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Positive news at this point would trigger a PPS move, IMO, like those that followed the three other time periods in the history of this company when the Bollinger Bands were at their narrowest: February 2005, August 2005 and March 2006. I think there is a 90% chance this will take place by January 15th; a 50% chance this will take place by December 20th.
Bolling bands haven't been this tight for a while. We could see some sharp price changes soon.
Amen, bro.
Thanks, Ken. CALVF might be worth a watch at this point.
Anyone know how the "strategic partnership" with Nature's Path is working working out?:
Nature's Path, LLC markets natural products derived from edible plant based minerals. It offers Wellvive that helps reduce viscosity of heavy oils within formations and dissolve paraffin and asphaltines that are present in most heavy oils. The company has strategic partnership with American Energy Production, Inc. Nature's Path, LLC is headquartered in Brooklyn, New York.
Thanks for your reply, hayhauler. I thought your motivation had to be a short interest or retribution or a desire for recognition. Any deleted messages or criticism directed your way is most likely not a reflection of your call, but is a result of posting essentially the same thoughts day after day, week after week.
Myself, I have not gotten what I wanted. I voted against the R/S but I don't see any value in complaining about the outcome. It's best, IMO, in all life situations, to move forward and, most of all, to seek that which is above. Off to mow my lawn. GLTY
The more interesting question is
have you gotten what you've wanted? Why is that a more interesting question? Because you have been working the major AMEP boards day and night for the last few months. Why would one spend so much time and energy on something like this unless he has a goal in mind? Since your posts continue on and on, one must assume that you have not yet gotten what you wanted.
hayhauler, have you gotten what you've wanted? You sure have been working the boards the last few months!
Here's a sing-along to re-kindle those by-gone days
http://www.niehs.nih.gov/kids/lyrics/happydays.htm
Hey Huskerman, yes, only a few weeks away from the first kickoff in Big Red Country! Should be a good (or at least a better) year. If you get to Lincoln, give me a call. As a result of how Mr. Bitters has played his hand over the last few months, I have dramatically changed my strategy on how to play AMEP. Best.
Mom, I suspect Mr. Bitters will first get the R/S completed, secure his greater ownership, and then we'll see some PRs.
Yes, I think your assessment is right on the mark, Neld.
Since my votes were not part of the majority today, I would not be the best one to respond to your question - LOL. With that said, however, I hope the confidence placed in Mr. Bitters by the majority of shareholders will soon bear fruit for all.
Looks like the vote reversals by freemarket, Dart and a few other holders made the difference in the final outcome. Best to all.
nor does he (Charles Bitters) show any regard for long shareholders (unless he needs to use us to get over a hump, like the pending RS vote, to give him more control and fill his and his bros pockets.) IMO, we will not see regular PRs until he needs to use us again. Wish I could be more positive, but that is the way it is. We need a new CEO.
Neld, what I don't understand is why fellow longs, like Hawk and CTB, are so reluctant to address the issues straight on, that is, point out the shareholder-friendly aspects of AMEP along with the "buyer beware" aspects. Cheerleaders always make me nervous!
CTB, Please explain what you mean by the "personal stuff is remarkably similar isn't it?" Similar to what? Thanks.
Watch it Neld, the last time CTB complained, mrD was vanished!
Bobwill, AMEP is a public company (at least for now) and shareholders have every right, in fact, a responsibility, to hold management accountable for their actions.
Did CB or JC reissue their threat to take their toys and go home if the RS fails?
I'm a no voter and feel better about it now!
Not to me; have heard maybe 10 words so far
I picked up a few musical notes that sounded like the Swan Song.
Swan song" is a reference to an ancient belief that the Mute Swan (Cygnus olor) is completely mute during its lifespan, but may sing one heartbreakingly beautiful song just before it dies. However, it has also been known since antiquity that this belief is false; "mute" swans are not actually mute during life – they produce snorts, shrill noises, grunts, and hisses – and they do not sing as they die. In particular, Pliny the Elder refuted the belief in A.D. 77 in his Natural History (book 10, chapter xxxii: olorum morte narratur flebilis cantus, falso, ut arbitror, aliquot experimentis, "observation shows that the story that the dying swan sings is false").
Well stated Silver; to address this and related critical issues, we need to take up Neld's recommendation: "I still believe that the investors of this company need to move toward a much more neutral and honest discussion of the actions and fundamentals of the company."
So, haybale, you are willing to explore every avenue of truth, are you? Does that include living it?
Now you take characters like Pseeker and Haybale, they see doomsday in any scenario. As non-shareholders, their 24/7 posts are transparent. Truth be known, most longs see the potential for a winning situation for management and shareholders alike. At this juncture, CB can be a man, a real CEO, and shoot straight or, if he is unwilling to step up to the plate, the majority of shareholders can create the future through concerted and responsible effort.
I am in awe of your willingness to carry AMEP on your back in the present situation. I truly hope your analysis is on target, but, brother, the present weight of everything would be crushing to most, not to say anything about what the burden will be if this does not pan out as you predict. Good luck to all.
