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Trinytz,
in the context of what's being discussed the correct definition of "carried interest" is very relevant in this discussion, assuming of course Victory and FTXN are partners. As you know there are some people here (myself not included) that feel GFCI shareholders have an indirect interest in FTXN/VYEY venture.
Since VYEY PR indicated they have carried interest in the Gas Wells, it's relevant to know EXACTLY what "carried interest" means. Victroy threw out numbers that were basically meaningless due to a lack of information.
While I have provided the definition of carried interest, the other party merely listed the benefits. Providing a link that very clearly defines the terminology by the academia and the congresss IMO, is relevant in bringing more clarity to the terminology rather than just ignoring what it is. You know in legal terms one word cam make a world of difference.
You asked the question privately but I can't reply privately since I am not an IHUB subscriber.
This is a cut and past of Jim Dial's PR. Of course Bentley Communication was the PR company for Victory so it's essentially written by the same person. It's very plausabile that Jim Dial and Fullenkamp are on a stock selling campaign through P & D.
It's quite comical that these companies always talk about what "they're gonna do", but never mention what they have done - nothing. At least Victory is a reporting company so we can see their financial results - NOTHING.
Victory had $0 revenue in the first 3 quarters of 2007 but they sold $247,000 in stock and borrowed $870,000. That's a whopping $1.1 million in debt and stock sales to make $0.
http://finance.yahoo.com/q/cf?s=VYEY.OB&annual
Now that JD is involved I'm sure that number will go up significantly.
Carried Interest - definitoin
Here are some good sources:
http://www.carriedinterest.org/NR/rdonlyres/erkabuzwujr7pux6bgokscthjlacmpjyz3xttcj4btm5irgef7c5fik62ugtb433c4pyo33wiu2yywm2e4vzw3wox5a/Abramsarticle.pdf
http://www.carriedinterest.org/NR/rdonlyres/e3tpolgp3pknfkvnqi6q7aiw5arfrd4dlwkia7rj7xtrmv6e6g5ndj43sxkosdct6gdk6amn44t47aigejwyvzvg4ch/whitepaper_weisbach.pdf
GFCI is already priced like a shell. If they didn't pay off the RR judgement, the liability will remain with the shell in which case it would be a toxic shell.
BBB, there are also strings of proclimation about buyout offers, listing on AMEX, merging with a reporting company, UERI warrants, listing on the Libiyan Exchange, and 20 million + share buy back. I know I missed some of his other "greatest hits", but the point is if the FTXN dividend distribution to GFCI shareholders is solely based on JD's "proclamation", then everything else must be true. Frankly, I don't give too much credence to a pathological liar like JD.
Come on!, How hard is it to pay out a dividend? Many companies do it every 3 months like clockwork.
Funny, this is exactly what I was saying over a year ago. Yet, I was bashed for saying it....
"B2L: Actually . . .
Grifco IS still in business, in Louisiana, as their corporate filings with their Secretary of State are current. What that tells me, in effect, is that Grifco's Scott shop is no longer under or encompassed by the corporate umbrella of Grifco, the publicly trading company. If you check it out, you will find that the same goes for Ko-Vac Systems.
Been_Burned_Before"
BBB, in a round about way your explaination regarding carrying interst are no different than mine. I defined it from purley a partnership perspective.
The point is, there is no way to know what percent Victory or other owners own withut the actually seeing the operating agreement. All you know from Victory's PR is the percentage of revenue (not profits) Victory will receive.
BTW - FYI, a partner in a partnership can be an individual, LP, LLP, LLLP, LLC, S-Corp, C-Corp, Trust... a partner can be any legaol entity.
Translation of Victory's PR:
The PR may be technically confusing (perhaps intentionally) but here's what you can glean from it.
It is now quite certain this venture is a Limited Partnership and Victory Energy is one of the General Partners. How can one know that? The terminology - "Carried Interest", which is how General Partners typically get compensated.
