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you weren't so happy about that on its way down.
a couple things about MM's.. no matter how many MM's there are, there are usually 1 or two that most of the trades will go through. Most brokerage firms have working agreements with certain market makers, or will consistantly go to the same MM because they fill the order, no questions asked.
most MM'sjust trade #'s and dont care what the company does, or what rumors are, they go long when they see the first signs of heavy sustained buying, and might go short when that dries up.
Hedgies are a different story.
I doubt they are quivering with this volume, if you want them to quiver, you need to get that buy volume way up.
actually, it has been my experience that a spread like this is more of an indication that a short wants to cover, or at least average their short into the spread.
one step ahead of you. They have only confirmed that they are retained/contracted to by pbls.
if you look at item 5 on page 7 of that 10q , you will see that the increase from 27 million came from acquisition costs of the mt todd property in australia of 2,146,000, option paymemts of 325,000, exploration & land costs of 1,602,000 minus 328,000 of cost recovery. that is clearly not due to an increase in the fair value of the properties.
In fact, the statement you showed me admits that they are carrying the properties on the books at less than what they believe to fair value to be. That is proof that they ARE NOT carrying the properties on their books at "fair value"
not even close.
if you want to take this further you can email me at jacopbass@gmail.com
my "agenda" is not your concern.
can someone explain this?
this is from their july 7th announcement:
Revenues for the full-year 2005, if full year participation of 2005 acquisitions was assumed, increased to $165,971,862, up strongly from $465,452 in 2004
This is from their march 29th 2005 release.
Covington, Louisiana - Phoenix (PBLS) is a pink sheet company with over 2,600 stockholders holding less than 245,000,000 shares, with $300,000,000 in assets and a $35,000,000 in house financial statement. The Phoenix group of companies has no convertible debt and reported $2,000,000 of income in each of the past three years.
They had 465,000 in revenues in 2004 and made 2 million of income in each of the past 3 years???
hey Shelby, all you have to do is show me a 10q or 10k from a company that uses the fair value method when it is not an IMPAIRMENT, meaning that they carry long term assets on the books at a value greater than acquisition cost, and not a marketable security or a cash equivalent, and I will leave the board forever. That should be pretty simple since you believe everyone uses that valuation method.
Note to moderators: this is important to the PBLS discussion , since if a company CAN use the fair value method, it would give credibility to the company's claim of having a $80 million shareholder equity.
it was a Reagan reference, I thought you might pick up on it.
OT bagwa-john.. i havent heard the guitar and bass cd, so i cannot answer that. there are some really cool jaco vids on youtube.
restricted common shares issued are included in the common stock column, and are included in any per share calculation.
and thats where the catch-22 is. If they have not acted in compliance with the securities act of 1933 when they were non reporting, disclosure of the infractions, which would have to be in the audits, would, in fact , be an admission of guilt. I have seen it many times before.
correct, they do not have to report, but they are not exempt from the Securities act of 1933. and yes it is a catch -22.
let me give you a backround on this. I found out about this through some of my wall street connections shortly before they announced the certed share buyback, and understanding that they were in the process of being a reporting company, i bought some shares, and once they announced they were buying certed shares, i got my shares as a hedge against it going below .03. I sent my certs on the the last day, and got my $, i then bought in at .015. then as the stock continued to plummet, i realized that the market was telling me something ALOT different than what I was told by my sources, who will remain unnamed and by Mulshine. I then started looking at all their announcements to try to find what the market already knew. That is what I have been posting about.
I have never claimed that the companies are not real. yes, they are real. that is not the issue. You can be a very real company, have employees, and no visitor to the company would have any idea of the value of the company, or what it's financial picture is or capitalization structure is. Do not confuse operations with value or ability to operate profitably.
What makes you think I have anything to do with SLJB? I have never heard anything about it other than in here. never traded it, never even punched it up to look for a quote on it. i have no idea what they do, did, or wanted to do.
What I am saying is that i believe the numbers behind pbls are very different than what they have announced, i believe they have violated the securities act of 1933, I believe that they will never file with the sec.
For example, the preferred shares that do not convert to common shares (according to Mulshine) were used to buy company a, b, and c.
Since the preferreds do not convert to common shares, they would be accounted for as debt. So, if they issued $25million in preferreds for purchasing company a, b, and c, the balace sheet would have the assets purchased (and goodwill if they paid more than book value for the companies) on the asset side, and then 25 million in the debt column to show the issuance of the preferreds, leaving shareholders equity of 0...
Thats just like buying a house. you buy a house for 500,000 and take a 450,000 mortgage.. you have a balance sheet that shows 500k asset, and 450,000 in debt , 50,000 in equity.
