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My point is that people are crying foul on the $100K thing. What they need to be angry about is lack of clarity. That's it, and your questions prove my point. We know nothing more today than we did 6 months ago really except the numbers look worse than expected.
Financials were late and appear unaudited. Revenues and profits seem down. O/S is 1.75B at first glance. There is no clarity on anything, and again we wait for PBLS to give us clarity "soon."
Life's too good to be down. I lost plenty of paper profits over the last few days, and yesterday lost 2 commissions that are larger than what 90% of America makes all year, and my family had to pull the plug on my grand father.
But then I went home, read my Bible, played my guitar on the back porch with the dogs, had a beer, played with my 15 month old baby girl for a couple of hours, watched Lost re-runs with my wife on the chaise until we both fell asleep in my house at the beach. Hard not to stay optimistic.
But then again, I don't front here as a professional player. This is a game to me. I do hurt for those that this truly effected their livelihood. But I grew up on a farm. There's no free lunch in life. Just hard work and a lot of risk that God sends rain on your crops in season.
Okay, I know many are upset about the smoke and mirrors, he said she said and lack of substance with the financials, oh and the O/S, the preferreds O/S, lack of NI, disappearance of some of our oil companies from the corporate flow chart, moderators leaving, moderators staying, the fact that I'm so darn good looking etc etc, but if we could dare set that aside for one moment, let me ask you all 2 questions pertaining to this compensation to Paul? (And man I'm an idiot for opening up the attack, but no one seems to want to address this)
1. If you were the CEO of a multi-million dollar holding company, what would you expect for compensation annually?
Now let me re-phrase.
2. If you were the CEO of a multi-million dollar company that wasn't paid for close to 5 years while trying to bail out a sinking boat caused by a capital funding fiasco and then had to pay for 3-5 years of court costs out of pocket while personally leveraging yourself to the hilt and even loosing your own house and having to live in the guard shack of a defunct gravel pit would you expect to be reimbursed by your company that now seems to be at least some what profitable (though the equity financing might appear to be a bit toxic)?
Look, Paul might be Judas. I don't know. Maybe he is as he certainly pisses me off with how things are going. But just keep in mind that right now several gurus are claiming this and that negatively while silently buying a larger position. After all, that's their M.O. and how they earned their membermarks. And no, I personally don't put Coydog in that group.
But just because you are like me and are pissed at the out come of the last few days doesn't mean you have the right to be stupid on this $100K a month deal. It's neither out of the ordinary nor criminal in any respect for a CEO to do this. In fact, most CEO's have to leverage their house, or pay for things out of pocket on the front end start up. It's the risk of going out on your own and sadly, most of you will never have the nutts (ladies please forgive the language) to do that as you take your daily paycheck sitting at a desk that someone else bought in an office that someone else pays for and wait for someone else to take all the risk in life for you. You know, your boss or company owner/founder...who you hate...that guy.
So please get a grip. If you want to be upset about something and cry foul, at least do it for the right reason.
Sorry, that was a little strong, but having been in a similar situation to Paul, this touched a nerve.
My hope now is that we can stay above the 200MA before news comes "soon." I give the chance of news coming that is very specific and exactly what we are looking for to be in the less than 10% range.
I guess judging by board sentiment, that makes me an optimist.
You are welcome. eom.
Feel free to start here if you would like. You can figure out where to find the info if you look hard enough.
http://www.sttammanyclerk.org/main/index.asp
Just be careful you read ALL the documents before you jump to conclusions. And please don't call the Clerk of Courts and ask (I assume you realize this). They don't know anything as they simply record documents for public record. These are court documents arranged by time recorded and so sometimes are a bit out of order chronologically.
Silence reminds me of the slow bleed from July to Nov last year. Silence is definitely not golden with this one.
Good night all. My wife just said I have turned into a "Cyber-dork." That stings. So I'm off to watch my Father's Day present. Season 2 of Lost.
Guess that makes me a dork, huh? Cheer up mates. It can only get worse.
