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Why do you believe someone is holding? The chart shows accumulation is in a long, sustained downtrend.
I've made some good money on $ROSG in the past and it's been a fun stock to trade. Unfortunately, I don't see any reason to buy right now other than pure speculation.
Genetic stocks were up yesterday because of the Angelina Jolie NYT oped. The ROSG pop yesterday was a sympathy play, pure and simple. It is possible it could turn into a multiday run.
The pop last May was due to Medicare reimbursement approval.
Good to see NITE backed off to .025. Ask side is looking much thinner than Friday & Monday.
And that is why TECO's PPS has suffered over the last year- management's failure to deliver on expectations.
I haven't read every PR over the last however many years. I do know two new wells were drilled on the Mitchell lease as expected. Yes, it took longer than originally estimated (which caused more decline in the PPS), but once they started drilling, it went quickly (and we're seeing the corresponding reversal on the chart). I will be very interested to see where Treaty will announce it is drilling next and see if management can deliver on that well. Drilling two wells doesn't bring investor confidence overnight. Treaty will need to build credibility once well at a time.
Make no mistake, this is a penny stock so by it's very nature, it's a speculative buy. The risk/reward is high and real.
I agree ...
that TECO has a long way to go. After all, there's a reason the stock is trading at 1.5 cents. I do feel they are finally on the right track though. These are the first two wells; they need many more. The decision to go after leases with new well potential is a much better strategy in my opinion. It would have been nice for them to realize that sooner, but at least they are willing to alter their strategy when they realize it's the right decision.
I don't agree with the assessment that Treaty doesn't seem to have any immediate plans to drill somewhere else. They have hinted at future plans on their Facebook page and their recent US Fuels PR mentioned several leases. My guess is we won't hear much on another lease until Mitchell #4 is completed, but hopefully by end of next week or the following week they will let us know where they are headed next. Once they get rolling more, we'll see more work in parallel, but for now I expect it to be somewhat serial.
Recap:
Treaty announced Mitchell #3 is commercially viable & Mitchell #4 will be completed soon.
A poster contacted the TRRC to get the real scoop and confirmed things aren't as dire as previously made out to be on this board.
Treaty indicated its legal team will be filing a motion to dismiss the involuntary bankruptcy petition & pursue damages.
Oh, and Barchart rates TECO as a Strong Buy
Actually, I'm very right.
Again, you can read this article to better understand how the involuntary bankruptcy process works
http://www.credit-to-cash-advisor.com/Articles/Bankruptcy/InvoluntaryBankruptcy
Nobody will need to show up if the Court dismisses it out of hand.
You mention Treaty "will have to prove" quite a few things. That's actually incorrect. Treaty does not have to prove anything. The full burden of proof is on the "creditors".
For more info, I suggest referring to the "Creditors Beware" section of this informative article.
1500 years ago everybody knew the Earth was the center of the universe. 600 years ago everybody knew the Earth was flat. 15 days ago everybody knew Treaty was discontinuing operations in Texas on May 1st. Imagine what you'll know tomorrow.
Hope you guys didn't fall for that shakeout attempt
Mods, please sticky Running1's post
You didn't include the most important part--"thus the court finds that Blackburn is personally liable on the notes under both Texas and Tennessee law. Carolyn Alonzo did not sign the notes, and there is no evidence that leads the court to find that she is liable on the notes."
Blackburn's personal liability is immaterial to the Treaty involuntary bankruptcy petition.
