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Nothing going on?
Louis J. Desy Jr.
No bid or ask prices
No Bid or ask prices show online.
Louis J. Desy Jr.
May 2017 production? other production?
I am not sure if what shows for SGER is everything. They do have a subsidiary, KLM Exploration, that has most of the company assets. I did some searches and can't tell if they provide services or have their own production.
Last year the company had revenue of several hundred thousand, but I am not sure what makes up that.
Louis J. Desy Jr.
Other company run by Paul Novelly
I did find some more on the inital IPO for FF, Future Fuel. FF is another company that was run by Paul Novelly and a large holder current here at WTLC. At the time it was Viceroy Acquisition Corporation. Here is a link the the original IPO document. If I am reading this correctly, it looks like new shareholders were treated as I would expect. People were being offered shares at $8 and the after offering book value looks like it would be $7.60, so shareholders were being given the chance to invest with them for a charge of $0.40 or 5% of the offering price, which seems fair to me.
Viceroy Acquisition Corporation - IPO document:
http://bit.ly/2wQGVWA
I note that since the IPO the shares current pay a $0.24 per year dividend or 3% based on the original $8/share IPO price and are trading above the IPO price at around $13, even with the slump in oil and gas prices.
I think the main thing that is holding things up for WTLC is the slump in oil and gas prices. I would expect that once oil get back to $60+ that deals will start getting made.
The hope is that someday Paul will use the cash to do a lot of deals and the net operating losses to shield the new profits from taxes, giving everyone better after tax results than if they generated the profits without the net operating losses 'shield' on taxes.
Not yet
They have to first unload their shares onto the muppets, but there may be some problems since at the current 0.075 that would be pre reverse split 0.000075 and below the presplit disaster of $0.0001 where the stock stopped trading a long time ago.
Louis J. Desy Jr.
Surprised Lanza didn't setup super preferred
I am surprised that Lanza didn't do the typical issue a super series of preferred shares to keep voting control for himself (like Lanza did with Black Dragon Resources) and turn the common shares into 'decorative' with no rights to run or control the company.
Of course, Adam probably knew the routine and would have never allow that to happen unless Adam was going to somehow be paid in cash advance for the work.
Louis J. Desy Jr.
Nothing was being produced?
That would make sense. I did wonder why he never seemed to publish any financials, except for the ones around 2008 that showed accrued assets for the money spent on the lawsuit with Lanza.
It would also explain why he didn't seem to care about the company, since if there never was any oil being produced when he was there, it was not worth anything.
I do seem to remember someone here talking about offering to work with him and help get more deals in oil but then Adam turned on the guy and started to threaten to sue him if he didn't stop posting what was going on.
Louis J. Desy Jr.
What about the leases?
Did they ever show anything from the oil leases? I looked in the internet archive and every press report mentioned that they owned leases in about 350 wells.
I thought there was one time that they actually reported what the revenue was and if they were making money or not.
Louis J. Desy Jr.
Still trading
At least the shares still trade. The ask is $0.0007 so if anyone wants to get out they can get something for their shares.
I am still amazed that Barnett had people more than willing to help him, and had something in the oil business that was making money, and he threw it all away.
Does anyone have a copy of the old financial statements from back prior to Lanza or Barnett getting involved? I would be interested to see them.
Louis J. Desy Jr.
Anyone here?
It looks like the company did some kind of selling off of assets, paid off all of their debt, and is now profitable again.
Louis J. Desy Jr.
Anyone here?
It looks like this company makes most of its money by getting paid off when the government prohibits exploration on its lands. Not exactly the way I would expect or have wanted to make money with an oil and gas company.
Louis J. Desy Jr.
May 2017 production - 179 bbls
May 2017 production was 179 barrels.
Louis J. Desy Jr.
Quarterly reports?
Do you ever get any reports from them?
I do still see the symbol listed but no trades or bid or ask prices.
Louis J. Desy Jr.
Follow up on Barnett
With Barnett almost assured to get more than seven years, there would be little to no point in trying to go after him for a shareholder derivative lawsuit since he is not going to have anything until after he gets out of jail.
With all of the counts, I expect he will be sentenced to at least a decade in jail, and would not be surprised to see him get 20 years or so.
Louis J. Desy Jr.
Adam Barnett guilty on all eight counts
The jury returned its verdict and it was filed on July 27, 2017.
https://www2.miami-dadeclerk.com/cjis/CaseSearch.aspx
Guilty on all eight counts.
