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Here are the rough locations of the mines. Doing DD on McIntyre & Bauman Group and documentation of possession by FFGO, its slow going.
http://www.mcintyrebaumangroup.com/mcb_properties_az_ca.htm
I can't find information regarding Rule 144 with a more recent date than 10/03...
Here is the link...
http://www.sec.gov/investor/pubs/rule144.htm
Thanks, Stockster. I'll double-check my info.
January 1, 2009 for Mr. Santini
January 25, 2009 for Mr. Chang and Mr. Bezzano
These would be the activation dates of the restricted shares according to 8K filings.
Wow, if:
"Mr. Peter J. Bezzano is a Solicitor (Attorney) in the United Kingdom and is the Chief Counsel to the St. James Capital Holdings, Inc. Group."
I've found that St.James Capital is owned by Persian Trading Trust and:
St. James Capital Holdings, Inc. Group
Mr. Stephen C Lumb (38) - President of the Board of Directors is a specialist in
Corporate and Structured Finance who is primarily focused on the Equity Markets with a
background in Accounting and Law. He has been involved with the funding, admission
to market and restructurings of over sixty publicly quoted companies in South Africa,
United Kingdom and in the USA. Stephen Lumb is at this time based in the United
Kingdom and serves as the Chairman of UK based, Hanover Capital Group plc and is
the Chief Executive Officer of the James Resource Management Limited Group of
Companies. Stephen Lumb holds in excess of fifty directorships of primarily finance and
property companies in Gibraltar, Belize, Hong Kong, Bermudan, South Africa, United
Kingdom and in the USA. Stephen Lumb is a specialist in the funding of and
admission to publicly traded markets of microcap companies (market capitalization of
less than US$400 million) and encompassing very diverse Industry Sectors, primarily in
the USA.
1 - The above named individual has no criminal convictions and is not involved in any
criminal proceedings.
2 - The above named individual is not subject to any restrictions that would preclude
him from participating in any business, securities, commodities, or banking activities.
3 .- The above named individual is not in violation of any federal or state securities or
commodities laws.
4 .- The above named individual is not subject to any suspensions, which prohibits his
involvement in any type of business or securities activity.
Shareholders holding more than 5% of any class common shares.
Sloane Holdings Limited - 77,030,000
Gulf of Ancud Limited - 13,610,000
Allegheny Mountains Limited - 9,360,000
The President of the Company, Stephen C Lumb, is a Director of each of these
Companies. These companies are wholly owned by The Persian Trading Trust of which
the President of the Company, Stephen C Lumb is a Trustee. The sole beneficiary of
The Persian Trading Trust is Alan Santini.
Thanks radar72, will add those links to my files.
Well, I'm only a couple weeks into this but it does look like they are making some genuine effort. I think the person writing the PRs doesn't have a lot of experience. It is my understanding that the PRs have to go through SEC also. Still in the DD stage, don't know much yet about the management. Did find the location of a mine regarding another company at one time, will put some effort into verifying FFGO's locations.
Lib
You're right, too. Didn't invest my funds to watch it walk away in their pockets. Would like to see them get on with business though and the eventual financials will take care of the PPS, IMO.
There are no other SEC filings showing an increase in AS or OS.
There have been three 8Ks filed in regard to compensation for employment. Did you know they were taking salaries in stock? That says a lot, they're salaries are directly tied to the PPS!
If they don't make this work they have done it for nothing.
Extract...
On January 1, 2008, the Board of Directors of Fortress Financial Group, Inc. (the “Company”) authorized and executed an Employment Agreement between the Company and Alan Santini whereby, Mr. Santini shall continue to serve as the Company’s Chief Executive Officer for a term of five years ending January 1, 2013 (the “Employment Agreement”). The Employment Agreement provides for an annual base salary of $120,000 plus bonuses at the discretion of the Company’s Board of Directors. The Company can terminate Mr. Santini’s employment at any time, provided that if his employment is terminated without cause, then he will continue to be entitled to his base salary and medical benefits for a period of two months after termination. In connection with the commencement of his employment, Mr. Santini received a signing bonus of $500,000 settled by the issuance of 1,500,000,000 restricted shares of Company common stock.
and...
On January 25, 2008, the Company issued a total of 500,000,000 shares of its common stock, restricted in accordance with Rule 144, to Peter James Bezzano, the non-executive Chairman and President of the Company, in accordance with the terms of the Employment Agreement by and between the Company and Peter James Bezzano, dated January 1, 2008.
and...
