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Read the 8K eddy, this isn't retail dumping, it's the CD holders dumping, the 100 billion A/S increase was approved, and Raley converted the entire $4.6 million remaining debt into stock, thats 46 billion shares plus interest.
Sorry, I went back to work 3 weeks ago, so I'm not here to watch this thing get destroyed on a daily basis anymore. From the looks of the last 3 trading days, looks like 2.5 billion shares have already been dumped. The chances of this going back to .0002 are going to be slim considering bot the ask and bid are stuck at .0001. I can't see the MM's absorbing billions more when they know they won't be able to sell them to anyone. They need to be able to sell at least 50% of what they buy at .0002 to break even, I'm glad I bailed on the last run up even though it cost me a pretty penny to do so. I wouldn't touch this stock again with a 100 foot pole after the last 15 months, as long as Bill and Dyron are in charge.
I still think that dumping 46 billion shares will put this stock at NO BID, the MM's do not want to be the bag holders in this and will eventually stop buying all together. I don't see anything worth promoing in the company, they still have no cash to do more drilling and would need more money to continue operations and more drilling. Current revenues barely fund operations and they haven't drilled since the failed Lone Oak well last August.
I guess you didn't read the 8K that came out 2 days ago, good old Bill handed over multi billions of shares for conversions, the A/S increase was approved. Good old Bill converted all remaining debt into shares, now comes massive daily dumping followed by NO BID and the needed R/S to get the stock trading again, followed by another run to the bottom as the CD holders continue their dumping. I don't see the MM's buying and being the bag holders for 46 billion shares.
Thats exactly what I am saying, this exact same thing played out last year when the company announced the 1st A/S increase to 1.25 billion shares. Look back at the messages posted 1 year ago to that increase, the same questions were being asked back then and everyone was pissing and moaning that the company wouldn't tell anyone what the results were until the 3rd quarter 10Q was released, just as they stated in that filing for that increase. The wording is exactly the same as last years filing.
More nonsense from you again, here's the DEF14A filing for you:
http://ih.advfn.com/p.php?pid=nmona&cb=1253926507&article=39198748&symbol=NO%5EUVSE
No, there will not be any PR or news release, it clearly states in the filing when the results will be released, they did the same last year. From the DEF14A filing itself, which you should have received in your proxy materials:
How can I find out the results of the voting at the annual meeting?
Preliminary voting results will be announced at the annual meeting. Final voting results will be published in our quarterly report on Form 10-Q for the third quarter of fiscal year 2009, which ends September 30, 2009.
Read the DEF14A filing, you won't know the results until the 3rd quarter 10Q is released, just like last years proxy vote increase. I'd be less concerned about the meeting/vote, and more concerned about the lawsuit and the fact the company hasn't responded to the court filing yet.
Stop with the theories eddy, no one is going to follow you over the cliff. Your right in one of your other postings, we don't allow BS to be posted here. It's funny how you kept calling us all greedy months ago, and now you want people to buy this so you can make money, even though the company is basically bankrupt and will most likely lose the rest of it's assets to pay off the CD's, or will end up filing bankruptcy and everyone would lose their investment.
As for the shares, voting Yes allows the company to continue making payments on the debentures, it doesn't give the company any money or shares to buy anything else, there is no value in the shares, or leftover stock once the debentures are repaid. I see a very good possibility of bankruptcy. People should be scared right now, the company still has not filed a response to the lawsuit yet, I think they only have 5 days left to file a response, I believe it's 30 days.
There were a total of 12 trades today, how exactly does that describe heavy day trading? There was 1 buy of around 15 million shares at around 9:50am, the other 11 trades were all small. Your not fooling anybody.
Eddy, what part of "off topic" or "personal attack" don't you understand? Read the posting guidelines and follow them, then your posts will not get removed.
Except for the fact that Raley and Watford are the only employees of the company, I don't see how thats going to change anything. You won't know the results of the vote until the 3rd quarter 10Q comes out anyways, I'd put money on it that it's already a done deal.
As I've said earlier, what news is there to release? They were sued 17 days ago, the next 8K PR news filing should be they've responded to the lawsuit. Other than that, they have absolutely nothing to release a PR for. They have limited cash, haven't drilled anything in over 15 months, their revenues have tanked thanks to the drop in NG prices, and they've diluted the hell out of the stock.
Well you can't say I didn't warn you, the chart was quite clear that every day there was more selling than buying, it was only a matter of time before it down ticked. Thats why I said you'll never get a 50% gain out even if the MM's let you buy at .0002, which is rare that they actually filled your order, but they're probably getting sick of holding the bag themselves.
