO....
I think everyone agrees the work in honorable, and yes it IS a long rebuild process after a hurricane destroys a city, A LOT of property owners are STILL fighting insurance companies for payments and still rebuilding, And as you know so is WEGI , They still have not been paid for a LOT of Katrina work that is in litigation, it can take years to collect these funds. The ONE QUESTION I see that needs to be answered is > ?
HOW IS WEGI GOING TO PAY FOR ALL OF THIS?
The recievables will be a long process in collecting, WEGI Had a $5 million dollar loan from Laurus to fight Katrina, However now WEGI has literally no shares left to sell , they have already sold nearly all of the 150,000,000 authorized shares....
That is the only really tough question WEGI needs to answer IMPO - I would like to know how you and the board think WEGI can come up with all of this cash needed to do all these long term rebuilds with the inherant slow payment on recievables, And please lets be clear that does not mean I think the stock is going to 0 tomorrow, so please dont post the basher short stuff, It is a question that comes directly from what WEGI has told investors directly thru the SEC filings.
AND per one of your previous posts : Here is exactly what Fridays 8K says about WEGI CASH account: "Intended to levy"
On August 18, 2008, the IRS notified the Company and its bank that it intended to levy on an account of the Company in the amount of $89,536.
http://www.sec.gov/Archives/edgar/data/814915/000114420408044881/v122495_s1a.htm
I am sure they have honorable intentions, I am sure PPS is going to be very volatile up AND down, But the question is how are they going to PAY for all of this? They have under $100k cash and IRS intentions are to levy that, How are they going to pay for large increase in the payroll and payroll taxes and supplies, materials, gas, food , lodging, vendors, bonding > they need Bonding for the contracts on the large projects, they dont have enough bonding and dont have cash to purchase more due to poor financial condition of the company , how are they going come up with the cash needed to pay for all of this? In a disaster zone you need to pay CASH for about everything and the costs are magnified due to the disaster, plus look how long it takes to get paid back, WEGI is still trying to collect Katrina revenues years later, I dont see how or were the cash is going to come from to pay for all of this. They dont even have shares to SELL , They have sold almost the entire authorized of 150 milion shares...
This information ALL comes DIRECTLY from WEGI SEC filings. This is not something I made up, these are legitimate questions directly from the WEGI SEC filings, how are they going to pay for all of this? The intentions are honorable but are they realistic?
See most recent 8K, S-1a , 10Q :
http://www.sec.gov/cgi-bin/browse-edgar?company=&CIK=wegi&filenum=&State=&SIC=&owner=include&action=getcompany
The WEGI SEC Filings paint a totally different picture?
How do you explain these FACTS from the WEGI Filings? I dont see how they can operate like they did in Katrina, when they had $5milion loan from Laurus, under the current financial condition:
Please comment on these facts from the filings: They need to make these things right before they can make "this thing right"? Comments > theindustriesdriver , others?
CASH ON HAND PER LAST 10Q FILING = $ 102,673
CASH IRS INTENDS TO LEVY PER RECENT 8K = $89,536
http://www.sec.gov/cgi-bin/browse-edgar?company=&CIK=wegi&filenum=&State=&SIC=&owner=include&action=getcompany
Per the most recent S1/a
As of June 30, 2008, our authorized shares of common stock were 150,000,000 shares, of which 44,113,709 shares were issued and outstanding, 103,702,220 shares were reserved under options, warrants and a convertible note and 2,184,071 shares were available for further issuance.
The number and size of contracts that we can perform from time to time is to a certain extent dependent upon our ability to obtain bonding. This ability to obtain bonding is dependent, in material part, upon our net worth and working capital. Our ability to obtain bonding has been limited in recent years. There can be no assurance that we will have adequate bonding capacity to bid on all of the projects which we would otherwise bid upon were we to have such bonding capacity or that we will in fact be successful in obtaining additional contracts on which we may bid, which could have a material adverse effect on our results of operations. None of our current projects require surety bonding.
--
Our cash flow from operations has been insufficient to allow us to pay all vendors and creditors on a timely basis.
In view of the losses from operations in fiscal 2008 and fiscal 2007, and the slow collection on certain receivables in litigation, we have been slow to pay vendors and creditors. While these parties have continued to provide us with requisite services and supplies, there can be no assurance that they will continue to do so in the future.
http://www.sec.gov/Archives/edgar/data/814915/000114420408044881/v122495_s1a.htm
Best of luck traders , IMPO Laurus is going to create some action thru the week , they have MILLIONS of shares to SELL, could go up , could go down , will be interesting. I have no idea waht direction the stock is going to go , However IMPO In My Personal Opinion WEGI is on way to going out of business without a huge financial bail out , IMO they will have to double the A/S , O/S most likely to make that happen. Best of luck , And lets continue to pray for those affected by hurricanes and natural disasters, lets hope and pray for no loss of life and the absolute minimum in property damage...
Funny you mention that with a very notorious offshore toxic financeer like Laurus owning the majority of the stock. They for sure have large short in place hedging the millions of shares they own, They are about only one that could short WEGI? Yes? My point is : WEGI is in dire financial shape , Laurus is looking to make back the monies WEGI has not been paying them back monthly , Be careful , Money is moving , but what account will it all end up in at the end of the run, Lets see how it goes next week , should be interesting. IMPO > Be careful.....
I got some Dec08, Jan09 $2.50s and small amount of $5s - I sold most of the DEC 5s for profit few months ago, still have some - got em ALL cheap, Plus u know I might also take up some of those Jan10s - good thinking. Also have position of the common I might increase for long term, I am long term holder, no worries, AND I BUY PHYSICAL SILVER - I have so much it is scary , my bank gave me wall of safe deposit boxes lol and got new safe in house, BUY PHYSICAL SILVER hold for long term, It will help support spot price. I am LONG SILVER , These short term dips are just time to buy more for me , been buying silver for years.
I am sure day traders can make some fast money here, but IMO with WEGI u will need to be in and out FAST, The run may already be over, but maybe not , Remember the FACTS > WEGI needed a 5 million dollar loan from Laurus to fight Katrina , they have struggled badly and not been able to pay those funds back yet, WEGI is CASH poor per the latest filings, The IRS intends to levy what little cash WEGI does have, WEGI is losing lawsuits for the $7 million receivables they are holding from mostly Katrina and hurricane work, Plus When you subtract out the unpaid monies from Katrina and the lawyer fees and time loss on these unpaid monies, I doubt WEGI was profitable during Katrina looking backwards at it with what we know today, WEGI is losing some if not all of the lawsuits for the receivables , WEGI was not properly licensed to do business in LA and other states thus the contracts and somne of the lawsuits are mostly being partially set aside not paid, IMPO of these FACTS WEGI is not in any position make multi millions from this storm, However , as stated , I will not say the stock price wont fluctuate short term, IMPO In MY Personal Opinion The Pump/Dump with Laurus is ON, and the day traders are going in and out, if you are fast enough maybe you can make monies short term, Laurus is holding a LOT of shares to sell , IMPO, In My Personal Opinion WEGI is headed for bankrupcy IMO. Good luck traders, dont be last one holding.