On January 25, 2008, the Company issued a total of 1,500,000,000 shares of its common stock, restricted in accordance with Rule 144, to Jack Chang, a Consultant to the Company, in accordance with the terms of the Consulting Agreement by and between the Company and Jack Chang, dated January 15, 2008.
All shares issued are restricted. IMO it looks like they have given themselves a deadline. They have a year to get the PPS up as high as they can before they are able to redeem shares.
Latest SEC filing...
http://www.sec.gov/Archives/edgar/data/802206/000101376208000224/form8k2.htm
a good, short read.
Most assuredly.
Interesting things in here regarding our market, and CW Capital.
Here is some of the latest from Commercial Mortgage Alert, 4/04/08:
CWCapital, Citigroup Lay Off Staffers
In the latest wave of commercial-mortgage cutbacks,
CWCapital and Citigroup have each made sizable layoffs to their
origination groups.
CWCapital this week trimmed two dozen staffers from its
portfolio-lending operation, including senior vice president
Kunle Shoyombo.
Meanwhile, Citi laid off 20 people last week. Among them
were directors Richard Finn, Roland Kyle and Amir Kornblum.
Also let go was Anne Galbraith, who worked on commercial
MBS distribution. About half of the people laid off were consultants,
and the others were full-time staffers. The cuts followed
an initial round of layoffs in January, when Citi cut
about two dozen employees and consultants, or roughly 25%
of the CMBS operation at the time.
Just about every commercial-mortgage player has been
forced to pare down staff because of the sharp market slump.
Some, like Citi, have gone through multiple rounds of layoffs.
And, with little sign of an imminent market revival, further
cuts are widely expected across the industry.
Boston-based CWCapital is a big investor in commercial
MBS B-pieces and had been an active originator of CMBS
loans before the market seized up late last year. In January, the
company launched a portfolio-lending operation as a way to
maintain a loan presence while the CMBS market was disrupted.
The group, co-headed by senior managing directors Tammy
Heyman and Bob Restrick, was originally staffed with about 60
people that had shifted over from the CMBS operation. The
group, which has employees in Los Angeles, Chicago, New
York, Washington and Atlanta, has drummed up about $100
million of loan commitments, according to market players, but
business has not been strong enough to support the staffing
level.
Four senior vice presidents were laid off, including
Shoyombo, who was co-chief of underwriting for the group.
He joined the firm in 2004 from GMAC Commercial Mortgage.
The others dismissed held more-junior positions. In addition,
CWCapital will likely shift 12-15 people into other units of the
firm. About 20-25 people remain in the loan group, whose
originations are parked on the balance sheet of CWCapital’s
parent, Cadim, a unit of Caisse de Depot et Placement du
Quebec.
Meanwhile, CWCapital recently held a first equity close,
with more than $200 million, for its second debt fund. The
Enhanced High Yield Debt Fund 2 is expected to have a final
close by September with $500 million of equity. Charles
Spetka, president of CWCapital Investments, and managing
director Craig Henrich head the fund. CWCapital’s parent is
kicking in $75 million of the total equity, while the fund’s managers
are committing $5 million. The vehicle will seek an 11-
13% return by investing in loans, subordinate CMBS and preferred
equity.
CWCapital is an old-line mortgage firm, dating back to 1972.
In the 1990s, when it was known as Continental Wingate, the
company was one of the early participants in the conduit market.
Last year, it contributed $1.6 billion of commercial mortgages
to securitizations, ranking 30th in the industry. It also
bought the B-pieces of $16.8 billion of CMBS transactions, ranking
fifth. CWCapital is also an active originator of Fannie Mae,
Freddie Mac and HUD loans — a business that is growing.
Didn't Carol also express a desire to fund low income housing?
I'll review. My question is how or does this affect PHGI?
I have come to believe management can be easily distracted, at least reading from their PRs. IMO the company does have a chance to solidify its base, (with the acquisitions, mergers and new money flowing into the company) if they would just focus on the business.
Limit the PRs to a monthly schedule and that would keep me happy.
There has to be a reason he is hurrying this along, seems a bit desperate. Or he is trying "to beat another business to the punch".
Rule 144 states restricted shares can't be traded as common for one year and then only with specific volume guidelines (to keep them from dumping).
