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Did we open with a gap? If so, be careful boys and girls, they will probably bring it down from here later in the day after running it up a few tenths...
Ren
I WILL NEVER SELL! My grandkids will have to peal my certed shares out of my cold, dead hand! I will hold my shares even at $1+! Selling is for wussies and wimps and TA freaks!
(Okay, I confess. I am lying. Don't tell the flippers.)
Ren
BIGN move before the move? 8x daily volume but none of the indicators look great to me.
Ren
I hope we are both wrong.
I'd much rather see a steady climb than to have gaps, spikes, ruthless profit taking, and return to a pps below where we started the "run" while the gurus walk with the profits to fleece another company's less sophisticated shareholders. There's too many good folks involved with this stock long term who don't deserve to see more wild swings with no explanation. I think all of our nerves are already shot enough on this one.
Ren
Thanks. Of course I forgot to add that we'll be stopping by Frankfurt Germany for a few days on the way back to visit that country for the first time for R&R. Which of course means some much needed one on one time with the wife, some cool castles to tour and a bunch of dark German beer...eat, drink and be merry.
Ren
This has been my experience in India. Most of the population hates Americans and sees us as bullies, arrogant etc. I'll be traveling to the border of Bangladesh, China, and West Bengal in March and taking my wife for the first time. Most of us forget that historically the British did a pretty good job pissing everyone off before we became the world power and most of the 3rd world sees us as a recent (last 50-75 yrs) extension of the British rule. Also, it doesn't help that in a lot of places the "white" missionaries went there before the British and did a lot of atrocious things in their "fight against the evil cultures of the pagan world."
As for our trip, we're not going to fight their culture. Just to buy 2 motorcycles, 1 jeep, clothing, schoolbooks and food for 300 orphans and some land for a future orphanage. After all, education is not provided there. Also just going to encourage and do some medical work and avoid the "firey mob" of militants for the most part. If anyone wants to be a part of this trip financially, please email me at Renavatio22@hotmail.com. We will provide full documentation of where the money goes, and it all goes to the kids as we have all paid for our trips already. I know that making money in the pennies has been tough lately, but we still have much to be thankful for and therefore reason to be generous.
Ren
I can't help but wonder if this added volume is from a few of the momo players and their lovely groups that have been stopping by this board over the last 3-5 days.
Don't know if I "hope" it's PR driven as my taste of PR's and PBLS has only been since June '06, when every good PR sent the pps down. I "hope" I wrong and that pattern has changed. There is good news coming I believe...dare I say "soon," some that might surprise, some that might frustrate, but good news anyway IMO.
(May our local conspiracy theorists have fun mulling over this post) ;)
Ren
Not to intrude, but almost every penny I know of that has a professional or semi-professional IR pays them in either shares or options. Its fairly standard as if they could pay cash for everything they wouldn't be a penny. Which is also why everything is "estimated." It's how growing companies protect themselves. eom and good night all.
Ren
Those that play with fire get burned man. Leave that one alone please for the sake of those holding here for bigger gains (and that hopefully includes yourself).
IMO
Ren
Well I spent 4 hours last night trying to pull up court cases involving Capital Growth Planning and Phoenix/Alonzo/Ro-Mac-Gold on the San Diego County Clerk of Court website where Capital Growth is based. I have to assume that CGP was the company involved in the $3.5 million dollar settlement as PBLS never bought that much pit equipment pre-2006, they had no major mortgages to default on that we know of, and CGP was their major financing channel.
No luck though, still digging because I doubt RB will tell me anything. Would still appreciate any leads from anyone.
Ren
Lol.
(I hope they don't try)
OT-Shelby...where you've been hiding at? Drop me a line via email and catch me up.
Ren
Just spoke with a GE-exec who lives in NO that bought some property from me last week. In her opinion, 2 more challenges are getting living expenses back within reason (in her words they are still 3x what they were pre-Katrina) and also getting crime in the suburb areas in check. But it's nice to see that the North Shore is being highlighted, as correct me if I am wrong, but isn't the Covington area considered North Shore?
Also, kind of glad that the Saints lost yesterday, though I was rooting for them mostly. Was worried that getting the Super Bowl might have led to riots like what happened in Detroit after they won the NBA championship...
Ren
Someone pinned it down to May I think based upon this PR...http://www.pbls.biz/pressrelease_content.asp?prid=15. I just use 2Q2007 to be quick about it as it should fall sometime during April-May 2007.
