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You think a investor who paid 100 or 200 bucks to buy a million shares for a stock and the stock goes belly up is in for a shock?? This is no different than any other microcap investment. It is a lottery pick.... no more, no less. The dude who paid 5-10 cents on the run up 5 years ago is obviously so far underwater that he can never recoup the investment unless they quadrupled up when the stock went deep sub penny. Do you discourage the guy who bought a lotto ticket that will pay 50 million if it hits. Life is short so as Bob Marley(may he rest in peace) would say: Don't worry...Be Happy!!
Silverdog- Please add newbies salient questions to yout list when you speak with Burt in Bolivia this week. TIA. Iman
I believe you are referring to the antimony mine news. Since the Raptor JV is being run and funded by prry and Midwest, it seems like fmnj is letting them be the source of any news for that location. Since fmnj's credibility is so poor due to the failure to carry out past promises, letters of intent, memoranda of understanding etc, the market and fmnj is best served by a new pr distributor.
The commercialization license announcement is surprisingly sparse in details other then stating they can sell and import stuff for other companies doing business in Bolivia. I also note that the list does not include a mention of silver,the main metal at the Escala and Potisi mines. Is that an oversight? Also does this license include the Raptor JV and does it differ from the license announced by Raptor and Prry a few weeks ago. In any event, I expect that the next news event will address new contracts and some money numbers such as the agreement for the tailings laying around at Turiri. This will be the first contract for the company to achieve revenues from operations. The market so far has taken this news with a skeptism which characteres the previous prepation type announcments. I agree: Show me the money.
Big volume coming in. Hmmm. May be distribution of shares from treasury before news. Can't see amyone but the comapny being on the supply side. Only 99.99 billion more to eat up the balance.
Why don't you call your "son" on his cell phone to ask him directly. How was the surprise party for William's birthday?
Good find. I see ECPN has also moved up nicely from 7 cents and has a reasonable market cap of 50 million and has been able to get some good financing. It appears the ore they shipped prry will be processed at the prry plant to be built in Texas. This is good news for El Capitan and Prry but not FMNJ unless the technology can be used and built at the Escala or Turiri facility if it is applicable to the silver,zinc,and antimony products. I agree that Prry looks like it may be a good inveatment and what is good for prry as it related to the Raptor JV, may help Frankie. However, unless the prry news relates to fmnj, you should post there since it appears you are trying to indirectly pump prry on this board.
Trust me. I feel and appreciate and share your pain. I'm pretty sure the company exists unless it mirrors the movie Wagging the Dog. Good luck and next time maybe you will investintherealnews not almost news.
Newbie for a complete explanation you will to do a little googling on the function of market makers. Basically, they are supposed to make an orderly market in a stock and they are sometimes traders. Some market makers may keep an inventory of shares to trade but if they want to honor a trade they can borrow the shares and short them to you and then hope tocover at a lower price to replace the shares. In effect what the guy on the phone was saying is that the mms are like bookies. As long as the bookies book on bets evens out -eg last week jet giant game. if 1 million was bet on each team, the bookie can't lose since he makes the 10% vig from the losers and pays the winner off with the losers money. Kibbsh? If fmnj is giving unrestriceted shares to investors, they can do the same thing. Think about it this way. Everytime you sell a stock youu own, you are basically shorting it. You hope to buy back the shares you sold at a lower price hence you are betting down. That is what you are doing with prry if you took some money off the table. You will find that the only problem is that these stocks are not so liquid as to be readily tradeable.
Thinking about it, you are probably correct. Considering that this is a new process, the unit being built is probably a prototype to see how effective it will be. I recall that they had a prototype built last yeat for a natural gas or oil processor. Although, if they wanted to build it in a area of cheap labor and test it in the field, Bolivia would not be a bad place to start since there are many mining companies located there that need effective processing.
Silverdog- When you give Bert a call early next week could you ask him if the processing unit mentioned in PRRY's Aug. 17 mews release is being installed in Bolivia. According to the release, prry has a unit to exract and separate precious metals from ore concentrate which it expects to have erected in Ocober or November this year. They also state they have retained a process engineer to administer and supervise the construction. Query: Is he familiar with the project and is the engineer at the Turiri or the Escala site? Let's hope his response is "no comment". Also please ask if arrangements have been made or completed for the tons of tailings the company sold to a proceessor to be transported off the site or are they already gone. I am also interested in whether or not mining has commenced for antimony, where the ore will be processed and how many miners are emplotyed at the site. Thanks.
Being curious, I have added up the total share volume for the yearly period from the month of August 2009 through July 2010. The total comes to aprroximately 13 billion shares traded for the year!Some of these shares may even be double counted eg. a trader buys a million shares at .0002 from a seller who got .0001 and the volume is listed at 2 million shares even though only one million shares are involved. The mystery of the authorized shares continues.