Few Facts:
CASH ON HAND PER LAST 10Q FILING = $ 102,673
CASH IRS INTENDS TO LEVY PER RECENT 8K = $89,536
http://www.sec.gov/cgi-bin/browse-edgar?company=&CIK=wegi&filenum=&State=&SIC=&owner=include&action=getcompany
Recent Lawsuits WEGI lost pertaining to the charges from hurricane work Katrina and Other, WEGI was not properly licensed to do the work, thus the lawsuits are being dismissed sert aside, Here is some backround on 2 lawsuits WEGI lost involving the accounts recievable funds.
http://www.websupp.org/data/EDLA/2:06-cv-00593-70-EDLA.pdf
http://www.plol.org/Pages/Secure/Document.aspx?d=hfOh9UpHntSw3%2fe3qimtcw%3d%3d&l=Cases
ALSO Consider WEGI has already pledged nearly all 150,000,000 Authorized shares. WEGI has MILIONS of low priced warrants and options underlying the current OS.
Per the S1
As of June 30, 2008, our authorized shares of common stock were 150,000,000 shares, of which 44,113,709 shares were issued and outstanding, 103,702,220 shares were reserved under options, warrants and a convertible note and 2,184,071 shares were available for further issuance.
AND One last thing to consider - Beyond the IRS intention to levy CASH, WEGI recently informed investors they may not be able to get bonding for large jobs and PAY VENDORS. Were is the CASH coming from if lawsuits are not paying off and IRS does levy the accounts per the 8K?
In order to successfully bid on and secure contracts to perform environmental remediation services of the nature offered by us to our customers, we sometimes must provide surety bonds with respect to each prospective and, upon successful bid, actual projects.
The number and size of contracts that we can perform from time to time is to a certain extent dependent upon our ability to obtain bonding. This ability to obtain bonding is dependent, in material part, upon our net worth and working capital. Our ability to obtain bonding has been limited in recent years. There can be no assurance that we will have adequate bonding capacity to bid on all of the projects which we would otherwise bid upon were we to have such bonding capacity or that we will in fact be successful in obtaining additional contracts on which we may bid, which could have a material adverse effect on our results of operations. None of our current projects require surety bonding.
--
Our cash flow from operations has been insufficient to allow us to pay all vendors and creditors on a timely basis.
In view of the losses from operations in fiscal 2008 and fiscal 2007, and the slow collection on certain receivables in litigation, we have been slow to pay vendors and creditors. While these parties have continued to provide us with requisite services and supplies, there can be no assurance that they will continue to do so in the future.
http://www.sec.gov/Archives/edgar/data/814915/000114420408044881/v122495_s1a.htm
IMPO Be careful, WEGI is a very financially ILL company. Good luck traders, and PLEASE lets pray for these people in the path of this storm, May they come thru it without any loss of life and minimal loss of property, lets ALL be together on that issue.
Incorrect the shares were Options from a 2001 Equity incentive plan. NOT purchased on the open market.
Wasserspring Arthur J
CFO
137500 SHARES AT $.042
Explanation of Responses:
1. 50% of the option is exercisable as of August 21, 2008, and the remaining 50% becomes exercisable one year later on August 21, 2009.
2. These options were awarded to Arthur Wasserspring under the 2001 Equity Incentive Plan of Windswept Environmental Group, Inc.
http://www.sec.gov/Archives/edgar/data/814915/000114420408049744/xslF345X03/v124822_ex.xml
Dont you find it interesting WEGI chosse to delay the 8-K filing until AFTER the CFO SOLD Options? WEGI knew of the the massive IRS indebtedness and the IRS intention to levy WEGI accounts on August 12 THRU 18 ? The Form 4 is dated 8/21 , WEGI Filed the 8K on 8/29?
http://www.sec.gov/Archives/edgar/data/814915/000114420408050488/v125297_8k.htm
I wonder when Laurus KNEW of this issue? They have multiple millions of WEGI shares and an effective registration to sell shares. Effective Date 08/12/2008? Same day WEGI was notified by the IRS? That is very interesting timing dont you think? Why no Disclosure on 08/12 or 08/18?
SEC EDGAR Filing Information
Form EFFECT -- Notice of Effectiveness
Effectiveness Date: 2008-08-12
http://www.sec.gov/Archives/edgar/data/814915/999999999508002528/9999999995-08-002528-index.htm
TradeWinds Environmental Restoration, Inc. v. Brown Brothers Construction, L.L.C., et al.
WEGI Lost one of there "lawsuits" on appeal in the Supreme Court of Alabama , June 13, 2008 - I DID NOT notice an 8k or any of this in WEGI filings? Why NO disclosure - this is almost $400k lawsuit they lost on appeal?
I found a few more nuggets on WEGI Lawsuits I am sure the board will find interesting. However WHY NO DISCLOSURE????
HERE IS FINAL ON THE APPEAL - COMPLETE SUIT IS BELOW:
No. 1060305.
Supreme Court of Alabama.
Decided June 13, 2008.
Conclusion
Section 10-2B-15.02, Ala. Code 1975, prohibits all TradeWinds' claims; therefore, BBC, Shoalwater, and Windward were entitled to a summary judgment on its claims against them, and we affirm the summary judgment.
AFFIRMED.
Cobb, C.J., and Lyons, Woodall, Stuart, Smith, Bolin, and Murdock, JJ., concur
Appeal from Baldwin Circuit Court (CV-05-412).
HERE IS THE COMPLETE SUIT:
TradeWinds Environmental Restoration, Inc. ("TradeWinds"), brought this action against Brown Brothers Construction, L.L.C. ("BBC"), the Shoalwater Condominium Association, Inc. ("Shoalwater"), and the Windward Pointe Condominium Association, Inc. ("Windward"), in connection with structural-drying work performed by TradeWinds at the Shoalwater condominiums and the Windward Pointe condominiums following Hurricane Ivan. BBC, Shoalwater, and Windward moved the Baldwin Circuit Court for a summary judgment, asserting that TradeWinds' claims were barred by § 10-2B-15.02, Ala. Code 1975 (Alabama's "door-closing" statute), because TradeWinds is a foreign corporation that had not qualified to do business in this State. The trial court entered a summary judgment in favor of BBC, Shoalwater, and Windward. TradeWinds appeals, arguing that § 10-2B-15.02, Ala. Code 1975, does not preclude TradeWinds from bringing its claims and that, if Alabama's door-closing statute applies, BBC, Shoalwater, and Windward are equitably estopped from asserting the statute as a defense because the parties received benefits under a contract for which they did not pay. We affirm.
Facts and Procedural History
TradeWinds is a New York-based company that performs post-disaster response, environmental remediation, and restoration services. Following the landfall of Hurricane Ivan in September 2004, BBC, an Alabama-based general contractor, entered into a contract with TradeWinds under which TradeWinds would perform structural-drying services and restoration at a number of condominiums along the Gulf Coast, including Shoalwater condominiums and Windward Pointe condominiums ("the contract"). TradeWinds asserts that it completed the work contemplated by the contract but that BBC refused to pay TradeWinds the amount TradeWinds says is due under the contract. TradeWinds recorded verified statements of lien in the office of the judge of probate of Baldwin County against the Windward and Shoalwater properties, seeking $210,024.75 and $188,814.25, respectively, for money owed under the contract. TradeWinds also filed this action in the Baldwin Circuit Court alleging a breach-of-contract claim against BBC, asserting unjust-enrichment claims against Shoalwater and Windward, and seeking to foreclose on its liens on the Shoalwater and Windward properties.
