Interesting article. Seems to be a strong move to catch a lot of these crooks at all levels.

http://news.yahoo.com/s/ap/20100617/ap_on_bi_ge/us_mortgage_fraud

geez...looks like you got right in the middle of a bunch of crooks. I recently ( dec. 09) purchased my 3rd property and my only issue was the cost of the title search. After much discussion we did reach a satisfactory price, but also like you, they did make an attempt to charge me for various items that I wasn't required to pay for. Once I pointed those items out, their was no hesitation to remove them from my cost basis....but the attempt was there. I will also add these were not FNM/FRE related people...the lender, broker, attorney, and I believe the appraiser may well have been in the same pocket.

What I saw was an attempt to make a few extra bucks by them, and hoping I wouldn't notice...or know...what I was and was not required to pay for. To me, it was more a localized passive attempt to pick up a few hundred extra $$ and not a reflection of FNM/FRE peeps that may or may not have had to sign off on the final set of papers.

However, I do see your point in that many people in close proximity to them may very well be working together to make that few extra dollars without setting off the alarms with a blatantly fraudulent appraisal or loan. I'm not very familiar with first Preston, but I do know who they are. I've talked to several people that bought property through them in the past, but that was years before the crash, so I really have no basis for comparison. I certainly will however, ensure I never utilize their services in the future...lol.

I would be most interested to read your ebook once completed. TIA for the info.

I think it's quite possible they dip in to the 30's tomorrow as it being a friday. I fully intend to pick up as much as I can below .45, but would be thrilled to grab a nice chunk in the 30's. I don't see moving back up much above .60 for a few weeks....but we've seen some strange movement a few times in the past so anything is possible.

I do think once the shock wears off that more and more people will get in as cheaply as they feel comfortable with, and sided with a bit of patience and good news...we could make a decent profit by the end of the year. As the jobs market improves, more and more people will look to buy houses again, and with the microscope on the lenders/appraisers/real estate agents...I see much better quality loans ahead.

Those loans will help to offset SOME of the losses we have now. It will be years before we see a stable and profitable company...if the gov allows them to continue....but between now and then...I think we have a great chance to make some decent coin on the way to that recovery.

GSE = Government Sponsored Entity.

Fannie Mae and Freddie Mac together now purchase or guarantee between 40% to 60% of all mortgages originated annually in the United States, and are now owned (~80%) by the gov.

Could you be so kind as to point out who these criminals are? Possibly post some links to documented proof of their criminal activities? The reason I ask is I don't believe you are referring to the kinds of "criminal" activity described in the article I posted.

However, I do agree with you to some extent that there are "criminals" taking advantage of, and have taken advantage of the monies available through "creative" lending practices that the GSE's are getting stuck with. I wouldn't link those people directly to FNM/FRE per se, but more in tune with the banks, companies like countrywide, and associated others such as real Estate agents, appraisers, that blatantly misled investors...and lenders....to float the loans that the GSE's ultimately got stuck with. However, if you have documentation to show criminal activity a lot closer to the GSE's than I have found, I would love to read it.

As noted in the article, the GSE's are now, and have already recovered monies associated with a good number of those fraudulent activities. Keep in mind that the mortgage lending world was wide open to rampant fraud for quite some time. That equates to possibly millions of loans involving fraudulent/suspect/misleading information to secure those loans, and the time/effort/cost to verify, hunt down, and prosecute those that illegally profited from those actions would be quite near impossible to do. Not completely impossible as some have already been busted....but it would take years to put a small dent in the bad guys pockets.

Second best chance...do what the GSE's are now doing...re-examining those loan packages and tossing them back to the banks...let them fight the good fight on their nickel and not the taxpayers $$.

I think most people don't have a very good understanding of the government's reasoning behind the support of the GSE's. I certainly do not support the majority of what the gov has done lately in regards to the bankink industry, but I do have a reasonably well educated understanding of why they have supported the GSE's to the extent they have. I personally don't believe the GSE's will go below $.30, and fully expect them to move back up towards a dollar within the next month or so....once the shock wears off.

Personally, I believe the majority of the anal-ists that trash the GSE's consistantly are covertly tied to hedge funds and major shorters of the GSE's. Again...thats just my personal feeling.

I found this article to be quite a positive point in support of the GSE's, and have read several others that indicate the GSE's are actively and aggressively going after the banks that packaged fraudulent/suspect loans and dumped them on the GSE's.



By Dawn Kopecki

June 17 (Bloomberg) -- The Securities and Exchange Commission pressed JPMorgan Chase & Co. to tell investors more about mounting demands to buy back defective mortgages, an obligation that cost the four biggest U.S. lenders about $5 billion last year.

The SEC asked the New York-based company to disclose more about reserves set aside to cover the cost of repurchasing bad loans it sold to Fannie Mae, Freddie Mac and other investors, according to a Jan. 29 letter released today. The SEC also told the bank to provide more details on when and how it recognizes losses on mortgages that have been modified as well as on soured credit-card debt.

“What they’re asking for is a lot more than the banks put out in the public domain right now,” said Christopher Whalen, a bank analyst at Torrance, California-based Institutional Risk Analytics. “This is going to make life uncomfortable for a lot of the banks, because once they start mandating this kind of disclosures, it’s going to stay.”