Again, based on this statement: "On 2/25/05, Phoenix completed negotiations to settle $3.5 million in debt.
Based on the debt settlement agreement, Phoenix has contractually agreed to begin the process to become fully reporting within fifteen months and has contracted to finish that fully reporting process within twelve months thereafter," the date should be May 2007 at the latest...that is if this "contracual agreement" still stands. That's what I have been trying to get to the bottom of.
Ren
Don't know about the number of shares exchanged as specifics were not provided, but the corporate officers of Ro-Mac-Gold seemed to have run numerous "blank check" businesses. Therefore, I would not expect there to be much stock exchanged by Phoenix to purchase Ro-Mac as it had no assets, no real offices, business entities, nothing but shareholders who owned a shell. Hey, that sounds like a few of the other pennies I own...and some of the ones that others who bash PBLS own. Ironic that the real penny I own that's not an empty shell has little hype and a struggling pps, while some of the others that are pumped-up shells see significantly higher pps' on dreams and speculations. Ah, it can be a cruel world...come of PA, open up this gulf coast oyster and show us some pearls!
Ren
Just to confirm this PR as truth...
http://www.pbls.biz/pressrelease_content.asp?prid=89
This document shows that the pit eviction has been denied (I love the "with prejudice" part)...
https://www.sttammanyclerk.org/liveapp/include/ImagePopup.Asp?WinCap=Image+for+Suit%23+200614959&DocID=3752173&PrnCap=Docket%23200614959&PrnMemo=Printed+from+Docket%23200614959
The entire basis for their eviction has absolutely NO basis in court...ie United Soils using the pit was a "sub-lease" and in violation of the pit lease. That's rubbish, as we own United Soils. How can we sub-lease to ourselves?
(This link should also answer the question as to where I got the other info Seeclear and imirish. Sorry to be "coy" in not just coming out and providing other links but I work hard online to find this stuff and don't like to give away the farm so to speak to folks I don't really know that well - or their intentions, no offense intended. This site was the first stop in a long wild goose chase through the net to find very little about the $3.5 million debt settlement that requires them to file in 2Q2007. Along the way I came across misc clerk of court sites and Edgar docs, but could never find the settlement that requires filing. I think I might just call RB on Monday and ask him what the company/party name was that we settled with. Don't see why he wouldn't tell me though it's a pretty random question. The company name is really all I need I think to get to the docs. Thanks Pnew and Castle for the PM's.)
Ren
PS Seeclear...as membermarks are a HUGE deal to me, thanks. It's good to know some folks are crazy enough to read my posts and think I might know what I'm talking about.
Also, per "losing the pit"...
https://www.sttammanyclerk.org/liveapp/include/ImagePopup.Asp?WinCap=Image+for+Suit%23+200614959&DocID=3752173&PrnCap=Docket%23200614959&PrnMemo=Printed+from+Docket%23200614959
I hope that link opens up for you when you cut and paste it.
Ren
Asus-
I expect EBIT to be between $15-20M for 2006 based on the little transparency we have from the company. Their margins are still thin because so much of the revenue comes from Pro-gas, which averages probably 3% margin at best.
As for A/S=O/S for preferred, I have a hard time believing that they would do that to their own investment, as the pay out for them comes from having a higher pps, without doing a r/s, diluting or any "toxic financing" from preferred. Keep in mind that PA has lost everything before, lived at the Pit at one time, and went 5+ years without a real paycheck. I'm sure he's getting paid now, but his real payday comes from a buy out at a higher pps of the shares that he and Carolyn own.
As for the preferred themselves, based on the online records (I doubt you have time to dig them up but they are easy to find) that they have to file with county and state sources due to some of the lawsuits, there must be several series of Preferred. Some are at $10, some are at $1, some/most pay a dividend, and some/few convert to common shares. But you are right in the fact that without filings, it will be impossible to know how many of the authorized preferred are outstanding. Time will tell.
Finally, Paul must be able to sell them something that we can't see for these companies to be willing to part with their family businesses and life's work to an ex-Chap 11 Louisiana developer who gives them "promises of future payment" in the forms of stock for the companies they love. Either that, or every business they have ever acquired was run by idiots and Paul is the greatest door-to-door vacuum seller of all time.
Ren
PS Nothing shows that they are going to lose the pit any time soon. The owner/lessor of the pit claims that Phoenix was in violation of the "no sub-leasing" clause of the lease when Phoenix allowed United Soils of LA, a company they own, to mine the pit as well. The judge already overruled and will not allow the owner/lessor to bring the issue before the court again for at least another 18 months beginning 11/06.