You might want to click on the little button below that says chart, the stock hasn't changed in months. I see nothing except lots of selling every day, roughly 60 million shares a day sold, only a few million bought. You'll never be able to buy at .0002, and no one is going to buy shares at .0003, so you'll never see the 50% gain.
15 million shares traded eddy, whoopee friggin do, 10 million buys, 5 million sells, and you think thats going to do anything for the PPS? You might want to look at a chart once in a while, see this one and the red bars, those are all sales. This is not going to go to .0004 anytime soon as long as the chart just keeps showing large amount of sales.
http://ih.advfn.com/p.php?pid=webchart&btn=s_ok&ihsymbol=&ihpagelist=Quote&symbol=USOTC%3AUVSE&s_ok=Get+Chart&period=3&drawmode=2&size=19&volume=1
No, trading is not halted on this turd yet, theres a continued daily ongoing dump everyday as shown by the chart.
http://ih.advfn.com/p.php?pid=webchart&btn=s_ok&ihsymbol=&ihpagelist=Quote&symbol=USOTC%3AUVSE&s_ok=Get+Chart&period=3&drawmode=2&size=19&volume=1
Lookup naked short selling on google or look here:
http://www.goldcore.com/product/education/phantom_shares_market_manipulation_and_naked_short_selling
No, I wasn't talking about you, I was talking to you. I was just stating the fact that I had a suspicion from watching the 3 minute chart daily that the PPS drops was not realistic for the amount of shares being sold. I knew there was some shorting going on as Southpaw was selling, thats a no brainer, what I wasn't sure of was the naked shorting, and that came out to be a fact. But once I announced it on a bunch of different message boards, a flurry of buying seemed to come out of nowhere, it just seemed like another odd coincidence.
I can understand your nervousness being down on your investment, I'm in the same boat, but I know what the end game is here, and that is the FDA approvals. That's why the massive PPS drop, almost 50%, seemed so out of place when a FDA approval is expected at any time. 30% of that drop came after the Navy contract was announced, I thought I was living in the twilight zone myself.
Well here is our biggest problem, I had a suspicion this was related and knew it would take a few days before it would show up, NEPH has been getting naked shorted for 13 consecutive trading days and has finally shown up on the REG SHO list:
http://www.buyins.net/tools/short_list.php?dys=1
I don't play the scam game, never did, never will. For you to even suggest that myself or mimurray should be playing a game with other peoples money is disgusting.
Both mimurray and myself are not game players, we stick to the truth, and I can damn well tell you I'm proud of it. I'm not going to play games and have other people lose money just to amuse you, and I'd never want to be a used car sales man. I have my honesty and integrity to stand by. I can't speak for mimurray, but from what I know of him, I believe he stands for the same principles that I do, and that is to remain honest about everything.
As for you moving on, you've already said that at least 10 times since March, and yet here you are still trying to stir the pot and misquote the filings and dupe people into buying more stock on false facts.
The link is in the IBOX, but it doesn't provide any useful information to anyone, the company never seems to update it. You'd have better luck going to Google or the SEC website if you want updated information, and you won't find anything special there either.
The Senior debentures are due and payable August 30th, 2009, 8 days ago. It wasn't completely repaid on time, that is the reason for the lawsuit. The Junior debentures come due October 31st, 2009, this also will not get paid on time, expect another lawsuit for these debentures. The debt HAS NOT been paid off, but they have converted SOME of their debt into stock towards some parts of each debenture, that is how the O/S went from 29 Million shares to 6.45 Billion shares. It's in the filings eddy, we have pointed it out to you many times. I mean is it really that hard to read what is in black and white?
This is from the DEF14A filing just released on 8/26/2009:
Following the completion of the May 2008 Financing, certain holders of the September 2007 Debentures and the November 2007 Debentures began to convert portions of their respective debentures. During the period from June 10, 2008 to February 2, 2009, the Company received conversion notices from our debenture holders as to $4,644,000 principal and interest amount of the September 2007 Debentures, the November 2007 Debentures and the May 2008 Debentures. We issued an aggregate of 6,345,251,000 shares of our common stock in connection with these conversions.
Read the contract eddy, it clearly states the company can not buy their own shares, even Raley and Watford themselves were barred from buying shares for themselves personally. The companies assets are tied to the CD's, they belong to the CD holders as collateral until the CD's are paid off, period. The company is not a financial institution and does not have the cash to issue it's own CD's. The company also recieved more CD financing in November 2008, from who, the same idiots that lent then money on the original CD's.
Stop with the nonsense, everything is in the filings, just because your too lazy to look for the information doesn't excuse you to make things up.
