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Chill out, nothing has changed except the CEO has decided to resign, no one except the company knows why at this time, but he is still available for consulting to the company. If he was fired then they would have written a contract for him to act as a consultant. The MM's took advantage of the news to help cover some of their massive short position, the first 4 trades totaling a whole 1,200 shares and a .10 drop in PPS should have been a dead give away the MM's were doing this. They WANT YOU TO PANIC, there are only around 20 million shares in the float, they need your shares to cover their aggressive and stupid constant shorting. The MM's have dug themselves into a hole and they can't seem to stop digging. Time for the FDA approval to burn their ass severely.
Elgin isn't Steve Jobs, the announcement might have a small impact for a short period of time, but overall it changes nothing for the companies technology. Earnings have continued increasing quarter over quarter. The DSU has now had a 2nd quarter to work it's way into the distribution channel, we have a new distribution deal with Bellco in Canada, and a new development and production agreement with Steris. The FDA approval is still pending and will eventually be approved. The new "acting CEO" is also from inside the company and has connections to Wall Street, not some new unknown guy pulled off the street that knows nothing about the company or it's technology.
The MM's may try their usual non-sense and shake out the weak stock holders who don't know whats going on and will more than happily panic sell. You have to remember that this is a very low float stock, and the MM's are already holding a large short position in the stock if you look at the daily Reg SHO data, they really can't afford to get themselves in much deeper with the FDA approval looming at any time, they can get severely burnt if they decide not to get covered quickly.
They normally don't announce, they just release their financials. 8K's cost money, better to save the couple K it costs for a 8K filing and just submit their financials to the SEC, which is free. The every other blog/message board/or whatever else releases the information for free.
Whats to discuss that hasn't already been discussed to death? I'm sure eddy will be along anytime now to drone on and on again about some warrant/derivative/equity non-sense that he discussed with his imaginary Hedge fund friends and the 12th grade math teacher, while claiming he holds 10's of millions of shares and at the same time tells you sold them all and is completely out.
The reason for the disclaimer on their web page is because of UVSE's 8K filing. I know we discussed the issues almost 2 years ago in this forum, yes, I've been in here that long.
A letter of intent means that UVSE is intending to to purchase those companies, that was 3 years ago. Problem is that the companies UVSE stated they were going to buy didn't know anything about it. Raley also claimed to have signed a letter of intent for the NESS assets, that we found out a short while after that announcement, that they were already purchased by another company 3 months before Raleys announcement. The last PR was another BS announcement, it's nice that the company picked some new drill targets, but they don't have any money to actually drill, so the PR doesn't mean a damn thing. It was probably just another pump so that either the CD holders or Raley and Watford could unload more shares and further the dilution. It's getting harder and harder day after day to unload anymore shares, even the MM's don't want to buy them anymore, only thing left is a reverse split followed by dumping the rest of the shares they are holding, or bankruptcy.
That has got to be the most retarded thing I have ever read. A company announcing required "material events" in a 8K filing is manipulation? Selling or buying shares is manipulation?? You really are living in a fantasy world.
The CD's were financed by a Hedge fund, they have access to the MM's. Do some reading on convertible debt financing and floorless convertible debt financing. This stuff was discussed over a year and a half ago. Roughly 80% of high risk financing for risky small business financing was done through Hedge funds using these kinds of destructive financing deals, and roughly 90% of the deals ended up the same way, massive dilution sucking all equity out of the target company, resulting in bankruptcy and the companies assets then being sold off to complete debt repayment. Carl Icahn has had his paws in lots of these corporate raids in the past, he did it again recently with Yahoo. He tried forcing a MS/Yahoo deal on the search side, Yahoo said it was an under priced deal, so Carl bought up a controlling interest in Yahoo, put himself on the board, outed Jerry Yang, then turned around and created the MS/Yahoo search deal, and has now cashed out of Yahoo leaving only a shell of a company after making millions by gutting Yahoo's only cash generating activity.
Another company to watch is Elliot Partners, their trying to buy Novell right now so they can get their hands on Novell's cash, which is around $994 million, but they want to purchase the entire company for around $2 billion (that includes the cash), so it would only cost them less than $1 billion, they already own over 8% of Novell's stock. There were rumors after the announcement of the hostile takeover that Elliot wants to repatriate another $400 million from overseas, the US cash, then split up and sell off all of Novell's division's.
