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You are 100% correct!!!
Now we need to go on without MC and post on CEMJQ only!!!
I tried to short URE the last two days but order was rejected (prob. no shares to short)
Strategy was to sell my SRS and replace it with URE short but wasn't able to do it.
Do you still have your SRS short???
In Edit...I deleted this message
Moi !!!
Sold some at $1.07
Keeping the rest until AFTER they emerge from Bankruptcy!!!
I agree with your post 100 %
You have shown strong leadership!!!
There are way too many off-topic posts DURING TRADING HOURS!!!
His response to your post shows his lack of leadership!!!
Probably because he leads the way in off-topic posts!!!
Just look at Friday's posts for examples!!!
But that's just one guy's opinion!!!
Congrats and continued good luck to you!!!
Good moves the last two days!!!
And so has the volume!!!
LOL...so am I
Which do you like better at today's prices???
GRZ or KRY???
KRY needs to do a financing shortly :(
I agree with you...GRZ and KRY looking good!!!
Cincinatti
Thanx!!!
Capmark Financial may go under after losing $1.6 billion???
http://www.bloomberg.com/apps/news?pid=20601110&sid=aCAtbfSHeUp4
Yes but you are also short URE, correct???
Does that mean that you're now leaning toward a bearish outlook on Commercial real-estate???
I made a similar error when I bought SRS on Monday...Had an order to buy 1000 at 11.40...only 500 got filled...Easy to criticize afterwards...Oh well.
My last buys were 13.20 and 11.40 (yesterday)
Good luck to us(and Opie and JimQ and any other holders on this board)!!!
LOL I was thinking of ordering the same plates in Ontario!!!
Better hurry before somebody else takes them!!!
Thanx for sharing your thoughts!!!
So what sectors do you plan to trade(long or short)???
Thank you for this post!!!
I had an order in to sell 50K at 52.5 yesterday, but I cancelled after reading this...You saved me big $$$
CEMJQ to emerge from bankruptcy March 2010???
http://www.icis.com/Articles/2009/08/24/9242355/US-Chemtura-aims-to-emerge-from-bankruptcy-in-2010.html
NEW YORK (ICIS news)--US specialty chemical company Chemtura plans to exit from Chapter 11 bankruptcy protection by next March, CEO Craig Rogerson said on Monday.
“We are optimistic we’re on track to exit bankruptcy by March 2010 – it is an aggressive timeline, but all parties are working towards this goal,” Rogerson said in an interview with ICIS.
“It is an expensive proposition to be in bankruptcy,” he added, citing legal fees as well as an interest rate on its $400m (€280m) debtor-in-possession (DIP) credit facility amounting to around 18%.
Chemtura filed for bankruptcy protection for its US operations on 18 March, after reportedly failing to find buyers for its crop protection and petroleum additives businesses.
The company has already reached two important milestones in the bankruptcy process in recent weeks, Rogerson said.
This included submitting a five-year, long-range business plan to the unsecured creditors committee and establishing a deadline of 30 October for all parties to submit their claims.
“We spent lots of time on this, and the plan has been well received. This starts the valuation process where we can determine the value of the assets as well as all the liabilities,” Rogerson said.
The five-year plan assumes Chemtura continues to operate all its businesses, from crop protection to petroleum additives, plastic additives, urethanes and consumer cleaning products.
However, Rogerson did not take asset sales off the table.
“We’ll look at all ways to maximise stakeholder value, including divesting businesses. We will consider offers and evaluate them if they come,” he said.
Rogerson declined to comment on whether any businesses were up for sale.
ICIS reported that Chemtura had put its polyvinyl chloride (PVC) additives business on the selling block, according to sources in the financial community.
And while the crop protection and petroleum additives businesses had reportedly been for sale prior to Chemtura filing for bankruptcy, the rationale for any asset sales has now changed, Rogerson said.
“The rationale is different. Before, we were trying to sell to avoid bankruptcy, but now we would take a strategic perspective,” he said.
“Everyone knows our businesses and can make offers,” Rogerson added.
While individual businesses may be sold, a full-scale liquidation under Chapter 7 bankruptcy is very unlikely, Rogerson said.
“Chemtura is now generating cash. We filed for Chapter 11 – not so much because of profitability but because of liquidity issues, as debt was coming due and the banks weren’t lending,” he said.
Yes, GS called for $200 Oil about a week before the top for Oil!!!
sold SRS at 12.36
rebought at 12.25
gonna trade this all day (if it works out)
not gonna continue to post the trades though
I lied...
bought 850 SRS at $11.86
Thank you and thanx to the gentleman that sent me the private message!!!
sold srs at 11.60
will rebuy if it drops
Bought 750 SRS at 11.25
good luck to us!!!
