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learning - good analogy
Pagnano has a track record he sure can't be proud of.
Destroying shareholder value is not a good resume to have, but he excels at it so well, IMO.
So bad news coming next week?
How can it get any worse. Little or no revenue, terrible press releases, what seems like misleading info, hiding disclosure of share structure, almost no disclosure on other things.....
WEHI now owes $1 million to MDSO shootout winning team. It is in default on other obligations.
Apparently there are a large number of liens against the company, too. Will the courts allow siezure of all
WEHI assets to satisfy the liens?
Post #12670
Doesn't that sound like, if true, Pagnano may have been trying to do some fishy trading scheme with that guy's dad? Good thing his dad refused to get caught up in that kind of activity.
I'd think the SEC would be very interested in something like that, wouldn't you?
A CEO claiming he will tell an investor when to dump the shares sounds a bit like what Martha Stewart got convicted of.
All IMO, of course.
They have been trying to get the old re-run on a network for years. The MDSO was filmed in 2005. It is old, old, old.
Looks like Pagnano is bringing out the old fluff press releases again. Must have that 5 billion additional shares authorized to allow them to dump them for less than 1/2 the $0.0001 price.
Doesn't look good for longs.
WEHI's share price needs to drop 95% plus
close to 10 billion shares issued already this year since the last 1:200 reverse split (there wsas also a 1:100 reverse split in 2007). Now they increased the authorized shares to 10 billion so they can dilute another 50%.
but they won't be able to do so until they do their next reverse split. Will it be a 1:1000 reverse split this time?
Almost no one dumb enough to buy at these high prices.
tree - the SEC might be interested in Pagnano's action you described, IMO.
Thanks juddd - pinksheets dot com has been trying to contact WEHI, with no success. They (WEHI) apparently don't want to put out current information for investors, so I doubt WEHI will give any updates to anyone, IMO.
They obviously havre not been updating investors on the massive dilution, but anyone concerend or doing DD can contact their transfer agent.
WEHI's phone has been disconnected.
Isn't that a bad sign?
neptune - beware of Pagnano's projections
He has endured the new revenue he says they have? He does not have that revenue at all. This is actually just what he projects. He has been wrong on basically all his past revenue projections, only getting a tiny fraction or no revenue results from those projections.
Look at the past PR's to see how most revnue has to be shared with others including the co helping them get any airings.
Did you ask him why WEHI has all those liens against it and court judgment and owes so much money?
Did you notice that they have diluted the stock pool as fast as gullible investors would buy the shares at a huge discount.
Did you notice he seemed to back away from the share repurchase language, putting a big question mark there instead? "attempted to buy" is not actual buying.
Did you wonder how they could buy shares from anyone at $0.0001 if they refuse to sell at that price?
ACES - almost no volume at all in WEHI Less than $1,000 in WEHI traded. Note that the $0.00 trades are most likely trades less than $0.00005 (5 decimal point trading
).
Volume: 18.16 m 10:41 AM EDT Oct 30, 2008
Time & Sales
Price Size Exch Time
0.00 5126200 OTO 14:38:31
0.00 5126200 OTO 14:38:02
0.00 2850569 OTO 14:35:05
0.0001 10000 OTO 10:41:12
0.00 3000000 OTO 09:40:30
0.0001 25100 OTO 09:31:09
0.00 1010000 OTO 09:31:09
0.0001 10000 OTO 09:30:47
0.0001 1000000 OTO 09:30:47
stevo - WEHI is a publicly traded company.
When they are too dark to provide even limited disclosure to shareholders and potential investors, the warnings about co's like WEHI are valid.
Mike Pagnano, the CEO, has a history of putting out press releases with bogus revenue projections, lofty promises he can't keep, and outright misleading information IMO.
Since you appear to have been taken in without doing your own DD, I guess you have no one else to blame. Many already know about Pagnano and World Golf. How does it feel to now know what you know and know you have no way to sell, even at these high prices of $0.0001?
No howard - REVERSE SPLIT is coming
That's why he increased the authorized share count to 15 billion shares. He was likely hoping his press releases could let him dump another 5 billion shares before he reverse splits again.
Now that almost no one is buying any shares and we mostly see NO BID on WEHI, he is getting desperate.
He still is in default on obligations and has all those liens against the company, too.
stevo - it is non-disclosure
Both the SEC and pinksheets warn investors about co's like WEHI, that refuse to update their shareholders.
The SEC even suspends trading of pink sheet co's that don't provide info to shareholders.
Here is a recent example, from 10/17/2008 from the long list of trading suspensions from the SEC.gov site.
....................
It appears to the Securities and Exchange Commission that the public interest and the protection of investors require a suspension of trading in the securities of e-Smart Technologies, Inc. (“e-Smart,” trading symbol ESMT). Questions have arisen concerning the accuracy and adequacy of publicly-available information about the company, particularly concerning: (1) e-Smart’s statements concerning a large supply contract for 20 million units of its product, contained in a February 26, 2008 press release, a March 13, 2008 Current Report on Form 8-K and a May 15, 2008 news article, all of which are available on e-Smart’s website; and (2) e-Smart’s failure to make required periodic filings with the Commission of information required pursuant to the Securities Exchange Act of 1934 for any period since the period ending September 30, 2007. Questions have also arisen concerning a possible distribution of e-Smart’s common stock without registration under the Securities Act of 1933.