BBC, Shoalwater, and Windward moved the trial court for a summary judgment, asserting that TradeWinds' claims were barred by § 10-2B-15.02, Ala. Code 1975,1 because TradeWinds is a foreign corporation that had not qualified to do business in Alabama. TradeWinds argued that the contract involved interstate commerce and, therefore, that the contract is protected from § 10-2B-15.02 by the Commerce Clause of the Constitution of the United States, U.S. Const., Art. 1, § 8, cl. 3. The trial court agreed with BBC, Shoalwater, and Windward that it was undisputed that TradeWinds had failed to obtain a certificate of authority from the secretary of state in order to transact business in Alabama and that BBC, Shoalwater, and Windward were entitled to a judgment as a matter of law. It then entered a summary judgment in favor of BBC, Shoalwater, and Windward. TradeWinds moved the trial court to alter, amend, or vacate its judgment, but the trial court denied that motion. TradeWinds appeals.
Issues
TradeWinds presents two issues for appeal. First, TradeWinds argues that the trial court erred when it entered a summary judgment in favor of BBC, Shoalwater, and Windward on the basis of the door-closing statute, because, TradeWinds argues, the contract involved interstate commerce and therefore the door-closing statute is not applicable. Second, TradeWinds asserts that, even if the door-closing statute does apply, equitable estoppel bars its application because BBC, Shoalwater, and Windward received benefits under the contract for which they did not pay.
Analysis
A. Standard of Review
"On appeal, this Court reviews a summary judgment de novo." DiBiasi v. Joe Wheeler Elec. Membership Corp., [Ms. 1060848, Jan. 10, 2008] ___ So. 2d ___, ___ (Ala. 2008) (citing Ex parte Essary, [Ms. 1060458, Nov. 2, 2007] ___ So. 2d ___, ___ (Ala. 2007)). "'"Our review [of a summary judgment] is subject to the caveat that we must review the record in the light most favorable to the nonmovant and must resolve all reasonable doubts against the movant."'" Ex parte CSX Transp., Inc., 938 So. 2d 959, 962 (Ala. 2006) (quoting Payton v. Monsanto Co., 801 So. 2d 829, 833 (Ala. 2001), quoting in turn Ex parte Alfa Mut. Gen. Ins. Co., 742 So. 2d 182, 184 (Ala. 1999)); Hanners v. Balfour Guthrie, Inc., 564 So. 2d 412, 413 (Ala. 1990). "The facts in this case are undisputed; therefore, we will review the trial court's application of the law to those facts to determine whether the plaintiffs were entitled to a judgment as a matter of law." Carpenter v. Davis, 688 So. 2d 256, 258 (Ala. 1997). "The trial court's ruling on a question of law carries no presumption of correctness, and this Court reviews de novo the trial court's conclusion as to the appropriate legal standard to be applied." McCutchen Co. v. Media Gen., Inc., [Ms. 1060211, Jan. 25, 2008] ___ So. 2d ___, ___ (Ala. 2008).
A. TradeWinds' Door-Closing Argument
The trial court entered a summary judgment in favor of BBC, Shoalwater, and Windward because it found, as a matter of law, that TradeWinds' action is "barred by the [door-closing] statute, in that[] [TradeWinds] was required to obtain a Certificate of Authority from the secretary of State to transact business in Alabama and failed to do so." (Trial court's summary-judgment order.) To determine whether the trial court properly entered a summary judgment in favor of BBC, Shoalwater, and Windward on the basis that TradeWinds' claims are barred, we must address § 10-2B-15.02, Ala. Code 1975, Alabama's door-closing statute. Section 10-2B-15.02(a) provides:
"(a) A foreign corporation transacting business in this state without a certificate of authority or without complying with Chapter 14A of Title 40 may not maintain a proceeding in this state without a certificate of authority. All contracts or agreements made or entered into in this state by foreign corporations prior to obtaining a certificate of authority to transact business in this state shall be held void at the action of the foreign corporation or by any person claiming through or under the foreign corporation by virtue of the contract or agreement; but nothing in this section shall abrogate the equitable rule that he who seeks equity must do equity."
"This section of the Code is part of a statutory scheme that requires foreign corporations to receive a certificate of authority to do business in this State before transacting business here." Green Tree Acceptance, Inc. v. Blalock, 525 So. 2d 1366, 1370 (Ala. 1988). "Failure to secure such a certificate means that the foreign corporation cannot enforce a contract entered into in this State." 525 So. 2d at 1370. "A foreign corporation that has not been authorized to do business in Alabama is not barred from enforcing its contracts in the courts of this state, however, `unless the business conducted here by [the] nonqualified corporation[] is considered "intrastate" in nature.'" Building Maintenance Pers., Inc. v. International Shipbuilding, Inc., 621 So. 2d 1303, 1304 (Ala. 1993) (quoting Wise v. Grumman Credit Corp., 603 So. 2d 952, 953 (Ala. 1992)). This is because "businesses engaged in interstate commerce are protected by the commerce clause in the United States Constitution, U.S. Const., Art. 1, § 8, cl. 3, and are therefore immune from the effects of the 'door closing' statutes." Stewart Mach. & Eng'g Co. v. Checkers Drive In Rests. of N. America, Inc., 575 So. 2d 1072, 1074 (Ala. 1991). Because TradeWinds concedes that it was not qualified to do business in Alabama at the time the contract was entered into, or, for that matter, at the time of performance under the contract, "the focus of this case is on whether [TradeWinds] was engaged in interstate or intrastate commerce; this issue is ultimately decided on a case-by-case basis." Stewart Mach. & Eng'g, 575 So. 2d at 1074. "n determining whether a corporation is doing business in Alabama within the meaning of § [10-2B-15.02], courts are flexible and decide each case on its own facts." Green Tree Acceptance, 525 So. 2d at 1370.
Ely Lilly & Co. v. Sav-On-Drugs, Inc., 366 U.S. 276 (1961), the Supreme Court of the United States addressed when a state may require a foreign corporation to obtain a certificate of authority to do business in the state. The Supreme Court stated:
"Lilly is free to send salesmen into New Jersey to promote this interstate trade without interference from regulations imposed by the State. On the other hand, it is equally well settled that if Lilly is engaged in intrastate as well as interstate aspects of the New Jersey drug business, the State can require it to get a certificate of authority to do business. In such a situation, Lilly could not escape state regulation merely because it is also engaged in interstate commerce. We must then look to the record to determine whether Lilly is engaged in intrastate commerce in New Jersey."
