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"stockholders who now will be holding illiquid securities may sue the board of directors for breach of fiduciary duty
A more obvious and egregious breach of fiduciary duty was Mr. Lanzafame's extraordinary move to sell the Myotech CSS technology at a knock down price to his own shell company set up by him with his pal Frank Terrizzi.
I can only think Mr. Lanzafame didn't realise that a DNS search of MyoCardioCare (thank you b9molecule) would reveal that he was the founder.
It was also interesting that the contract appended to the SEC filing had Lanzafame's signature as BIPH's CEO, but Terrizzi's signature as MyoCardioCare's President.
They must think Biophan shareholders are an extraordinarily naive and gullible group (!).
That said this is certainly an actionable breach of both fiduciary duty but also of securities legislation. Not the first by this bunch, and probably not the last, but perhaps the one which will break the camel's back?
For the sake of justice and good order in the financial markets, let's hope so.
Indeed.
Here's the article in question:
"OBPA's lack of unloading equipment hurts business
By MAX R. MITCHELL
TIMES STAFF WRITER
MONDAY, JULY 20, 2009
ARTICLE OPTIONS
A A A
OGDENSBURG — A wood chips supplier claims the lack of special equipment at the Ogdensburg Bridge and Port Authority is costing the area business.
"The port authority of Ogdensburg has put up several obstacles in the path of Green Energy Resources, having delayed operations nearly a month already," Joseph C. Murray, president of Green Energy Resources, said in a statement Friday. "As a result, Ogdensburg has been losing out to Albany where Green Energy Resources has already commenced operations."
Last month, the OBPA board approved an agreement with Green Energy Resources, the New York City company supplying the wood chips, to handle and store the materials from June 3 until Dec. 31. The first shipment should go out by ship soon, Mr. Murray said.
This will be the first shipment of wood chips for the port in several years, OBPA Executive Director Wade A Davis said. Mr. Murray hopes to bring 30,000 to 60,000 tons through the port each month, which will be shipped to biomass power plants and wood pellet manufacturers in northern Europe. He expects the project to bring at least 10 jobs and about $20 million to growers and truckers in the area.
ADVERTISEMENT
Mr. Murray said the main problem is the authority does not have a truck tipper, a platform used for lifting and unloading cargo trailers. The equipment could increase wood chip deliveries to the port from 500 to 1,900 tons per day, Mr. Murray said.
Mr. Murray has asked the port to purchase the piece of equipment, which costs between $100,000 and $300,000. Mr. Davis said providing the machinery is not the port's responsibility.
"This is a standard transfer, handling and storage agreement," Mr. Davis said. "Our contract does not have any stipulation that the OBPA provide a truck dump. That is strictly under the auspices of Green Energy Resources. It's not part of the contract agreement, nor was it ever promised or implied."
Without the truck tipper, the company plans to unload with about 15 walking-floor trailers that handle significantly less cargo.
"We've been helpful in many aspects of this project and put him in touch with individuals that have this type of equipment in the region," Mr. Davis said. "The need for specialized equipment has always come up, but it's always been negotiated through the contractual process, not through a press release after an executed agreement. At this point we're questioning whether Green Energy Resources is dealing in good faith with the authority."
Mr. Murray said the Port of Ogdensburg has been losing business to the Port of Coeymans, near Albany, but he did not estimate how many tons of chips are going downstate because of the lack of a truck tipper here.
Since the beginning of the month, Green Energy Resources has stored about 2,000 tons of wood chips at the Port of Coeymans, according to Stephen F. Kelly, vice president of the port. The facility, which also does not have a truck tipper, is under an agreement to handle and store wood chips for two years.
Green Energy Resources remains interested in the Port of Ogdensburg because of its proximity to a large number of wood chip suppliers that grow beech, birch, ash, maple and cherry trees, which are in high demand on the European market, Mr. Murray said.
Although Mr. Davis said he was unaware of the claim that the missing equipment was costing the port business until the press release was issued, he said he did not feel the project would be in jeopardy.
"Obviously there must be an issue there that we're not aware of," he said. "We'll be in touch with them to see if we can address the issue.""
This is the most plausible bit of the whole article:
"At this point we're questioning whether Green Energy Resources is dealing in good faith with the authority."
"Great products, horriable managment."
Actually no products now, as their "great product" has been sold at a knock down price to a shell set up by Biophan's own CEO, as b9molecule's DNS search of the domain name for this new start up demonstrated.
The other name associated with this company is another historically associated with Weiner and co (ask palacian -he seems to know about this gentleman Frank Terrizzi).
Mr. Terrizzi was also involved in that other penny stock scam, Natural Nano.
As for the management, they knew and know what they're doing. The same old crowd has ended up in charge of the Myotech CSS technology, made millions along the way, enriched their cronies at Iroqouis and still left the door open to siphon off any cash on Biophan's books to Lanzafame's new outfit, MyoCardioCare:
"After an initial sale of financing by MCC, which shall take place before December 31, 2009, before any shares of MCC Stock, or any beneficial interest therein, may be sold, by MCC, such shares shall first be offered to BIOPHAN as set forth below."
and
"the Company shall have certain rights relating to participation in future financing of MCC"
In fairness they couldbn't have got this far without the active support of some people on this and other message boards.
