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Not at all. Prove that more buyers can be found by having more time and result in a better sale price. It happened with the company I worked for last year. They had several 90 day extensions.
Posted by: ordinarydude Member Level Date: Wednesday, July 21, 2010 12:13:32 PM
In reply to: pblue who wrote msg# 141380 Post # of 141390
"... Bankruptcy can have extension after extension if the lawyers can prove the benefit to the judge."
I mentioned bankruptcy when Sloane purchased the remaining debt. Bankruptcy can also be another way to delay. The gold interests would still have to be sold to pay the debt. Bankruptcy can have extension after extension if the lawyers can prove the benefit to the judge.
No trades. What's up with that?
ID, I don't know where you get the $300,000 outstanding debt figure. In the 8-K filed June 3rd the outstanding debt to the debtors mentioned in the 8-K was "As at June 2, 2010, the Company owed an amount of US$455,981.65 (Four hundred and fifty five dollars and sixty five cents) plus the accrued interest, to these long term Loan Note Holders."
Today's 8-K doesn't say how much was paid to acquire the outstanding debt. It just say how much the outstanding debt was.
Posted by: ID Supermoney Member Level Date: Wednesday, July 14, 2010 3:09:52 PM
In reply to: pblue who wrote msg# 138392 Post # of 138424 Send a link via email Share on Facebook Tweet this post
Even the addition on this does not make any sense!!
Quote:As at July 12, 2010, the Company was indebted to Abaxis, Inc. in the amount of US$34,000 (Thirty four thousand dollars) plus accrued interest in the amount of US$230,994.54 (Two hundred and thirty thousand nine hundred and ninety four dollars and fifty four cents). This was the remaining balance due to Abaxis, Inc. in respect of a Loan Note issued to Abaxis, Inc. by the Company on October 1, 2008 and bearing interest at the rate of 10% (Ten percent) per annum.
On July 12, 2010, Abaxis, Inc. disposed of their Loan Note in the total amount of US$264,994.54 (Two hundred and sixty four thousand nine hundred and ninety four dollars and fifty four cents) to Sloane Investments, Inc.
As at July 12, 2010, the Company was indebted to Redwald Investment Group
, Inc. in the amount of US$133,938.90 (One hundred and thirty three thousand nine hundred and thirty eight dollars and ninety cents) plus accrued interest in the amount of US$146,642.19 (One hundred and forty six thousand six hundred and forty two dollars and nineteen cents). This was the remaining balance due to Redwald Investment Group, Inc. in respect of a Loan Note issued to Redwald Investment Group, Inc. by the Company on October 1, 2008 and bearing interest at the rate of 10% (Ten percent) per annum.
On July 12, 2010, Redwald Investment Group, Inc. disposed of their Loan Note in the total amount of US$280,581.09 (Two hundred and eighty thousand five hundred and eighty one dollars and nine cents) to Sloane Investments, Inc.
As at July 12, 2010, the Company was indebted to Searchlight Exploration, LLC in the amount of US$130,000 (One hundred and thirty thousand dollars) plus accrued interest in the amount of US$132,883.03 (One hundred and thirty two thousand eight hundred and eighty three dollars and three cents). This was the remaining balance due to Searchlight Exploration, LLC in respect of a Loan Note issued to Searchlight Exploration, LLC by the Company on October 1, 2008 and bearing interest at the rate of 10% (Ten percent) per annum.
On July 12, 2010, Searchlight Exploration, LLC disposed of their Loan Note in the total amount of US$262,883.03 (Two hundred and sixty two thousand eight hundred and eighty three dollars and three cents) to Sloane Investments, Inc.
As at July 12, 2010, the Company was indebted to Soft Trade, Inc. in the amount of US$58,042.75 (Fifty eight thousand and forty two dollars and seventy five cents) plus accrued interest in the amount of US$65,474.46 (Sixty five thousand four hundred and seventy four dollars and forty six cents). This was the remaining balance due to Soft Trade, Inc. in respect of a Loan Note issued to Soft Trade, Inc. by the Company on December 1, 2008 and bearing interest at the rate of 15% (Fifteen percent) per annum.
