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The way I see things now, after the R/S announcement, is obviously much different than before it. Either one of two things is going to happen and neither one of them is shareholder friendly.
I believe that if the R/S fails, CB will put the brakes on the company...whether he is forced to do so because of a lack of money or whether he does it out of spite for not getting his control of the company. Yeah, we have some potentially good PR's that CB can release. However, I no longer trust the man. I think he will try to "really show them damn shareholders who they are messing with" and find a way to either withold the drilling results or completely ignore their release until a time in the future when he can maximize his profits...maybe after he disolves the company?
If the R/S passes, CB steams ahead. Yeah, my shares get slashed, but CB has more motivation and resources to get the pps up to a point where I can get out without a loss, maybe a little profit. I outlined a possible plan yesterday that I think CB may be trying to accomplish.
What we all have to realize here now is that this stock is not going to make us very rich, as most of us once believed. IMO, many of the AGAINST voters have not realized that that dream is over. Tell me how, knowing CB's track record, you see this getting up to even .50 if the R/S is voted down. I am all ears. All I have heard up to this point in time is the concept of taking over the BOD. I think we all know that is complete BS.
For the record, I do not agree with the R/S. I think it is disgusting what CB has done with this company and to the shareholders. However, I want my money back and IMO giving CB what he wants right now is the way I can get it. Call it what you want, but I am not about to lose my entire investment because I was too proud to admit that I had been swindled by a dispicable human being.
The only way, IMO, AMEP loses JB is if the R/S fails. Losing the land would be the minor loss compared to the possibility of also losing Proco (if things turn sour), which JB owns. That would mean starting over again with a new operator.
While I understand we are getting totally screwed with the R/S, I am more inclined to vote for it and hope CB runs the pps up before oficially filing for the R/S. I really think that is the only way any of us can get out of this making some decent money.
Does anyone know:
If the vote were to pass for the R/S, when would the R/S actually occur? I seem to remember reading that it was a matter of filing the paperwork and that it did not have to occur immediately.
I am thinking/hoping that CB has a plan here. See if this makes sense:
CB obviously wants the R/S to pass. After the vote, he holds off on filing the paperwork for a period of time while driving the pre-R/S pps up with news of successful wells (of which he probably already knows about). It would not take much to get this up near .20 prior to the R/S. Post R/S, that puts the shares at $5.
If he were to file for the R/S immediately, the pps would be around .50. It would take A LOT more here to get the pps from .50 up to $5.
Is that feasible?
You have about 30 holders that confirmed AGAINST and 4 confirmed FOR's. That's a long way to 420 (total number of record holders last I heard). Additionally, this venue is much more accommodating to the AGAINST voters, so the FOR voters are probably just not even bothering to report their votes.
To say the R/S is "toast" is very speculative. IMO, it is going to pass, against all our wishes, but it will pass.
So, only 45,000,000 "Against" votes here so far. Out of about 500,000,000 that is not quite going to get it done. You don't even have the Quorum.
What do I think?
I think I need to know a lot more about yourself, your credentials, your experience, etc...if, indeed, that is who you are proposing to take over on the BOD. Who else would be on there? What do they bring to the table, other than being available to post on I-Hub at a minutes notice? I still can not take seriously a BOD made up of a bunch on posters on I-Hub and RB.
I agree that CB and the present BOD leave a lot to be desired, but let's get real....replacing them with I-Hubbers is not the solution.
That's what I think.
There are only two things that can happen here.
1. If the R/S gets voted down, CB says f-it and we all lose. You honestly think he's going to be eager to make us money after we reject his proposal?
I completely dismiss the "fire the BOD" strategy, because I highly doubt that any one of these guys sitting on their ass all day typing messages to people they don't know is going to show the initiative, have the experience, front even more money and travel back and forth to Texas in order to organize a takeover of the BOD. Even if they did, who is going to replace the ousted BOD? How long would that take? You think new investors are going to flock to AMEP once they hear Mrditbme has replaced CB on the BOD?
