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Good stuff lemonhead1de ...
Hopefully we're still in the running for some mobile marketing business.
Hopefully it isn't a case of , we were in the running but someone blew it.
Did anything happen at NeoMedia recently that might have indicated 'someone blew it'?
Good luck to us all!
jonesie
Thanks Sean.
Was that ever in a PR? I don't recall seeing ...
... anything about Gilbride in a PR. I don't recall seeing anything about him anywhere until just now when you linked to that Nov. '07 entry in your blog. TIA
"Joe Gilbride joins Rich Cremona from Open Wave, Marc Lefar from AT&T, and Clarence Wesley from Xerox Mobile Solutions."
I wonder if any, or how many, of them are still involved with NeoMedia on a sustained and regular basis.
regards,
jonesie
Personally I think (2) and (5) are better.
JMO
jonesie
Valid question , vines3
But since that doesn't cover all possibilities that might be like asking someone 'do you still beat your wife?'
The choices are actually:
1- Doing nothing and saying nothing
2- Doing nothing immediately productive but telling shareholders , on a regular and timely basis , what foundations are actually being laid and why nothing immediately productive is possible at this time
3- Doing nothing and putting out fluff PRs
4- Doing something productive and not telling shareholders anything about it (for whatever reasons)
5- Doing something productive and telling shareholders at least something about it even if it means explaining to a potential partner/customer that you are a public company , that you are a valuable potential partner/vendor to them , and that you are required and ethically/morally obligated to keep your shareholders informed at least to some minimal extent and then doing so with your potential partner/customer's understanding
JMO
jonesie
Yorkville / Cornell Tracking Board #board-9964
"I can think of no more valuable commodity than information"
Just some 'FWIW' data
According to Fidelity NEOM's 90-day ADV is about 3.7 million shares and their 10-day ADV is about 5.3 million shares.
By simply looking at the mean average of share prices within those time frames we see that:
Over the 90-day period NEOM traded about $24,000/day , over the 10-day period NEOM traded about $16,000/day , for a 33.3% reduction in dollars-worth-of-shares traded.
Over the 90-day period , from the high price in that period to last Friday's close , the NEOM PPS lost 80%.
Chip Hoffman's tenure saw a significant reduction in the NEOM share price , from the $0.0365 on his effective date of employment to $0.0022 on last Friday's close , for a loss in share price of 94%.
FWIW
jonesie
So , we could make some money ...
... related to these boarding passes , if Gavitec sells the barcode readers to the TSA , or the airlines , or whoever is going out for competitive quotes for the readers?
Hopefully the answer is yes , and hopefully Gavitec is competitive and can get a share of any available contracts.
jonesie
p.s. that barcode in JP's post translates as "12345678" , at least per my PC-based Jaxo reader.
Isn't that something, they had Scott signing ...
... off on SEC filings before they even told us about FP leaving.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=29527194
I guess this told us lol , remember this from 5/23?
....we at least know Terry is still there.
Frank Pazera might not be though.
From yesterday's 8-K on the financing:
"By:
/s/ Scott Womble
Name:
Scott Womble
Its:
Chief Financial Officer"
The market seems to agree with you.
Having heard nothing of substance and only more of the same , the last stubborn part of Mr. Market seems to be coming to grips with the notion that NeoMedia has nothing to do with the upcoming iPhone launch , nor any other potentially revenue-generating endeavors.
It will take actual results to garner enough interest in this stock to even get us headed in the general direction of half a penny.
Meanwhile we're 2 MM's away from our all time low.
jonesie
elliot, you might read ....
... the last part of this post, the part starting with " As Yellowjacket points out"
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=29839660
Maybe not IMMEDIATELY , but ........
thanks roadog (edited)
Interesting.
And a decent job of questioning on the part of Bena.
"via Yorkville Advisors I started as a consultant for NeoMedia" (we don't always hear that right up front but it certainly appears to be the status quo It probably always was lol. Anyway , YA pays , they get to pick. Quite a stable of help-mates they are creating at YA.)
"I also see new investors seizing this great opportunity" (we heard that before)
"how can we not afford sales people" (we heard that before)
"turn the company around" (we heard that before)
"we want" (we heard that before)
"We have the patents in our back pocket" (we heard that before)
"the next shareholder call is in August" (that's new)
Well , I hope we have a different outcome this time from the same statements.
edited to add: Exit package guesses?
jonesie
edited to add: GOOD LUCK IAIN!!!!!!
Yorkville / Cornell Tracking Board #board-9964
"I can think of no more valuable commodity than information"
YA might 'play' these companies ...
... like many traders play otcbb/pinky 'long-shots'.
I hear from a lot of traders who dabble in these areas that they (traders , not Yorkville) strategically place money into 10 or more long-shot plays hoping one is a home-run , like maybe a '10-bagger'.
As long as they cut losses fairly quickly on the losers , the strategy can pay off.
It appears that Yorkville has 100-200+ 'plays' going.
Fact: Out of the 117 Yorkville Clients for whom I've tracked stock performance since their initial YAGI financings , 8 are in the green PPS-wise since wherever their stock price was on the date of initial financing. (Dates of initial financings on these range from 2004 to 2007)
Fact: The majority of the remaining 109 have realized share price losses ranging from 90% - 100%.
---- More specifically , 71 of the 117 companies have realized that magnitude of loss for their 'buy/hold' shareholders , stock price 'decimation and worse'.
---- Another 21 companies have realized share prices losses from between 50% and 89%.
---- This means 92 out of the remaining 109 (non-'green') companies have lost between 50% and 100% of their value and that does not include the value depreciative effects of what is often substantial dilution.
