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Dec '06 was the last time we were this low. Interestingly,
we've dropped about the same % from our summer highs as
have Bank America, CitiCorp, Dynegy and many others. If it
weren't for those darn CDOs and CDSs we would have had
an IPO for LTC and have a $3+ price on CTGI. Darn!
S-1 filing for LTC: 10Q page 10:
In October 2007, the Board of Directors agreed to have the Company’s majority-owned subsidiary Live Tissue Connect, Inc. submit to the Securities and Exchange Commission (SEC) a registration statement in connection with an initial public offering (IPO). The Company anticipates this to occur in the fourth quarter of 2008 or the first quarter of 2009.
suezia....low volume is a good thing. Sellers are not
willing to lower their asking price because they know
that soon (any day) an announcement could be made that
will pull the PPS significantly higher.
airdale....thanks for your post!
this new regulation will stop some of the
MM manipulations. I've been stung several
times by their (now illegal) shenanigans.
"Might it be that the instrumental Mr. Jones has hooked a fish or fishes (i.e., product users) of sufficient size to require his full-time effort?"
Ninja.....I think you nailed it. Hopefully Bruce is on-to
something big. There's another good signal from the hiring
Hedrick.....the CFO must be a CPA for a public company to be
listed on of the big boards. The S-1 for LTC should breeze
thru the SEC. (Bruce is an MBA with a keen business mind and will serve us well reeling in that big fish.)
Robert Machen, a Director, bought 5000 shares at $.84
It would appear that the sell-off is from investors
meeting margin calls. They waited to see if the EESA
bill passed and are now selling to generate cash in their
accounts.
Don has exercised some of his stock options at the $.625 strike
price. These shares are newly issued shares and will add to
the shares outstanding total. The timing of the transaction is
designed to send us the message that you and others have
interpreted correctly.......everything's cool and ready to go.
The SEC restricts the window of opportunity that insiders have to buy stock in the open market. Usually, it is the 2 week period after the 10Q is filed (15th of the month)until the end of that month. However, CTGI insiders know non-public info (possible JV, sales orders, IPO details), therefore the SEC prohibits their trading in the open market totally until all info is public.
Remember, we have accounting issues. The SEC is requiring that
the LTC stock options be expensed in the P&L as non-cash compensation. This requires an independent valuation of LTC
at various points-in-time. A valuation of the CCT acquisition should also be required by the SEC & GAAP to determine if any Goodwill needs to be booked. All this can take time and probably should be completed before we can file the S-1.
Steve,
good news....interest has been accrued.
From page 30 of the current 10Q:
The Company is in default on a note with an initial balance of $203,800 to Banco Panamericano that became due April 1,
2002. On February 10, 2005, Banco Panamericano filed suit in the Circuit Court of Cook County, Illinois for $514,920
(balance accrued as of June 30, 2008 including interest at 12% is $402,840).
Good-going Scottie....i tip my glass to ya!!
Yes, many good points have been made today. It is
frustrating to watch the PPS decline while the Company
is in a quiet period. (Working on something that will
be good news??). A few years from now, we'll be telling
our family & friends about a company whos stock doubled
every year. Taking some liberties with rounding, the
numbers will be as follows:
2004 $ .12
2005 $ .25
2006 $ .50
2007 $1.00
2008 $2.00
2009 $4.00
2010 $8.00
2011 $16.00
2012 ??????
The numbers actually appear conservative, don't they?
MD,
I like your conclusion about an IPO. Do you think
it's planned for the near future?
The covertible preferred issue in LTC may be a sign
that Don has decided to wait (up to 18 months) and
hold the IPO next year. That would answer the question
on the source of working capital and also explain the
lackluster PPS.
Here's the description from the 10Q:
Additionally we offered through a private placement up to 5 million shares of preferred stock at $1 per share in our majority owned subsidiary Live Tissue Connect, Inc. through Empire-Jesup Lamont of which $530,000 was raised during the Company’s second fiscal quarter. These preferred shares have not been issued as of June 30, 2008. The preferred stock carries a cumulative dividend of 8%. Each holder of Series A Preferred will have the right, at the earlier of the IPO and the end of 18 months, to convert the total amount of money due to the owners of the Series A Preferred into shares of Common Stock at a conversion ratio of 50% of the Initial Public Offering (IPO) price. If no IPO has been completed at the 18 th month, the holder of the Series A Preferred may convert total amount of money due into shares of Common Stock at a price equal to 50% of the closing price of CSMG Technologies, Inc. stock on the first business day following the anniversary of the eighteenth (18th) month of the Closing. The Company is in the process of retaining an independent valuation specialist to conduct a valuation of Live Tissue Connect, Inc. and determine whether an adjustment may be necessary for the beneficial conversion feature as it relates to the preferred stock.
Through July 31, 2008 Empire Jesup-Lamont has raised a total of $680,000 in the preferred stock offering.
Good idea ninja.......my congressman is also a MD.
There was a 2 hour gap yesterday between
11 am and 1 pm and posts 22118 thru 22124
don't show. What happened?
I told my 92 year-old mother about LTC yesterday.
She had open heart surgery in 1992 and the Drs
stitched her back-up with sutures. My 94 year-old
Dad had his O-H surgery in 2000 and staples were
used. When it's my turn (to have the ice cream
removed from my veins) LTC's RF will be used.
