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WOW!--Very interesting, BUT,
there is soooo much more.
It's just that most people "forget" how we got to this point.
For example, late LAST year, based on all the supposed DD, people were stating:
"This is a hold until at least 22 Jan when they close the loan"
"Don't expect any movement until Jan. most likely"
"I don't expect this stock to move until news of the first could of loan closing which could come out in Jan"
January?--my how time flys!
Could it be because the "DD" was nothing more than speculation?
And all along the way:
"mm's playing games here, hold your shares..fake wall coming down today"
How's that "fake wall"?
And the old standby:
"I hope these people that are all over the bid are getting some shares because if they aren't pretty soon if they still want them it's gonna cost more"
Anyone have to "pay more"?
Meahwhile the TA was gagged and the share information on pinksheets was more than 6 months old.
And the pumping and rhetoric continued:
"We might even hit .10 soon"
While the company announced a share buyback (October) the OS and AS kept growing and growing and growing.(Remember?--AS went from 1.5B to 4B to 6B--all within 90 days)
Is that misleading/dishonest?
And worse:
"We have assurances from Heritage that they are not diluting"
"We'll see a PR saying that the buy back has begun"
And what were people stating/posting?
"Has anyone thought this could be the beginning of the buyback"
"They are compliant to the SEC and would have to PR if they are diluting"
UNBELIEVABLE!
Anyone starting to see a pattern yet?
And about those "Assets"--does this sound familiar from a past SEC complaint?
"This is a financial fraud case. Ed Johnson--engaged in a scheme to inflate MERL's assets and financial results--omitted material information--misrepresenting--financial position and future prospects--materially inflated the value of assets"
http://www.sec.gov/litigation/complaints/comp17846.htm
(What a read the above is--OUCH)
Is history repeating itself here?
What's been so difficult to figure out?
Why is it always "it's going to be different this time"?
It's just more of the same here as with any other promotional vehicle.
Sure--different symbol, different story--but the same purpose: enrich insiders (and on occassion those that realize these POS are for trading, NOT investing)
And is it a surprise that the usual suspects show up with absurd speculative valuations?
The only surprise I see is that people still line up to buy into the BS.
How's this for a blast from the past (Dec '07):
"This is why when I read posts from people saying that the volume we are seeing is just the company dumping shares I have to laugh. Reason being, in order for them to do ANYTHING to the share structure there HAS to be an accompanying filing with the SEC"
WHAT?
SEC filings?
The only SEC filings HCPC has ever submitted were 3 REGDEX in Feb '07, March '08, and April '08.
http://www.sec.gov/cgi-bin/browse-edgar?company=heritage+capital+credit&CIK=&filenum=&State=&SIC=&owner=include&action=getcompany
How and why do people dismiss the documented criminal past (fraud & manipulation) of officers associated with the company?
What about all the BS PR's of 2006/7 such as claiming pretax earnings of .017 by Q1 and .085 by Q3 of '07?
What about all those "contractual obligations" for 100's of M$?
The merger (LOI) with the London Insurance Co?
Incorporated in 1994?---has anything been funded yet?
Why bother with anything else when the company clearly states on their website:
"The Financial Backing comes from its current shareholders who have funded the early stages of development of the Company's operations."
"Early stages"?
RELM unaudited Q1 info:
"have been prepared by company management for internal use from information maintained by the management of RELM Holdings Inc."
"As of March 31, 2008, the Company owed $1,769,519 in accrued salary to its former CEO-President, incurred over the period 2000 – 2004 at the rate of $450,000 per annum. The current payable balance reflected the payment of $480,581 in the first quarter in the form of the issue of 480,581,125 common shares."
"Accounts Receivable - The Company holds, initially, $682,400,000 in Series A convertible preferred stock [“CPS”] in escrow, which can be converted, redeemed by the issuer or sold at any time. This stock is held on the Company’s books as Cash and Equivalents, as per the above."
"There is limited history for this redemption by the issuer or the Company’s ability to convert this CPS into cash, therefore the Company can not accurately determine the degree of liquidity risk."
"The escrow account is administered by a related party. The CPS shares initially held can be converted into the issuer’s common stock. This common stock may be restricted to the resale of 4% per year of the outstanding and issued amount of the issuer’s common stock. However, upon the issuer’s registration with the SEC, the common stock could be sold as free trading securities without the 4% yearly restriction."