I said in an earlier post that I believed the transfer of the comany's sole remaining asset to another company set up and controlled by Biophan's CEO John Lanzafame was "borderline illegal".
On speaking to those who know more about these matters than I, I am assured it is actually outright illegal.
And so it should be.
"Is that better than where we were or worse?"
Now, let's see.
On October 17, 2008, Biophan elected to dissolve Myotech, LLC and distribute its net assets according to the terms of the Myotech, LLC operating agreement.
In doing so, they completed the transfer of ownership of the Myotech CSS from private hands to Biophan, a process which had been going on for several years.
Now, me and some of my friends on this and other message boards can't quite agree on how much Biophan shareholders ponied up over the years for this key asset. I reckon about $17 million all told, while others make it only around $12 million. I haven't seen estimates that come out much lower than that.
In the spirit of compromise, I'll accept the $12 million figure.
That $12 million went to TI, the Anstadts, the other private owners of the Myotech technology and a number of other folk who by SEC definition could reasonably be considered insiders (which is why the filings used to warn in upper case about the conflicts "your" management suffered from). Lanzafame through his association with TI and other parties was one of those conflicted.
The Myotech CSS asset has now been sold for $250,000 to a company set up by one John Lanzafame, the current CEO of Biophan, and the man primarily responsible for burning through all of Biophan's cash in the past three years while not advancing the development of the Myotech CSS one iota, and destroying not just the company's balance sheet, but also the pps. And paying himself handsomely in the process, including a couple of six figure bonuses.
So BIPH shareholders have lost around $11 million on the deal, again taking the conservative figure.
There have already been some who suggest that it's the shareholders fault for not approving the MegaDilution that Lanzafame demanded after having siphoned off all the shareholders' funds to toxic financiers and the various other insiders, including himself, while doing nothing to advance the company's interests.
However, he has been able to raise enough money to "buy" the Myotech CSS device - if he could raise this finance as a private individual, then surely he could have done it on Biophan's behalf -IF he had wanted to.
Frankly, this shows a contempt for shareholders which is nothing short of breathtaking (although I would argue typical and also consistent with their past behavior) and at least borderline illegal.
At least you know that, from now on, anyone who pretends this is good news is almost certainly part of a criminal conspiracy to defraud private retail investors in Biophan.
And I trust that some of you at least will not let sleeping dogs lie.
Joe learnt his lessons well from Bernei Madoff and Allen Stamford: if you're going to lie, lie big.
What's that you say, Joe?
"the statements in this release are forward-looking statements that are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995"?
No, they're not. They are total fabrications that represent a significant breach of several different Securities laws, and way beyond the protection of any safe harbor statement.
One day I hope that fact will come home to roost.
"The KDS Micronex employs Intense kinetic energy to Simultaneously pulverize and dewater"
to....dewater??
Is that tech speak for "to dry", I wonder? The jargon of the FASC high priesthood is obviously expanding.
"Its clear that there have been two sales there now."
With respect I think you're missing Charlie's point.
Actually the only thing that's clear is that FASC claim to have successfully installed two machines in Latvia.
And as you should all know by now, that's quite, quite different from saying there are have been two sales.
Sorry for the interruption. As you were.
Green Energy Resources intends to make several major announcements regarding the US domestic market shortly.
I just bet it does.
I wonder if there will be any truth in any of them?
Certainly every other GRGR PR I've seen has been a tissue of obvious lies.
Talking about obvious lies
(and putting to one side Mr. Murray's enormous humanitarian effort in sending fleets of icebreakers to rescue Scandinavia from all that unexpected ice)
I'm struggling to see why a business that's announced so many multi-million dollar contracts - several of which must already be underway, according to the PRs of the past few months - needs to borrow $2 million from private financiers, let alone $10 million.
I mean I know cash flow is important, but by my readings of Mr. Murray's past "filings", they should have enough to go on without this cash injection.
Indeed if the elementary DD any reputable lender would do showed GRGR's sales projections based on already announced contracts to be reasonable, then they should be able to borrow money at a small premium to the base rate.
My guess is that when these "further details" become available they will reveal a large tranche of convertibles or some other mechanism where Joe's new buddies can short the bejasus out of the stock using the convertibles as cover.
That will add a new element to the business model - after all, just printing shares and selling them when you want to raise some new capital was getting old, and indeed more difficult with all these folk asking questions.
You have to admire Mr. Murray's ingenuity, even if like me, you decry his criminality.
"Please provide evidence of your assertions."
I already did. Here it is again:
http://www.pinksheets.com/pink/quote/quote.jsp?symbol=fasc#getFilings
Let me know if you need help interpreting the four Form 5s which were filed yesterday to show CEO Mr. Nichols' transactions for each of the years 2005, 2006, 2007 and 2008.
On second thoughts, let me do it for you:
You will note that Mr Nichols started in 2005 with 7,812,400 shares, and at the end of 2008 held 4,981,700. This is what is meant by being a "net seller" - when total sales outnumber purchases. In this case by just under three million shares.