Lenders that sell mortgages to Fannie Mae and Freddie Mac have to provide warranties assuring that the loans conformed to the agencies’ standards. With more loans going bad, the government-sponsored companies are demanding that banks turn over loan files so they can scour the records for missing documentation, inaccurate data and fraud, information that can be used to force loan buybacks.

Fannie Mae and Freddie Mac, seized by federal regulators in September 2008, asked the bank to repurchase $2.7 billion in defective loans in 2009 and $1.4 billion in 2008, JPMorgan said. The lender held $2 billion in reserves at the end of the first quarter against future buyback requests.

Defective Loans

Of the total requested, JPMorgan repurchased $1.1 billion in defective loans in 2009 and has offered more than 750,000 borrowers trial modifications to try to “cure” their delinquent loans, JPMorgan said in a separate filing. About 127,000 received permanent repayment plans. The bank’s mortgage portfolio swelled to $292.6 billion from $115.8 billion from 2006 through 2008. The company’s response to the SEC sheds new light on the company’s worst-performing loans made during the housing boom.

In requesting the information, SEC staff told JPMorgan Chief Financial Officer Michael Cavanagh that their comments and the company’s response “do not foreclose the commission from taking any action with respect to the filing.” The SEC concluded its review of JPMorgan’s loan-loss disclosures, which the bank included in a Jan. 15 securities filing, on May 3. SEC spokesman John Heine and JPMorgan spokesman Joe Evangelisti declined to comment.

More Demands

Before 2008, demands from Fannie Mae and Freddie Mac weren’t significant, JPMorgan told the SEC in its March 2 response. “However, beginning in 2008, JPMorgan Chase experienced a higher volume of demands; these demand volumes have steadily increased every quarter,” Corporate Controller Louis Rauchenberger told the SEC.

Washington-based Fannie Mae and Freddie Mac, in McLean, Virginia, may ask U.S. banks to repurchase $17.2 billion in faulty loans this year, Oppenheimer & Co. analyst Chris Kotowski estimated. Kotowski said in a June 9 report that U.S. banks could lose $6 billion this year when those loans are returned and get marked down to their true value.

“It is a problem that will continue to drag on the big banks to the tune of several hundred million per quarter, but it’s not a problem that is mushrooming out of control,” Kotowski said.

Third Parties

JPMorgan told the SEC that 75 percent of its current repurchase requests stem from loans originated in 2007 and 2008 and that it is able to file claims against third-party originators on 40 percent of all repurchase requests.

The SEC questioned the bank’s calculations for its allowance for loan losses, relating to breaches in the agreements it has with Fannie Mae, Freddie Mac and other mortgage investors.

“Estimating the allowance is highly subjective, and is further complicated by limited and rapidly changing historical data and uncertainty surrounding numerous external factors,” JPMorgan said.

To contact the reporter on this story: Dawn Kopecki in New York at dkopecki@bloomberg.com

Here are the stats for this year, to date. I wonder where all these shares are coming from. Of course there are some flippers, peeps that just wanted out and dumped...but my guess is the company has been raising a bit of cash to pay expenses...at our expense.



