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ATEA up 16% premarket on news, very low OS and float, see if it holds at the open.
http://finance.yahoo.com/q?s=ATEA&d=t
Stop buying oil and oil related products!!!!
In other words stop buying everything.
I snoozed and I lose!!! Sold my PA yesterday to lock in merger gains and was going to use some of the funds for adding to Tandem holdings. Was out and missed the news this morning, nice info for shareholders. Watch for now and see if it pulls back some.....but....they may follow up with an "organization" update. Even nice to see the coal bed methane well results being reported, these guys are being straight up in their PR's, IMO.
Market Pulse: Corning reiterates financial outlook
(Headed to $25 by year end???)
Wednesday September 7, 8:23 am ET
By Michael Baron
NEW YORK (MarketWatch) -- Corning Inc. Wednesday reiterated its outlook for earnings before items of 20 to 22 cents a share in the third quarter on sales ranging from $1.14 billion to $1.19 billion. The Corning, N.Y., maker of specialty glass and ceramic materials as well as fiber optic issued the outlook ahead of its presentation at a conference in New York. The stock closed Tuesday at $20.06, up 22 cents.
New Rules for BDC's - Invitation to Abuse?
News and Commentary
December 12 2004
Let's give credit where it is due - but let us not forget to allocate responsibility as well.
So credit the Securities and Exchange Commission with making an effort to keep pace in a constantly changing marketplace by updating the rules for business development companies (BDCs) operating under the Investment Company Act of 1940. And allow us to hope that before these changes become effective, the SEC will have second thoughts.
It should come as no surprise that a number of obscure, struggling over-the-counter companies recently have decided to redefine themselves as BDCs. See ZannWell, Inc. – A Doctor in the House; Update: ZannWell, Inc. – The Doctor is Out; and ATNG, Inc. – BDC or Bust. BDC status carries several significant advantages, including the ability to issue unregistered shares, broad standards for calculation of assets, and a legitimate exemption from burdensome penny stock rules that place limits on the ability of brokers to peddle low-valued risky stocks. See The Investment Company Act of 1940 – It Was a Very Good Year. Although BDCs may be risky and have little intrinsic worth, brokerage firms can recommend them freely, without first qualifying clients.
Now the SEC has added an additional temptation for companies considering BDC status; one that has the potential to open the floodgates and introduce to the mix a group of companies that are particularly susceptible to abuse and manipulation – over-the-counter companies with no established business, few assets, negligible revenues, unidentified insiders and untested management. It is a disturbing prospect.
First, a little perspective. BDCs were established under The Investment Company Act of 1940 by a 1980 amendment which was designed to make capital available to small and financially struggling businesses. BDC status became available to companies that invested in the securities of certain qualified "portfolio companies" and provided those entities with management assistance. In order to qualify, a BDC was required to maintain at least 70% of its assets in the securities of such qualified companies. In order to be eligible, a portfolio company could not have any securities that were eligible for margin credit. The drafters reasoned that companies that issued marginable securities probably were mature enough to attract sufficient financing.
Unfortunately, the marginable securities test has left BDCs with slim pickin's. A 1998 amendment to Regulation T severely reduced the number of eligible portfolio companies by making all securities eligible for margin if they are traded on a national securities exchange or NASDAQ (including the NASDAQ Small Cap Market). That meant BDCs would have to accumulate interest in private companies or those that traded on the over-the-counter markets (the OTC Bulletin Board and Pink Sheets) none of which had the benefit of the vetting process imposed by NASDAQ and the national exchanges. In other words, the BDCs were very much on their own when it came time to determining the value of their investments – intrinsic or otherwise.
That 1998 amendment had a second prong, which the SEC now identifies as a principal reason for changing the definition of portfolio companies. It expanded the definition of margin securities to include any security that does not represent "equity" – effectively precluding entities that issue debt securities from the definition of portfolio companies.
