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I noticed that as well....
AMHD was trading at 2 cents. They paid Lowell Todd Fitzsimmons (www.fuel-tanks.com) $312,500 of $337,000 to build a bio-diesel processing plant for their Nashua NH facility (which I personally visited).
Fitzsimmons did not make progress on the unit so AMHD withheld the final payment of $25k.
AMHD was cash strapped (because Fitzsimmons had both their equipment and cash) so they had to abandon the nashua nh bio-diesel plant.
Meanwhile the company went further into debt because they should have had operating income and did not due to lack of equipment. As a result they had to dilute and come up with a new business plan.
The plan that stuck was a reduced size plant in Barbados. My bet is that the plant will increase in volume/size in the near future.
AMHD sued Fitzsimmons for not manufacturing the machine that was contracted and lost revenues as a result.
Fitzsimmons (toddfitz is his IHUB name) stated that if it seemed like he would lose the lawsuit, that he would file bankruptcy. Well, he filed....so it would seem ole Aziz is not so bad after all. Aziz Hirji, then CEO of AMHD, took the brunt of investors ire for the downfall of the company (unfairly).
From what I understand.....all the parts to make the equipment are there, and paid for. They just need assembly (which is no small task).
The data:
09-32196-5-mcr Lowell T. Fitzsimmons
Case type: bk Chapter: 7 Asset: No Vol: v Judge: Margaret M. Cangilos-Ruiz
Date filed: 08/03/2009 Date of last filing: 08/20/2009
Creditors
Amelot Holdings
PO Box 1616
New York, NY 10159 (906889822)
(cr)
Americredit
801 Cherry Street, Ste 3900
Fort Worth, TX 76102 (906889823)
(cr)
AmeriCredit Financial Services, Inc.
PO Box 183853
Arlington, TX 76096 (906892729)
(cr)
Barnes Distribution
1301 East 9th Street, Ste 700
Cleveland, OH 44114 (906889824)
(cr)
Butler Fence
536 State Fair Boulevard
Syracuse, NY 13204 (906889825)
(cr)
CES, Inc.
1 LePage Place
Syracuse, NY 13206 (906889826)
(cr)
Consolidated Electrical Dist.
6552 Ridings Road
Syracuse, NY 13206 (906889827)
(cr)
FW Webb Co.
158 Syracuse Street
Syracuse, NY 13204 (906889828)
(cr)
Gartner Equipment
302 Sand Street
Syracuse, NY 13204 (906889829)
(cr)
Haun Welding Supply
6000 Court Street Road
Syracuse, NY 13206 (906889830)
(cr)
Internal Revenue Service
PO Box 21126
Philadelphia, PA 19114 (906889831)
(cr)
Kennedy Tank
833 East Sumner Avenue
Indianapolis, IN 46227 (906889832)
(cr)
Key Bank, NA
1270 Northland Drive
Suite 200
Saint Paul, MN 55120 (906889833)
(cr)
Liquid Controls, LLC
105 Albrecht Drive
Lake Bluff, IL 60044 (906889834)
(cr)
National Grid
Customer Correspondence C3
300 Erie Blvd West
Syracuse, NY 13202-4201 (906889835)
(cr)
New York State Dept of Labor
State Campus, Bldg 12
Albany, NY 12240 (906889836)
(cr)
OPW
2726 Henkle Drive
Lebanon, OH 45036 (906889837)
(cr)
Ross Mixing
710 Old Willits Path
Hauppauge, NY 11788 (906889838)
(cr)
Stanwade Metal Prod
PO Box 10
Hartford, OH 44424 (906889839)
(cr)
Suburban Propane
240 Route 10 West
Whippany, NJ 07981 (906889840)
(cr)
Verizon Bankruptcy Department
3900 Washington Street
Wilmington, DE 19802
And why did he file? --->From the man himself:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=32603759
Todd Fitzsimmons filed chapter 7. AMHD is listed as a creditor.
Fitzsimmons himself nearly destroyed AMHD and is the one single reason people have negative feelings towards AMHD......only the uninformed do not realize that Fitzsimmons was the issue and mistakingly place blame with Aziz.
In the same time I lost more than that on General Electric. That is one CEO the belongs in PRISON.
The state of WY screwed up and spelled Fred's last name wrong. It is supposed to be Guarnieri.
Amelot Holdings is the PARENT COMPANY. It is the holding company that OWNS Amelot Oil. Subsidiaries can and often do have different officers. Aziz does not own any of these companies. He is the President of Amelot Oil.