2. If the R/S passes, we at least have an outside chance that CB is going to do what he has been telling us all along. Yes, there is the negative connotation that comes along with the R/S, but hopefully some good production numbers will alleviate that.
All I am looking for, personally, is a few cent jump to my dollar cost average and I am out. I think those couple of cents are more likely to be realized with a satisfied CB than a disgruntled CB...and certainly more likely with a satisfied CB than with a few random I-Hubbers at the helm.
What makes you think that replacing the BOD is going to (1) be easy (2) not take a tremendous amount of time and money and (3) help the pps much?
Where is your resume? Where is the resume of the proposed, new BOD candidates? Who are they, anyway? A few posters on here that come across as having a probably Google-backed experience in the O/G industry? The guys who post on here that have the fewest misspellings and grammatical errors? I know, I know....they seem intelligent and they seem to know an awful lot about drilling. Let's vote them in! Besides, probably not one of them is from Texas. Are they really willing to actually travel to honor their BOD commitments/duties? I'll bet hardly any of them has even been down to Texas to visit AMEP even at this point.
My take on this whole fiasco is this: The R/S proposal sucks! The timing of it sucked. The pps right now sucks. The company's communication sucks. However, I (along with a lot of you) are still in this for one reason or other. Personally, I have always felt that this company had huge potential. I still see that potential. The oil and gas has not gone away. The rigs and leases are still there. Yes, CB really f'ed up things for all of our plans to get rich and retire early. However, I do feel I can get out of this at least at my break-even point, maybe even make a few bucks. I do not think a new BOD's composed of I-Hubbers is the answer. Not only that, but you think CB was pissed off after the reaction from the "It Rained" PR? You think he doesn't PR much now? Wait until you vote AGAINST his plan! I can honestly see him saying, "F them, I'll show 'em."
Having said all that, I am hesitantly voting FOR the R/S. I do not mind CB making a bunch of money....as long as I make some (or at least break even at this point). I don't mind losing my voting share, because I do not plan on being around long enough for it to matter. Right now, I want to keep CB happy, so he can keep producing oil and gas in order to get the pps up to a point where I can exit.
My take may sound naive, but I know for a fact two things:
(1) A new BOD made up of posters with questionable (if any) O/G experience, whom I have never met, who are spread all over the country is certainly not the answer.
(2) Voting against the R/S and pissing off CB is going to be worse than voting for it.
The only choice left is to vote FOR the R/S...and then get out after CB finally does what he has been telling us he would do.
GLTA,
Curlyjoe
It's because he is a private investor in that well. The private investors get ongoing information on the status of the wells that they have invested in.
Just how long have we been saying that this is "undervalued"? At some point, someone has to step up and take the blame for that. Or, are you all willing to give them a life-long free pass?
Sorry, but I don't see this as a win-win. I see this as a big opportunity wasted. I may be in the minority here, but I just think these guys are up to something. Whether it is good for us shareholders or not, I have not completely decided yet...but I know which way I am leaning.
In my opinion they should have released all the good PR's (the long list that Contractor has been compiling for the last two years). If they were as positive as everyone is predicting, they would have propelled this pps to a multiple of where it is now.
THEN they could come out and say something to the effect of: "Now that the drilling program has been proven several times over, management is seeking to raise capital by appealing to larger investors. In able to accomplish this, it is the Board's recommendation that a reverse split be initiated thereby allowing the Company to trade on the NYSE."
Seriously, we have followed this dream for two years with absolutely nothing to show for it. If they proved up the wells and then asked us like above, we all would have gone along for another ride.
The way they went about it is only going to act like a weight on our shoulders and undermine any increases we may have gained from the positive PR's that are hopefully in the future.
They just can't seem to get out of their own way.
Logic did not prevail....