Six years later, the SEC is seeking to address these developments. On November 1, 2004, the SEC proposed a rule that would expand the definition of portfolio companies. Most companies that are listed on NASDAQ or a national stock exchange would continue to be excluded. Eligible portfolio companies would include all companies that are not listed on one of those exchanges, and those companies that have been notified they are about to lose their listing on NASDAQ or a national stock exchange and would not qualify for initial listing on any such exchange. In addition, BDCs would be permitted to make follow-on investments in issuers that were eligible portfolio companies at the time of the BDC's initial investment(s), but that subsequently lost that status because they issued marginable securities.
While these changes tend to further the original agenda for BDCs – providing support for financially trouble companies, they also tend to further distance BDCs from regulatory oversight and BDC investors from regulatory protection. A portfolio consisting of untested over-the-counter companies, entities resulting from reverse-mergers, and businesses that trade on the unregulated Pink Sheets, almost necessarily means that investing in a BDC will be a dicey proposition for investors.
The over-the-counter markets have become a magnet for conniving stock promoters, pump and dump schemes, and short-selling antics that regulators have been unable to stem. Worse yet, over-the-counter companies have begun to opt for BDC status at an alarming rate. Consequently, the very sort of financially challenged public companies that the SEC seeks to classify as qualified portfolio investments will instead become BDCs themselves – and they in turn will hold portfolios consisting of other financially struggling businesses.
The prospects are alarming. Investors will hold shares of marginally viable companies, which control under-financed, under-capitalized businesses. Is this any way to run a marketplace?
nicocrema, do you have "Confession of a Basher"??? I like that one the best!!! That's always a good one to post when a POS stock crashes, IMO.
Doubloon, thanks for the update, some positive activity today.
TRCPA, well shoot!!! Why don't you write my posts for me then!!! LOL!!
OT: rrufff, surnuff, I hold the following, but only invest about 10% of my portfolio in highly speculative stocks:
TDYH (pinkie, most speculative)
SPDV (long termer.)
DOR
AATK
USGL (out for now, waiting for dip to buck?)
Will "play" others like NVAC on short term pump and dumps.
TRCPA, sometimes, based on a company's PR's that contain $$$$$, and their forecasts from previous earnings announcements and updates. Unfortunately, FASC provides none of that, so I expect a bla bla 10K again.
Sam, what are your thoughts on the 10K???? Profit???
I figure one more run maybe if they release a Fairy Dust well treatment PR, but it will be held back some by the recent bagholders above 3 cents getting the hell out!!!!
FUD??? And I thought that was Freaking Uncontrolled Dilution!!!!! LOL!!!!
You need to read Sections 5 and 6 in the last filing, you don't have a clue! LOL!
http://www.pinksheets.com/quote/print_filings.jsp?url=%2Fredirect.asp%3Ffilename%3D0001108017%252D05...
rruff, CD dilution is not continuing? Then why did the OS go up 4 million shares from May 10Q to August 10Q and up between every filing prior?? Can you provide facts that dilution will not continue?? This company has painted a rosy production picture for years, they would now be listed on the NYSE if any of their BS ever materialized. I think you are trying to mislead investors.
"2) Dilution, convertible debt, etc. I do not like these and nobody should if they are in a company's future. However, the fact that they are in a filing means that the dilution has already happened. Fully diluted o/s have been affected. A good time to buy is AFTER this semi toxic financing has occurred. Assuming that the business plan is viable and that production will occur as PR'd, then the numbers support the diluted o/s and the share price should increase."
Screw those charts from year 2000!!! What's the TA on GG NOW!!! Buy, sell, or hold!!!! (note the cup and June/July short handle formation)
(Great idea for a board, BTW!!!)
10K by end of month??? If it sucks as usual, will there be huge dumping by investors? Will there be a "great" PR prior to the filing? Will insiders finally buy some shares before the 10K????
BDCO, operations off the Texas coast, $2.96, 9 million OS.
http://finance.yahoo.com/q/pr?s=BDCO
Blue Dolphin Energy Reports Expected Receipt of Net Revenues
Friday September 2, 5:24 pm ET
HOUSTON, Sept. 2 /PRNewswire-FirstCall/ -- On September 2, 2005, Blue Dolphin Energy Company (Nasdaq: BDCO - News), a Delaware corporation ("Blue Dolphin"), reported that it expects to receive a payment of approximately $1.3 million, subject to certain adjustments, for estimated past production from a reversionary after-payout interest in High Island Block 37. Payout occurred on or about July 1, 2004.