Interesting, but the petition filed this week was for involuntary bankruptcy. In order to win that petition, the creditors will need to, in addition to many other things, prove a debt actually exists. They were unable to do so in the case you're referencing. Look at some of the debt claims they made and the opinion handed down by the court:
"Second, the plaintiffs claim they suffered a loss because they received stock in Phoenix Oil & Gas instead of in Phoenix Associates. They later converted this stock to TECO stock. The testimony showed that TECO stock at the time of the trial was trading at around 3.5 cents per share — and that a few weeks before the trial it was trading at around 9 cents per share — so it has some value. The purchase agreement states that the purchase price to be paid was for preferred stock that would accumulate dividends of more preferred stock in Phoenix Associates. Phoenix Associates is now in a Chapter 7 liquidation, with liabilities far in excess of its assets, so any preferred stock the plaintiffs would have received and held onto in Phoenix Associates would now be worth nothing. Shares in stock in TECO, even though worth only a few cents per share, particularly when you hold several million shares as the plaintiffs do, is worth far more than nothing. Thus, as far as the stock the plaintiffs received for the sale, no loss has been shown.
Third, the plaintiffs contend that they suffered loss in that the W.W. Owens leasehold was lost due to Blackburn's refusal to finance operations on the lease. The testimony at trial showed, however, that even prior to the sale of Treaty Petroleum, the lease was not producing much oil and Treaty Petroleum was in danger of losing the lease because Treaty Petroleum lacked the capital to fix the problems with the wells and pay for needed equipment. Although the plaintiffs claim that the lease was potentially worth $25 million dollars, the court finds that this is a speculative value at best. Further, given Treaty Petroleum's dire financial circumstances in the months leading up to the sale, the court finds it more likely than not that the lease would have been lost regardless of the actions of Blackburn.
As to the second and third categories of damages alleged by the plaintiffs, they have not shown a loss. They currently hold shares in TECO, which are worth some small amount per share. They do not hold shares in Phoenix Associates, which is worth nothing. Thus, looking at the value of the stock they should have received and comparing to the value of the stock they did receive, they are ahead in the game.
Although the plaintiffs claim that they suffered damages through the loss of the W.W. Owens leasehold, no evidence was presented as to the value of the W.W. Owens leasehold other than the testimony of Ms. Hyatt, a plaintiff in this proceeding, that there was oil worth $25 million dollars in the lease. No expert testified as to value, no documents showing the value of the lease were introduced. The plaintiffs have simply not given the court any basis to find that they have suffered any damages other than the unpaid promissory notes as a result of Blackburn and Carolyn Alonzo's actions."
This is interesting...
"For the foregoing reasons, the court finds that the plaintiffs have failed to carry their burden of proof under §§ 727(a)(2)(A), 727(a)(4)(A) and 523(a)(2)(A) of the Bankruptcy Code. These causes of action are dismissed."
Prime Minister Barrow is on record as saying the ruling is "egregiously wrong". Since he holds sole power in selecting the new justice, basic common sense says he will not appoint someone who disagrees with him on this issue or the constitutionality of the Sixth Amendment.
It's a slam dunk that Treaty will resume drilling in Belize. The fact this is even being debated is ludicrous.
Pencils down.
Here are the answers:
(1) Justice Oswell Legall
(2) June 7, 2013
(3) Prime Minister Dean Barrow
Perhaps the environmentalists will file involuntary bankruptcy against the Government of Belize. After all, Belize is much further in debt than Treaty.
Pop quiz:
(1) What is the name of the justice who made this ruling?
(2) When does his contract expire?
(3) Who appoints the replacement?
wink wink
Don't forget that Treaty said in their PR they consulted with legal counsel on their ability to resume onshore drilling in Belize. Treaty's legal counsel in Belize is the Prime Minister's law firm.
Wink wink
Correct- It's explained in the filings:
Wow, very nice close for TECO.
Agreed, the background of all creditors and debtors would be pertinent. Of course, this is all assuming it doesn't get dismissed before it even gets to a hearing.
Not sure what you mean-- in court, attacking someone's credibility is a very common tactic by both prosecution and defense.
Sorry, you lost me- are you referring to requesting a dismissal that someone mentioned as a possibility? Or something else?
I was actually concerned when I saw the petition... until I spent 5 minutes googling the names listed.
At this point I'm far more concerned about TECO proving oil production than about this petition actually amounting to anything.
