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Dr. Bill - right, Grifco couldn't be bothered
with a proxy for the first and last shareholder meeting as Grifco International.
You're right, I should have known better than to suggest it might be issued.
Sorry I didn't see the monkeys - instead I get to eat a little crow.
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Dr. Bill - monkeys or hamsters?
Either way it would be something to see LOL.
Sure it's a pink but is there a way to dissolve Grifco and merge without a proxy? There's an odd structure for the merger so I'm willing to learn how Grifco could pull that off.
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Proxy Monday for 30 day compliance
According to message #24108 on RB Jim Dial has confirmed that a proxy will be issued.
Big drama on the RB board. First Stewart Cohen, former owner of the IPMC shell, posts on RB, now another poster, yes11ny, has been outted as "Eric Cohen" with a lot of stock (and a lot of losses). Yes11 admits the fact but with anonymous IDs who knows :)
Should be an interesting week for Grifco when/if the proxy is filed.
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Positive reinforcement, your ego is at stake
Generally speaking, it's easy for some to get emotional and difficult to remain detached. It's all too easy for some to "fall in love" with a company that they've researched extensively and bought into. They have already convinced themselves that the prospects are great. By touting "your stock" you're only promoting the results of your DD, your judgment, your ego, YOU!
They can get positive feedback from other longs on these chat boards, IR professionals, and paid touts. Anyone who disagrees is a fool who just can't see the truth that "their" great research has revealed.
Anyone who buys a million shares of anything has made a financial commitment and sometimes an emotional one. These folks tend to pump their investment constantly no matter how the market moves. It's easy for them to relegate anyone who disagrees to the role of "basher" or "short". You see this drama play out on almost all stock message boards every day. The name calling, insults, "defending the stock", "bashing the stock", "paid basher", "company stooge" all about ego, pride, and the insecurity that goes with stock investment.
Oddly this board seems to have gone the other way. Even so, most who post here seem to have some emotional feelings about Grifco - negative ones. All that matters is the future price movement - the past is just that.
JMHO
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Tampa, I believe naked shorting is a red herring
to distract investors form other nasty factors in pink stock manipulation.
Sure, it's a problem for companies that are losing money and headed down the tubes. If a company is making good profits and/or paying a dividend it isn't a good target for massive shorting of any kind unless their share price is way too high IMO. BBB had a good post about this quoting Mark Cuban:
http://ragingbull.quote.com/mboard/boards.cgi?board=GFCI&board=GFCI&read=18753
More important, in my view, is culpability by insiders in market games with their own stock. N.M. N.R. call stock loans for example.
As for the difficult to borrow list, there must be some reason GFCI is "restricted" and I'm guessing the high limit sell orders have something to do with it.
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Dr. Bill predicts $2.30 GFCI price
for a brief time after his proposed 1:20 reverse split goes into effect.
Reverse splits have been a problem for GFCI's new merger partner GoHealthMD. Their 1:100 reverse split was made over a year ago - it's just not "effective" yet. What a great partner, just like Grifco they won't do the work or spend the money needed to make their business plans "effective".
LOL
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Tampa agree -two points
1) If you flip GFCI 10 times a day using the same online broker the trades are settled in-house. Only the net change in your position needs settlement.
2) The GGGS ask at unreasonable prices could be considered market manipulation by some if they're so inclined. GFCI may have made the difficult to borrow list.
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Hi Cleverox, I'd believe him if he told the SEC
about earnings in a filing. However, filings and follow-through are not Grifco strong points.
"Post re-structuring the control of this company will be solely in Jim's hands if I read the merger proposal correctly."
That's the way I read it: Jim Dial, with his super shares, is master of the reorg.
On the other hand, the slick N.Y. types will assist Grifco with their filings. Jim may find that he's pulled the wooden stake from the heart of GOMD, it's returning to life, leaving it's tomb, and looking for new bagholders to drain. (sorry, I may have read too many of BBB's poetic personifications)
Interesting to see if N.Y. gains control somehow.
As for Grifco's valuation, you're right - it could be anything and the market price could be way off the mark. It's been pointed out countless times that there's not enough information to properly evaluate the company or it's prospects. That's suspicious by itself - if things were going well I think that Grifco would find a way to tell the world all about it.
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Hi Strongus, wish I could find something to tout
about Grifco. I've got a small holding and I would like to make a profit. A careful reading of proposal #3 in the GOMD 14A didn't do my stomach any good either. The merger can go ahead with none of Grifco's accounting problems resolved, the rollup incomplete, and the CTBG share dividend undeclared IMO.