Fact: As of 4/28/08 (my last comprehensive PPS update for the 117 tracked companies) the 8 gainers realized share price appreciations of 25% , 33% , 55% , 114% , 170% , 183% , 140% and 188% since their respective dates of original financing.
Fact: Yorkville isn't providing their services to any '3-baggers' , let alone any '10-baggers'.
Fact: From available reports and quotes by Yorkville managers , Yorkville runs a very profitable business.
Based on the above facts I would be interested in hearing others' thoughts on how Yorkville makes their money.
I'll offer a couple of my own interpretations of the facts.
Interpretation: In spite of common shareholders' hopes that Yorkville makes these loans strategically betting on the ultimate soaring of clients' share prices , analysis does not bear this out as their actual reason.
Interpretation: Yorkville must indeed be profiting relatively handsomely from:
-- the interest rates they charge
-- the structuring fees they charge
-- the due diligence fees they charge
-- the investment monitoring fees they charge
-- the profitable sale of large quantities of stock shares on the open market , even though such sales continue to depress the stocks' prices.
As Yellowjacket points out , we don't immediately see Yorkville dumping enough shares on the open market to immediately recoup for them the value of a loan they may have just made. (YJ: NEOM paid 2 fees totaling $90K so they only netted $700K, not $750K, right? No big diff, just noting.)
We did see on 5/16/08 NEOM netting $441,000 on a $500K debenture , with conversions allowed at 80% of a 10-day VWAP.
Since that time we haven't seen 163 million shares dumped ($440,000 divided by $0.0027) , but we have seen 50 million shares traded and it's only been 3 weeks. I'm not saying those were all dumped by Yorkville , but given enough time .....
Interpretation: Perhaps , over time , by having access to these healthy discounts on share prices Yorkville can indeed profitably dump enough shares on the market of a particular stock to recoup their actual cash outlays.
--- Plus , due to the 'death spiral' nature of the compounding of APR's and the additional 'interest' all these 'fees' represent , they could come out pretty good over time.
--- Plus , with these financings Yorkville is also getting warrants to cumulatively purchase tens of millions more shares at prices 'certain' .... except that these warrant prices are always subject to being revised downwards pursuant to any whim on the part of Yorkville the next time the company comes crawling for another paycheck loan.
Thoughts anyone?
jonesie
Yorkville / Cornell Tracking Board #board-9964
"I can think of no more valuable commodity than information"
All that's 'out' are the condensed ...
... 'financials for the short attention span' on Yahoo
http://finance.yahoo.com/q/is?s=awyi.ob
which is simply derived from the recent 10QSB
http://www.sec.gov/Archives/edgar/data/1145254/000135448808000997/arielway10qst.htm
Logic dictates that you are correct.
The hopeful 'fairy tale' I posted yesterday notwithstanding , Apple would seem to have too many other viable options to risk associating their world class phone with a company which , as bleedingedge commented , might not look like they are "going to be in business for more than 90 - 180 days".
NeoMedia: Temporary haven for out of work CEO's?
jonesie
phoenix , perhaps from this
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=28514500
There might be a status hearing sometime in July (if it doesn't get pushed out again) and at that time we might find out what the timeline is for completion of the reexam.
Not the completion necessarily. The timeline for the completion.
jonesie
It will be interesting to see over ...
... the next very short period of time if CH/FP actually accomplished something which Iain was really brought in to 'take to the next level' or whatever that happy hooplah phrase was.
If not , I'll just have to assume that during my one visit with CH/FP {which I knew would most likely be a waste of time as these penny-stock ceo types tend to be spinmeisters , best to look at FACTS and not listen to them lol) I heard a whole lot of nothing about nothing.
Let's see , if we get past the new iPhone launch without being involved (6/9?) and then we get all the way through June without hearing anything substantive ... how in the heck do we get these guys to stop giving away to Yorkville what little is left of 'the farm' and go into dormant mode and just wait and let the whole mobile marketing thing get going?
We the common shareholders , the people who used to be the owners of this company , would have been WAY better off if the 'visionary' had acted on what he must have actually seen was the reality of the situation.
He could have said something like 'you know , this thing is years away , let's just slow down the Safe Harbor-protected hype and the rhetoric and the hirings and the salaries and the requisite financings. Let's keep a coupla techies busy reading all the 'DD' on iHub and send them to the conferences and tweak our Reader as justified by trends and wait for the market to heat up. Then , unencumbered with billions of spoken-for shares and debenture after debenture and debts up to our eyeballs we can hit it and hit it hard at a time when there are actually revenues to be had.'
Instead they got into the insider-pseudo-info-leaking business and then the share printing business and then into the revolving-exec-door business and then into the exec-kiss-off package business.
What's next , the energy business? Wait ... they already did that.
June 9 , or iPhone day , whenever that is. If nothing comes out of that we'll know that whole iPhone-tweaking contractor flap was simply more contrived nonsense.
End of rant.
jonesietheresidentnaysayer/nitpicker
I've often wondered about this statement ....
.... which was often construed as somehow being 'protective' of NeoMedia's interests lol.
It appears in most if not all of these extor ... , er , I mean filings:
"would beneficially own in excess of 4.99% of the number of shares of Common Stock outstanding immediately after giving effect to such conversion"
Define beneficially.
I'm guessing Yorkville can temporarily own as many shares as they want to , can convert and dump as many shares as they want to , because they don't own any shares 'beneficially' LOL.
They only own them after buying/converting them at a discount to VWAP long enough to dump them on the open market.