Sentencing is scheduled for September 15, 2017 at 9:30am.
Louis J. Desy Jr.
Anyone here?
I just found out about this company. Anyone here?
Louis J. Desy Jr.
Future news? Chap 7 or 11?
The only future news FROT has coming to it; is will the eventual bankruptcy filing be a chapter 7, total liquidation, or a chapter 11 with an attempt to reorganize.
Louis J. Desy Jr.
Try selling 10M shares and see what happens to the price.
Louis J. Desy Jr.
That is just someone painting the tape
FROT is very much DEAD!
The only activity going on is just someone trading some shares and 'painting the tape' to make it look like there is something left to the company.
Louis J. Desy Jr.
FROT is DEAD
Revenue of only a few thousand per quarter, no current financial statements negative equity of over $1.5 million and no updates to the web site in over a year.
IT IS DEAD.
Louis J. Desy Jr.
CBD?
I don't think Sears is on Cash Before Delivery with anyone yet. Some of the recent stories had Eddie threatening to sue vendors that did not hold to the contract and continue to supply Sears.
Now, while there may be a contract in place, the vendors are allowed to ask for assurances and verify that Sears has the ability to pay them as per any contract, and if not, then halt deliveries.
I think the end for SHLD will only come once vendors stop delivering.
I am amazed that any vendor would ship anything on terms instead of cash. At some point SHLD is going to have to file and there is a good chance that vendor invoices, all of which would be unsecured liabilities, would get zero.
Louis J. Desy Jr.
151 days
151 days from 07/13/2017 only brings them to December 11, 2017.
The only/best thing I can think of is that they will file 12-12-2017 and use the 'pile of cash' from the holiday season to start off the reorganized company; but it does not make any sense to me.
They already own large parts of the secured and can own everything just by filing now. Waiting will not improve their place or what they get in a SHLD Chap 11 filing.
Louis J. Desy Jr.
Why 151 days?
Any idea why 151 days?
As a side note, I can't believe ESL loaned SHLD any more money.
It is like they are trying to repeat what happened with Radio Shack with the firm that was in control up to the filing.
Louis J. Desy Jr.
ITS DEAD!
They are not going to file any more reports.
even the reports that are available are over a year old, and show negative equity.
The company is dead.
At some point they will probably stop filing the state annual reports and get dissolved.
Louis J. Desy Jr.
Last financials over 1 year old
The last financial statements are over a year old; they were for the period ending November 30, 2015.
On the web site it looks like the last update was even older than that.
The company looks dead.
Louis J. Desy Jr.
Only when they have 'no choice'
I had fully and logically expected they would have filed on July 10, since no one can see any reason for them to keep up the charade of being able to turn things around.
I expect that since there is no reason or logic to how they are running the company or their planning, that a bankruptcy filing will only come when it becomes impossible to run the stores anymore; either they are totally out of cash and simply can't pay employees or utilities OR they are so far behind with their suppliers that a group of them forces an involuntary bankruptcy filing.
Forced Into Bankruptcy: The Involuntary Bankruptcy Process
Normally, I would consider that the insiders just want to keep the company going for as long as possible to collect salary and benefits, but since the CEO has all kinds of other investments I can not see that would be a deciding factor on his part.
The only other logic I can see if that they are managing things so as to get more of the company when a bankruptcy happens, but from what I understand, I think the CEO and his other controlled companies would already get everything with the secured liabilities for ESL and SRG.
Louis J. Desy Jr.
July 10th
Some people, myself included, expected that SHLD was going to file Chapter 11 on July 10, 2017.
The reason is that they repaid a $500 million loan to ESL, controlled by the CEO of SHLD, and July 10 would have been beyond the two year look back period for preferred or preferential payments.
The thinking was that there was no reason to delay a Chapter 11 filing beyond that date since every day the company goes on, they lose more money. The equity was wiped out long ago, and now they will be cutting into other liabilities.
Anyone, especially vendors, that are shipping product to SHLD as unsecured liabilities has to be out of their minds, since the instant SHLD files chapter 11 they are going to take a big loss.
I do hold some put options that still may end up profitable since the stock seems to be sliding from above $8 to below $7 at record speed.
Louis J. Desy Jr.