PPS Sorry for the book of a post in response...
IMO it's probably the holding company of Bayou State Trucking and United Soils of LA, the "trucking division" of PBLS.
Ren
You're absolutely right. What was encouraging to me was the fact that the recent condo/land acquisition is right in PA's core competency area, just like the Best Jets acquisition was in RB's.
I know that PBLS has been all over the map in the past 2 years, from a focus on construction, sand and gravel, to a focus on oil and natural gas, to a focus on jets/jet fuel distribution. I know that many have placed much emphasis on "hitting the big one" with oil for PBLS. To me, that would be awesome if they did. However, I am quite satisfied in seeing Phoenix continue to grow in such a way that growth is founded on more stable business activities. Selling jets in an expanding market, mining the pit, rebuilding the Gulf Coast area are all more wise directions for PBLS at this stage of their business life cycle. Sure the Revenues might not be as impressive as Pro-gas, but I'd rather have $200 million in revenues at 10-15% margin and not being so dependent on NG price fluctuations, than $500 million in revenues at 2-3% margin and wondering what NG is going to sell for day to day.
And as far as drilling, I'm not an oil man at all and don't always understand the potential costs involved. But because of the limited liquidity that growth companies often have, I like seeing PBLS take more calculated business risks with their limited cash than the 1 and 1000 chance of spending a ton of money to drill a deep well and hitting oil.
I'd like to see them establish a nice business base and then do some serious drilling in 1-2 years.
Just an opinion.
Ren
Please forgive, but I just wanted to remind you of some of your previous posts on PBLS preferred. I've been lurking for a long while and of course been watching PBLS for a while so your posts have always been at a focus to me...
http://www.investorshub.com/boards/read_msg.asp?Message_id=13587963&txt2find=preferred
http://www.investorshub.com/boards/read_msg.asp?Message_id=13610795&txt2find=preferred
http://www.investorshub.com/boards/read_msg.asp?Message_id=13253971&txt2find=preferred
http://www.investorshub.com/boards/read_msg.asp?Message_id=13221774&txt2find=preferred
http://www.investorshub.com/boards/read_msg.asp?Message_id=14025391&txt2find=preferred
These are why I assumed your valuation theory of $.005 was based on your theory of there being 250M Preferred Shares outstanding at $10 a share. Of course online public records do not back that theory, but I am always in search of other nuggets of real information if its out there.
Sorry to add confusion,
Ren
"Not-so-essential" DD I uncovered during my search for info on the $3.5 million debt settlement that requires them to file by 2Q2007:
1)Phoenix was formed by a stock for stock exchange with the shareholders of Ro-Mac-Gold.
2) Taken from: “The Transcript of In Re Phoenix Associates Land Syndicate, Debtor, Charles P. Alonzo July 12, 2000”
- They never intended to become a public company but it was suggested to them by Capital Growth that they should be a public company and sell stock and we could raise money to buy subdivisions
- What drove them to Chap 11 wasn't mis-management of the company it seems. It was financing from the original Lender's Trust that was promised by Capital Growth to be completed and then cancelled. The additional shares that those Lender's Trust could buy were never bought. PBLS had already bought equipment for the pit based on that financing, and when the financing fell through, they ran out of liquidity before they really got started. PA went to California to pick up the check from the Lender's Trust and returned with no option but to file Chap 11.
- Real experience for PA is in doing subdivisions – PA and crew have built over 3000 homes
- Carolyn Alonzo was the wife of his original partner who passed away and then Paul married her. She, along with PA, is one of the largest single shareholders in PBLS, though numbers were not given
Ren
Asus-
"I have sat down with my friends and crunched the numbers as best we could, and we don't see the value being much more than half a penny at best, right around the old support line."
Just a question, what numbers have you ran with your friends that puts the company at $.005 other than that is where some would like to buy it at? Is this based on the theory that they have sold 250M preferred shares that pay a dividend? This seems extremely low by any fundamental valuation that I know of unless you are basing this purely off of the lowest resistence level on the chart (.004-.006).
Since I have just been watching and buying this one recently, I would love to know your opinion. As for the oil, KY was always a bad purchase unless they intended to use BIGN/Hydroslotter's technology on those older wells to make them worth the effort. As for the western land leases, it takes more liquidity to drill those wells than they have at this time. Still doesn't mean that it wasn't a good purchase for future profitability. As for the chart, it seems to show indecision at the end of consolidation doesn't it?