Wow it sounds like Treaty is barely standing on one leg
Wink wink
Treaty is not in bankruptcy. A petition was filed. The burden of proof is on the petitioners. To say Treaty will be forced to liquidate in a few weeks if nothing changes is extraordinarily misleading.
As I mentioned in post 3389, as long as we hold above .016, chart pattern remains intact. It looks like we will do that as bid support has come in, and I see multiple bids stacking in the .016-.017 range, slowly moving up to outbid each other by .0001. Don't forget, we hit this area once after the previous breakout and bounced strong over the following 3 trading days.
Great update. Time to make some money.
My bet is yes
Look at that lower bollinger band (which wasn't even visible in the chart until the last few trading days). It's shooting almost straight up. If nothing else, we should soon see a bounce off that.
And accumulation continues to rise.
There's a lot of angst here for how little volume is being traded. If this breaks below .016 (i.e. the bottom of the dip after the previous breakout) on high volume, then there is a reason for concern. Until then, the chart pattern is intact. There have been a whopping 90k shares traded today. Everyone try to relax! :)
Accumulation is higher now than it was 2.5 weeks ago. The stock will move no problem once sellers are cleared out in this trading range. Let's not forget WPNV went from .005 to .038 in less than a month. That's an 8 bagger. It's normal, expected, and healthy for the stock to then trade sideways and consolidate for a period after a move like that. If we were seeing multiple large volume red days, I'd be concerned, but every red day since the breakout has been on low volume.
It looks like you are also correct that Maxcey is a forger.
http://mugshots.com/US-Counties/Texas/Brown-County-TX/Mack-Maxcey-Jr.56037407.html
I wish I had more time to google the other names in the claim.
I googled: Mack Maxcey drilling rig
Below is what popped up in the results. You are right, that part of the claim against Treaty appears to have no merit:
http://www.justanswer.com/law/7ab8q-drilling-rig-awarded-district-court-judgement.html
Customer Question
A drilling rig was awarded to me by District Court judgement two years ago. Following judgement prior owner applied for and received new title and transferred said title to another party who contracted or sold the to another. This individual knew about the judgement but transferred rig anyway. I have found the rig in Belieze. The company operating and possibly owning or contracting the rig is out of Houston. I have had no luck establishing contact with any legal entity-party in Belieze. Would I be better presenting my judgement in a Houston court. Thank you. Mack Maxcey
Optional Information:
Country relating to Question: Belize
State (if USA): Texas
What have you tried so far?: Everything. I do have a process server in Kentucky looking for the individual who contracted to the Houston co.
Submitted: 190 days and 19 hours ago.
Category: Legal
Value: $63
Status: CLOSED
Expert: NateLawAnswers replied 190 days and 19 hours ago.
Thank you for using Just Answer. My name is XXXXX XXXXX X am a verified expert. I will do whatever I can to answer your questions.
Don't forget the deposit you placed to ask this question is not used to compensate me until you rate my service. Please remember when you are asked to give a rating you are rating my service and not the website itself.
Your cause of action is against the person who knew he was participating in the fraudulent transfer of the rig. You need to find the person in Kentucky (which you are trying to do now). I suggest you retain the services of a private investigator. The tools a process server possess are limited. Once you find the person in Kentucky you can sue them for the transfer. That is where your remedy is - the company in Houston will not be relevant to your recovery. You're not going to be able to get the rig at this point, but instead the value of it.
From a technical perspective, the chart is fine. The uptrend from the previous breakout is still very much in place. Accumulation continues to rise even with small volume red days. The bollinger bands are also tightening up.
Let's also not forget there were 1.3M shares sold short last Thursday & Friday. There hasn't been enough volume for them to cover yet.
This will clear .038 in the near future without news, but with news it could turn into a momo play since the float is low and much of it has been soaked up.
The $WPNV chart is shaping up perfectly
Study this page
Incorrect. Look at the chart. The only red trading days in the last 2 weeks have been the lowest volume days. The daily low has gotten higher each of the last 4 trading days. Accumulation continues to increase everyday. This is the exact opposite of a selloff.