And somebody just keeps giving them more. I guess Chip didn't give them these , did Frank? No , Frank left , so Iain and Scott had to give them to Yorkville to PAY Chip and Frank and the light bill.
The 'system' just gives these guys an apparently infinite stack of 'blank checks' to write with little or no accountability to common shareholders regarding just what the heck are the prospects of revenues any time soon which warrant this continued 'looting'.
JMO
jonesie
LOL, unbelievable
We have to keep giving Yorkville more and more tens of millions of shares at a discount to VWAP , more debentures , higher percentage rates , huge chunks of their 'loans' right back to them simply for scratching their heads and deciding whether or not they are going to make the 'loans' ... and all just to pay first the salaries and then the kiss-off packages for people who were hired less than a year ago amidst great fanfare .... and in one case WAY less than a year ago.
What a racket. Nice 'work' if you can get it I guess LOL
You just couldn't make this stuff up.
jonesie
SHORT INTEREST AS OF TRADE DATE 5/27/08
Short Interest for TIV as of Trade Date 5/27/08:
2,296,132 shares
Short interest was down 44,498 shares during the most recent reporting period. This period covers trading from 5/13 through 5/27.
Month-----ShrsShort---- % Change
---------------------------------
May 2008 - 2,296,132 ----- (-1.90%)
May 2008 - 2,340,630 ------ +0.86%
Apr 2008 - 2,320,625 ----- (-1.61%)
Apr 2008 - 2,358,507 ----- (-1.16%)
Mar 2008 - 2,386,251 ----- (-0.30%)
Mar 2008 - 2,393,494 ----- (-0.37%)
Feb 2008 - 2,402,283 ----- (-0.43%)
Feb 2008 - 2,412,708 ----- (-0.17%)
Jan 2008 - 2,416,782 ------ +1.88%
Jan 2008 - 2,372,266 ----- (-0.40%)
Dec 2007 - 2,381,745 ------ +0.02%
Dec 2007 - 2,381,262 ----- (-0.02%)
Nov 2007 - 2,381,837 ----- (-0.83%)
Nov 2007 - 2,401,841 ----- (-3.97%)
Oct 2007 - 2,501,137 ------ +0.71%
Oct 2007 - 2,483,500 ----- (-0.30%)
Sep 2007 - 2,490,932 ----- (-0.84%)
Sep 2007 - 2,511,943 ----- (-0.56%)
Aug 2007 - 2,526,079 ----- (-3.35%)
Jul 2007 - 2,613,736 ----- (-4.92%)
Jun 2007 - 2,749,037 ----- (-0.42%)
May 2007 - 2,760,565 ----- (-0.39%)
Apr 2007 - 2,771,400 ------ +1.82%
Mar 2007 - 2,721,853 ----- (-0.57%)
Feb 2007 - 2,737,463 ------ +1.64%
Jan 2007 - 2,693,334 ----- (-2.77%)
Dec 2006 - 2,770,185 ----- (-1.5%)
Nov 2006 - 2,811,009 ---- (-11.9%)
Oct 2006 - 3,192,293 ---- (-2.27%)
Sep 2006 - 3,266,297 ----- +0.09%
Aug 2006 - 3,263,093 ---- (-5.04%)
Jul 2006 -- 3,436,104 ---- (-17.3%)
Jun 2006 - 4,156,544 ---- +13.87%
May 2006- 3,650,143 ------ +1.83%
Apr 2006 - 3,584,379 ----- (-5.41%)
Mar 2006 - 3,789,445 ----- (-4.23%)
Feb 2006 - 3,956,897 ----- (-3.56%)
Jan 2006 - 4,102,837 ------ +3.86%
Dec 2005 - 3,950,446 ----- (-1.88%)
Nov 2005 - 4,025,937 ------ +5.01%
Oct 2005 - 3,833,789 ------ +1.39%
Sep 2005 - 3,781,376 ------ +9.56%
Aug 2005 - 3,451,421 ----- +24.25%
Jul 2005 - 2,777,900 ----- +39.66%
Jun 2005 - 1,989,039 ----- +20.65%
May 2005 - 1,648,631 ----- +40.68%
Apr 2005 - 1,171,931 ---- +113.52%
Mar 2005 --- 548,854 ----- +86.95%
Feb 2005 --- 293,590 ---- +327.46%
Jan 2005 ---- 68,682 ----- +96.67%
Dec 2004 ---- 34,923 ----- +37.38%
Nov 2004 ---- 25,421 ----- +10.40%
Oct 2004 ---- 23,027 ---- +408.66%
Sep 2004 ----- 4,527 ---- (-59.68%)
Aug 2004 ---- 11,227 ---- +132.59%
Jul 2004 ----- 4,827 ---- (-31.31%)
Jun 2004 ----- 7,027 ----- +55.22%
May 2004 ----- 4,527 ------ TWBFTS-
Apr 2004 ----- 4,527 ---- (-94.73%)
Mar 2004 ---- 85,881 ---- (-13.21%)
Feb 2004 ---- 98,951 ---- (-00.88%)
Jan 2004 ---- 99,833 ----- +00.89%
Dec 2003 ---- 98,951 ---- (-18.30%)
.<font color=red>MMIRF.PK : Possible New Client
Hi petermic ...
I think we have a few Canadian companies in our lists and that happens if they trade on one of the American stock exchanges and filings show up with the SEC.
MMIRF.PK doesn't appear to have ever filed anything with the SEC.
Your find could be MedMira's first financing with Yorkville.
However ... MedMira gave themselves the opportunity to borrow money from Yorkville back in 2005. Without doing some digging , I can't tell if they ever actually went through with it.