Whats missing eddy, everything you want is right here:
http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001207029&owner=include&count=100
What exactly do you mean I forgot one? One what? You still don't seem to understand what a CD (convertible debt is). It's not really that hard to understand. The company borrowed money from one of the Capital venture firms, to repay the LOAN the company offered to repay with cash or STOCK at a 20% discount. The company then receives the cash for business expenses. At some certain point in time, the company needs to start paying back the LOAN/CD either on it's own, or if the LENDERS/CD Holders decide they want payment, the lenders then request payment from the company in either CASH or STOCK, or both. The company is broke, it has no money, therefore it can't lend money to itself that it doesn't have. So therefore, they can not be the originator of their own funding, they have no money duh, that is why they need to borrow it.
Do you ever read what you write, because most of the time no one can understand what the hell your trying to say, and the rest of the time you make absolutely no sense. Before hitting submit Public Post, read what you write, maybe people will stop asking you what the hell your talking about. Try to include some actual details that can be backed up. You keep contradicting yourself, telling us we should know the SEC rules or whats in a filing, and the you yourself claim not to know what the SEC rules are or what is in a filing.
You keeping me honest, now thats a joke. I have been completely honest with everything I have posted, I have links to back everything up, you just keep coming up with bizzare gibberish that runs in circles.
Who holds the convertible note, I just posted that from the Court Docket, and it's not the company, Raley, or Watford. It is Roswell Capitol Partners and Bridgepointe Master Fund Ltd. The CD agreement also bars the company and it's officers, both Raley and Watford, from repurchasing shares on the open market. That is why the company needs to increase the A/S count, they don't have any shares left for the convertible debt, and that is why they are being sued. They haven't made a debt payment since January when they ran out of shares. The Senior debentures came due and payable on September 1st, the Junior debentures come due and are payable on October 31st. Read all the filings eddy, the dates are all in black and white in Legal SEC filings, you seem to like bringing up the SEC and it's rules all the time, yet you don't seem to want to take the companies legally binding filings at face value.
And as we've all said before, and you yourself have admitted, your full of it. No one believes you have been buying and selling at the bid and ask and that you've made 10's of thousands doing so. You are the only person making such outrageous claims on every board I have read about UVSE, no one has been able to buy at the bid and sell at the ask, but you think we're going to believe that you can.
As for post deletions, you know exactly why they get removed, they are either off topic or are personal attacks, neither are allowed on the board. So if you keep posting things that are against the posting guidelines, they will continue to get removed, it's that simple eddy. It has nothing to do not wanting other voices to be heard, there is plenty of discussion that takes place here, and people have remained polite and stayed on topic without personal attacks. Play nice and your posts stay, violate the rules, the post gets removed, it's that simple. This isn't the first time this has been told to you.
Here's a link to the court docket entry, unfortunately the electronic court filing system seems to be down, so I can only provide the docket information from here:
http://dockets.justia.com/docket/court-nysdce/case_no-1:2009cv07538/case_id-351407/
Roswell Capital Partners, L.L.C. et al v. Universal Energy Corp. et al
Plaintiffs: Roswell Capital Partners, L.L.C. and Bridgepointe Master Fund Ltd.
Defendants: Universal Energy Corp., Universal Explorations Corp., UT Holdings, Inc., Universal Energy Services Corp. and John Does
Case Number: 1:2009cv07538
Filed: August 28, 2009
Court: New York Southern District Court
Office: Foley Square Office [ Court Info ]
County: XX Out of State
Presiding Judge: Judge Denise L. Cote
Nature of Suit: Contract - Other Contract
Cause: 28:1332 Diversity-Other Contract
Jurisdiction: Diversity
Jury Demanded By: None
Amount Demanded: $2,000,000.00
Ok, lets see if we can unravel eddys theory with some included facts. Eddy claims the company has been secretly buying back shares and that they are now going to retire them, and at the same time, the company hasn't paid anything on the CD's since January when they ran out of shares, therefore needing to increase the A/S from 6.5 billion to 100 billion. Besides the fact that the company can't legally repurchase any shares off the market because the CD contract says so, and if they did or were allowed to, then the company would have shares to allow conversions. So how exactly does it work both ways eddy? You keep talking yourself into circles.
And whats with this R/S again, they haven;y done one yet, so therefore they can't do it again. But they may do it the first time soon, but that still doesn't make it again. And sure they can drive the market cap lower, when the stock drops to .0001, the market cap will be $645K. Then after doing a R/S, it can drop some more once the conversions resume.
Didn't you say a couple of days ago that you were done posting in here, that you had better things to do?