On July 12, 2010, Soft Trade, Inc. disposed of their Loan Note in the total amount of US$123,517.21 (One hundred and twenty three thousand five hundred and seventeen dollars and twenty one cents) to Sloane Investments, Inc.
As at July 8, 2010, the Company was indebted to St James Capital Holdings, Inc. in the amount of US$100,000 (One hundred dollars) plus accrued interest in the amount of US$25,994.52 (Twenty five thousand nine hundred and ninety four dollars and fifty two cents). This was the remaining balance due to St James Capital Holdings, Inc. in respect of a Loan Note issued to St James Capital Holdings, Inc. by the Company on October 31, 2008 and bearing interest at the rate of 10% (Ten percent) per annum.
2
On July 8, 2010, St James Capital Holdings, Inc. disposed of their Loan Note in the total amount of US$125,994.52 (One hundred and twenty five thousand nine hundred and ninety four dollars and fifty two cents) to Sloane Investments, Inc.
TOTAL AMOUNT OWED TO SLOANE INVESTMENTS, INC. AS THE COMPANY’S SOLE LONG TERM LOAN NOTE HOLDER
Following the acquisition of these Loan Notes and the settlement of the accrued interest to date, as at July 12, 2010, the Company owed an amount of US$1,057,970.39 (One million fifty seven thousand nine hundred and seventy dollars and thirty nine cents) to Sloane Investments, Inc. as its sole Loan Note Holder.
So what was the total paid??
Add them up!!
And there was only prior to this $300,000.00 not paid off before!!
ID
Total loan and accrued interest equals $1,057,970.39 plus $207,554.50 advanced to FFGO from Abaxis since November 2009.
from the 8-K:
As at July 12, 2010, the Company was indebted to Abaxis, Inc. in the amount of US$34,000 (Thirty four thousand dollars) plus accrued interest in the amount of US$230,994.54 (Two hundred and thirty thousand nine hundred and ninety four dollars and fifty four cents). This was the remaining balance due to Abaxis, Inc. in respect of a Loan Note issued to Abaxis, Inc. by the Company on October 1, 2008 and bearing interest at the rate of 10% (Ten percent) per annum.
As at July 12, 2010, the Company was indebted to Redwald Investment Group, Inc. in the amount of US$133,938.90 (One hundred and thirty three thousand nine hundred and thirty eight dollars and ninety cents) plus accrued interest in the amount of US$146,642.19 (One hundred and forty six thousand six hundred and forty two dollars and nineteen cents). This was the remaining balance due to Redwald Investment Group, Inc. in respect of a Loan Note issued to Redwald Investment Group, Inc. by the Company on October 1, 2008 and bearing interest at the rate of 10% (Ten percent) per annum.
As at July 12, 2010, the Company was indebted to Searchlight Exploration, LLC in the amount of US$130,000 (One hundred and thirty thousand dollars) plus accrued interest in the amount of US$132,883.03 (One hundred and thirty two thousand eight hundred and eighty three dollars and three cents). This was the remaining balance due to Searchlight Exploration, LLC in respect of a Loan Note issued to Searchlight Exploration, LLC by the Company on October 1, 2008 and bearing interest at the rate of 10% (Ten percent) per annum.
As at July 12, 2010, the Company was indebted to Soft Trade
, Inc. in the amount of US$58,042.75 (Fifty eight thousand and forty two dollars and seventy five cents) plus accrued interest in the amount of US$65,474.46 (Sixty five thousand four hundred and seventy four dollars and forty six cents). This was the remaining balance due to Soft Trade, Inc. in respect of a Loan Note issued to Soft Trade, Inc. by the Company on December 1, 2008 and bearing interest at the rate of 15% (Fifteen percent) per annum.