Currently, there are two wells producing in the High Island Block 37 field.
Blue Dolphin Energy Company is engaged in the gathering and transportation of natural gas and condensate. Questions should be directed to Gregory W. Starks, Treasurer, at the Company's offices in Houston, Texas, 713-227-7660
Enhanced Oil Recovery/CO2 Injection
Program Goal
Enable enhanced recovery of the nation’s “stranded” oil resources. DOE’s program focuses on evaluating possible candidate locations for future CO2 injection enhanced oil recovery, utilizing CO2 from industrial sources, as well as geologic sources.
Crude oil development and production in U.S. oil reservoirs can include up to three distinct phases: primary, secondary, and tertiary (or enhanced) recovery.
During primary recovery, the natural pressure of the reservoir or gravity drive oil into the wellbore, combined with artificial lift techniques (such as pumps) which bring the oil to the surface. But only about 10 percent of a reservoir's original oil in place is typically produced during primary recovery. Shortly after World War II, producers began to employ secondary recovery techniques to extend the productive life of U.S. oil fields, often increasing ultimate recovery to 20 to 40 percent of the original oil in place. For the most part, these techniques have involved injecting water to displace oil and drive it to a production wellbore. In some cases, the reinjection of natural gas has been employed to maintain reservoir pressure (natural gas is often produced simultaneously with the oil from a reservoir).
However, with much of the easy-to-produce oil already recovered from U.S. oil fields, producers have attempted several tertiary, or enhanced oil recovery (EOR), techniques that offer prospects for ultimately producing 30 to 60 percent, or sometimes more, of the reservoir's original oil in place. An estimated 377 billion barrels of oil in place represent the “stranded” resource that could be the target for EOR applications. In the United States, three major categories of EOR have been found to be commercially successful to varying degrees:
Thermal recovery, which involves the introduction of heat such as the injection of steam to lower the viscosity, or thin, the heavy viscous oil, and improve its ability to flow through the reservoir.
Chemical injection, which can involve the use of long-chained molecules called polymers to increase the effectiveness of waterfloods, or the use of detergent-like surfactants to help lower the surface tension that often prevents oil droplets from moving through a reservoir.
Gas injection, which uses gases such as natural gas, nitrogen, or carbon dioxide that expand in a reservoir to push additional oil to a production wellbore, or other gases that dissolve in the oil to lower its viscosity and increases its flow rate.
Each of these techniques has been hampered by its relatively high cost and, in some cases, by the unpredictability of its effectiveness. Today, less than 700,000 barrels per day of oil is produced in the United States by EOR processes (compared to about 6 million barrels per day of total domestic production). Thermal techniques account for over 50 percent of U.S. EOR production, primarily being applied in California; gas injection accounts for nearly 50 percent. Chemical techniques account for less than one percent of EOR production in the United States.
More at:
http://www.fe.doe.gov/programs/oilgas/eor/
greeneyedhawk, how long does that treatment last on a well (the increased production) and how much does it cost to treat a well with the hot HOA 800 per barrel of increased production??? 300% increase in production, 1 barrel to 3 barrels a day?? How come the big boys don't use it???
Aeternus, thanks for adding to the stock board discussion. I can see you know a lot about AMEP and investing! Keep up the great posts!!
greeneyedhawk, there is nothing wrong with making money! LOL!
I have made a bunch on homeland security hype stocks, but I don't try to mislead people into thinking they are anything but hype plays. Do you still hold any OTC or pink sheet stocks that you bought 4-5 years ago? If so, how are they doing?
TRCPA, somewhat tongue in cheek, but do some checking on water.