Ren
Again, looking for any leads from folks that have stated that Audited Financials have to be complete by a certain time frame due to a court case/legal decision/acquisition...
I've heard the rumor for a while, and don't care if you heard it via hearsay, from Ron B, IR etc. Just need leads to start with. Feel free to publically respond or PM me. I'll start by tracking down the details of the Mississippi bank lawsuit mentioned in the Sept 9 PR.
Thanks,
Ren
Okay, here is the Catch-22 I think we are in with management based on 2 assumptions (albiet dangerous ones when it comes to pinkies).
Assumption 1: These guys are genuine.
Assumption 2: These guys think NSS is real.
After a few conversations on the phone with Ron B, you get the drift that he thinks all the American markets are totally corrupt and that it doesn't matter what they do PR-wise, the pps is still going to be shorted to death. You come to believe that these guys have no experience in running a "public" company and all that entails. Also, you get the feeling that they don't like running a public company but understand that it's the best way for them to get the big pay day too. Again, either he's BSing me, or he's serious in that conviction. So then these guys are thinking, "why release good news if it will just be wasted and have no effect?" primarily because they don't know how to work real news into the system at hand (whether they like it or not) to make the pps increase. So our "very soon" never happens and we all get completely and rightfully frustrated.
I tried to talk to Ron B about the need for being more transparent at least twice and his response both times in obvious anger was: we are transparent, we are not here to be a PR factory. So I don't call anymore.
So the Catch-22 based on assumptions is that these guys are growing a business, but don't know how to work within the market to get the pps to respond accordingly. Sure, we can all say publish the financials, ungag the TA! but if they believe that's a waste of time, what can be done? IMO they believe having the TA gagged is somehow helping them combat NSS (I'm serious!).
My Catch-22 is I feel like these guys are good at growing a business for the most part, but not so good at running a public company. So what do you do as a shareholder? Do you get the guys who have blown the roof off the business in a good way to resign somehow and would that really serve us in the long run? I'm not sure it would. The last pinky I want to be involved in is a great PR factory with incompetent people running the real business. I'd rather see them bring on some folks that they work well with and know how to open up "pandora's box" a bit and let the market peak inside. I don't think PA and RB will ever be those guys. But they do seem to be good at what they're good at (ala Yogi Berra). They do seem to be able to grow a business from scratch, just hopefully not with "toxic financing" of any sort. After all, there are more dangerous financing instruments then debt you know.
Anyway, just my morning ramblings. To ease my conscience, I have given myself a new task. I will find absolutely any and all information about the court case that supposedly requires them to file audited financials by 2Q2007. Of course I will post what I find. If any of you have any tidbits on where to start that search, please PM them to me.
Thanks,
Ren
So they are just doing their so-called "create a market" scenario with the spread since volume has been (not so much today) lower than average? (ie they are trying to buy cheap shares through fear of loss and sell them to suckers buying at the ask)
Has anyone been able to buy between the spread the last few days?
Ren
Anyone have insight into the last few days of trading. I'm not the most experienced but the spread, opens and closes have been very strange to me. I know that this market is fickle and that most here are hopefully awaiting news (like I am on all my pinkies), so is that it, or is something else afoot? I'd love to know what the board's thoughts are.
Thanks in advance,
Ren
Sadly, the only way to clear out the termites might be to move to a foreign exchange where shorting is not allowed. According to Ron, that is a consideration.
Ren
Yep. Wouldn't even hesitate to unload my other stocks if I needed to be able to make the "truck load a little bigger" so to speak. Sadly/happily, I don't think we'll get to sub-penny but what do I know with this stock?
BTW Thanks for pumping up my ego by keeping me on the top of your share list. ;)
Ren
Some won't believe it, but no selling yet. Actually thinking of unloading one of my other non-performers to buy a bit more at these prices (maybe 200K or so...shares that is ;) ).
Ren
Also, by looking at changes to cash flows, AR/AP's, margins, etc, you can determine just how effectively they are handling their "exponential growth." It's great to grow, but its better to maximize ROI while growing by managing your business well. Improvements or worsening of the ratios in particular can tell a long term holder a lot about the management team and if they really have what it takes to take a growth company to the next level.
Ren
IMO DYODD
OT - Beer30...I don't know, but my next big acquisition is a Sammy Adams Honey Lager from the fridge after a hard day of doing more blue-collar grunt work. Man, am I glad I do have a real job like most of you guys! Real jobs bite, especially if it has anything to do with tile, concrete, electrical, landscaping, carpentry, or anything else manly.