Date Open High Low Close/Last Volume
Today 0.0005 0.0005 0.0004 0.0005 3,516,964*
6/10/2010 0.0005 0.0007 0.0004 0.0004 2,081,428
6/9/2010 0.0004 0.0006 0.0004 0.0006 204,100
6/8/2010 0.0004 0.0006 0.0004 0.0005 1,562,238
6/7/2010 0.0007 - - 0.0007 0
6/4/2010 0.0007 - - 0.0007 0
6/3/2010 0.0004 0.0007 0.0004 0.0007 224,500
6/2/2010 0.0004 0.0004 0.0004 0.0004 2,571,748
6/1/2010 0.0007 0.0007 0.0007 0.0007 40,000
5/28/2010 0.0006 0.0006 0.0006 0.0006 1,404,400
5/27/2010 0.0004 0.0004 0.0004 0.0004 3,499,999
5/26/2010 0.0004 0.0004 0.0004 0.0004 345,625
5/25/2010 0.0003 0.0003 0.0003 0.0003 1,500,000
5/24/2010 0.0005 0.0006 0.0005 0.0006 450,000
5/21/2010 0.0003 0.0005 0.0003 0.0005 121,000
5/20/2010 0.0004 0.0004 0.0004 0.0004 462,500
5/19/2010 0.0006 - - 0.0006 0
5/18/2010 0.0006 0.0006 0.0006 0.0006 400,000
5/17/2010 0.0006 0.0006 0.0006 0.0006 200,000
5/14/2010 0.0006 0.0006 0.0004 0.0004 2,739,999
5/13/2010 0.0006 0.0006 0.0005 0.0005 177,000
5/12/2010 0.0006 0.0006 0.0005 0.0005 1,342,500
5/11/2010 0.0004 0.0004 0.0004 0.0004 630,000
5/10/2010 0.0005 0.0005 0.0004 0.0005 4,632,226
5/7/2010 0.0007 0.0008 0.0004 0.0004 19,799,856
5/6/2010 0.0005 0.0007 0.0005 0.0005 1,195,499
5/5/2010 0.0007 0.0007 0.0006 0.0007 2,591,400
5/4/2010 0.0005 0.0006 0.0005 0.0006 155,000
5/3/2010 0.0008 0.0008 0.0005 0.0008 965,000
4/30/2010 0.0005 0.0008 0.0004 0.0008 8,305,999
4/29/2010 0.0006 0.0007 0.0006 0.0007 2,744,999
4/28/2010 0.0007 0.0007 0.0005 0.0006 5,982,367
4/27/2010 0.0008 0.0008 0.0007 0.0007 8,321,833
4/26/2010 0.0008 0.0008 0.0006 0.0008 949,398
4/23/2010 0.0007 0.0009 0.0005 0.0009 1,797,924
4/22/2010 0.0009 0.0009 0.0009 0.0009 666,500
4/21/2010 0.0005 0.0009 0.0005 0.0009 1,116,250
4/20/2010 0.0006 0.0008 0.0004 0.0008 3,852,333
4/19/2010 0.0006 0.0007 0.0006 0.0007 5,175,160
4/16/2010 0.0006 0.0008 0.0006 0.0008 13,499,167
4/15/2010 0.0009 0.0009 0.0008 0.0008 1,300,000
4/14/2010 0.0009 0.0009 0.0006 0.0009 11,965,204
4/13/2010 0.0005 0.0009 0.0005 0.0009 21,351,200
4/12/2010 0.0006 0.0006 0.0005 0.0006 4,727,800
4/9/2010 0.0008 0.0008 0.0007 0.0007 4,622,800
4/8/2010 0.0009 0.0009 0.0006 0.0009 2,452,424
4/7/2010 0.0007 0.0009 0.0006 0.0009 3,349,100
4/6/2010 0.0009 0.0009 0.0009 0.0009 161,200
4/5/2010 0.0009 0.0009 0.0006 0.0009 2,537,500
4/1/2010 0.0006 0.0009 0.0006 0.0006 4,934,150
3/31/2010 0.0009 0.0009 0.0006 0.0009 4,984,080
3/30/2010 0.0009 0.0009 0.0006 0.0009 11,740,907
3/29/2010 0.0009 0.001 0.0006 0.0009 7,590,887
3/26/2010 0.0008 - - 0.0008 0
3/25/2010 0.0006 0.0008 0.0006 0.0008 9,963,666
3/24/2010 0.0007 0.0012 0.0006 0.0009 9,738,000
3/23/2010 0.001 0.001 0.0007 0.001 1,707,750
3/22/2010 0.0007 0.001 0.0006 0.0008 22,662,548
3/19/2010 0.0011 0.0012 0.0008 0.0008 42,731,120
3/18/2010 0.0007 0.0014 0.0007 0.0012 181,394,544
3/17/2010 0.0006 0.0006 0.0005 0.0006 75,625,184
3/16/2010 0.0004 0.0007 0.0004 0.0005 78,443,528
3/15/2010 0.0003 0.0004 0.0003 0.0003 4,435,000
3/12/2010 0.0003 0.0004 0.0003 0.0003 4,146,500
3/11/2010 0.0003 0.0003 0.0002 0.0003 5,439,563
3/10/2010 0.0004 0.0004 0.0003 0.0004 11,329,876
3/9/2010 0.0002 0.0003 0.0002 0.0003 5,326,872
3/8/2010 0.0004 0.0004 0.0002 0.0003 1,715,000
3/5/2010 0.0003 0.0003 0.0003 0.0003 1,278,500
3/4/2010 0.0003 0.0003 0.0002 0.0002 1,882,000
3/3/2010 0.0003 0.0003 0.0002 0.0002 5,899,999
3/2/2010 0.0003 0.0003 0.0002 0.0003 2,999,999
3/1/2010 0.0001 0.0003 0.0001 0.0003 29,644,300
2/26/2010 0.0002 0.0002 0.0002 0.0002 453,750
2/25/2010 0.0002 0.0002 0.0002 0.0002 5,015,000
2/24/2010 0.0002 0.0002 0.0002 0.0002 1,050,000
2/23/2010 0.0002 0.0002 0.0002 0.0002 5,068,750
2/22/2010 0.0004 - - 0.0004 0
2/19/2010 0.0004 0.0004 0.0004 0.0004 50,000
2/18/2010 0.0002 0.0002 0.0002 0.0002 1,000,000
2/17/2010 0.0002 0.0004 0.0002 0.0004 402,730
2/16/2010 0.0003 0.0004 0.0003 0.0004 2,173,246
2/12/2010 0.0004 0.0004 0.0002 0.0003 2,860,150
2/11/2010 0.0004 - - 0.0004 0
2/10/2010 0.0004 - - 0.0004 0
2/9/2010 0.0004 0.0004 0.0002 0.0004 1,200,000
2/8/2010 0.0003 - - 0.0003 0
2/5/2010 0.0003 0.0003 0.0003 0.0003 250,000
2/4/2010 0.0004 0.0004 0.0004 0.0004 500,000
2/3/2010 0.0004 0.0004 0.0004 0.0004 20,000
2/2/2010 0.0002 - - 0.0002 0
2/1/2010 0.0004 0.0004 0.0002 0.0002 2,999,000
1/29/2010 0.0002 0.0002 0.0002 0.0002 937
1/28/2010 0.0004 0.0004 0.0004 0.0004 450,000
1/27/2010 0.0004 - - 0.0004 0
1/26/2010 0.0004 - - 0.0004 0
1/25/2010 0.0003 0.0004 0.0003 0.0004 2,655,000
1/22/2010 0.0004 0.0004 0.0002 0.0002 100,000
1/21/2010 0.0001 0.0004 0.0001 0.0004 100,750
1/20/2010 0.0003 0.0003 0.0002 0.0002 3,647,096
1/19/2010 0.0002 0.0003 0.0002 0.0003 1,524,375
1/15/2010 0.0003 - - 0.0003 0
1/14/2010 0.0002 0.0003 0.0002 0.0003 82,000
1/13/2010 0.0003 - - 0.0003 0
1/12/2010 0.0003 0.0003 0.0003 0.0003 180,000
1/11/2010 0.0004 - - 0.0004 0
1/8/2010 0.0004 - - 0.0004 0
1/7/2010 0.0004 0.0004 0.0004 0.0004 81,000
1/6/2010 0.0004 0.0004 0.0004 0.0004 2,632,000
1/5/2010 0.0002 0.0002 0.0002 0.0002 2,500
1/4/2010 0.0005 0.0005 0.0005 0.0005 100,000


