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From the PRE14C:
The Board of Directors approved the amendment primarily in order to comply with GreenShift’s agreements with its senior creditor, YA Global Investments, L.P. (“YA Global”). The convertible debt instruments held by YA Global require that GreenShift maintain a sufficient number of shares of authorized common stock to enable conversion of the convertible debt issued by GreenShift to YA Global. As of March 6, 2014, of the 2,500,000,000 shares of common stock authorized, 2,106,215,881 are issued and outstanding. Therefore, the Board of Directors anticipates that it is possible that GreenShift will have no shares available for issuance upon conversion and will therefore be in default of those debt instruments. Although GreenShift’s ambition is to satisfy its debt to YA Global in cash deriving from operating activities or one or more potential future financing transactions, it is necessary that the potential for default be eliminated.
In the interest of full disclosure, don't you think you should update this to 2.106 billion as of March 7th?
LOL!! Thanks, I needed that!
You are correct. I think I must have gleaned April 1st from another post and got a chuckle and it stuck LOL. That being said, I reserve the right to up my estimate for the OS
LOL I'm just bored and waiting patiently to go eat some dinner and killing time. The "basher" label doesn't bother me. I post a lot of facts about GERS. Things that can't be disputed. Whether investors want to swallow the koolaid or take a realistic view is up to them. I've been watching GERS since it was at .021. I didn't see a reason to enter then and I don't see a reason to enter now.
For every stock there is always someone out there with more money than sense. That's how we learn lessons.
I won't deny that possibility. Hell I'll even root for it for every investor that's been screwed here to the tune of over $100 million. I'm just saying that there are legitimate reasons that GERS trades at these levels and until something dramatic happens, it is what it is. No more, no less. To me, that's just a complete gamble, not an investment and certainly not a reason to throw good money after bad.
The minute lawyers get involved in anything you can count on cost, double-speak, long time lines, etc. Add to that, toxic financing dilution and you get GERS in a nutshell.
16 trading days left until the 1/100 R/S. 2.1 billion OS. 2.7 billion OS would be 35M dilution/day. No way.... Based on current volume it's going to be much more than that. I'm raising my estimate to at least 3 billion OS by the time the R/S hits. That's approx. 56.3M shares/day dilution. Watch it happen.
I don't care. I'd base my decisions in reality, past performance, financials and financing. Lawsuits (as everyone here knows too well) drag on and on... Toxic financing being the key factor. The longer this drags out, the worse it is for investors. There are only two things that can make a real difference for GERS:
1) Winning a lawsuit/major settlements. Nobody knows if/when that will happen which makes GERS a worse gamble than a lottery ticket. Not to mention appeals if it goes to trail.
2) Dumping YAGI's toxic financing. That won't happen. We all know it.
There is a 3rd factor: Significant new sales by GERS. However, the reality is (because it's been demonstrated before), they use any new revenues for lawsuit expansion.
Parabolic dilution:
See below. I'll bet it'll hit at least 2.7 billion before the R/S.
March 7, 2014 2.106 BILLION
Nov. 12, 2013 760.39M
Sept. 30, 2013 508.48M
Aug. 14, 2013 293.95M
June 30, 2013 213.87M
May 14, 2013 147.44M
March 31, 2013 106.01M
March 29, 2013 116.76M
Dec. 31, 2012 63.97M
Nov. 14, 2012 53.52M
Sept. 30, 2012 46.62M
Aug. 14, 2012 38.76M
June 30, 2012 35.20M
May 15, 2012 29.37M
March 31, 2012 23.00M
March 30, 2012 23.00M
Dec. 31, 2011 18.10M
Nov. 18, 2011 16.40M
Sept. 30, 2011 15.60M
Aug. 8, 2011 13.90M
June 30, 2011 12.71M
May 12, 2011 11.65M
March 31, 2011 15.24M
March 30, 2011 15.23M
Dec. 31, 2010 13.98M
Nov. 23, 2010 13.25M
Nov. 22, 2010 1.827M
Sept. 30, 2010 2.402M
Aug. 23, 2010 1.827M
June 30, 2010 1.742M
May 20, 2010 1.361M
April 15, 2010 1.079M
March 31, 2010 1.001M
Dec. 31, 2009 0.4774M
Nov. 20, 2009 0.3116M
Sept. 30, 2009 0.0702M
Aug. 20, 2009 0.05M
June 30, 2009 0.0497M
May 20, 2009 0.05M
April 16, 2009 0.0246M
April 14, 2009 0.0246M
March 31, 2009 0.021M
Dec. 31, 2008 0.0095M
Sept. 30, 2008 0.009M
June 30, 2008 0.0083M
March 31, 2008 0.0085M
PEIX took a big short term hit after their R/S. Like they all do. But PEIX isn't in bed with the YAGI mob. GERS (or GERS investors) don't have the luxury of time without an actual court victory or significant settlement. The longer this takes, the more YAGI dilutes, the more shareholders will suffer.