Ah. The voice of reason. You ruined our insanity.
PM Roach. He might have it or at least would know when.
Shocker. But at least we all have each other. Awwwwwwwwwwww. ;)
OT- I can see it now...2007 Jesus comes to earth and recruits a bunch of Rednecks saying, "Leave your 4x4's, canned PBR, pork rinds and WWE wrestling and come follow Me. Today I will teach you to be fishers of yankee men."
Nope. Couldn't happen.
(see, isn't this more fun than being ticked off)
You yanks have got to know that Southern boys turn everything into an acronym. We're not smart enough to remember things other-wise.
Examples:
U.S.A.
K.I.S.S.
F.U.B.A.R.
P.B.L.S.
Wait a minute. Better scratch that last one from the list before I start thinking of expressions for what those letters really stand for...
7) The trading before the "news" screams that some serious players knew of the O/S increase.
Would that be HFTBAPFTW? Somehow I just don't see that catching on but I'll try.
Ren
MOSO
HFTBAPFTW
(how was that?)
We all have to have our own strategies and expectations. The only folks that I want to hit with my 4x4 Tahoe with a giant bull bar are the folks that work these boards manipulatively.
Wait a minute. I don't think Jesus would hit anyone with a truck.
That really stinks.
Just needed to wax poetic. Maybe it was the beer. Okay, I confess, it was the beer. ;)
I like being a pigeon. More exciting though somewhat lower income.
Ok. So we are only down 7% on what I expected to be the one of the worst Mondays in PBLS history. And that's after more "soon" statements by management on PR's and no clarity on our now "transparent" financials and share structure. Wow. I must be on magic mushrooms to still be putting myself through this. And now we wait for PR's that are to help the share price...again. Someone pinch me, I'm having fun right?
Well Irish was right...expectations can be dangerous. So from this point forward I vow to remember to have the right expectations. Expect nothing and maybe I will be pleasantly surprised for a change.
A few positives. Even at 1.75B O/S, with just a P/E of 5, we're trading at or near market value based on a 2006 Net Income near $6M. And I peg the pps based on Book Value and 1.75B shares O/S near $.07. And none of this factors in the "big four acquisitions coming SOON." So who knows. I certainly can't PREDICT ANYTHING WITH THESE BOYS.
Finally, some reflections on the weekend and the weeks ahead...
I can tell you this. Some will tell you that "marrying a penny" is setting yourself up to be a bagholder. Some will tell you that the only way to win is to trade the swings, buy the bottoms, and avoid these "pump boards" and their "market psychosis." Some are even laughing at you/me/us on their little boards of "truth." They may be right most of the time, hell almost all of the time probably. And I personally play my other pennies that way. But sometimes pennies DO turn into dollars. But VERY rarely. It's a super long shot. No safe bets. Longs, you played this knowing that to be the case, and if you didn't you do need to sell or convert. But if you care to remember what brought you here, well then, my opinion is to just let it ride. You might have convinced yourself that it was a sure thing after watching day after day after day and hoping/praying/wishing/dreaming and reading and responding and researching if you dare call it that. But nothing's a sure bet with PBLS, never has been. And we've all known for some time that it's the boys at the helm of this ship that might be the biggest risk to the would-be home run. So guys and gals, don't kid yourselves.
Nothings really different risk-reward wise than it has ever been. This is still a pinky. It's still incorporated in Nevada and is based out of Louisiana, the most corrupt state in the Union (probably even more than New York and California). They have a history of bankruptcy. Of lawsuits. Of making very poor financing decisions. Of pissing off employees and blowing up business relationships. And somehow, miraculously, we posted $180M in revenues 6 months ago and a bit of profits AGAIN. Wow. Still hasn't gone bankrupt. Wow. Still some potential growth there. Wow. And sometimes YOU DO HAVE TO BUY YOURSELF OUT OF A BAD SCENARIO, as they buy, buy and buy some more. That's how I survive the "sharp down" moves in Real Estate. So for me, I'm not here on a certainty, I never was. I'm playing a dream. And if you think that you're not, you are in the wrong market. And if me being a hog gets me slaughtered, well that's what I set myself up for. I want to win the World Series of Poker not continue to just play with fake chips and my buddies. If you don't want the chance of getting slaughtered, maybe learn Coy's method or go buy a nice safe Mutual fund. This is my Apple. My Xerox. I play it safe with my day job. But with a good river card, I have a very slim chance of winning this hand. And I just might. I just might.
