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EvanS1 - let's hope your second post on iHub will be a bit more informative.
You cite generic "stock analysts' projections" about the solar industry, then boldly state that "Solar America Corp. holds a bullish outlook for 2013" - based on what? A single company news release stating it is attending the PV America Expo without any products to sell there?
The Company has no unique products or proprietary technology - in fact, had you actually read the latest financials of this brand new company, you would find that "the sale and installation of third party solar products is currently our core business".
You go on to give some meaningless (to SOLX shareholders) information about a company called NRGLab - a company which has no knwon business relationship with SOLX.
Next time you post something like this, it would be helpful to label it clearly as "OFF TOPIC" ....
Nice....yet another sham being funded by Infinite Funding: http://investorshub.advfn.com/boards/read_msg.aspx?message_id=68775102
Interesting to note Kellie Moss, Director and Corporate Secretary, is daughter of Eddie and Carolyn Austin....solar seems to run in the family....: http://www.sec.gov/litigation/litreleases/2012/lr22501.htm
Lab Grown Implantable Organs? Joint Venture? .... complete hogwash! Patrick Brown could use an implanted brain when making these statements from today's press release, as RBCC continues to perpetuate the lie:
"Rainbow BioSciences, RBCC’s biotech division, signed a joint venture agreement with n3D last year to help develop and market the Bio-Assembler."
Item 2, Page 10 of the latest 10Q: http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8926868
"On March 13, 2012, we entered into a stock purchase agreement (“N3D Stock Purchase Agreement”) with Nano3D Biosciences, Inc. (“N3D”), a Texas corporation that has developed a unique concept in three dimensional cell research tools. Under the terms of the N3D Stock Purchase Agreement, we have agreed to acquire 604 shares of common stock of N3D, representing approximately 5% of the outstanding shares on the date of the agreement, for a price of $413.62. The total purchase price of $249,826 will be paid by making weekly payments of $5,000 until fully paid. We may discontinue payment of the purchase price at any time by providing written notice to N3D. This would result in our owning fewer than 604 shares.
There is no "Joint Venture" with N3D, which means RBCC is not guaranteed in any way shape or form going to share in the potential future revenues of N3D, unless of course N3D one day goes public or otherwise sells shares of their company.
RBCC has apparently only purchased $413.62 since the financials show no record of them making their weekly $5,000 payments. This means, at best, RBCC has only met 0.16% of its financial obligation to purchase 5% of N3D - or putting it another way, they are a 0.008% owner of N3D, a private company that may or may not produce future reveneues, in which RBCC may or may not have a market for the privately held shares of the company. Nice...!
<sigh>....this company does not even know the difference between gross and net....sad....
from today's press release, it states: "The well, located in Alabama’s historic Little Cedar Creek Field, contains gross reserves totaling 816,000 barrels of oil and 760,512 million cubic feet of natural gas. That adds up to future net revenues of nearly $80 million."
First, recognize that "gross reserves" does not equate to "commercially or technically viable net producable reserves" - the number that can be actually recovered economically and produced will always be a number less than the gross reserves estimated to be in the ground.
Setting that aside for the moment, the company boasts that the "net" revenues will be nearly $80 million. This in fact is a complete lie - even taking into account the current value for the gross reserves being somewhere in this neighborhood, you must first SUBRTACT the operating costs, depreciation, time value of money, eventual plug and abandonment costs, taxes, overhead, G&A, cost of borrowed capital, etc to arrive at a NET Revenue. After you arrive at this number, then multiply times your Net Revenue Interest in the well. According to FTTN filings, their working interest in this well is a paltry 1%!!.
Furthermore, at the current production rate, even without the natural decline that ALL wells exhibit, the payout to produce 816,000 bbls at a rate of 223 bbls per day will be 10 years. Factor in the decline rate, and you are looking at likely well in excess of 30-40 years (assuming you could economically and technically produce 100% of the gross reserves.
So let's take the example that they produce 223 bbls per day constant over the next year (ignoring the most recent 44% decline rate) - at current oil prices, that would equate to about 81,000 bbls valued at about $7.3 million. However, since FTTN's interest in the well is only 1%, that would only be $730k. This would not even cover FTTN's most recent G&A costs ($945k) - this is before contributing their share of drilling and operating costs for the well! In fact, the company does not have cash to support any operations without having an obscene amount of dilution occurring - they currently have only $1,359 in cash in the piggy bank!