As for delinquency, the SEC requires that:
"Insiders must file a Form 5 to report any transactions that should have been reported earlier on a Form 4 or were eligible for deferred reporting. If a Form must be filed, it is due 45 days after the end of the company's fiscal year"
http://www.sec.gov/answers/form345.htm
In this case FASC took well over a thousand days to file one of the Form 5s. This is, to my admittedly untutored eye, more than 45 days and therefore delinquent.
Hope this helps -if not I'm sure an objective and well-qualified CPA could help you out.
"Getting the back paperwork in order for a reverse split???"
It must be said that four years' worth of back data from Mr. Nichols does seem to fall under the heading of delinquent reporting.
It also seems that over this period Mr. Nichols has been a net seller of this fine stock.
Fuuny that some of those sales take four years to report but that a yesterday's purchase by "Cal" took less than 24 hours.
If he sells those 500,000 shares today, I wonder if it will take another four years for that to be reported?
http://www.pinksheets.com/pink/quote/quote.jsp?symbol=fasc#getFilings
"Sunspotter AKA voldermont, I read your posts smmply for amusement."
As you are a self-acknowledged shareholder in both Atlas Mining and Biophan (and I rather suspect HDVY and NNANE as well) I can see how you'd need cheering up:
http://finance.yahoo.com/echarts?s=BIPH.OB#chart3:symbol=biph.ob;range=2y;compare=almi.pk+^ixic;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined
Glad I can be of service in that respect.
"It is odd how when there is the least pause in momentum sunspotter aka voldermont seems to show up to bash."
I show up when I please, not just "when there's a pause in momentum". And I don't call factual commentary on the lamentable performance of BIPH's "management" when it comes to protecting the interests of their shareholders - as they are legally obliged to do- "bashing".
Besides what "momentum" are you talking about? The greater than 99% drop in pps over the past four or five years, or the very occasional and increasingly rare mini-pumps that get reversed just as soon as there's a filing or some other vehicle that gives us a snapshot into the real workings of Biophan, as opposed to the optimistic wishes and outright fantasies of some of its supporters?
In any event, if my posts offend you so much you can always avail yourself of the "Ignore this Poster" feature which can be accessed by clicking on my screen name.
I'd hate to think you or anyone else felt compelled to read anything I write when you can so easily opt out of that tedious necessity.
"it is what it is."
If you mean a vehicle to transfer money from the pockets of the poor souls who were gulled into buying the stock of this sorry company straight to the bank accounts of the TI ghouls, the Iriquois vampires and the BioMed and Myotech parasites, then I am forced to agree with you.
Still ,they did it very slickly, and while it wasn't entirely legal ,they kicked over their tracks pretty well, and lots of you chaps gave them covering fire while they launched their daring raids.
Viewed objectively, it was very professionally done. Almost a thing of beauty.
10 K out!
http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=6634019-892-409336&type=sect&dcn=0001144204-09-030095
Apart from the expected horrors - MegaDilution, $17 million dollar loss, balance sheet stripped of cash, going concern warning and the attempt to disguise the wholesale transfer of company assets to private individuals, there's also the question of Value for Money.
But who could begrudge these fine gentlemen the fair fruits derived from their arduous labors on behalf of the ordinary shareholder?
"Katan Associates, Inc. of which Stan Yakatan, the chairman of the Company is an owner, billed the Company $60,000 and $30,000 plus out of pocket expenses during the years ended February 28, 2009 and February 29, 2008 for consulting services, respectively.
Wood and Company CPA, PC of which Robert J. Wood, the former Chief Financial Officer of the Company is an owner, billed the Company $48,774 and $98,000 plus out of pocket expenses during the years ended February 28, 2009 and February 29, 2008 for consulting services, respectively."
If you shareholders ever get to feeling bitter about where your money went, at least you can console yourself with the fact it went to folk who not only will know what to do with it, but have a greater need (or do I mean greed?)for it than most people. I expect they feel your pain as they hoist their sacks of cash (that used to be yours) to their private banks.
Due to delinquency with its SEC filings, NNAN is now trading as NNANE.OB:
http://finance.yahoo.com/q?s=NNANE.OB
Unless this situation is rectified in short order, NNAN will be relegated to the Pink Sheets.
Odd that a CEO can give an interview saying how well they're doing (I wonder how much you shareholders paid for that?) but can't file on time.
Makes you wonder, really.
"one would think such solid opinions would lead
that person to filing with the sec rather than spouting on
a stock messageboard. but what fun would one have actually
taking the "upper hand" and finding out if their speculation
were fact or fiction. jmo."
The two (posting here and talking to SEC) are not mutually exclusive, and I have requested on several occasions that SEC investigate Biophan again. But they seem somewhat preoccupied with other matters of late, and besides they tend to view OB stocks as caveat emptor type stocks, where anyone who buys them should understand that there's a reasonable chance they're fraudulent.
As for insider information, a number of Michael Weiner's Reg FD busting communications to posters such as boots436 and brasileiro are in the public domain. And others who post regularly on this MB are aware of other similar posts.
"John also said that the people they have been in talks with are still in the picture and have not gone away."
I'm surprised by two things.