Total 714,387,433

Lets hope "new managment" takes a very serious approach to clarifying what the previous management did, and does the right thing no matter what the outcome.

Unfortunately more often than not, a LOT of these pink stocks rotate around and "new" management is just new to this group and has their own "new" spin and chapter to the game. While the sheeple get sheared even more. The opaque paperwork that WE never see gets so mishandled and lost/misplaced/destroyed that eventually the screwed shareholder can't remember which scam...or management team did what, when, or where.

And they KNOW 99.9% of the time we won't be tossing more money towards a years long lawsuit in hopes of possibly...maybe...their might be a chance of recovering a small portion of the original investment.

Now I'm NOT saying CURRENT management is doing this...but experience with these pinkies tends to lean heavily in that direction.

On the flip side..."new" management comes in...tries to clean up the mess...has NO money, and the only way to raise capital is through dilution...again the bagholders get the shaft...no K-Y...no reach around...not even kissed.


They don't do this for free...they get paid some way...and more often than not it is by dilution until the company can actually make a few dollars...if they ever do.

Fortunately all one has to do is a minimal amount of research and one will discover that several different high ranking people within the financial industry pushed the government to take a look at the banking and housing industries because of the obvious shadowy procedures that were going on. I recall as early as 1993 several detailed and very telling reports were downplayed by the banking industry as well as the mortgage industry because of the incredible amounts of profits they were pulling in.

Rufiah "discovered" all this 4 years ago? Imagine that.

I hate to be picky, but I do have concerns about the following part of his response.

JV in the release was utilized as a term relating to a “Texas Joint Venture” which is a capital acquisition tool that has been used in the Oil and Gas Industry for a very long time.


A JV has been used by ALL industries for well over 100 years. Doesn't matter the location, it still is used to accomplish the same thing. Next part...."capital acquisition tool"...this tells me they are looking for $$$$.

Just my opinion, but after hanging in this company for 5+ yrs....kinda get a bit gun shy when they start talking about acquiring capital.

Hey penny...yeha...we sure wasted a ton of time on this POS. and after hundreds of complaints to the SEC, still NADA. They don't care...our government doing nothing to help the average investor.

There are only two reasons to increase the A/S...one is an old, old reasoning called a poison pill whereas it allows the company and or CURRENT shareholders to control more of the stock and negatively impact anyone trying a takeover of the company.

The second reason...sell shares to make money.

I would pretty confidently rule out reason one.

Just in case shareholders weren't aware...a little info about Mr. O'Bryant

Matt O'Bryant President & COO at Pilgrim Petroleum Corporation

Dallas/Fort Worth Area

.Current•Chief Operations Officer at Pilgrim Petroleum Corporation
Past•Owner at Scavenger Oil Recovery Technologies
•Analyst (Energy,Technology,Media) at Wilshire Capital Group
Education•University of North Texas
•University of North Texas
Connections 3 connections IndustryOil & Energy
--------------------------------------------------------------------------------

Matt O'Bryant’s Experience
Chief Operations Officer
Pilgrim Petroleum Corporation
(Public Company; PGPM; Oil & Energy industry)

November 2009 — Present (6 months)

Pilgrim Petroleum Corporation is an oil and gas exploration and development (E&D) company formed to acquire, develop, and operate oil and gas properties with proven reserves. The Company's strategy is to focus in domestic areas where major oil and gas producing companies have reduced their exploration efforts to move offshore and overseas in search of the larger reserves. Considerable oil and gas in proven fields remains to be exploited by well-managed independent oil companies capable of extracting these reserves at lower risk and lower cost than unproved prospects.

Owner
Scavenger Oil Recovery Technologies
(Oil & Energy industry)

December 2007 — December 2009 (2 years 1 month)

Scavenger Oil Recovery provides enhanced oil recovery solutions to independent operators in Texas. With a focus on engineering, development and deployment of advanced pressure maintainance systems the company's main area of expertise is the extraction of petroleum hydrocarbons through secondary and tertiary recovery efforts. Advanced pressure maintainance systems include: Nitrogen Membrane Seperation injection systems, Flue Gas injection systems, and High Pressure Thermal Flood systems. Other advanced hydrocarbon extraction technology recommendations include: chemical, microbial, well workover and directional drilling.

Analyst (Energy,Technology,Media)
Wilshire Capital Group
(Oil & Energy industry)

September 2006 — December 2007 (1 year 4 months)

Wilshire Capital Group is a full service investment banking firm, servicing both private and public entities. Wilshire Energy Capital is a division of Wilshire Capital Group focused solely on energy related debt and equity transactions up to $2 billion. Wilshire has successfully represented a wide array of companies ranging from Exploration & Production to Oil Field Services as well as Alternative Energy. Based in Dallas Texas, Wilshire principals and partners have over 150 years of combined experience in the energy sector and formerly held positions with leading publicly traded E&P firms and global financial institutions. Wilshire Capital Group is a licensed broker-dealer and member of the Financial Industry Regulatory Authority (FINRA), the Securities Investor Protection Corporation (SIPC).