As at July 8, 2010, the Company was indebted to St James Capital Holdings, Inc. in the amount of US$100,000 (One hundred dollars) plus accrued interest in the amount of US$25,994.52 (Twenty five thousand nine hundred and ninety four dollars and fifty two cents). This was the remaining balance due to St James Capital Holdings, Inc. in respect of a Loan Note issued to St James Capital Holdings, Inc. by the Company on October 31, 2008 and bearing interest at the rate of 10% (Ten percent) per annum
TOTAL AMOUNT OWED TO SLOANE INVESTMENTS, INC. AS THE COMPANY’S SOLE LONG TERM LOAN NOTE HOLDER
Following the acquisition
of these Loan Notes and the settlement of the accrued interest to date, as at July 12, 2010, the Company owed an amount of US$1,057,970.39 (One million fifty seven thousand nine hundred and seventy dollars and thirty nine cents) to Sloane Investments, Inc. as its sole Loan Note Holder.
The Company was indebted to Abaxis, Inc. in an amount of US$207,554.50 (Two hundred and seven thousand five hundred and fifty four dollars and fifty cents) as at July 1, 2010. This was in respect of funds advanced to the Company by Abaxis, Inc. from November of 2009 to that date.
Posted by: Fire Lane Member Level Date: Wednesday, July 14, 2010 3:02:45 PM
In reply to: pblue who wrote msg# 138392 Post # of 138406
how did the accrue interst over 300K? lwhat did FFGO buy with the loan money
?
If you wait to buy after the announcement of the date of the divi you may be buying after the record date and not be entitled to any divi.
Posted by: SevenTenEleven Member Level Date: Wednesday, July 14, 2010 2:55:29 PM
In reply to: ID Supermoney who wrote msg# 138385 Post # of 138392
I would rather buy them at 0.0005 with real news out and finalized date of divi than at NO BID!!
That pretty much says it all. Huh?
ID, you had better go reread the outstanding debt and accrued interest. It was well over $300,000.00!!
Posted by: ID Supermoney Member Level Date: Wednesday, July 14, 2010 2:55:26 PM
In reply to: pblue who wrote msg# 138384 Post # of 138390
The outstanding left over debt was $300,000.00!!
So what was Sloane buying for $4 million????
ID
ID, don't you understand Sloane Investments bought the remaining outstanding debt not the debt that was paid for by common stock. The 8-K's from May 10th and June 3rd were about partial settlement of outstanding debt. The debt that wasn't settled is what Sloane has now bought. The 8-K filed today only says the amount of the debt that was acquired by Sloane Investments. It does not say how much was paid for that debt.
Posted by: ID Supermoney Member Level Date: Wednesday, July 14, 2010 2:47:00 PM
In reply to: SevenTenEleven who wrote msg# 138372 Post # of 138379
Why NOT just buy the shares from them!!
Easy to do and very little paper work!!
And why as a note holder would I not wait till 0.0035 cash as they had bought the other stock supposedly at??
That was the whole point of getting the shares!! As many including me had suggested in the past!!
ID
Puppy, Sloane paid the debtors what FFGO owed them. Sloane did not pay FFGO.
Posted by: puppydotcom Member Level Date: Wednesday, July 14, 2010 1:01:04 PM
In reply to: pblue who wrote msg# 138294 Post # of 138319
What I do wonder is if Sloane Investments paid full price for the outstanding debt or if a reduce price was paid.
Sloane can pay FFGO any amount they ask for .. since its all 100% paper shuffle by promissory note
I don't understand everyone's confusion. The form 8-K's filed on May 10th and June 3rd were for "ISSUE OF SHARES OF COMMON STOCK IN PARTIAL SETTLEMENT OF AN OUTSTANDING LOAN NOTES". The debtors accepted shares of common stock for partial settlement. That means that FFGO still owed them money. Sloane Investments bought "all of the outstanding Long Term Loan Notes complete with accrued interest due by the Company". That means that what was not settled by shares of common stock was bought by Sloane Investments. Is that so hard to understand? In separate transactions Sloane Investments bought shares of common stock and bought the outstanding debt of FFGO.