This is another reason why i laugh at the company's claim that they have shareholder equity of $80 million. I have spent the last 24 years reading financial statements of publicly traded companies, and the claims that these guys make are so ludicrous that if people haven't lost so much money and will more than likely lose much more, i would call it a comedy.
how bout this....
directly from the Securities act of 1933...
http://www.law.uc.edu/CCL/33Act/sec5.html
Necessity of filing registration statement
It shall be unlawful for any person, directly or indirectly, to make use of any means or instruments of transportation or communication in interstate commerce or of the mails to offer to sell or offer to buy through the use or medium of any prospectus or otherwise any security, unless a registration statement has been filed as to such security, or while the registration statement is the subject of a refusal order or stop order or (prior to the effective date of the registration statement) any public proceeding or examination under section 8.
NANCY, IS that you?
read the securities act of 1933. I have referenced it before.
but as I have said before, you are investing now in hopes that they become fully reporting. Funny how you and others use the fact that they don't report as a defense for them. you say in your post "Again, if you want SEC fillings the pinksheets is not the place to invest...." PLEASE ANSWER THIS QUESTION - DO YOU WANT THEM TO REPORT? DO YOU WANT SEC FILINGS FROM PBLS? IF YOU DO , WHY DID YOU INVEST IN PBLS, SINCE AS YOU SAY "Again, if you want SEC fillings the pinksheets is not the place to invest...."
They are certainly allowed to file any form they deem appropriate with the SEC at any time. Copmpliance with the Securities act of 1933 is not by invitation only. All publicly traded companies are required to comply.
i guess you don't understand that if they sold shares to the public without a registration statement filed with the SEC or a form D filed with the SEC, which they havent done, since all SEC filings are available at www.sec.gov, that is illegal under the Securities act of 1933.HELLO??? is that what they do??? It is not a minor thing.
Visiting the company??? Big deal. Did you see their tax returns, their bank accounts?
You are defending it as a pinksheet company, yet you should know that unless they are fully reporting, this stock goes nowhere, SO, defending their actions under the cover of being a pinkie is self defeating. YOU WANT THIS TO BE A REPORTING COMPANY? CORRECT? You should realize that because of the fact that they have sold shares without a registration statement, they will probably never file, since they would have to admit to illegal stock sales. Yet you defend their actions????
Since everyone has been posting what they think the stock will be in five years, here is mine. ZERO...
didnt you post, and freely admit your knowledge that PBLS sold shares into the katrina spike?
NOBO lists are worthless, in 20+ years in the industry, I have never had one client allow themselves to be on that list. Most brokers I know are in the same position.
thats great shelby, THATS FROM THE IASB... THE IASB IS BASED IN LONDON, AND HAS NO JURISDICTION IN THE USA. FROM THEIR WEBSITE:
About IASB
The International Accounting Standards Board is an independent, privately-funded accounting standard-setter based in London, UK. The Board members come from nine countries and have a variety of functional backgrounds.
The IASB is committed to developing, in the public interest, a single set of high quality, understandable and enforceable global accounting standards that require transparent and comparable information in general purpose financial statements. In addition, the IASB co-operates with national accounting standard-setters to achieve convergence in accounting standards around the world.
Like I have said before, the SEC REQUIRES assets to be carried at cost less accumulated depreciation, unless there is an asset impairment, it is a cash equivalent(marketable security), or is an asset held for sale. Find me a reporting company that values their assets at your definition of fair value in a 10-k or 10q WHEN NOT AN IMPAIRMENT and I will leave the board forever.
this is what an asset held for sale is. I will not charge for this lesson, consider yourself fortunate. PLEASE NOTE THAT AN ASSET HELD FOR SALE IS A NON CURRENT ASSET... SAND AND GRAVEL THAT IS SOLD IN PBLS' EVERYDAY BUSINESS IS CALLED "INVENTORY".
AND IF YOU READ US FASB 144, YOU WILL ALSO SEE THAT FAIR VALUE CAN ONLY BE USED IF IT IS AN IMPAIRMENT. Impairment means that the fair value is LESS than the carrying cost, you know, just like mental impairment.
Held-for-sale classification. IFRS 5 establishes a classification for non-current assets 'held for sale' using the same criteria as those contained in US FASB Statement 144 Accounting for the Impairment or Disposal of Long-Lived Assets. In general, the following conditions must be met for an asset (or 'disposal group') to be classified as held for sale: [IFRS 5.6-8]
management is committed to a plan to sell
the asset is available for immediate sale
an active program to locate a buyer is initiated
the sale is highly probable, within 12 months of classification as held for sale (subject to limited exceptions)
the asset is being actively marketed for sale at a sales price reasonable in relation to its fair value
actions required to complete the plan indicate that it is unlikely that plan will be significantly changed or withdrawn.