Time & Sales
Rec. Time Action Price Volume
4:12:16 PM Trade 0.0003 160000
4:12:16 PM Ask 0.0003 5000
4:12:16 PM Bid 0.0002 5000
1:55:46 PM Trade 0.0003 160000
11:35:34 AM Bid 0.0002 5000
11:35:30 AM Ask 0.0003 5000
11:35:00 AM Trade 0.0003 5000
11:34:14 AM Trade 0.0003 500000
11:34:08 AM Trade 0.0003 250000
11:34:04 AM Trade 0.0003 500000
11:34:02 AM Trade 0.0003 10000
11:33:50 AM Trade 0.0003 5000
11:33:02 AM Trade 0.0003 850000
11:33:02 AM Trade 0.0003 100000
11:32:46 AM Trade 0.0003 1670000
10:26:08 AM Trade 0.0003 242500
--------------------
I suppose we can agree to disagree.
You:
"new contracts, $5MM grant and debt restructuring etc., are still all in play, and I believe will have a significant positive impact on SP"
Me:
"IMO none of the supposed events that have been suggested as catalysts would have significant, if any, positive impact--and is why, IMO, MMM is about the only thing that could make a difference."
There will always be someone promoting "chatter" or rumors or speculating about this-or-that---isn't that predominately what either drives SP or aids in the unloading of more shares with OTCs and pinks?
What's particularly disturbing is that the timelines for the supposed events keep getting moved back.
Case-in-point here with the "shortly" when things were supposed to happen back in February I believe.
Then it was a couple of months later as new faces showed up.
Then a couple of months later as others took the bait.
Now it's September????
IMO none of the supposed events that have been suggested as catalysts would have significant, if any, positive impact--and is why, IMO, MMM is about the only thing that could make a difference.
Where's the beef??
When an individual clicks "investor relations" on the company website, what comprehensive "investor" information is provided?
NOTHING
Just some links to past PRs--speaking of which, there hasn't been anything of substance (revenue related) announced since December '07, and even that wasn't new business.
Man-o-man--did I make the mistake of investing in a stock that is little more than a one-trick publishing company?
While what the company does is admirable, it ain't paying the bills.
How about the recent iBox addition of the "President's letter" (even though it dates back 1/2 year)?--where Valenzano states he will review, "what you, as a loyal EP reader, can look forward to in the coming year"?
(Note that he states "readers", NOT investors)
So what exciting forward looking insight does he offer?--other than stating "plans are being made to extend our reach"?
NOTHING
If anyone has checked the calendar lately, we are well into the 3rd quarter with the only "developments" being an increase of the AS in what appears to be an effort just to stay afloat.
Yet in the last Q they state "The Company is continuing initiatives to produce significant increases in revenues"
Really?--where are they??
-------------
It's great to be realistically optimistic, but without some type of major buildout/expansion/diversification from current business, just the (possible) addition of other military
won't "do it"--neither will the shifting from one toxic financier to yet another toxic financier.
I am fairly confident that compounding the problems are the stated large positions some have, as a portion of those positions are usually dedicated for trading, which undermines any sustained longer term potential gains.
With my entire position being @ .0004 I should feel great about the potential, but IMO without MMM this thing is essentially dead in the water.
APEX level II, .0003(6MM) x .0005(3MM), BS spread and yep, AUTO on top both sides--no wonder it's "really quiet" the way it's trading---people are looking at huge % losses intraday so far
.0004(5)x.0005(2)
APEX level II shows 4x5, 3MM each side, AUTO on top---but retail quote shows .0002 x .0006?
ya gotta be in it to win it!
level II going zonkers
lets hope for the best.
whoops...lol.
Unfortunately at this stage of the game, ANY dilution is "excessive" as there is little-to-no demand.