You may be right and the issuance of shares might be a Ponzi Scheme. That being said, I like to look at facts. Please go to the otcbb site and click on the monthly volume on the right. You will see that the total volume for fmnj from Jan 1-July 31,2010 is a little over 5 billion. I assume that at least half or all of those shares represent shares traded between investors and did not come out of Treasury. If Petty has disposed of 100 billion shares, it would have to been transacted in off the market distribution for goods and services. If so, we do not know if the shares were restricted of free trading. I think it behooves Petty to give shareholders some information as to what has happened to the extraordinary amount of shares authorized and the corporate purposes for same.
Eleven million shares at 2 and then 3000 at 1. Maybe a market maker signal? News coming? Hmmm.
Do you think the unit will be deployed and used at Turriri antimony site. If so, perhaps they are waiting for fmnj to make the preparing to build announcement. This is the kind of news release that fall on deal ears since it doesn't happen in the 4th quarter of later, if ever.
With the Prry stock falling, a think either prry or fmnj, will put out some sort of news regarding the status of the antimony project within the next few days. It will be interesting to see if the market reacts positively to the news. Let's hope it is not the fluff and pablum we are all so used to. It fools no one in this sceptical investment climate.
The short interest you refer to is probably a reading of the downticks, stock trading on the bid, as opposed to buys on the offer. Please understand that when a stock is shorted there is a person on the other side of the position. Newbie, how can you short prry or fmnj? Ideally you would wnat to sell Prry yesterday at .30 to someone who was buying at that price when you,in fact, did not own the shares but merely borrowed them. In actuality, only mms have the capability or legal standing to short a otcbb or pink sheet company. The theoty of shorting conspiracies so prevalent on message board comments is bogus my friend and is used as an excuse for a stock falling apart. When a company's management subscribes to the theory and hopes for the mostly mythical 'Short Squeeze", its time for the investor to sell out and head for the hills. By the way, when you put up your 50,000 shares of prry for sale at let's say, .30 you were in a sense shorting the shares. You hopes to sell those 50,000 shares and buy them back at lets say .20 reducing your basis and locking in a dime gain. The person who bought your shares, the bagholder if you will, was stuck with your shorted shares as the stock declined. One morte thiong, as I previoulsy noted, if you want to get out you should put your order in on the bid, where you would have a better chance of the trade being executed. My guess is that you hoped someone would reach for your shares. Unless you are lucky and a subsequent news event occurs after your order is in, it is unlikely you will be hit. Good liuck and happy trading.
Sorry to hear you ahd to bail out voz. You know that some say you could have taken the loss without selling the shares since at a thousndth of a penny the stock could be considered untradeable. If it subsequently moved up you could file an amended return and gladly pay the taxes due. I guess you ahd gains to offset with the long term loss since it wasn't that bad a hit. If the investor gets the microcap shares, it is dubious that thw company would have the chutzpah to rs the stock. For $32 million the investor deserves at least 40 % stake in the coompany in my opinion. Good lucky. I'm sorry this one didn't work out for you. Your input was here was both intelligent and valuable.
Vozmil if the company receives $32 million in funding for a quid pro qup of some or all of the addotional authoriized shares, I will take the deal in a NY minute. Think about this. If a company is willing to invest $32 million in a company that has not mined an iota of silver, zinc, gold or even antimony yet, in these days of very tight money, they must have seen something big in their due diligence to warrant the risk of capital. I don't give a rats ass about the outstanding share total as long as the company can proceed with its projects and neither should any clear thinking investor. Once the company shows the projects are viable and profitabel they can address the share count and outstanding debt.
Your user name is very appropriate. Good luck. I won't bother you in the future. And remember, even a stopped watch is right twice a day.
Newbie my friend ,respectfully. you have to stop blaming short sellers and the MMs for the travails of companies you own. If you are trading pink sheet or bulletin board companies the market makers do not have to honor orders to buy even if you try to hit the asked. If you are "lucky" enough to get the bid, chances are the stock will soon go lower. As for the spread, that is usually a component of the demand and volume of the stock. The MMs keep a wide spread so they can make money on the trade. My opinion is that if you want to buy a stock on these markets, you should hit the offer and if you want out and are tired of the position, you should hit the bid. The breakdoen today in PRRY is very disappointing. I expect some news, albeit it may be the fluff you dread, in the near future to try to instill demand.It does not help that the stock marlet as a whole looks like garbage lately. The political strife of real mining companies doing businesss in Bolivai certainly does not help. Lesson learned: You never have a profit till you sell. Paper profits, unless the paper is hard currency, does not count.
