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It should be pretty obvious that Michael Hemming, PPJ's attorney, did not show up for the trial on July 7th because, as he reported in his request for a continuance on June 25th, he had a previous obligation with a different trial in another court through July 10th.
Jeremy Arnaiz and Frank Harrigan, Grewal attorney's, probably simply asked Hemming on Monday if he was still going to be tied up with the other trial, and upon learning that he would, they knew there was no point in showing up in Judge White's court either.
There is a good chance that there was a repeat of this same thing two days later on July 9th, and at that point, Judge White opted to push the trial out until August. It is also possible that all of the attorneys showed up to the mandatory settlement conference on July 8th, and Hemming informed Judge White there that he was not going to be able to make the court date the next day. At that point, the new date in August may have been negotiated.
Note that everything in the third paragraph is complete spectulation on my part. However, the first two paragraphs are strongly supported by the court documents.
PPJ TRIAL UPDATE
The court's online document web site has finally gotten some updates. Although it is not yet up-to-date, I was able to acquire some documents which fill in some of the knowledge gaps.
On July 2nd, as we already figured, the Final Status Conference took place with all relevant parties present, and the start date for the trial remained July 7th.
(Reference: http://www.scribd.com/doc/233477322/2014-07-02-Minute-Order-Final-Status-Conference)
The reason that the trial was trailed to July 9th was because, except for Judge White, no one showed up for the trial on July 7th!
So, Judge White set another mandatory settlement conference for the next day, and moved the trial start date to the following day on July 9th.
(Reference: http://www.scribd.com/doc/233478789/2014-07-07-Minute-Order-Settlement-Conf-and-Trial-Trail)
There is no documentation available yet to explain why the trial was then continued to August 12th, but presumably that information should become available shortly as well.
It is also very annoying that since July 1st, nothing new has appeared on the court web site with regard to additional documents available for download.
Either the court folks are very behind due the short work week last week, or else perhaps the judge has blocked posting of additional documents on the web site.
SHARE STRUCTURE FOR PPJE (Version 3)
v3: This is not my day. Version 2 of this post has its colors all screwed up. By the time I figured out what was wrong, and had attempted to update the post with corrections, the 15 minute timer had expired and I could not fix it. Version 3 contains the corrections.
v2: I was tired when I wrote this the first time. After thinking about it for a while, I realized my error. See text in blue below.
I just called Pacific Stock Transfer Co., the transfer agent for PPJ Enterprise, and they were not authorized yet to confirm the 6 billion A/S, but it just got logged with the Nevada Secretary of State today, so it is not surprising that the transfer agent might not have the update yet. If you had checked the Nevada SOS website at 6am, and I did, the A/S was still 4 billion, so this change JUST happened.
The telephone number for Pacific Stock Transfer Co. is (702) 361-3033, and the polite lady there provided me with the following stock structure numbers:
Authorized Shares: 4,000,000,000 (now 6,000,000,000 per Nevada SOS)
Outstanding Shares: 2,298,109,057
Restricted Shares: 1,439,134,996
Float = Outstanding - Restricted = 859,974,061
For comparison, Joe Burmeister got the following share structure from Pacific Transfer on 06/16:
SHARE STRUCTURE FOR PPJE (Version 2)
I was tired when I wrote this the first time. After thinking about it for a while, I realized my error. See text in blue below.
I just called Pacific Stock Transfer Co., the transfer agent for PPJ Enterprise, and they were not authorized yet to confirm the 6 billion A/S, but it just got logged with the Nevada Secretary of State today, so it is not surprising that the transfer agent might not have the update yet. If you had checked the Nevada SOS website at 6am, and I did, the A/S was still 4 billion, so this change JUST happened.
The telephone number for Pacific Stock Transfer Co. is (702) 361-3033, and the polite lady there provided me with the following stock structure numbers:
Authorized Shares: 4,000,000,000 (now 6,000,000,000 per Nevada SOS)
Outstanding Shares: 2,298,109,057
Restricted Shares: 1,439,134,996
Float = Outstanding - Restricted = 859,974,061
For comparison, Joe Burmeister got the following share structure from Pacific Transfer on 06/16:
SHARE STRUCTURE FOR PPJE
I just called Pacific Stock Transfer Co., the transfer agent for PPJ Enterprise, and they were not authorized yet to confirm the 6 billion A/S, but it just got logged with the Nevada Secretary of State today, so it is not surprising that the transfer agent might not have the update yet. If you had checked the Nevada SOS website at 6am, and I did, the A/S was still 4 billion, so this change JUST happened.