Carried Interest is a share of profits given to the general partners despite not contributing any equity (funds) to the partnership. Typical Limited Partnership made up of Limited Partners, who makes all the equity contribute (provide the funds) and the General Partners who finds the deal, organizes the deal and operates the deal for the share of the partnership. Partnership Agreements are pretty open ended and generally does not follow a pro-rata distribution of income or gains.
Usually, the General partner will receive a Guranteed Payment and/or Carried Interest as compensation during the operating cycle of the entity as compensation.
"Carried Interest" doesn't mean Victory has pro-rata interest or OWNS 11.1 % (15% x 74%) of the assets. In fact it is impossible to tell what the ownership structure is without the Operating Agreement. Unlike a coporation, the ownership percentages do not have to follow any specified method. All we know form the PR is that Victory will receive 11.1% (15% of the 74% working interest) of the revenue for their role in the operations.
The "finacial facility with institutional investors" = lending instution e.g. banks, insurance companies, hedge funds etc... In another words, there will be some debt taken on by the partnership. Equity investor (partners) has a stake (ownership) in the entity. On the other hand creditors (financial facility) will have recourse against the entities' assets, and claim against the General Partnerh's assets.
So we still don't know Grifco/FTXN's involvement, their ownership (capital) basis, and the distributive shares. It is quite likely that there are other General Partners that also receive Carried Interest.
Also, assuming PDI is the contractor drilling these wells, by no means would it be a "lucrative" venture. First of all, intercompany transaction e.g. between FTXN, UERI, and PDI will be eliminated when consolidating the financial statement. Why? Well imgaine your in the painting business and you decide to paint your own home by yourself without a helper. Based on our rate the project is going to cost$3,000. So you wirte-out a check for this amount and you pay yourself the check and deposit it inot the bank, In essence you're taking $3,000 out of your own account and putting it right back in the same account. There is no economic gain - no increase in wealth. Same thing with intercompany transaction. Selling services back and forth internally creates no economic benefit.
Secondly, IRS Section 482 deals with Transfer Pricing, which is intercompany sales. Basically, the IRS expect intercompany sales transaction to be resonable, competitve, and fair. The look at these types of transactions very closely because of this is one are where companies fudge the numbers to cook their books. There has been a lot of abuses in the past. Both SEC IRS has really clamped down.
Perhpas, this is why
http://george-sharp.com/blog.html
Thursday, February 14, 2008
Fullenkamp Sticks It To The Public Once Again
**sigh** When will people ever learn ? Fullenkamp got the better of the investing public again over the last couple of days when he conned a few newbies who did not do their due diligence into taking down some of his stock. Guess he was running out of money to conduct his suddenly affluent lifestyle or his phony divorce proceedings.
Where does he find these people ? Well perhaps he conducted another spam email campaign or got a promoter to pump the stock to his unsuspecting followers. My guess is that he got his newest crony Jim Dial to push it through his connections and Riff and Raff were therefore able to fluff off a few shares. It seems that Jim Dial, whose own history of pump and dumps is no secret, actually owns the leases that Jon Boy is bragging about in the press these days. Notice how Jon does not tell us how he acquired the properties, who is the drilling contractor, or where he got the money from to drill. I suspect that if he really is doing some drilling, Jon sold off his stock and will take it back in some discounted paper booking it as a loan to the company. You know like all of those other phony loans Jon claims to make to the company.
Ladies and gentlemen. Read the press releases. Could they be more vague ? And when he talks about acquiring production, notice how he doesn't talk about who, what,where, when or how. For all we know, Jon could have acquired the production of farts in a bean cannery.
What a crook !
BBB, a few things.
First, without knowing the capital structire of the company it's hard to make such statements about what we're entitled to. What if Grifco has more liabilty than assets? In this case they will have negative equity and the shareholders are entitled to nothing upon Ch 11 BK, or a total liquidation.