Here's one link:
http://news.bbc.co.uk/hi/english/static/in_depth/world/2000/world_water_crisis/default.stm
greeneyedhawk, too many shares and CD's causing dilution. I bet this won't get over 5 cents and only if they keep the pump PR's coming, so lock in your gains (if you haven't already). BIPH's Weiner is a pump and dump dream come true, probably the best OTC CEO out there, IMO. Watch for Weiner to start pumping ALMI and BIPH together for some more gains. ALMI headed towards 50 cents and when BIPH drops to $2 or less, the new nano pump will start. AMEP will probably hit the authorized (400 million??) this year and do a reverse split. HISC looks like a good pump and dump too, a pink sheet Lojack????
BTW, you didn't answer my question about the condition of the rig, do you have a link??
I think our next major crisis in the years ahead will be our reliance on water. In 10-15 years it will be $5 a gallon (if you can get it) and the government is doing very little about it. The big boys have been quietly buying up the major water rights and soon we will be at their mercy. Probably the same guys that have stifled all technical advances in this country to make us depend on oil. We are all royally screwed and will die and our children will die too unless each and everyone of us puts in a biomass electric generation plant in our back yard, and screw the Big Boys NOW!!!!
Assets???? Why only "Total Assets $2,870,798" in the last 10Q??? Somone is blowing smoke here!!! LOL!!!
Can anyone show me anything positive in the last 10Q that indicates this a good long term investment????
http://www.pinksheets.com/quote/print_filings.jsp?url=%2Fredirect.asp%3Ffilename%3D0001108017%252D05...
This is interesting....
I wonder how many barrels of share printing ink they buy in a year????
Convertible Debentures:
$250,000 Convertible Debenture, dated May 20, 2004, bearing interest at 8% per annum and due on December 1, 2005 $ 70,000
$400,000 Convertible Debentures, dated June 15, 2004, bearing interest at 8% per annum and due on December 1, 2005 400,000
Less: Debt discount (134,335 )
$ 335,665
In May 2004, the Company received $250,000 in gross proceeds from the issuance of a convertible debenture. The terms of the convertible debenture includes an interest rate of 8% per annum and convertible at any time at the option of the holder or the Company into common shares of the Company at a price equal to fifty percent (50%) of the closing bid price of the common stock on the date written notice is received by the Company of the election to convert and is due December 1, 2005. On May 17, 2004, the convertible debenture holder elected to convert $30,000 of the balance into common shares of the Company and as a result of the conversion, 3,000,000 shares of common stock were issued at $0.01 per share (50% of the closing share price). On June 10, 2004, the convertible debenture holder elected to convert $85,000 of the balance into common shares of the Company and as a result of the conversion, 8,500,000 shares of common stock were issued at $0.01 per share (50% of the closing share price). On July 19, 2004, the convertible debenture holder elected to convert $65,000 of the balance into common shares of the Company and as a result of the conversion, 6,500,000 shares of common stock were issued at $0.01 per share (50% of the closing share price). The remaining $70,000 of the $250,000 convertible debenture remains outstanding at June 30, 2005.
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In accordance with EITF Issue 98-5 as amended by EITF Issue 00-27, the Company has evaluated that the $250,000 convertible debenture discussed above has a beneficial conversion feature as the exercise price for is less than the fair value of the Company’s common stock on the measurement date. Accordingly, the Company has recognized this beneficial conversion feature by recording a debt discount as a contra account to the convertible debenture for $250,000 and $250,000 to additional paid-in capital. As of June 30, 2005, $231,0216 was amortized to interest expense and a debt discount of $18,979 remains.
Effective June 15, 2004, the Company issued a $400,000 convertible debenture to PRI in accordance with the acquisition agreement between PRI and the Company (See Acquisition Footnote). The terms of the convertible debenture includes an interest rate of 8% per annum and convertible at any time at the option of the holder or the Company into common shares of the Company at a price equal to fifty percent (50%) of the closing bid price of the common stock on the date written notice is received by the Company of the election to convert and is due December 1, 2005. The entire $400,000 is outstanding as of June 30, 2005.
