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My suggestion is that you call the Law Firm on Monday. I posted their number here earlier, and you can find it on the link. One of their lawyers called me late this afternoon because I had left a message for her this morning. She told me that LandAmerica would not be discharged from bankruptcy until the judge approved the filing of a request to be discharged, and that will not be done for some time. She told me the time frame was at least several months, if not years, to emerge from Chapter 11, so don't expect the "Q" to be dropped anytime soon.
http://chapter11.epiqsystems.com/docket/docketlist.aspx?pk=61832e15-08f8-42b6-930c-7849e9ffe32d&l=1
You can follow the progress of the case at the above link.
Some information posted here has been quite misleading.
Suggesting that only two units of the 150 subsidiaries of the LandAmerica Group conglomerate are involved in the case was the most blatant. The "Debtor" named in the case is the holding company LandAmerica Group along with one of its subsidiaries.
To think that a company can go in and out of bankruptcy court in a month or two is unrealistic. The hearing on January 12 may be expeditious, but we are still months away from emerging from Chapter 11, and that is the best case scenario. Monday's hearing is about protocol in dealing with creditors, not about suddenly discharging LandAmerica from Bankruptcy proceedings.
Anyone can get the phone number of the law firm handling the case from the link above. I'm not saying you cannot make money trading LFGRQ, but get the facts straight by going to the source if you want to avoid setting yourself up with unrealistic expectations.
The latest announcement made it sound like the Company is going into Chapter 7, in other words, total liquidation, but that is not the case, at least not yet. The Company is hoping to re-emerge from Chapter 11, but that could take six more months to several years, from what I was told today, but others here should confirm that on their own.
I have to tell you that I only spoke to a junior attorney,
not a partner, who is working on the case.
Not quite dead, but if you want to know the real story,
someone should contact Epiq Systems and speak to one of the lawyers handling the bankruptcy proceedings.
The number is 646-282-2500.
I've heard that 2009 will be a very good year for gold. Hopefully, we will soon (not in Parkin time) find out how much of it AURC really has in her possession and how much
of it she has sold in the past.
Wishing a Happy New Year and a very profitable 2009 to all who follow Aurus Gold.
Lochan
Iroquois Water Bottling Company is out of business. Their equipment was auctioned off one month ago.
We have heard from different sources that some major news can be expected probably at the end of the summer. That would mean within about four weeks. In anticipation of that news,
whether it be news of a buyout, a joint venture, production results or some other form of restructuring, I have started adding to my position.
I believe we are getting close to a turning point.
I was surprised to find out that production costs at two of
Australia's Newcrest Gold mines are $600/ounce. Those mines produce 625,000 ounces per year. Production costs at those mines also increased in 2008 due to a gas explosion. On the other hand, Newcrest has mines in Australia and Indonesia where the cost of production is $300/ounce.
I don't think we have numbers to show what it cost Aurus to mine gold, but from the above example, it's not hard to imagine how mining companies that are not yet in the mature stage of production might not show a profit.
I disagree. If people on this board were not as aggressive and vindictive as they are, more positive information would be coming out. I was glad to speak with Daniel Sauve last week and share here what he told me. I felt further reassured after I spoke with another shareholder who spoke with D. Sauve today. We are building relationships with management, and that has lasting value.
The point is that communication is taking place. It's just not going to be posted here as long as this aggressive temperament is the dominant mood. Sorry.
I wish I had more to share. I don't expect to hear any news at all from the Company until the next PR is released.
The problem is that every constructive bit of information posted here will be twisted into a negative comment about the Company, so why say anything at all until there is tangible, verifiable news to report. That is their thinking.
A few hours ago, D. Sauve said in a phone conversation with a shareholder that Aquagold Int'l. is successfully moving forward with the execution of its business plan. He gave no specific details, nor would he comment on topics raised recently on this MB.
About ten days ago, he told me a PR was likely by the end of August, and that's all I have to say about that.
Sounds to me like important news is coming around the end of the summer. We've waited this long, another month or two won't kill our hope for a successful turnaround.
Or buy 1,ooo,ooo shares at .004 for $4,000. For every penny
the price increases, you will make $10,000. Nice ROI.
