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SC- I have never noticed any posters but you and one other really talk about the usage of restricted for acquisitions...and the company has never represented that they do.
Please review http://www.investopedia.com/terms/r/restrictedstock.asp and http://www.investopedia.com/terms/p/preferredstock.asp. I still think you are confusing the two.
It would seem from my lurking that most here believe they use Preferred based on...
"COVINGTON, LA - June 20, 2006 - Phoenix Associates Land Syndicate (Phoenix) (Other OTC: PBLS) today announced that it filed a corporation action with the Nevada Secretary of State on June 15, 2006 to increase its authorized shares of common stock from 997 million shares to 1,750 million; and to increase its authorized shares of preferred stock from 3 million to 250 million.
The Company explained that the driving reason behind this corporate action to increase its authorized shares is the fact that the company was getting low on the number of unissued preferred shares, and since it uses preferred for acquisitions and has certain potential acquisitions in view, leadership felt that they needed to take timely action to increase the authorized preferred shares."
But again, there was no need to use Preferred or Restricted to "acquire" the pit because they never "acquired" the pit. The acquired the lease as a sublease for $100 and then proceeded to mortgage that lease to raise capital.
Seeclear...I have the tendency to come off as a know it all. I have been in some form of teaching roll for the last 10 years so I have a tendency to switch into pastor/teacher role very easily. Sorry if I have offended or seem to be lecturing.
Ren
Merry Christmas everyone!
And thanks Frat, Jux Wave etc for helping newer investers in BIGN figure this puppy out.
May Santa bring us the PR we're all looking for by Tuesday Morning...
Ren
Exactly Fmi.
"These common shares were subject to a two year non-dilution clause and were valued at $1 per share.( That would be 59,000,000 current shares - but more likely @2,809,520,000 pre- katrina shares (Note: that would be greater than the current float OS and AS together)"
That's not how it would work. You are confusing Preferred and restricted common shares. The Lenders Trusts were groups of private individuals who bought stock in PBLS as some of the first registered releases. They paid $1 a share but that doesn't mean that those shares are now worth $1 value of current shares (at 12/22's pps that would mean 100 shares each for 1 restricted common share). It just means that these folks were convinced that the shares were worth $1 a piece and invested $1 a piece for them back then. It's very similar to when some friends and I started a dot.com during the late 90's. Some folks bought shares at $5 a piece to help us get the company going. Later we sold (and I got screwed by my partners) and those that held their shares were rewarded with approx. $17 for each share they had bought. But it was a risky purchase either way. They never knew if we'd make it. And we barely did.
Phoenix Associates Lenders Trust folks bought for $1 through a private placement by Capital Growth Planning (very reputable company) and their shares are now worth $.01. That's the risk they took and they lost and we now are all betting on the fact that Phoenix can turn it around, so we buy at $.01.
But my real point in the last post seems to be the one you still don't understand. They never "acquired the pit." They acquired the lease from Murphy for $100 and then mortgaged that lease to the Lenders Trust folks an Capital Growth Planning folks. That "leasehold mortgage" is how they raised early capital. They don't "own" the pit. If they had bought the pit then you and I should be looking for preferred shares as it was probably valued at around $10 million back then. If they did own the pit right now, there would be no lawsuit. Again, all Phoenix does is "rent" the pit for the payment of royalties which was all well and good as long as they are mining but before Katrina made the pit valuable.
And BTW, Phoenix currently does not claim to use restricted shares for acquisitions (and I can find no evidence they ever did). They use Preferred. Huge difference. Restricted shares are just that...common shares that have a restriction (usually some kind of dilution clause). Preferred shares are more valued and come with promise of future dividends off of potential future earnings.
Not trying to be harsh. Just trying to help you understand. It would help if you looked up what a leasehold mortgage is.
Ren
I don't know if you understand how leases work in these cases (no offense).
Just like when you rent out a house to a tenent, the tenent isn't responsible for getting a mortgage from you to buy the house. They just have to pay monthly rent.
In the pit case, Mitchell leased the pit to Phoenix for monthly royalties for whatever they mined (that's Phoenix's "rent"). In other words, as each truck load of material was moved off, it hits a scale, and Phoenix pays a small royalty to Mitchell (usually much less than $1 a ton). Keep in mind, that Pre-Katrina, Mitchell didn't value the pit very much (in fact, neither did Phoenix). Anyway, there were no restricted shares needed to acquire the lease. In fact, it might be hard to believe, but Phoenix only paid $100 for it when Murphy assigned it to them and Mitchell agreed to the assignment. Again, all Mitchell cared about was that someone was savvy (dumb?) enough to mine their little backwoods pit and pay them a little for whatever they could mine of value.
