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You obviously haven't spoken to him today then Ross???
You raise some interesting points Ross and I understand your scepticism, given what's happened.
I spoke to DF a couple of days ago and we talked a little about Smith and the problems that they've been causing for quite a while now.
His point is would you rather have a subsidiary onboard that's causing problems and diverting your energy away from building the company upon would you rather be rid of them and focus on what is important.
Smith were happy to become part of the IFCR family when times were bad to give them a greater degree of security and stability but now that things are improving, they want to be masters of their own destiny; clearly you can't have both so what is best for IFCR.
If I was in his position, I would get rid of the problem and concentrate on bringing other, more reliable subs on board and that's what they're doing; without any prompting he discussed how HH was having a breakfast meeting with a $15M revenue company about acquisition. What would you rathe have: $10M and problems or $15M without problems (I know that we can't guarantee that at this time but I'm using it as an example here).
Let's look at the wider picture, a lot of these problems are legacy issues and were started before DF and HH took over; they're still turning this company around and not doing too bad a job - we're profitable now, debt is going down and litigation is being settled and that's been documented in previous filings.
I understand your concerns about PRs and filings and I have similar concerns but having spoken to DF on several occasions, I do believe that he has the best interests of the company and shareholders at heart.
After speaking to him at length the other day I still believe that he has a plan and is busy working on things, he mentioned that we should see some positive changes in a few weeks time and of the course the filings.
This is not the best investment opportunity for day traders and flippers, it's a long term hold here but again I personally think that things will happen in due course and I personally would prefer that he focuses on getting the company right at the detriment of putting out lots of PRs but I do understand where you're coming from.
Give him a call and have a chat with him, not for posting an update like I and several others have done, but for your own peace of mind.
Per Ardua Ad Astra
With a bit of time they probably won't be cos IFCR will throw them out...
When I spoke to DF earlier today, he also told me that HH was having a breakfast meeting about a $15M revenue acquisition so negotiations are happening boys and girls..
Per Ardua Ad Astra
OK so I've just got off the phone after speaking with DF for over 20 minutes.
Still believe that he's doing a good job, he recognised that the PR didn't go out earlier this week as we thought it would, but he still intends to get something out by the end of the week detailing much of the information that we've already been told about - see Hubswirls's post #26468.
The other thing that he reiterated to me (which he's done before earlier this year) is about making sure that shareholders are rewarded in some way for their loyalty - works for me...
We talked about Smith and the problems that they've been causing for quite a while now but he has a plan to deal with them and he's adamant that Smith will lose and lose badly...
Let's see what happens but I think we'll see something in the next couple of days and I do trust him and I believe what he tells me...
Per Ardua Ad Astra
Thanks Aidy..
Thought not, so whoever is in charge at the subsidiary needs to get a grip of themselves and once they've surrendered the books to the auditors, they can pack up their things and start looking for a new job...
Per Ardua Ad Astra...
Can someone enlighten me please....
Been in IFCR for quite while and intend to stay here but I'm trying to get my head around the whole acquisition thing.
If IFCR acquires another company (for a cash payment and share issue) then technically it owns that company so I don't understand how that company can then refuse to make the books available to the auditors if the parent company instructs them to do so.
Anyone help me out here???
Agree with you completely Maz...
The delay is not a big issue because we know the fins will tell the story and who knows, there might be other news to supplement the fins.
Per Ardua Ad Astra
Best to do it right though Maz and DF seems to be doing exactly that...
No-one is asking you too...
If that's the case then I'm sure you'll be selling up if you haven't done so already and looking for someone else to annoy...
OR, you're trying to scare people into selling to drop the price so you can pick up some more cheapies to flip.
Either way, we've seen so many before you that we recognise your game and aren't interested...
Bye...
No idea Ross...
To be brutally honest, I'm nit that bothered about anything other than the reaudited filings followed shortly by the three 10Qs from last and then the 10K for last year.
Not saying that the PRs won't hold valuable information and perhaps help increase awareness of what's going to happen but the filings are important.
Patience is a virtue my friend, it will happen when it happens and no amount of bitchin from people will make things happen faster.
Per Ardua Ad Astra
If this does happen, the key thing will be the date that he uses as a cut off point to decide who does and who doesn't get an offer to convert their shares...
That won't cause too much of a problem...
If you're starting to like my thinking then you need to stop and get yourself some help my friend...
GM all, here's food for thought...
A new class of preferred shares for issue to existing shareholders in return for surrendering their common shares.
Based on a predetermined date, anyone holding shares on that date (in the past obviously) is offered an opportunity to swap their ordinary shares for an equivalent issue of a new class of preferred shares which will not be impacted by an R/S if it happens.
Also a way of reducing the O/S through a kind of 'buyback'...
He has always stated that he is keen for loyal shareholders to be rewarded and protected - could this be a way of doing so...
Thoughts???
Per Ardua Ad Astra
We're all speculating at the moment, we won't know for definite until it's actually released...
GM all...
Can't help but wonder if the last PR was deliberate to shake out any flippers and weak retail holders and allow them to hold up the reaudited filings.
Then he can release them all in a series of PRs over a short period to give the greatest momentum...
Per Ardua Ad Astra
Seems like everyone that speaks to him walks away with a good feeling about the guy, that was certainly my experience on the occasions that I've spoken to him.
His sense of integrity is what resonates with me - he just wants to get the job done, it's in our best interests and his (as a major shareholder) for this company to fly...
Per Ardua Ad Astra
Like many people suspected, yesterday's PR hasn't caused too much of a problem...
Still waiting for financials even if they are a little late...