Firstly that Mr. Lanzafame treads so close to the edge of breaching FD regulations, by disclosing information concerning potential investors or sources of finance to an individual investor, but not to all shareholders. Given Michael Weiner,his predecessor and mentor, also had a lamentable track record of leaking so-called inside information (much of it fabricated) you'd think Mr. Lanzafame would be more careful.
The second thing that surprises me is that he doesn't issue a statement saying exactly why he wants the extra 550 million shares, then people could vote on the merits of his arguments, rather than relying on hearsay on a penny stock message board.
I can only think that the real reasons they want the shares may not be in the private retail shareholders' interest and therefore cannot be publically announced.
I wonder if the "management" of Biohan now regret giving away all of the Medtronic cash (and more) to the private owners of the Myotech CSS technology in exchange for 100% ownership?
Given that it strictly wasn't necessary to do that (they had a controlling interest anyway), they could have held back a few million for developing the Myotech CCS device to a point where a partner might want it. Especially because the technology actually turns out to be fairly valued at around $2 million - if they could ever find a buyer.
I expect any regret they might feel is somewhat mitigated by the fact that they are in fact in many cases the same people, or associated with the same people, that they gave all those millions of dollars to.
Jazzer, please be sure to let us know if Mr. Lanzafame shares any other inside information with you.
TIA.
Joe's only done gone invented the financial equivalent of perpetual motion!
In a sleight of hand that is literally unequalled by anything that's gone before it, Joe has invented a class of preferred share that doesn't affect the value of the common share.
It's a miracle to equal his single-handed liberation of Northern Scandinavia from snow and starvation, at which time it's rumored he was accompanied by a host of heavenly angels.
For those curious to see a master liar at work, here's the text of today's PR, which was quite fantastic, in the original sense:
"Green Energy Resources Commences Sale of New 'Preferred Shares'
On Tuesday April 28, 2009, 12:09 pm EDT
Green Energy Resources, Inc.
NEW YORK, April 28 /PRNewswire-FirstCall/ -- Green Energy Resources (Pink Sheets: GRGR - News) commenced sale of its new 'Preferred Shares' effective yesterday. The shares are valued at $1. The company is limiting sales to 10 million shares in 2009. Shares may be purchased through Green Energy Resources corporate Secretary's office. The new share issue does not negatively impact current GRGR shareholders or diminish their holdings. The Preferred shares represent an entirely new class of shares as the company looks to move forward with a much larger revenue base. The company is projecting approximately $50 million in sales for 2009. Interested persons may contact the Corporate Secretary at jhhaok@aol.com"
Sounds like a revenue generating scheme to me.
The question being, why would GRGR need to issue any more shares of any sort,preferred or common, given the numerous multimillion dollar orders already working their way throught the system - not to mention the humanitarian work Joe is doing in Sweden?
The truth is that Joe is a liar and a fraud.
His "accounts" are false, as a quick application of Benford's Law reveals, as does a straightforward comparison with his previous year's "accounts".
The PR'ed sales to all these anonymous companies are also palbably obviously entirely fictional.
Mr. Chips over at Yahoo! has confirmed that the reports of warehouses and port facilities are also lies with his sleuthing in Linden and elsewhere.
And the final clincher is the fact that notorious stock prostitute and fraudster "terryhallinan" has often pimped GRGR stock on various message boards, not least the IV MB for ITRP.
One day the SEC will do something. In the meantime I shouldn't hold your breath, though.
"I guess there's quite a bit more for sale"
And my guess is that as long as prize fiction writer and fraudster extraordinaire Joe Murray has his hand on the printing press button, they'll be plenty more where those came from.
In a follow-up to last year's announcement of a collaboration with mystery private French cosmetics company, Fiabila, Natural Nano announced today that it had received a significant commercial order from that very party.
I just hope they're more assiduous in following up payment for this "significant" order than they were on checking the delivery of the halloysite clay they paid Atlas Mining $100,000. As you may recall, it took over two years for the geniuses at NNAN to notice this order had not ever been delivered. In fact, it wasn't until after Atlas' new management had pointed out the two minor details that
1) there wasn't any clay to deliver and
2) they falsified their accounts by booking revenue for these mythical sales
that NNAN admitted that this was in fact the case, and that belatedly they were starting legal action to reclaim the money they paid for the "sales" (wonder whatever happened to that particular law suit?).
ROCHESTER, N.Y., April 13 /PRNewswire-FirstCall/ -- NaturalNano, Inc. (OTC Bulletin Board: NNAN - News; FWB: N3N), a developer of extended release technologies and supplier of polymer additives based on naturally occurring nano materials, today announced an initial significant commercial order from Fiabila, S.A., a global cosmetics supplier. This order is a direct result of collaboration and technical success from the previously announced June 2008 Joint Development Agreement. This commercial order also includes a three year exclusive supply agreement. The new product utilizes halloysite natural tubes (HNT(TM)) in nail polish and other nail-care products. France-based Fiabila is one of the world's leading private label manufacturers of nail enamels for the industry's top brands.
