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Prediction: Deal falls through!
Alternate proposal goes into effect which involves yet another effort to sell "properties" to an unnamed bidder and currently non-existent entity/persons which of course will be continually updated stating that they will seek to maximize the selling price perhaps even raising the buyout price to as much as .0040 to .0050 which will of course drag out until the middle of the year until they have located a buyer that of course will remain nameless while they are in heated negotiations which will drag out until November at which point they issue yet another "put up or shut up clause".
Let see if I am right.
Oh, and of course there will be mountains of shares suddenly available seemingly from out of nowhere which will drive the price down to zero bid which of course will return the following week with small buys of 500 shares at .0001, .0002.
And that's my one post for the day.
PS, I must say though that based on all the hype that was going on back in early December, is it just me or is anyone else surprised that no deal has been consumated despite repeated promises from "management" that they were almost done?
Here's my prediction. Prepare to be disappointed. And as for the share price? No bid after massive dumping seemingly out of nowhere just like last week in the wake of that last humdinger press release that managed to mangle the printed word like a poorly raised fifth grader.
Feel free to bookmark this post and to begrudgingly refer to it as what I have posted comes to pass.
Great company, great stock. Board? Not so great. Good chat board are a contra indicator evidently.
Newtrader, you do realize that the traded value of equity for the week was a paltry 29k, don't you? For the entire week!!!!! And people are supposed to believe that all of a sudden with one no doubt confusing and poorly worded PR 100 million dollars of value will suddenly come out of the woodwork??? The only thing coming out of the woodwork will be mountains of shares for sale taking this thing once again to zero bid.
Mark this post and see if I am not absolutely dead nuts on right.
Not to mention absolutely no clear verifiable proof that the company owns anything beyond leases which in and of themselves are not assets of which to speak nor worthy of a value beyond the cost to maintain them. The market however realizes that fact and has priced in the nonexistent assets accordingly and that's why day after day the PPS ping pongs between worthless and virtually worthless.
However, I am an equal opportunity nonbeliever and I invite anyone to explain the apparent disconnect between the guaranteed price of 100 million for the company and its current market valuation at a generous 4 million despite the now well known buyout PRs that have been out for months and yet no bite on a bid above .0001 and .0004 at a max which lasted all of about 2 seconds for one single trade.
So the request is simple. Why is there a nearly $96 million dollar difference between the current market price and the supposed value of the company? Markets never, and I repeat, never miss it this badly when the news is out there for all to see. In fact, the markets are so good that they usually bid up the price of an equity well ahead of any official news. But here nothing has occurred despite ample time for the market to consider the news.
Anyone????
That's is my only allowed post per day.
SAw your note and will take it under advisement.
THX
PAulie is awesome.
ID Super, how do you respond to the obvious fact pointed out by Steven F that there are promises 6 years stale still as of yet undelivered?
Dare I say that this time will be no different.
And if we are wrong, the price should already be approaching this supposed "guaranteed" .0030, wouldn't you think?
Can you explain how the market has failed to exploit this inefficiency whereby there is a 30 fold increase in an initial investment just sitting there with no real interest?
You provide me with a reasonable explanation based in market theory and I will join you in your hubris.
I believe I have learned my lesson and have paid an adequate fine and am now clear about the rules of the road. Any cahnce any of the admins can let me loose today or sooner than the 5/2/2010 sentence?
Please???
My favorite stock CTSH is about ready to get called away with a Jan2012 55 call not far out of sight!
Should end up with 91,500.00 in my pocket with 20k+ gain.
How's that bidless wonder FFGO doing these days after the much vaunted sale of Gold properties took an unexpected detour into delay land?
Joke company run by con men. The warmed over dummies over there never knew what hit em despite my, and several other jailed posters, repeated warnings. Never got to say I told ya so.
I see they white washed the FFGO thread of bashers and now the posting as well as the news flow from the company is virtually nonexistant.
Yes, it was wise to quash the dissenting opinions of us "bashers". And now the pumps want us back.
How is everyone holding up?
I feel great.
Steve, That BS is a GD lie. They're limiting the post of bashers. I just went down to one a day of FFGO!
Laughable? Oh yeah, at the very least.
I can san without one ounce of hesiation that I have never owned, let alone even heard of a company referring to its shareholders as STUPID.
That is one for the ages.
Oh My Gawd!