Per Ardua Ad Astra
Amazing how a lot of the newbies who have been flooding in over the last couple of weeks, claiming how this is about to explode have suddenly gone very quiet...
Fickle aren't we, oops sorry, they...
In English please..... :)
Nice post, again just helping to reaffirm that these guys are honourable and doing good work at IFCR...
Per Ardua
He's not stupid, he must know the potential impact that this latest PR could do but he doesn't seem too concerned BUT he does appear to genuine and transparent in his communication (IMO).
I'm not bothered at the moment about the CFOs resignation because we simply don't know the reason why - it could be a disagreement but it could also be for personal reasons.
The internal litigation, we don't know the nature or scale of the litigation yet, so again, not worried at the moment.
Delayed filings - perhaps they've found something that needs to be investigated, perhaps that's what this new litigation is about, we simply don't know yet so a knee jerk reaction is kind of dumb...
The $10M debt, 80% will be resolved amicably leaving $2M which probably relates to the company which charged for providing an alleged service to IFCR long BEFORE DF took over.
The other 'new' litigation for $8M - it sounds like it is questionable and so they make make a counter challenge to drop the amount with some kind of agreement.
In all of these cases, BK does no-one any good whatsoever so it is in everyone's best interests to settle in whatever way is agreed.
Still long and strong IFCR...
Per Ardua Ad Astra
He's not stupid, he must know the potential impact that this latest PR could do but he doesn't seem too concerned BUT he does appear to genuine and transparent in his communication (IMO).
I'm not bothered at the moment about the CFOs resignation because we simply don't know the reason why - it could be a disagreement but it could also be for personal reasons.
The internal litigation, we don't know the nature or scale of the litigation yet, so again, not worried at the moment.
Delayed filings - perhaps they've found something that needs to be investigated, perhaps that's what this new litigation is about, we simply don't know yet so a knee jerk reaction is kind of dumb...
The $10M debt, 80% will be resolved amicably leaving $2M which probably relates to the company which charged for providing an alleged service to IFCR long BEFORE DF took over.
The other 'new' litigation for $8M - it sounds like it is questionable and so they make make a counter challenge to drop the amount with some kind of agreement.
In all of these cases, BK does no-one any good whatsoever so it is in everyone's best interests to settle in whatever way is agreed.
Still long and strong IFCR...
Per Ardua Ad Astra
Last week was supposed to be a simple update on progress.
THE week will be at the end of June when the 2015 financial reports are due, then we'll see fireworks...
CEO said the filings should be completed in 6 weeks, nothing about when they would be filed.
He did say that they should become current in accordance with SEC guidelines which means any 10Qs and the latest 10K would be filed by 30th June.
People on this board are either accidentally assuming the re-audited 10Ks would be filed in 6 weeks or they're doing it deliberately to scare people to sell up...
When it does eventually move up to 4 and then 5, we'll probably have quite a few people selling which will allow the MMs to drop it down again.
It's going to take a concerted effort to move this up and more importantly to keep it up...
Wonder how many more hidden shares VFIN and VNDM are holding...
The pressure's starting to rise on this board, newbies coming in and everyone waiting for the filings to come out which will unleash this baby and send all those shorts crying home to mama...
BRING IT ON...
Per Ardua Ad Astra
Coolio....
Wonder if a friendly word to the SEC about the MMs antics with IFCR might prompt a change in the way they operate.
I'm from across the pond but I vaguely remember reading that the law has changed and that MMs can be challenged and held accountable for their behaviour...
Good weekend to all...
People are definitely trying to keep this thing from moving - let them do their best now because towards the end of the month, their best just ain't gonna be good enough and this baby will rise like a phoenix from the ashes..
Poetic for a Friday evening, must be something wrong with me...
Per Ardua Ad Weekend
Lots of things are starting to fall into place for a big move....
Good for you...
Can I correct you on one point there Sprycel...
They stated that the filings would be complete within 6 weeks, there was never a mention of when they would be filed.
My guess is that they will an extra couple of weeks and file the reaudited 10Ks immediately before the 10K for 2015 - this is the important one for me..
G&L:
Any chance you could send me an updated on your calls with DF - email is bob.pearson860@gmail.com
Thanks in advance...
Agree but I think the market cap he gave was a best guess or estimate, I'd be surprised if it was accurate...
Don't get me wrong, that gives a great PPS but rather than speculate (and have people criticise when things are different) I'd rather wait until we have accurate numbers from the filings...
Seen too many people wrongly hanging on things that the company says and then being overly critical when things are different - case in point are the reaudited filings. I've already seen a lot of people asking where they are because the company promised they'd be filed by now - the company said they should be finished by now, not a mention of when they would be filed.
I hope you're right but I'd rather wait...
Not sure how accurate that O/S number is as that figure was 11 months ago and there's probably been some additional issues due to acquisitions and debt/litigation settlement...
Will definitely have a better idea when the filings come out...
This so funny - audits are an SEC requirement and MUST be completed so there's no lie here...
Finding it difficult to understand why you're being delusional...
If you believe it hard enough it might happen, right...
It's not hearsay TenTimes but it could be argued that it is unsubstantiated...
Once it comes out in a document confirmed by an independent auditor it then becomes fact - Hummba is on thin ice and it's melting every day - when the reports are out he'll be swimming in a sea of embarrassment or he'll change sides and declare how good IFCR is and everyone will see him as a hypocrite...
Bring it on...
We don't know that for sure dcsteve, there's a few of us here who suspect that some of the MMs have been cross trading large blocks to make it look like conversions - Maz can probably give you his thoughts on this theory if you ask nicely...