366 U.S. at 279 (footnote omitted). Alabama caselaw also holds that § 10-2B-15.02, Ala. Code 1975, is applicable to those entities that engage in intrastate business and fail to register. See Brown v. Pool Depot, Inc., 853 So. 2d 181, 185 (Ala. 2002) ("'It has been held that a foreign corporation doing business in this state without qualifying cannot use our courts to enforce its contracts. Continental Telephone Corp. v. Weaver, 410 F.2d 1196 (5th Cir. 1969). Alabama Const. art. XII, § 232, and §§ 10-2A-247 and 40-14-4, Code 1975 [now codified as 10-2B-15.02, Ala. Code 1975] prohibit a nonqualified foreign corporation from enforcing a contract made in Alabama if it is doing business in Alabama.'" (quoting Competitive Edge, Inc. v. Tony Moore Buick-GMC, Inc., 490 So. 2d 1242, 1244-45 (Ala. Civ. App.1986))). Thus, whether § 10-2B-15.02 applies to a contract involving a foreign corporation turns on whether the foreign corporation, whether or not engaged in interstate commerce, is engaged in intrastate business.
BBC, Shoalwater, and Windward argued to the trial court that the contract is ultimately a construction contract and that it thus necessarily implicates intrastate business. "One area of business is quite clearly defined as intrastate, rather than interstate, activity. This Court has previously held that `labor is not an article of commerce, nor is the agreement to supply it, nor the execution of the agreement, an act of commerce.'" Green Tree Acceptance, 525 So. 2d 1370 (quoting Computaflor Co. v. N.L. Blaum Constr. Co., 289 Ala. 65, 68, 265 So.2d 850, 852 (1972)). Thus, "[a] construction contract supplying both material and labor is an example of the type of contract that is considered intrastate." Green Tree Acceptance, 525 So. 2d at 1371. BBC, Shoalwater, and Windward point to TradeWinds' complaint as evidence that the contract in this case is, in fact, a construction contract. In its complaint, TradeWinds alleges that "[BBC] entered into an agreement with [TradeWinds] retaining the services of [TradeWinds] to provide structural drying services" and that "[BBC] retained the services of [TradeWinds] to provide services, labor and materials including structural drying" at both Shoalwater condominiums and Windward Pointe condominiums.
TradeWinds argues, however, that this Court has specifically rejected a per se rule that a contract in which a foreign corporation supplies labor and materials necessarily involves intrastate business. TradeWinds' brief at 29 (quoting Stewart Mach. & Eng'g, 575 So. 2d at 1074 ("[N]ot every contract that provides for labor is automatically deemed to involve intrastate commerce.")). TradeWinds contends that "where a transaction calls on an out-of-state company to perform unique or specialized labor, as opposed to general construction, that labor is `necessary and incidental' to the interstate business ... and the [contract] is protected by the commerce clause." TradeWinds cites Wallace Construction Co. v. Industrial Boiler Co., 470 So. 2d 1151 (Ala. 1985), in which "Wallace was the successful bidder for a contract with the University of Montevallo for, among other things, the installation of a heating system at the school." Wallace Construction, 470 So. 2d 1151. Industrial Boiler, a subcontractor, "agreed to manufacture and install [a] boiler system," id.; however, Wallace refused to pay under the agreement and asserted § 10-2A-247 (now § 10-2B-15.02) as a defense. This Court determined that the contract involved interstate commerce because "the combined local activities of Industrial Boiler in Alabama concerning the assembly and installation of the boiler did not constitute intrastate business, but were necessary and incidental to the interstate sale of the boiler itself." Wallace Construction, 470 So. 2d at 1155.
As TradeWinds alleges in its complaint, it provided "services, labor and materials including structural drying." Although it may be true that TradeWinds "[brought] its drying equipment from out-of-state for use at [Shoalwater condominiums and Windward Pointe condominiums]," it does not allege that its labor, materials, and service were incident to an interstate sale. Therefore, Wallace Construction is inapposite.
TradeWinds also relies on Shook & Fletcher Insulation Co. v. Panel Systems, Inc., 784 F.2d 1566 (11th Cir. 1986). TradeWinds argues that in Shook & Fletcher the United States Court of Appeals for the Eleventh Circuit "affirmed the lower court's decision that a subcontractor was not doing 'substantial business' in Alabama simply because it sent its employees into the state pursuant to the contract." However, Shook & Fletcher also involved labor and materials incident to an interstate sale. See Shook & Fletcher, 784 F.2d at 1570 ("PSI fabricated all of its insulation panels for the Miller project at its facilities in Hurricane Mills, Tennessee. ... In this case, PSI's primary duty under its contract with Shook and Fletcher was to sell and deliver materials into Alabama. Most of PSI's travels into the state of Alabama involved negotiations and troubleshooting as opposed to performing contractual services."). Therefore, like Wallace Construction, Shook & Fletcher is distinguishable and therefore inapposite.
TradeWinds further relies on Kentucky Galvanizing Co. v. Continental Casualty Co., 335 So. 2d 649 (Ala. 1976). However, Kentucky Galvanizing Co., too, involved a foreign corporation that manufactured and delivered goods incident to an interstate contract for the sale of goods. The Court there noted
"that Galvanizing has never manufactured, fabricated or installed any materials in the State of Alabama. What it has sold to buyers in Alabama it has delivered to the assigned job sites. Other than delivery, Galvanizing does nothing in Alabama except what is incident to soliciting and taking orders for shipment of goods in interstate commerce and delivery of these goods."
335 So. 2d at 651. In fact, Kentucky Galvanizing Co. recognized that this Court "has distinguished between contracts requiring only the furnishing of materials, and contracts requiring the seller to perform construction activities. When the transaction requires only sale and delivery of the materials, we have held it to be within the scope of interstate commerce ...." 335 So. 2d at 651. Therefore, Kentucky Galvanizing Co. does not support TradeWinds contention that services, labor, and materials, which TradeWinds provided under the contract, were incident to an interstate sale.
In this case, TradeWinds and BBC "entered into an agreement ... retaining the services of [TradeWinds] to provide structural drying services" and "provid[ing] services, labor, and materials, including structural drying" at Shoalwater condominiums and Windward Pointe condominiums, two locations in Alabama. It appears that the contract does, in fact, involve "both material and labor [and] is an example of the type of contract that is considered intrastate." Green Tree Acceptance, 525 So. 2d at 1371. Thus, we conclude that TradeWinds has not demonstrated that the contract was not intrastate in nature. Therefore, § 10-2B-15.02, Ala. Code 1975, bars TradeWinds' breach-of-contract action, and the trial court properly entered a summary judgment in favor of BBC on the basis that BBC was entitled to a judgment as a matter of law.
B. TradeWinds' Equitable Claims and Arguments
TradeWinds argues that, even if this Court holds that the contract is intrastate in nature and thus that the door-closing statute applies, "equity bars the defendants from asserting the door-closing statute in this case." More specifically, TradeWinds asserts that "the evidence shows that TradeWinds rushed into Alabama after Hurricane Ivan based on the request of BBC ... that it came on an emergency, expedited basis [to] perform time-sensitive disaster response services .... Having solicited TradeWinds to respond on an emergency basis, it is plainly inequitable for the defendants to now use TradeWinds' decision to comply with their request as a reason to withhold payment for the services TradeWinds performed."