Joint venture with N3D? Huh? Today's press release states: "RBCC believes that its joint venture partner’s technology is on the cusp of becoming standard equipment in cellular research labs around the globe."
RBCC has no such "joint venture" with N3D which makes this statement (as well as all previous press releases) a lie. All joint ventures are initiated by the parties' entering a contract or an agreement that specifies their mutual responsibilities and goals. All joint ventures also involve certain rights and duties. The parties have a mutual right to control the enterprise, a right to share in the profits, and a duty to share in any losses incurred.
From RBCC's financials, it is clear that RBCC's involvement with N3D is merely a 5% equity stake in their private company via a Stock Purchase Agreement, a company which does not actively trade shares in a liquid market - there is no mention of sharing in control of the company, profits, nor losses - RBCC invested the grand total of $413.62, with the promise to pay weekly installments of $5000 until the full purchase price of $249,826 is paid.
Read here the details:
On March 13, 2012, we entered into a stock purchase agreement (“N3D Stock Purchase Agreement”) with Nano3D Biosciences, Inc. (“N3D”), a Texas corporation that has developed a unique concept in three dimensional cell research tools. Under the terms of the N3D Stock Purchase Agreement, we have agreed to acquire 604 shares of common stock of N3D, representing approximately 5% of the outstanding shares on the date of the agreement, for a price of $413.62. The total purchase price of $249,826 will be paid by making weekly payments of $5,000 until fully paid. We may discontinue payment of the purchase price at any time by providing written notice to N3D. This would result in our owning fewer than 604 shares. Rainbow Biosciences, LLC will continue to research opportunities into the bioscience markets.
From the financials ending Sept. 30, 2012, one would expect to have seen these weekly payments show up in the Cash used for Investment - somewhere in the neighborhood of 26 installments ($130,000). The financials show ZERO used for such activities.
Fair enough response, thanks.
Question: From the ongoing civil case against Ms. Austin - http://www.sec.gov/litigation/complaints/2012/comp22501.pdf (page 11, Section (e)), it asks for the following relief from the courts - would you assume that since this civil case is still "pending" that the current activities with OWOO don't count?:
Permanently barring Austin, under Section 21(d)(6) of the Exchange Act [15U.S.C. § 78u(d)(6)], from participating in any offering of a penny stock, including acting as a promoter, finder, consultant, agent, or other person who engages in activities with a broker, dealer or issuer for purposes of the issuance or trading in any penny stock or inducing or attempting to induce the purchase or sale of any penny stock
FYI - Carolyn Austin, along with fellow Robert Hines (ref. SEC suspension of EVSO) have set up a new shop at OWOO: http://investorshub.advfn.com/One-World-Holdings-Inc-OWOO-26126/
FYI - Robert Hines has set up new shop as Director at a new penny stock company OWOO: http://investorshub.advfn.com/One-World-Holdings-Inc-OWOO-26126/
Form 144 submitted by Steven Plumb's company, VASHB GROUP, LLC, to sell off 111,565 shares effective 1/28/13: http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=9033099
DOMK quarterly results:
The good news:Outstanding shares increased only by 775,000 shares to 30.3 million.
Quarterly Solarwerks sales were $16.1k on cost of goods of $6.1k, netting $10k for the quarter.
The bad and the ugly news:
Cash dwindled down to $6332 in the piggy bank
"Management and the Company's Corporate Lawyers have undertaken a detailed review of all shares issued by previous management. During this review, counsel has put in a place an administrative hold on these shares."
"On June 20, 2012, the Company formed a new wholly owned subsidiary, Musclefoot Inc. in the state of Nevada for the purpose of distributing, marketing, and acting as sales agent for the patented foot care system, Barefoot Science. This entity is currently in default under the Nevada Secretary of State"
"Hui Shi You of China, the Company's supplier of old solar chargers, gave notice that our exclusivity had been revoked"
"... the Company has inadequate working capital to maintain or develop its operations..."