Has any shareholder here ever been through an R/S that resulted in a one bagger or more?
771,395 Against.
jsc, I received voting instructions from Scottrade by e-mail early in the morning on July 19th. I had elected to receive shareholder communications and submit voting instructions via the Internet.
AlanK, Yes, we, as shareholders in a public company, should give serious consideration to any well-formulated plan to replace the BOD. Why? Three quick reasons:
1. The BOD has failed their fiduciary responsibility by placing their self-interest at odds with the common shareholders best interests. It now makes sense why the BOD have held relatively few common shares. Their RS plan looks more and more like a long-planned and calculated action by CB which they, the BOD, rubber stamped. While I think Mr. Bitters should be well compensated in a manner that would link his gains and our gains, I did not invest in AMEP to fund CB's retirement at my expense.
2. The BOD has overseen a virtual blackout of news, whether it be PRs or updates on the website, for well over a year, including a good amount of time following the end of the BDC. Does anyone know, for example, what percentage the company gets of wells drilled? Some seem to think that once we give them what they want, the news will flow like water. My friends, history tends to repeat itself. If Mr. Bitters displayed poor shareholder relations in the past, can we honestly expect it to improve once he and his brother have gained control in the future should the RS pass?
3. The BOD has failed to present a business plan to back-up their RS proposal. They have failed to reveal anything of substance in regard to other options explored. What we have been given in terms of a "plan" would fail to make a passing grade in most Business 101 classes.
Though I am a long who has a long record of trusting Mr. Bitters and giving him the benefit of doubt, I now fully support any responsible plan to replace the BOD.
Sabregold outlined a plan of action on July 5th that I think we should give serious consideration to if we can't get things going now in regard to replacing the BOD with competent members. His plan, copied below, is worth reading again:
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So here is where we are at currently.
We have a proposal by managment that dilutes shareholder ownership while exponentially increasing management's ownership.
POD)
1)No one will argue that management works hard and deserves payment. However, no one ever asked CB not to pay himself, nor did anyone ask him to put his own money into the company. That does not warrant the onerous R/S details.
2)Will the vote pass and if not is dissoultion an option. IMO the vote will not pass. Dissoultion is not an option either. CB has not the authority and if he dares to default on that note without showing a judge that he exhausted all means possible to protect shareholders it will look like Adelphia cable. Translation: Prison...CB will not take that gamble.
3)So what are we left with. We are left with a stock that will remain with 500M shares but "may" have some cash-flow issues. More importantly, we have shareholders giving management a vote of no confidence by shooting down this proposal.
4)What then? We then have to determine if CB can be trusted to uphold his duty and work for shareholders to do the only thing that matters. Get the stock price up by doing his job to the best of his ability. I have stated many times here. This is all about CB getting paid. When the R/S is shot down CB will understand fully that he works for us and not a select group of shareholders that he can easily manipulate.
So here is what I propose we do and this is just a suggestion.
1)Vote no
2)After the R/S fails begin the process of electing a more diverse BOD as many here suggest. This would be beneficial on many ends.
a)We would expect CB to either resign or get aligned with the new bosses.
b)We would expect more timely updates on drilling via the website.
c)We would eliminate JC and his salary.
d)The new BOD would establish a relationship with a bank of their choosing and get a LOC, like most businesses do.
e)We would list exact locations of acreage and list comparables and what they were transacted for so we know how much the acreage is worth.
f)Reserves, we would commission a study to determine reserves.
What we need now is for the R/S to fail. Once it fails, I will assist in getting the process started to elect a new slate of directors.
CTB, I think you are overlooking the points that were made several days back by "Fairgame" in response to "twistedfreak" (see below). Based on my DD, I think his points are accurate; if not, I would appreciate a point-by-point response by you or someone else. Thanks, in advance.
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Posted by: Fairgame
In reply to: twistedfreak who wrote msg# 29424 Date:7/14/2007 10:41:56 AM
Post #of 29912
twsitedfreak - vote to handle full control over to the Bitters family ... it’s just math, it has been described numerous times here since the announcement, but here are the links again anyway. 490 million reverse split goes to 19 million. CB has 2.84 million common shares that would be split 25:1 which would make it 0.1 million after the split (insignificant from a control standpoint). He can convert without a split 3 common for every 1 preferred = 10.5 million common, that's almost 50% right there.
1. The Preferred Stock has a right to convert into common stock at a ration of three (3) shares of Common Stock to one (1) share of Preferred Stock. Assuming that Mr. Bitters would elect to convert, the total shares of common stock issued would be 10,500,000. link: http://yahoo.brand.edgar-online.com/fetchFilingFrameset.aspx?dcn=0001108017-07-000481&Type=HTML
Then there is brother John Bitters.
2. On February 20, 2003, the Company executed a $2,000,000 convertible note payable accruing interest at 6% with a company controlled by the brother of the Company’s sole officer and director (See Note 8 - Related Party Transactions). The maturity date was July 25, 2007. The note was payable at maturity in preferred stock of the Company at $1.00 per share and. the preferred stock was convertible into common stock at $1.00 per share. Additionally, at the option of the holder, the debt may be settled for cash. The note is secured by a deed of trust and a lien against the leases and the wells and other liens against the same leases and wells of $25,000.