Second, whithout knowing the terms of the purchases we can't say who owns what or who is owed what
Last but not least. shareholders aren't necessary entitled to pro-rata share of profits or sale of assets from a coproation. It just doesn't work that way. Just imagine how messy business would be if all corporations had to follow that principle. I understand Grifco PR'd some things that indicated share exchange etc. However, how reliable had those PRs been? The deals didn't go down as stated in the PR for most part. For instance, Grifco shareholders were entitled to UERI warrants. Were there any warrants? Next, UERI was suppose to merge with Grifco via share exchange. That it happen?
Bottom line is, without the financials how can anyone make an informed decision?
Grifco DID NOT earn that kind of money in 2004. Nowhere near according to Mike King. Here is a copy of the blanace sheet he sent out to investors, I'm sure you have a copy!
GFCI Balance sheet
Grifco International, Inc.
Balance Sheet
As Of June 30, 2004
FYE June 04
Assets
Current Assets
Cash
Midsouth Bank 122.74
Total Cash 122.74
Accounts Receivable 71,107.70
Total Account Receivables 71,107.70
Other Current Assets
Inventory Motors And Small Tools 317,942.16
Undeposited Funds 00
Total Other Current Assets 317,942.16
Total Current Assets 389,172.60
Fixed Assets
Accumulated Depreciation -104,350.02
Certificates of Deposits 00
Equipment 145,554.36
Furniture & Fixtures 22,649.98
Vehicles 16,750.00
Total Fixed Assets 80,604.32
Total Assets 469,776.92
Liabilities & Equity
Current Liabilities
Accounts Payable 8,436.14
Total Accounts Payable 8,436.14
Other Current Liabilities
FICA Payable 3,220.89
Federal W/H 4,089.37
BLR Construction 20,150.00
Line of credit Midsouth 00
N/P Lathe 7,452.00
Sales Tax Payable 527.29
State W/H Payable 1,029.50
Due Officer 25,360.35
Unemployment Taxes Payable 360.82
Total Other Current Liabilities 70,626.36
Total Liabilities 70,626.36
Equity
Due To Officer 00
Paid in capital 281,087.37
Retained Earnings-Prior Years 80,960.45
Net Income 37,102.74
Total Equity 399,150.56
Total Liabilities & Equity 469,776.92
BBB, please understand this. There are many defunct business that started out with good intentions and ambitious plans. Yet, these business fail. Just because JD or DR said it, doesn't make it Gospel. Things hd come to pass and they just simply failed to execute, period!
IMO, Grifco just hasn't funciton like a promising company as you still maintain. There is absolutely nothing Jim Dial has done that gives me any confidence.
SEC will not make public any ongoing investigation prior to filing a formal complaint.
BBB, the TTII filing is a moot point. That deal did not go through. Whatever the business intentions were between Reichman and Dial is all history. There are a lot of things that JD stated he was going to do but it never came to pass. To continually accumulate every forward statements made by JD or his former associates to support optimism is pretty weak IMHO.
For a newbie that doesn't know any better, I'm sure the colleciton of PRs look enticing. However, for those crusty vets that lived through the disappointment and lies it's just all beneath garbage.
At this point we don't know who is associated with this company. Calling up JD for the information isn't very credible considering his history of lying to shareholders. You have first hand knowledge of that.
OPG, I can't speak for others but you haven't persuaded me one iota regarding JD, Grifco, PDI, and FTXN.
OPG, I can't look at a stack of paper on my own desk determine what they are. Yetm you can look at stuff laying aroound on a stranger's desk and size up the whole opeeration. What's mor amazing, you didn't see a legal document you conclude there are no legal issues. How can you distinguish the difference between a yellow copy of a legal summons and a yellow copy of a vendors billing statement when they are under a dozen sheets of paper?
If you can truly size up a company and the risk factor by just simply talking to an executive for an hour, you are truly talented my friend. In fact, you shouldn't be investing, you should be offering those talents to corporate america. Companies hire dozens of skilled people, actuarires, consultants, and spend millions of dollars to assess buisness risk.