--------------------------------------------------------------------------------

Matt O'Bryant’s Education
University of North Texas
BA , Radio Television Film , 1992 — 1998

Primmary Educational Focus: Radio Media
Secondary Educational Focus: Internet Media

University of North Texas
BBA , Entrepreneurship & Strategic Management , 1992 — 1998

Primary Educational Focus: Business Analysis
Secondary Educational Focus: Small Business Management

Thats a bit disconcerting...I suppose one might say ANY disposition of shares by the company other than selling them on the open market might be construed as NOT being sold.

We know that at the end of 2009 the A/S was 2 billion and the O/S was 1,152,459,514. It has since increased to 5 billion A/S and 1,233,500,000 O/S. An INCREASE of over 80 million shares to the O/S. Matt was onboard in November 2009.

I'm curious...anyone know what Raffy paid Matt for scavenger oil? I wonder what his salary is for becoming the COO of pilgrim.

slight correction...last 5+ years...but whose counting...lol

So the news is....

they raised the A/S by 150%....2B to 5B

they sold/dumped/piped/PP approx 103 mil shares

1,255,450,000 - 1,152,459,514 = 102,990,486

lets say the ave. pps was .0005 during the time it took them to place those ~103 mil shares...that comes out to just over $50k in THEIR pocket....not the shareholders...it dropped OUR value.

This particular bond...the venz bond US922646AT10 is a REAL bond and is currently an actively traded bond. UNFORTUNATELY Rufus didn't control ANY part of this bond at any time.

For your reading pleasure

http://www.citronresearch.com/wp-content/uploads/2007/03/thebond.pdf

if you can understand this pdf, you will see the current (inst) holders of coupons, and the issuing manager (administrator) of those coupons is JPM...which you will find under the heading BOOK RUNNER / EXCHANGE

that part of the PDF tells you that JPM (JP MORGAN) commonly known as JPMSI in the bond world, is the authorized issuer of the coupons. If you go to the various exchanges listed at the bottom, you will find that the issuing manager/administrator is commonly listed as foreign....if they list the issuer, it is generally JPMSI....which on those exchanges JPMSI is a foreign entity.



Ohhhhhh...one more thing...I DON'T see CSHD/CVSU/FHAL or any other entity that Rufus has associated himself with as an issuer or holder of this bond either in whole or part.

One also has to take in to account the NEGATIVE cost of the leases. If they own the leases, that means they are paying out, or have already paid out monies to keep the leasholds in their possession. If they continue as they have and do absolutely NOTHING, then the REAL value of the leases are currently negative. I agree that the POTENTIAL/PERCEIVED value of the leases may well be in the $40 mil area...but again...if they do NOTHING...then the leases are a negative value to the company at this point, and will continue to cost dollars to maintain a hold on them. With no money coming in....outside of possible stock sales and private placements, we stand little chance of a pps jump outside any spec buying as a lotto play.

hahahahaha....yeah...I just finished up my taxes...amazing how the IRS hangs it in yur azzz on gains vs losses.

I really don't know how it works within an IRA, but I would suspect since it's a retirement account, you wouldn't/couldn't benifit from it until you are eligible to withdraw funds from it. I would guess at that time, you would be able to declare it as a loss on your taxes.....personally, I would call your brokerage and have a list of written questions to ask them. Much easier to go from a list because one tends to get a bit off track when talking to those people about money....at least thats my experience with TDAmeritrade.

Vic, Pavis is a dead in the water stock. They scammed us from years back. I kept in contact with management for years, and was lied to repeatedly by them. Same thing happened to trackgirl. I kept in contact with her for a very long time as she also communicated with management over the years. we compared the lies they told us....we both were very positive and upbeat on this until the lies couldn't be covered by them any longer.

She chose to move away from the pinkies and put her money in "real" companies. I know she holds a useless cert for close to 100k shares. That was in the area of 100 mil shares back in the JPHC daze.

Per their last unaudited financial statement for the period ending 12/31/2009:

STOCKHOLDERS' EQUITY
Common Stock, $0.0001 par value, 2,000,000,000
shares authorized and 1,152,459,514 shares
issued and outstanding.

I wonder if the O/S has increased in the past month...anyone have something more current?

I truly believe that is the intent! Make it so friggin confusing that it's dam near impossible to figure it all out. You KNOW the SEC won't spend the $$$ to chase this (or most of them for that matter) unless they see a good possibility of recovering monies through fines and such. T

hey know dam well 99.9% of the shareholders aren't going to pony up more $$$ for a lawyer to try and recover their losses, so they run almost completely unchecked as long as they aren't blatantly arrogant with clearly impossible projections/expectations.

Look at a gazillion other pinkies...they all do the same thing. Sell this for notes and stock...trade that for services rendered in a multi company transaction...partner up with someone to spread the costs of the R&D.....sell their part to another comapany later in the project.

Mergers....buyouts....acquisitions...partnerships....consultants.....it's like a one legged blind man running an up hill marathon through a shit storm trying to not get hit.