"All Solarwerks inventory were considered unsellable and subsequently returned to the manufacturer. Remaining inventory on the books was written off and any payables owing to the manufacturer have been offset against monies paid to date"
"Mr. Strasler is entitled to an annual salary of $150,000 and 100,000 stock purchase warrants"
"Mr. Ritchie is entitled to an annual salary of $240,000 and 250,000 stock purchase warrants"
"Mr. Johnson is entitled to an annual salary of $84,000 and 100,000 stock purchase warrants"
"Ian Nuttall received an additional 800,000 shares as a consultant to Domark of Rule 144 common `A' stock in Domark International Inc. valued at $2,304,000. Ian Nuttall received an additional 425,000 shares as a consultant to Domark of Rule 144 common `A' stock in Domark International Inc. valued at $382,500. Ian Nuttall received an additional 775,000 shares as a consultant to Domark of Rule 144 common `A' stock in Domark International Inc. valued at $143,375"
Interesting to also note is long time Uselton partner, Jonathan Gilchrist, has just been indicted: http://www.sec.gov/litigation/litreleases/2013/lr22599.htm
Gilchrist had put Uselton in charge of Gulf Ethanol (GAEC) before being suspended by the SEC: http://www.sec.gov/litigation/suspensions/2009/34-60410-o.pdf
Correction to previous post - One World Holdings subsequently updated their Nevada Corporate status to "Active" on Jan 21, 2013: http://nvsos.gov/sosentitysearch/corpActions.aspx?lx8nvq=Xx%252bPwfoZNXPK6f4%252fvq7E2A%253d%253d&CorpName=ONE+WORLD+HOLDINGS%2c+INC.
thank you Kmz....
You are right, this is not the whole story. Let me elaborate on your points.
First - on a positive note, the management team of McBride-Irby, Melton, Daniel, and Daniel appear on the surface to all have a solid business background in the industry which should help support operations of the business. They appear focused for success.
However, regarding the company from an investment standpoint, let's look at a few of the facts:
The Company, One World Holdings, Inc., is a Nevada Corporation currently in "default" status: http://www.nvannualreport.com/entities-DPC-ONE-WORLD-HOLDINGS-INC.aspx
It is unclear whether the above default status is a clerical issue or not, however its 100% wholly owned subsidiary, The One World Doll Project, Inc., appears to be in good standing as a Texas Corporation: http://www.corporationwiki.com/Unknown/Unknown/the-one-world-doll-project-inc/68625553.aspx
Regarding Robert Hines, Director of OWOO - from his Company bio, it states: "Mr. Hines is skilled at maximizing profitability and reducing operational expenses while monitoring daily activity". Let's look at his track record at EVSO from October 2009 to May 2011:
1. Hines utilized the Law Offices of Jean-Pierre & Jean-Pierre, LLC to offer opinion letters on the financials of the Company. This was during the time the SEC had that firm under investigation for fraud: http://www.sec.gov/litigation/complaints/2012/comp-pr2012-257.pdf
2. EVSO expenses more than doubled during his tenure with an accumulated deficit starting at $3.2 million and growing to $6.8 million.
3. Outstanding shares exploded from 39.5 million to 191.5 million (pre-1:500 reverse split), a 384% increase
4. Share price fell a staggering 99% from $300/share (post split adjusted) down to $4 immediately following the SEC suspension. The stock is currently at about $0.02.
5. Hines shifted majority control of the company over to Blue Bayou Ventures - an offshore Panamanian account he set up with the late John "JT" Thomas Cloud, and believed to be in conjunction with Kathleen Delaney (relation to OWOO Director Wilma Delaney?), and Eddie Austin Jr (Carolyn Austin's husband).
EVSO was in fact NOT suspended due to not having current information on file with the SEC. As one can see here: http://www.otcmarkets.com/stock/EVSO/filings , they had just filed their most recent quarterly report on June 3, 2011 - 4 days prior to the suspension by the SEC. In fact the SEC was quite clear on the reasons for the suspension citing "Microcap Stock Fraud" on 17 companies that included EVSO, and other companies (GSLO, EHSI) associated with Carolyn Austin's husband, Eddie Austin: http://www.sec.gov/news/press/2011/2011-120.htm
EVSO, under the direction of Robert Hines, put out a number of false and misleading press releases touting the prospects of the company - as an example, the company reported falsely in February 2010 that it had inked a $30 million order for solar wafers that it expected to "fill within the coming year". However a quick review of their financials shows zero sales associated with this alleged deal.
