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>>So what you're saying is that you didn't find any DD and don't understand why GBG is still trading at 0.003...
No, I know exactly why it trades for a few fractions of a penny above zero. PT Barnum could figure this one out from his grave.
>>What can you provide us regarding this present GBG Burnstone & Wits Gold ( RIP ) financial disaster?
You needed to clear the claims hurdles at the auctions....you fell about 98% short. Absolute priority rule in BK won't let equity have a payout until creditors are paid in full.....you're about 600 million short of that threshold....you guys are trading worthless paper....it's not rocket science on this one.
Don't you guys pretty much own all the shares by now RB? You know, if it's really the evil MM manipulating the price lower, you guys should take advantage of that and lift every ridiculously cheap offer. Lol
>>Just looking for a clear and concise dénouement in this GBGLF financial disaster!
No, I suspect you greatly enjoy deluding yourself (and others), there is no other explanation for believing equity has even a one in one quadrillion chance after the horrific auctions.
It used to be a long shot, now it's just a sucker play. Have fun
I'm still wondering why a POG POP would matter for a bankrupt company in liquidation that has sold all of it's properties and has no employees, mgmt or directors left....I'm sure you guys have it all figured out though, but if it's greater fool theory, I'm afraid that has been pushed to the event horizon here. :0
13g filed by Honest Best with 11% of O/S - had been suspecting someone was accumulating.
looks more like 14% to me (20/140) - but debtor receives it - which raises the risk of what do they do with it? It's quite possible under 382 they have to structure the deal this way to preserve the NOLS - but I'm not sure about that - 382 is really really complex. That 14% cut of any surplus could turn into a melting ice cube again while it sits in the company coffers. Interesting though - anyone have any ideas were they get these FMV valuations for Hurley and Dishon in appendix E?
I know a bunch of guy up in Vancouver who are in the industry. The rule of thumb is that 100 gram meters is a great hole and a respectable press release. This is more like 350 gram meters. Need to get a feel for where this hole was drilled
Ad hoc Equity Committee has filed motion for appearance in the CHNGQ case. Can't hurt. This has got to be one of the slowest cases with the barest minimum of motion practice I've ever seen.
I knew you were joking - not so sure about RBKMA ;).
As for the size on the bid, I have no idea. Honestly I've never cracked the code on the trading that goes on with these bankrupt shells, and I've seen dozens of similar instances as I mostly focus on bk companies. Take WHAIQ for instance - completely worthless and has been for years, yet it still trades. One theory is that 'cellar boxing' is quite lucrative for the market makers even though there is very little volume in absolute dollar terms. So if you are making a market in a penny stock that is .092 x .093, or even .09 x .10, you are making at best a little better than 10% for taking on the risk. On a stock that is .002 x .003, however, you are making 50%. It wouldn't surprise me that certain small mm have a vested interest in keeping these little shells trading. There was an old saying that nasdaq mm desk traders drive BMWs and Mercedes, pennystock mm desk traders drive Ferrari's and Lambos. If you google 'cellar boxing' there are a few interesting articles on the topic.
lol, you should work on your critical thinking skills, I assure you if you have even the remotest inkling that I'm on the bid, you aren't thinking things through far enough.
You're waiting for Godot.
>>Hmmm, you were also telling us that GBGLF would also go to 0.0001 by year's end.
No, I told you GBGLF was worthless - the fact that fools continue to pay for shares is not nothing new in our markets. You look at the pps and say it's not zero, therefore this must be worth something - you are doing it backwards. Goodluck with that.
>>no thanks to mgmt we are still in the dark
There is no mgmt - no employees - no BOD, there is just the corporate liquidator.
>>Why has no one filed a lawsuit yet?
Cause you can't get blood from a turnip.
BK case is getting interesting. Not sure how this will play out but Waterton's motion to convert case to a Chapter 7 was dismissed, albeit without prejudice. Newly appointed Chapter 11 trustee appears receptive to the argument that Waterton pulled a fast one this time last year. There is some outside chance that the horrible deal that O'Neill and the board made back in early '13 could be unwound. I suppose this may mostly hinge on whether any smoking guns of nonfiduciary behavior can be found, and whether the activist investor group that is trying to salvage the wreckage could raise the necessary funds to strike a different deal. Anyone else following?
>>It's still not over until the fat lady sings
lol, the fat lady concluded her operetta many moons ago - there won't be any encores.
I ate at their latest franchise up in Vancouver over the summer. Great spot - good food, fast, healthy, well priced and Vancouver is an expensive city. This store was opened after they filed, but based on trajectory of case, the insiders are buying the assets for 1 mm and forgiveness of 1 mm in debt - won't put equity in the money.