The telephone number for Pacific Stock Transfer Co. is (702) 361-3033, and the polite lady there provided me with the following stock structure numbers:
Authorized Shares: 4,000,000,000 (now 6,000,000,000 per Nevada SOS)
Outstanding Shares: 2,298,109,057
Restricted Shares: 1,439,134,996
Float = Outstanding - Restricted = 859,974,061
For comparison, Joe Burmeister got the following share structure from Pacific Transfer on 06/16:
TRIAL and TRAIL FACTS
1) The trial did officially start as scheduled on Monday morning, July 7th. If this was not true, the entry for the trial on the court's website would have been deleted, not moved to the "Proceedings Held" section of the website:
07/07/2014 at 09:30 am in Department 48, Elizabeth Allen White, Presiding
Jury Trial - Trial Trailed
2) The current delay is NOTHING like the previous delays. The previous delays were continuances, and were measured in weeks or months. The current delay will take days, and no more.
3) The reason for the delay is not known for sure, but the most likely reason is the Michael Hemming, PPJ's attorney, was scheduled to be in the middle of another trial in another court. This was documented by Hemming in his request for a continuance, filed on June 25th:
Yeah... I performed a DD search based on the limited information that had been provided and I could not find anything solid. I won't say that the ticker has not been sold; I am just saying that I was not able to find anything that confirms that such a sale has occurred.
I doubt that there will any trial-related PR today. Today's court session will probably be largely, if not completely, consumed by the attorneys choosing member of the jury. That would make a pretty boring PR.
Multimillion dollar trial starts in one hour!
07/07/2014 at 09:30 am in department 48 at 111 North Hill Street, Los Angeles, CA 90012
Jury Trial(15-DAY ESTIMATE(8TH CONT.))
Ethieves?
The sales ad for this stock (https://www.mergernetwork.com/for-sale/nwtt-amazing-as-is-cheap-shells-only-k/345345.htm) states this stock has "a DTCC chill due to certain financing it did with a financier who has issues with the SEC."
DTC Chill or not, I can still buy and sell this stock without problems on eTrade. Of course, eTrade has their own market maker, so that may make a difference.
Does anyone else, using other brokers, find that they are restricted in trading this stock?
It is the Fourth of July
While there is nothing more patriotic than capitalism in action, it should now be getting dark where ever you are. So, I'm sitting here at a pre-fireworks concert with the suggestion that there should be a requirement for no posting by anyone until they have first seen some fireworks! :) Happy 4th to everyone!
Lawsuit figures cited in recent PPJ PRs:
12/23/2013 "The Company expects a judgment of $5,000,000 to $7,000,000 from the collection lawsuit..."
(Reference: http://ih.advfn.com/p.php?pid=nmona&article=60481307)
03/24/2014 "The Company submitted its demand of $13,711,386.88 plus interest and penalties to the Defendants."
(Reference: http://ih.advfn.com/p.php?pid=nmona&article=61565931)
07/03/2014 "The Company is seeking more than $8.5 million in damages associated with alleged unpaid medical billing fees and monetary advances made to Grewal by the company during a period dating from 2001-07."
(Reference: http://ih.advfn.com/p.php?pid=nmona&article=62799918)
As you can see, Basu has not been talking about $26 million in her PRs. However, the amounts cited have not varied that much over the last 7 months (ie: $5M to $13M, and now, "more than $8.5M").
I will not argue about the utility of L2, not only for pennies, but for all stocks. However, the thing about L2 is that you actually then have to dictate large swaths of time to watch the damn thing. :)
Where I spend most of my time is doing research rather than watching small movements in price. If my trading style was to go wide on a position to flip for a few ticks, I would be glued to L2. If I was doing Tim Sykes style trading, where he buys $20-100K in one stock, watches it for hours, and then usually gets out the same day, I would have to be using L2 constantly.