Latest SEC filings for John H. Beebe...
have fun...
http://www.sec.gov/Archives/edgar/data/1386925/000138692508000001/f10ksbcosway.htm
New to this board. Here are excerpts of latest SEC filing, 3/31/08...
NOTIFICATION OF LATE FILING FORM 10k
State below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-SAR, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period.
The preparation of the Company’s year-end Form 10-KSB has been delayed due to the time required to complete the accounting documentation and have those records reviewed by the Company’s new independent auditors. As a result the Company has faced unavoidable delays in the timely preparation of the information required by its 10-KSB for the year ended December 31, 2007 and the Form 10-KSB cannot be timely completed without unreasonable effort or expense to the Company.
And...
If so, attach an explanation of the anticipated change, both narrative and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.
The Company revenues for the twelve months ended, December 31, 2007 as compared to December 31, 2006, increased from approximately $890,000 to $3,000,000 or approximately a 233% increase. The Company will show a loss of approximately ($1,700,000) for twelve months ended, December 31, 2007 as compared to a loss of approximately ($2,330,000) for the twelve months ended, December 31, 2006. This decrease in net loss is attributed to an increase in revenues and a one-time accounting charge due to the sale of the Company’s subsidiary, Green Endeavors LTD. The increase in revenues is due to an increase in the number of commercial liquidation accounts and sales for its majority owned subsidiary, BizAuctions, Inc.
The revenues and costs for the twelve months ended December 31, 2007 are approximate, as the final numbers for the year ended December 31, 2007 have not yet been finalized by the Company and reviewed by its new independent auditors.
I'm new to this board, thought I might add a little DD to the conversation. According to their latest 8K filing they have 2,379,888,980 OS. Has that changed since the first of the year?
As of January 29, 2008, the Company has 53,400,850,057 shares of its common stock issued and outstanding. Of these shares issued and outstanding, 51,020,961,077 are restricted common shares regulated under Rule 144.
As previously disclosed in prior 8-K filings, the increase in the amount of the Company’s common stock being issued and outstanding arose from as series of recent transactions. First, the purchase of the entire outstanding stock of Moneyworx, Inc. was settled through the issuance of restricted shares of the Company’s common stock. Second, the Company recently entered into employment agreements with Peter James Bezzano and Alan Santini in which, as a sign on bonus, both Mr. Bezzano and Mr. Santini were issued restricted shares of the Company’s common stock. Third, the Company recently entered into consulting agreements with Jack Chang and Leslie Smiedt in which, as a sign on incentive, both Mr. Chang and Mr. Smiedt were issued restricted shares of the Company’s common stock. Last, the Company has settled all fees previously outstanding arising from corporate financing and other professional fees through the issuance of restricted shares of the Company’s common stock.
Nice work last night, folks!
Could Central Group Companies be our GSR management team? hhmmmm
http://www.centralgroupcompanies.com/waterparks.php
I'll have to register to see it, but I believe you. Thanks again.
Nice DD Brent!
May I verify, link please?
Will it be large enough to house the egos of us longs?
If my guess is right, we may be closer to full funding.
My guess...
Good, fewer hurdles. Does it say who/how it was settled?
Question is, do they still see an advantage maintaining an interest in the property?
Maybe they're looking for a way to recoup losses.
That would be a "we'll take care of that at closing" issue, IMO. The rest of the deal is too big to let that be a problem. Probably would settle for less than the lien.
Might Wells Fargo put up the remaining, unfunded (I believe $175m) of the big loan?
So RELM REH would be acquiring GSR from Wells Fargo, right?
Re-post from last night in case it was missed...
I believe Jim Aspinwall is the brains behind the credit prediction programming that First Access uses and is funneled through the rest of the sister companies...
http://www.zoominfo.com/Search/PersonDetail.aspx?PersonID=41580303
Jim Aspinwall, Vice President of Structured Finance, In this position, Jim will structure and execute transactions for the Company. While at Chase Manhattan Bank he was the prime developer of Chase's REALM system, a risk management and derivatives pricing system, which was used, by Chase Manhattan Bank and over 200 clients around the world. While at Chase, he was involved in Project Cloud, which was a state of the art Artificial Intelligence system that could forecast changes in credit rating 2 years out with a 95% accuracy rate. This system has been discussed in many of the trade journals. While at Chase and Bank One Jim was involved in structured products and asset backed securities to include mortgage backed securities and their derivatives. He has also had experience at other major Investment banks like Goldman Sachs and more recently at Nomura, Japan's largest Brokerage house, where he was involved in credit arbitrage trading and the creation of large credit structures. His most recent position was head of the quantitative research and applications at Abbey National where he over saw the establishment of the credit derivatives desk. This included involvement in three 1 billion dollar plus Collateralized Debt Obligations, some of the largest in Europe. He is in part the designer of the Omega measure, which is a performance measure that takes all moments of the return behavior into account. Jim is currently an adjunct Professor of Mathematics and Economics at the University of South Florida and Florida Southern. Jim holds a BS in Liberal Arts from Ohio State University, a MBA in Quantitative Analysis and an ABD in Math for the University of Cincinnati.
