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Rule 144A Debt as Last-Resort Financing
Abstract:
This paper examines market reaction to the issuance and (subsequent) registration of Rule 144A debt. Risky firms typically issue 144A debt to access financing while avoiding registration. We find that 144A debt offering announcements are associated with significant negative cumulative abnormal returns (CARs), including three-day CARs of -1.238%. To put these three-day negative CARs in perspective, each 144A debt issuer suffers an average loss of 5.38% ($21.2 million) from the amount of 144A debt raised. Further analysis reveals that negative CARs are mainly driven by first-time issuers of 144A debt. Additionally, the negative CARs associated with 144A debt offerings are reversed (i.e., they become positive) following registration of such debt. Finally, our results reveal that firms with large financial deficits, significant financial distress, and more urgent financing needs are more likely to issue 144A debt. Taken together, our findings suggest that firms issuing 144A debt do so as last-resort financing.
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2311528
Minimum requirement for OTC current
5 Days after the following letter from the SEC, Parafin elected to terminate registration "on advice of attorney".
http://www.sec.gov/Archives/edgar/data/311842/000133118608000016/paraform15022708.htm
The 10-Q was mislabeled a 144A
The 144A is now inactive.
seems to have been a mistake
http://www.otcmarkets.com/stock/PFNO/filings
PFNO T&S
PFNO T&S 5/15
15:35:29 0.0002 9999 OTO
15:30:12 0.0001 4999999 OTO
13:48:56 0.0002 1950000 OTO
12:55:59 0.0001 5000000 OTO
10:30:33 0.0002 9999 OTO
10:25:44 0.0002 9999 OTO
10:22:46 0.0002 9999 OTO
10:22:37 0.0002 9999 OTO
09:57:09 0.0002 150000 OTO
09:38:42 0.0002 9999 OTO
09:35:57 0.0002 9999 OTO
09:35:56 0.0002 9999 OTO
09:35:45 0.0002 9999 OTO
09:34:45 0.0002 9999 OTO
09:34:36 0.0002 9999 OTO
09:30:02 0.0002 500000 OTO
PFNO T&S 5/16
15:57:55 0.0002 774316 OTO
15:57:49 0.0002 774315 OTO
15:57:47 0.0002 3451369 OTO
15:35:31 0.0002 1600000 OTO
14:20:07 0.0002 2000000 OTO
12:52:14 0.0002 500000 OTO
11:31:24 0.0001 4999999 OTO
11:12:54 0.0002 10000 OTO
10:35:39 0.0002 2000000 OTO
10:31:57 0.0002 2000000 OTO
09:51:55 0.0001 5000000 OTO
09:40:09 0.0002 400000 OTO
Babikian takes the fifth in response to SEC interrogatories
http://www.goodetrades.com/wp-content/uploads/2014/05/37-2.pdf
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=72473073
I'm not trying to prove anything,
I'm asking for assistance to confirm or deny
can't make it any more clear than that.
BTW, my source is not ING
Do you have an E-mail address at ING to contact ?
should be just as easy to confirm or deny
with links, of course
I haven't found any court filings, have you ?
Can you confirm or deny?
yes or no ?
"approximately 12.6 billion
total aggregate shares"
"aggregate" short sales has always been the shortcoming of Buyins
Totalying up the daily short numbers is a joke
An aggregate is a collection of items that are gathered together to form a total quantity.
http://en.wikipedia.org/wiki/Aggregate
Now that all the assets have been siphoned off,
and shareholders have been shafted,
nice to see the high fives all around from those that helped perpetuate this scam
BTW
my sources are saying ING has no lawsuits pending and no ongoing negotiations concerning the bond issue in question
Does anyone have any DD to confirm or deny ?
Seriously
Hate to put it to you like this,
but,
PRs are not DD, talking to the CEO isn't DD either.
This is, and always has been a shareselling scheme.
Trade it, but don't fall in love with it.
OR
you can frontload it and post constantly about the iffs and could bees,
and then offload your shares onto those you encourage to buy.
