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RD I thought you would have done that in 10 seconds or less...... BDCO does not exactly look vbvery promising these days. I thought you would have expected your investment friends to be very flush with cash before they sued HERB.
The same sort of thing happens again and again and again.....
RD It will take some time before we have lots of tradeable shares in CC.
RD That was faster than I had expected. I have taken for granted that it will be a one-off distribution. The value of the shares would be equal to cash dividends for more than one year. Once ITUP gets a regular listing on a stock exchange it will be possible without a prodblem to start paying ordinary cash dividends.
RD Thanks a lot! I still assume that the shares we paid 15 cents for will still be converted into shares in Cow Capital that others pay 10 dollars for.
RD I wonder how to interpret the role of IREEM LLC, which I have up to now taken to be a sort forerunner of Cow Capital. I had the impression that one share in IREEM LLC would result in one share in Cow Capital. Now it is called the sponsor of spacs. It is also stated: "20% sponsor capital". What does the 20% refer to? I also wonder what the sharecount of IREEM LLC is (just a rough estimate).
I get the impression that IREEM LLC (or its shareholders) will not just have a stake in Cow Capital but also in future SPACs. Thus there are several thinga that are not clear to me.
thirdman I t hink this is a complicated question. Your reasoning implies more or less that the refiner buys and refines the product largely simultaneously. If this company bought crude some months ago when the price was a lot higher than it is now there would be a loss even if the margins had improved somewhat in the mean time It has been stated that this company has crude to the tune of 20 million dollars that has not been refined yet. If that crude cost a lot more than today's price there may arise a loss when the refined products are sold.
It should also be taken into consideration that the market for crude oil is very negative today. One reason is the political proflems faced by the leader of China due to all the protests in relation to the worseing covid-19 epedemic.
The 19 million inventory. I have suspected that this relates to fuel oil than will presumably fetch the jhighest pride in the middle of the winter. Here is what I have just come across: "Current futures imply price premia for middle distillates, such as heating oil, will persist in the medium term. Heating oil-WTI spread averages almost $40/bbl of heating oil in 2024–2025, which is twice as high as the typical $20/bbl at midcycle. USGC heating oil spread is more than $70/bbl."
gosox Yes, It would be a new project. I myself prefer a less risky approach. In a best-case senario brinkmanship would pay off. In a worst-case scenario it could lead to bankruptcy. Usually I go for high risk but not in this case.
RD You may of course be right. Another possibility is that the plan is to produce oil for heatning during the winter when the price is presumably at its highest. I am against brinkmanship in t his industry. This company has enough debt already in my view. I go for a more conservative approach than you do in this case.
gosox New projects This is not a business with promising prospects. I am therefore sceptical about new projects. I would prefer that debt would be paid down to the extent that is required for cash dividends to be paid to the extent that is possible.
Enterprising specdulator I have the impression that you ignore the potential naked short position. With the more speculative stocks it is the possible illegal naked short positiions that are of intrest. The challenge is tjatusually one does not know of these are a figment of the imagination or not. I guess that is the case with tnis company as well.
It is encouraging that we get some information about the efforts to deal with the more or less defaulted debt. This information in itself should lift the pps somewhat. Moreover, we learn that we may get even more information in the time to come. This may make some purchase ahead of expected information that this company is out of the woods when it comes to its debt.
What happened today is the same thing that has happened again and again and again for many months now. Somebdy dumpes between 10,000 and 20,000 shares. Volume
19,449
gosox The 10K cannot be expected before the end of March.
RD That sounds exciting.
RD RD I am surprised about what you write. I had taken for granted that he was working very hard on the S-1 filing for Cow Capital. You don't mention that.
RD You can get more cheap shares rigfht now!
I find it somewhat surprising that the pps has dropped so low even if relatively few shares change hands. The sell-off yesterday was not so surprising but I had expected the pps to recover somewhat today compared with the closing price yesterday. Instead there are next to no buyers even at a substantially lower pps.
RD The Masala Capital you refer to is hard to find on the web. Those two words result in more than 5 million possibilities. "Omtrent 5 550 000 resultater"
Was it not rather in this type of situation that you stepped out some time ago??? I then bought almost 12,000 shares at an average price of $ 1.20. As far as I remember you stated that youi were back in at fairly close to the highest pps recently.
Few bids by market-makers
NITE 1.21 100 11:40
JANE 1.14 1,000 11:43
GTSM 1.14 100 11:43
CSTI 0.615 1,000 11:42
INTL U 0 11/11
CDEL U 0 11:42
ETRF U 0 11:42
OTCX U 0 11:43
karla I now have a feeling thatI may understand what you are driving at. I googled the definition of the company I bought shares in. It came up with: "IREEM LLC (DOS ID: 5687830) was incorporated on 2020-01-13 in New York. Their business is recorded as DOMESTIC LIMITED LIABILITY COMPANY." I cannt say that I understand what I own right now.