Now, if your refering to your job as an AIG insurance analyst that's a whole different matter. All the work is done downstream. A simple questionaire will lead you to what risk premium that companies would pay for their liability or hazzard insurance. I get a 5 minute quote for car insurance just about anywhere. That's no big deal.
Seriously, if you can truly and accurately determine business risk by spending an hour with an executive, that's quite a feat. You can make millions with that type of a skill.
D
You can't get much information in an hour. Looking around his office while he was on the phone is not going to yield much useful information. In fact, I find it hard to believe that Dial let you carte blanche sift through paperwork un supervised.
JMHO
Their only business was to sell worthless stock to as many unsuspecting people as possible. To maximize the sale price they cook up phony forward-looking PRs. Then they hide behind the ridiculous safe harbor statement that discloses the fact they can't predict the future and what they just PR'd may not be true in the future. It's the same business as every pinkie scam....run the printing press 24-7 and sell into the news. Products, prospects and the great stories are all just props, just like in a movie set.
For the small minority that doesn't believe this was a scam....I have a prime piece of Real Estate at a bargain price I can sell you in South Florida, West Texas, or Central Neverda...take your pick - sight un seen.
IMO a "total scam" is a very fitting description of Grifco. Not only were the shareholders scammed but so was Jerry Swindord, Robinson Reed, Global Oil Tools, Tree Top Industries, and Lyamec. These people have all seperated themselves from Grifco
Cat, I've been saying for 18 months that Grifco is a shady operation for the very reason I oultined. It's "them" that vehemently defended Grifco and "us" that took a lot of abuse for reconizing the facts.
I held on longer than I shoud have, however, I didn't invest a small fortune. Despite the worthless of Grifco, I still came out oveall $81K in the green in 2007.
The company had a real small business, with real marginal products, and existed as a mom-pop neighboorhood opeartion. The last financial statement sent out by Mike King FYE 2004 showed a company with $123 in the bank, 2004 net income of $37,000, and assets of $400K. Suddenly, a known pinksheet scamster name John Jarvis gets involved and takes it pulbic via a reverse merger. The company goes short on disclosure and long on terrific forward PRs. In less then a year they are bragging about tens of millions in revenue and millions in income. Less than a year going form a local yellow pages presence to a global conglomerete with footprint in South America, China, and the the Middle East. Loudly touted by hordes of unkown aliases/agents on dozens of message boards. A lot of too good to be true greed stories which can never be verfied.
Hard to believe that people actually thought this had "real potential". I guess greed made them blind.
JMHO
I agree human capital is an immesaurable not reflected in the balance sheet. I would like to see any link (European or otherwise) that shows me Pohlman as a respected businessman. I'm not going to call him out of the blue and ask him about his reputation. I think that's a bit invasive and what person would give out their personal info. to a stranger in this day and age???
I'll just chalk it up to YOUR personal opinion of Pohlman and ulness I see some substantiable evidence, I won't give him any benefiit of the doubt.
If you can get $01 for CTT now, it's worth it in my opinion.
Based on the shares outstanding CTT's market cap is about $2.8 - $3 million. After seeing the audited financials there is no way the company is valued near that.
You can guesstimate the approximate fair value of CTT using the purchase accounting method. The net asset value (Assets - Liabilities) is about $350K. Add to it the FMV value of intangibles like the patents, which can be valued using the discounted cash flow method (how much cash flow the patent can generate in a given period). The method takes into account the forecasted cash flow weighted on its estimated life cycle. Based on what it generated thus far, the value of the patents probably isn't much.
CTT has no other assets that can be restated at FMV (i.e. Real Estate, appreciable property).
In short, CTT isn't valued anywhere near it's market cap (Unless someone wants to argue that the patents are worth a couple of million which is waaay out of line). I have no doubt once the new CTT goes public the price will tank. It would be awhile before CTTH sees the current valuation.
JMHO.
Didn't find anyting about Bert in Europe. Why don't you just post a link instead of leaving condensending messages. All I ask for was a link. Since you made the statement about how well respected he is in Europe, just provide the proof.
