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I just spoke to the transfer agent to find out when we can expect the new AENP shares to show up in our accounts.
They say that DTC is dragging their feet a bit, but when he mentioned that the number of shreholders makes a difference in how long the DTC takes in getting the shares out to the brokers, I said there were 5000 shreholders. He replied that would take some time for all of the brokers that hold shares in the street name to get back to the DTC.
The process is that the NAZ approves the RS. The transfer agent make a request to the DTC. DTC sends out a request to the brokers for all of the amounts helds in street names so it can calculate the fractional shares. They get that info back, run the numbers and then send the new shares and amounts to the brokers.
The transfer agent said by the end of the week at the longest. More likely sooner than that. Ameritrade suggested that Tuesday was when they expected the shres in.
FWIW
Steady_T
What your Ameritrade doesn't show is your AENP shares in your account yet.
I suspect that the MM's are waiting for enough bu and sell orders to line up so they can match them. Without a supply of ANEP shares to sell that is going to be a challenge.
Bid .10 Ask .50 on Ameritrade LVL II.
I had to call Ameritrade to get their computers to accept the new symbol.
I have heard the number of around $6 mil as being how much CB raised thru stock sales. Can anyone confirm or provide a more accurate number?
Thanks
Only in your mind.
You assume that there is news to give. That may not be true.
http://www.snopes.com/autos/techno/cruise.asp
Another urban legend.
Just because you proclaim it to be myth does not make it so.
I'll give you that the announcement of an RS has a negative effect on any OTC BB stock.
We saw that in the first several days, then the price stabilized.
It is after the initial drop that the extreme posting started and the price began it's nose dive.
The stock price dropped before the vote on the RS....
It was the announcement of the RS and the unremitting negativity that occured in the resulting discussion that dropped the price.
The RS hasn't happened yet.
I expect the the price to fall somewhat after the RS, as that is the most frequent pattern resulting from a RS.
I further believe that the falling trend will reverse only when there is some positive production news and news about the challenger rig going to work.
Once that happens the RS will be put behind us and the price will adjust to reflect the actual activity of the company rather than the emotions created by the RS. Whether that will be a higher or lower price will depend on the facts at the time.
And if they were....so what.
I have to agree with you on this post.
Some people deal badly with uncertainty.
I don't expect a rocket ship, but I do exect this company to make it and be a worthwhile investment. When or if the actually happens, only time will tell.
No one knows what the future holds for AMEP. There is only one's best guess.
By the way, for those who feel that this stock is guaranteed to fail, it is possble to short this at Ameritrade.
Steady_T
I went to the meeting and did the tour of the sites. As far as I know there is no information that is not public at this time.
I wish it were otherwise.
I don't expect any PR's soon unless they start getting results from the Padgett wells.
The 11 is producing but at a low level due to the water it makes. They are having to get another injection well permit.
The 12 was having a down hole valve being replaced when we were there. They are still working on getting the Fraq water off the well as I understood it.
I believe that the answer to the question about why the board members did not own stock, was that when the company was a BDC, the board members were required to be independant and were not allow to own stock by SEC rules.
When the board members were then asked if they would now buy stock, they declinded to answer either way.
Or at least that's the way I remember it.
In corporations it's one share, one vote. In politics it's one person, one vote. Please do not get the two confused.
I guess in corporations the phrase "money talks" is literally true.
You have no way of knowing if the majority of stock holders votes for or against the RS proposal.
All we know at this time is that the majority of shares were voted for the RS.
CB said during the question and answer session after the official meeting was closed that there are 5000 shareholders of AMEP.
You might save your complaining about "someone lost it for us" until that actually happens, if it happens.
There is nothing stopping you from selling your shares Monday morning, or waiting till the day before the split takes effect.
You certainly had the opportunity to sell back when the RS was announced, but obviously chose not to.
If you lose money on this stock, blame yourself. There were plenty of folks that offered the idea that selling shares at the announcement and buying back later at much reduced prices as a strategy for dealing with this situation. If you had sold at .05 and bought back at .02 you would have muc of your money in your pocket and still have the same number of shares.
I wish I had been smart enough to do that. But I didn't forsee the price declining nearly as far as it did. Oh well. My fault on that, no one elses.
I bought 100K additional shares the day before the meting. I will consider buying more after the date for the RS is set and I see what PR's come out between now and then.
I will also be watching the day of the RS with expectations of a big dip in price sometime during that day.
You speculation assumes that CB pays off all of the items you list with shares asap.
If the items are handled in another way or simply kept in abayance then there need not be any increase in the shares outstanding.
In the question and answer session after the vote was taken, CB said that he did not expect to sell any additional shares until the shares price increased considerably over the post split price.
We shall see if that is the way it works out.
The bottom line to all of this is that CB has been given an opportunity by the shareholders.
Only after time has passed will any of us know whether this was a wise choice by the shareholders or not.
I bought another 100K this afternoon..... I'll be attending the meetng tomorrow.
Steady_T
This web cast is worthless.....I'm getting one word out of fifty.
And you guys try to make CB sound like he's Idi Amin.
