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No I got in from .0018
But I was in from .0028 to .0064 and made some money there
Well, I'm definitely not going to bother selling at these levels
What would I get, $10?
I have 61000 shares
So
All we need to do is reduce the float 90% and get some gub'mint cheeze and I'm set for a vacation to somewhere without two feet of snow
http://yahoo.brand.edgar-online.com/EFX_dll/EDGARpro.dll?FetchFilingHtmlSection1?SectionID=8618653-177352-183430&SessionID=fLjVFCJbf19TPl7
Does this mean that XZX is right about why the restricted share count is going up??
I noticed some people mentioned the 10% triggering a required filing, so this is kind of interesting:
Auction Specialists Litigation
On or about November 2, 2011, several debt holders of the Company filed a lawsuit in the First Judicial District Court of the State of Nevada in and for Carson City against the Company by filing a Complaint. The case is Auction Specialists, et al. v. Paxton Energy, Inc., Case No. 11 0C003451B . In this action, the plaintiff seeks a judgment for the payment of the outstanding notes and for immediate possession and/or sale of assets of the Company that were pledged pursuant to a security agreement. The Company has filed an answer denying the allegations. The Company believes that the claims for this lawsuit were sold to Ironridge as part of the disclosure below and has contacted Ironridge to have the lawsuit dismissed.
Ironridge Litigation
In March 2012, Ironridge Global IV, Ltd. (“Ironridge”) filed a complaint against the Company for the payment of $1,388,407.06 in outstanding accounts payable and other outstanding liabilities (the “Accounts Payable”) that Ironridge purchased from various creditors of the Company. The lawsuit was filed in the Superior Court of the State of California for the County of Los Angeles Central District, and the case is Ironridge Global IV, Ltd. v. Worthington Energy, Inc., Case No. BC 480184 . On March 22, 2012, the court approved an Order for Approval of Stipulation for Settlement of Claims (the "Order").
The Order provides for the issuance by the Company of 10,150,000 shares of common stock (the “Initial Shares”) to Ironridge in settlement of the Accounts Payable. The Order also provides for an adjustment in the total number of shares which may be issuable to Ironridge based on a calculation period for the transaction, defined as that number of consecutive trading days following the date on which the Initial Shares were issued (the "Issuance Date") required for the aggregate trading volume of the common stock, as reported by Bloomberg LP, to exceed $4.2 million (the "Calculation Period"). Pursuant to the Order, Ironridge will retain 1,000,000 shares of the Company's common stock, plus that number of shares (the "Final Amount") with an aggregate value equal to (a) the sum of the Accounts Payable plus reasonable attorney fees through the end of the Calculation Period, (b) divided by 70% of the following: the volume weighted average price ("VWAP") of the common stock over the length of the Calculation Period, as reported by Bloomberg, not to exceed the arithmetic average of the individual daily VWAPs of any five trading days during the Calculation Period.
36
Pursuant to the Order, for every 4.2 million shares of the Company's common stock that trade during the Calculation Period, or if at any time during the Calculation Period a daily VWAP is below 90% of the closing price on the day before the Issuance Date, the Company will immediately issue additional shares (each, an "Additional Issuance"), subject to the limitation in the paragraph below. At the end of the Calculation Period, (a) if the sum of the Initial Shares and any Additional Issuance is less than the Final Amount, the Company shall immediately issue additional shares to Ironridge, up to the Final Amount, and (b) if the sum of the Initial Shares and any Additional Issuance is greater than the Final Amount, Ironridge shall promptly return any remaining shares to the Company and its transfer agent for cancellation. On May 1, 2012, the Company issued an additional 5,100,000 shares to Ironridge pursuant to the settlement of claims as further described in Note 4 to the condensed consolidated financial statements.
However, the Order provides that under no circumstances shall the Company issue to Ironridge a number of shares of common stock in connection with the settlement of claims which, when aggregated with all shares of common stock then owned or beneficially owned or controlled by Ironridge and its affiliates, at any one time exceed 9.99% of the total number of shares of common stock of the Company then issued and outstanding.
The issuance of the shares pursuant to the Order is exempt from the registration requirements of the Securities Act of 1933, as amended, pursuant to Section 3(a)(10) thereof, as an issuance of securities in exchange for bona fide outstanding claims, where the terms and conditions of such issuance are approved by a court after a hearing upon the fairness of such terms and conditions.
I bought it because it looks more good than it looks bad (to me) and I can only lose 100% of my investment.. but if it goes the "good" way I can get a few hundred percent.
That may not be reasonable logic, I suppose.