What think? Perhaps checking filings at whatever Canada's version of the SEC would turn up something.
http://209.85.165.104/search?q=cache:Ns2PyrJdoKIJ:www.medmira.com/prs/2005/20050609.pdf+Medmira+%2BYorkville&hl=en&ct=clnk&cd=1&gl=us&client=firefox-a
MedMira Announces $10 Million U.S. Institutional
Financing Commitment
Will Provide Capital for Next Phase of Commercialization
* NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S.
Halifax, Nova Scotia, September 6, 2005 – MedMira Inc., (MedMira) (TSX Venture: MIR,
NASDAQ: MMIRF) the global market leader in rapid flow-through diagnostic tests,
announced today that it is has entered into a Subscription Agreement with Cornell
Capital Partners, LP (Cornell), a New Jersey-based private equity fund, for the purchase
of up to C$10 million in common shares over a five year period. The investment
contemplated by the Subscription Agreement, signed on September 6, 2005, will
permit MedMira to accelerate various commercialization activities.
Pursuant to the terms of the Subscription Agreement, MedMira has the right, but no
obligation, to draw funds on a periodic basis in tranches of C$150,000 each in exchange
for the issuance of common shares. The purchase price of the shares will be calculated, at
the time of issuance, using a formula based on a percentage of the volume-weighted
average market price (VWAP) over a 10 day period. Cornell has undertaken not to hold
a short position in MedMira shares during the term of the Subscription Agreement. The
closing of this transaction is subject to MedMira’s issuance of a prospectus and the
receipt of regulatory and TSX Venture Exchange approvals. Closing is expected to take
place in the early fall of 2005.
“We are pleased to enter into this institutional financing agreement with Cornell”, said
Stephen Sham, chairman and CEO of MedMira. “The flexibility and control offered by
this type of capital structure will allow MedMira to access funds, when required, on
terms favourable to our shareholders. This financing commitment will contribute to our
capabilities for the next phase of commercialization and further growth in the global
market.”
Philip Ho, Managing Director, Global Capital Markets at Cornell stated, “We are excited
to have this opportunity to work with MedMira. We look forward to building on our
relationship with the company’s senior management team, for whom we have great
respect.”
About Cornell Capital Partners, LP
Managed by US based Yorkville Advisors, LLC, Cornell Capital Partners, LP (Cornell)
has structured equity participation agreements in the United States, United Kingdom,
Germany, Singapore and Australian financial markets. Cornell is recognized as a world
leader in these types of agreements and has made available in excess of $900 million for
close to 100 publicly quoted corporations. Information regarding Cornell can be found at
www.cornellcapital.com.
-more-
Timing could be better I suppose
Futurist Raymond Kurzweil (inventor of the Kurzweil synthesizers , renowned futurist and author of The Singularity Is Near) recently said something along the lines of part of your comment.
He said many now think widespread use of solar power is decades away from being cost-effective.
However , with the reality of 'accelerating returns' in various technologies such as nanotechnology and solar-film manufacturing technologies , he says that it will probably be more like only 5 years before widespread adoption of this method of power generation takes place.
In a couple of decades the world could be completely and cost effectively powered by the sun and other renewables.
That's potentially great news for all Earth inhabitants.
Many human-developed technologies are in fact just below the part of an exponential curve where the curve starts to go virtually straight up and we will soon see an 'explosion' of technological breakthroughs in all fields including space travel.
But .... times a'wastin' for oil/gas production 'going to be's' , as indeed there's no time like the present when it comes to getting it done.
jonesie
p.s. Tri-Moon-Mining-This-Time ? ;)
And all the while they told us things like ...
... George O'Leary is a turn-around expert who would make things better , and they paid him. Significantly.
All except for one , the charts of the companies he 'turned around' are nightmares. The one over in England has been pummeled since he became CEO. He did a 1:1000 R/S to stay listed (needed over $1) but I don't think that's working out too well at the moment.
What nails management of companies who go this route (pumping, not delivering, cashing out) are details like this small portion of something you posted the other day:
"1) NeoMedia contracted with five large Chinese insurance companies to adapt qode® to enable millions of policy holders in China to use their cell phones to link directly to their insurance company's Mobile Internet site
2)During January 2007, NeoMedia signed a performance-based agency agreement with NexMobil LLC, pursuant to which NexMobil will sell qode® products and services in the Middle East, India, Korea, and Pakistan."
And remember the specific references to a deal they had with someone where NEOM would receive ".05 per click" and each transaction would most likely require "4 clicks"? I can't recall exactly but I believe it was inferred that there would be many many transactions like that.
As you may recall , it's possible for certain questions to be posed later about statements like this and if the answers aren't the 'right' ones ... oops:
-- Did they actually do these things?
-- What happened?
-- Did the parties they had agreements , contracts , LOI's , MOU's etc with ever actually intend to do anything productive?
-- Did those parties actually have the ability to do what was stated was going to be done?
Eventually it all comes out in the wash.
jonesie
p.s. I believe it was in part something as simple as the transparent inability of a 'contractual partner' to actually pay anything NEAR the sales numbers which were touted in a 'contract' .... and this inability or lack of real intent is what nailed the mgmnt of another company you and I were both involved with in years past.
WFYW : 8-K : merging with a non-public company
http://www.sec.gov/Archives/edgar/data/1051902/000114420408033615/v116547_8k.htm
"On May 29, 2008 Wherify Wireless, Inc. announced that it has entered into a non-binding letter of intent with Lightyear Network Solutions, Inc. to merge its business into Wherify."