Looks like no Chap 11 July 10
Well, it looks like the renewed the line of credit and there is no Chap 11 filing, but the stock is dropping from $8 towards sub $7.
SHOS is several cents above the 52 week low, which is not surprising.
Louis J. Desy Jr.
Its gone dark
Form 15 NOTICE OF TERMINATION OF REGISTRATION
They don't have to file any more SEC reports. The only reporting they have to give to share holders is what their domicile state would require.
Louis J. Desy Jr.
Chap 11 by July 10, 2017?
Anyone following or have an opinion on the story line that SHLD files Chapter 11 after July 7, 2017?
The thinking is that is when the two year look back period will end on a $500 million loan repaid July 7, 2017; and there would be no point in delaying filing Chap 11 anymore.
While the top people would see their common shares made worthless, they would still be in control and end up with most of the company because they have priority with their debt, plus SRG could then break all of the leases and release the SHLD space for more money.
The other option is that the company does not file and continues to sell off anything of value until the vendors will no longer ship product, except on COD only. It is not clear how insiders would get any more value than if they file now.
Louis J. Desy Jr.
Then what?
How can you tell it is doing well?
If there is nothing out there, and a private company, how can you tell it is doing well?
Is "it is doing well" an objective fact or do your feelings/hopes tell you it is doing well?
Just because something got sold does NOT mean it did well. It would not be surprising to find out that a company sold for less than was invested in it if things were going bad. So far there has been nothing presented to show that DPI Teleconnect made a profit for any equity holder in the company.
Louis J. Desy Jr.
It didn't stop them with SierenGPS from selling shares
Go take a look at the almost weekly SEC 8K reports that were filed when the company was dumping shares into the market around SirenGPS. The insiders had no trouble converting shares and dumping them onto the market, and the market/muppets didn't seem to care, until the stock went no bid at $0.0001.
Louis J. Desy Jr.
"real due diligence"
You are the one telling me how the other companies are proof of how he is an experience businessman.
I looked to see if this is true or not, and can only find the notice of the $100K fine/settlement, and little to nothing about the other companies. It looks entirely possible that the other companies are doing nothing.
Now, if there is something else to show, then anyone can easily put it up here and everyone can take a look.
As the first exdample, DPI Teleconnect, when it got sold, was there a profit or did they sell for $75 million something that had $150 million poured into it?
A favorable answer on that question would support the view that David Dorwart will do something for the company and the decorative common shares. Of course, it is turns out that the common shares there for nothing and only insiders, then it would make it more likely that Good Gaming is a continuation of such things.
Louis J. Desy Jr.
Barbara Laken is on the board because she is a woman?
So her qualification to be on the board is because she is a woman?
Louis J. Desy Jr.
Everyone knows why she is on the board!
Everyone knows why she is on the board, and it has absolutely nothing to do with her work experience, especially since she has none that is relevant for Good Gaming.
Louis J. Desy Jr.
Then why is she on the board?
If Barabara Laken 'does nothing', then why is she on the board?
Louis J. Desy Jr.
The $100K fine
The PROBLEM is the $100K fine/settlement is the ONLY thing of note I can find about any of the other companies for his background.
I didn't want to highlight it, but I can't find ANYTHING about the other companies.
It is not even clear if the other companies still have any operations or if they are just 'dead shells' doing almost nothing except paying annual reporting fees to keep the companies active.
Louis J. Desy Jr.
Barbara Laken's background or lack of
It seems to me that the burden of being worthy of running a company would be on the person that holds the position, not on anyone inquiring about said background.
However, it is all there in the latest 10Q report:
10Q for period ending March 31, 2017
David Dorwart as the CEO and background
http://www.bloomberg.com/research/stocks/private/person.asp?personId=272072486&privcapId=139443999" rel="nofollow" target="_blank" >http://www.bloomberg.com/research/stocks/private/person.asp?personId=272072486&privcapId=139443999[tag]Executive Profile
David Dorwart Chairman & CEO, Good Gaming, Inc.[/tag]
Silver Linings Management, LLC - not sure if good or bad, nothing seems to show
Brooklet Energy Distribution LLC - Had to pay $100,000 to settle allegations of violations of PURA
http://www.energychoicematters.com/stories/20160909a.html
PayGo Distributors, LLC - not sure if good or bad, nothing seems to show
Other companies seem to be a variation on reselling wireless services of energy contracts.
Louis J. Desy Jr.