Well, P&Ds are what I was trying to learn about.. and then I ran across this stock and it doesn't seem like your garden variety pump and dump so I'm trying to figure out what all is going on
Would someone PLEASE help me figure out if I'm understanding how pennies trade?? I'm very new and would be VERY greatful if someone would give me some input to let me know if I'm getting the picture over here..
I bought into this because I love the oil business. Not that I know much about it- but- my family was in oil years ago. I'm new to trading and want to learn how to take advantage of P&Ds. The number one thing I get from my research is that 99% of pinks are trash and to only trade based on being able to figure out when they'll be making big moves. I bought some shares I can afford and I don't care if I don't win on this one. It's a learning experience.
The fact that I ended up drinking some of the punch is very odd, to me!!
The punch is only half drunk because I'm extremely skeptical of this company and yet some of it is believable to me. So many things affect the price of stock and this that and another thing can have result in different effects on the PPS..
I'm trying to learn what creates buying and selling pressure.
In this I have learned to look at several things
1. The price can be affected by people who got in at a low PPS and sold during the run
2. The price can be affected by people who have been holding a long time from higher pps and who want out once they see the pps is up
3. The price can be affected by short selling which I don't really understand too well yet
4. The price can be affected by naked short selling which I also don't understand yet, but I think it's brokers and other agencies using something called "fail to deliver" shares that don't exist
5. The price can be affected by news and by lack of news (this seems to be the most important)
6. The price can be affected (and to some degree predicted) by chartists (partly because many chartists uses similar indicators and trading strategies)
7. The price can be affected by "flippers" who jump in and back out (on intraday highs and lows?)
8. The price can be affected by MMs creating false volume(??wash trading??), walking the price up and down somehow(buying and selling to each other at artificial prices?) and some other ways I don't understand yet
I have some key questions about WGAS...
1. Would they be allowed to say in the PR that the commitment letter terms are agreed to by ALL PARTIES if that didn't include Montecito?? There's a disclaimer.. Do they have to be truthful in a PR?
2. Are they going to have to give any information or elaborate at all about the commitment letter at a certain time? Apparently they only have to do so if there's a certain percentage increase in the o/s within x timeframe?
3. If they didn't have the commitment letter, wouldn't Ventana strongly deny that fact? Someone said that they'd have told me it's confidential information no matter what- but surely they'd not want some company claiming to have a deal with them if they did not- correct?
4. If they do have the commitment letter, why wouldn't they want to give us more detail? Could that be because they've agreed not to do so, yet? Could it really be because certain people want to accumulate shares? If they're looking to accumulate shares- why wouldn't they have done so BEFORE the pr came out??
5. Who made the $85k buy at $.03 right before the close, the other day? Why would they do that if they didn't know anything? Who in the world rams 85k into a pink without knowing something? What about those other sizable buys at above the ask??? There have been several..
6. What is happening with the actual publicly traded float? I keep hearing about the O/S and now there are restricted shares being issued which are a part of the O/s- but- what really matters in terms of buying or selling pressure affecting the PPS is how big the FLOAT is. The O/S increase doesn't seem like a terrible thing so long as the float isn't going up every other day, right? Restricted shares being issued seems like a GOOD thing?
My main concern is:
If they don't elaborate on the terms of the commitment letter or where we're at on the funding, the pps won't really be able to gain very much and is likely to continue falling, right? Then those fools on the Berlin exchange can short all they want, apparently? I can't decide if that is as awful as it sounds- because won't those clowns have to cover fast if we get news?
Will the news about restricted shares being issued mean anything to the market? That sounds like good news- to me- but I don't know how much that can really help the PPS..
Sorry for being long winded. I'm just trying to figure out if I understand all of this.
Someone was saying that they can't add these new shares to the float right away... is that true? Or did the OS increase go straight into the publicly traded share pool?
Good luck at the hospital!! Maybe I should give them a call once I am awake enough to speak.. coffee... I have PLENTY of experience in hospitals- as the inmate and as one of the visitors.. Best wishes to you
I guess having the b***s to ask is a good thing
It sure works with women
In business it can be a VERY good thing - unless you're just nobody asking a somebody something (as in, when I write to ventana or worthington or anything else)
PS: What's with all of these small trades going through so low out of the blue? Is that legitimate or is that the painting thing I read about?
I agree that a Commitment letter is generally a much stronger document than a Pre approval letter is just from what I know about property. . I was just trying to learn how to do some DD over here :) I think the lack of denial is a partial confirmation at worst
I hope so
I'm still waking up (just crawled off of the slab awhile ago) and can't come up with a sentence yet
Maybe you're right.. I really am new to all of this.... Do you think my response was okay??