As far as restricted common shares pre-Chapter 11, there were some...about 2,500,000-7,500,000 total with a 2 year non-dilution clause. They would have all entered the float pre-Chapter 11 and pre-Katrina and pre-you or I knowing anything about this company. In fact, it's possible that you and I own a few of them. Well at least I'm trying to own a few more of them with all the major things in the works. ;)
Checkout Edgar databases a little more indepth and you can find verification of what I am talking about.
Never thought I would defend him, but you know, for a while I was ticked at him big time.
But then I got to thinking...what right do I have to be ticked at a man, even if he seems to be questionable, if I was the fool who was foolish enough to believe blindly in the opinions of an alias on a message board when it came to my investment decisions?
Not looking to pick a fight with you Rex. It's just Christmas I guess and I'm looking forward to forgetting the '06 scams and whoas of PBLS and looking forward to establishing some new highs that well surpass the Katrina spike in 2007.
Wonderful. I see what you are talking about now. ;) Thanks for the heads up as I have clearly been preoccupied with other things. This is what Ron B must have been talking about the last time I spoke with him and he claimed their attorney pulled some illegal stuff...
Merry Christmas Ray. You are a good man.
Ren
Interesting to me that I provide a glimpse into the pre-2003 financing operations of the company and some posters who continually harp the would-be "smoke screen" around that time refuse to address it.
6/2003 - Phoenix requested a trial by jury for hopeful settlement in the amount of $4,470,000 for damages from EH Mitchell.
However, recently Shelby discovered a countersuit though no details are available on that suit yet. Will let you know what I know as soon as I know it.
Shiz, please PM some details on the land deal. Real Estate being near and dear to my heart, I would love to run a market analysis for that area and see what comps are. I also wonder if they did it to qualify for "Go-zone" tax breaks.
Ren
I can rent you a room if need be! ;) All my money seems tied up these days (stocks, real estate, remodels, wife's spending habits...)
Ren
IMO Money isn't the route to all evil; it's the love and dependence on money that is the route to all evil. That's why I give crazy amounts away to guard myself from it's addiction. Money is a tool that can be dangerous like a nail gun or something, but if "used" properly, can do a lot of good. Dude, I've spent a couple of years now working with people with TONS of money who are plain flat miserable. I think know that I believe that there are truly more unhappy rich people than poor people. I know that I don't want to believe that either, but it's starting to be my experience.
Don't sweat the student loans. I just finished paying off my loans from my undergrad and now praying about pursuing a Master's in Divinity. Sad that most guys in the ministry that aren't Charlatans don't make a ton of money, but if you want that kind of education you have to pay $30K+
That's a little of what pushed me into being by-vocational...tired of seeing my wife stress about money when I was a full time pastor. Now, God is good. Life is in perspective. I'll leave paying the bills to Him and just take advantage of the opportunities He presents.
Okay, okay...sorry for the Sermon for The Day! Off to try not to damage any apendages swinging a hammer or nail gun!
I agree in that it was not a technical bounce, though the Bolinger Bands were really pinching in Nov, remember?
As far as predicting this trading range, the only thing I believe is that the bottom is around .006 as long as there is no Catestrophic news. I will not add again unless a new lower resistance is firmly established or it drops back to sub-penny. And although news tends to wreck the pps, I would like to know a little more about what's going on.
SC, maybe you should dig a little deeper before 2003. I find plenty of information on their previous operations. How much they were making, how PA's prior partner screwed him, how they mortgaged the pit lease once or twice in a small cash for stock placement before Chapter 11 in 1999, and how that all played out. Thankfully that early financing was all handled with one of the top Financial Services companies in the nation...Capital Growth Planning. Feel free to check them out at - http://capplan.pfyfn.com/ Part of the reason I bought is because Capital Growth Planning endorsed them as business men even before this thing took off.
Have a great day guys...I'm off to work on the new beach house I just bought. Then it's off to Morton's tonight for the standard, once a year "fancy dinner" with the extended family for Christmas.
Prediction for today...low volume and sideways movement. But I do have a buy order in just in case! ;)
Ren
Thanks guys.
What's really funny is that I go to county websites and Lexus Nexus and visit companies all kinds of places to dig up any dirt I can find, but am always prone to over looking the obvious places for simple DD! Doooh (insert Homer voice).
Good night guys...last post. I love the attitude of this board BTW. Seems to have good open discussion of both positives and negatives and opinions without the SLJB or CKYS thrashing. Keep it up frat.
Ren
Thanks. What's sad is that you can't post something positive as a new poster here and not receive a PM from a banned poster. Then I try to respond to their PM on their "rant against CKYS board," and they delete it immediately. Mature.
Some people need to get a grip. This is all a crap shoot. Either they will pull this off or they are lying. If they are lying, I'll take my haircut, my lesson and live to roll the dice another day.
BTW Good night all. No more posts available today.