Fred is the CEO of Amelot Holdings. He is Aziz's BOSS.
Wasn't your brother in law supposed to get a picture of Fred's building?
I have been in this stock for 4-5 years and am up about $15,000.00 Not too bad for an old stuckee.
Oh jimstr where do I begin. You did not uncover a "scam".
Did they dilute? Yes. That is how the stock market works. You go public to fund current and or future projects.
Can they continue to dilute? No. AMHD has no shares to sell. Officers can only sell 1% of the float to the market per quarter. It is called the dribble rule and I suggest you look it up.
Was the name Timber resources bla bla? Yes. The company was primarily interested in timber in those days.
Did TR reverse split? Yes. 7 years ago. It also forward split. AMHD has NEVER reverse split.
The share structure is well known and in the IBox. About 4.3billion are outstanding, but Fred G. (CEO) has been personally acquiring shares at a fever pitch and now owns more than 15% of the float....or nearly 700 million shares. He does not collect a salary.
There are several companies that fall under Amelot Holdings, that is the point of a HOLDING COMPANY!...and the ticker AMHD.
http://www.amelotholdings.com/client/subsidiaries.htm
He would have to transfer the shares through the transfer agent. What you allege is highly illegal, highly difficult, highly unlikely, and nonsensical.
The T/A is not gagged....same as ever.
No. He MUST file to sell, and the sell size is limited.
He cannot sell because it is a major SEC violation. Look up the dribble rule.
100% correct.
The SEC has no provision for buys (sells only) on pink sheets. Check for yourself.
He cannot sell per the dribble rule. The dribble rule states that officers of a company cannot sell more than 1% of the float, or 43 million shares in this case, per quarter. Volume has passed that by a wide margin and then some.
The TA said within the last 30 days...correct? The shares were not all bought at once. I have zero worries.
Call him.
The SEC monitors PRs. If they have no problem with what is written, I have no problem with what is written.
It would have to be, unless most sell at a loss. More than a third of the float traded in the last 2 weeks.
almost 10% of the float went off so far today. That should create a healthy support level.
Settle down with staring at every tick. Anything 8 and over is just fine today.
Great dollar volume here today.
The CEO provides the PHYSICAL address of the HUGE (freshly refurbished) office building that HE owns. HE has a LOT to LOSE if the SEC gets pissed. HE is 100% telling the truth IMO.
About 4.3 billion....but the CEO owns the better part of 700million so the real number is around 3.5 billion.
Does ARCA still have their GIGANTIC bid?
B/O? Buy out? No. They bought this operation and expanded it some time ago.
The operation they bought in Barbados was run by Handel Callender. He got an award from THE UNITED NATIONS for the operation. They have a PHYSICAL address (not a PO Box) in Norfolk VA.
The company has ZERO shares to sell.
Very nice to see the ELEVENS getting hit.
The company has NO SHARES TO SELL.
AMHD....a brief history.
I have been in since the pps was 2.2 cents. That was when AMHD was starting a bio diesel refinery in Nashua NH. I went to that site and inspected it personally. It was as PRd.
AMHD raised funds and paid Fitzsimmons Systems to build the refinery equipment. Fitzsimmons never finished it.
AMHD sued him because this failure to perform crippled the company. Meanwhile AMHD also had to find a new way to make money and branched out. The most promising of the ventures is in Barbados.....
Fitzsimmons filed CH7, AMHD is listed as a creditor....I have personally checked the filings on PACER.
Apparently AMHD is now starting to gain steam again and is once again on the brink of making some real money for themselves and investors.
I had the foresight to average down and am up significantly.
AMHD has about 4.3 billion shares outstanding....but the CEO personally owns about 600-700 million of them. That leaves just over 3.5 billion for the rest of us.
AMHD has ZERO shares to sell. Officers are limited to selling 43 million shares/quarter (1% of the float) and must file when doing so.
CEO has increased his share count steadily and every PR update indicates a larger position for him.
2 PRs ago indicated that there were other opportunities in the Caribbean.......My bet is.....something is brewing.
Very NICE MOMO. I am here for the long run. I have been in for several years already and will be for years to come. I am up quite a bit at this point too.......
CEO cannot dump per the dribble rule. AMHD has no shares to sell.
Pre-market has very little indication of what the B x A will be at 9:30 am eastern time.
I wished I had a 100million shares. After 30 some-odd million I was cut off by my own metrics.....ohhh the juxtaposition...
I'm glad AMHD is operating in Barbados. You can take all of those cost metrics and throw them out the window.