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Luke, you stated: "I don't know about Kiefhaber's case, who agreed to what, but I do know about the Ballan situation. Ballan was awarded the rights, patents, to the old Green Oasis technology and some equipment."
You're almost correct, they were awarded the rights, patents, to the old Green Oasis technology and some equipment AND $1,000,000 plus interest at 10%.
As far as my case it was a verbal agreement for a few shares of stock and it will get settled when our lawyer finds the time. You know how lawyers can be don't you Luke?
Regards
Maybe the available assets are not worth $1.8M ??
"We'll have some answers soon", are you just guessing or do you know something ?? The silence is deafening !!
My claim against the company for undelivered stock is between myself and the company. Nothing at all like Balallan's claim. But significant in my little world. I only mention it for fair disclosure.
The company went dormant around when Bill Carraway was sentenced to over a year in jail. If my memory is correct that was around 2002. Carraway went into hiding after he got out. A gentleman named Mike Carter tried to promote the business while he was away. I am guessing even he gave up when Balallan took control of the rights to the U.S. and European patents.
Forgive me if I am off by a year or two. My memory is not that good.
No I have not given up, that is why I am interested in seeing how Balallan makes out.
Oh yes, 'The infamous video', the best part was the black lab named 'diesel'. I wonder if he ate the patent? Could be, my dog eats anything.
Thanks for the laughs 'Ferick'!
Sorry 'loanranger',
I was agreeing with you in response to others on the board. It is laughable to think Bill Carraway has any intentions or means to take care of the Balallan judgement.
I have a claim against the company for undelivered stock. I documented my claim with over 100 pages of emails, copies of cancelled checks and assorted documents spanning over a year. The company presented my claim to Bill Carraway and I was told by Aldo Rotondi that his response was that he didn't know me. I am sure he will have the same memory lapse when they ask him about Balallan.
The facts are:
1) Bill Carraway owes the IRS in the six figures for unreported capitol gains. He went to jail for screwing the government. His Social Security check is garnished every month. He has nothing to offer Balallan. There is nothing to gain by suing him. Contracts, obligations and agreements mean nothing to him. I am sure the proceeds from his stock sale to CCP was never put in his name. The ultimate liability of the Balallan judgement will be the responsibility of GRNO and therefore Peter Margiotti.
2) The company knew about Balallan back in the fall of 2009. I asked Aldo Rotondi about Balallan back then and he responded that Balallan had been in touch with Peter to see if they wanted to purchase the patent for the process. I am sure they were notified of the judgement at that time.
I am finding it harder and harder to believe the present management by the day.
Where's the flippin financials!!
Paula, not to beat a dead horse here but I don't agree with managements statement that the Balallan judgement is the responsibility of Bill Carraway. They may have an agreement with Carraway but ultimately the liability is the companies responsibility. In simple terms you may compare this judgement to a mortgage on a home. It has been my experience that any agreement with Bill Carraway is not worth the paper it is written on and he has no assets to go after. Ultimately in my opinion Margiotti will be left with the tab.
The company has got some explaining to do is indeed an understatement when it comes to share count as well as their financials??? Lets hope Peter is doing the right thing and not just blowing smoke.
Have a good day all.
"Do we know how much is owed balallan with interest at this point? Seems like a lien on the assets would be possible and that will knock the free and clear right out of that statement. You said you have an agreement with them that they haven’t settled yet…..couldn’t you lien on those assets?"
My understanding is that with interest the amount is presently $1.8M owed Balallan. I don't think you can appeal a judgement. But that doesn't mean the company can't negotiate a better settlement. Margiotti appears to be a very sharp guy, I wouldn't be surprised if he was in talks with Balallan as we speak.
As far as my agreement with them, it was verbal and is only over a few shares of stock that I feel I am owed. Nothing earth shattering. I will wait and see how Balallan makes out first.