What I do wonder is if Sloane Investments paid full price for the outstanding debt or if a reduce price was paid.
Mathias, the funding to be negotiated is current operating funding to pay TA, IR, etc. It has nothing to do with funding the deal.
Posted by: mathias1 Member Level Date: Wednesday, July 14, 2010 12:15:38 PM
In reply to: None Post # of 138282
Negotiating funding? The deal was supposed to be completed long ago...this is such a ridiculous scam.
I was just suggesting a way for FFGO to scam us by having Sloane demand payment. But, yes, Sloane could be paid off in shares. Except that Sloane is also in position for current additional funding.
Posted by: genlou Member Level Date: Wednesday, July 14, 2010 12:07:14 PM
In reply to: pblue who wrote msg# 138232 Post # of 138277
Pblue, If FFGO can not pay the debt, Sloane Investment will be paid off in shares of FFGO.The plan may be for Sloane to own over 50% of the company.So, if shareholders do not receive the divvy, Sloane Investment will be the goat or scapegoat.
How about this?
Sloane Investments demands immediate payment of debt.
FFGO declares bankruptcy.
FFGO's gold interests are transferred to Sloane Investments to pay debt.
There is nothing left for shareholders.
Sloane Investments sells gold interests to NMGL.
Lumb gets his gold back.
What happens if Sloane Investments demands immediate payment of the debt? As stated in the 8-K the debt is "immediately due and payable...upon demand".
FORM 8-K
CURRENT REPORT
ACQUISITION OF THE BALANCE OF THE COMPANY’S OUTSTANDING LOAN NOTES BY SLOANE INVESTMENTS, INC.
........
These Loan Notes, now having been acquired by Sloane Investments, Inc., are immediately due and payable by the Company to Sloane Investments, Inc. upon demand. The Company will be seeking an extension of time from Sloane Investments, Inc.
Now Sloane Investments can demand immediate payment of all debt. Then FFGO will have to declare bankruptcy and we all get nothing for our shares.
I don't understand everyone's confusion. The form 8-K's filed on May 10th and June 3rd were for "ISSUE OF SHARES OF COMMON STOCK IN PARTIAL SETTLEMENT OF AN OUTSTANDING LOAN NOTES". The debtors accepted shares of common stock for partial settlement. That means that FFGO still owed them money. Sloane Investments bought "all of the outstanding Long Term Loan Notes complete with accrued interest due by the Company". That means that what was not settled by shares of common stock was bought by Sloane Investments. Is that so hard to understand? In separate transactions Sloane Investments bought shares of common stock and bought the outstanding debt of FFGO.
What I do wonder is if Sloane Investments paid full price for the outstanding debt or if a reduce price was paid.
If I remember right the companies FFGO owned money too accepted shares for most of the debt but not the total amounts. So FFGO still owed smaller amounts to those companies that accepted shares.
Posted by: SevenTenEleven Member Level Date: Wednesday, July 14, 2010 10:25:58 AM
In reply to: None Post # of 138171
FFGO - Weren't all of these note holders issued shares of FFGO? This appears to be linked to the buying of those shares by Sloane for $0.0035/share. Any thoughts?
Note that it says around the 16th. If it happens on the afternoon of Friday the 16th we may not hear about it until Monday the 19th.
Posted by: paunch13 Member Level Date: Tuesday, July 13, 2010 2:49:49 PM
In reply to: pblue who wrote msg# 137775 Post # of 137780 Send a link via email Share on Facebook Tweet this post
John,
I have not heard any new developments
yet, I anticipate we will receive an update around the 16th.
Regards,
Dave Goldberg
On Tue, Jul 13, 2010 at 11:19 AM, EVELYN CATHCART <cathcart04@verizon.net> wrote:
Dave
Anything happening yet, The .0001 are seen to be getting thin but NITE is good at hiding the truth
John
We probably wont hear anything until at least July 19th.