Regardless of it having been a 100+ bagger, it should never have hit .01 in the first place. The last year has been a shorters wet dream, they have shorted almost every company down 80% or more. I have never seen so many stocks drop that much over nothing. Yeah, we're in a recession, but some of these companies have seen minimum disruption in revenues, yet their stock still got destroyed. It's also ridiculous when you watch the news and the money people are crying about stocks being up 300 or 400% from March, but their still down 75% or more from where they were a year ago. Talk about retarded, it's ok that everything is down and way oversold to ridiculous lows, but god forbid they actually regain 5 or 10% of their former valuations, now their priced too high.
Its ridiculous having a almost 50% drop on all good news over the last 3 weeks. The whole week has been insane. The whole week was filled with decent economic news, yet the market just ran in the opposite direction most of the week. Funny how we've been hearing about the drop in the market for months since it started running in March and were told to watch out for the pullback in September, and here we are conveniently driving off a cliff again. I guess it's easy to make predictions when you control the pricing of stocks in the market and can cause everything to drop with a couple keystrokes on a keyboard.
The lawsuit is not in the past, it is right now and an immediate threat. As for the CD holders not wanting to destroy the company, they already have with their careless naked shorting and greed. They haven't proven to be smart up to this point, I don't see why things will all of a sudden change. But I wish everyone the best of luck, maybe you'll get lucky and at least get your initial investment and maybe a gain back, but as for me, I won't touch this with a 10,000 foot pole.
No I didn't, still holding for the big payday. Who the hell would expect the stock to drop 40% after the company announces a new $2 million dollar Navy contract, $1.25 million in private placement financing, the FDA DSU filter approval, $146K tax refund, and a sales backlog in their last 10Q. The MM's are friggin robbing people blind the last 4 days. I know Southpaw liquidated their 800K worth of shares, but this thing drops on a few thousand shares, and takes 10's of thousand of shares to go up. Then their is SPPI who got their FDA approval today and their stock dropped. The markets on crack again just like last September.
What are they going to promote:
Upcoming A/S increase?
Lawsuit to take companies assets?
Revenue down 70% year over year?
O/S increased from 29 million to 6.45 billion in 7 months?
Ness asset acquisition that were already purchased by OKT 3 months earlier?
No new production in 12 months?
I don't see anything for the company to promote. They can't point to anything in the last year that was good or went well.
Your wrong, the last 3.2 billion of the shares entered the market at .0001 in the January conversion, not .0005. This stock has been trading at the .0001-.0002 level since December last year, only once to run and then driven right back down when nothing materialized from the acquisition announcement in March. The only way your going to get a run is large amounts of BUYING, there has been no sign of that in months. There is no VOLUME left in the trading, and to get to the ridiculous PPS you posted would require billions of shares to be bought, the lawsuit just filed against the company will keep buyers away in droves, not to mention the rest of its history in the last year. But if you want to buy 25 million shares, go right ahead and good luck trying to sell it.
You can huff and puff all you want about what the situation of the company was last year and where we are sitting today. Last year the company had possibilities to do something, Raley threw them all out the window and did non of them. If the company continued drilling after the failed Lone Oak well or had other wells drilling, then they'd be in better shape, they didn't. Production has NOT increased at all since the Cavier Wells came on line, in fact it has decreased sine the hurricane last year, NG dropped from $14 to $2.51 today, thats a revenue loss over 80% in the last year.
Yes, I got burnt big time, your absolutely right, I have NEVER claimed otherwise have I? I also don't see your rediculous PPS either, market cap by .0001 is $645K with 6.458 billion shares. You are making extreme claims the market cap will jump to .0015 - .0025, or $9.975 million to $16.125 million range, there is no way in hell this company can get that kind of valuation with less than $1.2 million a year in revenue, and basically having its assets stripped away from it by its CD holders.
I was never ready to mortgage my house for this, your making things up. Yes, I felt strongly about this company last year, I saw a path to profitability, but what a difference a year can make. Where did the money go in the November 2008 CD financing, wheres the data from the Lone Oak reprocessing, where are the acquisitions, wheres the updates on the Ness acquisition, why hasn't there been a thing drilled in a year. The O/S went from 29 million to 6.458 billion in 7 months, and now looks to grow around another 46 billion shares once the A/S increase approved. NG prices from $14 to $2.50. None of these things were in sight a year ago. Now you have the company is getting sued for it's assets, which will leave an empty shell that is broke.
I put my fingers in my ears last year when people warned me what was going to happen, I put way too much faith that Raley was going to be an honest CEO and he'd take care of things as they came up, and I feel like fool for having the wool pulled over my eyes. We all live and learn, thats how we get to be better investors. I've learned how corrupt the market is.