Regarding the disparity between new shares and total volume, and how the B/A shifted so quickly: it is very likely a combination of all the factors mentioned ("weak" hands, MMM, simple dilution, etc)
As GEO so eloquently put it: "they're screwed, so where screwed"
Time & Sales
Rec. Time Action Price Volume
3:58:54 PM Trade 0.0002 2000000
3:58:54 PM Ask 0.0003 5000
3:58:54 PM Bid 0.0002 5000
3:19:22 PM Ask 0.0003 5000
3:19:22 PM Trade 0.0003 2000000
3:19:08 PM Bid 0.0002 5000
3:19:08 PM Trade 0.0002 5000
3:16:58 PM Bid 0.0003 5000
3:09:22 PM Bid 0.0002 5000
3:09:22 PM Trade 0.0003 5000
2:55:22 PM Trade 0.0003 750000
2:43:38 PM Trade 0.0004 800000
2:34:46 PM Trade 0.0004 1300000
2:32:58 PM Trade 0.0004 330000
2:32:58 PM Trade 0.0004 100000
2:29:12 PM Trade 0.0004 250000
2:26:06 PM Trade 0.0004 250000
2:17:52 PM Trade 0.0004 350000
2:12:02 PM Trade 0.0004 25000
2:11:58 PM Trade 0.0004 375000
2:10:02 PM Trade 0.0003 1513500
2:10:02 PM Bid 0.0003 5000
2:10:00 PM Ask 0.0004 5000
2:09:40 PM Trade 0.0002 4000000
2:09:40 PM Ask 0.0003 5000
2:07:16 PM Trade 0.0003 1711000
2:07:10 PM Trade 0.0003 64700
2:07:10 PM Trade 0.0003 1935500
2:07:10 PM Trade 0.0003 600000
2:06:52 PM Trade 0.0003 689000
2:06:28 PM Trade 0.0003 250000
2:04:48 PM Trade 0.0003 600000
1:58:46 PM Trade 0.0003 1000000
10:23:22 AM Trade 0.0002 250000
9:33:34 AM Ask 0.0003 5000
whoops!...there goes the bid..AUTO back in control @ .0002--rope-a-dope?
2MM on .0003 bid, NITE is first--AUTO is still selling--26M volume
Yeah, that must be it--I finally figured it out--d'oh!--silly me.
A $100K market cap for a fully reporting OTC??---INSANE!
($ amt. above is based on approx. 500M common shares OS)
Even if the entire AS of 2B were outstanding the market cap (based on common shares alone) would still only be $400K based on SP of .0002---and even that is "too low".
As I've stated in earlier posts, the MM AUTO has recently been "controlling" SP being the first MM on both the bid and ask.
FWIW take a look at the top 4 MM activity report as of June 30:
Total Share Volume in June: 39,971,980
NITE
Knight Equity Markets
June: 21,456,400 ranked 1 with 53%
May: 55,351,533 ranked 1 with 46%
YTD: 230,100,791 ranked 3 with 26%
AUTO
Automated Trading Desk
June: 6,639,000 ranked 2 with 16%
May: 49,121,345 ranked 2 with 41%
YTD: 241,064,430 ranked 2 with 27%
ETRD
E*Trade Capital Markets
June: 6,509,580 ranked 3 with 16%
May: 2,063,280 ranked 5 with 1%
YTD: 36,167,659 ranked 4 with 4%
DOMS
Domestic Securities, Inc.
June: 3,900,000 ranked 4 with 9%
May: 7,803,360 ranked 3 with 6%
YTD: 291,231,101 ranked 1 with 33%
-----------------
Estimated total volume to date in July: 20M, which is what NITE's volume alone was last month when it was ranked #1 with 53% of the total volume.
But from my estimates, from tracking trading this month, almost all the 20M volume was with AUTO.
What does all this mean?--I don't know, lol, but AUTO has been consistently ranked #2 and appears ready to take over the #1 slot for the month and perhaps for the year.
Besides the toxic financing (which by itself is really enough to keep SP down) the other biggest problem is that this just isn't a sexy stock.
Unfortunately, even with the "absurdly" low market cap, from witnessing similar scenarios with other stocks, that alone is not enough to drive SP.
HOWEVER, IMO, add it all up and it's enough to roll the dice. (as I have)
Get this POS moving!, lol
From the January issue?
Was that a misprint/typo meant to be July?
Otherwise what would be the purpose in posting something from 1/2 year ago?
GEO, agreed, and is why in an earlier post I stated:
"I don't see fundamentals playing a role in SP since we have some pretty notorious existing financiers, and perhaps even worse waiting in the wings with NIR.
Just as the current bid/ask is IMO manufactured, so too will any type of run---in other words: if and when anything happens, it will be "out of the blue", and only if it benefits the lenders."
The point of that more recent post was to highlight other factors, such as the promotion of speculative hearsay as fact.
No, I don't believe I missed "the point" of your first post or it's intent, nor did I "mix up the two topics".