Turned down $26 share, filed chapter 11 shortly after...
<<<I'm not positive about this...I need to verify this when I have time>>>
Received $400 million DIP financing from (Citigroup?) post-bankruptcy
not all of the company is under bankrupcty protection.
$1.47 recent book value.
China was in bidding for assets(pre-bankrupcty), but dropped out when they determined $1 billion was too expensive.
Likely pursuing an asset sale now, which alone could easily double the share price.
Taking advantage of bankruptcy protection by opting out of expensive leases.
Strong institutional buying recently.
Bonds keep hitting post-bankrupcty highs.
As soon as they decide to do a reverse split???
Too bad he stopped posting...Made some decent "coin" taking his advise...I THINK he said he was too busy writing a book???
Nice job!
You know something is wrong when they do a reverse split on BOTH long and short...I hope you don't close your positions this time...Please keep the updates coming...Thanx
I'm not adding here cuz there's better opportunities elsewhere without the bullshit...
here's an article on KRY re: getting sued by bondholders...
http://www.financialpost.com/news-sectors/legal/story.html?id=1702955
GM Would you mind posting the pre-market bid/ask? TIA
The soap opera continues...From GRZ website...
NR-09-16
GOLD RESERVE REPORTS ON VENEZUELAN GOVERNMENT'S
FAILURE TO FOLLOW ITS OWN LAWS
SPOKANE, Washington, May 26, 2009
Gold Reserve Inc. (TSX:GRZ – NYSE-Amex:GRZ) commented today on an Official Gazette
issued by the Government of Venezuela dated May 22, 2009 in which the Venezuelan
Ministry of Mines (MIBAM) denied the extension of the El Pauji concession. The
Company does not own the El Pauji concession but has an easement that allows the
Company to use the El Pauji surface rights for infrastructure purposes for the Brisas
Project. The El Pauji concession is part of a number of land parcels surrounding the ore
body located on the Brisas Alluvial and Veta concessions comprising the Brisas gold
copper Project.
As part of the arrangement with the owner of the El Pauji concession, on January 17,
2008 the Company applied for an extension of the concession term pursuant to Article 25
of the Venezuelan mining law which provides MIBAM a six-month period, ending on
July 20, 2008, to deny the extension request. MIBAM did not respond to our request for
an extension. Our Venezuelan attorneys have advised us that, pursuant to Article 25 of
the mining law, the extension is automatically granted.
Ignoring its own regulations and laws, MIBAM thru internal reports dated April 29, 2009
and May 12, 2009, almost one year after the six month time period elapsed, asserts
without evidence or prior notice that the Company is not in compliance with its
obligations in regards to the concession. In September 2008 the Company received a
certificate of compliance from MIBAM regarding the Brisas Project.
MIBAM states in the Official Gazette that the Company timely filed an application for
extension and acknowledged that MIBAM made its evaluation on the status of the
concession subsequent to the six month time period promulgated in Article 25 of the
mining law. The Company, acting on behalf of the owner of the El Pauji concession, will
actively defend its legal rights as defined under Venezuelan law.
The Company also applied for the extension of the Brisas del Cuyuni alluvial gold
concession in late 2007, having met all legal requirements with no response from
MIBAM during the subsequent six month time period. We have been advised by our
Venezuelan attorneys that the application is approved pursuant to Article 25 of the
mining law. It is important to note that the Brisas del Cuyuni alluvial gold concession
contains no copper and comprises approximately 3% of the proven and probable gold
reserves of the Brisas Project.
Recently, MIBAM requested all of the technical information comprising the Brisas gold
copper Project. At this time we do not see any benefit in transferring that information to
MIBAM.
Doug Belanger, President of Gold Reserve, stated, “On April 21, 2009 we notified the
Venezuelan government that a state of disagreement existed between the government and
the Company under Bilateral Investment Treaties between, (1) Canada and the
Government of the Republic of Venezuela and (2) Barbados and the Government of the
Republic of Venezuela. Further, despite the prolonged obstruction of our rights to the
Brisas Project, it is Gold Reserve's intention to settle this dispute amicably but if that is
not possible and the Company is compelled to file for international arbitration, we would
make a claim for the fair market value of our investment at the time of the revocation of
the permit which we believe was in excess of US$5 billion.”
Belanger further said, “Reuters and other publications erroneously reported that this was
the mining rights for the Brisas Project when in fact the action by the government relates
to an infrastructure only property that contains no mineralization.”
Agreed...I have a good size underwater, and a tiny bit of KRY free shares...but I'm just gonna hold for now.
No intention to sell either at these prices obviously.
Unbelievable...