Not happy to see prry down to 20 cents since I believe the fortunes of the 2 companies are intertwined.
Reminds me of the new folk hero, Steven Slater, who did the ultimate "take this job and" you know what thing to a fresh new level. Of course everyone is entitled to their opinion and the lady is off base in thinking hers, expressed in an "accidental" hit of a reply button?, is more valuable than those who bash and trash. Most of what I read here is amusing ,if not particularly informative, and I miss the real funny pundits such as Trueheart, who have moved on to hopefully greener pastures. Since I too often see the glass half full, I had some expectation that the report from Burt in Bolivia, was true, and that the JV with Prry had promise to be the start of the company actullay generating some income after years of preparatory BS statements which never panned(double entendre intended) out. Unfortunatley, a reading of the PR releases and doing some basic DD on PRRY has lead me top believe that there is some, sorry newbie, trouble in paradise. Never a good sign when sudden audits are done, financials are revised, and CEO's blame short sellers for poor stock performance. I still look for a move by Prry, if they can get there house in order and there is no lurking corporate malfeasnace, to move before Fmnj which obviously is very heavy because of the enormous float.
Interesting observation. My scottrade time & sales show a approx 3 million share trade at 1 at 9:31am but it may have been a mistake or a late print from yesterday since otcbb show a o volume trade around that time. I share your gut feeling that this stock may start to move in the near future. The lottery ticket system you use can be very effective if you take some money or all off the table when it hits. At these levels, a move to a penny is a 1000 bagger and a $100 investment or a $200 investment at the offer goes to 10 grand. A half a penny seems possible on some decent news real or fanciful. Another observation I have made about this form of gamblingis that these stocks usually make parabolic moves instead of moving at a thousnath of a penny. Hence a .0002 stock may go to .0004 and then leap to .003 the next day of huge volume. People who thought they could get in before the big move are often shut out. Likewise long time holders who have given up sometimes sell way prematurely and take the .0004 ( a 4 bagger) only to see the stock take off after they sell. It's fun either way but it can be very exasperating. Good luck to all.
I don't disagree. It is just that I have learned to very very skeptical of the pronouncements, some of which are misleading, of the company. It now appears that prry likewise may be prone to let's say exaggerate. As a result, the market, as judged by the stock price action of these companies, indicates that they have a reputation of the Boy Who Cried Wolf. Nothing anyone says here has much influence on the market action, This site is good for people to express their opiniios so that others can either feel confident or uncomfortable with their investment. Of course I am rooting for the company to succeeed and I don't consider what I've said as bashing; only looking for a little clarity.
Maybe he should ask Sachs
We are NOT in production yet my friend, The tailings they are selling was previously mined before they got there and is basically laying on the ground.
The fact that the JV is selling the raw tailings ore rather than processing it is disappointing. I thought that Raptor, working in conjuction with the general contractor,Midwest, was going to mine AND process the ore using the prry technology. Why take a million bucks for somethiong you can process and sell for 14 million. Hmmm.
Silver I think we are being bamboozled and the releases do not agree. The money for the pure after processing ore will be made by Primasur, They are purchasing 35,000 tonnes raw ore from the JV,. The JV will receive between $700,000- !,000,000 plus for this sale. If you google primasur you will see a news release from Blaze News taht the estinmated value to Raptor is over 1,000,000, I think the prry release was intentionally vague so people would do faulty arithmetic. Obviously the stock market has NOt been fooled. Maybe the good Lord has changed sides.
I just read the August 3,2010 shareholder update from the CEOof PRRY It makes me a little leery to be honest. His use of the call for the protection from the Lord to look over the company makes me feel that NYBOB may finally found a new job. The CEO also blames short sellers, without documenation I may add, to account for the sell off of the sock from its 75 cent high to its recant lavels. I think that the runup was partially inexperienced investors buying on the news that this company hoped to be a major player in the gulf spill. They put out a video showing a cappimg like device that was more a product of Disney studios then a actual existing instrument. The selloff was probably a reaction to profit takers, some who may even be insiders, who realized thae stock moved too fast. He forgets the stock was recently 7 cents and the good Lord was kind enough to make people buy the stock. The auditing of the financial statements and the hiring of a top sec lawyer is also troubling. Where there is smoke, there is fire (or a need for a good environmental clean up).Finally he mentions the hopes for the SURVIVAL of the company. Where did that come from?? In case there is a problem with prry, fmnj is protected since the JV is with a separate partner, Raptor, working in conjuction with Midwest General. Based on these facts, I am withdrawing my short term buy to a hold. Right now it just doesn't pass the smell test. The lesson I have learned is to do your homework before you have to say as Ralph Kramden once did:"I have big mouth". Sorry newbie, I call em as I see em.