"Establishing a commercial product with Fiabila in the personal products industry is a tremendous boost for our company allowing us to leverage the strengths of our naturally occurring, environmentally friendly HNT technology," said James Wemett, CEO of NaturalNano. "This New agreement, which includes granting Fiabila a world-wide exclusive license to our processes for nail polish and nail-care products, serves as further validation of both our technology and of our business model. It represents a long-term, sustained revenue opportunity using our patented technology for controlled release from our HNT giving their products durability and overall performance."
Wemett continued: "One of our 2009 goals is to move our joint development partners into licensing deals and commercial orders. Our company has over 25 patents issued and pending. With Fiabila as our newest strategic commercial partner, we expect to see significant and widespread adoption, acting on our commitment to develop the next generation of HNT-enhanced consumer products."
Under the terms of the agreement, NaturalNano will supply both filled and unfilled HNTs for incorporation in Fiabila's nail products. NaturalNano's patented technology enables the filling of the environmentally-friendly tubes with a variety of additives that can be released slowly over time, enhancing the performance and extending effectiveness of a wide variety of consumer-oriented products.
Pierre Miasnik, President of Fiabila commented, "NaturalNano's technology will enable us to continue our commitment of using natural ingredients in our products. With NaturalNano's know how and our product experience, we look forward to a long standing relationship."
Sounds good, although there's not too much underneath once you scratch the surface. I certainly wouldn't hold my breath.
Wonder where the 10K is? Should be published today or tomorrow, I believe, if NNAN is to avoid a Pink Sheet listing.
I don't doubt Rohm and Haas are somewhat distracted by their on/off/on merger with behemoth Dow Chemical:
"Dow, Rohm merger to go through
Tue Mar 10, 2009 1:47am EDT
GEORGETOWN, Del. and NEW YORK (Reuters) - Dow Chemical Co agreed on Monday to go through with its purchase of Rohm and Haas Co reaching a settlement after the two sides were scheduled to go to a trial over Dow's refusal to close the deal.
The companies said Rohm & Haas shareholders will receive just less than $79 a share -- $78 per share, plus a ticking fee agreed upon in the original deal.
But Rohm's two largest shareholders -- the Haas Family Trusts and Paulson & Co -- will take up to $3 billion owed them from the deal in the form of preferred equity securities in Dow.
All the other shareholders will be paid completely in cash.
Dow shares fell about 11 percent to close at $6.33, while Rohm shares closed up 16 percent at $74, both on the New York Stock Exchange.
"Wednesday night until now has been nonstop work by a lot of people and I feel very happy to land where we did," Rohm CEO Raj Gupta said outside the Georgetown, Delaware courtroom.
Rohm sued Dow in January after Dow refused to proceed with the takeover, claiming the deal under its original terms would jeopardize its future.
The two companies had been scheduled to face off in Delaware Chancery Court Monday morning and the courtroom filled beyond capacity with a multitude of lawyers, investors and top Rohm and Haas executives.
The companies eventually asked for a delay so they could keep talking in search of the settlement.
PREFERRED INVESTMENT
Last July, Dow agreed to buy Rohm and Haas for $78 a share to broaden its product offerings in higher-margin markets such as paints, coatings and electronic materials. Because Rohm was highly sought after, Dow agreed to pay what was then a premium of more then 70 percent for the company.
But Dow balked at closing after its $17.4 billion plastics joint venture with Kuwait fell apart. Dow had intended to use proceeds from the venture to help fund the Rohm deal.
Under the terms of the deal, the Haas Family Trusts and Paulson & Co will take $2.5 billion of the money owed them in the form of preferred equity. Dow will also have the option to pay out an additional $500 million as preferred equity to the Haas trusts.
Dow has been working to avoid a credit downgrade that could trigger loan defaults and limit the company's access to commercial paper.
The company already has cut jobs, slashed its dividend 64 percent and said it is looking at the possible sale of various assets."
"The efforts of NaturalNano in this regard have not yet been rewarded and that Company is now owned bt its toxic lenders."
In fairness, we should note that it turns out NNAN's toxic lenders (Platinum) were pretty much the same people as its founders and indeed overlap with the TI people originally behind NNAN (and Biophan, for that matter). That's presumably why they put one of the original NNAN founders in as the "new" CEO.
"Its lead product Pleximer has not sold despite having been on the market for over a year."
Haven't seen the new 10K for Natural Nano yet, and I have a feeling we might never see one, but I suspect you're right.
As regards Atlas, however, I have sympathy with one of the posters over at Yahoo! who points out that the old management as personified by William Jacobson (Jake to his friends) were complete crooks and that the new folk running it are different folk, who've exposed the fraud and mismanagement of Jake and his chums, and have also gained some heavy duty backing in terms of finance.
If nothing else, Atlas has some real estate and possible mineral assets, and it may turn out to be a good play, even if the halloysite it has is only ever used in fine porcelain.
To summarise, I suspect that Natural Nano, who along with FASC conspired with Atlas' original "management" to create a false market in each of their shares, and indeed Biophan, an equally suspect company asociated with the same suspects, have no long-term future and will disappear once the parties behind them have wrung as much as they can out of the game, Atlas may just be a different story.
I wouldn't bet on it, but I wouldn't bet against it either.
