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Trade-just my feeble attempt at a little board humor. Wasn't too long ago that some viewed the modest cash levels as a sign of doom and gloom with losses around the corner. Management increased cash levels by 50% over the previous quarter and all is quiet (for now) from the peanut gallery.
Par
Trade-
Cash wasn't highlighted in Brad's Ibox financial summary but it looks like it grew 50% over the previous quarter. Increasing cash position is a good thing isn't it?
Par
Brad- Nice job, thanks for taking the time and thought to make these improvements. Definitely easier to read. Revs up considerably year over year as well shareholder equity.
Par
TR8-Thanks for putting that argument to bed. Leveraging debt to grow is common in business circles, but as you point out it's all in how wisely it's spent. A business associate went out and borrowed $6 mill to acquire some assets and start up a new company. He's currently generating about $250,000 a month in revs. His bank is pleased with his progress. The notion that you don't borrow more than you make is somewhat naive at best.
Par
Trade, thanks for the updates. Nice to have you and Brad around even if you have been at odds recently. If Bednar delivers, we might be one happy family again. By the way, saw both of you are taking a verbal beating from the exiled clowns over on RB.
Par
PS did I tell you I got to play Oakmont a few weeks ago?
Yep the Tribe choked after being up 3-1. What can I say. They did make it farther this year than I expected though and would have made mince meat of the Rockies if they could have put the Sox down when they had the chance. Big game on Sat for the Bucks and no one nationally giving them any chance or respect. Maybe that is just what they need.
Par
Thanks Trade for taking time to summarize your conversation. Yes it is refreshing to hear the company's take compared to some of the conjecture that is periodically spewn here fron non-stakeholders, most of it off-topic to boot.
Par
Go to their web site under SEC filings and look at the current pre-14C:
The Company's Board of Directors determined that the close of business on September ____, 2007 was the record date ("Record Date") for the stockholders entitled to notice about the proposals authorizing:
1. To institute a 1 for 250 reverse split of our issued and outstanding shares of common stock (the "Reverse Split"), including any and all outstanding options, warrants and rights as of September xx, 2007 (the "Record Date"), with all fractional shares rounded to the nearest whole.
2. To increase the Authorized Capital Stock from 400,000,000 to 1,000,000,000.
Under Section 222 of the DGCL, proposals by stockholders may be taken without a meeting, without prior notice, by written consent of the holders of outstanding capital stock having not less than the minimum number of votes that would be necessary to authorize the proposals at a meeting at which all shares entitled to vote thereon were present and voted. On that basis, stockholders holding a majority of the outstanding shares of capital stock entitled to vote approved the three above proposals. No other vote or stockholder action is required. You are being provided with notice of the approval of this proposal by written consent of the stockholders owning a majority of the outstanding voting securities of the Company entitled to vote thereon.
As of the Record Date, there were 398,453,245 shares of common stock, 100 shares of Series A Convertible Preferred Stock and 100 shares of Series B Preferred Stock issued and outstanding. The common stock, Series A Convertible Preferred Stock and Series B Preferred Stock constitute the sole outstanding classes of voting securities of the Company. Each share of common stock entitles the holder thereof to one vote on all matters submitted to a vote of the stockholders. Each share of Series A Convertible Preferred Stock entitles the holder thereof to one vote on all matters submitted to a vote of the stockholders, and each share of Series B Preferred Stock entitles the holder thereof to 1,000,000 votes on all matters submitted to a vote of the stockholders.
Charlie- your a sizeable shareholder here. Whats you take on the the increase in authorized shares they have put through prior to I believe announcing the 250 to 1 RS?
Par
Probably a good idea as I recall how that TA was reporting different numbers at one time earlier this year.
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Brad- they must have been selective as I did not. I re-joined their distribution last week for the second time and received an email from Ms. Lopez asking me to confirm some contact info.
Par
I had signed up some time agao but never received it.
Par
Oil futures rose above $83 a barrel on Friday, approaching record territory as the steadily weakening dollar drew buyers into commodity markets.
One question you can ask him what happened to the letter to shareholders he promised some time ago. You might ask him if he doesn't feel any sense of obligation to report to shareholders? He hired a PR firm promising improved communications and the reverse has happened. What gives? Thought management worked for shareholders?
What is management working on to grow shareholder value?
Jitz- most posters have indicated responding to emails is not a strong suit of this company. Might be best to phone Bednar and direct your questions to him. His phone number should be in the Ibox.