It ain't me, baby - it's Jim Dial who's made the company what it is today. Please give me (and everyone else) some reasons to think things are changing for the better.
JMO
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Bill, GFCI will be 6-8¢ ex-dividend IMO
What price would you expect after CTBG is spun off? B2B was responding to RB23481:
________________
Cyo, I can't wait for the 6¢ - 8¢ range!
I believe that Grifco will trade there after the CTBG dividend. The reason that we close at ~15¢ now is that the market is trading Grifco with the CTT dividend on IMO. Sure, it's an old argument and the last PR says:
"Upon approval from the Securities and Exchange Commission, Grifco will distribute its shares of CTT to shareholders of record on May 1, 2006. All assets associated with CTT will follow into its new entity."
Well folks, the market has rules and I believe the 1.89 shares of CTBG are still included in the GFCI price. Grifco has yet to announce the distribution date, ex date, or make the CTBG share dividend effective.
JMHO
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Hi Strongus, slightly green with Grifco
and if I could find something encouraging about GoHealth.MD I would post it. IMO the stock price would be higher & pop higher if the insiders were competent, or at least a little slicker.
PRs
GOMD declares reverse split effective.
GOMD files 10Q (full of glowing prose & detailing big plans)
GOMD hires a CFO
If Grifco's making money or able to take on debt this could become a legit OTC company.
JMHO
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Big error in the Tree Top 10KSB/A-2
(cross post from RB) This is from page 1 of Tree Top's 2005 FORM 10KSB/A-2 filed July 25th 2006. Easy math shows that the reverse split has not occurred and something very weird is going on with the O.S. or their valuation.
http://www.sec.gov/Archives/edgar/data/356590/000114037706000179/0001140377-06-000179.txt
"The aggregate market value of voting stock held by non-affiliates of the small business issuer, computed by reference to the price at which the common stock was sold, or the average bid and asked price of the common stock on April 12, 2006 was $4,691,841.
At April 12, 2006, there were 252,791 shares of the Registrant's common stock outstanding, and Company had 643 shareholders of record. This is a function of a previously Board approved reverse split, although not yet effective."
__________________
NOTE: the quoted price of the common stock on April 12, 2006 was 2¢ and NO shares traded that day according to Yahoo Historical Prices. (Year off? then 5¢/share on April 12, 2005, 10,000 traded.)
$4,691,841 ÷ $0.02/share = 234,592,050 shares held just by non-affiliates.
Running the calculation a different way, the share price, if non-affiliates held all of the O.S. (they don't), would be: $4,691,841 ÷ 252791 O.S. = $18.56/share.
Using 25,279,100 shares o.s. and just the market value of the non-affiliated shareholders would give a price of ~18.5¢/share.
Looks like ~1000 X error.
Just my opinion
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Disagree - If Stew Cohen was "staged"
it was well done, better than anything Dial has done so far. New poster shows up (probably not new) posts the 'real' address & phone for Stew Cohen:
http://ragingbull.lycos.com/mboard/boards.cgi?board=GFCI&read=21899
Then posts a big liability message calling for physical violence & "make his life hell". Yes 11 and probably other active types call Stew up. Stew shows up on the board and answers all questions about CTBG paperwork. Example:
http://ragingbull.lycos.com/mboard/boards.cgi?board=GFCI&read=21971
Everything's OK except that, for a big shareholder, he seems to have a very blasé attitude about the spinoff & price decline of CTBG. Maybe he isn't concerned about chump change, or he's very patient, or he's sick of the whole mess, or he's already loaned out his CTBG shares (though he denies it).
If he's truthful (another issue) then Grifco needs accounting from the time Robert Salveson was President in Feb - April of '03.
http://sec.edgar-online.com/2003/04/25/0001116502-03-000719/Section11.asp
Note: R. Salverson didn't sign this one although the first line carries his name.
http://sec.edgar-online.com/2003/04/25/0001116502-03-000719/Section12.asp
It was signed by a "Pamela Wilkinson"
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Agree that Stewart Cohen probably
posted on the RB board today. Claims that the former IPMC accountant wants part of the $12.5K owed him before B.K. to find the last paperwork needed. Said he wasn't the problem & he's just an investor now (what would you expect him to say?). The IPMC sale was an equity swap - he holds 9% OS.