Robert Hines is a long time associate of Maurice Stone (http://www.corporationwiki.com/Texas/Houston/brown-shade-development-llc/38206154.aspx ), yet another CEO who has his own troubles with SEC suspensions (SSLR, GFET, others).
Regarding Carolyn Austin, she is in fact not a principle, affiliate, or majority shareholder of the company. It would appear that she has approximately 17% (750,000 shares) of the 4.2 million shares previously issued for being offered for resale as part of a sweetheart convertible debenture ($0.04/share and 14% interest). Must be nice to have that kind of ATM at your disposal....
Austin and Hines are both long time friends of SEC Recividists and felons Jack and Darrel Uselton: https://www.oag.state.tx.us/oagnews/release.php?id=2088
Bottom line here folks, is that the apparent well intended CEO and Management of OWOO have associated themselves with a group of unsavory characters which they need to keep a close eye on. From an investment standpoint, I will be watching the inevitable issuance of more toxic convertible debt, and the inevitable switch in control of the company which will likely result in the price cratering after the "pump" is initiated. Just my 2 cents...
Buyer beware - Robert Hines, former CEO of SEC suspended EVSO (http://www.sec.gov/news/press/2011/2011-120.htm ) and Carolyn Austin (see SSLR: http://www.sec.gov/litigation/litreleases/2012/lr22501.htm ) are both beneficial owners of OWOO.
What people also need to realize is that this North Edna prospect is just a rehash of the LeJeune property previously temporarily abandoned by Steven Plumb's previous company, Striker Oil in 2008: http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=6261840
Striker Oil has fallen off into oblivion, just as is expected with BERX....
Unfortunately, it has not seemed to slow down his activities. Specifically he still has this "operation" ongoing with fellow scammer, Maurice Stone at iVoiceIdeas.com (IVOD)
Who really is in charge at ASCC? From the latest press release it states that Cindy Morrissey has stepped down, and fellow scammer, Robert Federowicz has taken over the reigns. Yet in the same press release, we have this quote:
“The market for vodka is growing at every level, but particularly for super-premium vodkas,” (Patrick) Brown said. “With our business plan, we won’t have to compete with Smirnoff to be successful.”
Turning to the SEC filings, we find no 8-K detailing any change at the top
The wheels of justice turn slowly....thanks for the find Renee!
FTTN touts ongoing successful production from their 1st well in Alabama, stating that it is currently producing about 223 barrels of oil and 220 thousand cubic feet of gas daily. At current prices of $90/barrel and $2.50/MMBtu, this would equate to about $205 per day of revenue for FTTN's 1% interest in this well. To date, the company has poured $280k into drilling costs of the well (not including $945k in G&A expenses!). The payout for the intial investment on this well, assuming production rates do not decline**, will be about 3.8 years after the well has produced roughly 75% of the estimated minimum reserves.
**It should be noted that since the initial production in September, this well has already declined from an initial rate of 397 bbls/day and 370 MCFD to it's current level - an approximate steep decline of 44% over 4 months.
RBCC is a sham. Clearly from the latest press release, the JV has still yet to even come to fruition with AMBS: "Rainbow Biosciences remains close to a joint venture deal with Amarantus Bioscience"
This is the same tag line BS that RBCC has been touting since April of last year: http://www.proactiveinvestors.com/companies/news/28437/rainbow-coral-and-amarantus-ink-deal-to-advance-parkinsons-program-28437.html
AMBS would be better off severing all ties to the ongoing sham at RBCC
Wow - this company was just touting a few days ago (Jan. 14) that this North Edna prospect that they just received a permit to drill, had "potential gross reserves of 1 million barrels which, based upon today's prices, equates to a gross value of more than $93 million dollars." - yet a week later, the company explains that they were able to get a rig mobilized, set up, and completed operations after receiving their permit just a few days earlier and have determined that the well may in fact be non-commercial. Huh???!? How do you go from $93 million to zero in one week?