I also didn't miss the "amendments" you made on this post.
Above all, I certainly don't need you to lecture or advise me about anything, and I definitely don't need to call the company to hear them spin more of their ongoing BS.
But thanks for your "concern"
It's unfortunate that you choose to misinterpret my very clear post.
Could you please drop another big name without it having anything to do with HCPC?
And since "Phil" wasn't aware that you were speaking about HCPC, or that he even saw the "balance sheet" you were referring to, nor was he aware of their history---so how in the world could he make any kind of informed statement as it relates to this stock?
No disrespect of course, but "From what I was told" and "From talking to Phil" simply translates into "IMO" or pure speculation on your part.
Even in the best of times a company such as HCPC would be hard pressed to make a case for themselves to clients or shareholders.
In todays environment IMO there is little more then the eternal proverbial carrot dangled infront of individuals to form endless speculations while more and more shares "somehow" seem to find their way into the float.
It's all good though, right?
IMO, from MANY years of experience, perhaps the singularly WORST thing an individual could do is to "share" so-called information, from what is CLEARLY selective disclosure from communication with a company officer.
These types of situations are seen over and over again on message boards, where 1 to a few individuals post about their "exclusive" conversations regarding forward looking events---and NOT ONCE has it resulted in longer term benefits for shareholders, but what DID transpire EVERYTIME was a bloated OS and a depressed SP.
The above is a VERY common practice for many company officers as they can generate interest without any liability because when it comes down to it the information is hearsay, without any bothersome SEC restrictions or guidelines.
Example:
SP here a year ago?--.002
Today? .0003
OS a year ago?--180M
Today? over 500M (with an increase of AS from 500M to 2B)
Any questions?
no19one88, That's understood and not the issue.
The issue is if it's secured or not.
Good Luck.
Note: Highlighting a post doesn't add any importance.
no19one88, non-answer/avoidance. thanks. eom.
chefdujour, unknown. eom.
no19one88, it's a promissory note, not a loan
rolo731, re: unsecured notes
That doesn't make any difference if a note is unsecured. Whether it's for $1 or $1B and they can't honor the note it still goes into default/unpayable, and then a promissory note isn't worth the paper it's written on.
Are the promissory notes secured?
If not, it sounds more like creative financing ala the mortgage applications that created that financial crisis.
What type of "success" do you expect with NIR Group being the company being used as the alternate financing source?
Haven't volumes been written right here at iHub about NIR?
Are people expecting NIR all of sudden getting religion and treating companies with anything other than disdain?
It's great being optimistic and hoping for the best, but when reality is staring an individual in the face, and regrdless they still choose to believe what they want????...well
Not interested in getting into a debate about something as fundamental as iBox information.
And again, no disrespect and thanks for your input, but I don't need, nor am I looking for, investment/trading advice/guidance from anyone.
And no need to rationalize/justify a simple task not getting done---I suppose everyone has their priorities and limitations.
I am always puzzled when data and facts are being discussed [which is all I am interested in], but "somehow" the discussion shifts OT, to opinion and emotionally charged to boot.
As I stated in an earlier post:
"Just the facts Ma'am"
Gotta go, have an appt. to keep
Good luck to you.
No disrespect, and I am confident that everyone appreciates the mods efforts, but bringing the iBox up-to-date with readily available public information should only take a few minutes.
Adding underlying factual information that may be "buried" in filings or that requires an individual to look beneath the surface of company announcements (and which requires objectivity) may take a little longer, but is usually easily satisfied by providing a link to an individuals documented DD.
_____________________
Time & Sales
Rec. Time Action Price Volume
1:18:30 PM Trade 0.0003 1000000
12:34:08 PM Trade 0.0003 7500
11:45:56 AM Trade 0.0003 336000
11:45:36 AM Trade 0.0003 664000
11:37:56 AM Trade 0.0003 1000000
7:59:52 AM Ask 0.0003 99900
Since the iBox is seriously lacking in usable/current information, an individual has no choice but to investigate on their own.
For example:
- What use is an "email from the CEO" from 2006!?
- Shouldn't the source of the share information noted in the iBox be divulged? [that being the company and not the TA]
- Why are filings from 2006 listed in the iBox instead of the current information?
- What in the heck is the highlighted rant in the bottom of the iBox?