Claims he's just now talking with JD, wasn't aware that the accountant was holding things up 'till recently (but he still uses this same accountant now for other business - go figure). Claims he didn't loan any CTBG stock to Trans Global. Claims his wife wasn't CEO at the time of the sale - posted the name.
RB is not working for me now can't get to his post.
Interesting stuff if you have the time to read it.
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Maybe, 14¢ seems to be holding 4 now EM
Yes, It's the chart you see.
"You are not comfortable with what Jim Dial is doing at 14 cents but you would be comfortable with same thing if Grifco trades at 12 cents!!??"
In valuing GFCI there's not much information to go on except for the PRs and the chart. 12¢ would not hold for long today before recovering a bit IMO (nice to see better volume). There's less risk at the lower price and I don't mind flipping for a small profit. My 10K GFCI holding is for sale at 20¢.
I might miss the rocket to the moon (or some such multi bagger) but I'm not greedy.
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Hi Strongus, I'm curious about "financing"
the O&G leases in the midst of the proposed merger and looking for a reasonable explanation for buying them now. I only own 10K GFCI (no CTBG) and have an order in at 12¢ (my GFCI comfort zone at the moment). If I could understand the logic behind Grifco's "master plan" I might increase my holdings.
I've been lucky with my timing and have a net profit on my GFCI trades so far. The OTC/BB merger could be a big boost to the stock price if Grifco doesn't screw it up IMO, so I'm watching this closely as it unfolds.
I don't think anyone's scared by my post compared to the really disparaging comments posted here by others.
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The cart before the horse
The merger has not gone through but Jim Dial is buying O&G leases as part of the "roll-up".
"Our next step will be to meet with our investment bankers in San Francisco, CA next week with respect to capital structure post merger and details of how best to finance our targeted acquisitions pursuant to our roll-up strategy."
Why he doesn't wait 'till after the merger; that way Grifco isn't left holding the bag if there are problems/delays with the complex 3-way merger deal. I think that DD on the merger company, including finding all the outstanding shares, shaking out some of the shell's freeloaders, and finalizing the deal should take precedence over acquisitions. The final merged OTC/BB company would normally be in a better position to finance acquisitions anyway IMO.
The only thing I can come up with is that Mr. Dial's pursuing, or has an option on, a "great deal". Anyone else have comments on the pre-merger "acquisitions"?
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Here's an example - probably what would happen
if you did manage to submit a proposal. The meeting would be canceled and you would be sued like Senetek did when a large shareholder (who ran the street's worst fund) made trouble. Here's the "letter to shareholders" when insiders panicked and canceled the AGM:
http://www.secinfo.com/d14D5a.223tp.htm#1stPage
Senetek had a chart not unlike Grifco's and many shareholders were pissed. I agree about the insurance & how would you solicit proxies?
This Revolt of the Bagholders was settled when the public retreated and management retained control. Public ownership is a joke, anyone know of an exception not involving a pention fund?
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To get that proposal on the agenda
"We could force a Director named by the stockholders. We may have enough votes."
There may be a way to put a shareholder proposal on the meeting agenda for a vote (HA,HA). You'll have to wade through the mangled pdf conversion of Grifco's bylaws posted by stocksbonds in RB#18305 to find out how.
You would also need a candidate and a majority - good luck
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Shares to pay off Lyamec?
It's just a possibility since Lyamec wants $28 Million to be paid directly to Lyamec for the future Libya operation. Your 80% shell sale idea is also very possible - just follow in the footsteps of Litfiber.
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That's one interpretation
I think that there are more shareholders now but there are other possibilities. Seems to me that there's more active trading in the stock (from the increased ave. volume) but the price won't run up.
Most often, I've seen pinkie volume increase as the price FALLS
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Lentin, Think that you're wrong
to conclude:
"...the market continues to prove that there are less an less people out there willing to believe this crock."
Looking at your chart it's obvious that both the price and volume have increased since the pop July 10. Seems that Grifco has a larger following now. Higher price AND higher volume.
OK, who is going to theorize about more shares dumped into the pop?
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Disclaimer: This post is in no way concerns my opinion about Dr. Bill's ego, his opinions, any possible agenda, or the fact that he won't reply to my post about the hedge fund.
Dr. Bill, I can help you out
because there's a new slant on the Grifco story, that is if you're not too bored with GFCI to check it out.