and now from our sister subsidiary, FLFC...
http://www.firstlifefinancialcorporation.com/id6.html
Portfolio Management
The Portfolio Management Division (“PMD”) is responsible for monitoring outstanding issues insured by the FLFC. This group’s first function is to detect any deterioration in credit quality or changes in the economic or political environment, which could interrupt the timely payment of debt service on an insured issue. FLFC has the technology to detect problems 5 years before they occur. Once a problem is detected, it comes from three alert stages, which are addressed by the group including the Issuer, Trustee, Bond Counsel, Servicers, Underwriters and other interested parties to deal with the concern to try to avoid a default under the reimbursement agreement.
Well, I guess they refined the program. Now it's a FIVE year prediction of credit conditions.
Has anybody heard of other companies having this capability?
This man has a wealth of knowledge. Glad he's with us.
I believe Jim Aspinwall is the brains behind the credit prediction programming that First Access uses and is funneled through the rest of the sister companies...
http://www.zoominfo.com/Search/PersonDetail.aspx?PersonID=41580303
Jim Aspinwall, Vice President of Structured Finance, In this position, Jim will structure and execute transactions for the Company. While at Chase Manhattan Bank he was the prime developer of Chase's REALM system, a risk management and derivatives pricing system, which was used, by Chase Manhattan Bank and over 200 clients around the world. While at Chase, he was involved in Project Cloud, which was a state of the art Artificial Intelligence system that could forecast changes in credit rating 2 years out with a 95% accuracy rate. This system has been discussed in many of the trade journals. While at Chase and Bank One Jim was involved in structured products and asset backed securities to include mortgage backed securities and their derivatives. He has also had experience at other major Investment banks like Goldman Sachs and more recently at Nomura, Japan's largest Brokerage house, where he was involved in credit arbitrage trading and the creation of large credit structures. His most recent position was head of the quantitative research and applications at Abbey National where he over saw the establishment of the credit derivatives desk. This included involvement in three 1 billion dollar plus Collateralized Debt Obligations, some of the largest in Europe. He is in part the designer of the Omega measure, which is a performance measure that takes all moments of the return behavior into account. Jim is currently an adjunct Professor of Mathematics and Economics at the University of South Florida and Florida Southern. Jim holds a BS in Liberal Arts from Ohio State University, a MBA in Quantitative Analysis and an ABD in Math for the University of Cincinnati.
and now from our sister subsidiary, FLFC...
http://www.firstlifefinancialcorporation.com/id6.html
Portfolio Management
The Portfolio Management Division (“PMD”) is responsible for monitoring outstanding issues insured by the FLFC. This group’s first function is to detect any deterioration in credit quality or changes in the economic or political environment, which could interrupt the timely payment of debt service on an insured issue. FLFC has the technology to detect problems 5 years before they occur. Once a problem is detected, it comes from three alert stages, which are addressed by the group including the Issuer, Trustee, Bond Counsel, Servicers, Underwriters and other interested parties to deal with the concern to try to avoid a default under the reimbursement agreement.
Well, I guess they refined the program. Now it's a FIVE year prediction of credit conditions.
Has anybody heard of other companies having this capability?
This man has a wealth of knowledge. Glad he's with us.
WOW, did someone turn on the lights?
sweet HCPC dreams everybody....
c'mon cash, we're trying to get carried away here. You're holding us back:)
I'd be arriving on my own plane, but thanks...
PASS OUT FROM HYPERVENTILATING!!
I bet they do. Heck, I bet they can or even need to include I-Hubbers in the algorithms.
They're tying up all the loose ends!
HCPC audit, Cremel/RELM/ RELM RE Holdings consolidation. They have to wait for the 1Q fins to be released so they can substantiate their position/product. Then the PRs for new share structure, merger.
Just an enthusiastic guess on my part.