And on top of all that....WE as investors have only a very very small percentage of information, and we don't have the ability to verify even what we do know.

Raffy is going to consider looking in to the possibility of thinking about talking to another company that is thinking about possibly attempting to acquire some leases that might be able to rework some wells that may have the potential to produce xxx number of barrels of oil if they can acquire funding. All this for the consideration of a possible merger/partnership in the hopes of spreading out the costs through stock swaps and notes payable at a future date. GREAT NEWS FOR THE SHAREHOLDERS.

The blatant abuse of the "forward looking statment" is the single most problematic rule within the SEC...or one should say the lack of enforcement thereof.

I'm wondering how this figures in to the payment schedule.

PILGRIM PETROLEUM CORPORATION
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2007
C. Significant Event
The company sold eighty percent (80%) of its’ net remaining
proved undeveloped reserves in March 2007. The Company received
a note receivable in the amount of $1,640,000 and received stock
in the acquirer in the amount of $40,000,000.

You are certainly right about it being OVER. But please enlighten me a bit. You continue to talk about the REAL truth...the proof...all these things that will prove Rufus is right, and all the bad guys will be dealt with....I challenge you to provide ONE SINGLE PIECE OF PROOF. One single piece of evidence that any of the things rufus said, and might still be saying when he isn't out painting dumpsters or mowing the apartment complex grass, that will definitively support him in a COURT OF LAW.

You like to ramble on about how much you know...and how little everyone else knows, why not give us poor ignorant uneducated people a bit of insight and some links to documented materials that will support and prove without doubt that Rufus is right.

Remember, one of his most endearing points was to help the less fortunate...the ones that don't understand...the ones that can't fight the good fight. He pushed and pushed for the shareholders to do these things.

Well, here I am...I don't understand...I can't fight big business and big government...point me in the right direction griff...show me the way to all this vast knowledge you are privy to...share with all of us.

No doubt you will either completely ignore this post, or come up with some lame crock of bull and continue to AVOID providing any documentation.

But you are right about it being over....just a matter of time before we can finalize our losses, and hopefully we can all send Rufus xmas cards C/O big bubba and friends in cell block 8.


Either put up or shut up.

I see nothing fishy about it...this was a case of pump and dump...except the dump was caught in the initial attempt. You can find a myriad of cases on the SEC website showing the exact same scenario....insiders post and spread the word about all kinds of good things the company is doing/going to do...all the cash/contracts/assets rolling in....pps takes off on the news...peeps pump it like crazy because they get caught up in it....the insiders then sit back and let the momo drive the pps up even higher....insiders then dump in to the run.

No doubt the shareholders have a LOT to do with the pps run up because of the greed hoping for that 30-40-50 bagger or more...but the seed was planted way back by the insiders.

I think rufie's downfall had a lot to do with his insanely arrogant attitude that he thinks he knew/knows more than anyone else. He went a bit overboard with the chatrooms and the SPR marathons, the skype and paltalk sessions, the PROMISE of $15 pps to that one woman in Texas....and he pizzed off the prosecutors.

And I wouldn't doubt one bit that the SEC is taking some pleasure in forcing his position. It's now time for rufie to show his hand....make it public knowledge...show the world his proof. IF he has it...he will win...if not...big Bubba gets a new piece of meat.

This doesn't give me a warm fuzzy either

http://nvsos.gov/SOSEntitySearch/CorpDetails.aspx?lx8nvq=7OC6XEbOU60Y0ztTunzQVA%253d%253d&nt7=0

http://cxa.marketwatch.com/TSX/en/Market/news.aspx?symb=LE&sid=1832489

and they start the cycle again to draw in new sheep.

I think you may be splitting hairs a bit too thinly on this one. This is directly from the SEC in regards to Harris' involvement in the ATTEMPTED sale of shares.

"The Court found that, through three relatives, Harris attempted, unsuccessfully, to sell up to 1.6 million shares of Conversion into the public market during the time period alleged in the complaint, while the stock was trading at dramatically inflated prices as a result of his fraudulent misstatements about Conversion's purported assets in Conversion's press releases and SEC filings."

If I remember correctly, the stock was trading in the $3 pps range at that time. Just a bit more than a $20k value if my math is correct.

I'm really concerned about the wording of this PR. Do we know the terms involved with ACLY acquiring Lariat and American Petroleum? Do we know with out a doubt that the leases weren't a part of the deal? I remember some of that stuff, but it's been a lonnnng time back.

I hope I'm not just being extremely pessimistic about this (CSHD flashbacks), and quite possibly I am reading it wrong...but to me this sounds like the total pilgrim is asking for is $10 million dollars in SOME form.

Pilgrim Petroleum Corporation (Pink Sheets:PGPM.pk - News) (FWB:PHV), an independent oil and gas company based in Dallas, Texas, has called all financial notes due to Pilgrim Petroleum from Arcland Energy for the previous sale of Lariat Energy and American Petroleum for a sum totaling $10 million.

To me this is asking for $10 mil for everything...and not necessarily in cash...just some form of value that equates...and equates to whom I don't know...with a value of $10 million dollars.

anyone and every one PLEASE comment to help in the understanding.

tia

Lets hope raffy and friends do make good use of their new injection toy. This technology is fairly old...about 35 years...but wasn't a cost effective methodology for recovery when the price of oil was much lower. I seem to remember reading an article several years ago that pointed to a break even profit point in the area of $35 bbl for Co2 injection.