No problem. THX
Chance it. You should be receiving a form 1099-B from your broker. I suggest you check to see if you are able to download your trading activity for 2009 focusing only on those transactions whereby you sold securities to close positions. The sales proceeds form those transaction will be the amounts reported to the IRS on Form 1099-B and should therefore be your control total that all of you Schedule D entries for gross preceeds should agree to. You of course are only responsible for the gain or loss which means you must be able to support the amounts paid and the dates of purchase, otherwise known as cost basis. Most online tax prep software is quite simple to use so long as you have the above mentioned data so I do not recommend paying a preparer.
Hope this helps.
I use a very in inexpensive online preparer...
https://www.taxactonline.com/index.asp
FireLane, Oh you better believe it. I am the CFO of a Power Transformer Company and have been for 12 years with this company and over 25 years as a licensed CPA. You better believe I will not let this wreckless and irresponsible accusation that I am some kind of criminal paid basher go lightly.
wishwell, when? Tomorrow? Prepare to be disappointed in a most embarrassing and humiliating way.
If, as you state, the deal is in fact with Lumb, then that hardly qualifies as a deal insofar as there is an no "arm's length" relationship. It is as stated, another Prop Job.
Now we know why the stock price is currently a flop.
This was too easy.
For the uninitiated, an arm's lenth transaction is a transaction in which the buyers and sellers of a product/property/entity act independently and have no relationship to each other. The concept of an arm's length transaction is to ensure that both parties in the deal are acting in their own self interest and are not subject to any pressure or duress from the other party.
haveanniceday,
First of all I'm laughing because your observation is essentially a privileged glimpse of the bleeding obvious insofar as you state "the Euro is going down because the dollar is going up". You do realize that any currency quote is by definition a complementary relationship expressed as a USD/EUR and therefore the USD/EUR will always be a relationship where one goes up or down with the other doing the exact opposite when expressed in terms of the other, i.e., the relationship is always inverse. What would be a more meaningful observation is why the dollar has strengthened against the Euro and that is a topic for another forum. Suffice it to say that before I engage in what to do now, let me state that any such debate is not unlike arguing about what to feed a unicorn insofar as I do not believe there is any deal where the counterparty is not some Lumb Corporation Prop job construct , if any. Sorry.
But let’s just say for the sake of argument that there is a deal. The notion that any such deal is predicated on or somehow dependent on the notion that whether it is in fact finalized has anything to do with the vicissitudes of the currency exchange rates of the Euro vis-à-vis the USD which are fundamentally subject to fluctuations on a fairly unpredictable and random basis is laughable at the outset. No deal that I have ever made or have heard of would incorporate such a wild card condition, lest it be considered an unenforceable contract under US Law.
So, it not so many words, I don’t think there is anything to do as I don’t see anywhere in the 8K that any deal could be jeopardized by unforeseen currency fluctuations. That myth seems to be a construct borne of the knitting circle that is the FFGO forum.
sirdeth, just a hypothetical. Let say you somehow were able to accept that the properties in question are administratively dissolved as is readily available on the SOS website.
Would you say that that is a bad thing?
Sirdeth, just because you choose not to heed the calls of reality doesn't make it go away. It will be here when you wake up.
So sleep tight for now little buckaroo.
Grumps,
NO thank God. Neither. I have done hundreds of tax returns here in Vegas listing both as CMKX and FFGO as huge losses. I heard story after story and I guess curiosity got the best of me. Now, I just marvel at the twists and turns people will take just to avoid having to accept a loss.
As far as CMKX? Not likely. At best some paltry trifling of a recovery in the range of sub pennies on the dollar but nothing worth investing an inordinate amount of hope.
Sorry V. I won't.
Done for the day.
Despite me being kind of annoying, you've been very fair with me. I can respect that and what you're trying to do.
Hope this works out for you. Seriously.
Moe
bobby, in my case that would be the smell of long green.
Oldwhite, and Level II will somehow answer that question? That's like wondering what the thermometer will say when your breath is fogging and you can't stop shivering. It's a symptom, not the cause. The cause lies somewhere in the past where promises were made and deliveries of said promise nonexistent over the last 5 years! What I find profoundly disturbing and at the same time fascinating is that despite a track record of disappointment after disappointment, they have been granted a free pass to do it all over again. And do you know what device they used to get the credibility reset? They asked all the old shareholders who were let down on a similar previous deal which fell through and were then, to add insult to injury, reverse split 1 for 2000 out of existence, TO LET BYGONES BE BYGONES AND FORGET THE PAST!