TradeWinds' brief at 42. Although the result may be harsh, we hold in this case, as we have in others, that TradeWinds "as a nonqualified foreign corporation[] should not be allowed to proceed in the Alabama court system to recover under any theory sounding in contract." Sanwa Bus. Credit Corp. v. G.B. "Boots" Smith Corp., 548 So. 2d 1336, 1341 (Ala. 1989). See also Stewart Mach. & Eng'g, 575 So. 2d at 1075 ("Although we are mindful of the harshness of the rule, we conclude, based on the foregoing, that Stewart, as a nonqualified foreign corporation, should not be allowed to proceed in the Alabama court system to recover under any theory sounding in contract."); Sanjay, Inc. v. Duncan Constr. Co., 445 So. 2d 876, 879 (Ala. 1983) ("[The equity] provision in the statute does not alter the law that an unqualified foreign corporation cannot recover on contract. As was said of the action in C.C. Products, Inc. v. Premier Industrial Corp., 290 Ala. 179, 275 So. 2d 124 (1972), any way you slice it, the action in this suit was ex contractu."). Therefore, TradeWinds is barred from bringing its breach-of-contract claim against BBC either at law or in equity.2
TradeWinds, however, also asserted a claim of "unjust enrichment" against both Shoalwater and Windward and sought to foreclose its lien against both properties. In support of these claims, TradeWinds relies on First Bank of Russell County v. Wells, 358 So. 2d 435 (Ala. 1978).3 In First Bank of Russell County, this Court stated:
"Statutes such as ours which declare void, at the action of a nonqualified foreign corporation (or any person claiming under such corporation), all contracts or agreements entered into in this state are not only penal, but are, as well, in derogation of the common law. They, therefore, should be strictly construed. Sayers & Muir Service Station v. Indian Refining Co., 266 Ky. 779, 100 S.W.2d 687 (1936), cited with approval in Jones v. Americar, Inc., [283 Ala. 638, 219 So. 2d 893 (1969)]. They should not be read so as to deny to litigants equitable rights long recognized by our jurisprudence. To deny to the Builder in the instant case the relief it seeks because of § 10-2-254, 1975 Code [now § 10-2B-15.02], would not only result in a decision which would unjustly enrich the Wells[es] but would also read into the statute a prohibition which is not there." 358 So. 2d at 437. Our later decisions, though, have not followed this holding. See Burnett v. National Stonehenge Corp., 694 So. 2d 1276, 1279 (Ala. 1997) ("To allow Stonehenge to recover under the theory that equity requires the Insurance Department to pay Stonehenge for its services, even though Stonehenge never qualified to do business in Alabama, would circumvent § 10-2A-247 [now § 10-2B-15.02]. This Court's prior decisions on this matter have made it clear that foreign corporations cannot circumvent the penal effect of the statute by labeling their claim as something other than [a] contract claim." (citing Green Tree Acceptance, 525 So. 2d at 1372)). TradeWinds argues that § 10-2B-15.02, Ala. Code 1975, should be narrowly construed because it is penal in nature. TradeWinds' reply brief at 17. This issue was squarely addressed Freeman Webb Investments, Inc. v. Hale, 536 So. 2d 30, 31 (Ala. 1988), in which this Court noted that "due to the penal nature of this statute ... its application has been limited to those cases in which the action is ex contractu as opposed to ex delicto." 536 So. 2d at 31. The Freeman Webb decision then went on to address Freeman Webb's remaining equitable claims, one of which was unjust enrichment, and held that, "[w]ith regard to the claims of conversion and unjust enrichment, it is clear that these claims merely seek to enforce those rights derived directly from the contract, and are, therefore, prohibited." Id. As in Freeman Webb, TradeWinds' unjust-enrichment and lien claims seek to enforce those rights derived directly from the contract, that is, TradeWinds seeks to recover from Shoalwater and Windward payment for services performed by TradeWinds pursuant to the contract. Therefore, these claims are also prohibited under § 10-2B-15.02, Ala. Code 1975.
Conclusion
Section 10-2B-15.02, Ala. Code 1975, prohibits all TradeWinds' claims; therefore, BBC, Shoalwater, and Windward were entitled to a summary judgment on its claims against them, and we affirm the summary judgment.
AFFIRMED.
Cobb, C.J., and Lyons, Woodall, Stuart, Smith, Bolin, and Murdock, JJ., concur.
Parker, J., dissents.
---------------
Notes:
1. Section 10-2B-15.02(a), Ala. Code 1975, provides:
"(a) A foreign corporation transacting business in this state without a certificate of authority or without complying with Chapter 14A of Title 40 may not maintain a proceeding in this state without a certificate of authority. All contracts or agreements made or entered into in this state by foreign corporations prior to obtaining a certificate of authority to transact business in this state shall be held void at the action of the foreign corporation or by any person claiming through or under the foreign corporation by virtue of the contract or agreement; but nothing in this section shall abrogate the equitable rule that he who seeks equity must do equity."
2. TradeWinds' complaint does not appear to assert any equitable claims against BBC, with whom it contracted; however, TradeWinds' principal brief suggests that equitable considerations apply to its claims against BBC, Shoalwater, and Windward.
3. TradeWinds also relies on Pool Depot, 853 So. 2d at 187, in which this Court held that "Brown's [the Alabama resident's] suing Pool Depot for fraud and tortious attempt to collect a debt and opposing arbitration of these claims is not an unlawful attempt to `accept the benefits and avoid the burdens or limitations of a contract. Brown does not seek any benefit whatsoever under the contract,' which Brown contends is void." (Citations omitted.) It appears, however, that Pool Depot was applying the final portion of § 10-2B-15.02(a), which provides that "nothing in this section shall abrogate the equitable rule that he who seeks equity must do equity"; this Court was noting that Brown's claims were proper because Brown sought recovery on a claim wholly unrelated to the contract and, thus, it was not inequitable for Brown to recover under those claims after he used § 10-2B-15.02, Ala. Code 1975, to void his contract with a foreign corporation. Pool Depot does not further TradeWinds' argument that it is entitled to recover under principles of equity from any of BBC, Shoalwater, or Windward.
---------------
http://www.plol.org/Pages/Secure/Document.aspx?d=hfOh9UpHntSw3%2fe3qimtcw%3d%3d&l=Cases
PER TODAYS PR: "Expectations"
This press release includes certain forward-looking statements about the Company that are based on management's current expectations. Actual results may differ materially as a result of any one or more of the risks identified in the Company's filings under the Securities Exchange Act of 1934. The risks include such factors as the Company's significant indebtedness, the amount of the Company's revenues, the Company's ability to increase its gross margins, the success of limiting or reducing its expenses, the frequency and magnitude of environmental disasters or disruptions, the effects of new laws or regulations relating to environmental remediation, the Company's ability to raise capital, the competitive environment within the Company's industry, dependence of key personnel and economic conditions.
SOURCE Windswept Environmental Group, Inc.
Of course it was setup > Laurus DUMPED MILLIONS of shares into this. Are you kidding? "someone" lol...
