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PBLS seems to be missing a CEO also......
I sold CPST two years ago to buy PBLS.
Both losers..........
Maybe this time next year we will have 20/20 hindsight and be complaining about missing a great buying opportunity.
Where's the money? Where did it go?
Ask a sailor new in port, Monday morning and you will get the same answer.
While the share count grew I was hoping that the proceeds were being used wisely but that does not seem to be the case.
Some money was use for acquisitions, some for best Jets test cell and some for the harbor town homes.
How much for management??????????????
On a brighter note I was expecting an avalanche of lawsuits by now but all is quiet.
Hopefully management has taken the frying pan whack to the head seriously and is untangling the mess they made.
We are in a a waiting game for survival........
I think it is now obvious that PBLS problems started before the appearance of VP/MR.
Pa was busy selling PBLS, wheeling and dealing with cash from Katrina windfall and no one was watching the hen house.
It is yet to be determined if VP/MR were foxes in the hen house.
I see the biggest problem is that PA was releasing overstated overblown and unverifiable pr in effort to make printing and selling shares profitable.
If the money received had been put back into the company and managed properly, our situation today could have been avoided.
Once again...... hindsight is 20/20.
James Pratt was hired to oversee and sign off the unaudited financials to give PBLS a current information tier on the Pink Sheets.
That has not happened and under the current circumstances it will not happen. I would guess he has not been getting paid as he really has no job.
Don't expect a call back soon.
This is turning out to be quite an education.
Wish I had sent in for certs so that I could frame them and put them on the wall to remind me to think twice before going for the big swing.
It is just amazing how all the divisions of PBLS could fall apart so fast.
More than anything I would like to know the true story of what happened and of the true intentions of PBLS management.
Were they fooled?
Were they fools?
Are we fools?
Or all of the above?
As a shareholder being too stubborn to sell, I hate to say this, but I have to agree that the last thing management should be concerned with is the share price.
The only thing that will allow the company to survive is tending to business and producing revenue.
As Yogi Berra said..... It ain't over till its over.
I read a quote in the paper this morning that sums up PBLS predicament.
"You can shear a sheep countless times but you can only slaughter it once"
The appearance of the preferred three shares, the raising of the issued shares to 2.5 billion and the bungling of the Komex deal was a walk to the slaughterhouse for common shareholders.
Being boneheaded stubborn I still think that there is a way to solvency if management is willing to make necessary changes and turn control of the finances over to someone that can override PA and wife.
Reversing the preferred threes to common shares is the first necessary step.
So now the os is up 17+ million from 11/01/07........
Someone is playing games keeping the share count under 2.5 billion.
I would rather they spend their time looking for work.....
The poison pill preferred threes were explained to be a deterrent to a take over.
We really have no idea when the threes now outstanding were issued. They simply appeared when PBLS gave the information to Pink Sheets. We also have no idea where the shares for the conversion came from. They account for 100 million+ common shares and the conversion was done before the 2.5 billion issued share count was announced and the resulting sell off. Previous to the Pink Sheets release we were told that the common share count was to be 815 million.
The explanation of the increased share count was to accomplish the Komex deal.
This whole scenario is as confusing as watching a shell game trying to determine under which shell the pebble is sitting.
If Pebbles is to ever be successfully traded again the terrible threes must be converted back to common shares and PA and company will have to rely on their own devises to make the company profitable.
As it is today they essentially own the company due to the benefits of the preferred threes and it is going to be impossible to raise mew capital through the stock market.
There appears to be enough of a company left to work through this but management is going to have to give up their wheeling and dealing and follow sound business advise.
The first necessary step is to hire a competent CFO, take the checkbook out of PAs hands, and let him take charge.
Otherwise this company will lose all value including holders of the preferred threes.
The poison threes truly are poison if the company is to continue operating.
One step at a time is correct.
PBLS is dragging a tangled mess due to overconfidence and mismanagement.
Looking at court records provides evidence that they still have assets and have not lost the tools they need to make this turn around. They are cash poor due to a multitude of mistakes but a few good contracts could provide cash flow to allow them to climb out of this hole.
The Texas oil business appears to be doing well and construction in SE Louisiana will be busy for many years. There was talk of a new contract for Best Jets a couple months ago but no updates since.
PBLS management know that any pr without absolute verification will be ripped to shreds and I can understand their reluctance to talk at this time.
For all the problems PBLS is experiencing I am surprised at the lack of new lawsuits.
In the past time was our enemy but now it is to our benefit if it gives management the opportunity to do damage control and right the ship.
Asus,
it is beginning to look like PA got his christian beliefs and financial education from the pompadour crooks on tv promising salvation in return for grandmas last dollar.
Investors will be rewarded............ eventually.
Tomorrow Ducks will fly over Arizona State.