In accordance with EITF Issue 98-5, as amended by EITF Issue 00-027, the Company has evaluated that the convertible debenture discussed above has a beneficial conversion feature as the exercise price is less than the fair value of the Company’s common stock on the measurement date. Accordingly, the Company has recognized this beneficial conversion feature by recording a debt discount as a contra account to the convertible debenture for $400,000 and $400,000 to additional paid-in capital. The debt discount will be amortized over the debt term of 17.5 months or through the due date of December 5, 2005. As of June 30, 2005, $284,644 was amortized to interest expense and a debt discount of $115,356 remains as of June 30, 2005.
In August 2004, the Company received $1,000,000 in gross proceeds from the issuance of a convertible debenture. The terms of the convertible debenture includes an interest rate of 8% per annum and convertible at any time at the option of the holder or the Company into common shares of the Company at a price equal to fifty percent (50%) of the closing bid price of the common stock on the date written notice is received by the Company of the election to convert and is due December 1, 2005. On September 14, 2004, the convertible debenture holder elected to convert $100,000 of the balance into common shares of the Company and as a result of the conversion, 10,000,000 shares of common stock were issued at $0.01 per share (50% of the closing share price). On September 22, 2004, the convertible debenture holder elected to convert $100,000 of the balance into common shares of the Company and as a result of the conversion, 10,000,000 shares of common stock were issued at $0.01 per share (50% of the closing share price). On October 8, 2004, the convertible debenture holder elected to convert $100,000 of the balance into common shares of the Company and as a result of the conversion, 10,000,000 shares of common stock were issued at $0.01 per share (50% of the closing share price). On October 12, 2004, the convertible debenture holder elected to convert $100,000 of the balance into common shares of the Company and as a result of the conversion, 10,000,000 shares of common stock were issued at $0.01 per share (50% of the closing share price). On November 4, 2004, the convertible debenture holder elected to convert $200,000 of the balance into common shares of the Company and as a result of the conversion, 20,000,000 shares of common stock were issued at $0.01 per share (50% of the closing share price). On January 18, 2005, the convertible debenture holder elected to convert $38,462 of the balance into common shares of the Company and as a result of the conversion, 2,500,000 shares of common stock were issued at $0.015386 per share. On January 31, 2005, the convertible debenture holder elected to convert $38,462 of the balance into common shares of the Company and as a result of the conversion, 2,500,000 shares of common stock were issued at $0.015386 per share. On February 2, 2005, the convertible debenture holder elected to convert $153,846 of the balance into common shares of the Company and as a result of the conversion, 10,000,000 shares of common stock were issued at $0.015386 per share. On February 14, 2005, the convertible debenture holder elected to convert $169,231 of the balance into common shares of the Company and as a result of the conversion, 11,000,000 shares of common stock were issued at $0.015386 per share.
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As a result of the above conversions, all $1,000,000 of the convertible debenture has been converted.
In accordance with EITF Issue 98-5 as amended by EITF Issue 00-27, the Company has evaluated that the $1,000,000 convertible debenture discussed above has a beneficial conversion feature as the exercise price for is less than the fair value of the Company’s common stock on the measurement date. Accordingly, the Company has recognized this beneficial conversion feature by recording a debt discount as a contra account to the convertible debenture for $1,000,000 and $1,000,000 to additional paid-in capital. All of $1,000,000 has been amortized to interest expense.
On February 20, 2003, the Company executed a $2,000,000 convertible note payable accruing interest at 6% with a company controlled by the brother of the Company’s sole officer and director (See Note 8 - Related Party Transactions). The maturity date was July 25, 2007. The note was payable at maturity in preferred stock of the Company at $1.00 per share and. the preferred stock was convertible into common stock at $1.00 per share. Additionally, at the option of the holder, the debt may be settled for cash. The note is secured by a deed of trust and a lien against the leases and the wells and other liens against the same leases and wells of $25,000.