Did you not read the R/S announcement and the current OS? It's over 2 billion! GERS didn't dilute, YAGI did, is and will! Their OS has doubled every quarter since YAGI got involved. I won't deny that GERS has potential but their toxic financing arrangement will NEVER let this stock sustain any gains until if/when they actually win a case or start getting settlement offers. Good luck predicting that time frame. In the mean time it's business as usual for YAGI. They're going to bleed GERS for everything that they can. YAGI is the Achilles heel of GERS and that's the bottom line.
Anyone that has experience with reverse splits knows that (especially in the short term) post R/S stocks typically lose 40 to 60% of value. Without question, this happens the VAST majority of the time.
I just don't think it really matters as long as YAGI continues to dump shares. There's no end in sight for that, thus no sustained increase in share price. It's as simple as that. The OS will continue to double each quarter as it has always done.
I repeat... YAGI is the devil (toxic financing) and dilution will never stop as long as YAGI is involved. What was the OS 2.1 billion? I was estimating 1.2 LOL.
Whatever potential GERS has is overshadowed by it's debt arrangements. This is the reality that some refuse to acknowledge.
Understood, I wonder if that clause was instituted after 2008 or has it always been there?
Nevertheless... there were insider buys between 2003 and 2008, but none since then. It wouldn't exactly be confidence inspiring to me since they know more than anyone how things are going.
Anyone ever ask yourself why there haven't been any insider buys since Feb. 2008?
http://www.openinsider.com/search?q=gers
That kind of reply is precisely why I don't find your motives trustworthy. You know better, I know better. You can't (or won't) admit the truth when it's staring at you in the face... I can't respect that and I don't have time for this any more. See you at .0003. Keep painting that "there's nothing at all wrong with this company" picture. I'm out.
Not when you consider that spike in January was driven by a false settlement PR with no names LOL. No scruples. Wouldn't you agree, Slash?
Seems to me they were trying to "hide" the dilution by doing it after hours. It went on for days after hours. It's just paper to them. You'll see the evidence with the 10Q.
Whether it's GERS, YAGI or someone else GERS may owe money... it all means the same thing to the common shareholder. Dilution. GERS is in bed with the devil (YAGI).
Simple. They needed the cash. Dilution was rampant just a few short weeks ago and for months before that. Hundreds of millions of shares.
The 10k will tell but I'm betting it's around 1.2 billion.
Good post, Dutch1. That's the kind of sanity check that people need to see. There is no doubt that the OS well over a billion.
Come the 10Q, I think you'll find that the OS is 1 billion +.
All true. I'm just "keeping it real". GERS has burned through over $100 million on the backs of shareholders. If they win in court, you can count on years of appeals, thus more of the same behavior. It's like that old commercial: "It's not your fault but it is your problem". I see a lot of noobs getting caught up in the hype. I hope it works out but the proof will be in the 10Q, not in all this message board razzmatazz... and for the record "winning in court" is no where near the same as "won in court".
No reason to dilute? YAGI and GERS beg to differ. It's been their M.O. to date... toxic financing along with 4 reverse splits in the last 6 years. GERS has potential, but I'm a realist. Chances are that any additional revenue will go straight towards lawsuit expansion. Like they've done time and time again.
GERS fails as matter of fact. It's toxic and everyone knows it.
why would you think it's good for GERS? If it all holds true then would seem that GERS entered in to a contract(s) before the patent was granted. If so, there appears to be precedent against plaintiff's.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=95050805
I agree... limp wristed buys. Doesn't sway me a bit.
I didn't have time to listen. Did anyone besides their "analyst" ask any questions?
PEIX has made a realist out of me... I only care about the bottom line. I will not speculate on the possibility of a sale. On another note; I don't trust any guidance given when the only questions answered during their conference calls are provided by their analyst (promoter). I expect that the call tomorrow will be more of the same.
They showed a profitable quarter(s?) in 2011 during that run up. I just think that it was a bad idea to retire so much debt that they show a loss. The market doesn't trust NK. PEIX is the whipping boy of the ethanol industry. I'm just glad I don't have a lot of skin in the game here, but what skin I do have is covered in road rash.
Well here's mine LOL. NK looks out for NK and cronies. Period. Good for him for retiring debt... but he always does it at shareholder expense. This company will never hold any gains with NK at the helm... It never has.
Why (pray tell) is this bad new for PEIX? I think it's bad news for GERS since their outside chance for new financing probably just flew right out the window.
My mistake, I thought that was 2013
It'll be interesting to see if this affects GERS in December. Will YAGI call the note or will any new terms be even more toxic to GERS?
http://www.forbes.com/sites/nathanvardi/2012/10/17/sec-charges-formerly-1-billion-yorkville-advisors-hedge-fund-with-fraud-and-bogus-valuations/
Then what? YAGI supplies the lawyers. Let a new set of lawyers take the reins? I think we all know where that will lead.
I'm not at all convinced that GPRE is interested in GERS. If I were at GPRE I wouldn't want to be involved with YAGI in any way. They would just muddy the good reputation enjoyed by GPRE management. (Since GERS relies on YAGI lawyers.)