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As someone posted, there is a blenders credit approved by Congress that expired at year end 2007, but was renewed. It is not administered by the IRS, rather the Agriculture or Energy Dept. Domestic bio-fuel producers get a rebate of some set amount for each gallon that is produced.
Only after it is produced, can a "blender" apply for the rebate. It is very paperwork intensive and requires documentation of origin of each ingredient. Generally, blenders submit on a monthly basis. If one item on the rebate request is wrong, it gets tossed and you cant apply again for the same batch of bio-fuel.
Don't ask me how I know this, but it is a fact.
Have a good evening, Alan
Heavy covering today (LOL).
A question for the longs.
I got into this stock when it had no bid. At the time, V and others were calling it a lottery pick. For me it was, I sold a little too early at 5, but here is a question.
If you win the lottery, do you take the winnings and put them back into buying lottery tickets, or do you keep the majority of the winnings and put some back into the lotto.
Those that have never sold or sold only a minor portion, I just dont understand. What is the rationale?
A couple of brief observations:
1. Why is 2500 tons of coal sitting on the ground? Why hasn't this been loaded and trucked to wash plant?
2. Parts for any piece of mining equipment are very hard to come by. It doesn't surprise me that Quest had to halt production until they can get the necessary parts.
3. I have read previous posts that assume that if production is halted, the miners can shift to repair the equipment. This is a wrong assumption. The people who repair equipment have, at a minimum, some past experience in working on equipment. You have to remember, that if there is an accident due to a poor repair, MSHA will lower the boom.
4. Finally, regarding the violations. Yes, they are minor, but nevertheless, need to be corrected. At these small mines, at least in this part of Kentucky, MSHA is visiting the site every two days. At the bigger mines, they are there everyday.
To re-iterate, the following is what I received from Tom Hands, minus reference to another company:
XXXX, the delay is additional paperwork that was requested by the governing securities bodies. The reason for this is that the dividend is expected to be free trading rather than restricted as most dividends are. I am told we are dealing with four governing bodies, two of those being FINRA and NASDAQ. We are awaiting the ex-dividend date from NASDAQ.
That being said, there are two underlying business units within PayChest. The focus of the company will be the "Flushaway" product line. The previous financial transaction business model will be the focus of the new dividend company. Both will be separate companies and for a very short time Lawson Pillay will head both companies. PYCT is in the process of a name change, symbol change and management change. It is possible that there will be buyback with PYCT but at present, the new controlling group is funding operations going forward rather than buying back shares. They have felt that there are bigger benefits longer term in building the business first.
Tom Hands
PayChest IR
Looked at the recent SOS filing. The only 3 officers/directors listed are Danny Boy, Yorky and some Treasurer. Doesn't look like Paully two fingers or swordman were ever officers. I say this as you click on a box for historical officers and Da Silva comes up.
DC:
Seriously, when do expect something to happen. Is it weeks or months. I am not talking about price increase, but at some point in time, the shell owners will want to begin a plan. Flushaway or whatever.
Did not get a chance to get to the mine this week. Fatal car accident had traffic crawling on the mountain roads. Hope to get back to KY next week or the week after and will definitely visit both sites.
Further, it may be close to hi-vol, but everyone who suggests a valuation always uses mid-vol pricing. It is quite different.For those who are lost, mid-vol is best and most valuable.
Dale:
Please explain how you think this is a $500MM to $1billion company? They only have 3-4MM tons of recoverable coal.
Will try, I am going to Paintsville tomorrow which is in the opposite direction, virgie is 31 miles south of where I am. But will try.
Thanks will try to get there tomorrow.
Does anyone know if BIHC at least required a good faith deposit from the buyer. At least something that would cover BIHC's legal bills if the deal fell through?
dividends are paid by retained earnings. It is simple accounting 101. Dividends are expensed through the income statement which reduces net worth/retained earnings.
In regards to stock cancellation. All it takes is for the Corporate Secretary/Counsel to send a letter to the TA notifying him/her that x number of shares, being held in FFGO's brokerage account are being cancelled. I have seen numerous letters to this effect. It is usually one paragraph.
I am in Prestonsburg, KY and may have time tomorrow to visit the mines. Does any one have the actual street address (with city)?
tigger:
what about the dip financing?
Pedro:
Re-reading the docs you posted, cinches it for me. Gene and Tarun are buddies. There is no way Medriatta would come across a defaulted loan with some small kentucky bank and become a dip lender.
They are connected in my mind. And dont think what Tarun gets, Gene is not getting his cut some way.
Talk about killing a stock. What is BB doing for capital. Did he raise so much prior to the R/S that he doesnt need to sell shares?
What ever happened to the TV guy? Dog? Did BB just go into hiding?