Now that Printmail has uncovered the Trans Global Finance hedge fund (IMO hedging the Jarvis Group of Pink Companies), NO naked shorts & NO large OS count are required to explain the chart. Check Trans Global's list of featured companies in post #6367 -- USEH, GFCI, CTBG, ADCS, WSTN, CBAY, CMDJ
Grifco probably has only 39 million OS but I'm sure from the tout on Trans Global's web site that many of them have been loaned to the Trans Global hedgemeisters through their "non-recourse, non-margin, call stock loans" for Pink sheet stocks program. Trans Global is manipulating the price, shorting the POPs, and flipping all day IMO (post 6372).
BBB has even posted some interesting dirt in #6374 (never thought I'd see the day)
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Printmail has nailed it!
Now we know where the extra shares are coming from and why the pops won't run. No need for naked shorts at all - Trans Global is the answer.
Trans Global specializes in "non-recourse, non-margin, call stock loans from 40%-90% of your stock positions value". What is that?
As I read it, Insiders (and others) can loan their stock to these traders who in turn can use the stock for various trading and hedging strategies.
Here's some information from a competitor's site about these wonderful non-recourse, non-margin, call stock loans. No filing requirements, no credit checks, Pinks are eligible at up to 55% of market value.
http://www.peacockcapital.com/Stock_Loans-officers.htm
"Here's the hedge: If the stock falls in value... ...the borrower has the option to default. The fund will accept the pledged shares as full payment with no recourse or personal liability back to the borrower. Conversely, if the stock pledged rises in value ... ...the borrower has the option to pay the total outstanding loan debt and receive back all the pledged shares. (The fund protects itself by collaring or placing its own hedge on the pledged securities.)"
"How can the lender afford to do this?
The lender specializes in securities lending and employs a variety of strategies to protect their downside risk. In all cases their strategies are proprietary."
__________________
They hedge against the downside by manipulating the market; selling short, and selling what are, in effect, options against the stock insiders have loaned them.
Looks like Jarvis stuck them with the worthless Pittboss shell - LOL Wonder how many insider shares of Grifco are loaned out to Trans Global? They aren't featuring Grifco on their website without an outstanding loan - All just my opinion.
Thank you Printmail,
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Knowbull, I have doubts
that's why I hold only 10 K shares at this time. Could be something legitimate or could be a typical pink game. I am convinced that either way there will be another pop.
If I'm wrong about the pop then my loss is limited.
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"up to" - If it's less than 75 million
shares of CTBG distributed at 1.89 shares CTBG/GFCI then Grifco has fewer than 39.89 million shares outstanding. The Ratio is fixed in the PR so the math dictates a lower share count if it takes fewer than 75 million CTBG shares to make it work.
Figure it out for yourself.
Of course, an "update" PR from the company could change the ratio and shares at any time. Nothing has happened 3 months after the "record date" so I can't defend management.
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KnowBull, That would be this Evan Jarvis I think
https://www.otcstockinfo.com/repository/656608/656608_FR3.pdf
Brandywine Computer Consulting - everyone should get a Pink shell. LOL
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P.S. 75 million shares
is the exact number of CTBG shares that Grifco claims to own. It was part of the IPMC Holdings shell deal. The other ~10 million shares were retained by the shell owners and make up the "float" for CTBG.
That's the official company version of things anyway. The failed spin-off has everyone questioning management's integrity IMO.
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Information published in a PR from the company
is better than testimony from interested (and pissed off) parties in a court of law IMO. Dial may have tied his hands for now as far as issuing more shares goes.
Of course, Grifco can issue an "update" PR about the whole deal and they even promised to do so. I get the feeling that the "buy out", "GOTL offering", and "roll-up" have captured management's attention (assuming they are not all just pink ploys). All the shareholders are anxious for Grifco to DO SOMETHING about their grand plans instead of just talking about them. It seems too much like typical pink jive.
Yes, Dr. Bill - I know, I know
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BBB is right on this one
As of March 30,2006, Grifco published the share count in a legally binding PR:
http://biz.yahoo.com/iw/060330/0115435.html
From the PR:
"Grifco shareholders will receive 1.89 shares of CTT for every one share held in Grifco as of the record date, up to 75 million shares. Upon completion of the spin-off dividend, CTT will have approximately 85 million shares issued and outstanding."
________________
Since every share of Grifco gets 1.89 shares of CTBG in the 75 million share CTT distribution, 75 million CTBG ÷ 1.89 CTBG/GFCI = 39.86 million shares of GFCI outstanding.