On January 5, 2004, the $2,000,000 convertible note payable was exchanged for a convertible debenture for the same amount and due January 1, 2007. The terms of the convertible debenture include an interest rate of 8% per annum and convertible at any time at the option of the holder or the Company into common shares of the Company at a price equal to fifty percent (50%) of the closing bid price of the common stock on the date written notice is received by the Company of the election to convert. link: http://yahoo.brand.edgar-online.com/fetchFilingFrameset.aspx?dcn=0001108017-07-000320&Type=HTML
JB has a convertible debenture(not stock)@ 8% interest per year. He or the company can convert to common shares at any time..at 50% of the bid price on the day of notice. So, if the bid is $.75 ($.375 to JB) on the conversion notice date the $2,000,000 will give JB 5,333,333 shares..or 28% of the 19 mm shares post split..The lower the atcual bid..the more shares JB will get.
That’s way over 50%. That means every motion by the BOD will pass from here on out. I call that full control. What do you call it?
Unclekarl, in the last sentence of the paragraph quoted below, did you mean to say that if AMEP was on the AMEX, NASDAQ or NYSE they would NOT be able to treat preferred shares differently than common shares? Thanks.
"And contact the company and ask them to split the preferred shares in the same ratio as the common, like they would at any other company. If AMEP had debt, the bank loan would have a provision requiring the split of the preferreds. If AMEP was on the AMEX, NASDAQ or NYSE they would be able to pull this."
"it’s a very common problem when small companies go public but continue to act like they are privately held." Not a few investors in AMEP seem to be having the same problem, i.e., acting like AMEP is still a BDC.
Me thinks that all the talk that the R/S passage is locked up is just that, all talk.
See post 24128 on June 8th for the first news on the R/S.
Pete, control of the BOD -- via an organized group representing a majority of shareholders -- should be on the table. I agree, however, with those who have recommended that we proceed in a step-by-step manner. Before a take over of the BOD, I would strongly recommend that our elected representatives lay out a comprehensive business plan (i.e., one that contains all of the "Business 101" components) and the personnel/BOD changes needed to implement it and then proceed to hold their feet to the fire.
The first step, IMO, is to start organizing now. We need more than just individual initiatives at this point. As stated earlier, a good starting point would be to gather a slate of investors willing to serve in the investor group, and from that slate elect 6 or so members and let them go to work. They would organize, collect the necessary information from shareholders willing to participate, meet with CB and BOD, and, if necessary, take the steps to replace the entire BOD and company management.
Twistedfreak posted that Charles Bitters "said the company can plod along with little to no growth without the RS, running on its own revs, but that he wants to build this into a player in the Barnett. He said "trust me" a lot(and I kinda do). I told him that they basically suck at IR and that they should work on that angle to cement some shareholder allegiance. He said a letter to the shareholders is forthcoming, but wouldn't say if it would be in the form a PR, a mailed piece, or posted on the website."
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I am a long time holder who has long trusted CB. While he has demonstrated a knack for pulling certain aspects of business together (e.g., rigs, leases, start-up), he and his team have not demonstrated the skills necessary to take it to the next level.
I agree with several posters who are recommending that we organize in a more formal manner: i.e., select a group (such as Tharmon, Contractor, GR, Sabre, GEH, AlanK, Mom, Doc, Fishforbreakfast, Balloonman) to gather the necessary data and meet with management as soon as possible. The reasons I think we need to organize now, rather than wait to hear CB's plan, is 1) the plan will most likely not address fundamental issues -- the business 101 things -- necessary to take us to the next level and 2) we should have something in place to move the company forward after the R/S is voted down.
I agree wholeheartedly with Joe's (GR/Nelderand) post on June 29th: "At this point in time we need to see something done that goes well beyond generalities. We need a plan that has a high probability of being capable of moving the share price much higher in the very near-term, like in multiples of the current price, along with a realistic plan to move the company forward at an aggressive clip of production while beefing up the communications arm, the financing arm, and other key aspects of the company business side..(business 101).......in an efficient low-cost way while effectively respecting our shareholder-owners and guaranteeing their input into the company.
We need a specific plan that is well-stated, not some "wink-wink", you can trust me to spend an authorized and gluttonous potential 800 million $ in authorized shares wisely....while I dilute the shareholders value in the currency of the company, the share price, as I go.
An effective plan would also remove all of the company's potential red flags that scream "Mickey Mouse" to potential large shareholders and to funds."
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Let's organize now. Perhaps a good starting point would be to re-work bgad's proposed poll to come up with a slate of investors (say 10-12) who would be willing to stand for election. From this slate, we could then elect 6 to represent us. They would organize, collect the necessary information from shareholders willing to participate, meet with CB and BOD, etc. I will contribute money as well.
The same with me, Huskerman and Collectionsite. The preferred share exclusion and lack of communication is not acceptable.