"Big-Dog' you can check out the 8K/A dated December 8,2010 yourself, you will find the answers to your questions there. Interesting reading and most informative document made public so far:
http://www.sec.gov/Archives/edgar/data/914257/000143209310000899/greenoasis8ka113010.htm
The $450K a year is 9% interest on the preferred shares that Peter and Frank were given in exchange for their 200 shares of stock in CCP. The following is directly from the 8K/A mentioned above:
"NOTE 3 – RELATED PARTIES
On December 1, 2009, the Company entered into an agreement with Custom Carbon Processing, Inc, Peter Margiotta and Frank Pelizzari, where the Company purchased all the outstanding shares of Custom Carbon Processing, Inc. from Peter Margiotta and Frank Pelizzari, personally, in exchange for Custom Carbon Processing becoming a wholly-owned subsidiary of the Company, with no debt owning to the previous owners.
Peter Margiotta and Frank Pelizzari were issued 1,000,000 Preferred Series A stock, par value $5.00, equally split, 500,000 to each party, in exchange for their 200 shares of Custom Carbon Processing, Inc. and any outstanding shareholders’ loans and interests in Custom Carbon Processing, Inc."
Also, any denial that the company did not know about the Balallan judgement over a year ago is total BS. That was the first thing I asked Aldo Rotondi in a phone conversation back in 2009. If I remember correctly he blew it off and said it was being taken care of. I am waiting anxiously to see what management does with the problem now.
"How is your "amicable arrangement" working out?"
Not so good so far 'big-dog'. I am waiting to see how Balallan does at this point. I knew eventually this judgement would surface. At this point there is no sense throwing good money after bad.
Wish me luck !!
Yes Paula, the Net Operating Loss carry forward is an asset of the shell and has value to offset federal taxes on future earnings. Key word here being earnings. To a profitable company the NOL's should be worth as much or more than the Balallan judgement. I believe the NOL's have a twenty year expiration period which should be more than adequate. Again, as I have stated numerious times before, Margotti would need the companies past tax returns and supporting documents to take advantage of these losses.
All my opinion as usual.
Good morning 'big-dog', let me help to clarify a few things in my opinion of course:
1) Green Oasis is a Florida corporation. (see sunbiz.org) It is the same company as it was in 1997 and before, Margiotti is a majority shareholder. The only changes are the new shareholders, new officers and roughly 70M more shares in the float.
2) The assets include the shell and along with that goes the liabilities acrued over the years.
3) The technology they are presently using has no resemblance to the old technology so there is no patent issues.
4) Balallan is an investment company in New York City that lent Green Oasis money about 10 years ago. Upon default they recieved a judgement in their favor against Green Oasis in a NYC court. The judgement has been recorded in NY, FL and has just now been recorded in the state of Wyoming. The amount presently is $1.8M and abviously they are in hopes of collecting on it.
5) The good news is that with oil at $100+/barrel the company could easily work out an amicable arrangement for satisfying the judgement and still be profitable in the near term. It is not a death sentence if the company has been truthful on their income projections.
It will be interesting to see how Peter Margiotti reponds.
Now you lost me buddy. Let me see if I can make this a little clearer. Mr Carraway lost a sh-t load of the investors money on a losing business. In order to claim these losses against future earnings someone would have to know where the old checkstubs are. End of discussion.
Done, over, out, goodnight!
"GRNO has had operating losses of well over $10M since it's inception."
The NOL's are public information available in the older 10K's from Carraway' days. I don't have time to find the exact numbers and I don't think anyone cares enough for me to take the time. The investors as well as the insiders lost a lot of money on the dream.
"This would have been negotiated when they acquired the shell from Carraway."
What I meant to say is that Carraway would have to cooperate and provide all the accounting documents etc.. He could very easily say he lost the records and Margiotti would have no legal means to make him provide anything. Mr Carraway has lost most of his fortunes as well as a lot of money for his friends and family members. At this point he is in hiding in the mountains of NC and I believe he is living with many regrets. He burned a lot of people including myself acting as president of GRNO. The bottom line is that he lost the most and I don't think he will cooperate unless it was a requirement tied into the sale of his stock in 2009.