Now Lightyear can enjoy the fruits of Yorkville financings and have retail shareholders pay for it , without having to go to the trouble of going public.
Of course Yorkville gets various concessions made regarding existing financial instruments:
http://www.sec.gov/Archives/edgar/data/1051902/000114420408033615/v116547_ex10-1.htm
One example:
"In addition, as part of this restructuring, the existing 7.0 million in Wherify warrants owned by YA Global will be reset to provide an Exercise Price equal to equal to 75% of the underlying price per share associated with the securities issued in the Recapitalization Financing (as defined in Section 3 below). In addition, the Wherify warrants issued to YA Global shall also be amended to provide (a) the cashless exercise may be elected at anytime and shall not be subject to any conditions in order to elect the same, and (b) the expiration date of the warrant shall be seven years from the Merger Closing Date."
good luck to all
jonesie
WFYW : 8-K : merging with a non-public company
http://www.sec.gov/Archives/edgar/data/1051902/000114420408033615/v116547_8k.htm
"On May 29, 2008 Wherify Wireless, Inc. announced that it has entered into a non-binding letter of intent with Lightyear Network Solutions, Inc. to merge its business into Wherify."
Now Lightyear can enjoy the fruits of Yorkville financings and have retail shareholders pay for it , without having to go to the trouble of going public.
Of course Yorkville gets various concessions made regarding existing financial instruments:
http://www.sec.gov/Archives/edgar/data/1051902/000114420408033615/v116547_ex10-1.htm
One example:
"In addition, as part of this restructuring, the existing 7.0 million in Wherify warrants owned by YA Global will be reset to provide an Exercise Price equal to equal to 75% of the underlying price per share associated with the securities issued in the Recapitalization Financing (as defined in Section 3 below). In addition, the Wherify warrants issued to YA Global shall also be amended to provide (a) the cashless exercise may be elected at anytime and shall not be subject to any conditions in order to elect the same, and (b) the expiration date of the warrant shall be seven years from the Merger Closing Date."
jonesie
LOL, you nailed it.
That's the way I feel about the entire Yorkville concept , and it's not just them , there are several other financiers out there who operate the same way. Shoot , some are worse in certain regards if that can be imagined , Corey Ribotsky's N/I/R group has quite the reputation.
And as long as they keep the SEC filings nice and straight and filed on time , it can go on indefinitely.
jonesie
p.s. Actually it's the company execs who bring this sort of thing on their shareholders. There was probably a time when they just should have said 'you know, this business plan doesn't really work, we should just shut it down and do something else'. But their own personal greed precludes them from doing that. Some substantial personal gains were made in the exec. offices while shareholders took it on the chin.
ease the price up a bit ....
... then bring on the bid-whackers to crush it back down!
This is really getting old lol.
On the surface of it, it doesn't appear that there is anything wonderful going on behind the scenes.
It just looks like the action of hundreds of other stocks Yorkville has financed .. and financed ... and financed.
Interesting opinion/analysis here LOL
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1101341
"Predatory Trading Around Russell Reconstitution
ZHAN M. ONAYEV
State Street Global Advisors
VOLODYMYR M. ZDOROVTSOV
State Street Global Advisors January 15, 2008
Abstract:
Using eight years of recent reconstitution history, we study the behavior of Russell 3000 additions and deletions on the day when the benchmark composition and weights are determined.
We document evidence of strategic predatory trading, whereby closing prices of some securities on this day appear to be manipulated with the objective of influencing the resulting membership weight in the index.
Specifically, we find that for the securities most likely to be targets of such trading (additions that are closer to the bottom of the newly formed Russell 3000 list and thus more likely to have been pushed into the index), the last day of May contributes a disproportionate share of the monthly return and the last minutes of the trading session contribute disproportionately to the return of this day.
Smaller additions also show a greater commonality in their intraday returns on the event day. Perhaps most importantly, we show that smaller additions experience considerably higher event-day order flow imbalances and particularly so towards the end of the trading session.
Lastly, we show that these securities do not experience an immediate post-event reversal, as is expected given the liquidity pressure and as is observed for the control group."
re: TIV , that last part has certainly been a variable LOL
In 2005 'boneheads' ran TIV up after the PPS cut-off date (lol) once TIV put out the 'Russell!!' PR , not knowing what to expect a month later on the 'effective date'. After the 'effective date' the reversal was fairly severe over the next month.
In 2006 a TIV pumper tried to game the Russell system , along with gaming TIV shareholders , but he had the good sense to run TIV up before the PPS cut-off date. Once 'most' realized the objective had not been reached , the reversal was immediate and severe.
In 2007 insider buying pressure moved the PPS in the right direction and again , before the PPS cut-off date. Once the reality sunk in that again TIV most likely would not be included , the reversal kicked in fairly quickly and was significant.
In 2008 we saw an early morning low of around $6.05 or so on the PPS cut-off date. But later in the day a string of mostly 100-share trades pushed TIV up to a close of $6.50 which , if Ms. Roberts' prediction is correct , will be sufficient.
Was that a good example of the author's "strategic predatory trading, whereby closing prices of some securities on this day appear to be manipulated"?
re: your comment "if TIV were going to be in the index, or it was even close, the stock would've risen by now" , take a look at my 2005 detail chart here:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=29759119
-- That was the first year the subject of Russell had even come up relative to TIV.
-- Most TIV-related folks didn't have much info on what to expect once Lynn put out that PR.
-- Arbitrageurs would have easily seen that TIV's PPS of $11.94 on 5/31/05 would beat their analytical estimates of what the minimum market cap. might require. (TIV only needed $8.25 that year to get in based on their outstanding share count.)