I read your post, and I have to say that if the KDS machine lives up to its billing, that a kind of "try before you buy scheme" that leasing would equate to would be a great way of getting market acceptance and ultimately increasing sales.
I wondered, therefore, suspecting as I do that in fact the KDS machine does not live up to its billing how long it would be before someone loyal to FASC's "management" suggested that it wasn't such a great idea on some spurious grounds or other. We now know the answer:
18 minutes and 56 seconds.
The trouble is, you see, that effectively, FASC have been running such a scheme for years now: buy one KDS machine before you buy all the others that we're going to PR as being in the pipeline. Pay us later if you want.
And of course for reasons that may be readily surmised, not only do these follow-up orders fail to materialize, sometimes even the original machine gets sent back.
If the technology doesn't work as it's supposed to, then no number of smart marketing ploys will compensate.
I believe that's the situtation with the KDS machine.
I wonder who ponied up the $100 (including trading fee) that resulted in this morning's 600% rise in pps(it took a 6,800 share purchase to drive it up, whereas yesterday's plunge was the result of the sale of svereal hundered thousands shares.
Money well spent from someone's perspective, perhaps
(as long as they weren't an insider who failed to declare such a purchase, in which case it could be the most expensive share deal since Martha took a call from her broker about Imclone a coupla years back)
but you'd have to say the asymmetry of price action wouldn't exactly encourage you to be too long on this particular penny stock.
An interesting NNAN news release went generally unnoticed:
"Sample Kits
Partnering - Sample Kits
Sample Kits
Samplekits of our Halloysite Nanotubes are available and priced below. Call for quotes on larger quantities.
Jim Wemett
NaturalNano,Inc.
Phone:585-267-4848
info@naturalnano.com
Quantity 500 g.
Product HNT
Description Halloysite-milled
Price $1000
500 g.
HNT-QM
Halloysite milled treated
$1000
1 kg.
Pleximer-PP1
30% Halloysite in Polypropylene
$500
1 kg.
Pleximer-N
30% Halloysite in Nylon
$500"
Now the good news is that this is the first sign I've ever seen that the company's website is genuinely looking for real customers - formerly it was clear that the website was purely aimed at potential "investors", also known as "mugs".
The better news, theoretically at least, is that at these resale prices, the 15 tons of halloysite nanotubes NNAN bought from a mine in New Zealand for $27,149 would be worth at least $30 million (assuming one ton is actually one metric tonne, which is a very conservative estimate).
Now even assuming some fairly intensive processing and a relatively low yield rate, it must be said this would be a fairly impressive rate of return.
The bad news? It doesn't say how (or indeed if) Natural Nano has added value to the raw material it purchased from New Zealand in order to justify a thousand-fold mark-up.
Oh, and you can buy high-grade halloysite clay from a number of suppliers, including world-renowned fine and analytical grade chemical supplier Sigma Aldrich, for a very small fraction of the price that Natural Nano are suggesting.
Something doesn't add up here, at least if Natural Nano are holding themselves out as a serious business. While this may allow them to put their inventory on the balance sheet at an outlandish valuation, they'll never sell a single gram at these prices.
Perhaps, as some of us have suspected all along, they aren't really a serious business.
Looks like the Prospect law suit is going badly, to say the least. Pro-Pharmaceuticals nearly lost by simply failing to show up:
"On December 12, 2008, in response to a motion for withdrawal by counsel in this case, the court amended its order dated October 6, 2008 to state that by January 9, 2009, a default judgment will be entered against us if new defense counsel has not entered an appearance on our behalf or we have not restored our relationship with our current counsel. On January 7, 2009, our successor counsel entered a notice of appearance to represent us at trial which commenced on March 10, 2009."
They have to admit in the filing that the results obtained with Davanat are equivocal to say the least:
"We have one drug candidate in clinical trials and results are uncertain......[This trial] may not start or be completed as we forecast, or may not achieve desired results."
Unbelievably, even though FDA have explicitly told them they need a Phase III study and a proper pharmacokinetic characterization of Davanat in order to gain an NDA for the product, they persist with the 505 (b) (2) fiction:
"Our 505(b)(2) NDA for DAVANAT® will seek FDA approval for co-administration of DAVANAT® with 5-FU for intravenous injection for the treatment of colorectal cancer. These 505(b)(2) NDAs are often used for drugs involving previously-approved products and, as a result, are less costly to prepare and file with the FDA."
This is deliberately misleading and actionable.
Obviously, "the Company’s recurring losses from operations and stockholders’ deficit raise substantial doubt about its ability to continue as a going concern."
It's not clear from the accounts how much cash they were able to siphon off to Platt under cover of compensation for loss of office etc. The 2009 Proxy statement may reveal this when it's issued, although I suspect we'll have to wait for the 2009 10K, which I believe will never be issued.
"If it's opinion and not insider info, no problems."
If it's "insider information", then it's illegal, and you should post it for precisely that reason.
"ALMI bought it and they own it!"
And they've been using it non-stop to process all that halloysite clay that they've mined and sold.
Or so we were led to believe.