Sorry for the sermon. Just finally getting my head right on this. Here we go again "soon..."
Haha...you said "soon." Sigh.
(Thanks for keeping things positive)
Wiggle room is not good if we want bigger fish to respect the exchange...
Thank you peorge. I will first try and learn how to read and do some math so I can do some DD. It's tough though you know? Thinking for yourself and all.
Ahhh...that would mean another deadline, huh? Oh boy.
I hope you are right. I'm looking for some more information.
Yes, typically dividend payments fall under the current liabilities category.
It still would help to see a liabilities break down on the financials.
It would also be nice to see NI, common share structure, etc, etc.
Question to the Board (Pnew, Airdale, Sawdin, LowFloat, Shiz etc):
Is the information that was posted on the pinksheets website for PBLS all that is required to be "current" with upper tier pinksheets?
If so, wow. If not, wow.
If this is transparency, I wish we would go back into a "quiet period."
Hopefully they are just letting the first hour play itself out. But we need clarity. I do see that the information posted on Pinksheets has been fixed so that at least is reassuring. Delving into it now to see what it really says.
Also, no more lawsuit talk. That's just plain stupid at this point. What are you going to sue them for? We don't even know what's been done? And if it's not Jim Plant-like or Petar-like, well then whoever contacts the SEC in my own stupid opinion is a MORON and kissing whatever investment they had in this good-bye. Yep, because trading on the grays for the next 2 years while the lawsuit gets settled would help alot.
Okay, off to church and then surfing again. One of life's little ironies...yesterday, when I paddled out to clear my head on PBLS, it was high tide and it was doubling up bad (like our O/S)...but it was still a fun session though.
I prefer "Mr. Would-be Self-Proclaimed Guru." ;)
Great post. I am also of the wait and see mindset. Been in since June '06 and started with a $15K investment in a pink (which is large for me because I hate stocks pretty-much all together...Real Estate is simpler to manage risk/reward). Anyway, rode it down to .006 as my wife just pointed out. So I guess I can ride it out again if need be.
The only thing I am truly upset about right now is three-fold...
First, these boys and their PR's. How about some wisdom? How about hanging the bar a little lower and surpassing it instead of hanging the bar ridiculously high and then always failing? How about saying that Revenues/Earning will be in the $150M range for 2006? How about saying that we want to set a mark to grow 20% a year but work to do 50%? Be smart about it. It was the value of the Murphy Pit pr way back when that landed them in the lawsuit to begin with. Mitchell and Furr started licking their chops over that one.
Second, it's the feeling that someone knew about the O/S increase and started selling hard Wednesday. Hey it's the business world. Information gets leaked, but that still doesn't make it ethical or legal. Thankfully, in my world (real estate), insider information is legal and how you make money. Mostly, it's the fact that I can call IR and they don't know much because the company doesn't tell them anything. BUT, I can call Ron and get him talking and the next thing you know, I know more than IR. That is simply a recipe for disaster. Tell IR more. Answer investor phone calls to the head office less.
Third, HIT YOUR FREAKIN DEADLINES. No more "soon" or "very soon" statements. And as for date-certains...you're operating a multi-million dollar conglomerate and if you say June 15th. You better have the uploaded by the 11th to make sure you GET IT DONE RIGHT, and then you tell pinksheets to sit on them until Friday. If I screw up a deadline in my business it can cost me or my partners millions, and I'm not running such a "professional" shop as PBLS is supposed to be.
