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It's now trading as pink as..........well you fill in the blanks!
I was just BS'ing you Drifter. No need to immediately delete.
Nice find. If Nicosan doesn't work out well for us, 5-HMF may well be our only plausible revenue source down the road. Not saying Nicosan isn't going to play out well for us since I'm still generally optimistic, but at least we HOPEFULLY have an ace in the hole to play sometime in the future.
If this board is to organize, it would probably be a good idea to first talk/meet with some of our regionally located fellow shareholders to try and build up a little trust among us. It's kind of difficult to get anything started simply by posting on this board.
Nice overview. The article applies well to our situation since the holding company is a Delaware corporation.
TexasRambler, I'm glad someone is finally getting angry enough to at least discuss organizing against this company. I'm a CPA and am sure as hell willing to contribute some time to the cause. Any attorneys out there? If this continues, we need to exercise our right to inspect documents and records including a list of shareholders. I believe that the process begins with a formal sworn request, and WHEN that fails, work on filing a Writ of Mandamus to force them to open up. These guys have been playing hide and seek long enough.
Scroll down to the next to last paragraph. They should probably be called to see if they got it.
http://www.nasdaq.com/about/FAQsOTCBB.stm
Not necessarily but certainly a strong possibility. This whole thing has definitely grabbed my attention either way. I will no longer be a passive investor in this company. I'm ready to stand up and be counted. After a couple of decades fighting wars in the accounting world, I don't take too kindly to being pushed around by characters who appear to be hiding in the shadows.
I'm working on a continuing education class (CPE) at this very moment myself. Strangely enough, its a course entitled "Advanced Accounting Fraud Detection". LOL! True, but kind of ironic.
So do you really think that the new investment gang, as well as the banks, recently got on board just to lose their entire investment? If they're idiots, maybe so. If not, then I wouldn't be too quick to give up on this and call it a scam. A lot of parties have a heavily vested interest in seeing this thing come to fruition and succeed. We shall see.
You were duped by relying on an individuals postings on a message board? Geez, need I say more!
Hope you're right. I also hope there's a good reason for what they've shown us so far.
It means that instead of just being able to get away with grand larceny, they'll be able to get away with murder. Who knows what decisions they might make with majority control.
Cannot argue with that post. I would like to say that the common shareholders are only an after thought to management, but that would be too complimentary to these guys. They seem to have no concern for us at all.
Mine too. Wish I were one of the select few who have provided convertible debt financing to this company since its inception. The highway robbery continues. Too many foxes in the hen house.
I'm with you 100% Robo. It's time for us to organize and exercise our rights. Some people seem to forget that this is still OUR company regardless of whether we trade on the Pinks or the Big Board. Whether they file or not, they still owe us the right to inspect the company's books and records. No one is looking out for our interests. As far as we know, the management and BOD's are lying around naked on a beach somewhere spending OUR loan proceeds. I've about had it with this lack of disclosure. It has gone on too long!
They could be starting to think that this company is full of morons and decide not to renew the Nicosan license. They better get their sh** together and quick!
In all honesty, this situation is damn confusing, but I've never seen a company behave like this unless either the company was either going BK or there was something VERY BIG going on behind the scenes. Since I don't believe it's going BK, I think we are FINALLY in store for some major news any day now. I'm betting that it's mainly all about an IPO, and that they will finally file the Q either now or through an appeal.
On the flip side, if there is something seriously fraudulent in relation to the financials from the Panseyman era, I think that Swift & Co. would be more forthcoming by now in an attempt to cover their arses and place the blame where it belongs. I also think there would be EVEN MORE downward volume if that were the case. This silence is simply going to attract more attention from THE BANKS and the regulators. Just my opinion, and I admit that I'm an eternal optimist who's relying on the bank's DD more than anything else.
Silence sure ain't golden here. I'm just hoping that it's not fools gold because I plan on adding more tomorrow if this continues.
This stock price sure is acting criminal.
"Negligent, yes. But not criminal." So are you saying that you have credible information that nothing criminal has occured in this company? If so, please tell!
Absolutely!
There is such a thing as criminal negligence. They aren't mutually exclusive terms.
At least the phone search didn't come back Chassman and Blech.eom
Just in case it does happen, here is a little article on the new pink classifications.
http://www.articlesalley.com/article.detail.php/42908/302/Public_Company/Business/1/The_New_Pink_She...
There must be some regulars on this board that live in the Northeast who could drop by for a visit if we still have no info. by next week. Hell, maybe someone could even turn on the charm and hit on Ms. Barbara? LOL!!
Most likely Pandey would of filed on time if he were still around. I'm sure he would not have wanted to raise any red flags in regard to past filings, and would of continued on his merry way as if there was nothing wrong. As long as enough time passes, time tends to cure most ills in the accounting world. Of course that depends on the severity of the "ills", and the amount of time that passes without those "ills" being reported. Moot point anyway. Not happy that he gave the company away for virtually nothing, but I AM happy that the fool is gone.