Ideal Energy and Sam's inspection are in the oil business and from all reports doing fine. Oil leases and Progas are question marks and probably not doing fine.
One of the biggest problems in evaluating PBLS is reading through the slanted pr that always paints a rosy picture.
Another problem is reading through the disappointment of negative and disgruntled investor/gamblers as they attempt to assign blame to PBLS problems.
The truth lies somewhere in between and only hard work, realistic expectations and sound management will put PBLS back on track.
The bitter finger pointing and manipulation of fact on this board is worse than PBLS unverified pr.
It is a scam if they made promises they never intended to keep.
I don't see that being the case with the dividends. They ran out of money...... plain and simple.
PBLS has made a lot of mistakes but I see that as poor management and believing their own overly optimistic hype. They made some good decisions and Best Jets may have been one of the best. Unfortunately it takes more time and money than PBLS anticipated to make some of these acquisitions profitable. PBLS would buy a company, clean it up and move on to the next acquisition rather than focusing on why the business was distressed in the first place.
PBLS is in DIRE need of a good business manager and CFO.
There is still potential here but the road to success is much steeper than before.
Your investment philosophy of "10 bagger or bust" qualifies you as a gambler......... not a investor.
PBLS continual grand pr and lack of verification has always made this a gamble.
Now you are crying scam.......... No one to blame for your losses other than yourself.
The biggest change I see scanning the new financials is the large decline in cash and equivalents from 9+ million to 400+ thousand.
Given today's situation that sounds about right.
It appears that PBLS is still viable but party time is over. Cash poor but working to trim the ship.
Doc Starling may have good ideas but if they don't translate into contracts there is not much use in keeping him on board.
I am sure that all non profitable entities will he jettisoned and abandoned.
No more free lunches.......
On the optimistic side....... this is necessary and PBLS seems to be taking steps to stay alive.
I do not think there are any rape victims here.
I guess it is all a point of view.
Some investors were given the grand tour in a limo topped off with good cigars, some were given rides in Best Jets and some a late night visit to McDonalds.
I think the term "seduced" is more appropriate.
When the seducers promises turned out to be less than expected and and the house of cards came crashing down some felt "jilted".
Everyone involved was looking for fast easy money and oblivious to warning signs in every direction.
Over reacting either positive or negative can be costly.
"They havent made any profits in 2+ years post Katrina, what is there to make you believe its going to happen now!? Would another PR do it for ya?"
Now we are getting somewhere!
You must have some reason or documentation proving your claim!
Please post as we are all anxious for information.
Some investor/gamblers seem to live in a dreamworld.
Everything is black and white...... Going to the moon or sizzling in the depths of hell.
Good dreams and bad dreams.
They were wined and dined and bought PBLS story hook line and sinker. PBLS could do no wrong.....
After the bubble burst and shares were dumped in disgust with huge losses, they come back with a vengeance.
The truth lies somewhere in the middle. PBLS is real...... but mismanaged and driven by exuberant optimism.
Hopefully cooler heads will prevail and plug the holes in a sinking ship.
To come back with such vehemence bashing PBLS shows that lessons have not been learned.
Not looking for "profits galore".
Just want the company to stabilize and take advantage of reconstruction opportunities in South East Louisiana. It might mean enlarging the existing construction business if contracts can be obtained.
I think the company financial situation will become visible as the legal process makes documents available. This process is going to take many months to untangle and hopefully the number of lawsuits will not increase and settlements are reached.
The biggest question in my mind is what happened to the shares that were supposedly going to the "new Partners".
"If" we ever get answers........ It should be interesting.
We have been harping on PBLS management to get real and do what is necessary to keep the company alive.
It looks like they got the message and are focusing on immediate problems by strengthening productive business divisions.
I would have been disappointed to get another pie in the sky pr attempting to once again deceive shareholders.
It appears that PBLS is grounded and this is necessary for reorganization.
Legal issues will be with PBLS for a long time as the legal system moves slowly through a maze of technicalities.
If PBLS can survive and focus on profit producing divisions we may see a day when the pps once again looks positive.
The deal killer would be an increase in the share count as it shows an inability to produce positive revenue and a lack of the ability to convince creditors that PBLS is on track.
We will need a truthful and verifiable explanation as to what happened and where the money went before investor/gamblers consider this a worthwhile target.
Good News!
My uncontrollable desire to buy buy and buy more PBLS has disappeared.
Now if I could only force myself to use the sell button........
Interesting that the float was decreased by 4 1/2 million today??????
Guess we will have to wait for news......... Wonder what tomorrow will bring?
PBLS pps seems to be stabilizing as posters on RB claiming to be past employees/current insiders lose steam and fade away.
I have been watching the boards as our 24/7 drama unfolds but chose to not get caught up in the deception and foolishness.