The lawsuit is a MAJOR issue, and if history repeats itself like it has in the last year, Raley will fail badly. He has nothing left up his sleeve to save the company, he gave all of it away as collateral on the CD's.
High volume of what, the stock? There's a button at the bottom of your screen that says trades, click it. Todays volume was somewhere around 57.9 million shares, 57.4 million of that was sells, the MM's bought them and have to sit on them because no one wants to buy the shares. 57 million shares is nothing when the company has 6.458 Billion shares out. You also have to remember this is now trading on the pink sheet market, the MM's will trade this back and forth just to make it look like something is happening.
I have a theory there is a very slim chance you may see a small run somewhere around the A/S increase vote date, but it won't be for a good reason. When I was tracking daily buys and sells up until the end of March, there was a MM surplus somewhere in the neighborhood of 3 billion shares, thats 3 billion more buys by the MM's then they sold, and nobody knew who they were buying them for, then the company announced the A/S increase proxy and I bailed out and stopped tracking it. At that time, my theory of the large MM holding meant that someone was trying to make sure they held enough shares to make sure the A/S increase vote was a done deal, and I still feel that way. But I have a suspicion that before the vote that the stock will be allowed a false run to try and unload these 3 billion shares on unsuspecting bag holders, who will have a hell of a time getting rid of them before the conversions start again.
Todays filing kind of validates and throws a wrench into that theory at the same time. It could be very possible that the only way the company will be able to remain viable is to have to file for bankruptcy protection, and that could wipe out all the common shares being held and the A/S increase won't even go into effect. All the companies assets are tied to the CD's (convertible debt) as collateral. Todays filing basically stated the company is being sued by the CD holders to obtain liens on the assets, foreclose on them and put them into receivership. Basically it means the CD holders want the ability to sell the assets to get their money back. If the company has no assets, it has no business, and therefore you have no company anymore. Bankruptcy would protect the company and it's assets from the CD holders, but only temporarily. Then it will be up to the court to decide if the company can break it's financial contracts and make the debt disappear thru chapter 11, or if the court orders chapter 7 and liquidates the company to pay off the lenders. Should be interesting to see what happens.
I think you under analyzing the situation with the company, what kind of PR campaign can they come up with if the CD holders are basically asking the courts to give them a lien on the companies assets and foreclose on them? Did you even read the middle paragraph of the 8K filing. The company only has a couple of land leases and is getting revenue sharing from 4 wells it participated in drilling, they can barely pay Raleys and Watford salary and pay yearly expenses with what little income they have coming in. Unless NG goes back up to $14 again real quick and increases revenue 5 fold from where it's at, the only option left is selling what little assets the company has. The MM's will not absorb 10's of billions more shares they won't be able to sell knowing a bankruptcy is possibly around the corner, and they will be the bag holders of these shares that will get wiped out. :
The lawsuit asserts breaches of the various documents executed by the Company and its subsidiaries in connection with the issuance of the Debentures. In addition to monetary damages, the lawsuit seeks a determination that the Secured Lenders hold a valid lien in certain assets of the Company, seeks an order of foreclosure relating to assets subject to valid lien and the appointment of a receiver.
They have to consult with their lawyer and file a response within a few days to the court, with the contracts they signed, they don't have a chance in hell, the only thing to slow this down is a bankruptcy filing. If it goes anything like the GM bankruptcy or what we've seen with the other auto suppliers lately, the common will be wiped out, 100% new stock will be issued and 100% equity will be given to the lenders, but that only applies in a chapter 11 filing and if the company somehow manages to emerge from bankruptcy. I see more likely this would quickly get converted to a chapter 7 filing and liquidation of the company.
Since the companies assets are less than it's debts, liquidation is a real possibility, all their financial contracts work against them. The whole game worked out great for the financiers/CD holders, they've made a killing on naked shorting this last year, have already got their original investment back, and are still owed another $4.6 million, and now they get to kill the company and sell off it's assets for more profit.
And this is from the DEF14A released last week:
The Senior Debentures and the Junior Debentures are due and payable on September 1, 2009 and October 31, 2009, respectively, unless sooner converted into shares of our common stock. Any event of default could require the early repayment of the Debentures, including the accruing of interest on the outstanding principal balance of the Debentures if the default is not cured with the specified grace period. We anticipate that the full amount of the Debentures will be converted into shares of our common stock, in accordance with the terms of the Debentures; however no assurance can be provided that any amount of Debentures will be converted. If, prior to the maturity date, we are required to repay the Debentures in full, we would be required to use our limited working capital and raise additional funds. If we were unable to repay the notes when required, the Debenture holders could commence legal action against us to recover the amounts due. Any such action could require us to curtail or cease operations.