Are you kidding me? They Chutzpah of these guys. What unbridled gall! The disdain they have for their shareholders is unheard of and monumental.
There's the cause, Level II is the symptom.
Oh, and by the way, shareholders old and new, as outrageous as the request to forget the past was, nevertheless acquiesced to the request by management. That is fantastically amazing.
oldwhiteguy, 300.00 changed hands today over 4 trades. Do you really need level 2 to discern what to do?
If you call this an "existence" where 300.00 whole dollars has traded hands, then I would hate to see you example of nonexistence.
Lebron, perhaps you should read the post by the poster I am replying to you by proxy. He does not seem to possess the same level of confidence you are displaying. Dare I say that your assertion that no news is good news couldn't be more separated from reality. The falloff in tweets is of some concern even to the most hopeful of touts.
Fyi
Thanks, tex, they must remove my posts. God Forbid anything I post that might actually help someone make a buck. Making money is fun and I highly recommend it for so many reasons.
greenervos, but just think, when the PR hits and this thing hits .003, that same trade wil be 2.70. Now I'm not sure you could do better digging through the cushions of your sofa for that kind of return...Uh, wait, actually you could which begs the question what are you doing here where the total traded value today is less that 10k?
And the .18 trade, that was one of your whales. This stock is lousy with pikers. Do you really think that this stock will trade on a per trade basis more that 1,800.00 a trade which has been about the average? Do you really think the bid will hold if this thing ever releases a real PR with straightforward sale? You and every piker holding this stock will hit the exits like there's no tomorrow becasaue in penny land, there rarely is one.
Not on all the naked short settlements of eleventybillion dollars.
We are definitely at the end of civilization.
Fung Derf!!!! Oh My God. From the pcbm days.
Still sporting a pulse I see.
Hey Moe!
Tex, one thing I can say about China is that they have been tipping their hat quite a bit in regards to cooling things down over there largely in response to several top analysts suggesting China a has its own Asset Bubble forming in real estate, stocks, excess liquidity and a history of price inflation during these growth spurts.
Gold was due for a retreat and with China moving to strenghten its curreny by 5% could see a sideways trend or even lower moves.
cc1970. now you seem to have a handle on it. See my reply to haveanniceday.
haveaniceday. You're exactly wrong in so many ways it's hard to specify exactly where suffice it to say you have no working knowledge of the subject matter, I, on the other hand, being the CFO of a multinational with vendors located in Taipei Taiwan, Vietnam, Hong Kong come up to this issue on a daily basis and quite frankly it is not rocket science. What I use to lock in the value of a deal in semi-conductors and memory chips is to use Forward Currency Contract which basically is a foreign currency contract to buy or sell a foreign currency at a fixed rate for delivery on a specified future date or period. The trick here is to make sure I have my lead times on delivery of said inventory fairly tight where my MOQ and EOQs are balanced across my MRP time horizon as I am basically incorporating raw material into a final build where I have quoted a fixed price for the final assembly to my customer. Can't go popping him for a foreign currency fluctuation, that's my responsibility and my goal is to make sure my foreign currency exchange gain/or loss for the year is not material to my balance sheet where the balance is disclosed.
Here is a basic definition...
Foreign currency forward contracts are used as a foreign currency hedge when an investor has an obligation to either make or take a foreign currency payment at some point in the future. If the date of the foreign currency payment and the last trading date of the foreign currency forwards contract are matched up, the investor has in effect "locked in" the exchange rate payment amount.
For the most part these are "complex" or "combo positions" in the parlance of FC traders and are actually quoted as a complex spread combining both options to lock a price of the underlying currency. My job is to simply look at the FC chain for the forward month I want to lock in.
Like I said...not rocket science. I'm sure that's exactly what these guys are using for purposes of discussing the deal and the movement of the currency one way or the other cannot be the focal point of deciding a deal.
Just more of a distraction for those who don't know better.
haveaniceday. You're exactly wrong in so many ways it's hard to specify exactly where suffice it to say you have no working knowledge of the subject matter, I, on the other hand, being the CFO of a multinational with vendors located in Taipei Taiwan, Vietnam, Hong Kong come up to this issue on a daily basis and quite frankly it is not rocket science. What I use to lock in the value of a deal in semi-conductors and memory chips is to use Forward Currency Contract which basically is a foreign currency contract to buy or sell a foreign currency at a fixed rate for delivery on a specified future date or period. The trick here is to make sure I have my lead times on delivery of said inventory fairly tight where my MOQ and EOQs are balanced across my MRP time horizon as I am basically incorporating raw material into a final build where I have quoted a fixed price for the final assembly to my customer. Can't go popping him for a foreign currency fluctuation, that's my responsibility and my goal is to make sure my foreign currency exchange gain/or loss for the year is not material to my balance sheet where the balance is disclosed.