Here are the 2 relevant 8K filings we're talking about, Google the 2 companies they mention in regards to the UVSE acquisition. These companies both had to contact UVSE to remove the false information from USVE's websites because the deal never happened even though UVSE kept claiming the the acquisitions were completed (just like the NESS deal):
http://www.sec.gov/Archives/edgar/data/1207029/000118143107009593/rrd146305.htm
http://www.sec.gov/Archives/edgar/data/1207029/000118143107006371/rrd144509.htm
Advertising your shares, thats what the stock market is for, you put in a sell order. You don't sell your shares in an internet forum, stocks aren't sold in a classified ad. Why would anyone pay you a 100% commission on your shares when there are billions of shares available at .0001, what makes your shares more valuable? Would you buy shares from me or anyone else on this board for .0002 if the market was only willing to value them at .0001? You are attempting to defraud people with lies and misinformation, or as mimurray stated, stock manipulation. This is against the law, you might want to read up on Bernie Madoff and Mark Stanford. This makes you no different than the CD holders that lent this company money and then destroyed the stock and robbed the shareholders of their money.
Read the financing details on the CD's, the repayment wasn't based on a fixed price per share or fixed share amount, it was based on the lowest 3 days PPS in the last 20 trading days minus a 20% discount upon request for conversion. The CD holders were naked shorting their own shares ahead of asking for conversion knowing full well that as the price dropped, they got more and more shares. Look here for the naked shorting that happened once the CD conversions started, notice around 6/2008 there were over 106 million shares sold short, the float was 25 million shares at the time:
http://www.failstodeliver.com/
It's fine to be optimistic, if there is something to be optimistic about. It's not ok to create falsehoods that are not based on any kind of reality.
We'd all like to know what the hell you've been smoking that makes you think that somehow this company has a market value close to $6.9 billion dollars? Cash flow was around $350K a quarter, but reading the last filing, Lake Campo's production is down 75%, which cut their cash flow even more. They have no cash on hand, have over 30 billion O/S according to the last long outdated 10Q, and Raley and Watford awarded themselves 42 Billion shares. You really need to put down the crack pipe.
Give it a break already eddy, you don't know what your talking about and nobody wants to keep reading your non-existent conspiracy theories. The stock is where it's at due to the floorless CD financing that Raley signed up for which allowed the CD holders to naked short the hell out of the stock and guarantee themselves billions of shares. It's as clear as day, the stock went from 25 million O/S to over 60 billion in less than 2 years.
Nobody is stopping you from selling your shares eddy, except that there is no one that wants to buy them. I warned you not to buy them in the first place, but you chose to ignore our warnings that it would be a bad idea. The company and stock are worthless, not my fault the company is in the shape it's in, and your not guaranteed to make a profit just because you bought shares. Your fantasy scenarios on derivatives are just that, fantasies. Everything your whining about is in the filings, those are the facts at the SEC and for the company. Don't like them, too bad.
You have to look at the O/S, there are way too many people that are trying to do exactly what your doing, and you know damn well the MM's will unload their shares for a gain before selling yours for you. I don't have to explain the fundamentals anymore. The only thing you can hope for is that you unload before this eventually reverse splits and then gets beaten into the ground when the remaining CD holders shares get unloaded, or the company files for bankruptcy protection, and your shares get wiped out. Raley has 2 court settlement payments he needs to make, 1 in May, 1 in June.
I and others here do understand the SEC rules. Your posts are just endless rambling that wanders all over the place and never makes any sense. As for the Electrical and Construction company, we already know those purchases never happened, thats very old news, like almost 3 or 4 years old. The NESS purchase never happened either, and same goes with many other promises. At this point the company has no choices left besides a massive R/S, followed by another massively dilutive CD offering to finance any more of anything. Their is no way anyone is going to lend this company any money in it's current state with its current share structure. Raley has milked everyone dry, any share holder over the past 4 years wouldn't give Raley the change in their pockets at this point in time. The guys credibility is shot.
As usual, your post makes absolutely no sense.
Caught lieing again eddy? What did you say 3 days ago, heres a reminder:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=47775279
We've been telling you for over a year this is a train wreck in the making, its not my fault you can't deal with the truth. Everything I've told you for the last year has been backed up with facts, you just kept making up stories and posting off topic crap. No one told you or held a gun to your head to spend $20 for filings from Delaware, their all available for free at the SEC site. If you lost money on this turkey after being told for a year that Bill is full of crap, then thats your own damn fault for not paying attention, you were more than warned.
Click the little button on the bottom of the page that says trades, those are todays trades, they equal just around 26 million not 40 million. Those are FACTS eddy, you got caught in another lie again. You also made a claim 2 days ago that you bought more shares after first claiming you had 50 million shares, then 40 million shares, then bought more, now sold them all.