On January 5, 2004, the $2,000,000 convertible note payable was exchanged for a convertible debenture for the same amount and due January 1, 2007. The terms of the convertible debenture include an interest rate of 8% per annum and convertible at any time at the option of the holder or the Company into common shares of the Company at a price equal to fifty percent (50%) of the closing bid price of the common stock on the date written notice is received by the Company of the election to convert. In accordance with EITF Issue 98-5 and 00-27, the Company has evaluated that the convertible debenture has a beneficial conversion feature as the exercise price is less than the fair value of the Company’s common stock on the measurement date. Accordingly, the Company has recognized this beneficial conversion feature by charging the statement of operations $2,000,000 for interest expense and $2,000,000 for additional paid-in capital. The conversion feature inherent in the convertible debenture was fully recognized as of June 30, 2004 since it was disposed of through assignment to Bend Arch, the Company’s investee (see below)
On June 15, 2004, the Company assigned the oil and gas properties secured by the $2,000,000 convertible debenture to its majority-owned affiliate Bend Arch. Accordingly, the $2,000,000 convertible debenture along with $77,589 of accrued interest was transferred to Bend Arch on June 15, 2004.
In January 2004, the Company received $600,000 in gross proceeds from the issuance of two convertible debentures, one for $100,000 and the other for $500,000. The terms of the convertible debentures include an interest rate of 8% per annum and convertible at any time at the option of the holder or the Company into common shares of the Company at a price equal to fifty percent (50%) of the closing bid price of the common stock on the date written notice is received by the Company of the election to convert. $100,000 of the convertible debentures was due and payable on March 14, 2004 and $500,000 was due and payable on December 31, 2005.
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On February 5, 2004, the $100,000 convertible debenture holder elected to convert the entire balance into common shares of the Company and as a result of the conversion, 3,333,333 shares of common stock were issued at $0.03 per share (50% of the closing share price on February 5, 2004). In March, 2004, $200,000 of the $500,000 convertible debenture was converted into 20,000,000 shares of common stock at $0.01 (50% of the closing price). In May 2004, the remaining $300,000 of convertible debenture was converted into 30,000,000 shares of common stock at $0.01 per share (50% of the closing price).
In accordance with EITF Issue 98-5 and 00-27, the Company has evaluated that the convertible debentures discussed above have a beneficial conversion feature as the exercise price is less than the fair value of the Company’s common stock on the measurement date. Accordingly, the Company has recognized this beneficial conversion feature by charging the statement of operations $600,000 for interest expense and the balance sheet $600,000 for additional paid-in capital. The conversion feature inherent in the convertible debentures was fully recognized as of June 30, 2004 since they were fully converted as of June 30, 2004.
In January 2004, the Company issued a $30,000 convertible debenture to a consultant for services related to the filing by the Company to become a BDC as mentioned previously. The terms of the convertible debenture include an interest rate of 8% per annum and convertible at any time at the option of the holder or the Company into common shares of the Company at a price equal to fifty percent (50%) of the closing bid price of the common stock on the date written notice is received by the Company of the election to convert. On February 5, 2004, the convertible holder elected to convert the entire balance into common shares of the Company and 1,000,000 shares of common stock were issued at $0.03 per share (50% of the closing share price on February 5, 2004).
In accordance with EITF Issue 98-5, the Company has evaluated that the $30,000 convertible debenture discussed above has a beneficial conversion feature as the exercise price for is less than the fair value of the Company’s common stock on the measurement date. Accordingly, the Company has recognized this beneficial conversion feature by charging the statement of operations $30,000 for interest expense and $30,000 for additional paid-in capital. The conversion feature inherent in the convertible debentures was fully recognized as of June 30, 2004 since they were fully converted as of June 30, 2004.
As of June 30, 2005, the Company has recorded $141,699 of accrued interest for the convertible debentures outstanding. As discussed previously, several convertible debenture holders have elected to convert all or a portion of the convertible debentures into common stock. However, the conversion has not included accrued interest and although the Company believes that no further common stock will be issued for these conversions, the accrued balance for these converted debentures is included in the accrued interest balance as of June 30, 2005.
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Equity Financing
In June 2005, the Company received $185,000 of proceeds from the sale of common stock to two groups. The stock was valued at $0.01, the fair market value on the date of the sale. As of June 30, 2005, the shares had not been issued and have been recorded as Common Stock Issuable in the accompanying Financial Statements.