Posted by: ordinarydude Member Level Date: Tuesday, July 13, 2010 2:47:28 PM
In reply to: WhatDoesItAllMean who wrote msg# 137745 Post # of 137773
It's 1:45pm CST here in North Texas....and still NOTHING from FFGO.
Ordinary
I would be nice if the quote was included when you select public reply. Also, few people use the Quote button and copy/paste when replying. That results in to many different ways that people quote the message they are replying to.
Posted by: SevenTenEleven Member Level Date: Tuesday, July 13, 2010 10:44:14 AM
In reply to: pblue who wrote msg# 137673 Post # of 137675
no notification to FINRA = no divvies .. and NMGL(E) has still not filed .. no filing from NMGL(E) .. you get nothing but excuses and the blame games from FFGO
Why are you so fixated on NMGL as the dividend for shareholders of record? Nothing points to that even being remotely likely.
Seven, please quote the original post. Not the post I quoted in my message.
Posted by: SevenTenEleven Member Level Date: Tuesday, July 13, 2010 10:44:14 AM
In reply to: pblue who wrote msg# 137673 Post # of 137675
no notification to FINRA = no divvies .. and NMGL(E) has still not filed .. no filing from NMGL(E) .. you get nothing but excuses and the blame games from FFGO
Why are you so fixated on NMGL as the dividend for shareholders of record? Nothing points to that even being remotely likely.
I haven't seen that scenario addressed. I think the buyer would have that included in the offer.
Posted by: ordinarydude Member Level Date: Tuesday, July 13, 2010 10:08:44 AM
In reply to: Vianna who wrote msg# 137646 Post # of 137673
Thanks for the feedback.
Allow me to rephrase the question then...if the price of gold falls below $1050 per troy ounce, will this lead to a decrease in the value of the dividend
?
Ordinary
no notification to FINRA yet = no divvies until 10 days from date FINRA is notified. .. how hard is that to figure out?
Posted by: puppydotcom Member Level Date: Tuesday, July 13, 2010 9:59:36 AM
In reply to: mp1091 who wrote msg# 137644 Post # of 137670
no notification to FINRA = no divvies .. and NMGL(E) has still not filed .. no filing from NMGL(E) .. you get
nothing but excuses and the blame games from FFGO
watch and learn how penny stock
pump and dumps work
Because the 5 should be a 0. Thats where MURF has been. Right along with NITE.
Posted by: SevenTenEleven Member Level Date: Monday, July 12, 2010 2:34:26 PM
In reply to: laodiekanzhang who wrote msg# 137336 Post # of 137367
Why is MURF sitting at an ask of $0.5001?
Are you talking about the value of the MM's? Or do you mean millions of dollars that would be $58.8M?
Posted by: SevenTenEleven Member Level Date: Friday, June 25, 2010 9:16:53 PM
In reply to: varmit who wrote msg# 129919 Post # of 129922
FFGO - $1.96MM @ $0.0001 x $0.003 = $58.8MM
I'd buy that for a dollar!
Why is it that iHub's L2 only doesn't work with FFGO?
Then you are saying that A/S and O/S are classes of securities. I thought common and preferred were the classes of securities.
Posted by: ID Supermoney Member Level Date: Tuesday, June 22, 2010 3:59:59 PM
In reply to: pblue who wrote msg# 128170 Post # of 128172
No it works off the O/S and NOT A/S.
I was mistaken on A/S it was recently raised to 85B. 16B of 85B is 18.8% of new A/S or 21% of old A/S of 75B.
Posted by: pblue Member Level Date: Tuesday, June 22, 2010 3:46:44 PM
In reply to: TomFausett who wrote msg# 128162 Post # of 128166
Reg 13D says "acquisition of more than five percent of a class of equity securities". Is outstanding shares a class? I thought common stock was the class. That would mean authorized shares of common stock. 16B of 76B A/S is still 21%.