Brad:
Are you going to let DC pay you in PYCT shares? $200 bucks worth of PYCT could be quite valuable. Particularly with the divy (LOL).
At the investor meeting, pauly two fingers said he was going the next week to meet with E&Y. My guess is that they wanted E&Y to either some consulting work or do the audit.
However, as I stated when I first started following AQUI, I have never found a pinkie that had a big four audit. Not only due to the expense, but they dont need the expertise of big firm. Additionally, after the Enron, the audit firms are very conscious about who they do work for.
My guess is E&Y declined the engagement, if in fact, that conversation ever took place. And BTW, an audit, as simple as AQUI would be, would be 4-6 times whoever said $50k. While expose your firm to the liabilities associated with a pinkie for a measly $50k.
The only way I could of imagined E&Y auditing AQUI, would be if E&Y audits Woolong and Woolong wanted a trusted third party to monitor the contract terms and conditions.
Finally, when Pauly two fingers said they were going to have E&Y confirm the contract, I knew it was bs. Accounting firms don't confirm contracts, that for the legal counsel who would issue an "opinion". The accounting only cares if the contract is being upheld and legally accounted for.
Pedro:
You are correct, he does have a ban. Plus, if I remember correctly, he has some other "non USXP" related SEC/DOJ issues. But he is not acting as an officer, he just provided the
DIP loan and maybe some other credit extensions.
Incredible gap between bid and ask. 62??
BTW, I still stand by my comments that these are real mines worth real dollars. If gene can navigate past the BK/Creditor issues, then this should rise.
IMO, this won't uptick to any degree until gene releases production figures. And those figures need to be strong with profits tied to them. Additional equipment, efficiencies and more miners are going to cut it.
This has a possibility to be a legit company down the road. Solve the issues and then with cashflow, buy some additional properties. Right now, these mines are tiny in the scheme of things. the big guys, even if they are mining right next to gwenco are interested in the property. The only exception is Massey who may be land locked on some reserves.
i tried to hold on to some free shares, but didn't have the stomach. Sold out.
All I am saying is alot of posters, in declining stocks, say they have free shares. I guess whatever floats your boat.
I sold out in the 5's after buying in at the no bid level. IMO, this is nothing but a scam, but like most pinkies, a chance to make a buck. Yes, some will be left holding the proverbial bag. That is because they treated this as an investment, like in a blue chipper. Realize what it is and trade accordingly.
Personally, while i like the profit potential in these pinkies, and have done ok, it does bother me that these CEO's are making a mint off pr's. Peel the onion back and I would be willing to bet that FFGO has no operating businesses other than trading stock. Goldco is probably some gold mining property owned by some yet to formed or recently formed shell. The shares are most likely worthless.
BBM:
the stock can trade all the way down to .0001 and then no bid. In reality, the MM's can and do trade to five decimals. So it can go lower. Usually at that point, and if the company needs capital, the proverbial R/S happens.
yeah sure, just like everyone says they are playing with free shares.
Skeena and Wally:
Regardless of the fact that they were/are trying to set up a bottling company is a secondary issue.
The primary issue is why not contract with an existing bottling plant to fulfill the Woolong contract NOW. At least get revenues and hopefully some profits going that could assist in purchasing a bottling plant/assets down the road.
Get the business going then screw around with a plant.
Maybe the three stooges just think the shareholders will forget about them. Sort of like "out of sight - out of mind". Except when you look at the brokerage account.
Thats an interesting question. I did not see any money going toward equipment in the 2nd qtr. White Star must be providing all the equipment.
All we need is 999,990,000 more shares to trade today for a billion share day.
Marks:
Take something serious to halt a stock. Really nothing compelling people to sell or buy. IMO, volume is the key (positive or negative). Need people following the stock.
Hey Aymon:
I received the offering memoranda. And I posted earlier for you and lightn to pm your email addresses and I would forward it. However, you did not respond. Why? Are you the one hiding something.
ABCD, IMO, provided this due dili, and obviously doesn't feel comfortable posting it publicly. So lay off him
nlightn:
Mail call
the shorts must be in a frenzy not being able to find shares. That is only answer I can come up for the low volume. No one is willing to part with their shares (LOL)
aymon or nlightn:
pm me a personal email addy
Aymon:
Try this link and go to page 8 for the listing.
http://www.ilwu.org/about/upload/orgbook_060508.pdf
$950.00 short covering so far. Must be waiting until the end of the day.
With all the BK crap Gene is going through, if I were him, I would sell the mines, payoff the creditors, collect a royalty on the coal produced, and use that stream of income combined with remaining sale proceeds, and move on to the next venture. Too much time and effort going into negotiations. This would allow Quest a fresh start.