GCG is notice agent. Google GCG case bankruptcy and you'll get to free docket site. On phone and don't have link handy
>>Crazier things have happened.
I don't think so. ;)
They already filed Chapter 11 over a week ago. Companies don't file Chapter 13
You now basically appear to have 2 transactions on the Burnstone, both of which value it at close to nil - which is very close to the value Rick Rule put on it when I asked his opinion in Vancouver earlier this year (he actually said negative 20 million)....the mine is seriously FUBAR due to the geology they encountered after spending 100s of millions to get down there.
>>creditors best best for recovering their investments is with GBGL
Haha, yeah, they have a stellar record :0
What's happened to the share price? Dang it, it's such a pain in the rear that reality is so persistent. When's the victory party? lol
The installations and machinery and development originally cost 800,000,000....but they were more recently valued at 10 bucks :(
>>It doesn't mean anything - it's all part of the grand elaborate subterfuge by which billions will be temporarily hidden inside the corpse of GBG....for later disbursement to loyal shareholders.
You want links for this? Here you go: http://ih.advfn.com/p.php?pid=squote&symbol=gbglf
>>The Receiver anticipates a shortfall in the recovery of the secured lenders, and therefore, there will not likely be a distribution to shareholders.
It doesn't mean anything - it's all part of the grand elaborate subterfuge by which billions will be temporarily hidden inside the corpse of GBG....for later disbursement to loyal shareholders.
>>Why Wits Gold do not buy all the shares Of Great Basin Gold Ltd.??
Because they aren't that special kind of stupid?
I wonder is Puma Gold is worth a billion dollars? Or is it just another insolvent sub? Hmmmm
Oh brother
>>There may be a cease trade restriction on this security in your jurisdiction. Please contact an ETrade representative for further details.
I'm sure it's the temporary internet issue in your area and has nothing to do with the cease trade order for both direct and indirect trading that came down in Canada last week.
Anything that is left is left because noone would buy it at any price.
>>Shanta Gold also has a joint venture to explore and develop Great Basin Gold’s large prospective acreage adjacent to New Luika
sheeesh, GBG sold Shanta related assets to Red Kite early in its insolvency case.....for the 10th time.
Yes ZPMU, but you are forgetting that the GBGLF property in Mozambique (link to asset tab) is a fairy dust mine....that is really the key to the turnaround and the €3 annual dividend that GBGLF will start paying next year.....SO....go GBGLF go GBG. ;)
>>Now, is GBG involved beyond the $90 million Hollister Net Profit Royalties that will go to all outstanding GBG Nevada creditors or debtors? Personally, I think $o....
You can read the APA for yourself if you want to read the fine print....but we both know you really don't want to do you.
>>I think it is just the Canadian exchange, that is not trading GBGLF.
Canadian exchange hasn't traded Great Basin since late '12
I'd suggest waiting until after it hits Nagoya.
It's a shame no one from the company bothered to show up for the cease trade hearing....you know, given all the gabillions of value hidden in GBGLF.
Maybe the party of the second part was attending a real party at the party of the first part and forgot all about it?
AND WHEREAS
the Reporting Issuer and its transfer agent were notified that a hearing
(the “Hearing”) would be held to determine if it would be in the public interest to make an order
under paragraph 2 of subsection 127(1) of the Act that all trading in the securities of the Reporting
Issuer, whether direct or indirect, cease permanently or for such period as is specified in the order;
AND WHEREAS
the Reporting Issuer was notified that if it intended to attend at the
Hearing, the Reporting Issuer was requested to notify the Director of its intention to attend in
writing, in which case the Hearing would be held before the Commission;
AND WHEREAS
the Reporting Issuer was further notified that if it failed to notify the
Director of its intention to be present at the Hearing, then the Hearing would be held before the
Director without the Reporting Issuer present;
AND WHEREAS
the Reporting Issuer having failed to notify the Director of its intention to
attend at the Hearing, the Hearing was held before the Director on the 16
th
day of September, 2013;
AND UPON
no one appearing at the Hearing on behalf of the Reporting Issuer;
AND UPON
hearing the evidence of staff of the Ontario Securities Commission and the
Director being satisfied that the Default continues;
IT IS ORDERED
pursuant to paragraph 2 of subsection 127(1) of the Act that, effective
immediately, all trading in the securities of the Reporting Issuer, whether direct or indirect, shall
cease until further order by the Director.
DATED
at Toronto this 16
th
day of September, 2013.