Liquidity
To continue with our business plan, we will require additional short-term working capital and we have not had generating sufficient cash from operations to fund our operating activities. Presently, as a BDC, our only source of revenues is through distributions from our majority-owned investees. We cannot assure you that we will receive distributions from our majority-owned investees, if any, and that borrowings under any interim financing we are able to secure will be sufficient to meet our projected cash flow needs.
In January 2004, we filed an election to become subject to Sections 55 through 65 of the Investment Company Act of 1940, such that we could commence conducting our business activities as a BDC. Additionally, the Board of Directors determined that it was necessary to raise additional capital to carry out the company’s business plan and the Company filed a Form 1-E pursuant to the Securities Act of 1933 notifying the SEC of the Company’s intent to sell up to $4,000,000 of the Company’s common stock at prices between $0.01 and $0.10 per share, or 40,000,000 and 400,000,000 shares, respectively. On January 29, 2004, the 1-E filing notification with the SEC became effective. The Company is presently registered as an Investment Company under the Act and as such, is authorized to issue up to $4,000,000 in “free-trading” stock at prices ranging from $0.01 to $0.10 per share.
On February 22, 2005, the Company’s Board of Directors determined that it was in the best interest of the Company to discontinue the offering discussed above and to investigate other financing alternatives. Accordingly, the Company filed a Form 2-E pursuant to the Securities Act of 1933 notifying the SEC of the Company’s termination of the offering. However, the filing was not acknowledged by the SEC and the Company re-filed the Form with the SEC, with an effective date of June 30, 2005. The Form 2-E filing discloses that the Company received $1,820,000 of proceeds from the offering, net of $30,000 of expenses, through the sale of 171,000,000 shares of the Company’s $0.001 par value common stock.
Our ability to obtain additional financing depends on many factors beyond our control, including the state of the capital markets, the market price of our common stock, the prospects for our business as a BDC and the success of our majority-owned investees. Additionally, any necessary additional financing may not be available to us or may be available only on terms that would result in further dilution to the current owners of our common stock. Failure to obtain commitments for financing would have a material adverse effect on our business, results of operations and financial condition. If the financing we require to sustain our working capital needs is unavailable or insufficient or we do not receive the necessary financing, we may be unable to continue as a going concern.
greeneyedhawk, "good condition Big Rig", where did you find that, do you have a link? The PR didn't state what condition the rig was in that I can find.
I also can't find anything on "Aramdrill" in a Google search other than the AMEP PR, do you think it might be a misspelling of "Arabdrill"????? They have operations in the Gulf offshore and land in Mexico. The 8,000 foot capacity Ideco drilling rig is probably a Ideco 525 rig.
OT: Investing in a Crooked Market
By Seth Jayson (TMF Bent)
September 2, 2005
"Here's my question: If you believe this, why would you invest at all? Why would you invest in the targeted companies?"
These days, there seems to be a crescendo. It's a shout emanating from Main Street, directed at Wall Street.
It's hard to pin it down, but it sounds a lot like, "That place is entirely crooked!" or "The whole game is rigged!"
It's hit a new peak recently with the controversial claims from Overstock.com (Nasdaq: OSTK) CEO Patrick Byrne that not only is there a widespread financial conspiracy led by a master criminal "Sith Lord," but that there are multiple levels of scheming, supported by crooked journalists from the most respected journals in the country, all working in cahoots with hedge funds.
This may be the latest and most famous charge of criminal manipulation, but it's certainly not the only one. In fact, we hear cries like this all the time. They come most often from the adherents of smaller, penny stocks like Altair Nanotechnologies (Nasdaq: ALTI), or GlobeTel, but to judge by the increasing chatter, the belief in widespread manipulation has become a matter of faith for some investors in larger, better-known companies like NovaStar Financial (NYSE: NFI), Cree (Nasdaq: CREE), Netflix (Nasdaq: NFLX), and TiVo (Nasdaq: TIVO).