Provide the link showing Pohlman's "excellent reputation". I just don't see how that type of statement can be made.
Yes there were a few Google hits showing his contribution to the Dwight Eisenhower Center (among hunderds of contributors) and a mention of him in the minutes to a public hearing about re-zoning in the city where he lives.
I also did a public record search. There is also a Bert Pohlman that owns a Holiday Inn (franchise) in Ft. Meyers. There is also a "Herbert Pohlman Trust" (not sure if the same person, or a related party trust in which B Pohlman is one of the beneficiaries) that owns Sandpiper Resort in Naples. IMO, I'm pretty certain this is the same Bert Pohlman that invested in CTT.
So apparently he has interest in motels & resort in his locality. He could have just as well inherited the wealth or built it himself. That doesn't make him give him carte blanche "a great reputation".
10 bagger, even today some people are still wanting tangible proof to onfirm that GFCI a bad investment. There is still belief that there will be CTBG, FXTN, PDI, and UERI dividend.
When it's all said in done so called the "negative" people here had it right. In the end it was Grifco's operations that turned out to be the source of negativity. It was Jim Dial and his cronies, Mike King, John Jarvis etc (PS - they are not other IHUB members)...who had the sinster agenda.
This is all I can about the whole fiasco without getting into the tightly enfocred TOU policy...LOL.
Anyone, please point out the buying opportuinty for GFCI according to the technicals (link to a chart below)?
http://finance.yahoo.com/q/ta?s=GFCI.PK&t=1y&l=on&z=l&q=l&p=m200,m20&a=m26-1....
200 day moving average (DMA) which smooths out the trendline goes straight down. No trend reversal in sight.
20 day moving average never croses the 200 DMA. Not a good sign indicating a strong downward pressure.
MFI = Money Flow Indicator - It's at max, meaning there is more money flowing into the stock (relatively speaking) yet, it continues to make new lows.
RSI = Relative Strength Index - It's a 0, scarping bottom for days with no sign of reversal. In the past even at above 60 ( a benchmark for strong sentiment), the price contined to delince (although at a little slower pace).
MCAD - Moving average convergence/divergence is negative for nearly 2 months. No sign of change in sentiment. Nearly on a daily basis the stock is setting lower lows on big volume.
In my opinon it hasn't bottom out. It always seems cheap now because it has never been this low. Think about how many "buying opportunity" posts we've seen in the past year. Yet, in retrospect it didn't turn out to be a prudent choice.
JMHO.
Hank, this is how it all started
GFCI Operational Update and Earnings Guidance for 2004-2005
Market Wire, March, 2005
Grifco International, Inc. (OTC: GFCI), a provider of oil and gas services equipment to the worldwide oil and gas industry, announces net income of $2.6 million, or approximately $0.13 per share on $7.5 million gross revenue for the six months ending December 31st, 2004.
Grifco International goals for the second half of the year are predicated upon achieving significant growth in revenue and shareholder equity. Based upon Grifco's aggressive acquisition schedule and expanding product line, management believes the third and fourth quarter 2005 will earn an additional $0.23 to $0.25 per share for the fiscal year ending June 30th 2005. The Company's forecast is based on its ongoing projects and acquisitions, including:
GFCI Signs LOI to Acquire Global Oil Tools
Global is equipped with state-of-the-art machinery and produces a complete line of more than 6,000 with over 150 customers. Global has $1.2 million in inventory, $2.2 million in assets, $800,000 works in progress, $400,000 accounts receivable, and should add over $1.2 million in net profit to Grifco in the next 12 months.
GFCI Signs Completion Screen Joint Venture
The Grifco International PMC screen was developed in China under a long-term Strategic Cooperation Relationship with Halliburton and China Petroleum Technology Development Company, having been deployed and tested in all the major oilfields in China. Currently the screen is being supplied to Chinese National Petroleum Corporation, China National Offshore Oil Corporation, SINOPEC, and Halliburton. Management estimates the PMC screen will increase company revenue approximately $2.5 million in the next 12 months.