Most of my trading involves 1-2 tick flips plus concurrently running one or two high risk, longer term holds at the same time.
On the 1-2 tick flips, I just plain hold until the target price hits, and I don't care what happens before that. I am usually holding about 50 of those at any given time, so watching all of them with something like L2 is not remotely viable. There is just too much data.
On the long term holds where I am holding significantly, there is usually someone on iHub providing updates about the general state of L2 to give me a good enough idea of what is coming... if I even care that day. Plus, for those trades where I am in for large amounts, I have a general range for my exit points and don't worry that much if I exit at, for instance, $0.0058 or $0.0059 or $0.0060. I was already probably coming from 30% or more below that point anyway, so I don't lose sleep over missing out on extra profit from a tick or two on those.
Iceman329 asked me: "Are you still holding PPJE? What do you expect to happen by the end of today and early next week?"
Yes, I am still holding significant amounts of PPJE. I did sell some of my 4's for 16 because who doesn't like 300% profit? However, I have held the vast majority of my PPJE because a spin at the wheel with the large potential upside of a $26 million lawsuit for a corporation valued TODAY at almost $1.4 million does not come along that often.
Could PPJ lose their case, and even end up with a judgment requiring payment to Grewal? Yes, as Janice has been telling us every chance she has, it is possible... and you should pay attention to that. Janice is not stupid. However, everything related to trading involves risk. Absorb the available information and weigh the risk for yourself.
What do I think will happen to the share price? Markets are predictive in their prices. When a rumor is out that one company will purchase another for $40/share, the purchase target's stock tends to move immediately to $40/share. When a rumor is out that a $2 million company is about to receive a contract worth $2 million dollars, thus doubling the value of the company, the stock value tends to double.
I expect the same to occur with PPJE. I think that the 4 tick drop in price on Thursday was due to a lack of certainty ("where is the PR about the coming trial?") that the trial would go forward and not be delayed again somehow (people get tired of crying "Wolf" quite quickly) plus lots of people do not like holding through long gaps in trading... like a 3 day weekend.
Thanks to the PR released after market yesterday there is NO uncertainty about the start of the trial... and that 3 day weekend will be behind us on Monday.
I do note that the PR stated that PPJ "...is seeking more than $8.5 million in damages associated with alleged unpaid medical billing fees and monetary advances made to Grewal by the company during a period dating from 2001-07."
The amount shown in the court documents adds to over $26 million, with the wording on $10 million of that rather iffy about intent. So, maybe the intent is for a lawsuit of about $16 million PLUS half of Grewal's clinic (with a revenue of $10 million) PLUS punitive damages. Half of $16 million is roughly $8.5 million, and HALF is a typical place for a settlement to occur.
So, maybe Basu is attempting to temper expectations citing a figure of $8.5 million so that the market does not react badly if less than $26 million is awarded.
Maybe even though her team is asking for $26 million, they REALLY only expect to win $8.5 million. A trial is a form of negotiation, and in any negotiation, one asks for more than one thinks is really possible with the intent that one will get closer to what one really is seeking.
Finally, perhaps Basu cited $8.5 million because something in the neighborhood of that figure will be discussed in Tuesday's settlement conference. For all we know, $8.5 million is what Grewal already offered in the first settlement conference, and now maybe Basu is reconsidering taking that offer. $8.5 million offered by your opponent willingly, which implies that they will pay it willingly (and expediently) would probably be better than winning $26 million in a trial (with the possibility of an unfavorable jury verdict and uncertainty of when Grewal will actually cough up the bucks) plus the probability of an appeal (if an appeal in a civil case is even possible when a jury has been used to determine a verdict... I'm not sure about that one... did OJ Simpson get to appeal when then jury found him civilly liable for Nicole's death?... I honestly had lost interest before that point so I did not keep track).
When PPJ is valued TODAY at only about $1.4 million, ANY award for PPJ that ends in "million" would be STAGGERINGLY huge news for PPJ, and lead to at least a doubling of current stock price.
If we presume that Basu and her attorneys know better than anyone what the likely outcome is, then we have to presume that there is a reason why she has chosen the $8.5 million figure in yesterday's PR. I think it is reasonable to figure that she choose that figure because that is close to what she thinks PPJ will win.