FLUFF is right..."management has accepted an invitation to tour a genome facility" - who makes this stuff up?
The "not so FLUFF" part of the "news" announcement: "Rainbow Biosciences remains close to a joint venture deal with Amarantus Bioscience" - translated: "We have NO joint venture deal with AMBS"
LOL - 3 hours of testing and now they need to determine "...if this well will be economically viable...."
fyi - Harvey Bryant: http://investorshub.advfn.com/boards/read_msg.aspx?message_id=83510719
For the record, since September 2010, the company has spewed out numerous press releases for a number of prospects that when tallied up have this breath-taking summary:
Number of wells/prospects = 280
Reserve estimate = 25.840 million barrels of oil, 171 BCF of gas
Value of reserves = $865 million
Acreage = 3,380 acres
Staggering results for the past 3 years from the plethora of news touts noted above:
Proved reserves = $0.7 million
Unproved reserves = $0.6 million
3 wells producing
1 plugged and abandoned
2 wells being completed/worked over - results still pending.
So there you have it, six wells in three years and only a fraction of the revenue touted, and a Company which has only $27,817 in cash and negative working capital of $875,653 and accumulated losses of $9,463,413 since inception.
"I hate knowing everything." - but did you know about the prior accusations of fraud against the new CEO of FTTN?:
https://docsdms.pulaskiclerk.com/DocsDMS/default.aspx/?A=/ck_image.present?DMS_ID=9421AEEE-04FF-441C-80CE-5372378256BB
Interesting to note that Bryant's attorney, Mark Robertson, is the same one used by SEC recividist and convicted felon, Darrel Uselton.
More interesting is that Harvey just signed this at the end of the 10-K:
"The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting."
I guess this mess (see page 42 reference to Harvey Bryant) doesn't count either: http://s3.amazonaws.com/content.newsok.com/documents/https___ecf.okwd.uscourts.gov_cgi-bin_show_temp.pl_file=2235937-3--8293.pdf
These well sites are the same prospects they have been touting since August of 2011. The "gross" reserves are a red-herring - we have no idea what the "net, commericially recoverable" reserves are - which are likely a very small fraction of this amount. These gross reserves are also uncharacterized as neither "proven", "probable", "possible", "unproven", nor "speculative".
Each press release BERX puts out about these prospects have material facts that continue to morph - reserve estimates have been anywhere from 1.5 to 3.5 million bbls, valued from $120 million to $218 million, on acreage ranging from 260 to 272 acres, with anywhere from 1 to 10 prospects to be drilled, with a working interest ranging from 76.5 to 100%.
In fact, this is the same rehashed press release from 2011 stating they had already completed their geological assessment for these same properties:
http://www.sys-con.com/node/1960081
and again here a couple months later:
http://www.youroilandgasnews.com/bering+exploration+completes+acquisition+of+gohlke+leasehold+with+potential+gross+reserves+of+3,500,000+barrels+of+oil+and+5+bcf+of+gas_69868.html
BERX fails to show how they will actually fund this drilling venture with very little cash in the bank. Yet another grossly misleading press release by Steven Plumb.
wayno - thanks for the info. Here is a more concise summary of the state of the company as well as the toxic convertible debts:
On the 7/31/12 financials there were 13.7 million shares outstanding (pre 20:1 reverse split). As of 1/9/13 there are now 135.9 million shares outstanding (equivalent to the pre-split shares) - a mind boggling 892% increase over the last 6 months!!
The share price over this same 6 month time period peaked at $7.50/share and is now at $0.85 - an 89% decrease
Mr. Harvey Bryant, the new part time (10-25 hours per week) CEO and sole employee, is also on the Board at Cantex (CTXE) and Bedford Energy (BFDE) - two companies that have clearly been run into the ground and are trading on the grey sheets with delinquent financial data (2010 being the latest). Bedford is the same company that FTTN touted back early last year of a potential buyout/merger - nothing of which came to fruition. Mr. Bryant is also a long time associate of SEC recividist and felon, Darrel Uselton, having been business partners in the past.