Since the Danish company Digishares is as far as I am able to understand the situation is going to play an important role for Cow Capital that is expected to become an important asset of ITUP it may be an idea for some of you to check the presentation of Digishares on Facebook. Here is a small part of the introduction: ""Tokenization is the act of representing an asset with tokens on the blockchain. The asset itself can be digital or in the real world. Representing a fiat currency such as USD with a token, USDC, can be viewed as a type of tokenization. Representing art (physical or digital) with an NFT, can also be viewed as a type of tokenization."
Check out this great article from Penning, featuring our CEO - Claus Skaaning, which explains the basic terms related to tokenization and what...."
I doubt that there is time for Cow Capital to start trading this year. "Typically, the SEC renders comments to registration statements on Form S-1 within 30 days after filing. Upon satisfaction of all comments, the SEC will declare the registration statement effective. Once the S-1 is effective, the company is obligated to file Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K."
I hope we will aso get some information about reduction of the defaulted debt.
aandt This sort of thing has happened again, again and again for months.
The Subscription Agreement regarding Cow Capital: Because I have written on this topic before I think it is right for me to inform you that I am now out of the woods. I have received an agreement that has been signed by a representative of the company. I am very grateful to both Laxmi and members og his family and Real Dutch in helping me negotiating some challenges in doing my part in an acceptable way. Some things had to be done in a roundabout way.
cugge You mean revenues, don't you? How big will the loss be? Higher than revenues?
Why is the price od diesel so high?
The following is a translation of part of an article in a Norwegian newspaper:
Global shortagr of diesel
The increase in the price od diesel has been caused by a global shortage of diesel. It partly stems from the war in Ukraine, but also because the world has lost refinery capacity to the tune of 3.5 barrels per day since the pandemic. Even if there is enough crude oil ib the world there is not enough capacity to produce diesel, if one ignores China.
The whole world headed by Germany use diesel to produce electricity and heat instead of expensive gas the way they have done in the past.
Since some refineries have been closed both in Europe and in the USA when the demand was lower during the pandemic countries in the western part of the world have become more and more dependent on import of diesel from Asia and the Middle-East.
RD It is interesting that you use so big words. I guess there is something brewing.
RD Army of tanks? What do you refer to?
The crack spread for jet fuel is expected to stay at a high level for the remainder of this year:
NOV 2022
JFCX2
39.820
18:25:16 CT
03 Nov 2022
DEC 2022
JFCZ2
38.050
-
-
-
0
18:25:46 CT
03 Nov 2022
One possible reason why the pps stays down: It could be that there have been talks between the company an creditors for months regarding the loans in default. A possible outcome might be the issue of shares in BDCO. It could also be that one or more creditors are already shareholders of BDCO and that they try to keep the pps down since that might be beneficial for creditors if new shares are to be issued. One way to do this might to be sell a few shares at the bid again and again to establish a trade at the bid. Another might be to dump 10,000 and 20,000 shares in a short space of time. That has happened a lot of times in recent weeks.
gosox O"il stocks are going through the roof and we're in a situation where because of the tiny daily volume a sale of 5 shares often drives the price down .30 cents."
Have you forgotten what I wrote about this nonsense the other day? The relevant question is why sombody repeatedly sells only 5 shares. When shares are sold at a bid you get the price of the bid even if just one share is sold.
Dear Laxmi,
"I am hence writing this short note to offer in brief what this (my email) means to the shareholders ---
We moved away from a situational impasse, additional costs (countless legal hours with no decisive conclusion) and a possible future embattlement on payout (as dividends) to a very smooth transfer of benefit to the shareholders that compensates them far better, eases the company from all possible and potential material risk and enures to the benefit of shareholders in strong merit."
My assessment is that my interest as a shareholder of ITUP is taken better care of if you fdevote your time to the IPO of Cow Capital than to trying to carry out the cash dividend of ITUP. To me it looks extremely encouraging that the interest in the IPO has been so great that there has been some over-allocation of the sum of money to be raised.
RD For the risk-averse the advangage of a cash dividend is that it involves less risk than a stock.
RD
"You now get 6,300,000 Cow shares for 12,000,000 remaining ITUP shares or 1 Cow share for every 1.905 ITUP shares you own." This is even about a third better than the impression I had.
Dear Laxmi,
D"istributing 4.2 million shares of cow capital to the 12 million shares of iTUP is 1 for every 2.85 shares and the value of it is 10 dollars plus 5 dollars on face value" I have a simple mind that has trouble comprehending the implications of this very complicated information. My impression is that what I quoted is the gist of all the words. If I am not mistaken I think what we get is a very good alternative to getting some cash dividends this year and next year. An important point here is that the 10 dollars the shares of Cow Capital is only the beginning. We have seen numbers suggesting that the pps will probably rise much higher if things work out well.