I stayed in a motel less than a mile from that location on HWY 1 while passing through on vacation a couple of weeks ago. Hell of a coincidence considering that I live in Texas.
Fox, I believe that the rainy season is already winding down now in Central Nigeria and shouldn't begin again for several months. Now is the time to get that thing finished!
I can't believe this volume. I guess Chass must be on vacation. If any selling comes in over the next few days I'll try and provide a little support. Eight thousand dollars worth of shares traded today is ridiculous!
I don't understand either what you mean by "downsizing" unless you're talking about dumping Burg. I would think we would be getting close to talking expansion with the addition of production, accouting, and sales staff upon plant completion. At least that's what I'm hoping for.
Just checked in on the close. N I C E !!! Hopefully a good omen for next week!
Yeah, .006 - .007 is about the best that most got. Wish I were in that 50% gain group!
Unless there were no material misstatements for Q1, Pandy better provide some input in regard to the previous financials if he wants to keep his butt out of a sling. I'm sure he is familiar with SOX by now, and it's usually easier to cover up by cooperating than it is to stonewall. Of course, that all depends on how serious any misstatements may be.
I would of thought that Ben White would of had enough time to straigten out the books by now if this delay were strictly a current accounting issue. The guy knows the company well from his previous stint at Xechem, and he has had close to three months to get it together. I guess time will tell what's really going on with this company.
Where did we close guys. I'm logged out of RTQ's. TIA
Nationality and race are two separate and distinct things, and I don't understand how some people manage to confuse the two. The parent company is still U.S. based and I personally would prefer a U.S. based CEO. Not only does it make sense, but it would obviously be in the best interest of U.S. based shareholders.
Not a bad sign the way we are holding up under increasing volume. Someone is buying. I'm having a tough time deciding when to start nibbling again.
Yeah right. A 4000/1 reverse split would take us down to 750,000 shares outstanding even if you calculate it at a MORE than a fully diluted 3 billion shares. If you calculate it at the curren 1.5 (or so) billion outstanding, that would take us down to 375,000 shares. Not gonna happen here.
Why would you guys delete someone's post simply for suggesting a reverse split? Newbies are going to think this is a scam board if you don't allow differing opinions. I personally think there will be a reverse split at some point, but I am of the opinion that it will be later rather than sooner. I believe (and hope) it won't occur until after they build revenues and the share price to a reasonable level, AND when Pandey's PREVIOUS loan sharks are finally sold out of the company.
Here's some relevant detail as to the Basu filing and the full ratchet provisions if anyone is interested:
http://www.sec.gov/Archives/edgar/data/919611/000114420407020235/v072360_8k.htm
"Debentures. The Debentures mature on March 31, 2009. They call for the payment of simple interest at the rate of 8% per annum, quarterly in arrears, calculated based upon a 360 day year and payable on the last day of May 31, 2007 and the last day of each third month thereafter through maturity. Interest is payable in cash unless otherwise agreed to between the Debenture holder and the Company. A late fee of 12% per annum is payable with respect to any late payments. Prepayment is not permitted without the consent of the Debenture holder.
The Debentures are convertible from time to time at the option of their holders at the “Conversion Price.” The “Conversion Price” is $0.0175 per share, subject to adjustment to account for: (i) forward and reverse splits and other extraordinary transactions; and (ii) a full ratchet clause which effectively lowers the purchase price to the lowest price at which there is any subsequent placement of the Company’s Common Stock (or securities exchangeable into or convertible into or exercisable into Common Stock) placed at a price below the lowest Conversion Price then in effect, with the exception of certain detailed “Exempt Issuances,” which include issuances pursuant to any existing rights to acquire Common Stock currently in place. A similar Conversion Price adjustment applies to the extent of the value of any rights offerings made by the Company entitling stockholders to subscribe for securities at a price below the Conversion Price for the Debentures. In addition, the Debentures have protective provisions which effectively call for the issuance of additional securities to the holders as if they were shareholders in connection with any subsequent distributions of cash or securities to the holders of the Common Stock. The Company has an affirmative obligation to notify the Debenture holders of events that cause an adjustment in the conversion price for the Debentures. There is a limitation of conversions of Debenture principal or interest resulting in a holder owning greater than 4.99% of the Company’s Common Stock absent the prior consent of the holder. As noted above with respect to share transfers, there is a liquidated damages obligation of the Company of $10 per trading day per $1,000 of Common Stock (increasing to $20 per trading day per $1,000 of Common Stock) after 7 trading days, to the extent that the Company fails to timely provide to the Purchasers the stock certificates to which they are entitled upon conversion of Debenture indebtedness to Common Stock.
The Debentures contain a “Buy-In” liability to the Company in addition, should it fail to timely deliver certificates following delivery of a conversion notice, which effectively holds the Company liable for the loss the holder would incur in the event it sold any of the shares relating to a conversion notice and then was forced to buy the underlying shares to effect the trade due to the Company’s failure to timely deliver the certificate."