Laurus et al owns: OReily NOT included:
twenty-year option to purchase 30,395,179 shares of our common stock at a purchase price of $.0001 per share
a seven-year warrant to purchase 13,750,000 shares of our common stock at a purchase price of $0.10 per share.
In connection with the omnibus amendment, we issued Laurus an option to purchase 11,145,000 shares of common stock at a purchase price of $.0001 per share.
http://www.sec.gov/Archives/edgar/data/814915/000114420408044881/v122495_s1a.htm
"someone" lol..... good luck guys - I have feeling Gustav giveth , Laurus and IRS taketh away..... Be careful , this one is risky as they come , but with great risk comes great profit , best o luck , lol "someone"
WEGI ANNOUNCES IRS INTENDS TO LEVY CASH ACCOUNT > IMPO OF THE FACTS WEGI HAS ONLY THIS SMALL AMOUNT OF CASH > NOW THEY HAVE NO FUNDS NOR CAN THEY PAY FOR BONDING AND OR MATERIALS TO FIGHT ANY STORM NEVER MIND FIGHT A STORM WE ALL KNOWS NEEDS MAJOR CASH OUTLAY - IMPO WEGI WILL NEED TO FILE BANKTRUPCY VERY SOON - IMPO
http://www.sec.gov/Archives/edgar/data/814915/000114420408050488/v125297_8k.htm
Per todays filing:
Windswept Environmental Group, Inc. (the “Company”) had previously reported that it owed $442,670 of payroll taxes, exclusive of interest and penalties.
For the fiscal year ended June 30, 2006, the Company had a significant profit and thus incurred a significant tax liability. The Company, an accrual basis taxpayer, was unable to pay approximately $1,448,388 of the tax, in view of the fact that much of the profit was in accounts receivable and had not been converted to cash. In view of the significant loss suffered by the Company in fiscal 2007, the Company determined that it was entitled to a carry back that would entirely offset the $1,448,388 due for fiscal 2006 and there would be approximately an additional $540,000 of carry back payable to the Company. The Company had an oral understanding with the Internal Revenue Service (“IRS”) that such additional carry back would be retained by the IRS and used to offset the payroll tax liability. Accordingly, the payroll tax liability of $442,670 reported is the amount that the Company had determined after deducting the approximate $540,000 carry back to be retained by the IRS.
On August 12, 2008, the IRS informed the Company that it planned to assess $247,440 of interest and $456,991 of penalties against the unpaid fiscal 2006 income taxes. The Company has contacted the IRS to abate the penalty due to reasonable cause and is currently having conversations with the IRS. Without giving effect to the carry back credit, at August 22, 2008, the total payroll tax liability was $964,275, exclusive of interest and penalties, which may be significant.
On August 18, 2008, the IRS notified the Company and its bank that it intended to levy on an account of the Company in the amount of $89,536. The Company is disputing the IRS’s ability to obtain such funds on the basis that the Company’s primary secured creditors have a prior security interest in such funds.
Included in the Company’s payables is also sales tax due to New York State of $360,000.
Email From CTBG Attorney:
Dear XXXXXX,
Thank you for notifying us of your situation. I am an associate of the law firm, Mason, Coplen & Banks, and am returning your e-mail. We represent Coil Tubing Technology, and we filed suit against DTC, Grifco & Jim Dial. In connection with filing suit, we obtained a Temporary Restraining Order (“TRO”), which was granted on 7/30/08 and served the next day on 7/31/08. DTC went forward with the adjustment of shares in at least some shareholder accounts. We don’t know all of the accounts that were affected, but we believe that the adjustment violated the TRO and we intend to present our position to the court.
Our client is Coil Tubing, but we recognize that the adjustment of shares has significantly impacted not only the company, but you and other shareholders as well through various intermediaries and in various manners. As such, WE DO NOT REPRESENT YOU INDIVIDUALLY. However, we believe that the court should be aware of the damage inflicted by the adjustment of shares.
If you would like for us to advise the court of your situation, please fax to us your account statement or other documentation demonstrating the adjustment or that you were harmed.
Additionally, please provide us the following information in your fax:
Complete name:
Address:
Phone Number:
Fax Number:
Email:
Brokerage Firm:
Please fax this information to the attention of Daniel Ruiz at (713) 785-8651 (Fax).
Again, I know this situation is not easy for you, and I do appreciate any relevant information you can provide. However, I need to remind you that our firm is acting in the best interest of CTBG, its client, in pursuing its suit against DTC, Grifco and Jim Dial. Because the obligation to our client is separate and apart from the interests that any past or present CTBG or Grifco shareholders may have individually, I am bound by the rules of professional and ethical conduct which do not allow me to give you independent legal advice or otherwise represent your claims or requests. I believe you understand that, so I only mention this as another reminder because I know this can be frustrating for you. If you so desire, you should seek independent legal counsel to advise you of your legal rights in that regard.
Sincerely,
Daniel A. Ruiz
7500 San Felipe, Ste 700
Houston, Texas 77063
(713)785-5595 (Office)
(713)785-8651 (Fax)
I agree to a lot of this myself, IMO ERHE needs to move the asset to try and get full value for it, The investigations the unstability of the entire region the government anulling contracts etc. leads to a lot of large fund type investors passing on ERHE stock , thus it is $.40 stock , now if a large very deep pocket player , a clean deep pocket player comes in and makes a deal, IMO ERHE can maximize return on the asset , However they have some baggage that needs to be cleaned up to make something like this work IMO - But interesting post , seems very logical to me.....
wow good call guys , I was wrong , WEGI has had some play last 2 days , good for you , PLEASE make profits when you can, you ALL know as well as I do that WEGI is not going to make ANY money for hurricane cleanup and will be lucky to make it thru end of year w/o filing bankrupcy, it is one financially sick company, but looks like day traders are working it , good luck , dont be last one holding when Laurus dumps and remember the old adage , bulls and bears make money , pigs get slaughtered, good luck...
Very even post Strassenheim....
After reading the article about the Sao Tome government’s decision to annul the duty free area contract for Sao Tome airport, you have to wonder could ERHE, Addax et al find themselves in violation of some form of performance clause related to drilling timlelines. I have read drilling has been rumored to happen anytime now for over 2 years... Has anyone ever posted, seen or read the complete original contract with the Sao Tome government? I know a lot has changed since its inception , I wonder what the original time lines and performance clause were/are? Anyone know? Interesting.....
The article from post# 137650
“There were repeated violations of the contractual obligations, there was a clearly demonstrated lack of capacity to invest in development of the area and the country cannot continue to live with contracts and agreements that clearly do not contribute to our development,” said the prime minister.
"...and the prime minister said, "We will be very careful and selective in the choice of our next partner."
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=31719734
Is ERHC Energy CEO Peter Ntephe the same as Old 2001 Chrome Energy Peter Ntephe Secretery...?