Let me say from the start that I have no doubt that Wall Street is dirty, but that I think the charges leveled these days are vastly overblown. But let's leave that aside.
Today, I'm going to assume that every single manipulation story I've heard about every one of these stocks is 100% true. Sith Lords are doing their deals, journalists are lining their pockets, and hedge funds are shipping their ill-gotten gains to offshore money launderers. The guys at the Securities and Exchange Commission are hiding under their desks or counting their payoffs while looking the other way.
Here's my question: If you believe this, why would you invest at all? Why would you invest in the targeted companies?
Let's get back to basics: Investing is simply a matter of finding the best odds, weighing potential risks vs. potential rewards. You say to yourself, "Well, self, Altria (NYSE: MO) has some tasty cash flow and a very nice dividend, and eventually others will want to pay more for the stock." There's your potential for reward.
But you also say to yourself, "Well, self, there's also the overhang from all that anti-tobacco litigation in the U.S. And what if we start exporting our lawyers to Indonesia?" That's your risk. And you weigh the two to come up with what you think is a fair price to pay.
If you truly believe that your stock is being manipulated, then you need to put that into the risk side of the equation. But if you believe the stock can be manipulated at any time, simply by a crooked hedge fund putting in a call to its favorite media stooge, then you have to assume the risk is immense. The odds will always be staked against you. And your conclusion should be "I won't invest here; it's the equity equivalent of betting on the Washington Generals." (Actually, these days we should say the New York Nationals.)
For some, this is a moral issue. That's fine. If you think that rooting out the evil axis of Sith Lords, naked shorts, regular shorts, hedge funds, and crooked journalists is an important task, I'm not going to suggest that you give up the fight. We all have our causes.
But I will suggest that you cheer your team from the sidelines with your money safe in your pocket. You don't need to pay to pick your side.
For related Foolishness:
A Dozen Answers From Dr. Byrne
A Dozen Questions for Dr. Byrne
"Others" Aren't to Blame
At the time of publication, Seth Jayson had no positions in any company mentioned here. View his stock holdings and Fool profile here. Overstock is a Motley Fool Rule Breakers pick. Netflix and TiVo are Motley Fool Stock Advisor picks. Fool rules are here.
GG P&F chart target $31???? Could happen, I guess if gold keeps going and they use some of their cash for acquistions.
GLW headed to $25?? Tough to get through $20 and hold, maybe if market improves on tech stocks....
OT: rrufff, check out this board, not too busy (yet) to be able to follow some decent tips.
http://www.investorshub.com/boards/board.asp?board_id=3915
rrufff, and your posts have facts? Could you direct me to a couple? The CD's and loans are in the filings, plus the total lack of fundamentals, you can also check old filings to see how many shares have been printed and dumped to date to pay salaries and CEO equipment rental to the company. Here's some facts, show which ones you like best!!! This company has been around long enough to start making decent money don't ya think???
http://finance.yahoo.com/q/ks?s=AMEP.OB
rrufff, I've followed this company for about 2 years. I know EXACTLY what the deal is here. )
Doubloon, I agree, BDCO just a sector play, they can't make any money if they can't transport.
How much did they pay for the drilling rig?? Rigs are at a premium, GW is bringing idle rigs back to service, but spending big bucks to recondition. Was the AMEP rig headed to the junk pile? How many million $$ to put it into service? Why didn't the big boys buy it???? Smart investors want to know, momo players don't care! LOL!
http://biz.yahoo.com/bw/050901/15271.html?.v=1
BDCO, another transporter up premarket, 9 milliom OS.
http://finance.yahoo.com/q/pr?s=BDCO
302,030,234 OS, will the insiders' dumping kill this run? Should be an interesting day, almost traded half the OS yesterday. GLTA.
Doubloon, USGL, looks like gold prices are screwing up getting in at a $1 or less. I'm just watching for now to look for a pull back if it takes them a while to get operations going, not sure how gold is going to play out, but I'm covered in other holdings. GG looks the best long term just from company growth alone, cash cow looking for acquistions.