I couldn't get it to work either.
Thanks Steve!!
"reminder on radio broadcast Wed 1:00"
How can we tune-in to this broadcast?
There was a discussion on CNBC's Closing-Bell that
IPO's will pick-up in September. We got one for'em,
don't we!!
The 10Q for the 2nd QTR was due today. We filed for
a 5 day extension. No big deal....our independent
CPA firm probably needed more time so he could file
today for larger clients.
http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=5832000
And then with a minute & half remaining in their presentation,
Don will say, in the remaining 90 seconds I'll review how
CSMG Technologies plans to participate in the solution to the CO2 & SO2 emission problem. We have..............
Dane, I think that info would be considered "Inside" or
non-public and therefore, he could not take action.
If Don gave him that info, he would know he could not
buy based on that enough. Not seling is okay.
My error....I attributed the 2009 IPO comment to Maddog.
I meant Male1041's 21453 post. Sorry MD.
"you can go to the conference for 2 nights with full room and board for $900."
Does one have to have a $10M networth?
Reason for PPS drop:
Maddog stated in a post earlier today that the IPO might be
delayed 'til next year when the markets are better. If
that is the offical company position, and the word leaked out, those who where expecting the IPO this summer/fall could be disappointed enough to sell.
Thanks MD......This is a really big deal. It will eventually
far over shadow LTC. I think the $50PPS is no longer a
dream, but a 2-5 year reality.
Thanks Ninja.
Thanks MD.
Yes, truly a great report. The following sentence from the
report caught my attention.
"CCS is untested for good reason, the technology will add about $US1 billion ($1.7 billion) to the capital cost of a power plant."
Will our CCS method require less capital cost and improve
the yield from coal?
"What makes you think that only now has the S-1 been sought for approval?"
LM, It's my understanding that an 8-k would be required
when the S-1 is filed with the SEC. I'm not positive, however.
Great day everyone!! Our patience has pay-off. Today's
FDA approval announcement will give us the energy to
continue to be patient while we wait for SEC approval
of the S-1 for an IPO of LTC. That could take 30 to 90
days. That does give us the opportunity for the IPO to
occur before Thanksgiving, after which the mkts are quiet
until January. (We might have something to really be thankful
for this Nov 28th)
Smart shhrs know to sit tight...any day now.
Congrats to those have bought more over the
past few weeks.
Good find cash. Gottlieb should be THE commissioner.
I wouldn't mind at all if HDSN followed their lead.
Dotto that Steve! Their manipulation of both the bid
and ask today was quite obvious.
"I ask Airdale why do you think someone is accumulating alot of shares? today (if the stats are right) 10,300 shares were purchased and 49,996 were sold.....in just one transaction someone let go of 13,800 shares."
I'm not big on the significance of the buy / sell analysis.
Someone put in a buy order for 30,000 shs at $1.08 while
the bid was $1.09. An hour or so later, the $1.09 bidder says, okay, I'll sell at the 13,600 shs I bought last week for 93 cents, for $1.08 and make a 17% gain. Both are happy.
I'm not sure what it means whether it was a buy or sale.
Today, it seemed every time a buyer increased his bid to
meet the ask, all the asks increased. I guess the MMs are
doing this. Good for longs...frustrating for the buyer.
The volume would have been even higher if the asks had
held at $1.07&8.
Dark Pools
This is scary.
http://www.moneymorning.com/2008/07/10/dark-pools
This afternoon on CNBC the CEO of the Federal Home Bank gave a great interview saying those (brokers & hedge funds) who did naked shorts, and started rumors will need their profits to hire lawyers and pay for calls from prison. He was very vocal! I hope he’s correct.
Gamood, The attached is from page 7 the latest 10Q. I
assumed Dr Paton owned the 14% of LTC that CSMG doesn't.
Do we know who does own the 14%?
ORGANIZATION AND BASIS OF PRESENTATION (CONTINUED)
The live tissue bonding operations is contained in Live Tissue Connect, Inc., a subsidiary that is owned 86% by the Company. The live tissue bonding technology focuses on bonding living soft biological tissue used in surgical procedures which eliminates the need for sutures, staples, sealants or glues. The Company has an agreement with the E.O. Paton Institute of Electrical Welding of the Ukraine National Academy of Sciences and International Association of Welding and owns the technology including the worldwide rights of licensing, patenting, manufacturing, development and distribution of this technology.
After LTC's IPO and Empire converts their $8M loans
into LTC stock at 50% of the IPO price, the o/s
should be as follows:
12.9M shs (66%) CSMG
2.1M shs (11%) Borys Paton
3.0M shs (15%) The public
1.6M shs ( 8%) Empire Fin'l
19.6M shs(100%) Total
19.6M shs @ $10/sh = $196M Mkt Cap....very reasonable.
We don't have to take LTC public immediately upon
receiving SEC approval of the S-1. The SEC approval
process can take 60 to 90 days depending on questions
they might ask. If FDA (& CE) approval helps the SEC
evaluate the S-1(it may not), the S-1 can be amended
once the FDA approval has been received.
Filing the S-1 now will help us get back on schedule
of an IPO for LTC this year.
FDA approval WILL, however, increase the enterprise value that Empire Fin'l will assign to LTC at the time of the IPO.