Daniel was in an upbeat, positive and optimistic mood last night, but he told me at the beginning of our conversation that he could not share information with me that was not already known to the public. He said he could only speak in general terms.
The first thing that impressed me was that he was returning my call and a message I had left the day before, on Monday afternoon. He also remembered me from the April 23rd meeting in NYC, probably because I sat directly opposite him at the board meeting table. We spoke in French and he was very comfortable throughout the 45 minute conversation.
I brought up many questions that have been discussed here,
but he had to evade most of them because of rules of confidentiality. I wanted to find out the reason for the delays in production, and he would only say that it was not
the fault of the Chinese government. He spoke about the chain or sequence of events in growing the company from the supply
and manufacturing end, saying that there had been delays at different points in the chain.
He said the team of Paul, Marco and Mr. Tang is still in place and functioning harmoniously. They are all working every day and throughout the day to bring the business plan to fruition. Daniel also mentioned that they have a plan to improve the website, but for now there are many other aspects of the business that are more pressing and which demand his full attention.
Mr. Sauve said he did not see the point in spending $500 on a press release just to let people know there have been delays. When there is definite news, there will be a press release. When I asked if we could expect a PR in a month, two months or three months, he said "in less than a month." That was probably the best piece of information that came out of our conversation from a shareholder's point of view.
Daniel knew about the company in New Zealand that carries the same name, Aquagold, but he said he did not feel it was worth the expenditure to seek trademark protection on a global scale while there are so many other financial demands he is trying to meet. When I mentioned China's need for water, he recognized the level of competition saying, "there is water everywhere."
He reaffirmed their plan to enter the market in other Asian countries, and sooner rather than later in the event that they encounter serious obstacles in China. I thought that sounded pretty resilient.
We talked about how the officers and their family members
are heavily invested in the company. Concerning the current pps, he said he had no control over the share price and pointed out that we are back at the original pps when his company took over ONMC. I have to say that he didn't seem too worried about the share price, and the reason was that he is just concentrating on building the company. He believes that the share price will follow as the company grows by executing its business plan.
I would say that all of the points raised in our conversation wirth regard to the business model showed consistency with what was discussed at the April 23rd meeting. Daniel was much more comfortable on the phone than he was at the meeting, and he sounded confident and sure of himself.
I asked about Iroquois, and he would not say that another company would be replacing them as his bottler. He did say however that Aquagold has not bought Iroquois. He knew of the
Canadian company that is supplying bottled water at the Beijing Olympics, but he said their contract was for the Olympics only. We talked a little about the Shanghai Bottled Water Expo, and he said Aquagold was not involved because his final product with the new bottle design was not ready.
He also did not want to divert funds away from basic production costs to that kind of promotional event, especially since their distribution network is already in place.
We talked about financing, and he said that to get someone from the Chinese side (like Wolong or the Bank of China) to fund their operations was easier said than done. One good thing he mentioned was that purchase orders are already coming in from retailers, so all they have to do is get their finished product over there and things will start to roll.
His attitude seems to be "to work hard and grow the business at the pace allowed by whatever funding is available now."
That is the mentality we find among CEO's of many, many honest start-up enterprises.
If anything else mentioned in our talk comes to mind, I will add to these comments, but for now, let me conclude by saying that the situation calls for patience, and an understanding of the headaches commonly encountered by any business in the developmental stage. Some board members will stay invested in AQUI but most others will probably want to return to AQUI when it looks like a PR is imminent. Let's keep in mind, though, that "less than a month" could mean in four weeks, but it could also mean in just a week or two. GLTA
Lochan
I spoke to Daniel Sauve this evening. He was friendly and his tone was reassuring. He kept all of the answers to my questions
rather vague, but he did confirm that their business plan is still intact despite delays they have encountered along the way.
I'll try to write more about our conversation tomorrow, but let me say now that although he didn't want to make any definite promises, he said we should be receiving a PR update and progress report in less than one month.
I would hope that your misgivings are already built into the share price. We know there have been unforeseen delays in the execution of the business plan, so to be invested in AQUI at this point, one would have to have a time frame of at least several months before expecting to see any significant gains, IMO.