It is amazing the lengths investor/gamblers will go to in attempt to manipulate a stock with rumors lies and falsehoods.
I wouldn't be surprised if the ruckus on RB was the work of a single lonely 24/7 poster with multiple id's attempting to drive the final nails into PBLS casket.
PBLS lack of good business practices have put them in the precarious position we have today. PBLS no doubt has serious problems, but I have not seen any evidence of a company killer mistake. I have seen many other companies go through near bankruptcy only to reorganize and get back on track.
Don't forget that there are opportunities galore in post hurricane Katrina and PBLS still has the connections and expertise to succeed in if management can untangle the mess they gleefully and thoughtlessly created .
Rule number 1 in business....... Pay your bills before paying yourself!
If I could get a dollar a post for acheiving the 60,000 mark...... I would still be in the red.
We would all be rich if we could find a way to cash in on all the dirt being thrown around on the message boards.
The boards are now populated by pissed investor/gambler/manipulators....... each with a slanted agenda.
Xylan,
Try to not contribute to the confusion. The pr did not say pr in THREE business days.
"You can anticipate a more detailed news release from Phoenix within the next few business days that will hopefully bring you encouragement and a better understanding of where we are and where we are going."
Rally,
If you look back you will see that my post was in response to your call to the police investigation. No news until the investigation is complete.
Yes..... I am just as frustrated with the lack of news concerning PBLS business matters as anyone.
The phrase "no news is good news" seems to be the mantra chanted by PBLS management.
I think it is pretty clear that management needs time to correct the mismanaged deeds of the past. They are not walking away as long as they feel there is a chance of getting back on track.
Managements absolute control of the company allowed this mess to occur and fortunately their absolute control also allows them to make necessary decisions that can save the company.
Looking back at the ridiculous posts on this and RB I an glad that shareholders are not part of the decision making process.
Shareholders have always complained about premature and unverified press releases and at the same time complain at the lack of news.
PBLS has suffered from unverified pr and until the investigation result is released by the police, I don't think we can expect to see news.
I have been sitting here shaking my head wondering "wha the fuh...?" since the cash flow problem surfaced. How can a company in the construction, trucking and sand and gravel business in New Orleans be losing money? The only answer is complete mismanagement and I still contend that there should be enough work to create wiggle room for PBLS to work out of this mess.
It is looking like the business of buying distressed companies is like buying rotten apples and putting them in the same basket. I thought buying the test cell that best Jets needed to become profitable would help secure contracts to rebuild jet engines????????
It sounds like once again the best laid plans are not getting laid.
PBLS is giving PBLS a Joe Mycklvernxyx complex......(Li'l Abner) as cloud is continuously hanging over PBLS head and raining 24/7.
As a matter of fact the whole cast of characters in the swamp is beginning to take on a Li'l Abner flavor.
You are in the aircraft maintenance business but not a competitor of Best Jets?
Are you in Texas or Florida?
Sounds like you have acquaintances at Best Jets.
skywriter,
"Hot sections I do myself for 35k."
So are you saying you are a competitor of Best Jets?
Tula,
The genius just reminded me that I should have had an exit strategy for my PBLS account.
I do...... The trouble is that the pps has been going the wrong way to trigger my exit.
Investor/gamblers have different goals from those preserving equity.
Investor/gamblers are here to make money with a much shorter time frame.
PBLS three year chart shows the opportunities are available but forward looking vision is quite blurred. Hindsight is 20/20. The future of PBLS cannot be predicated on past performance as any future is in doubt.
The unknown factor gives us hope but also drags us down.
Paul A and Ron B are here to stay. They have complete control of PBLS with combined duties as management and board of directors.
They do have vision and the aggressiveness to make the company successful.
What is needed is a CFO with good business sense and the authority to say no to flights of exorbitant fantasy of Paul A.
Ron B seems to be more grounded and is a good fit working with Paul A.
No offense...... But Mrs A seems to be in over her head as CFO and has shown poor management skills controlling the checkbook.
PBLS needs a CFO with experience and pit bull tenacity.......
A lot still depends on the outcome of the pit litigation and whether or not PBLS will be able to continue working the pit. It does not look good right now as the pit is closed and news is non existent.
Raising the issued share count would so negatively affect the pps that there would be no real benefit from selling shares.
It would be the stake in the heart of PBLS.
It is time for the company to man up and stand on their own.
The bull s**t factor will only be an embarrassment from here on and the pps will reflect true value.
I still believe that there is opportunity to lift PBLS out of this mess but it is time for management step up to the plate.
The days of manipulation, shenanigans and share selling are over.
The share selling well only has one drop left.
The guy at the pit is probably floating around in a little yellow rubber boat right now.
Not much to be enthusiastic about.
Lots of flooding in the bayou today.......