So , does TIV's price action between the cut-off date and the Russell effective date look like one might expect it to with some "arb" action going on?
Or does it look more like "bonehead" action going on in light of the subsequent fall-off in share price?
jonesie
Yorkville / Cornell Tracking Board #board-9964
"I can think of no more valuable commodity than information"
Wouldn't that be great?
I'm going to bet 'no'.
But here's what I hope happened/happens:
-- WHY CH WAS HIRED: CH was the only logical choice as he
could utilize all of his contacts along with his background at
mBlox in 'bringing SMS to the U.S. masses' to put together an
incredibly complex deal with Apple/AT&T/NEOM which will
culminate in NeoReader being preinstalled on the new iPhone.
-- THE DEAL: This megadeal includes all necessary aspects of
the perfect frictionless ecosystem , including the mechanisms
for ensuring that all participants
(carriers/brand-managers/etc) in mobile-based
marketing/advertising are properly compensated.
-- THE RESULT: The fact that the deal does involve the
iPhone instantly makes usage of the NeoReader a defacto
standard worldwide and immediately hundreds of pent-up mobile
marketing campaigns are rolled out at nearly machine-gun speed
, resulting in enormous revenues to NeoMedia from the get-go.
Within weeks a check is written to Yorkville including
prepayment premiums and NeoMedia moves from being 96% buried by
Yorkville to being 100% debt-free. NEOM's PPS gaps up to
$1.00 per share , making instant millionaires out of many
faithful shareholders.
-- WHY FP WAS HIRED: The ecosystem's financial complexity turns
out to be why FP was brought on board as only someone with
that horsepower and Tatum-support could pull it off. (as
opposed to him simply being there to keep everything legit
SEC-filings-wise while an appropriate
statute-of-limitations-relevant amount of time was elapsing
between regimes and prior to completing a BK or other
shareholder-killing actions).
-- THE CONTEXT: CH managed to put all of this 'into play'
under the strictest of NDA's between all parties (that poor
excited DSMedialabs guy is the only one who blew it and got
yelled at. That's seriously not much leakage compared to the
magnitude of the impending coup , especially when considering
how many people had to be involved. And it was all done amidst
the sternest of admonitions to all that any purchasing of
NeoMedia stock would almost certainly result in "Go Directly to
Jail , Do Not Pass Go" cards from the SEC , which explains why
the stock price drifted so low.
-- WHY CH LEFT AND IM CAME ABOARD: Once all of the contracts
were inked and everything was in place , congratulations were
made all around. CH , the prime orchestrator of the entire
megadeal , was asked what he felt would be an appropriate bonus
, to which he answered "You know , my work here is done and I
need to move on and find another challenging situation to
conquer. I could use a little break after working around the
clock for most of a year , so maybe just trigger my exit
package , that will give me a year and a half to recuperate and
seek out a suitable situation. That along with your gratitude
and my options will be payment enough. It was fun working with
all of you guys and Iain can certainly handle what comes
next."
I'm still going to bet "no" , but hold onto my shares , and
hope I'm wrong and my fairy-tale ending is correct.
JMO
jonesie
HDSN 3rd MM on the Ask , at .0039
Whereas the best Ask is .003 (NITE).
It will be interesting to see if HDSN stays up there for a change , or follows their pattern of eventually dropping on down to the Best Ask slot.
Yorkville , give us a freaking break!
jonesie
2007 RUSSELL RECONSTITUTION DATA
Data relevant to the 2007 'Russell Timeframe'
During this period T. Gamble bought 210,100 shares leading up to Russell's Market Cap. / PPS cut-off date of 5/31/07.
This helped to push TIV's PPS up from $8's to $9's , but fell short of the $10.64 TIV would have needed for R2K/R3K inclusion.
Well , GSMA's Mobile Innovation Marketplace - Americas is going on here in Atlanta, Georgia, June 3 - 4, 2008
I wonder if anyone from NeoMedia is attending? Surely someone is. Surely.
Delegate fee: US $999
Speakers
Day 1 - Tuesday, 3 June 2008
Evening Event Welcome
Rob Conway - GSMA
Ralph de la Vega - AT&T Mobility
Martha Béjar - Microsoft Corp.
Keynote
Jean-Philippe Maheu - Ogilvy North America
Michael Nash - Warner Music
Speakers
Bill Gajda - GSMA
Bob Berner - Rogers Communications, Inc.
Chris Curtin - Disney Destinations
David Christopher - AT&T Mobility
Francis MacDougall - GestureTek
Marc Mathieu - Coca-Cola Company
Mitch Lazar - Yahoo Inc.
Mohan Gyani - Roamware Inc.
Neeraj Roy - Hungama
Ori Sasson - Zad Mobile, Inc.
Pam Zuercher - Visa Inc.
Torbjörn Nilsson - Ericsson
Moderator – Speed Dating
Adam Zawel - InMobile.org
Day 2 - Wednesday, 4 June 2008
Keynote
Mauro Sentinelli - FreeNet International LTD
Speakers
Brian Cayce - Gray Matters Capital
Brooke Partridge - Vital Wave Consulting Inc.
Chris Barraclough - STL Partners/Telco 2.0 Initiative
Christina Domecq - Spinvox
Dixon Doll - DCM
Jean Marc Harion - Orange
John Giere - Alcatel-Lucent
Kamal Quadir - CellBazaar
Michael Joseph - Safaricom Kenya, Ltd.