There is a wealth of information available for EPGL, some easy to find, other that would take a determined individual to discover---but essentially NONE of it is in the iBox.
And this with 5 moderators able to contribute to that information?
The transfer agent was changed in November 2007 to Continental Transfer of NY.
Continental does not, by policy, give out share information to the public/shareholders.
Although it's the general policy of Continental, it is essentially the same as having a gag on the TA, denying shareholders the ability (which is our right!) to get third party confirmation of share structure.
Was one of the criteria for choosing Continental their policy of non-disclosure?
No way to know for sure, but what is known is we are at the mercy of the company to provide timely and accurate information/changes to the OS.
This is yet another strike against EPGL.
Time & Sales
Rec. Time Action Price Volume
3:54:18 PM Trade 0.0003 750000
3:51:58 PM Trade 0.0002 1000000
3:24:08 PM Trade 0.0003 1000000
3:22:56 PM Trade 0.0003 1200000
3:12:44 PM Trade 0.0002 1000000
3:11:56 PM Trade 0.0002 500000
9:48:16 AM Ask 0.0003 5000
9:30:08 AM Ask 0.0004 5000
7:59:46 AM Ask 0.0003 99900
It looks like the facts are trumping the "he-said-she-said its-going-to-happen-soon" carrot that's been dangled in front of investors for the past several months.
What's more troubling is the very real possibility that management may be knowingly getting involved in these toxic deals.
If any of us can so easily access the checkered past of these financiers, with so much money on the line, how can ANY company considering using them not realize what they're really about?
L2 indicates that 6MM are @ .0004
With AUTO being first (as they have been for weeks/months) both on the bid @ .0002 and the ask @ .0004.
I have been monitoring L2 trading on and off for a while, and it looks like AUTO has been "in control" the entire time. (they are most likely the MM for Millenium/AJW)
And while I can justify buying a 100% spread between .0001 and .0002, doing so between .0002 and .0004 (which IMO is simply a manufactured spread) is playing right into their hands.
I don't see fundamentals playing a role in SP since we have some pretty notorious existing financiers, and perhaps even worse waiting in the wings with NIR.
Just as the current bid/ask is IMO manufactured, so too will any type of run---in other words: if and when anything happens, it will be "out of the blue", and only if it benefits the lenders.
I broke a cardinal rule when I bought some shares here in that it was partly based on an emotional decision, that being that I liked what the company was doing.
A further error was not DD'ing NIR thoroughly, because if I knew then what I know now I would have stayed away at all costs.
Hope for the best, but expect the worst.
They indicated the reason for the AS increase?
Yes they have, but how does that translate into a potentially higher SP when there is so much pre-existing obligation?
From the PRE14A:
"Specifically, the increase in authorized shares is necessary based upon the recent financing completed by the Company"
IMO, the ONLY thing that might have jumpstarted SP appreciation, as mentioned in the recent 10Q:
"In the first quarter of 2008, the Company entered into discussion with the NIR Group, LLC with the intent of restructuring all of the Company's outstanding debt obligations"
Which according to the filing (which was received on May 15) would be "within the next 60 days", or by July 15
Since today is July 8, we are at the tail end of the 60 days.
HOWEVER, for those thinking that NIR Group is going to "save the day", I suggest you read the NIR board right here at IHUB:
http://investorshub.advfn.com/boards/board.aspx?board_id=11792
Here are some tidbits about NIR and Corey Ribotsky from that boards IBOX:
1. What stocks have convertible notes issued to them which are administered by Corey Ribotsky and his N.I.R. Group and other funds.
2. The number and identity of fraudulent stock schemes that were financed by Corey Ribotsky's convertible notes.
3. The reasons why the notes may be unlawful.
4. Allegations that Corey Ribotsky forced his potential clients to enter into consulting agreements
5. Why Corey Ribotsky may be an "insider" or "control person" of the companies he loaned money to using convertible notes.
6. Whether Corey Ribotsky's offshore funds may be used for money laundering and unlawful tax shelters.
7. The litigations involving Corey Ribotsky's N.I.R. Group and how results favorable to him are achieved.
And there is plenty more on that board regarding lawsuits, stock scams, bad press, etc.
FYI: NIR Group's website:
http://www.nirgroup.com/about.html
FYI: AJW and New Millenium are already managed by or affiliated with NIR
Given the above, it looks like EPGL may be going from bad to worse.