Great post Whirl. eom.
Seeclear...
I wasn't disagreeing with the fact that there have been leasehold mortgages on the pit. I was disagreeing with the fact that there was some Court mandated lease restructuring as you continually insist there was. There is simply not one iota of proof out there besides the increase in the O/S. And as LA seems to require the recording of mortgages by law, they would have recorded any new mortgages in the same court documents you refer to by law. Now if you are implying that the financing they did was some how illegal, well, I'll leave you to PM irish about that. But that doesn't add up to me as the folks looking to receive the restricted shares would certainly want to see everything handled appropriately, ie we would see the during and post-Chap 11 leasehold mortgages recorded as well.
Also, Capital Growth pulled away from PBLS before they went into Chapter 11, so they would not be looking to give more of their cash to PBLS for restricted shares.
Phoenix Associates Lender Trust's were groups of private individuals who exchanged cash for restricted shares with the lease on the pit as collateral at the direction of Capital Growth Planning, Inc. That's part of what Capital Growth Planning does as a company. The mysterious Calvin Brown is not listed in the list of individuals that make up these trusts.
Again, not saying something went on behind the scenes as you suggest. Again, if not, why have a gagged T/A. Just saying that there is no solid evidence that it happened the way that you imply.
Ren
Let me save Shiz some time, since this is something you seem to continually bring up, though it has been answered quite well by several posters. You must be hard headed like me.
There simply was no "court structured lease agreement after Chap 11 in 1999." Anyone who says there is, is lying.
If there was a new lease, Mitchell wouldn't be fighting so hard to nullify the original lease. Essentially, the original lease was always in place during Chap 11, but of course PBLS being bankrupt, wasn't mining much and therefore not paying much in monthly royalties. When PBLS wanted to renew, Mitchell snuck in a "monthly minimum royalty" that PBLS has refused to pay since 2003. That's when the court case began. It was ugly. Katrina made Mitchell lick it's chops over the little bit of value in the pit they were giving away for basically nothing in royalties. It's gotten uglier, but thankfully the courts seem to be leaning in PBLS favor. So in conclusion, the original lease still holds but in limbo as the court makes up its mind if PBLS sub-lease to United (a company it partially owns) was in violation to the "no sub-lease" clause in the original lease.
Now as to Preferred Shares. There's little info out there on them anywhere, though they do seem to come in different series. Some pay dividends. Some convert to common. Most were sold at $10 a piece but not all.
Here's a better question: does "fully reporting" status require PBLS to release full details as to their share structure including Preferred, Restricted and not just Common?
Ren
IMO DYODD
Looks like were in the same pattern as Dec 17 - 25. Good call Shiz on the bottom here at .015. I guess .012 was just wishful thinking by me.
Opinions on us moving to .02 early next week and then stalling there for a few days? Of course, news changes everything to the positive or negative, with this one.
Ren
True, and buying the bulk around .03 is feeling better now that we are at .015 than when we were comotose at .006.
Just wish I had bought more at .006, but I am sure that many longs here can say the same thing.
Night boys. Play nice, Mr. P. Looking forward to tomorrow and a .017 to .018 close after this week of consolidation. Watch it early, hopefully they are going to loosen up and march it down to .012 or .013 before it closes near the high of the day. Just absolute speculation and hope I'm right. I just might get some .012 shares after all.
Ren
Been away all day. As to the question...my partner and I have 5.6 million shares, all of them certned except for about 1 mil. Sadly, he owns the bulk of them...as for me, as I've said before, I bought too soon.
Ren
Yep. It's nasty. Haven't had to help a friend through a Meth addiction yet, but finally have our first success story (we think) with a friend about to finish the Teen Challenge program in Sanford, FL b/c of a Crack addiction. I'll personally never use the "crack head" label on anyone as a joke again. That stuff is scary man. Destroyed his life more than once and he keeps crawling back out of the hole only to fall back in. I'm so glad it was never introduced back in my more self-destructive days because I probably would have done it and probably would be more screwed up than I already am. Now if we could just get some of our teenage girls to stop cutting themselves too, man, we would have figured something out...
BTW, on a more "fun to talk about note," I must be learning something here. I called this latest PBLS retracement/consolidation and helped a friend buy more shares with the same amount he wanted to go in with. He must be on crack for listening to me...