GFCI Markets SCUDA Tool
The worldwide crisis of potable drinking water suggests an immense market exists for this SCUDA tool. Grifco is expanding into the foreign arena by utilizing sales agents worldwide; presently, Grifco has agents in South America, Singapore, and China. Grifco believes it has the ability to effectively market this tool to domestic and international clients and estimates a potential revenue of $2 million in 2005.
GFCI Acquires KO-VAC Systems
KO-VAC Systems markets a vacuum-based disposal unit with electrical and diesel systems for fluid and/or solid clean up. GFCI anticipates KO-VAC to be worth $2 million per year after twelve months, and generate $4-5 million in the first 2 years.
GFCI Increases Production Output
GFCI's installment of a CNC Turning Center and CNC Mill allow Grifco to be highly competitive with its price quotes and delivery schedule. Grifco International has experienced a 500% production increase with the new machinery.
GFCI Establishes Rental Venture in Mexico
The rental service in Mexico should generate approximately $2.5 to $3 Million in revenue for 2005. Grifco looks forward to the continued expansion of its tool division in Mexico; Grifco de Mexico should contribute $5 to $6 Million in annual revenue.
Grifco Field Tests Corrosion Inhibitor Tool in China
The Corrosion Inhibitor Tool (Silver Hawg) performed for one year in the largest oil field in China. The test gives Grifco's agent in China the opportunity to sell approximately one hundred tools by the close of 2004. Sales in China for 2005 will likely double. The success in China should result in increased revenue (in China) for Grifco International, Inc. of approximately $1.5 million in the first year.
PEMEX Field Tests With Grifco International
PEMEX , the 3rd largest producer of crude oil in the world, recently completed joint testing with Grifco International, Inc. utilizing the "Silver Hawg." PEMEX has issued Grifco International, Inc. an immediate contract for additional wells; pending favorable review, Grifco International will prepare to supply up to 300 wells, while awaiting a third contract installation for the northern district of Mexico. The contracts with PEMEX will generate approximately $2.5 million.
Six Months Ended December 31st, 2004:
(UNAUDITED, in millions of dollars)
Earnings 7.5
Net Income 2.5
Per Share .13
"The strong results in the first half were in line with our expectations. If our acquisition schedule progresses as planned, our earnings projection of an additional $0.23 to $0.25 per share is attainable," stated Jim Dial, President and CEO of Grifco International, Inc. "For the first six months of our fiscal year, our profits are running approximately three times higher than the previous six months."
Grifco International, Inc. is a leading provider of oil and gas services equipment, specializing in the conception, architecture, and development of tools for the coil tubing, wire line, and snubbing industry throughout the U.S., China, Mexico and South America. Grifco's patented products are known and used throughout the world. In addition to our patented tools, Grifco designs and manufactures over 350 products for the Oil and Gas industry with a clientele boasting the biggest names in the business, including Halliburton, Exxon, and Schlumberger. Please visit www.grifco.org
Catani, amazingly it's still not clear to some people.
btw, to many here Grifco isn't dead (I'm not one of them). IMO, Grifco's been dead a year ago. It was just a matter of time before it takes its last breath.
IMO, this is a worthless stock. With RR judgement coming down soon, it won't beven be a good shell. What startup company is going to assume the GFCI shell that' encumbered with millions in liability. It's dead...kaput IMO.
PS If you want to enforce the TOU by the book that's your call. My opinons regarding the board doesn't mean squat anyways.
enjoy.
By golly we might get our CTBG dividend after all...
http://tntluoma.com/images/beyond30/hellfreezesover-450x249.jpg
Jim Dial had recently created a new company called '1st Texas Natural Gas Company', That makes 6 Neveda corps. not counting CTBG, involving JD where he's the CEO, BOD, & Secretary etc. Amazingly, some people still thinks he is legit.
Officer Name Officer Type Entity Name
JAMES DIAL Director GRIFCO INTERNATIONAL, INC.