Lets see, you said yesterday you held 40 million shares, today you claim you sold it all, and there was only 26 million shares traded, looks like your full of crap again.
The 450 share holders you keep mentioning is the information that is supplied by the TA (transfer agent), you know, the person responsible for tracking who owns the stock and how many shares they have. Why does Raley and Watford mention it in their filings, maybe because almost all companies do it in their required public filings if they feel that information is relevant, god knows they have nothing of value to provide in their filings.
I and mimurray have absolutely nothing to do with the PPS, the companies actions caused the dilution and the share price to collapse, only what Raley and Watford have done or are going to do in the future will dictate what is going to happen going forward. They don't have many options for growing the company, they have very little cash, low income, and large bills to pay. They need to find a way to raise money to pay off their bills, so they need to borrow more money to do so or sell even more shares to raise money, neither will help the stock price.
There is a huge difference between truly verifiable facts (legal SEC filings) and just pulling bull out of your butt. We are not trying to manipulate a stock using lies and are not trying to scam people out of their hard earned money like you are. Telling the truth and lieing are not the same thing eddy.
You've been complaining that you can't sell the supposed 40 million shares you have (which was 50 million the week before), so then you go and claim that you've now turned around and bought more shares? Your also complaining about signatures on an electronic filing which we've also explained to you hundreds of times that electronic filings are considered signed when received by the SEC, you can't use a pen and sign an electronic document, it is implied. Your also ranting about not believing the share structure even though the 8K's and 10Q's released by the company specifically state there are at least 30 billion or more shares outstanding. Facts are facts eddy, no matter how many times you try and distort the truth, the facts are out there.
And none of it matters, Raley doesn't have the money to buy a pail and bucket to dig a hole at the beach.
We've had this argument before eddy, UEG and it's subsidiaries have NOTHING to do with UVSE, by law it would be listed in the incorporation papers and all subsequent SEC filings, there is no connection.
As for UVSE's filings, I'm quite aware that last years 10K was filed late, thats how the company ended up on the pink sheets in the first place. The company is now back up to date with its filings, but that doesn't mean that history won't repeat itself, and that this years 10K will also be late. They've already been de-listed from the OTCBB, they don't seem to care when they file their reports.
Yes, it may be odd, but they are not the same company, this mistake has happened more than once. The Canadian company trades under the ticket UEG on the Canadian stock exchange, UVSE trades currently on the pink sheets market. And so I don't have to answer your 2nd post, UVSE does not have any subsidiaries either, this is a stand alone small gas and oil company. This is like saying that Apple Corp. (the company that handles the Beatles music) is the same or related to Apple computer, a company that sells hardware and software and started an online store that sells other peoples songs. Similar name, but completely different. UEG has their own management, their own offices, and their main market is reselling electricity, gas, and oil, but not gas and oil exploration and production.
Wrong company, Universal Energy Group is a Canadian Company, Universal Energy Corp is a US Florida based company, they have absolutely nothing to do with one another.
I've tried telling you that for over a year now, but you didn't want to pay attention to the details or facts.
There is no retained earnings, you might want to read about accumulated deficit before even thinking of retained earnings. The accumulated deficit as of 9/31/09 is $26,181,743, that figure does not include the settlement payments and the other CD payments that still need to be made. Bill hasn't been buying up billions of shares, he awarded them to himself and Watford, he decided he's done such a great job so far that he gave himself and Watford a $5.4 million dollar/42 billion share award, the shareholders got nothing. Try reading the 10Q before spouting more nonsense.
As usual you have it backwards, nobody owes the company any money, the company owes the CD holders money. Look at the CD as a a bank loan, Raley took out the loan, now he needs to pay it back. Raley stopped paying, then was sued, and then Raley and the CD holders negotiated a settlement on what Raley has to pay, kind of like a bankruptcy settlement. Thats why the O/S is all screwed up, Raley agreed to rebuy the CD's, which means the O/S is technically not 91 billion, instead of repaying all the debt with stock, Raley agreed to make 2 CASH payments in place of an all stock settlement. Now the question is, where is Raley going to come up with roughly $2 million over the next 2 months. The easy way (not really since no one is going to buy 42 billion shares) is to sell the 42 billion shares that he awarded to himself and Watford instead of the CD holders selling what they are still holding, but the dilution effect remains the same problem, just a different player doing the dilution.