Thanks, cfpjbs, for the update. I think this is a good point
in time for me to double down.
This looks like the source of spring water for one of the
exhibitors:
http://www.nmgnews.com.cn/eng/article/20040903/275_1.html
It's in China (Inner Mongolia).
http://www.finewaters.com/Newsletter/May_2008/2008_Shanghai_China_Bottled_Water_Exhibition_CBW.asp
Lists the exhibitors that were at the Shanghai Bottled Water Show.
I asked Slava about Z-Capital this morning and received
this email reply:
Hello,
as soon as Company will be ready to make any announcement I will put on newswire.
Best regards
Slava Kouznetsov sec.
This insinuation of illegal conduct by the officers should be deleted ASAP. What we are looking at is a registration document naming Aquagold International as the legal entity and a list of the principals of the Company.
Well, Hillman, this is what I heard today from one of my people in Akwesasne. Several local residents confirmed that Iroquois water is no longer in business, but one of them said there is rumor that someone is buying the company.
I wouldn't be surprised to hear that Aquagold International decided (or was asked) to send a shipment of free water to help earthquake victims in China before making its commercial launch. Having recently received an award for compassion, I kind of expected AI to step up to the plate again to help those in dire need. A mercy shipment would certainly have changed the timetable for the product launch.
That said, there are many factors that could have delayed the roll out, if that is indeed the case. Iroquois is still in business, according to D. Sauve, but they may not be operating at full capacity, and that would cause a delay. I would think, though, that the real issue is a cash flow problem, and that AI may have run into difficulty covering its start-up costs. By no means does that mean the Company is doomed. It just means they had to hustle to come up with the cash to pay for certain services in advance.
My own speculation is that they might have decided to change over to biodegradable bottles before beginning to fill their
first commercial order. In any event, I am looking forward
to substantial news in the near future.
It was a response to panning4gold's email, not mine. I understand your thinking. Soon could mean next week, next month or six months from now. Being the optimist that I am, and knowing how hard they are working (according to Slava), I would expect news to come sooner rather than later.
See post #100631.
Sparky -- I've been picking up shares all along, recently some as low as .0065. The chart shows an uptrend. Hopefully, this will continue until news is released and the market determines the real value of Aquagold Int'l.
Per Slava, news is coming soon.
I'm not expecting a response from D. Sauve to my email, although he did reply in the past to my question about Iroquois.
As with any start-up enterprise, AI has to deal with many conditions that are in flux. There must be many things going on behind the scenes related to tapping the spring water, transporting it to the bottler, packaging it, and shipping
it off to China. There are many legal considerations that come into play. There is government compliance at both ends to be taken into account.
Then you have the financing to worry about, but with a Letter of Credit guaranteeing payment, it may not be that big of an issue, unless AI is negotiating for the purchase of Iroquois.
With all of these things on his mind, the last thing D. Sauve feels obligated to do is communicate with his audience of shareholders who want to be reassured that their gambling money
is safe.
I do believe we will have news soon. How soon, no one can say, but I do believe the Chinese side will determine when the details related to the introduction of AI's product into the Chinese market is divulged. They have a very strong influence over what happens here. Just see on the AI website how the name and background of the COO is placed above the CEO. I think that should tell us something.
All the best,
Lochan
Nice find, 07up. I just emailed the link to D. Sauve.
Just to confirm the latest PR, I called to speak to Werner Frank Enterprises today at the Atlanta Trade Show, and sure enough, they told me they were displaying Aussie Soles in Booth #1200. I asked how these shoes were doing at their exhibit, and they said, "Great!" Their positive response made me want to open a position in AUSE.
But only Aquagold International will be selling imported
premium bottled spring water in China, and for a lot less than $100 per bottle.
This is a great time to buy AQUI if you are patient enough to hold for two to four months for a multi-bagger. IMO
News is definitely coming. If it is a JV announcement, let's hope the name of our new partner is disclosed, in other words, that a deal has been signed.
Shadow -- This document was signed only three months ago.
Reading between the lines, as you suggest, I believe it is possible that the Company decided to delay the launch until they had biodegradable bottles, something mentioned in the report. What a great environmental selling point that would be!