My short term buy was merely expressing my opinion that prry should be bought now at the current 30-35 cent level. While my own personal money is in fmnj, I think Prry, being more solvent and having a nice website and other businesses, will move based on the comencement of mining and sales at the antimony sites. The real decision will be when to take some or all off the table. That decision will be based on future events not yet known.
Not sure about the dual license. As for possible partnership, it is probalby better to do one deal at a time and see if it works out. Also they have to have the manpower and people willing to go to escala which is in a very remote Spartanlike region.
The failure to finalize the term of the $32 million loan, apparently, was the hangup as to the amount of equity or security the lender wanted. William Petty, anxious to give some real positive news to shareholders, put out a statment that the loan was a fait accompli, when actually it was more like another Memo of Understanding where the parties agreed in principal but needed to iron out details. My guess is that the lender,seeing the potential for big money coming from the Escala, wanted Petty to agree to a loan which had a high interest rate and permitted the lender to convert the loan (a convertible debenture) into equity. When it appeared that that their demand for a piece of the action was too high,(perhaps as much as 50%), the deal fell apart With the worlwide banking and debt crisis still working its way out, it is understandable that tight money causes lenders to seek either big collateral, high interest rates, and/or equity, A Joint Venture setup, where a partner puts up the money, or does the contract work, or both, such as the Raptor arrangement, is far better for the company and the shareholders in general. So basically,the first 7 months of the yeat were marked by a continuing shortfall in working capital as investors balked at taking the sub penny micro shares and the financing deal failed, biut a major deal for antimony mining with a serious partner was concluded. Perhaps Midwest General and/or Raptor, seeing success in antimony mining, and and gas processing using Petrolux, will expand the JV to the Escala project. They hope are legit and know the best way to make mone is, as the ad use to say, THEY EARN IT. Right now I view Fmnj as a long term buy and PRRY as a strong buy for the short term. As an aside, good luck to my friend Trueheart, whose inimitable sense of humor, and perspective will be missed by all( not the least includes the emaciated boy miners and the ever present Choochie Choochie ladies).
The 32 million was never finalized which was obvious by the stock price. If fmnj had that sort of financing I can assure you it would be reflected in a price approaching a half a cent. It is back to square one on the escala project which will require millions to build the infrastructure needed to support mining. That being said, the commercial license should help with the cash flow. Also the oil stuff using petrolux is a plus IF it is part of the JV with Raptor. Petty should confirm that when he announces the receipt of the license.
The use of any funding from the JV is way off in the future. The profits,, if any, are to be divided after all expenses are paid. At this incipient stage, where salaries have to be paid, transportation arranged and a processing facility has to be built, it is unrealistic to expect money to flow in for purposes of buy backs etc. That being said if they can demonestate any real mining, the stock price should reflect the progress. Silverdog why wait a whole month? Why can't you call Burt now to see if he is optimistic. It would allay a lot of anxiety as the deadline for even the commercial license has passed with no word from the company.
The os barometer used to determine the market cap is one of the least reliable indicators in my opinion. It can be skewed by reverse splits, share buybacks, or just plain market enthusiasm. Sometimes stocks that early on have what seems to be absurd caps. (ie. Yahoo, Ebay, MSFT,) turn out to be spot on; while others are just part of one of the numerous bubbles the market eventually bursts. This stock is where it is because it is and has been highly undercapitalized causing management to use barter of shares for money and services. If and when they make good old fashioned money, management can use its ingenuity to correct the ridiculous amount of shares. That being said, while a real longshot, stranger things have happened. Petty has kept this baby alive, albeit on life support,during a time when even good old blue chips have fallen to pathetic valuations as the economy has floundered. As elmer fudd would say, maybe petty can pull a wabbit out of the hat. Let's see what happens this week.
The source seems to have dried up. Last missive, as I recall, was that all further news viz a viz antimony mine will come from Petty. Shortly thearafter Petty announced the application for a commercial license. Congrats to newbie on his ten bagger even if it now is a five bagger. Lesson learned: it aint in the bag until you sell. Still think prry is a good buy at 35 centavos since they are running the show at Turiri mine.
If the scheduling holds true (always a big IF here), there should be an announcement from the company around Wednsesday July 29 that Frankie has commenced the commercialization of the antimony product from the Tiruri mine. Perhaps that will get the stock to show some movement. Technically the throw in the towel mindset(see Truehearts and Getthems recent posts), is usually a bullish sign. Look for some movement in Prry stock prior to the announcement to signal a future up move here. Lunch will be on newbie.
Ok you are right. Some of the shares are not outstanding; they are merely mediocre. Let's hope they someday they may be retired giving the sharehoders some social security.
ALL THE SHARES ARE OUTSTANDING