PFNO T&S 5/14
15:29:01 0.0002 9999 OTO
15:17:26 0.0002 9999 OTO
15:16:44 0.0002 9999 OTO
15:16:35 0.0002 9999 OTO
15:12:36 0.0002 9999 OTO
13:06:14 0.0001 5000000 OTO
12:59:54 0.0001 5000000 OTO
11:37:36 0.0001 1000000 OTO
10:49:00 0.0002 999999 OTO
10:02:27 0.0001 2000000 OTO
09:49:14 0.0001 999999 OTO
09:35:25 0.0002 9999 OTO
09:35:13 0.0002 9999 OTO
09:31:25 0.0002 9999 OTO
09:30:31 0.0002 9999 OTO
09:30:21 0.0002 9999 OTO
12-06-04:
PARAFIN CORPORATION ENTERS INTO FARMOUT AGREEMENT WITH GUARANI EXPLORATION AND DEVELOPMENT CORPORATION CONCERNING A POTENTIAL LICENSE ON THE ALTO PARANA BLOCK COVERING 2,456,453 HECTARES (APPROXIMATELY 6.06 MILLION ACRES). .
• Wednesday, May 10 2006
ParaFin Corporation signs Agreement to buy 12.2 million Metric Tons (90 million barrels) of Russian Export Blend Crude Oil ("REBCO")
BOARD OF DIRECTORS VOTE TO REVERT TO FULLY REPORTING STATUS AND TO APPLY TO RE-INSTATE THE SHARES OF PARAFIN TO TRADE ON BULLETIN BOARD
Reno, Nevada, March 15th, 2010, ParaFin Corporation (Stock Symbol: PFNO.PK): The Board of Directors have voted to become fully reporting and to apply to re-instate the shares of the Corporation to trade on the Bulletin Board. In January, 2008, the Corporation went non-reporting on the advice of Counsel and the shares of Parafin then traded on the Pink OTC Market under the symbol PFNO.PK.
While Parafin shares were listed for trading on the Bulletin Board from 1982 to 2006, the Corporation filed all Annual reports (now 10-KSB) and filings, with Audited Financial Statements, and all Quarterly reports (now QSB). The last 10-KSB with Audited Financial statements filed by Parafin Corporation with Edgar was for the year ending September 30, 2006.
The Financial statements for 2007, 2008 and 2009 have been prepared by Management but have not been Audited. Once the Financial Statements have been Audited, 10-KSB’s and 10-QSB’s for the years 2007, 2008 and 2009 will be filed with Edgar. When the 10-KSB’s and 10-QSB’s have been accepted for filing by Edgar, Parafin Corporation will then apply to have its shares re-instated to trade on the Bulletin Board.
"As of December 31, 2013, we had no assets, no cash on hand, and total liabilities of $6,690,453 and a total accumulated deficit of $11,382,275. For the years ended December 2013 and 2012, we had no revenue and a net loss of $669,988 and $1,763,847, respectively. As such, we will need to raise substantial additional capital to pay our liabilities and for any acquisition that we may undertake in the future."
SWRF T&S 5/13
15:31:10 0.001 1000 OTO
15:28:49 0.0009 121075 OTO
14:49:10 0.0009 835000 OTO
14:06:58 0.0009 253000 OTO
13:33:07 0.0009 312000 OTO
12:50:38 0.0009 435000 OTO
12:49:42 0.0009 505000 OTO
12:49:08 0.0009 240000 OTO
12:48:04 0.0009 205000 OTO
12:29:45 0.0009 225000 OTO
12:25:33 0.0009 1428571 OTO
12:02:22 0.001 300000 OTO
12:01:36 0.0009 130000 OTO
11:59:43 0.001 19 OTO
11:59:40 0.0009 225000 OTO
11:58:49 0.0009 225000 OTO
11:53:43 0.0009 225000 OTO
11:52:47 0.0009 33000 OTO
11:52:41 0.001 67000 OTO
11:50:12 0.001 932981 OTO
11:49:32 0.0009 100000 OTO
11:49:05 0.0009 500000 OTO
11:48:47 0.0009 999000 OTO
11:46:33 0.001 67019 OTO
11:23:40 0.001 225000 OTO
10:08:50 0.001 240000 OTO
09:34:38 0.001 260000 OTO
09:30:01 0.0011 55000 OTO
Your "facts" need to be proven.
Until then it's all speculation.
There's been over 35 years of speculation with this company.
And over 35 years of no accomplishments.
Facts ?
All the "facts" presented are just iffs.
Shame those bonds are fake,
that's the real fact and the only one that matters.