NOL's are of no value unless you have income to offset. GRNO has had operating losses of well over $10M since it's inception. The IRS has strict rules for an acquiring person or entity to assume these NOL's. The new GRNO would not be taxed on the first $10M of profit. I would imagine the ongoing tax returns as well as supporting financials would be a necessity from the years that you claimed the losses. This would have been negotiated when they acquired the shell from Carraway. The company makes no mention of it so I am assuming that it is a no go. I am not an accountant but it is a simple subject to research.
As far as SEC filings that is Margioti's problem at this point, I hope he gets Carraway's cooperation because he will need it to satisfy the SEC and bring financials up to date.
All in my humble opinion, of course.
The one big thing you all are forgetting is the Net Operating Loss (NOL's). The accumulated NOL should be over $10M. This NOL does not expire for some time and is worth a few million in federal income tax breaks to a profitable company. Key word here being profitable. Certifying the financials would be well worth the effort in my opinion.
'bigoldog', buying the shell and awarding themselves 50M shares is also a very lucrative exit strategy for management. The only part of the puzzle I can't figure out is how they plan on cashing in on restricted shares. Maybe they have different rules in Canada, or maybe they are planning on waiting until the restriction is lifted.
Good morning Paula. You are correct, the approximate $10M in tax write offs or NOL's (net operating loss) accumulated over the years should be worth several times the $1M Balallin Judgement to a profitable company. Somehow though I am doubtful that GRNO qualifies for the NOL carry forward or they would have touted this as an asset in their early press releases. But then again without the updated financials we really don't know.
As for the value of the patent, I believe it has practically run it's 17 year life and certainly would not be worth what it was 10 years ago. I was told that the company had been contacted by the patent holders about a year ago and it was decided not to go that route.
Where's those damn financials?
'bigoledog', the cost of preparing a company for a listing and an IPO can be close to a million dollars versus a couple hundred thousand for a shell. The real advantage is the time element. A full blown IPO can take a year or more to accomplish. To take over a shell you just need the insiders to agree to sell their worthless stock to you for a few pennies a share. Then you elect new officers and print another 50M or so shares and you never skip a beat. GRNO really has not stopped trading since the shutdown in 1997. Only the players have changed.
Does it smell like fish!! I think I smell it too!!
It is hard to follow this message board with all the deleated messages!!
"roadie", I too have a claim against the company along with a couple other shareholders. Several months ago one of us met with Aldo Rotondi and we agreed to a deeply discounted settlement. Since then the company has chosen not to honor our agreement and will not answer any of our e-mails or phone messages. So to answer your question I have not talked to management in over 60 days. At this point I must decide if my claim is worth the legal fees. I could spend easily $20K making my attorney happy and recieve a judgement in my favor then sit on the sidelines with Balallan Ltd hoping someday to collect on my judgement. For now I prefer to wait and see if the company has any value. Seeing their
updated financials would be a good start.
Have a good day!
Paula, I have found the case number for the Balallan Ltd judgement. You can research it yourself or you can just answer the PM that I sent to you this morning and I will send you the PDF files.
REPORT AND RECOMMENDATION
Case 1:06-cv-05959-RJD-VVP Document 35 Filed 04/27/2007
UNITED STATES DISTRICT COURT
EASTERN DISTRICT OF NEW YORK
I hope management has responded favorably to this judgement. It would be reassuring as to their commitment to the companies future. I am looking forward to hear their response.
Have a good day.
Paula, if my memory is correct the loan originated in 2002 and Balallin Limited sued in 2006 in a New york court successfully. The judgement was then transfered to Florida and registered there in 2008. I am travelling at this time and would be happy to share the info with you when I get home. In the meantime I have PM'd you.
Have a good day all.