The fact that in reality no clay was processed or sold is just one of those headscratchers that surround penny stocks like ALMI (under its old management at least), FASC and NNAN.
I've read the article, seen the video.
This refers to a prototype Myovad device that Anstadt was allegedly developing before Myotech had any association with Biophan. It's not just the name (now known as Myotech CSS), or indeed the bank balances of those who were so enthused by this touching human interest story when it was first presented that they rushed off to buy Bioiphan stock, that's changed since then.
Bonnie Tukes is indeed a mother now.
And one swallow does not a summer make, especially when it hasn't been seen for many years, and those associated with its sighting have a vested monetary interest in a favorable angle on the story.
If you choose not to believe me, then maybe one of the Biopphan longs wil set you straight.
Due diligence is so important when dealing with penny stocks.
Speculation and gambling is one thing.
Being defrauded is quite another.
If he responds, you won't need permission to reproduce his reply. Otherwise he would be releasing information selectively, which would be a breach of Reg FD.
Actually, that would be one of his less serious breaches of various securities laws.
Today's exposé of the fact that Green Energy Resources is clearly a scam and Joe Murray a lying fraudster:
http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_G/threadview?m=tm&bn=76611&tid=759&mid=837&tof=20&frt=2
The device that worked in Bonny (who although a child at the time of the intervention is now a mother, if not, as rumored a grandmother) is quite different to the device that Biophan now claims to be developing.
In fact, the Myotech CSS device has not been near a human being since Biophan have been associated with Myotech.
And that, my friend, like it or not, is a stone cold fact.
"Cool. Guano to fuel."
FASC should consider patenting the process they have proved to be most adept at:
Money to guano.
Or at least shareholders' money to guano, and the same guano to money for company officers.
Recycling at its most striking, you could say. And all through the magic of FASC's magnificent KDS machine.
Cool indeed.
"We know our technology works"
Actually you don't know any such thing.
The available data seems to suggest that the latest manifestation of the Myotech CSS device works in dogs. I think that's about the most categorical statement you can make about the device at this juncture, and will remain so until and unless Biophan, or any partner they manage to engage to help them develop this device
(which shouldn't be too difficult, given that Biophan themselves have said it has the potential to save so many lives: "Over 260,000 patients per year experience in hospital cardiac arrest in the US alone, and these patients could greatly benefit from this device.")
actually engage FDA about what human studies would be appropriate, and start those studies as soon as possible.
When and if, and there certainly is an "if", those studies prove to be successful, then and only then, can you claim that "the technology works".
As for the "management", if their aim was their personal enrichment, and the enrichment of their friends at TI, Biomed, Myotech and Iroqouis, why, Dang Nabbit, they've been hugely successful!
All the evidence to date suggests that is their business model, and if so I think it would actually be fair to say your management does work.
Just not for you, is all.
They had to file an NT 10 K last year, and I agree it seems probable they'll file one this year.
What is more interesting to speculate upon is whether they'll file a 10K at all, or will this time elect to go to the Pink Sheets.
In spite of the optimism expressed by new CEO Mr. Wemett yesterday, I have a feeling that this will in fact be the case.
Here is yesterday's masterpiece of optimism untempered by any facts or milestones by which to measure progress against.
"NaturalNano Announces Completion of Business, Technology Review of Core Business; Significant Commercial Opportunities Identified
Tuesday March 24, 2009, 5:28 pm EDT
ROCHESTER, N.Y., March 24 /PRNewswire-FirstCall/ -- NaturalNano, Inc. (OTC Bulletin Board: NNAN - News; FWB: N3N) Acting CEO and President James Wemett announced today that he has recently completed a review of the NaturalNano business including the core technology, patent portfolio, current and potential customers. Mr. Wemett has confirmed both the technical and commercial viability of NaturalNano's additive technologies and processes, including its proprietary Pleximer(TM) polymer additive. The extensive review was conducted through a series of meetings and conferences with the Company's technical team, key customers, suppliers and potential strategic partners.
Mr. Wemett said that "I am encouraged by this bottom up review and am particularly encouraged by the response from the customer base. NaturalNano is actively engaged with its commercial partners on a number of feasibility studies and are in discussions on strategic longer term relationships. We continue to fulfill existing contractual obligations while we aggressively seek additional financially attractive opportunities to commercialize our proprietary technology. As we go forward, I will be informing our investors, and the financial community at large, of these exciting plans as well as the continued strengthening of the new management team."
http://finance.yahoo.com/news/NaturalNano-Announces-prnews-14733966.html
One of the interesting things about pink sheet companies is that it's difficult to validate independently how many shares are really out there, and it's not unheard of for some less than honest proprietors to claim a certain number for the authorized float while actually issuing far more than they have acknowledged. Usually the new shares issued take the form of sales from which the CEO of the company would pocket the proceeds.
One of the reasons that Joe urged folk to demand paper certificates may be that it would be more difficult to keep track of the outstanding float and detect this kind of fraud.
