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I wonder if he has been quiet because of this:
Cornell Capital Partners, a hedge fund that specializes in finance for ailing penny-stock companies, is being investigated by securities regulators for its trading activity in shares of nine companies.
The Securities and Exchange Commission investigation of Cornell stems from a broad-based regulatory inquiry into allegations of manipulative trading in the $17 billion-a-year market for PIPEs, the Wall Street acronym for private investment in public equity.
One of the allegations regulators are looking at in the PIPEs probe is that some hedge funds routinely shorted a stock once they learned a PIPEs deal was in the works. Regulators contend that such premature short trades are illegal, because knowledge of such deals is confidential, nonpublic information.
Hey guys and gals what about this information?
Cornell has provided financing to more than 120 speculative, mostly money-losing companies, many of which trade shares on the over-the-counter Bulletin Board. In the third quarter of this year, Cornell was the ninth most active PIPEs investor, sinking $38 million into 10 different deals, according to PlacementTracker, a private placement research firm.
The PIPEs market has been a profitable niche for Cornell. In 2004, it realized a $20 million net gain on investments, according to the financial statement. It took in another $3.4 million in investment income.
The investigation of Cornell began in July 2004 with the SEC requesting information about its "funding of and trading" in shares of Bio-One, a defunct nutritional supplement company that had operated out of Winter Springs, Fla. Cornell had been the primary investor in two PIPEs deals that raised $25 million for Bio-One and enabled the company to make two small acquisitions.
By this summer, the SEC investigation had expanded to include eight other companies Cornell had invested in. The audit doesn't disclose the names of the other companies. However, the 13-page report notes that Cornell received a subpoena from the SEC on July 18, 2005, seeking documents "related to the funding of and trading in the common stock of Bio-One and eight other portfolio companies in which the partnership is invested."
One of the allegations regulators are looking at in the PIPEs probe is that some hedge funds routinely shorted a stock once they learned a PIPEs deal was in the works. Regulators contend that such premature short trades are illegal, because knowledge of such deals is confidential, nonpublic information.
Shaking out more shares at a low price. I am picking up the low hanging fruit and loving it.
Anybody see the Nightly Business Report tonight? Talked about the naked shorting phenom. Did not sound like much would be done about it though.
I hope you are right. I think this has potential to make longs some money. Just taking longer than I wish. Good luck.
Thank you for the buying opportunity!
The post by duelittle2 should have been on the 'PBLS-Free Zone' Board at http://www.investorshub.com/boards/board.asp?board_id=4459.
To me this is by someone who wants to shake shares away from PBLS longs. Why?
News Release Aug 03, 2005 --
Phoenix Associates Land Syndicate (Phoenix) (OTC: PBLS) today announced that Dennis Kowalski of Kowalski & Associates has completed an initial review of the Company's Balance Sheet for the period ended December 31, 2004. This balance sheet, while unaudited, represents that the total stockholders equity (net worth) of Phoenix is about $39.7 million. Mr. Kowalski's firm has been contracted to audit 2003, 2004, and 2005 and will work in conjunction with the law firm of Dickinson/Wright to help make Phoenix a fully reporting company by mid to late 2006.
PBLS is making strides to come back from near bankruptcy and has grown significantly through acquisition and development of current assests. They WANT to make the next move up to a different board. Audited results are underway to facilitate that move.
Just read the header press releases or go to PBLS website to get more information or pinksheets.com. The closing of the Progas deal will solidify for me that the company has turned around and is making money making deals. That does not mean I don't have questions but this is a risk worth taking.
No disrespect to duelittle2 intended.
Chomp. Chomp. Yummy and delish.
Due to the following:
Acquire Pro-Gas ($190M in Revenues)
Share repurchase (up to 100 million shares)
Phoenix Associates Land Syndicate (Pink Sheets:PBLS) announced today that the company's Mid-South/Rome Oil & Gas Division has secured a new oil lease in Wyoming consisting of over 2080 acres. Recent geologic surveys suggest that the estimated reserves of this lease will increase the company's existing oil reserves in the state by over 162%, from 5 million barrels to approximately 13.1 million barrels.
The Company indicated that this new oil lease is located in the State of Kentucky in an area conducive to air rotary drilling. Rome Oil plans to drill five new wells on its leases in Kentucky prior to the end of 2005. The Company estimates its provable and accessible oil reserves in its Kentucky leases to be in excess of 300,000 to 500,000 BBLS.
Phoenix management anticipates that the acquisition of the residential construction company will add over $2 million in revenue and be accretive to earnings in the current fiscal year alone. These estimates do not include revenue that could be realized from the post-disaster rebuilding effort in which CNN.com, subsidiary of Time Warner (NYSE:TWX), has reported that between 140,000 and 160,000 homes need to be leveled and rebuilt in and around New Orleans.