Michael O'Hara - Microsoft Corporation
Paran Johar - JumpTap
Rajeev Chand - Rutberg
Reza Jafari - Eaton Telecom
Stephen Sellers - SourceTrace Systems Inc.
Ted Matsumoto - Softbank
Tom Wheeler - Core Capital
Tony Holcombe - Syniverse Technologies
Will Hodgman - M:Metrics, Inc
Moderator – Speed Dating
Adam Zawel - InMobile.org
Yes they could gumshoe.
I would guess that based on the passive fund managers' experience with TIV on the last go-around in 2005/2006 , they would like it very much if TIV did just that.
Last time , shares they bought in the $14's in 2005 had to be sold in the $8's in 2006.
From those last two charts I put up it seems that Russell inclusion/exclusion has been something of a long-term non-event for TIV shareholders , although surrounding excitement (and in some cases outright pumping , e.g. , the_eyeman) , has certainly provided for some shorter term trading opportunities.
As you say , if a one-two punch could be concocted with TIV following up on a potential Russell inclusion with , as geoscience says , some verifiably reported production numbers .... if we do make it into the Russell this year things could end on a better note than the rather sour one where only an impatient short benefited by purchasing shares sold by some of the exiting funds in an arranged trade on 6/30/06.
A quick check shows that in the ensuing two years we've only had ~90 days when TIV's share price closed higher or equal to that $8.25 close on 6/30/06.
JMO
jonesie
2006 RUSSELL RECONSTITUTION DATA
Data relevant to the timeframe in which TIV was removed from the R2K/R3K in 2006.
2,000,000 share trade after hours at .0027
2005 RUSSELL RECONSTITUTION DATA
Some interesting tidbits of information relevant to the time TIV was included in R2K/R3K in 2005.
That's a very interesting article in4it, thanks for posting.
Amazing stuff.
And we are here!
I mean, we're here at a time in technological development which is moving exponentially.
jonesie
Are those the same 'BIG connections' ....
.... that allow for this BOLD proclamation in every NEOM PR?
"NeoMedia Technologies, Inc. (OTCBB: NEOM) is the global leader in optically initiated wireless transactions"
I wonder if their new "long-term vision" is 20-20 , telescopic , or myopic when compared to the previous 'visions' and sugar-plums that danced in their heads per a Shareholder Letter in Feb. 2007?
"we believe we can capitalize on"
"more focused vision"
"evolving business model"
"now laser focused"
"Our goal"
"ability to focus"
"focused approach"
"scheduled a high-level meeting"
"we will focus"
"We envision"
"We believe"
"our goals"
"Another major goal"
"Another of our key strategic goals is to look to attract"
"we expect"
"We ... believe we have a ... focused vision"
"This letter contains forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934."
SOURCE NeoMedia Technologies, Inc.
Source: PR Newswire (February 5, 2007 - 7:02 AM EST)
======================================================
(My note: Words such as “expects,” “anticipates,” “plans,” “believes,” “scheduled,” “estimates”, “goals” and variations of these words and similar expressions are intended to identify forward-looking statements which are intended to signify potential activity without committing to actual activity or the successful achievement of any meaningful results.)
jonesiethenitpicker
NGNM : S-1/A
Working on getting 7,000,000 shares registered so the holders can sell them.
"The Company is not selling any shares of Common Stock in this offering and therefore will not receive any proceeds from this offering. All costs associated with this registration will be borne by the Company."
Yorkville is not one of the Selling Stockholders.
http://www.sec.gov/Archives/edgar/data/1077183/000107718308000016/forms1.htm
TREN : 8-K : Filed Bankruptcy
On May 1 we saw a default on a Yorkville financing , triggering demands by Yorkville.
Now we see TREN filing bankruptcy , and more demands by Yorkville , shown below.
http://www.sec.gov/Archives/edgar/data/859747/000120095208000281/tec_8k-80602.htm
Exerpts:
On June 2, 2008, the Company commenced Chapter 11 Case No. 08-32638 (the “Borrower’s Case”) by filing a voluntary petition for reorganization under the Bankruptcy Code, with the United States Bankruptcy Court for the District of Oregon (the “Bankruptcy Court”). Each of Methane Energy Corp. and Cascadia Energy Corp. (together, and collectively with the Company, the "Debtors"), the Company's subsidiaries, commenced a case under Chapter 11 of the Bankruptcy Code on the same day (such cases, together with the Borrower’s Case, the “Chapter 11 Cases”). The Debtors continue to operate their businesses and manage their properties as debtors-in-possession pursuant to Sections 1107(a) and 1108 of the Bankruptcy Code.
Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.
The Company is party to an Investment Agreement, dated as of June 28, 2006 (the "Investment Agreement"), with YA Global Investments, L.P., formerly Cornell Capital Partners, L.P., ("YA Global") pursuant to which the Company issued to YA Global 25,000 shares of Series E Convertible Preferred Stock. On June 1, 2008, the Company failed to make a mandatory redemption payment required under the terms of the Investment Agreement and related transaction documents. Pursuant to the terms of the Investment Agreement and related transaction documents, each of (i) the failure to make such payment, and (ii) the commencement of the Chapter 11 Cases, constitutes an Event of Default, upon which YA Global may require the Company to redeem all or any portion of its Series E Preferred Shares. As previously disclosed in the Company's current report on Form 8-K filed with the Commission on February 14, 2008, YA Global has already demanded that the Company redeem all of YA Global's shares of Series E Convertible Preferred Stock for the full liquidation amount, plus accumulated and unpaid dividends thereon, in the aggregate amount of $22,491,147.