If this were true
(and it's a darn sight more plausible than this recent nonsense about saving the Nordic population by shipping woodchips to a snowbound Arctic Swedish population, and all of the other fantastical PRs, let's be honest)
then that would make Green Energy Resources a kind of low rent Ponzi scheme of the sort run by Bernie Madoff and allegedly run by "Sir" Allen Stamford, where those foolish enough to buy GRGR shares are buying newly minted shares from Joe, the proceeds from which he then uses for whatever purposes it is that Joe uses free money for.
"You said earlier biophan never stated any intent of taking on clinical trials."
I'm not sure that's the way most people will see that as the way Biophan presented the activities of Myotech:
"MYOTECH has completed the tooling for the first production device. The device will be used in first quarter 2007 animal tests to verify product performance and prepare for clinical studies in humans. The animal trials will be conducted at four research sites, in cooperation with leaders in the field of cardiac support.
“We are excited to be starting the final stages of animal testing that will precede human clinical trials next year[2008],” stated Michael Weiner, CEO of Biophan. “These animal trials at four leading research sites are required to qualify the device for human clinical trials. We believe that the MYO-VAD can change the way many forms of heart failure are treated and once it is approved, it has the potential to save thousands of lives.”"
I suppose you could argue that the the use of the words " will precede" is not a suggestion that Myotech will actually conduct those studies, but I know what the man from Peoria would think. I think it's a shame when you have to parse a company's PRs to see what the semantic escape clauses are! But if they could forecast the human studies were going to be conducted in 2008, then preusmably they must have had a definite plan, beyond hoping that they might find a partner. I don't think it's unreasonable to think they were suggesting they would do it themsleves, but if not, what was that plan, I wonder?
Myotech incidentally was a majority owned company during the time that those human clinical studies were slated to commence, 2008. It seems a shame for those "thousands of lives" that could have been saved that once again (that was about the third time) that a forecast for commercialization had been moved back a year even then, and of course the trial didn't take place in 2008, and there's no indication they'll take place in 2009, either.
And now we don't even get a forecast for the date of commercialization.
"iriquois is gone."
Indeed Iroquois is gone for now, but only because the seemingly inexhaustible supply of Biophan share certificates was in fact exhausted, and the wise shareholders decided to ignore the hired help when they suggested they should print 550 million more shares. I think most folk know in their heart of hearts that if the float had been tripled as requested, Iroquois would still be getting their monthly paper mountain from Biophan.
I personally think that Iroquois will turn out to have the same kind of close relationship with Biophan that it now transpires Platinum had with Natural Nano, although I freely admit that's conjecture, albeit conjecture based on close observation of the related parties behind both Biophan and Natural Nano, including, of course, Technology Innovations. Time will tell.
"fasb is an accounting procedure"
More accurately it's a set of accounting standards widely accepted in the US. The relevance here is that those universally accepted standards show that the Myotech assets for which the shareholders' agents ponied up over $16 million, are actually worth less than $2 million.
"Could the end be near?..........
For some posters.....
Hedge funds to cut 20,000 jobs in 2009"
Tet, I've often wondered who it was that is behind all the posts suggesting that Biophan was a good stock with a long term future, when just about all the objective data points in the opposite direction.
Similarly, I've pointed out on more than one occasion that more dilution (and indeed the original dilution) is and was only to the benefit of the toxic financiers and hedge funds such as Iroqouis who then play both ends - pump and dump, and shorting using their convertible shares and warrants as covers for their shorts.
I've also pointed out where Biophan's agreements with Iriquois actually allowed such "arbitrage".
If your thesis is that some of the pumpers are in fact agents of hedge funds such as Iroquois, then I can only agree that if they are no longer paid to post here that would be a good thing.
We could then concentrate on important issues like:
why it is that the Myotech CSS device has yet to progress into controlled clinical human studies,
why Biophan haven't met with FDA to sketch out a plan for approval for this (presumably Class III) medical device, in spite of raising millions of dollars for that express purpose, and
why Biophan's corporate governance is so poor it allows over $16 million of shareholders' funds to be transferred into private pockets, including the pockets of Officers of the company and shady LLCs like TI and Biomed, in exchange for assets properly valued by FASB standards as worth less than $2 million.
"Oh, look a distraction!!
Krays says,
"Here's another one for your hobby! I'll bet these execs have bigger boats/houses than MW by along way! You're going to be real busy as you "study likely scam stocks and those who promote them" You're going to have to hire staff to post about all the negatives out there."
Message board poster - "Oh! look! Over there!"
(Points into the distance)
Bystander - "Why, what's there??"
(cranes head to look where our friend is pointing)
Message board poster - "A distraction of course!"
(picks pocket of bystander while bystander is indeed distracted).
As it happens, I'm kind of focused on the 20 or so penny stocks I've identified before, most of them biotech (that's where my knowledge base and career experience is) with a few alt.energy thrown in for good measure, and definitely including Biophan.
There's plenty of other folk looking at the various "Blue Chips" that you'd like me to concentrate on instead of Biophan and the others down in the dumpsters here. I'll leave them to it, and stick where I was.
Sorry if that inconveniences anyone, but like I've said before, everybody should have a hobby or three.
Nice try, though. Ain't gonna work, however, either here or over at the IV or RB MB, whatever ID uses that line of argument.
P.S. Anybody here seen "Bad Day at Black Rock"? Great movie.