UPDATE 3-Venezuela ends Gold Reserve Brisas' concession
Mon May 25, 2009 3:55pm EDT
(Adds detail of El Pauji)
CARACAS, May 25 (Reuters) - Venezuela has ended a concession held by U.S.-based miner Gold Reserve (GRZ.A) in one of Latin America's largest gold deposits, part of a strategy to increase state control of key economic sectors.
The official gazette said on Monday the government had not granted an extension to the El Pauji concession of the large Brisas project, citing contractual failures.
The Brisas project covers several concessions in the KM88 mining belt south of the Orinoco river and is adjacent to the legendary Las Cristinas project.
"This should now become a joint venture controlled by the state, that's what we are looking for in the sector," a Mining Ministry spokeswoman said on Monday.
Gold Reserve's representative in Venezuela declined to immediately comment. U.S. spokesmen were unavailable.
Venezuela's socialist President Hugo Chavez said earlier this year that the gold industry should be controlled by the state. He said the KM88 district would be exploited by a joint venture between the state and a Russian mining company.
Chavez has steadily been nationalizing key sectors of Venezuela's economy, including energy and telecommunications, over the last two years. This month he took over several oil and iron companies.
One possible beneficiary of the decision on the El Pauji concession is Russian-owned Canadian miner Rusoro (RML.V), which is interested in developing the KM88 area and last year launched a failed takeover bid for Gold Reserve. Rusoro declined to comment on the news.
Brisas' neighbor Las Cristinas has floundered in legal disputes and government inaction for decades. The now defunct Placer Dome invested over $100 million in the project before abandoning it.
Rights to Las Cristinas are currently held by Canada's Crystallex (KRY.TO), which has not been given the permits needed to produce gold there.
Gold Reserve, a Canadian company that is headquartered in Washington state, last month threatened to file a $5 billion arbitration suit against Venezuela for blocking development of Las Brisas by revoking a construction permit last year.
The Brisas' El Pauji concession expired last year but Gold Reserve had requested an extension, the government said.
According to Gold Reserve's website, Brisas contains an estimated 10.2 million ounces of gold. The company acquired the concession in 1992 and has invested $100 million in the project.
The combined KM88 area is estimated to contain well over 20 million ounces of gold. (Reporting by Ana Isabel Martinez, Enrique Pretel and Adriana Barrera; Writing by Frank Jack Daniel; Editing by Leslie Adler)
Rob
CEMJQ up 81% today!!!
I agree with your logic...I can't short URE with e-trade cuz it's under $5...Are you able to short it???
SPOKANE, WA, Apr 7, 2009 (Canada NewsWire via COMTEX) -- (Canada NewsWire)
Gold Reserve Inc. (TSX:GRZ - NYSE-Amex:GRZ) announced today that the Ontario Superior Court of Justice denied Rusoro Mining Ltd. (TSX-V:RML) ("Rusoro") and Endeavour Financial International Corporation ("Endeavour") permission to appeal the order the Court made on February 10, 2009. The original order granted an injunction precluding Rusoro and Endeavour from proceeding with Rusoro's hostile take over bid for the Company.
The action filed by the Company in December 2008, sought an injunction restraining Rusoro and Endeavour from proceeding with Rusoro's unsolicited offer. At trial, the Company will also be seeking monetary damages of Cdn $550 million and various other items.
On April 2, 2009 the Ontario Superior Court of Justice heard motions by Rusoro and Endeavour for permission to appeal the interlocutory injunction. On April 6, 2009, in its denial of the permission to appeal, the Court stated, "The motions judge was very much alive to all the issues raised by the moving parties and, in conducting his analysis, he carefully analyzed the facts, then applied well-established principles of law. In granting this discretionary remedy, he made no error that would result in my doubting the correctness of his order."
A. Douglas Belanger, President of Gold Reserve stated, "The judge who heard the appeal, noted a number of compelling reasons for the denial of the leave to appeal. The strength of the Court's response will guide the execution of our claim against Rusoro and Endeavour in the future."
The ruling will be posted on our Website at www.goldreserveinc.com.
I work at a Chrysler plant and can assure you that the quality of the workmanship is not suffering under the current conditions, as you suggest... In fact, the opposite is true... Quality is near the highest it's ever been... Management is making sure the quality is where it should be at before it leaves the plant.
If you believe the autoworkers' heart is not in his/her work, you don't understand the autoworker...Like so many other people.
FWIW, I've always favoured the GM cars also.
ACAS: Do you know anything about that dividend they were supposed to pay out by the summer??? TIA
Poison pill hearing next Thursday...
http://www.newswire.ca/en/releases/archive/February2009/06/c6465.html
no idea, sure hope we pop higher...and no idea why rml up on huge volume.
GRZ news...
http://ca.news.finance.yahoo.com/s/03022009/34/biz-f-business-wire-gold-reserve-issues-statement-shareholder-rights-plan.html