PFNO T&S 5/12
14:27:58 0.0001 400
14:14:51 0.0002 1
14:14:47 0.0002 1500000
14:05:14 0.0002 1000000
Yep, if it wasn't for you guys nobody would have even known about those great PRs
labeled as DD
Her name is mentioned somewhere, can't recall where, just remember it's not Fowlds.
Might be
Try to contact Sids daughter
Happy Mothers Day
Where is the court docs from this suit started a year ago ?
Still "negotiating" with ING ?
Show the docs.
If those bonds could be made good, I'd buy the float too.
The only stickey that really matters is the bond court filings.
Without those bonds PFNO shares aren't worth squat.
PFNO ING Bonds
The court fight ended some time ago when Rukos/PFNO dropped the suit in the BC courts.
Rukos HSBC & ING Claim
http://www.scribd.com/doc/144770646/Rukos-Hsbc-Claim
HSBC Answer
http://www.scribd.com/doc/144771208/Hsbc
ING Answer
http://www.scribd.com/doc/144771587/Ing
Rukos Summary
http://www.scribd.com/doc/144772138/Rukos-Summary
Read them well,
cuz that's real DD,
not the feel good kind,
but real DD.
You can buy a reporting shell with no debt for half the amount PFNO owes to JRM, without the bloated share count and huge debt.
http://www.publicshell.com/shells.html
http://www.mergernetwork.com/public-shell-companies-for-sale/page-1
PFNO stock is non-reporting and de-registered and the bonds can never undergo an audit, so what's left ?
Pfno has always been a share selling pinkey, bringing in a Million $$ a year.....for 35 years.
Never completed anything other than selling shares.
Sid is old, if he finds anyone interested in taking the reigns, PFNO will remain a black hole where the retail shareholders money goes. Nothing will change.
PFNO has no money with a bloated sharecount and a history of failed could bees. Sid always has an out in the PRs, and I think the "out" on this Ergo thing will be the bonds.
The bonds are fake, like many that have infested the financial system over time.
Google it, there's lots of stories out there.
So....
Lets talk real DD:
Who controls JRM ? (The JRM who is owed $750,000 at 12% interest).
Where is the lawsuit supposedly filed last year in Europe ?
Who actually owns those bonds if Sid was trying to cash one to keep his house from foreclosure ?
Read them and weep, cuz this is all the DD you need to know about those bonds:
PFNO ING Bonds
The court fight ended some time ago when Rukos/PFNO dropped the suit in the BC courts.
Rukos HSBC & ING Claim
http://www.scribd.com/doc/144770646/Rukos-Hsbc-Claim
HSBC Answer
http://www.scribd.com/doc/144771208/Hsbc
ING Answer
http://www.scribd.com/doc/144771587/Ing
Rukos Summary
http://www.scribd.com/doc/144772138/Rukos-Summary
PFNO T&S 5/9
15:20:47 0.0002 300000
14:38:59 0.0001 1000
14:02:40 0.0002 225000
09:40:13 0.0002 700000
09:32:55 0.0002 225000
09:31:22 0.0001 9999
09:31:11 0.0001 9999
LOL
My proof is in the stickey
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=101533218
The bonds are fake.
Without them as an asset PFNO is worth zero.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=101533218
The stock isn't even registered and has 3/4 Million in debt at 12% interest.
SWRF 10-K (FINALLY)
http://www.sec.gov/Archives/edgar/data/78311/000147124214000185/swrf10k12312013.htm
PFNO T&S 5/8
15:47:37 0.0002 1000000
15:45:40 0.0002 90
15:45:32 0.0002 2079900
15:44:02 0.0003 9999
15:42:30 0.0002 3920010
15:42:28 0.0002 69990
15:42:24 0.0002 10000
15:40:07 0.0003 9999
15:39:56 0.0003 9999
15:38:46 0.0002 2000000
15:31:33 0.0002 1410000
14:50:53 0.0001 1410657
14:14:24 0.0002 10000
12:00:49 0.0003 9999
12:00:09 0.0003 9999
11:59:24 0.0003 9999
11:59:14 0.0003 9999
PFNO T&S 5/7
14:34:20 0.0003 243711
14:33:59 0.0002 5000000
14:33:55 0.0002 2540000
14:33:06 0.0002 1200000
14:33:03 0.0002 1260000
13:25:20 0.0003 1000000
11:38:10 0.0002 5000000
11:24:21 0.0002 2222222
09:36:33 0.0003 9999
09:36:21 0.0003 9999
09:30:03 0.0001 1