And with the shorts needing to cover due to the share repurchase I think we will be near .50 by year end and much higher year end 2006. Next year they should get off pinks and move to bigger (less manipulated) board.
We were in the green today...go BIGN
Good post Cowboy. You hit the nail on the head.
lowman - I checked out your recommendation. I was amazed at the technologies. It sounds facinating. I was also impressed by all the insider buys. Why the steady fall from March though? I could not see or find any reason for it unless people just took profits off the table or shorting which happens all to much with OTCBB and pinks.
Thanks again.
lowman - picked up 1000 more after the filing after the price fell. Snow flurries now after cold front went through. Good sign for natural gas consumption, not homeowners using it. Meridian should move soon to the upside.
Thanks also for your reply about Pinedale Anticline natural gas reserve. Seems to be an impressive quantity of natural gas that this country needs.
By the way thanks for the welcome and thanks for the board. Love the header information. Looks like a good company and this board generally agrees with my DD.
No not me selling. But I saw my stake in this fall to nothing with that extra zero. Wish I had been the buyer!
And I had a heart attack...
Thank you. I will check them out.
lowman
I have been looking at the Pinedale Anticline natural gas reserve. Looks like a monster. Two companies I like are Ultra Petroleum and Questar. Are there any OTC BB/Pink sheets in the area or have the big boys knocked them out?
Well I guess I may have been wrong... TSENG HUI HSU, Michael Ross and Colwood Enterprises sell 570,000 shares Friday.
*For a period of 180 days from August 25, 2005, convertible note holders have the option to purchase an additional 544,500 common shares at $5.00 and 272,500 share warrants at $6.00.
That makes it February that this needs to get above $5 or $6 to make it worthwile for the note holders. The news of the deal I think is good. It will cut costs and not seriously hurt shareholder value.
Do you know this stock has been shorted?
Yes me as well. I have lightened up my holdings as I see dilution. Cornell is wasting that company. 250million shares 2003, 480million shares 2005, 680million shares projected 2006 after Cornell cashes out. The mantra to wait for MSFT or GOOG or someone else is not my cup of tea. I have owned for sometime but as I said I have lightened up. The potential is there but when the word registry just limped out I really started to look more closely at revenue(lack of it).
One Indian/Canadian/US company I am holding is GGR. Check it out.
SeriousMoney and Mickey10305
Love the board and the humor...makes losing money a little easier to take, only a little though.
Good post...I am still laughing and scaring the dog.
Who sent the letter?
Now that I have read the filing...PVMCF stepped on their own you know what. They did not execute to plan. I hope they turn it around.
Bring it on...nice photo. I remember that winter...boy was it cold!
urghhh! What a bath today! I just got home and checked my account. Energy took it on the chin. A lot of my stocks stop lossed out! The prediction of a mild winter, the oil execs in DC and Refco are killing us....I picked up more yesterday. Better deal today.
You are right it does not make sense. The trade at 1:47:51 was mine. I find it weird that there is a trade for the exact amount 31,300 6 seconds earlier and that there are many trades that are doubled. They are counting both the buy and the sell side! And the price does not match.
zigbee,
I just see the two buys as well. What do you think this means?
Still a ways to go in my mind. Depends on how fast structure of company is fianlized and how quickly they can train the people to establish the hydroslotter on the wells. Then there will be revenue flow leading to greater interest and a need for another venue for trading. Sarbanes Oxley also affects same.
They have an acting CEO with this set up:
Paul Smith, Pres.; Peter Rowe, Dir.; Rick DeRosa, Controller
Paul Smith signed for the last report filed. I assume they want their own man as CEO since the company has become a G&O company now.
futrcash
Enjoyed the post. Good job.
You are right. Go NEOM.
Beautiful countryside there. I have been there. My user name is a combination of my childrens initals. I think I will change it to washingmachine though, since I have agitated so many on the board.
Does angelhill mean anything to you?
I forgot...GO NEOM!
Thanks for the post. Your timeframe when reading your post did not sink in. It is what is in the 2nd of your links that I find troubling, in the recent amendment.
Following the
acquisition of BSD (assuming a NeoMedia stock price at the effective time of the
merger of $0.357, which was the volume-weighted average price of NeoMedia's
stock for the five days preceding October 24, 2005), if NeoMedia sold to Cornell
Capital Partners, LP the remainder of the 200,000,000 shares previously
registered under its Standby Equity Distribution Agreement, and if all options
and warrants were exercised, NeoMedia would have up to 689,838,179 shares
outstanding.
I hope it does not happen...
Hey I got my name spelled right this time. I obviously don't have the money to burn you do to not worry about "where's the revenue". When NEOM limped out the word registry I took a more critical look at the company. The Google comparisons were in response to posters talking about it. I merely pointed out I made money on Google.
How did you arrive at the 1.4% dilution?