The Commission is of the opinion that the public interest and the protection of investors require a suspension of trading in the securities of the above-listed company.
Looks like the merger will not happen
But Pagnano did get a chance to issue 8 billion more shares since the first announcement. I see pinksheets is trying to track him down. When you look under company info when viewing the quote there, it is asking anyone that knows how to find the company to email them. Pure humor.
Is Pagnano's phone disconnected so the creditors and the State of Florida cannot call him? Sounds like he is hiding out in the condo.
woogie - they aren't buying back 95% of the outstanding shares.
Read the fine print in the press release. WEHI ois almost flat broke, owes tons of money, has numerous lien judgments against it, and already owes $1 million to the MDSO winning team.
The Canuck that was part of the winning team isn't exactly happy about not getting paid.
ACES - WEHI's PPS will start tanking
The moment they do the 1:100,000 reverse split.
The market cap still needs to drop around 99%+ (at least), due to the massive dilution and around 5 billion more shares that will be issued before they reverse split.
Apparently there is no more share buyback, either.
Can't sell you WEHI if you wanted to
You are definately STUCK
Wait for the reverse split to get any chance to sell at lower prices. WEH
I's market cap has to be cut at least 95%-99% after all this dilution has caused a mostly NO BID siituation.
Soup - nope, reverse split is being hinted at by Pagnano
He may be against it, but doesn't have much voting power anymore.
They will do a reverse split. That's the only way they can let the stock price resume its decline after the massive dilution.
I see he is even trying to claim WEHI will have some revenue, which has to be split with the marketer who got the re-run show aired. WEHI has been issuing lousy projection for a long, long time. I doubt many believe they will have 5% of their projections.
With 15 billion authorized shares, the market cap will be at least 99% too high. The reverse split will allow the price to tank again and allow them to keep dumping dilutive shares and ruining shareholder value, like Pagnano has become an expert at....along with non-disclosure to apprently purposely hide how many shares are being dumped on existing shareholders.
greg - pinks sheets apparently wants to find Pagnano
If you look under the "company information" tab when viewing the quote for WEHI on pinksheets dot com, you get the following:
Investors are advised that Pink OTC Markets has not been able to contact this issuer. Please refer to the Company Notes below for company status and other important information, including the Last Known Address, where available.
If you have current contact information for this issuer, please complete the Update Company Information Form or send an email to info@pinkotc.com.
You can also see the warning about this company by clicking on the Big Red Stop Sign (NO INFORMATION) you see when viewing the quote.
I agree - fraud is what many may call it.
A company with real assets and a chance that they could pay a judgment would have already been sued by shareholders for some of those projections, IMO.
Didn't Pagnano warn, in one or more of his SEC filings, that regulators or shareholders could take action for some of those projections he was making? Look at previous 10Q's or 10K's. That's where he disclosed this, I think.
Someone on RB message board checked, and HPNN is not an exhibitor at CES. They are not on the list. Apparently they claimed they would be there for the 2008 CES, but also were not on the exhibitors list, so they did not go there.
The MDSO was filmed in 2005
No network in their right mind would pay much for an old re-run like this. They also may not want to associate with a company (WEHI) that is in trouble for not paying prize winners.
WEHI has numerous lein judgments against them and even a court judgment. They are known for being in default and not paying their obligations.
The attorney general of Florida even went after them for false advertising.
Goog luck getting any money from WEHI shares.
I'm pretty sure people can't sell at any price now.
He also promised the Florida attorney general's office he would not advertise any events unless prize money was in escrow. He also promised he would pay prize winners, but he failed to do that. He also appears to put out info to people that email him, in hopes they will "spread the news"...LOL
He also said "20 cents per share", which is the biggest joke of all.
He also projected $7 million in revenue in 2007. Did they even get $700 in revenue?
So no reverse split really means reverse split is coming soon.
Will HPNN even pay to exhibit at CES, or are they banned because they tried to pass-off a disguised Nokia phone as one of their own products. Peter Michaels was caught red-handed on that one by a reported whpo found serial numbers on the disguised nokia phone scratched-off.
$7.40 worth of WEHI shares traded today
Doesn't look good for longs, and looking worse going into November.
Reverse split = kiss of death for penny stocks
almost as bad as the txic death spiral finaciang WEHI has been doing to stay afloat a little longer, IMO.
Still they have many judgments against the company that must be satisfied, too. Do they even have any money to pay their obligations they've neglected for so long?
PR about reverse split coming?
Pagnano has to do something to cure the no bid situation after people see they have around 10 billion shares issued already this year, up from 25 million shares at the end of February.