Just like our countries deficit, we borrowed money by selling treasury bonds to the world, we have to repay that money with guaranteed interest to the people that bought the bonds over the period of time that the bond was issued for (1 year, 2 year, 5 year, 10, 20, 30 year), the maturity date of the bond varies but could be cashed in early if requested by the bond holder at it's current market value.
Your still being dense, the money is not owed to the lawyers, the settlement money is owed to Bridgepoint LLC, you know the hedge fund that loaned Raley the money that Raley defaulted on and was sued for. I am not scamming anyone or trying to keep the price lower, the only person trying to pull a scam is you by trying to get other people to become bag holders before the inevitable R/S happens and they lose money. Raley can pump this thing as much as he wants, it's not going to budge, the O/S is way too large and the market cap is already too high at .0001 considering the small amount the company is earning from NG sales and it's still remaining debt load.
I don't see Raley doing a R/S and not reducing the A/S size, he's not going to attract any money by keeping a 100 billion A/S. Any investor that does their DD will see the history of the company and the large A/S being available as a huge flashing warning sign that the same thing can happen all over again.
Scamming people is not advertising, especially when your openly telling everyone you want to scam them, ask Bernie Madoff how that worked out for him in the long run.
As for your million dollars, keep dreaming. Your 50 million shares in a 10,000 to 1 R/S will leave you with 5,000 shares worth $1 a piece. No one here believes you spent $5K on this stock, which is what your imaginary 50 million shares are worth right now. If or when this split happens, which I believe is inevitable, you'll have the CD holders and both Raley and Watson dumping their 42 billion pre-split shares (42 million post split) and drive the PPS down real quick, and you'll watch you $5K turn into nothing real quick.
As for making you look like an idiot, you did that all by yourself.
Usually in a R/S the A/S is also decreased by the same split amount. Say a 100 to 1 R/S would take the A/S from 100 Billion to 1 Billion, and the O/S from the Raley claimed 32 Billion to 320 million, but I somehow disagree with that number since it doesn't agree with the companies 8K release that the O/S was 91 billion shares. I'd say for UVSE to be able to raise any funds they'd do a 1,000 or 10,000 to 1 R/S, bringing the A/S down to 100 million, followed by an A/S increase to somewhere around 250-300 million, then turn around and do another stupid CD deal with the same idiots that already scammed all the shareholders. I don't see anyone else lending this company any money until they do something with this outrageous share structure. We'll just have to wait and see what rabbit Raley pulls out of his hat next, nothing he has announced has come true yet.
Eddy, I can't believe you keep making public postings out in the open about wanting to manipulate a stock and screw other people out of their money, are you really that stupid? People are pissed off from the manipulation that crashed the market a year ago, you think they are going to respect you for announcing to the whole world that you want to screw them out of their money? You've already proven your not smart enough to pull off a scam like that, you can't keep your story straight, you have NO credibility. Almost everyone on this board believes in honesty, not screwing each other over, I will not allow that ever no matter how many times you whine about it.
No, the Ibox hasn't been updated in quite a while. The A/S is 100 billion, and the O/S is currently an unknown number, Raley claims around 32 billion. But if you read the last 10Q filing, with all the stock conversion numbers that have been handed out, the debt payments due May and June, it's almost impossible to know how much the O/S is. I posted the parts of the 10Q that shows the conversion amounts in another post. The other big problem in guessing the O/S is that Raley and Watford also awarded themselves 42 billion shares as part of their new payment contracts.
For once eddy also posted something on topic and relevant regarding this news release, where are they going t come up with the money to drill. Who cares if they decided what to drill, they have no cash, 2 large debt payments to make to abide by their court settlement, and no equity left in the stock. I could see a R/S in the future followed by another increase in the A/S followed by more CD (convertible debt) financing. Then you'd see a repeat of what we've seen the last 2 years of naked shorting and massive dilution, once again robbing their shareholders blind.
Yes, your math is off, it's 94 million times .0001, which is $9,400. Funny enough, the last trade showed as a sell, and my e-trade ticker is showing the stock with a -.0001 loss for the day, and final PPS of .00.
PIPE financing is exactly what was done with UVSE, those are the debentures that were all paid off in stock. No matter how many times you try and cite SEC rules, this kind of corrupt financing hits 100's of small companies every year with almost the same outcome. This is why it is so important to read SEC filings on anything you invest in, especially OTCBB and pink sheet stocks, they are the biggest targets for this kind of financing that basically ends with massive dilution and bankruptcies, while the PIPE financiers walk off with your money and sometimes the assets of the companies they are pretending to help with this creative financing.