There was no reason to put out that PR on Friday. I don't care how the pumpers see it. They could have put that RS PR out after all the other "positive" PR's that everyone is expecting. They could have driven the pps up to over .20 and THEN announced their plans for the RS, along with a very good reason as to why they were seeking it (move to NYSE, increase capital, etc.). But, no, it seems as though they want to keep the pps down.
These guys are dumb like a fox and there is a very good reason why they released these PR's in this order....and I am not convinced yet that it was for the good of us shareholders.
Haven't you learned that this has nothing to do with charts? I am basically a neophyte and I realized that about a year and a half ago. This PPS is 100% derived from PR's.
If you need proof, go back and look at all the "Golden Cross" speculation.
Hold on a second here. Most of us have been in this position before with this stock. No news has been released and we run up close to a penny and everyone starts talking about how rich they are going to be and how good a job CB is doing. The fact of the matter is, we don't know why this thing ran up today. Could be MM's, could be upcoming news. But we have seen this before...and then we end up back down (or below) where we started.
What CB needs to do is provide a steady stream of good results that shows the market he can drill. To date, he has not done that. Not once.
We know he can purchase a drilling rig with our money and we know he can file permits, but can he drill and hit O&G? I think most of us just assume he can because we want to believe it. We (and the market) need proof that he can do what we say he can.
After all, there are only about 400 record holders. How many more can you attract with this sort of silence? My guess is that the cat is not yet out of the bag and that today's run-up was the MM's doing what they do.
Maybe I am just being pessimistic because I have had a sh&tload of money in this for two years and have seen this way too many times and have not made all that much on my investment. However, something tells me that if there is not news tomorrow morning, we fall right back down to 0.58. I really hope he proves me wrong.
What I don't understand is why would they release the 10Q early, knowing that they were not going to be releasing any news this week? Why not just release the 10Q on Tuesday, when it was due, and buy yourself some more time?
These guys really aren't thinking, IMO.
I think he was joking with you, Tom Cruise.
You are dreaming!
Not so sure about that. I've been here for 2 years and it has still not been proven to me that CB knows how to run a company. He hasn't even proven that he can drill (as everyone always seems to give him the benefit of the doubt on). I am pretty close to getting off this ship as it is and if I could more than double my money before doing so, I would be very happy.
Still willing to hang around for a while since I do see tremendous potential, but just not convinced CB is the guy to get us there.
The problems I have with this company are...
1. How long do they expect us all to wait? We have given them our money and I am sure they have spent it. Not to have received a PR of some sort by now is just insane. Pretty much the same complaint everyone has.
2. If they are waiting on PR'ing the Padget 11 or 12, what are we to assume about the others that came before them? The Hart 8? What happened to that well? I remember about a year ago the anticipation about that one was just as great as we are feeling now with Padget 11 and 12. Pressure was great, they showed a video, etc. Will we be talking about the Evans-Overstreet wells next year at this time, having not had a PR about the Padget wells? They need to let us longs know what is going on down there.
3. They are creating an atmosphere that is a flippers paradise. I have held long for about two years and have recently began considering flipping my position. I am sure other longs are considering the same.
4. They give the longs no reason to hold on. How many times have we seen the pps go up and then back down because the company gives no indication (PR) that things will continue to be positive. We constantly are losing any gains that may have been realized. As it stands right now, they could issue a great PR tomorrow and we will probably only get back up to, say, .09.
5. Getting tired of "assuming" that a PR will come out "after close" or "tomorrow". I'm getting to the point where I am wondering if we will ever see another PR.
CB: LET US LONGS KNOW WHAT YOU ARE DOING WITH OUR MONEY! YOU HAD NO PROBLEM TAKING IT FROM US!
Sections 55-65 of the Investment Company Act of 1940 do not mention anything about a review period for the N-54C. It's all legalize that have been reviewed as part of the Pre-14 and Def-14.
Sorry, Rook, if I stole your thunder but the topic still kept coming up.