Reg 13D says "acquisition of more than five percent of a class of equity securities". Is outstanding shares a class? I thought common stock was the class. That would mean authorized shares of common stock. 16B of 76B A/S is still 21%.
Posted by: TomFausett Member Level Date: Tuesday, June 22, 2010 3:40:04 PM
In reply to: pblue who wrote msg# 128161 Post # of 128162
It is outstanding shares
.
Wrong about what?
Posted by: TomFausett Member Level Date: Tuesday, June 22, 2010 3:34:50 PM
In reply to: pblue who wrote msg# 128157 Post # of 128159
I believe that you are wrong!
21% of common stock not float. Actually, the PR has it wrong. Two paragraphs say 21% of common stock and another says 21% of outstanding shares. I believe the regulation refers to authorized shares of common stock.
Sorry yes 21% ownership of float! Took wrong PR!!
Quote:Fortress Financial Group, Inc. -- New Substantial Stockholder
Company Advised of a New Stockholder Now Holding in Excess of 21% of the Company's Shares of Common Stock
LAS VEGAS, NV -- June 16, 2010 -- Fortress Financial Group, Inc. (PINKSHEETS: FFGO) was formally advised late yesterday that an Investment Company has now acquired in excess of 5% of the Company's shares of Common Stock, requiring them to file a Schedule 13-D disclosing their beneficial ownership.
At this point the Company has been able to verify that this Investment Company:
Already holds in excess of 16 Billion "free trading" and unrestricted shares of the Company's Common Stock. This will place their holding in excess of 21% of our outstanding shares of Common Stock.
The Thresher website still has the link to the LOI on the home page.
On iHub I have no bid and 2 on ask @ .0001.
Sorry. Yes, it was to buy. I have not had an order filled at 5 decimal places. Although, for a buy it would have been better to be filled at .0001.
Posted by: private_wealth Member Level Date: Wednesday, June 02, 2010 1:08:57 PM
In reply to: pblue who wrote msg# 33034 Post # of 33035
i believe the order was to purchase, not to sell. Last I checked less is better when purchasing.
If it was a sale, contact your broker.
You have that backwards,
.00015 is less than
.0002
that is a 5 decimal place trade.
Posted by: private_wealth Member Level Date: Wednesday, June 02, 2010 12:14:49 PM
In reply to: legalese who wrote msg# 33031 Post # of 33033
limit orders are considered "or better" since .00015 is better than .0002 - you get filled. If a MM wants to take the trade at .00015 more power to them - they are the seller in the trade
Back to no bid. 1 on ask @ .0001
We were up to 6 on the bid. I thought it might move up, not back to no bid.
Is anyone on Scottrade buying SNRS stock. Yesterday Scottrade told me they were not taking any buy orders for SNRS.
I was using funds from my cash trading account. I believe it is that no one on Scottrade can buy SNRS.
Posted by: rocky113 Member Level Date: Thursday, May 27, 2010 9:59:55 PM
In reply to: pblue who wrote msg# 16978 Post # of 16981
What kind of finances are you trying to trade this with? Are you using cash from your regular account or are you using some sort of IRA?
i thought I could make a little money on SNRS. I was disappointed to find out I couldn't even place a buy order with Scottrade.
Posted by: philg Member Level Date: Thursday, May 27, 2010 9:53:55 PM
In reply to: pblue who wrote msg# 16978 Post # of 16979 Send a link via email Share on Facebook Tweet this post
Good to know. thank you.
>I couldn't trade online. It said to call my local office. I called and I still couldn't buy SNRS.
Quote:
Posted by: philg Member Level Date: Thursday, May 27, 2010 9:50:57 PM
In reply to: pblue who wrote msg# 16968 Post # of 16977
Sometimes brokers like Scottrade, Ameritrade and eTrade will require you to call in to trade a stock instead of being able to trade it online. Ameritrade may follow suit but not necessarily.
>For some reason I can't buy SNRS on Scottrade.