CTBG ~ 85 million OS
GFCI ~ 40 million OS
True, we can't know whether any shares have been issued since the PR and the average daily volume has increased. Even if the CTBG distribution hasn't happened, the numbers were published. There has been no update to this material information.
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Wayne, good point,
why spend money unnecessarily? Grifco keeps talking about filings but producing none. I think they will need filings for the proposed sale, registration of shares, and the CTBG spin-off. I think that any positive filing would help restore confidence in the company.
The three buyout offers sounded great to me, then Lyamec chimed in with their $28 million demand. I took this to mean that Lyamec wanted a big payment as well as control of Global Oil Tools Libya. If the deal still goes through there will be more for Lyamec and less for Grifco stockholders as I understand it. From Lyamec's PR:
"Clearly, it would be an unwise decision on anyone's part to perceive that any offering to acquire a majority stake of Grifco at this stage will lead to leveraging their position on the Libya facility without our approval, regardless of Grifco's current assets and or commercialized tools and products."
Some reorganization is clearly being considered, and I'm looking forward to selling on the pop.
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OK BBB, The counterintuitive option
is what YOU are defending. You say Grifco is NOT revealing the good news about their financials for secretive reasons.
The intuitive option is very straight forward. Confirm the great numbers, make Jim Dial a multimillionaire, and get a listing for Grifco on the OTC/BB. Jim Dial's stock (and ours) would go through the roof after a PR about Grifco's great profits and glowing prospects.
You speculate in your posts about why Grifco is NOT releasing financial information. You post about trapping the shorts, problems with Lyamec, or problems with the shell. If Grifco announced profits and great prospects there wouldn't be any shorts, Lyamec would be happy, and the shell problems, if any, wouldn't matter.
The intuitive option is simple to execute! Just release a "we made our goals and more" PR updating one they put out last year:
http://www.findarticles.com/p/articles/mi_pwwi/is_200503/ai_n11847682
"Based upon Grifco's aggressive acquisition schedule and expanding product line, management believes the third and fourth quarter 2005 will earn an additional $0.23 to $0.25 per share for the fiscal year ending June 30th 2005."
Hiding good news, if it exists, is counterintuitive IMO
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Wayne, Funny you should mention options
I missed a good opportunity last friday on PBHN (BP $70 Aug call) because I was wasting time reading posts and cruising the internet for information about Grifco. By the time I got around to looking at it - it was too late. Should have set an alert & I've been beating myself up for wasting so much time on this pink.
IMO Grifco/Lyamec have cried "wolf" so often they aren't getting much reaction in the market anymore from their convoluted story. On the other hand, human creativity is boundless. The spin-off, buyout, roll-up, reorg tale will probably have more chapters as the exciting negotiations are detailed.
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"At the Feast of Egos everyone leaves hungry"
Still, 5%+ ownership filings etc.
Wish I hadn't let my 10K wizard subscription expire.
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Don't think Lyamec is a public Co. EOM
BBB you post:
"...strange to me that Bloomberg would go and put out any false or misleading information."
Someone once said "never attribute to malice that which can be adequately explained by stupidity"
You must admit that the $2.25 offer/$2.25 offering PRs were confusing. Maybe someone at Bloomberg was confused. Maybe Lyamec is taking the offer that Grifco is offering. Maybe Grifco is offering Global Oil Tools Libya to a third party.
IMO the PR's are full of sound and furry, hinting that something is going on but signifying nothing concrete.
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Mypointz, I want to take a swim.
Where is this large pool of naked shorts?
Just kidding; picture a large pool filled with fat, old, naked, cigar-smoking shorts - Its not a pretty vision.
If they exist they don't seem to be a bit worried about a squeeze from the proposed buy out (at least not worried enough to cover) - wonder why.
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Racer, Bought a bit at 15.5¢
& posted the buy on RB
http://ragingbull.lycos.com/mboard/boards.cgi?board=GFCI&read=17832&submit=Go
IMO Grifco price movements are news driven and Lyamec might screw that up. If they succeed in alienating the market there isn't anything else to fall back on (unless Grifco makes some filings LOL)
I may trade this week depending on developments.
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OT Bones, those were the days
ACCO stock has been removed as of this year so I'll finally take the write-off (2006 has been very good so far).
Anyway, I've learned my lesson the hard way - it's no fun when you're left holding the bag. The GFCI "longs" who call for an investigation of Grifco are inviting disaster IMO. Same with those who claim they will "hold to the end".
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