On May 15, 2008, the Company executed a short-term promissory note in the amount of $207,854 (the "Note") in favor of YA Global, due June 5, 2008. Pursuant to the terms of the Note and related documents, the Company's failure to make the mandatory redemption payment required under the terms of the Investment Agreement constitutes an Event of Default under the Note and related documents, upon which YA Global may declare all obligations outstanding under the Note immediately due and payable.
walterc , they are few and far between
If you look at Table A in the iBox of the board linked to in my signature you will find some info on about half of Yorkville's clients. I need to update current PPS's a little bit but I doubt much has changed in terms of percentage losses of shareholder value.
Look over to the right column and you will see some green. There are a few Yorkville clients who are still in the green after their initial financing with Yorkville.
Since that board is more oriented towards providing general info about Yorkville clients' fortunes or misfortunes over time I haven't dug into exactly why those companies are still in the green.
It might be fair to say that except for tradeable pops which often occur shortly after the first financings (please note those "8-week" columns as well , lots of green , interesting in and of itself) , and except for the usual trading action found in any otcbb stocks , from a buy-and-hold standpoint there are probably better pools of potential stocks to pick from than Yorkville's Clients.
Good luck! -jonesie
TXP : 8-K
http://www.sec.gov/Archives/edgar/data/1171749/000114420408033239/v116271_8k.htm
Of course , conversion prices of previous warrants and notes issued to Yorkville were reduced from 0.50 , 0.60 , 0.70 , 0.75 and 1.00 to 0.20. Interest rates were raised. 25% discounts to 20-day VWAP. Further adjustments beneficial to Yorkville possible.
TXP Outstanding as of May 20, 2008 : 116,704,428 shares.
That will be going up before long.
Excerpts:
On May 29, 2008, TXP Corporation (the “Company”) consummated a Securities Purchase Agreement (the “Purchase Agreement”) with YA Global Investments, L.P. (“YA Global”) providing for the sale by the Company to YA Global of its 12% secured convertible debentures in the aggregate principal amount of $5,750,000 (the “Debentures”), of which a $3,000,000 Debenture was issued on May 29, 2008 (the “First Closing”), a $1,500,000 Debenture will be issued on or about July 30, 2008 (the “Second Closing”), and a $1,250,000 Debenture will be issued on or about October 15, 2008 (the “Third Closing”).
In addition, the Purchase Agreement provides for the issuance by the Company to YA Global of five-year warrants (the “Warrants”) to purchase an aggregate of 17,000,000 shares of common stock, of which a warrant to purchase 8,870,000 shares of common stock was issued on the First Closing, a warrant to purchase 4,430,000 shares of common stock will be issued on the Second Closing, and a warrant to purchase 3,700,000 shares of common stock will be issued on the Third Closing, each exercisable into common stock a price equal to $0.20 per share, subject to adjustment as set forth in the Warrants (the “Exercise Price”).
The Debentures mature on the third anniversary of the date of issuance (the “Maturity Date”) and bear interest at a rate equal to 12% per annum. In addition, the Debentures are convertible at any time into shares of common stock of the Company at a conversion price per share equal to $0.20, subject to adjustment as set forth in the Debentures (the “Conversion Price”).
Beginning on October 31, 2008 and each monthly anniversary thereafter until paid in full, the Company will be required to redeem the outstanding principal amount of the Debentures in installments equal to $167,777 per month, in cash or in common stock (the “Redemption Shares”) at the Company’s option and if certain additional conditions are met, at a per share price equal to the lesser of (i) the Conversion Price, or (ii) a 25% discount to the lowest daily volume weighted average price for the common stock for the 20 trading days prior to the redemption payment date; provided that, the Redemption Share component of each redemption payment will be limited to 15% of the dollar value of the common stock traded over the previous 30 trading days. Moreover, the Company has the right to redeem a portion or all amounts outstanding under the Debentures prior to the Maturity Date at a 20% redemption premium provided that no event of default has occurred or is continuing.
Under the Purchase Agreement, the Company must (i) enter into a contract (or series of contracts) for the development and sale of optical network terminals on terms that are satisfactory to YA Global in total value of contracts, counterparty, and gross product margins to the Company, and (ii) complete an equity raise resulting in proceeds to the Company of at least $5,000,000 (collectively, the “Milestones”). If the Company fails to achieve at least one of the Milestones on or before October 15, 2008, then the Third Closing will not occur and YA Global will have the right to require the Company to sell the business or the assets of its iPhotonics business unit before December 31, 2008. The Company shall apply at least 80% of the proceeds of any such sale directly from the sale towards the redemption of the Debentures.
On May 29. 2008, Mr. Shores granted YA Global a five-year option to purchase an aggregate of 35,000,000 shares of common stock of the Company beneficially owned by Mr. Shores at an exercise price equal to $0.01 per share, of which the option to purchase 18,261,000 shares vested on the First Closing, the option to purchase 9,130,000 shares vests on the Second Closing, and the option to purchase 7,609,000 shares vests on the Third Closing.
In addition, on May 29, 2008 the Company amended its outstanding warrants and notes issued to YA Global pursuant to the Company’s June 2006 and March 2007 private placements. The June 2006 and March 2007 warrants to purchase an aggregate of 3,700,000 and 3,850,000 shares of common stock, respectively, were amended to reduce the exercise prices to $0.20 per share. The March 2007 notes in the aggregate principal amount of $4,000,000 were amended to reduce the conversion prices to $0.20 per share. Also, the interest rates were increased to 12% per annum and mandatory redemption payments by the Company in the amount of $100,000 per month, consisting of accrued and unpaid interest and principal, will commence on October 31, 2008.