Here is a basic definition...
Foreign currency forward contracts are used as a foreign currency hedge when an investor has an obligation to either make or take a foreign currency payment at some point in the future. If the date of the foreign currency payment and the last trading date of the foreign currency forwards contract are matched up, the investor has in effect "locked in" the exchange rate payment amount.
For the most part these are "complex" or "combo positions" in the parlance of FC traders and are actually quoted as a complex spread combining both options to lock a price of the underlying currency. My job is to simply look at the FC chain for the forward month I want to lock in.
Like I said...not rocket science. I'm sure that's exactly what these guys are using for purposes of discussing the deal and the movement of the currency one way or the other cannot be the focal point of deciding a deal.
Just more of a distraction for those who don't know better.
Tex, please take off your FFGO colored glasses and read this very non-ffgo coverage of why the ruling was landmark and not just the same ole same ole misapprehension you seem to be laboring under...
And please, try not to couch any future discoveries of news in your search for DD in terms of how it might relate to the goings on of FFGO. It's silly and quite frankly makes you look desperate.
Reporting from Washington - Overturning a century-old restriction, the Supreme Court ruled Thursday that corporations could spend as much as they wanted to sway voters in federal elections.
In a landmark 5-4 decision, the court's conservative bloc said that corporations had the same right to free speech as individuals, and for that reason the government could not stop corporations from spending to help their favored candidates.
The ruling, which will presumably apply as well to labor unions and other organizations, is likely to have an effect on this year's congressional elections. Many political analysts and election-law experts predict that millions of extra dollars will flood into this fall's contests, much of it benefiting Republican candidates.
Republicans praised the decision as a victory for wide-open political speech, but Democrats slammed it as a win for big money.
President Obama called the ruling "a major victory for Big Oil, Wall Street banks, health insurance companies and the other powerful interests that marshal their power every day in Washington to drown out the voices of everyday Americans." He promised to seek "a forceful response to this decision" from Congress. Some Democrats talked about seeking legislation that would require corporations to get approval from their shareholders before spending money on politics.
Untrolled, a little cautionary note...
This is the pinksheets where corporate figureheads say just about anything to sell shares or create interest into which that can sell. Be prepared to lose 100% of your investment. Since you inherited those shares presumably, don't go out and buy a car or a boat with your shares which at the current inside bid are worth about 200.00 in anticipation of becoming fabulously wealthy. NOT BLOODY LIKELY! And FWIW, mr. 52 million's shares are only valued at 5200.00 at the current inside bid.
So you know, I'm still waiting to see my first pennystock millionaire who isn't an insider. Been a long wait too, some 25 years. Aint going to happen here either.
Hope for the best expect the worst is a good rule of thumb in the pinksheets.
FYI
paunch, I know you need that to be true.
Reality won't agree however.
prisoner, have you been watching gold plays?
I cleaned up on a bearspread for FCX. Here, I told tex about it a couple of weeks ago.
FCX is down about 15pts since the trade!!
Posted by: moe_the_gyp01 Date: Monday, January 04, 2010 2:17:58 PM
In reply to: Texan77 who wrote msg# 96644 Post # of 100197
Tex, I do think gold is getting a bit toppy but not on a secular or protracted basis. Does that mean you should not take advantage of an opportunity to press the short side? Not on your life. The way I would play this for a short term buck would be as follows. Noting of course that 87.35 is the 52 week high and currently sits at 83.40 up 3.11 you should look at the FEB 90/95 bear spread using calls which have spiked up nicely making a bearspread nicely net credit. Right now a bear spread on the call site would open a credit spread of a little over a buck per contract. Contracts are FHZ (BR) 90.00 FHZ (BS) 95.00. I would also probably play a bull spread down to 75.00/70.00 thus locking in an Iron Condor again through Feb expiration. I think this play could pull in an easy 2k with a 5k margin requirement. As always be prepared to make adjustments if the trade exceeds the short or long strikes out in time or up/down in value.