Par
Thanks Mike. Daughter goes to Miami down in Oxford, closer to Bengal's country so have all my bases covered. By the way saw U of C was beating them pretty bad last game. Don't know if you are a fan.
BOL
Par
Mike- looks like I owe you 5,000 shares. I can't believe that game. Unfortunately missed most of it as was moving my son into OSU today. Listened to the last 8 minutes or so and was able to pick up a Cinci channel. Regardless you folks have a good team despite today's outcome.
Par
Mike- That was me and I'd bet you 5,000 shares that the Bengals beat the Browns as well. But I think we finally have ourselves a fine young quarterback if they handle him right. At least it looks like our ball team is going to be in the playoffs, how are the Reds doing? And how about those Wolverine's? They got an enema the last two Saturdays lol.
Teo-
You have an email address you can share? I'd like to send you some questions rather than clutter the board with alot.
Thanks
ps if you prefer you can send me your address at parshooter220@aol.com
I'm in Northern,OH and a huge Bucks fan. Tressel's been giving the enema to Michigan the last few years. Go Browns!
Trade, I've got nothing against CPA's, came close to being one myself. It's just that there can be pluses and minuses and you cited the pluses. I recall this management group is loaded with CPA's. That can be a big plus but it helps to have some diversity in the management ranks. But things could be alot worse if they were all attorneys, lol. Seriously Bednar's team seems solid and knows what they are doing based on the results to date. Howeverm I would like to see them reinforce their commitment towards building shareholder value via improved communications with their shareholder base.
Par
PS OT John, I know I shouldn't have but couldn't resist. Just picked myself up one of those R7 super quad drivers from Taylormade. Sweeeeet. Am thinking of changing my handle to Birdieshooter. lol
Agree with you Brad. Company's actions since earlier this spring make no sense. We used to get frequent updates. Then they hire Phoenix to handle PR/IR and communication dries up. Maybe a good reason why you don't want a CPA running your company. All that said as they continue to grow revenues, shareholder value should increase over time.
Par
Crude oil rose to a record close of $78.21 a barrel in New York on speculation demand will outpace supply as refiners increase fuel production.
One would think this is all of the encouragement they need.
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Charlie- I know of some consultants who would consider taking on this project for you, lol.
Par
Sounds like a need for more consulting. lol
Par
Trade2- Thanks again for another good summary of your conversation with Bednar. I hope no one else calls him today or he might cancel the letter to shareholders on the basis that he has briefed most of them one on one, lol. Any chance did you bring up the issue of the current pr firm that Teomax mentioned? Curious if he expressed the same thing but indirectly he did share his hand a bit on the subject of pr's as he is not a proponent of their frequency to drive sp.
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Teomax- Thanks for summarizing your call to Bednar. It was interesting and provided some further insight into co. management and rational for not taking the Z2 option at this time.
Par
Agree, an update would be desired no matter which direction they go on the Z2 option.
Par
Good morning MKGP investors- I agree with the assessments from Veritas and Trade2. Just back from a week's vacation and finally have had a chance to review the co.'s 1st qtr financial report. A positive report showing continued progress. Good luck to any hoping for entry in the low 3's as that would take us back to late 2006 and the company's performance continues to demonstrate by their financial numbers, continued progress in building shareholder value. Probably not an equity for the short term investor, but for those with a longer term view, their patience will be rewarded. In my opinion when 2007 is complete we will see a major increase over 2006 in key financial indicators.
Best to all LT investors
Par
Bama- could be that management has better options to pursue at the moment. They know Z2 well so I would tend to trust their judgement in what decision they eventually make.
Par
I think one went in your mouth.
Boardmarks back up, now at 108.
Another interesting upcoming decision is what management decides to take relative to the option on Z2.
Oil- Konstatine's comment about the Clovelly property does not seem accurate. He say's it was 5% and now optioned to 11%. What tthe co. did was acquire an additional eleven percent (11%) working interest for a total of a sixteen percent (16%).
Trade- agree with you 100%.
Par
Trade et al- ignore this idiot. He wouldn't know value if it hit him between his two eyes.
Congratulations Tom. This is very similar to late last year although at a higher price level. Back then they's show 3.5 - 4.0 but very hard to get an order filled.
Par
Trade- you are right. I'm looking forward to the Q1 report as well Q2. With this kind of performance it is only a matter of time before it gets the recognition it deserves. Of course by then the value is going to be quite a bit higher. Patience is the key.
Par
Trade- excellent news indeed!
Par