In the last 5 - 7 years the technology has received an incredible amount of interest and upgrading to make it even more efficient and profitable/cost effective. The benefits of using Co2 versus nitrogen are two fold. Removing Co2 from the atmosphere ( cleaning the air )and storing it underground for future use (new technology exists to convert Co2 into methanol, but currently cost prohibative) is an increasingly important byproduct of it's intended use to increase oil recovery.

Unfortunately Co2 is a byproduct of oil recovery in itself, so unless injection technology improves, and dramatically expands in use, the technology will simply be a tool for marginal recovery wells and long term storage of Co2 in general.

Here are a few articles that expound on it's uses...what I found even more interesting in these articles is the amount of oil they feel is now economically recoverable that sits in "dead holes" so to speak.


http://fossil.energy.gov/programs/oilgas/eor/

http://fossil.energy.gov/news/techlines/2006/06015-Oil_Recovery_Assessments_Released.html

http://www.theoildrum.com/story/2005/12/12/18171/178


http://www.co2injection.com/

A LOT of shares have traded hands in the past week or so...I wonder where they came from. Being a gambling man....obviously....I would be willing to speculate the O/S is well above the 1.152 billion in the latest financials.

I have a feeling they are selling into this in order to pay themselves a nice salary for prolonging this nightmare. I certainly hope I'm wrong, but after 5 years in this, I'm a bit on the skeptical side of believing ANYTHING until AFTER I see the proof....and then I may have to look twice just to be sure.

here ya go frankie...thought you might hook up with rufiah for a day of golf

HAINES CITY -- The saga over the liquidation of the 1,000-acre Grenelefe Golf & Tennis Resort is taking an unusual turn.

The attorney representing the site's federal trustee is now looking into the activity of a one-time leading candidate to acquire the property.

Tampa attorney Roberta Colton, representing Federal Trustee Traci Strickland of St. Petersburg, said the pair are examining more closely the activities of Paul Harris, an Atlanta man who claimed to represent developers interested in converting the site into an exclusive walled golf community.

Harris proposed a wildly generous $18 million for the bankrupt 750-room resort and vacation condominium site, but couldn't come up with a $1 million deposit in nearly a week. The site seems destined for the auction block. Harris' offer would have virtually ensured the resort's 350 former employees received their last paychecks.

Colton Friday said no action has occurred regarding the complex and Strickland has dismissed Harris' offer and moved on. Harris reportedly says he's not done with the complex and plans to bring his offer directly to the court.

Business officials and business media in Atlanta earlier this month said they had never heard of Harris. A spokeswoman for South Carolina's secretary of state confirmed a corporation was formed late last month under the name Enhancement Holdings Inc., but added Harris was not listed as the agent. Pravin Patel, a well-known Carolina hotelier who is listed, Friday told the News Chief he'd never heard of either Enhancement Holdings or Harris.

The secretary of state's office has declined to release a copy of the incorporation papers. Harris, during his stay, had talked about razing the existing condominiums despite a state law that would appear to block that action. Charles Weinkauf, Grenelefe Condominium Association president, earlier this week thought it odd an experienced developer was unfamiliar with the state's condominium law.

News reports say Harris was wined and dined while at the defunct resort purportedly scoping out the property. Groundskeepers opened a closed Grenelefe golf course specifically to permit Harris and nearly two dozen others to play through. Colton said she and Strickland were unaware of the special treatment and were investigating the report



Web posted Wednesday, May 1, 2002

Grenelefe liquidation enters third month; offer sought

By STEVEN N. LEVINE
News Chief

HAINES CITY -- The liquidation of Grenelefe Golf & Tennis Resort drags into its third month with a federal referee still trying to nail down a legitimate offer for the 1,000-acre property.

Traci Strickland said Monday that she had no new contracts and no time schedule for liquidating the bankrupt 750-room hotel, condominium and golf complex. There was no action on the complex over the weekend despite threats of legal action to protect an $18 million offer made last month.

Strickland said principals for Enhancement Holdings LLC have "fallen off the face of the earth" since the South Carolina firm's required $1 million binder failed to materialize after 48 hours. Paul R. Harris of Adairsville, Ga., last week blamed Strickland for the company's inability to meet two deadlines for the deposit.

Strickland said Monday that she was unaware she had any role in the deal's downfall beyond requiring the standard deposit using standard procedures. Strickland originally selected Enhancement Holdings because the partnership wanted fast action and offered nearly $5 million more than the $13.16 million owed secured creditors. Total liabilities against the complex are listed as $53.067 million by the bankruptcy court.

Previously unnoticed irregularities with the holding company have surfaced in the wake of the partnership's failure. The South Carolina Secretary of State's office began its investigation Monday, spokeswoman Kay Maxwell said.

Among the issues on South Carolina's agenda are:

Problems identifying the corporation's agent. Harris said last week that the Pravin Patel listed on the company's incorporation certificate is not the hotel magnate state officials believe he is. In fact, Patel is actually "Paul Patel" and the phone number listed for him on the papers is out of order.

Harris refused this month to release a working contact number for Patel, a requirement under that state's Freedom of Information Law, Maxwell said.

A onetime partner in the holding company, Charles R. Metcalf of Palacios, Texas, claimed he resigned his directorship April 1, weeks before the offer was made. Metcalf is listed as a director on a copy of the incorporation certificate provided by South Carolina officials.