There is no bid or ask because we trade on the Grey sheet. As such there is no company making a market in our stock. The rules say that the MM's are only supposed to fill un solicited orders.
I'm pretty sure that the company is not buying back shares. We will find out when and if the company starts catching uo on it's filings.
If CB converts his pfd shares he will have 33% OF THE SHARES. Still a long way from the 51% required for total control.
SteadyT
As I understand CB thinking, the only news that really counts is production news. The padget 11 & 12 have not yet been stabilized or flow tested according to TRCC procedures. I am told that when that is done that the data will be released.
Last info I have is that the Hart 8 is not producing.
Just because a company CHOOSES to put out a PR doesn't make it a Material Event. Companies put out fluff PR's all the time.
The "it rained" PR was not a material event in the way the SEC defines the term. It was important to the companies operations because it made water available to do drilling and fraqing.
So many folks made fun of that PR I suppose because they didn't have sufficient understanding of the local area and how expensive bringing water in can be. The company got quite a bit of ridicule over that when they should not have.
On one hand people are asking for a lot more information and on the other hand the company gets ridiculed when they tried to more informative. Pretty much a no win situation for the company.
I believe that CB over reacted to the ridicle and has chosen to put out as little information as the law allows. I don't like it, but I can see how we got to this place.
Manti... Anyone doing a private placement gets access to much more information than the common shareholder. They also come into posession of insider information and are under the same restrictions from trading on that information as company insiders.
To clarify what CB said about it taking 8 years to sell all of the shares he would have if he converted his pfds..... That is an SEC regulation that limits the percentage of shares an insider may sell in a given period of time to a percentage of the daily volume.
That has as a consequence the following...If CB does convert after the RS he is in a situation that he has to hold those shares for a long only being able to sell a small number every quarter. If he chooses to dilute the common by selling a large number of the Authorized Shares then he is diluting himself at the same time. Yes, he would have a much larger number of shares to dilute after the conversion, but if the share price does not go up, he still doesn't get the big bucks.
He has told people that he is not going to convert his pfds. Either way, his interests are best served by getting the share price up and not selling large numbers of common shares.
As far as I know nothing happened on the 23rd. Sigh.
I notice that the halt nor the resumption of trading date are mentioned in the IBox.
Is that just me, or is that a conspicuous omssion?
We resume trading on the morning of the 22nd. Assuming that a current 15c-211 is filed with a MM by then.
Nothing that I'm aware of.
Looks like the big seller is still continuing to sell in the background. Was there an AH report yesterday?
It only appears unanimous because you hear what you want to hear.
The truth of the matter is, it doesn't matter much if they PR every twist of a drill stem, or say very little and put all the info out in the 10Q's.
The companies sucess or failure depends on the reults of the various projects underway. If some of the stockholders get their panties in a wad and sell out, so be it. The share price is ultimately determined by the revenues.
The day traders and the short term investors don't like that idea because it limits the momo players. Tough luck guys.
"The stockmarket is a wonderfully efficient mechanism for transfering wealth from the impatient to the patient." Warren Buffet
Soutwestern Bell instate and out of state for my contract.
I haven't moved in the last 27 years so I don't have the problem. I have 2 friends that have moved in the last 5 years that have maintained their cell numbers in the new location. One moved several counties in TX, the other from Austin to Ca.
Welcome to the new telecommunications world.
I know other folks that don't have land line to their houses at all. They just use cell phones.
If you use a cell, it generally doesn't cost any more to call long distance than it does local. Even my land line long distance is only 3 cents a minute. At that price I don't care if I call someone in San Antonio or next door.
The convienence of having a number that people know versus the hassle of getting a new number out to a bunch of folks....
You get to make your own choice these days. The costs are minimal either way.
You do have to wonder about folks to whom call forwarding is an advanced concept.
Did it ever ocurr to this guy that perhaps CB wants to keep his cell number private or at least restricted to people that he works with rather than have all the stockholders and bashers calling his cell all the time. With call forwarding he can look at his caller ID and see if the call is coming through his "public" number or is it a supplier etc.
Is that even possible " a cheap imitation" ?
They leave at the same time because the're are all responding to the same sudden increase in selling presure.
SCHB and NITE have much deeper pockets than the other MM's do, so they have the ability to build up more inventory.
As for why a MM would come back, that's the easiest answer of all. The MM's are making 100% spread when they trade right now. That is pretty remarkable.
While it is true that where there is smoke here is fire, it could well be burning Bullchips.
I picked up 10 Mil @ .0001 during the "panic", we shall see if that was a wise choice or not.
Thanks for the correction. 5% of AS.
That is bogus. The run started long before the MM's started leaving the bid.
I haven't seen such a panic on no news in long time. This was orchestrated by someone, either a MM or someone that wanted to generate abunch of low priced shares to cover with.
If all the shares that were traded with NITE as the only MM on the bid actually went to NITE, then they took close to 15 Billion shares today. That had to be a cover or one hell of an inventory buildup.
I bought 10 mil at .0001 via Ameritrade. The order sat out there over 2 hours before it filled.
The good news is that unless the co goes BK the price can't get any lower. At 40 billiom shares traded we only moved 5% of the OS shares.