Upon consummation of the purchase by Chrome of the foregoing securities
of the Company, the Company's three directors prior to February 15, 2001 (the
"Talisman Directors") elected three new directors, which are identified in
the table below. Immediately after the election of these new directors, the
Talisman Directors resigned from the board of the Company. At a special
meeting of the Company's board of directors that occurred after the
resignation of the Talisman Directors, the board elected the executive
officers of the Company as specified in the table below. The names and ages
of the directors and executive officers of the Company, and their positions
with the Company are as follows:
NAME AGE POSITION NATIONALITY
---- --- -------- -----------
Sir Emeka Offor, KSC 42 Chairman of the Board Nigerian
Mr. Chude Mba 43 President and Director Nigerian
Mr. Nicolae Luca 42 Director Romanian
Mr. Eze Echesi 45 Chief Financial Officer Nigerian
Mr. Peter C. Ntephe 34 Company Secretary Nigerian
http://sec.edgar-online.com/2001/03/02/0000912057-01-007154/Section2.asp
Laurus Master fund has 6,800,000 shares FOR SALE - Any Bid/Buy action is getting sucked up fast , you need to get WAY more then a few 100k share days to run thru Laurus load of stock ready to sell.
The Laurus filing was declared effective, those shares are for sale right now , today.
Notice of Effectiveness
Acc-no: 9999999995-08-002528 (33 Act)
http://www.sec.gov/cgi-bin/browse-edgar?company=&CIK=wegi&filenum=&State=&SIC=&owner=include&action=getcompany
Also notice the FORM 4 filings today:
Looks like CEO had to "give back" shares? AND CFO got option shares, another 137,500 you will have to buy up before it runs IMPO.
Oreilly President CEO:
850000 SHARES
Explanation of Responses:
1. Michael O'Reilly returned the above-described options to Windswept Environmental Group, Inc. for cancellation and did not receive any compensation for the return of such options.
2. The options described above were exercisable prior to their return to Windswept Environmental Group, Inc.
http://www.sec.gov/Archives/edgar/data/814915/000114420408049746/xslF345X03/v124825_ex.xml
Wasserspring Arthur J CFO:
137500 SHARES
1. 50% of the option is exercisable as of August 21, 2008, and the remaining 50% becomes exercisable one year later on August 21, 2009.
2. These options were awarded to Arthur Wasserspring under the 2001 Equity Incentive Plan of Windswept Environmental Group, Inc.
http://www.sec.gov/Archives/edgar/data/814915/000114420408049744/xslF345X03/v124822_ex.xml
Hurricane "pureplay" WEGI IS NOT EVEN A "play" ? It went 2 days in a row this week with 0 shares traded and Friday it had 3 tades for TOTAL $750 in stock, It is NOT even a "play" at this point, Please lets be factual.
BELOW THIS IS THE COMPLETE TRADING FROM LAST WEEK 06/18 THRU 08/22 - ALL TRADES FOR ONE FULL WEEK AS A LARGE STORM CAUSED MILLIONS IN DAMAGE TO FLORIDA:
APPROX: 111,600 SHARES IN ONE FULL WEEK
USING THE HIGH FOR THE WEEK OF $.055
THAT IS $6138 IN STOCK EQUITY TRADED FOR ONE WEEK
AS A STORM DID MILLIONS OF DAMAGE TO FLORIDA
HOW CAN YOU CALL WEGI A HURRICANE PUREPLAY WHEN FACED WITH THESE FACTS?
0.04 6250 OTO 13:27:28
0.04 7000 OTO 12:50:37
0.04 5000 OTO 09:30:51
0.042 13000 OTO 08/19
0.042 5000 OTO 08/19
0.042 4000 OTO 08/19
0.042 10000 OTO 08/19
0.045 200 OTO 08/19
0.041 1000 OTO 08/18
0.05 100 OTO 08/18
0.05 20000 OTO 08/18
0.05 5000 OTO 08/18
0.05 5000 OTO 08/18
0.05 600 OTO 08/18
0.055 400 OTO 08/18
0.05 400 OTO 08/18
0.05 1550 OTO 08/18
0.055 2000 OTO 08/18
0.055 5000 OTO 08/18
0.055 100 OTO 08/18
0.05 1600 OTO 08/18
0.05 8400 OTO 08/18
0.048 5000 OTO 08/18
0.045 5000 OTO 08/18
AND 85%++ OF ALL GAS CASH GOES DIRECTLY IN THE HANDS OF INSIDER "INVESTORS" They issue shares to pay for everything, dillute the shareholders big time, they issue themselves HUGE amounts of shares, dillute shareholders more, AND Take all the cash from the Gas! VYEY is a front to sell stock as "insider investors" make ALL the cash , NOT shareholders, they get NOTHING > shareholders pay ALL the bills! IMPO this is a perfectly setup pass thru SCAM!
NO SHARES SOLD FOR 2 DAYS IN A ROW > VOLUME = O > DOLLARS = 0 - TODAY WAS $730 in stock traded on 3 trades total! How can you call this a "hurricane play" when FL has $MILLIONS$ of dollars of damage for storm damage cleanup restoration business and WEGI sold $730 in stock - WEGI HAS A FL OFFICE! Come one you cant call this a Hurricane "pure play" - IMO it is NOT even a "play" > Laurus has a filing to dillute 6 MILLION+ shares declared effective by SEC few days ago and they cant even SELL shares! WEGI is one sick stock - Yes the company is really sick we ALL know that but the stock the "momo" , the "play" is played out IMO , done , WEGI is barely even selling 3 trades a day for $500 in stock while a storm worth MILLIONS to WEGI is rolling over its backyard office. IMPO of the FACTS WEGI is done played out. It will trade under $.01 before it trades over $.10 IMO
wrong? we have $MILLIONS$ of dollars in damage on TOP of the WEGI.pk Florida office , more revenue going to be made in water damage and storm cleanup to commercial and residential properties then WEGI has billed TOTAL NET in last few years combined, and this is NOT moving the stock , not even a share has sold today , how can you say wrong , MILLIONS of dollars in cleanup work being done in WEGI FL offices backyard, this should be huge for WEGI , boom time for WEGI.pk , major monies, finally chance for MAJOR money coming in!? Yet the stock is at 0.00 traded today!? WEGI IS NO LONGER A HURRICANE PLAY , I dont see how you can see it any other way......
Today 12.30PM Pinksheets.com is showing NO VOLUME on WEGI.pk AND Best Bid $.025 , with best ASK $.041? 5000/5000 , again on 0 volume , $0.00 traded today>?
http://www.pinksheets.com/pink/quote/quote.jsp?symbol=wegi
WEGI.pk is one lonely looking stock , and we have GOM, Atlantic, we have storms percolating all over, we have had landfalls , and still no love for WEGI.pk , Looks like this "hurricane play" is NO LONGER a "Play" at all....>???
BUY 800000 x .02 = $16000.00 > SELL 800000 x .09 = $72000.00 > $56000.00 profit FOR ONE WEEK ? hmmm>? sounds like SWEET CAKE to me ?