Any links to those financials 'cuz I can't find them. Or PM though I can't respond. Would love to crunch the numbers and look a margins and such. Part of what I do when I plan on holding free shares for the long haul.
Already there with the beer. I'm a fat dark beer drinker now so I have to settle for a Sammy Adams Light. Shhhhh...don't tell my buddies, I keep the light stuff hidden behind the Smithwicks, the NewCastle, the Guinness and the Blue Moon.
BTW Being an ordained minister I can 100% guarantee that there will be beer in Heaven (if you don't believe in Heaven I guess that's not that big a deal, but I plan on being there for a while at some point).
Ren
You are probably right...but even you must admit that the volume on some of these pennies just simply does not add up sometimes over a 2-3 month period. Even if every penny I own is secretly diluting the heck out of their own stock, they would still run out of shares. Of course that's coming from a guy who is cheering for the SDNA lawsuit and about to have a position in that stock again.
BTW You know what's really cool...and follow me on this. Changing your baby daughter (not cool really) before you put her down for the night and realizing that not too long ago, none of us really knew much of anything. We came from the womb with no evil MM NSS theories and we will return that way. :) Makes you wonder what we really do KNOW after all. Not much, except that I love my baby girl and hope that this penny puts her through college and keeps her mom out of the need to work part time.
Ren
Okay thanks for clarifying. That's what I've been doing as I like to dollar cost average by buying when TA says I should of the few stocks I hold. I tend to buy up or down to a certain point and in no set increment. So much of this seems to be about gut feeling anyway.
At least he's not prone to using the dreaded "soon" word too much like some other CEO's that we have to deal with. He tries to provide specifics, but I do agree, he will learn. Definitely couldn't say that I could do a better job running CKYS.
If anyone bought because of commercials, they bought for the wrong reasons IMO (and suing CNBC would be a waste of time, capital, focus, energy etc. BTW). Here's why I bought and continue to buy...
CKYS 2006
Net Profit/Earnings $25,000,000
O/S 680,000,000
EPS $0.04
P/E 15
Price Per Share $0.55
Of course this is before the buyback, before additional contracts were added and with a very conservative P/E. If you are trading this one based on TA alone, good luck. You'll get slaughtered in the short term.
Sell away. I would love to buy some more at .02
Ren
IMO DYODD
When you say "take a position" what do you mean? Sorry to ask a dumb question, but I have always read on this board of folks taking a position. I guess I was under the impression that a position was an arbitrary number based upon the buying power of the buyer. Is there really a set amount to officially have a position?
Not trying to be a smart a$$...just really asking an honest question.
Ren
BTW Typically I just lurk around, but thanks to the board and mods here for continually helping me support my penny addiction.
I never said they did. They are in the business of making money off the spread IMO, and of course more unethical ways that you and I are not going to agree upon based on your posting history. Everyone is intitled to an opinion I guess.
Ren
I don't see long term resistance at .012 other than that being an arbitrary 100% ROI for those that bought at .006. I know we surpassed that and before we settled back to .01 during the most recent consolidation period.
Also, unless I'm confusing stocks (which I'm prone to do), I see accumulation all during the flat line pps of November, albeit small accumulation. So IMO, people we're buying before it started to move.
To me, we are definitely in uncharted waters (pun intended) right now. Since Katrina, this stock has been more predictable based on the weekly chart indicators (thanks for that heads up Shiz). We should be bouncing off a lower resistance of the 50dma of .021. But of course that was all before our July departure from the norm.
Ren
I just like to be conservative so that their numbers (when they come) are a very pleasant surprise. I did send them an email to their "Virtual IR Department" for clarity a month ago or so but have yet to have a response.
I mean, unless you really know the Oil & Gas biz, it's hard to know what their earnings look like for the year. The last PR I can find that mentions expected earnings is from 10/2005 and states that they expect to see .085 eps in 2006.
Have these guys ever released unaudited numbers?
As you can probably tell, I bought based on TA, but I don't like to be purely dependent on Momo. I don't want to get shook out too early by MM's shaking out those looking to take profits before the big pop.
Ren
Hello All,
Do any long-time watchers of this stock have some conservative ideas as to where this pps should go based on the fundamentals of completing the LOI?
Best I could come up with based on PR's...
Net Profit/Earnings $3,000,000
O/S 376,500,000
EPS $0.008
P/E 15
Price Per Share $0.12
Been watching this for a while and bought a taste for the fun of it around .014. Would love to ride this "wave" for 6 months or so at least. Just really wanted to say hello to the board and get a few of your thoughts...
Ren
Brother Roach,
So you think that MM's walked it up after buying enough cheap shares so they can turn around and sell them off to new folks and then walk it down and buy them cheap again?
That's all I can come up with.