The assets need to be disposed of through sale. Therefore, operations that are expected to be wound down or abandoned would not meet the definition (but may be classified as discontinued once abandoned). [IFRS 5.13]
I AM SURE YOU WILL FIND A WAY TO TWIST THIS VERY CLEAR DEFINITION TO SUIT YOUR ARGUEMENT.
the legitimate short position IS miniscule.
a fail to deliver can be squeezed. If the failed to deliver position becomes out of the money, the clearing firm can require a call for capital from the failed to deliver's account.
no it wouldnt be sand and gravel, that is called INVENTORY. An asset held for sale would be something along the order of a building that is in the process of being sold.
i think thats going to be tough since coloration is sometimes used in a strictly business post. ie. "I will explain what a registered share is so that even Shelby can understand it" or, if you look at any SEC filing, even the hororable and most brilliant Shelby will see that ALL filing companies value their assets at cost less accumulated depreciation, and that the only assets that are carried at fair market value are those that are either listed as "held for sale" , are marketable securities, or are an impared asset, which means the asset is worth less than cost minus accelerated depreciation. see?
OT .. there's a great story of how jaco was "discovered".. the drummer from BST was on a beach in FLA and tried to pick up jaco's wife. she told him (bobby Columby, i think his name is) that she was married to the greatest bass player in the world, and he said, sure send him to our hotel tomorrow for an audition.. figuring it would be a huge joke... Jaco shows up, in a raggy t-shirt and shorts and blows everyone away. Columby makes a call to the pres on CBS records and demands to record Jaco. Columby is the producer on jaco's 1st cd. The rest, they say, is history.
you are dead wrong, and I am not going to argue with you.
i think we can safely say that the company presumed that they were buying stock below what they considered to be fair value when they announced the share buy back.
And, yes that was for the 2004 year. But my point was that they had already started using non GAAP measurements at that time, and were alot less cagey about using non -GAAP, as evidenced by the quote I pasted.
Just call me the antiPaul.
Trust me, that was no vacation... and thanks
that would depend on what price you buy and sell at. I am only discussing the behavior of management and their perposterous announcements as they pertain to the company's value.
Even a blind squirrel occassionally finds an acorn.
more thoughts on the book value. On Aug 3rd, 2005 PBLS made an annoncement which showed their stockholder equity of 39 million, of which $26,000,000 was shown as "depletable property" , which is, of course, a non -GAAP measurement, since we all know that property is on the books for acquisition cost less accumulated depreciation. This note followed "We are pleased that this preliminary information provides an indication to our shareholders that Phoenix has a net worth of about $39.7 million, based on what we believe to be conservative estimates of the full value of our mineral rights." "What they believe to be?" Note how they have embellished this non -GAAP form of asset valuation. They have continued the same embellishment in the later news releases that discusses their "value".
At the same time,in the aug 3 release, they showed 2,144,030 shares issued as of Dec 31, 2004.
Please refer to the release and familiarize yourself with all terms and definitions before lashing out at my post. Thank you.
don't worry guys, I haven't changed my opinion about anything I've said about the company and the management. I will reiterate for those that have short memories. 1-they have real companies 2- Their audited financials, when and if they ever file, will not show a book value anywhere near 80 million, and NO, it will not be more than that. 3- I do not believe they will ever file. 4- I believe They have sold unregistered shares (find out what an unregistered share IS before spouting off) during the post Katrina spike in order to fund acquisitions and/or operations, as gulnx has so readily admitted, and therefore are in violation of the Securities act of 1933. 5- they did buy back certed shares at .03 as they announced, no arguement there. 6- they have the most incompetent, amaturish IR department I have ever witnessed. 7-They have a very loyal shareholder base that has no idea of the scope of the word games PBLS is playing in order to attract buyers and holders in the stock. Other than that, this is a blue chip.
limited thought process? hardly. I have done my DD, and unfortunately, I bought first and asked questions later. That was my mistake. and what is D&D????? And, yes, that is my opinion. they bought companies that had no better exit strategy.
just hope that this isnt the NSS letting it run to average up his short.
OT that boy can play his ass off also.. saw him with miles with mike stern on the other guitar. I'm partial to John McLaughlin though.
you hit a bid, you take an offer.
you can get weather report/ this is jazz #40, the jaco years thats a great start. He also did some great work on Joni Mitchell's cd Don Juan's reckless daughter, although it is in a totally different venue.
absolutely, I threw my bass out the window after seeing him with Weather Report, hey, I was 17. I had a fairly famous musician tell me that as many people that Hendrix inspired to play music, Jaco inspired the same amount to quit.