Just see how many family members of the corporate officers are invested in this company, and how salaries were paid in shares at .005/share, which is right about where we are today.
You have to expect D. Sauve and Co. will do whatever is in their power to make this work so they all get their money's worth.
My money is on AQUI to announce the roll out of its
premium Canadian spring water with a new biodegradable bottle design either right before or right after the Beijing Olympics. As far as I'm concerned, it's just a question of timing. For those who are long Aquagold, we will see our patience pay off soon enough. All IMHO.
Sounds like there are some new developments. I'd like to see that market cap around $50M once the Company starts to exploit the Krong site.
Market cap is less than $1M. All we can do is wait until they find a willing JV partner. The last word we got was that they are working hard, and when there is something to announce, they will issue a PR. I'd rather let them concentrate on getting their business alliances established and bring up the question of visa sponsorship when the Krong equipment is up and running.
I think DOS would be willing to go with me in September to visit the Aurus mining sites in Russia.
I received an email from Slava about one hour ago.
He said that when there is something to announce, it will be released by the Company. For the time being, he said they are working very hard, and yes, he did mention that when news is PR'ed, the majority of shareholders claim it to be untrue. Slava said the Company is not withholding information on account of shareholder negativity, but that a PR will come out when they have news to report.
Anvil -- Don't know what you think is twisted. Please clarify.
Premium bottled spring water definitely is a niche market
in China, one that will be filled by Aquagold International. Let's remember that a $118 million Bank of China Letter of Credit means Aquagold will not be selling on consignment like other exporters of bottled water to China. The difficulty is that we have to abide by Chinese customs concerning how product launches are announced.
With no news, we don't know if there has been a delay in executing the business plan, or what may have caused a delay.
This is a real test of patience. The problem is that the pinksheets is not the place to test anyone's patience. When traders' patience is tested they become bashers, whose negativity then creates selling pressure driving down stock prices. From that point on, it doesn't really matter how much the managers try to deliver shareholder value by building their company from the ground up. Unless some amazing news is announced with ample third party confirmation, it is very difficult to reverse negative shareholder sentiment in this particular marketplace.
I believe you are onto something, and that is why Dovgan is looking for Joint Venture partners who will invest to acquire the necessary equipment to separate the components of the technogenic dump.
I just heard about a company in Buffalo, New York called NanoDynamics that funded the expansion of its operations
by landing a joint venture investment of $10 million from Shell Technology Ventures. With its business plan and TSNIGRI technical report in hand, Aurus will probably find a sweet deal like that, sooner or later, but deals like that take time to put into place.
Here is another idea. It's called venture debt, a hybrid between a term loan and venture capital. Like a traditional loan, the debt is meant to be repaid, generally over a period of several years. Like venture capital, however, it is often provided to high-growth companies without any real collateral. In the case of Aurus, its gold reserves would collateralize the venture loan. Many private equity funds have an associated lending firm
that handle making such arrangements.
So I believe you are right, that if they promote themselves as a cash poor company with huge reserves waiting to be exploited, they may be able to attract a cash rich company ready to take advantage of the opportunity.
Here are sections from the TSNIGRI report that I like to read once in a while to remind myself of the intrinsic value of the Krong assets which are owned 100% by Aurus.
"The Krong Company started study of production waste from Roshal chemical plant in 2007."
"Preliminary assaying of samples performed by TSNIGRI (October 2007) showed a high exploitability of the Site in terms of iron, gold and silver content. At the same time, full spectral analysis of samples was performed which confirmed high content of useful components."
Also:
"Commercial value is characteristic for about ten minerals."
And, in conclusion:
"The volume of dumps amounts to about 40 million tons. The cinders contain the following useful components:
gold -- about 68 tons
silver -- about 739.6 tons
iron -- about 20.8 million tons
platinum -- about 3.6 tons
In terms of potential cost (value) of the useful components, Roshal technogenic deposit is equivalent to a large gold-ore deposit with the reserves of 120-140 tons of gold."
Lots of value there. Now all we need are one or more JV partners to help Aurus exploit these components.