Maybe we should have been forewarned to look to the East on the 5th Day to the rising of the sun? Maybe Paul Alonzo will come riding to our rescue with a legion of PR's that will chase off the pps-beseiging MM's?
Okay, sorry, took it too far with a little LOTR's Two Tower's spin-off, huh?
Ren
Anyone have any explanation for the trading pattern as of late yet?
First we're comatose for a month. I mean the RSI was flat lined and the MACD barely had a positive heart beat. Then suddenly, this things got a heart beat (though not what I'm really after for the pps). Then for no reason, on 12/14 we get 3 times the normal volume, and trade from a .011 open down to .007 and back to close at .01. Oh yeah, AGAIN ON NO NEWS AT ALL (at least public). Now we find ourselves stuck with much lower volume than normal and it acts like it can't break above .01 though I can't seem to establish why that would be resistence.
Any ideas? Consolidation and profit taking from .006ers? Expectation of future PR's? WHAT THE HECK IS GOING ON WITH THIS STOCK. ANYBODY, BUELLER, BUELLER? It's almost as strange as BIGN moving on no news, except board sentiment there seems to be that good news is coming and PBLS started moving before folks started says "January, January..."
Someone help a brother out.
Ren
Anyone know the scoop on "Corporate Funding: Energy Investments, LLC" from the organization chart? Never noticed them before. I did a quick google on it to no avail.
Also, last post today though as I guess I only get 3 total when you first sign up? Oh well. My baby daughter just got her first "walker" and we're all cracking up watching her bump into stuff (like the dogs!)
Good night.
Ren
My wife is actually setting the Tivo now. I've never been bright enough to figure it out so I let her do it, which is why I get Dawson's Creek, the View and Law and Order episodes until I want to puke!
It's been great to see that this thing is not breaking down below the .023-.025 resistance much considering a bit of commotion over lack of the commercials. To me that shows a lot of trust in the company by the investment community.
Hopefully by EOY we can get above that .04 barrier and beyond...
Ren
Hi Everyone,
Long time lurker and I thought I'd finally sign up and throw in my 2 cents of DD. Found this online today, though it looks a little old and probably irrelevent.
October 11, 2006
“Phoenix now has the opportunity to pursue a contract with the U.S. Core of Engineers to sell up to 3.5 million tons of overburden and has just received a proposal from a third party to remove 2.5 million tons of overburden. The overburden would be removed from a specified area where a new mine site is being developed and is not “strip mining.” It is estimated that the overburden could be sold for $3.00 per ton. The cost to excavate and load the trucks will approximate $2.45 per ton, thereby leaving a Gross Profit of $.55 per ton. Phoenix must then pay payroll, insurance, electricity and other miscellaneous costs, estimated to be $.30 per ton. This leaves a profit to Phoenix of $.25 per ton. Phoenix has authorized me to offer a payment of $.10 per ton to Mitchell.” Thomas E. Schafer III
The judge had earlier ruled that Phoenix is not required to pay royalties on the overburden per the terms of the original lease, but Phoenix has to have Mitchell’s approval on a contract to contract basis. Looks like Phoenix is trying to play nice by offering the royalty anyway. Sadly, Mitchell failed to respond in a timely manner and so the contract for the overburden was lost. Thankfully, the sell of overburden is really just “icing” on the pit business. It’s more of a nuisance to mining than a money maker and any time you can sell it it's a win-win.
Also, came across this on line as well as I remember a few months back when the board was arguing on the value of the 2.5 million contract for “material” with the Army COE.
“1.5 million cubic yards translates to 66,000 tandem dump truck loads of dirt. The calculation goes as follows: 1 cubic yard equals 2,200 pounds, so 1.5 million cubic yards equates to 3,300,000,000 pounds, or 1,650,000 tons. As one tandem truck holds approx. 25 tons, 1.5 million cubic yards equals 66,000 tandem truck loads.”
So then 2.5 million cubic yards, that would be 110,000 tandem dump truck loads. Any guess on what those loads would sell for on average considering they might include a combo of sand, gravel, overburden etc.?
Thankfully it would seem that the Gravel biz is much less of an importance these days than other parts of the business. Boy would I love an update on the Oil/Gas side of things, but PR's seem to always hurt the pps which right now seems to want to resist slipping back into the old low set in November of .006.
Also, NV real estate market is not that bad. In fact, like Florida, most of the indicators show a soft bottom and REAL investors are buying now. California is the only scary market still. If PBLS picks up some RE in NV it is a good play in my opinion as long as the holding costs don't overly effect monthly cash flows. I've always been of the opinion that cash is good for a buy-happy company.
My list to Santa...
PLEASE let us get back to at least bouncing off the 50dma weekly like we did before July! Is that too much for a humble PBLSer to ask?
Ren
IMO DYODD