Looks like dilution may go up even faster, since WEHI increased the authorized shares by 50% due to dilution woes.
tim - Stem is just another no-money company trying to get some chsh from people like you who buy shares and watch their value get diluted to nothing....sometimes repeatedly. Just look at what the CEO of WEHI did to shareholder vale...repeatedly.
Just look at how he did not inform his shareholders about the dilution going on until a poster here started posting the share count from info obtained directly from the transfer agent (not volunteered by the company).
Please tell me why anyone should believe anything he puts out now or in the future? Heck, Pagnano doesn't even pay his co's obligations, even after losing in court and after numerous lien judgments and failure to pay prize winners of the MDSO. That money was due, according to WEHI's own SEC filings, 30 days after airing of the final episode an any network. That happend a long, long time ago.
tim - no buyback will help
WEHI has no money for a buyback. They have massive debt and liens against the company. Did you even read the fine print in Pagnano's buyback hype press release to help him dump more dilutive shares?
Did you notice that there were around 2 billion shares issued when he said that, up from 25 million shares earlier this year?
Did you notice that there are not that many public shares out there? Do you see that buying back a few hundered million shares with an expected 15 billion shares issued at the current rate they've been diluting you into worthlessness is just another Pagnano ploy. He's been misleading shareholders for years, IMO.
Investors are advised that Pink OTC Markets has not been able to contact this issuer(WEHI). Please refer to the Company Notes below for company status and other important information, including the Last Known Address, where available.
If you have current contact information for this issuer, please complete the Update Company Information Form or send an email to info@pinkotc.com.
globex - I doubt it.
Many longs don't even know that there are more than 25 million shares issued and outstanding, the number as of the last reverse split in 2008. There are almost 400 times that many shares issued and outstanding in just months after the last reverse split at the end of February.
You expect to make money? Oh my!
You may have noticed that at $0.0001, WEHI has little or no money for any buyback and has been diluting like they are going out of business.
You may have done a little math, too.
At $0.0001, they would have to issue an additional 86 billion more shares at a 30% discount to the trading price to raise the $6 million they plan to try to raise. That assumes someone would be dumb enough to buy shares. Right now, we are seeng basically a bo bid condition for WEHI shares.
I'm guessing many have been trying to dump their shares before dilution runs up exponentially once again, but they probably can't sell at ay price. What do you think will happen as another 85 billion dilutive shares become available?
Not trying to rain on your parade...just pointing out the obvious DD one should think about before trusting the oft-misleading CEO Pagnano, IMO.
stemtronix doesn't appear to have money, either
No wonder they may do the WEHI shell game. They can dilute and destroy shareholder value like the WEHI CEO has been doing for so many years.
howard - with the reverse split coming
if they do a 1:1000 revetrse split, then they can get a bid. The stock price will tank around 90% within the first week of the reverse split, though.
Anyone that bought WEHI this year will see their investements' value drop by anywhere from 90%-99% more in the coming months.
CEO Pagnano has been ruining shareholders' equity for years, all while dumping dilutive shares for cash and not paying WEHI obligations including prize money owed.
Now they have numerous lein judgments hanging over the company because they don't pay what they owe and are in default.
It would be nice if the Federal Trade Commission would put a stop to Pagnano's activities. The Florida Attorney General's ofiice specifically stated and Pagnano promised he would not advertise any events without first having all prize money in escrow.
tim - keep thinking that
then do the math. WEHI is either no bid or is mostly trading below $0.00005, if itever does trade.
5 billion shares / $0.00005 = $250,000
So $250K is about all they could possibly raise, not $6 million. It is doubtful they will be able to raise 25% of the $250,000.
The main problem is that they won't even be able to sell shares soon because of the massive dilution happening and the fact they raised the authorized shares 50% to 15 billion shares.
WEHI having hard time dumping shares for cash now. Often seeing no bid at all and from all the prints of $0.00 for sells, I'm guessing htose are going for less than $0.00005 (5 decimal point trading).
Transfer Agent
Registrar and Transfer
1-800-525-7686
Outstanding shares as of 10/01/2008 - 9,355,624,860
Authorized shares - 15,000,000,000
(increased authorized shares by 50% to allow for much more dilution)
Will Florida sieze WEHI and selloff assets?
I see WEHI has numerous lien judgments against it and owes more money than their entire market cap.
Wrong howard - it will reverse split and continue to try to dump billions of shares to try to stay afloat. Did you notice stem is doing this so it can get a shell like WEHI to use to dump dilutive shares on unsuspecting investors, too? stem needs money BAD.
It looks like WEH
I is finding a new way to go out of business to me. If they ever made any money, shareholders would probably sue the company for everything it has. It has basically little or no assets, little or no revenue, huge debt, and numerous liens against the company.
howard - almost no volume - still no bid
Only one trade today...between $0.00001 and $0.00005. Penny stocks can trade to five decimal points. Only around $50 or less in WEHI shares traded all day.
Time & Sales
Price Size Exch Time
0.00 999999 OTO 09:30:33