Thank you for the prompt response. I understand the sensitive and confidential nature of such an agreement. I'm just a bit confused that they supposedly have a commitment and I don't see them on your website at ventana-group.com/static/Ventana-Group-brochure.pdf
Could you possibly explain to me if, in general, without specific regard to any specific company, a "commitment letter" is more meaningful than a "pre-approval" in terms of your funding process? I'm new to all of this and don't really understand how it all works.
Thanks again,
But they didn't deny anything, either
If it's confidential it must be real?? No?
Well, you were right. Ventana couldn't tell me anything. I really didn't expect that they would be at liberty to discuss it, but I tried :)
Hi --------,
Can you please refer back to the manager of the company in regards to your questions. This information is confidential.
Thank You,
Kristy -----
From:
Sent: Saturday, February 16, 2013 12:56 PM
To: Info
Subject: Worthington commitment letter
Hello,
Is there anything that you can tell me about their newest "news" which speaks of a "commitment letter"? I'm told that they had "pre approval", before. Is the commitment letter more significant? Is it true that the terms are agreed to by ALL parties, including monte? Do you dispute any part of their news release? Also, this does not say when they received this commitment letter.. could you give me any idea of whether that happened recently, or not?
Thanks in advance for anything you may be able to tell me about this!
Holy god
Another 600k @ .02
What was the price that one guy bought $85k worth before close the other day? .0303 wasn't it?
Wow
Another 500k @ .02
Holy god.. what trading platform allows you to buy so far above the price?? No refunds, sir.. ha ha ha
I guess .018 is our new level of support, I hope
Seems to be low volume on down days FWTW
It really has to break the .0385-.039 level
Even I can see that
From Dec 19 and Feb 11 and 14 ... that seems to be the one it needs to break
I wish we could have some NEWS
All that's happening right now is the same points and issues being rehashed over and over again
Ah, I see
Did anyone see this guy who noticed it a couple of days before it went crazy?
What day did money runners actually pick it up? How much were they paid?
Not knowing what is going on drives me up a wall
Well I guess I'm going to go out and grill a two pound steak .. I'm pretty hungry. I don't have a fireplace, though.
I guess I forget how tight things are in the past years.. for awhile there they were lending anything to anyone!!! Dot com this, stupid scheme that
Hahaha
Well, as I understand vc firms, they're not loaning anything based on what you don't have UNLESS you have a VERY clear and defined path to it. They're also going to want to see a coherent business plan and reasonable sane projections
If we could know when the commitment letter was received and the exact terms of it, that'd help a-lot.
Here is a question
If mason was such the pariah, how did he manage to get away with it all? I mean to say, it sounds like some clowns had invested a LOT of money and he essentially stole it all?? Is that what happened? All I can say is that he's lucky I wasn't in and stuck big. I would have been upset.
I guess that makes sense..
Has anyone tried talking with ventana about this? I'm sure that they won't tell you much, but, what about just asking them if they dispute any part of the release? Or about WHEN the commitment letter happened?
I just e-mailed them for all of the good that will do.
PS: As I understand it, some argue that the OS going up is due to debt holders converting debt, which as I understand it would get it off of our books but possibly hurt the share price a bit? Yet it would help the share price in that the debt coming off of our books would look really good?
And as I further have come to understand, the debt holders end up with restricted shares which are part of the O/S but NOT of the float, yet? Am I getting this right at all?
One more question: If the PR says the terms are agreed to by all parties- that would have to mean that they worked out some kind of a settlement on VM, yeah? As in, the VM179 being settled would be one of the terms of the loan funding? No one seems to be able to find anything on an actual docket or set for a date but there IS a case number..
I hope those morons don't fail to give some news by today or wait forever or some stupid thing
Grr
Well, looks like we hit the ground falling, this morning.
That is annoying
Wasn't there an 8k due soon?
Why is the ask sitting at 030 yet the bid was sitting at 0281 and finally went up to 029 so what was the response to that, the ask went up to 031 and now to 032
LOL
I don't understand that- but- it seems pretty funny
Does anyone know who or what bought the $85,000 worth before close yesterday?
This had its run from that PR then it pulled back and something seems to keep driving it back up...
Looks like we're flirting with the 11th HOD .. If it can make that I bet it breaks .04 and .04 I bet would make it gain quite a bit because I think that psychological thing about round numbers is true
Look it at me, I bought into something that has not tanked yet. Happy christmas time.
That one guy said being listed on the berlin could make the float increase- I'd like to ask how that's possible... They're not allowed to create shares of a US company unless the company allowed it, are they?
If they're over there buying shares from the same float we are- that would increase demand, no?
Yeah
It has to be
No two stocks could be that close
Thank you Ms. Krissy!!
Tell janet I said hello ;)