Paula, be easy on 'packerjack', he is a good guy and after 14 years of being invested I am sure he has just had enough. I too have been following the company for over 14 years and am having a hard time with believing present management and their projections. It is quite odd that there is no history on the internet of any of the officers other than Frank Pellizzari who you assume worked for his families farm. If you can find anything specific on any of the officers I would be happy to see it. You can start with Peter Margiotti, who did he work for last or what other companies did he own?
Secondly, and I brought this up several months ago, there is a $1M judgement in favor of Balallan Limited that was transferred to Florida from New York in 2008 against Green Oasis. My attorney brought it to my attention last year and neither of us can find any indications that the judgement was ever satisfied. The reality is that when they assumed the assets of Green Oasis they assumed this liability among others. Don't let thier PR machine tell you differently. Therefore, it would be my conclusion that the company presently has no value and management has no intention of ever changing that or Balallin would have foreclosed on their judgement by now.
Like I have been saying all along they just don't pass the smell test for a long term investment. We need to see those damn financials ASAP or you will see a lot more 'packerjacks' selling after 14 years.
Just my opinion, not looking to start a fight.
Paula, I suggest you check HRAL and Aldo Rotondi for a connection.
Check the news release again, they are 'barrels' not gallons. The projected revenue would be significant. I am still not sure it was worthy of a news release. It seems they have plenty of ink when it comes to printing news releases but can't seem to find enough ink for those damn financials.
Red flags all over, I hope I am wrong.
Re: Shares
Authorized 500,000,000
Outstanding 88,752,342
Restricted 63,266,000
All numbers from Bay City Transfer as of 8/25/10
Can anyone give me the name of any of GRNO's customers that are supplying the slop oil for processing?
Amen, Big Dog !!!
The new regime has had control of this company for almost a year now and we get fluff for news. Show me something real and I will throw some real money at this stock. Financials would be an excellent place to start !!
Any rumblings on when the financials will be completed and filed?
I thought I saw a message last week about the filings having been done and now it appears the message has been removed??
Thanks in advance.
Financials wouldn't hurt either !!
As per Tom Curtis, president of Bay City Transfer, "As the Transfer Agent we can tell you that there are 87,062,742 shares outstanding and that 62,300,106 are restricted". The float is the difference of the two or 24,762,636 shares. This information is as of last Friday the 12th.
The authorized outstanding shares are 2 Billion as per the sunbiz.org website.
Just the facts, please don't shoot the messenger.
Well excuse me!!! I guess I won't be playing in your sandbox anymore.
'seabreezing' For the record I did say the stock was restricted. I also said that was a very good indication of the investors long term intentions.
Now you are saying the CEO controls the 60,000,000 shares. Do you have a source for that? I assumed it would be the intire management group as well as any inside investors that shared the restricted. Please explain for us 'free bees'?
"pridon', all legitimate questions. I think I can answer a few of your concerns. 1)How did GRNO pay for CCP. The only currency a company has is stock. 2) What are their assets and liabilities? Don't know. Hopefully they will be filing soon. 3) How will GRNO pay for the new salt water sites? Probably more stock. 4) What is the real number of outstanding shares? Their outstanding shares went from approximately 25,000,000 to 85,000,000. Please see Investor Fact Sheet : http://m.b5z.net/i/u/10077379/i/GRNO_IFS_-_Jan8_10.pdf
5) How was the majority interest acquired? google: reverse shell mergers, from what I have been reading they had to have bought all the insider shares of the original company which was about 19,000,000 shares.
The good news is that I understand the 60,000,000 new shares are restricted. Which means the new investors are in it for the long haul. What they need to do now is get the share price up so they can do more acquisitions. Filing their financials would answer all the rest of our questions.
Yes, I am 'still' a shareholder.
I am sure they have a lot to do to bring their filings up to date. Glad to hear they are working on it.
The old company had a substantial NOL (net operating loss). Probably about 10 million dollars. Does anyone know if they can take advantage of this loss on their federal tax return?
Do any of you really know what filing 'Form 15' means ??
"Let's see those first public filings and see where we stand" ---AMEN !!! Couldn't have said it better.