For me though, I WILL HANG TIGHT though I can see a nasty Monday trading-wise. Might buy more, but probably not. Would only do that to trade the bounce that is certainly coming. But Book Value puts us significantly higher pps-wise as some posters have pointed out. AND, the 1.75B is a bit fishy to me on the pinksheets site. You telling me that they just happen to have sold such an exact number of shares? It's confusing I know, but we really don't know anything. We haven't even read the reports yet. And even if they did FULLY DILUTE TO 2B, we would still sit under value. It's just that these guys absolutely shredded their credibility again and that's what truly hurts us.
I expect an increase in the A/S if this 1.75B count is true. I still don't know how I feel about that. But now if they keep the TA gagged from this point forward even with the quarterly reports, well boys, that might be it for me. I hate stocks anyway and do this because its fun. When it's no longer fun, I'm out with my core shares and trading shares and moving onto something else.
Great post.
Okay. I still can't open the files. Didn't read them last night because I chose to spend time with the family. Good thing I had the intuition to send some flowers to my bride yesterday...though I did think it might to be to celebrate goods news.
I'm going surfing. 78 degree water and waist to chest high on a beautiful Saturday. In the meantime, so one PM what I'm missing on downloading these reports. I click the link and I just see the girl's email address still.
Be back in a couple of hours to hash it out. Maybe. It is Saturday on a Father's Day weekend and I've got plenty to be thankful for. Keep it in perspective guys and gals. Don't lose your head.
I'm still around, but just not at 3am. Right now there's just nothing more I can do until this all plays out. I've made my phone calls and I've done my research. I have the option to send in certs for the preferred exchange but don't think I will be wanting to do that, dare I say "soon."
I would have to disagree...holding a large position in PBLS has taught me that even Revenues might not help. This is the pinks after all and the market reacts strangely to news...the only thing that seems to increase the pps on the pinks is hype.
And N.I. number would be good to.
Why do I have Journey's "Don't Stop Believing" in my head all of the sudden? I can karaoke that song with the best of 'em after a beer or 2...;)
Good idea. I need to do that as IR never gets me PR's until like 2-3 days later. I have yet to receive yesterday's.
L2's anyone?
To my knowledge, and it's certainly just bits and pieces, the townhome acquisition was the first time they used convertibles. Don't know about since then...
Everyone keeps talking about dilution for the sake of acquisitions. That may be true. However, every scrap of information we find on how they financed acquisitions points away from dilution. They use cash. And mostly they use preferred shares just like they said they would when they raised the A/S. Their pattern has been buy-backs, common to preferred conversions, anything to decrease the float, because in the end, lower float means a higher pps for Paul and Ron's shares to. We all know they have been buying. But why would they start buying now using common primarily. Hell, it would take like 200M shares to buy Best Jets at these prices when they can pull that same purchase off with 200K of preferred and $1M in cash.
Personally, I think they took advantage of the Katrina spike and sold shares into it to turn this ship around. They sold at $.03-$.10 and I know that was bad for some of you real old timers. But in the end, it was a good strategic business move and they have been buying back ever since. The way I look at it, maybe they shouldn't have diluted back then, and we still have no proof that they did. BUT, if they hadn't, this company would have multi-faceted revenue streams right now. We'd still be scraping along with a couple small pool companies and a pit that doesn't have enough equipment in it to really be mined.
Again, so far, outside of some aggrevating delays in transparency ("soon," "very soon" etc), PBLS has done what they say they are going to do. They said decrease O/S not dilute, and they will do what they said they will do IMO. After all, it's still in their personal best interest to do so.
Agreed. And correct me if I am wrong, but they have to provide quarterly updates to the balance sheet. Therefore we should see "soon" of there has been correction on the Working Capital account. And besides, outside of Best Jets, to me, most of what we do is more service driven than inventory driven. We build houses by demand. We dig the pit by demand. We market natural gas by demand. It's not like we are Wal-mart with huge inventories of consumable goods. Therefore, we can afford to be a little tighter capital-wise. We still need a Net Income figure though.