Regarding the highly touted Little Cedar Creek well in Alabama, we now know FTTN's participation in it: "We have a one percent working interest in one well in Little Cedar Creek Field in Alabama" - that's right, ONE percent! The Company has made public statements that the oil reserves (net, gross, proven, probable, unknown???) for this prospect are in the 400,000 bbl range. Assuming that their net revenue interest is the same as their working (cost) interest of 1%, then FTTN's share is expected to be 4000 bbls over the life of the well. At current pricing of about $90/bbl, that would equate to an eventual gross return of $360k on an investment of $280k (not including ongoing operating expenses and $945k in current year G&A Expenses!) resulting in a paltry $80k ROI - not enough to even pay for the recent PR pamphlets.....
With respect to the toxic convertible debt - the company has already spewed out 6,111,250 shares in exchange for $159,225 in additional paid in capital - or stated another way, about $0.026/share - way below current market value. The beneficiary of these insanely discounted deals is an entity called "Eaton Central America, Inc." - an offshore entity set up by the late JT Cloud and Robert Federowicz to rape and pillage the company - Eaton is still a 69% beneficial owner of the company.
There remains approximately $88k of the convertible debt at $0.04/share (or another 2.2 million shares of upcoming dilution) - not including the need to raise additional capital to pay for ongoing expenses and other participation agreement commitments for wells in Oklahoma, Louisiana, and elsewhere.
With only $1359 left in the piggy bank, and a stated need to raise $550,000 to stay in business (no doubt to pay the ongoing G&A close to $1 million per year), why anyone would invest in this POS is beyond me.....
The CEO sums it up best in today's press release: "2013 is going to be a year of growth for our organization" - no doubt, a reference to the growing debt and dilution....
Got your 20 minute egg timer started?
whipping this dead horse is not gonna help it....
YIKES - free fall!
"FTTN stock will close in the red today." - probably a good prediction as the late 10K filing is due after today..... it will be ugly no doubt.
roger_wilco: "FTTN has working interests where rich crude sweet black crude oil is known to exist!" - well....at least that is what the press releases would lead one to believe. What we continue to be left in the dark on is what are those percent working (costs) interests are - even more important, we are left in the dark on what the net revenue interests are (after costs) as well as a description of what those reserves are (i.e. probable, possible, proven, unproven, speculative, a wild a$$ guess, etc.).
roger_wilco: "We’re working to achieve ambitious goals that we feel strongly favor long-term investors" - would that include a share price that has plummeted in three months from $7.50 to it's current level of about $0.90 (88% loss over three months)?
Or is it the 20:1 reverse split?
Or is it the incompetence of SEC recividist Robert Federowicz?
Roger_wilco - thank you for publically posting your IRP status. We now know your motivation for pushing this POS.
Just curious - anyone have any scam stories to share on promoter, Carpenter Global Stock Advisory or "Primo Strategies, LLC"?
More on Andy Carpenter - the author of the pump on BERX and a number of other scammy companies:
http://www.cbsnews.com/8301-505123_162-37640466/think-twice-before-acting-upon-this-investment-advice/
http://articles.marketwatch.com/2011-02-18/investing/30688477_1_gold-stocks-gold-mine-penny-stocks
http://minefund.com/wordpress/the-con-promoting-coyote-resources/
http://www.aimhighprofits.com/mdmc-stock-set-to-tee-off-but-is-it-the-one-to-buy-15897
That morph of Obama and Hillary is just plain creepy....
Primo Strategies LLC received $15k for that promo - their corporate office is at 2710 Thomes Ave, Cheyene, WY: http://www.bizapedia.com/wy/PRIMO-STRATEGIES-LLC.html
This is the same corporate address scam that has been ongoing for awhile: http://www.reuters.com/article/2011/06/28/us-usa-shell-companies-idUSTRE75R20Z20110628
Interesting article on Primo Strategies: http://finance.paidcontent.org/paidcontent/news/read?GUID=21468130
It is not just people pissed - it is a statement of facts regarding the history of BERX's CFO, Steven Plumb.
The SEC suspended CYGX (http://sec.gov/litigation/suspensions/2011/34-64612-o.pdf ) while he was there is hard enough to swallow, and the rest of the BERX history is just a farce: http://finance.yahoo.com/mbview/threadview/?bn=98423&tid=12&mid=13