JAMES DIAL President GRIFCO INTERNATIONAL, INC.
JAMES DIAL Secretary GRIFCO INTERNATIONAL, INC.
JAMES DIAL Treasurer GRIFCO INTERNATIONAL, INC.
JIM DIAL Director UNIVERSAL ENERGY HOLDINGS, INC.
JIM DIAL President UNIVERSAL ENERGY HOLDINGS, INC.
JIM DIAL Secretary UNIVERSAL ENERGY HOLDINGS, INC.
JIM DIAL Treasurer UNIVERSAL ENERGY HOLDINGS, INC.
JIM DIAL Director 1ST TEXAS NATURAL GAS COMPANY, INC.
JIM DIAL President 1ST TEXAS NATURAL GAS COMPANY, INC.
JIM DIAL Secretary 1ST TEXAS NATURAL GAS COMPANY, INC.
JIM DIAL Treasurer 1ST TEXAS NATURAL GAS COMPANY, INC.
JIM DIAL Director UNIVERSAL ENERGY RESOURCES, INC.
JIM DIAL President UNIVERSAL ENERGY RESOURCES, INC.
JIM DIAL Secretary UNIVERSAL ENERGY RESOURCES, INC.
JIM DIAL Treasurer UNIVERSAL ENERGY RESOURCES, INC.
JIM DIAL President UNIVERSAL ENERGY & SERVICES GROUP, INC.
JIM DIAL Secretary UNIVERSAL ENERGY & SERVICES GROUP, INC.
JIM DIAL Treasurer UNIVERSAL ENERGY & SERVICES GROUP, INC.
JIM DIAL Director PRECISION DRILLING & EXPLORATION
JIM DIAL President PRECISION DRILLING & EXPLORATION
JIM DIAL Secretary PRECISION DRILLING & EXPLORATION
JIM DIAL Treasurer PRECISION DRILLING & EXPLORATION
https://esos.state.nv.us/SOSServices/AnonymousAccess/CorpSearch/CorpSearch.aspx
HAN, Grifco never promised to distribute the dividend by May 31. If you read the PR carefully the promised to deliver the certificate to the xfer agent by May 31. The rest of the PR indicated the CTT shares will be distributed by never committed to when. I wouldn't be a bit surprise if Grifco doesn't even know who the shareholder of record is. Heck, the only mailed out a half dozen notices for the special sharehholdr's meeting last year. Late as March of this year JD was asking the shareholders to cert. their shares and fax him a copy of the certs, meaning he didn't know who owned what.
B2L, I doubt if share divdend will provide any pop to the pps because it would be distributed to the shareholder of record on 5/1/06. I wonder if the shareholder of record are the same 13 people (out of alleged 1,000+ beneficial shareholders) that received the notice of shareholder meeting last year.
Spark, your TOU refresher is a violation of the TOU. Therefore, it's been deleted.
Well obviously there isn't much to say about Grifco anymore. Despite the denial by some hopefuls here what was said would happen had happened. Now that the Grifco's wallowing in the sub $0.03 - $0.02 range there are a whole different class of "invstors" lurking around - the bottom feeders. Buying at $0.025 and rejoicing when the stock goes up to $0.038...still fantsizing about the short the squeeze, and talking technicals without having a clue as to what they're talking about.
It's time to move on. Goodbye.
Spark, as a whole this is not off-topic. As I stated before I think there were some shareholders that had been used by Jim Dial, to promote GFCI stock on these baords. In fact I would go further and somewhat agree with Dr. Bill's assessment about it be a little less innoccent. There is a lot more to the story. I think people need to know the backstory of some of the extremely bullish posters.
P.S.... if you didn't catch it, this guy had lost $350,000 in 2000 by his own admission. It's not a bash, this is exactly what he said. He is also down at least that much in Grifco - by his own admission. There is a lot more to his story. I didn't want to post a book to make a point but post it in a more digestive bits and pieces. O.k., I concede the piece may be considered a TOU violation.
As you wish I will keep it to myself.