Doing the math...
1,263,000,000 shares outstanding x $0.0011 (last closing share price) = $1,389,300
$1,389,300 (current value of PPJ) + $8,500,000 (Basu's idea of lawsuit outcome) = $9,889,300 (post trial value of PPJ)
$9,889,300 / 1,263,000,000 shares outstanding = $0.0078 (new share price for PPJE)
So, given the best indicators that we currently have, there is a fair chance that before the end of the month, the share price of PPJE will be $0.0078, which is slightly up from yesterday's close of $0.0011 (yes, there was a bit of sarcastic understatement).
Do you want to sell your PPJE shares at the current typical range of $0.0010-0.0017, or $0.0078? I like 350-780% gains, don't you?
If I was not already holding significant amounts of PPJE, I would be buying ALOT with Monday's opening bell!
Also, we have the knowledge that PPJ just attended a conference, as an exhibitor. The truly paranoid would point out that Basu could certainly have paid the $5,000 vendor fee for the conference simply as a misdirection to shareholders, and she really does intend to extract any lawsuit gains for her personal retirement. However, $5,000 is considerable cash to spent when one has not actually won any amount through the lawsuit yet. Plus, why would someone who was planning to cash out for retirement really give a damn what shareholders thought?
Nope... this is a lady who still wants to fight the good fight of an entrepreneur, and she intends to rebuild PPJ back into a viable company again. That, of course, is great news for shareholders...
For everyone's benefit: VWAP = Volume Weighted Average Price (otherwise known as the average price of a share traded during the day)
http://www.investopedia.com/terms/v/vwap.asp
That seems like an amazing amount of unnecessary hassle to move 12M shares at what was market price for most of the day.
Of course, if this was pre-arranged before opening bell, no one knew that the market price would be at 0.0011 most of the day as PPJE had closed at 0.0015 for the previous 4 days, and the market price had stayed within a few ticks of 0.0015 the entire time.
Monday is another trading day. Have a good Fourth everyone!
PPJ Enterprise is an exhibitor at AAPI Conference
Per Farmboynate's post, PPJ exhibited its products at the 2014 AAPI Conference:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=103992345
This is EXACTLY the type of news that would make a perfect press release. Do you know why? Because it demonstrates real activity to build the business AND it is verifiable. How do I know that it is verifiable? I know because I have verified it!
https://www.aapiconvention.org/Exhibitor/ExhibitorFloorPlan.aspx
(scroll down the list of exhibitors on the left side of the web page)
PPJ Enterprise had booth 119 of this conference.
In the future, I hope that PPJ actually releases a press conference about such activities instead of only documenting them in the company's website blog.
I am continuing with my thought that the judge is completely fed up with the unprofessionalism of the attorneys.
Not producing witnesses for deposition in time for trial... after having years to get that worked out.
Not analyzing evidence in time for trial... after having it for over a month.
Not being able to easily nail down simple matters such as admitting testimony of witnesses... after all have known about them for years (ex: Mowrey).
A judge expects attorneys to come to the court prepared, and it is clear that these attorneys are NOT prepared. I believe that the attorneys on both sides believed that there would be another continuance and that they would not have to have finished their homework before school started. Now, school has started because the principal said there would not be another snow day, and the attorneys are caught with their homework uncompleted.
I can hear the judge, "I am very disappointed that all of you have not come to my courtroom better prepared after 5 years of screwing around. It is clear that no one even tried to make a honest attempt at arriving at a settlement, and now, you cannot even agree on witnesses without whom we have no chance of knowing what occurred (ie: Mowrey, the forensic accountant) because no other unbiased people have examined the evidence."
"I am sending you all back to a settlement conference, and you all better show up for this one, and none of you better dream about setting foot in my courtroom again, and wasting my time, and the time of any potential jury, until you both have a cohesive case to present with witnesses and evidence that you all can agree with, or else you better have a settlement offer that you are willing to present. Now, get out of my court so I can move on to people who have actually done the necessary work to deserve an opportunity at a fair trial!"
Hehehehe.... I really have no idea if I am right, but I am giggling uncontrollably at the thought that I am! :)
People would like to see this information to reference the trial in the sticky notes so they will be able to easily find it over the next several weeks.