Fay really took shape once she got on land over the everglade swamps, Look at how well defined she is now (see radar below) , total transformation into a typical hurricane ONCE she hit land , very strange storm, and now she is going to do a loop de loop and hit us again. Dont anyone tell me MAJOR Cleanup money is not being made from this storm , $MILLIONS$ will be made over next few weeks for water damage and disaster cleanup, Yet not a dime for WEGI? No love for WEGI.PK? I dont see how we can call WEGI stock and or the company itself a hurricane play when this storm is literally parked over the FL office and yet we have silence from the company and the stock, Fay is flooding homes and spining tornadoes right over a WEGI office.... Makes no sense IMO
This Melbourne doppler has awesome pic of her now:
http://radar.weather.gov/ridge/radar.php?rid=mlb&overlays=11101111&product=NCR&loop=yes
Did you forget the stock DUMPED from .05 to .02? I agree if IF some $ volmes come in it can spike , but IMPO the stock wil trade less then $.01 before it trades OVER $.10, Just IMPO , I can be wrong , I have seen more then one pinksheet stinkie spike when an offshore toxic fund is holding an effective registration to sell 6million plus shares.....
Anyway in reply to some other posts I see on Fay : I live in Orlando , we have heavy floods so far, we have tornadoes in Brevard, Fay is really causing a lot of havic, and it is strenghtening overland, why because the ponds and lakes and swamps are full and warm and feeding Fay , Fay is a big deal, I will be willing to BET anyone on this board that companies doing flood water damage cleanup and restorations will be making MONEY, BIG Money from Fay, MILLIONS$$$+++ > We have 54 homes destroyed in Brevard so far. IMPO WEGI wont do but a sliver , if ANY$ work in FL from Fay while the biggies will be making MILLIONS$$$ , To say you need a Cat 2 for WEGI to make money is absurd IMPO , Fay has opened the door to MILLIONS of dollars in water flood tropical storm cleanup work, I just did a goodle search for "Water Damage cleanup Florida" I dont even see WEGI listed? I see many many many others but no WEGI related? We have 54 homes totally destroyed , multi million dollar homes destroyed and WEGI shareholders say this is not an opp to make much needed funds, and it is IN WEGI backYard, they have an office within 100 miles of these homes in Brevard! hello? Am I missing something?
Were is WEGI :?
FAY has opened millions of dollars in cleanup in FL - IN WEGI backyard! Now this should get this stock moving yes? It is millions of damage in FL>? It is within miles of a WEGI office>?
ooo right gotcha , severe flooding in there back yard FL office does not count..... Do they handle flood damage and wind damage or does it have to be Katrina massive storm for them to do some work and make some monies? So like 1 in 10 storms , only ones that hit certain states , and do massive destruction are worth anything>? so 1 in 10 might be high , amybe 1 in 20 landfalls will pay off for WEGI?
OK so another Hurricane is bearing down on the USA, WEGI traded LESS THEN $3.5K in stock and was DOWN 8.9% on the day. I have a feeling WEGI is no longer a hurricane play, you guys are really spending a LOT of time on these WEATHER reports for a stock that does nothing when a hurricane approaches the USA...... AND - Doesnt WEGI have a Florida office? I know the last hurricane in Texas the excuse was WEGI does not do work in TX so the market knew this and did not buy , Now this one is right in the sweet spot for WEGI? yes? Are we going to see that magical $50k trading day soon>? Until we get some volumes and some money changing hands this stock looks dead in it tracks IMPO...... Laurus has the filing declared efective , they should be ready to run this up and dump those 6.5 milion shares>? yes? I have to believe you guys will get chance to get out without huge losses.... but man I wouldnt want to be holding this one deep into September.....
HMMM, Good post BBB , the timing of the report is interesting and also interesting is present share price and market cap of VYEY, both very much inline with your projection, I however believe you need to discount it further being it is a very small, one person OTC security that cant even file on time. Plus the 25% WI is AFTER drilling costs are paid , so currently they only collect a 15% wi , PLUS lets see the share count once the filing comes out , I have feeling we have over 60million and or will have really soon well over 60 million.... IMPO VYEY Market cap should be at or just under 3x NET revenues NOT GROSS receipts, only 3x what is left after all the payouts and before operating costs...... The filing should be interesting, also would be nice to get some clarification on exactly what was paid to UERI/FTXN/PDEI so we could possibley get an idea on what Jim Dial owes GFCI holders..... Does PDEI own a drilling rig , are they getting paid to drill>? I would like to know more details..... VYEY filings might shed some light on this....
GFCI is being sued by CTBG and about to be spanked majorly by the SEC for fraud relating to the CTBG dividend distribution , How can you look past those FACTS > Please take the GFCI strong buy hype someplace else , posters here know what the truth is.
Laurus Master fund , an offshore toxic financeer holds MILLIONS and MILLIONS of shares for under $.01 , they filed and had declared effective by SEC ANOTHER S-1 to sell more shares , Any run up in WEGI stock Laurus is selling you new shares into the float , dilluting the float heavily , plus as you know from the filings, WEGI is barely even in business , they have liens for not paying payroll taxes, they have warned they are not paying much needed suppliers and payables are bloated, they have warned they cant get the needed bonding for large disaster projects, sure it still has the lure of a hurricane play , but it is one sick poorly run company in dire financial shape, IMO it could go bankrput at any minute.
I got a PM with some poster going crazy over the price being back to .045 , did anyone notice the total equity traded Friday was under $6500 for the "BIG DAY" - If you look at the volumes over last 2 months , I bet this was one of the top 3 if NOT the top for equity traded in a day , tell me who is going to buy $10k in WEGI stock knowing it will take 2 days to sell it , or more , the volume needs to pick up dramatically before even day traders and past hurricane flippers get in here , however if we see some increased volumes, trading $20 - $30k in stock a day for few days, it has chance for a good run , however we have Laurus ready to sell sell sell if when this volume run does transpire , IMO not shaping up for a lot of money to be made this year.....
Rob Talbot CEO with an oil gas geologist background?! is this for real Robert Talbot? sounds like a total weasle
well another storm comes ashore and goes thru , another filing by WEGI selling shares, another week of nearly NO volume or interest in WEGI
With all the activity in the tropics/gom and this is all the interest WEGI can come up with?
Time & Sales
Price Size Exch Time
0.024 300 OTO 08/07
0.03 4137 OTO 08/06
0.03 2000 OTO 08/06
0.03 2070 OTO 08/05
0.03 5000 OTO 08/05
0.027 5000 OTO 08/04
0.027 35000 OTO 08/01
0.0275 35000 OTO 08/01
0.025 20000 OTO 08/01
0.027 5000 OTO 08/01
0.027 100 OTO 07/31
0.027 1420 OTO 07/31
0.027 100 OTO 07/31
0.027 500 OTO 07/31
0.027 1975 OTO 07/31
0.0275 15000 OTO 07/31
0.027 15000 OTO 07/31
0.03 5000 OTO 07/31
0.03 4000 OTO 07/31
0.03 1800 OTO 07/31
0.025 30000 OTO 07/31
0.025 24950 OTO 07/31
0.03 5000 OTO 07/31
0.03 2500 OTO 07/31
0.03 1000 OTO 07/31
0.02 1000 OTO 07/29
0.038 5000 OTO 07/29
0.045 5000 OTO 07/29
0.037 5000 OTO 07/29
0.037 10000 OTO 07/29