Metcalf says his certificate signature dated Feb. 7 is a forgery. Metcalf said last week that he didn't formally join the partnership until late March and resigned a week later because other directors did too much traveling and refused to provide him with the corporation's bylaws.

At a minimum, the corporation can lose its incorporation certificate if any allegation is confirmed, Maxwell said. The Secretary of State's Office can also ask the state attorney general to consider an administrative or criminal investigation, she said.



Web posted Tuesday, June 18, 2002

A very good article...

http://finance.yahoo.com/news/ALL-BUSINESS-Los-Angeles-gets-apf-21128764.html?x=0&sec=topStories&pos=4&asset=&ccode=

you are right on the money...Fannie and Freddie are doing exactly what they were created to do....did it in the past...doing it now...will do it in the future. I do think SOME change is needed...ie....much closer monitoring of the loan industries to eliminate the scam loans that just aren't viable. (that subject can go on forever)

The government (individual senators and congress peeps) will be careful in what they do in regards to Freddie and Fannie because they know if the people aren't happy with (individuals in) government...government will be replaced on an individual basis each election.

People pist off on an individual basis concerning their ability to provide decent housing/income for their families has grown exponentially the past couple of years, and government knows it...they (in my opinion only) really don't give a rats azz about us...but they DO care about their cushy jobs in the gov, so they will do what is needed to keep them...such as toss a few bones out to the masses and help/protect homes and jobs.

Fannie and Freddie are the two main sources to accomplish that. The GSE's will recover eventually and losses will show a marked improvement over the next year as jobs grow...income grows...value increases on homes.

The stock market has improved 70% in the past year....may take housing a bit longer to make that kind of improvement, but it will eventually.

Economics is a cycle....we hit the bottom..and are now on the way back up. Fannie and Freddie will likewise move back up as jobs/pay increase, people become a bit more at ease, and optimism grows.

my ticker shows us up around 15 cents right now...lookin really good.

He's either grown feathers....or maybe out back painting one of the dumpsters for the landlord.

That would be correct, HOWEVER....depending on your broker, they may, and probably do have a limit on the length of time for a standing open to fill order...

How embarrassing to think a "CEO" that makes multiple hundreds of thousands of dollars per year can't afford a spell check or proof reader. My daughter had better grammar in 1st grade.

The PR is also on yahoo finance with MUCH better grammar.

http://finance.yahoo.com/news/Pilgrim-Petroleum-Announces-prnews-2607093608.html?x=0&.v=1

I'm hoping he pulls this out as well...for all of us. I hate to be so negative about a stock (really raffy) that had what appeared a few years back to be a very very solid winner. I suppose my biggest gripe with him is that he failed to make the effort when the price of oil was well above $100 bbl. At that point, I believe any one of us could have made a common sense decision and divested the company assets to turn one helluva nice profit stream. Once you have money in hand, it is sooooo much easier to attract more.

That is a fundamental error on his part. Of course one could say that due to "binding" contracts...agreements in place...whatever...he couldn't do certain things, but by and large he dam sure COULD have worked out some kind of deal to turn a profit for the company and the investors. Maybe not the kind of profits we dream of...but a profit is a profit is a profit.

Lets hope he does us good.....soooooooooooooooooon.

What's really unfortunate, is that 99.9% of all pinksheet company CEO's KNOW that the average investor will bich groan and grumble...call them everything under the sun...make a sailor blush with some of the language they (we) use in referencing them...their mothers..sisters..and maybe even throw a few at their dog...but in the end...they still KNOW that is about as far as it will go. Not many....will pursue legal action against them to try and prove illegal activity by them...try to recover lost monies through the use of an attorney....throw MORE money towards legal fees in the hopes they can squeeze a few drops out of their turnip heads in the ensuing years it would take. And they all KNOW the SEC's quick response team will be light years behind them...if they even take the time to check the complaints they receive.

They know it just ain't gonna happen. Sooooo...they do the crap raffy is doing...they mislead under the pretext of "safe harbour" to lure in a few bucks here and there. They have a gazillion little twists and turns...that always seem to prolong the "investor payday" and keep stringing everyone along. It all sounds good...IF IF IF it were to actually play out as they say.

So what happens is...they PR good stuff...or at least good sounding stuff...very plausible stuff...they get a newbie...or a seasoned investor to toss in a couple grand...not much money...but when you have several hundred tossing in that couple grand...it adds up to one helluva good payday for the company CEO. They toss a new spin a few months later...keeps ya hangin, and usually draws in a few more newbs or seasoned hands willing to go for a lotto play with a few bucks...another pay day for them.

Believe me, I have been doing this a long long time, and have yet to see anyone outside the SEC go after these guys to try and recover any of their money.

I know it HAS happened...but I've yet to see where someone actually spent the money...won their case...AND recovered anything.

Raffy has his grubby paws in half a dozen other companies besides this one...makes ya wonder why...if this was such a kickass good deal...or any of them were...then why would he expend time and energy anywhere else but the moneymaker.

He has the leases so intertwined with these so called "partner" companies...it will take months...if not years to figure out who's on first.

I've been to the offices numerous times...no one there...not even a name on the property to identify pilgrim (I posted pics sometime last year)....dozens of emails...no response...phone calls...no answer.

Bottom line is...I have serious doubts that we will see any kind of profit on our investment...ever. Likely we may come close to breaking even at some point, but to profit off this...I seriously don't think we ever will. And especially not to the extent raffy has lead us to believe.