I saw that also as it was pretty clear in the Form. Some on here just seem to look for reasons as to why we have not heard anything. Got to the point where I needed to hear it straight from the SEC, just to quite all the speculation.
Regarding the "review period" by the SEC:
I just got off the phone with a legal adviser for the SEC. There is no "review period" required for the N-54C. The review was handled during the Pre and Def-14's. Filing of the N-54C is effective immediately, as stated on the form (instruction paragraph a).
Hope that puts to bed all this speculation that we are in review. The company needs to step up to the plate and inform the shareholders of where their money has been going.
You can also place buy orders, not just sells.
I never did understand why people blame the MM's for the lack of upward movement with their investments. I guess it's most convenient. Don't get me wrong, though, I know they play games. But it's the company's job to prevent that. AMEP hasn't put out a substantial PR in probably 1-1/2 years. People see this as a stock that can be flipped based on the past performance and the management's inability to install confidence in its investors. That has not been achieved yet.
I do believe that there are much better things ahead for this company, but to blame the MM's every time the pps doesn't live up to expectations is just fooling yourself.
Today's Proxy Update:
I have been posting Proxy Updates for the past week or so. Apparently, no one has reported to have received a proxy as of yet. All I can say is that I am only posting what I find out through telephone conversations with ADP, transferonline and Joe Christopher. I know the timelines have been off, but I am only reporting what I have been told.
Having said that, this is what I just learned from ADP (who have not been very helpful in the past, but were during this call):
ADP has just today received the proxies from the company (AMEP). They have 5-days to send them out to the electronic brokerages. Anyone calling their electronic brokers will probably get the same response; that they have no idea about a proxy.
I specifically asked about those who have been given the 12-digit code for electronic voting verbally from their electronic brokerages. They told me that was not possible (or at least that the code they were given would not work) since they just received the proxies today.
At this point in time I am not sure who to believe, but here is a breakdown:
1. JC says it has been out of their (AMEP's) hands for some time now. He told me a week and a half ago to call my electronic brokerage if I didn't get anything within a few days. My e-brokerage (E-Trade) has had zero info with respect to the proxies.
2. Transferonline says that their Proxies have been snail-mailed. They had previously told me that ADP had all the info and was mailing theirs out on Monday or Tuesday of this week.
3. ADP says that they just today (3/1/07) received the go-ahead from AMEP and that they have 5-days to email them to the electronic brokerages. They say we should receive them next week.
That's what I know as of my last call to ADP. Take it for what it's worth. Hopefully, someone should be getting the proxy via snail-mail very soon and can report it here. Looks like electronic voting is off until next week. Per ADP, anyone given a 12-digit code for electronic voting was provided an old or expired number.
Here's the way the Proxies work:
Depending on how you bought your shares, you will receive your proxies from one of two companies. The first company is the Transfer Agent. They will be mailing out the proxies by Tuesday at the latest as I mentioned earlier.
The second method (which most of us probably apply) is if you bought your shares through an electronic broker. While your broker's methods may vary on how to distribute, they all receive the Proxies from a company other than the Transfer Agent. Apparently, this is the company that has been holding things up.
The man I spoke to (Transfer Agent) was not sure whether the second company would be sending out electronic notification or not.
Either way, voting will be possible via any of the following:
1. Mail back your votes.
2. Over the internet.
3. Fax (Last resort if voting late).
All votes must be received the night before the meeting.
Hope that helps.
Oh yeah...nice close!
Update on Proxies:
Spoke with the TA. The Proxies are "printing as we speak" and will be mailed out on Tuesday at the latest. They will be snail-mailing all of them. There will be no electronic notification.
That's the job of the transfer agent. The ball has been out of AMEP's court for about a week. All the information is now with the transfer agent. It's up to them to mail/email out the Proxies, which is scheduled to happen at the "end of this week". I would think that by Thursday or Friday we should start receiving them through our electronic brokerages. If snail mail, early next week.