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now THAT was a musician.
Thank you again for that... if the company sold shares into the katrina spike, and they did that without any registration statement, or a form D, (which if they did file one, it would be on the SEC website) that is highly illegal.
Selling shares IS HOW companies raise money, among other ways. Absolutely. That is why there are disclosure rules and laws which govern how companies can sell their own stock to raise money. Filing a registration statement is part of that, and, if exempt because of a private placement sold only to accredited investors, then a form D must be filed.That is What I have been saying all along is that , since we agree that they sold shares into the Katrina spike, they had done so illegaly, since they filed neither a form D or a registration statement.
Now here is my point. IF they are to file audited financials, they would have to ADMIT to selling shares INTO THE KATRINA SPIKE, (as you clearly agree that they have)without a registration statement, or form D, that opens up a can of worms like no ones business. Admitting illegal financial activities in an audit does not immunize yourself against prosecution.
THIS is why I continue to doubt they will ever file...
How did you do in business 101???
RIGHT!!!!! and they did that without a form D or a registration statement!!!!! that has been my point all along! To do that without a form D or registration statement is ILLEGAL for a public company
yes i can prove that there is no registration statement on file with the SEC... just go to www.sec.gov and check all their filings, its pretty easy to do.
Now, I do stand corrected. IF There is a private placement sold only to accredited investors, no registration statement is neccessary. However, the issuer must file a form D with the SEC, which, in the case of pbls, there is no record of any form D at the SEC.
http://www.occ.treas.gov/handbook/PrivatePlace1.pdf
page 4 discusses the registration exemption under form D.
you also do not know what registered shares are. I cannot sell unregistered shares since I am not the registrant (that is the company) selling shares by the company to the public, with the proceeds going to the company, must have a registration statement on file with the SEC, whether it is a private placement, a secondary offering , an IPO or whatever. To do so without a registration statement is called (get this....) selling unregistered shares.
in order to do a private placement , you HAVE TO do a registration statement. In a private placement, you can only sell to accredited investors, the shares are RESTRICTED, and you must file with the SEC.
my proof is that the last time they filed financials, there were 400 million or so shares issued and outstanding. the FACT that there will be (if you believe them) 815 million shares when they file, and the Lack of any REGISTRATION Statement (all registration statements need to be filed with the SEC) is PROOF that there were unregistered shares issued. There IS a huge increase in shares, and there IS NO registration statement. Therefore, the shares are NOT REGISTERED! Can I make that any more clear?
unregistered shares come in the form of sale of shares to the public, by the issuing company, away from the market. They are authorized shares, they are just not registered. You need to understand what a registration statement is, and the difference between unregistered and shares sold under a registration statement, and how a company can issue shares. Pinkies are well known for selling unregistered shares. Most of the time it is disclosed in an SEC filing after the fact, sometimes it is never disclosed.
the 997 million on the certs is what was authorized WHEN that paper was printed. When they are done with those certs, the new ones will show 1.75 billion AUTHORIZED. There is NEVER anything on a cert that says how many shares are ISSUED or OUTSTANDING.
You are totally not understanding what I am talking about. I am talking about them selling UNREGISTERED shares. Thats a different issue... and check your math.
where have I insinuated that? what 78 million are you referring to? where did I ever mention anything about 78 million shares?
And for your edification(please refer to an online dictionary), you do not know if there are 997 million shares issued. That number was the previous number of authorized shares before they increased the authorized to 1.75 billion.
so, you think there are only 997 million shares authorized?
I didnt say anything about the share count. It is about authorized shares, not the amount of shares issued and out. there are 1.75 billion shares authorized, not the 997 million that appears on the certs, and no one knows how many are issued and outstanding.
The certs that are newly issued are issued on the existing certs. There are 1.75 billion shares authorized. They are using existing, left over paper to print the share # and owner of record, everything else on the cert is pre-printed. When these certs are used up, they will print more with the 1.75 bullion # on them. Argue this one all you want, You guys crack me up.
Actually, since there is INTERSTATE commerce involved , the correct venue would be federal court.
midas, pm me with your email address. thanks
being in the pinks isn't license to dismiss your fiduciary duty to shareholders.
Thats all about LEGAL shorting. What is not Legal in the scenario that the articles address is covering your short with stock purchased in a secondary offering.
This has nothing to do with NSS.
unfortuanately that only applies to naked shorting ahead of a secondary offering, which is also a problem, but the NSS that may or may not affect PBLS is a whole other can of worms.
gee, you're a real smart guy. I never heard of the deal, except in here.
I don't need the tax loss this year is the major reason I am stil long. And I really don't care or have time for your songs.
I will be blunt. WE HAVE ALL BEEN TAKEN FOR A RIDE BY A BUNCH OF N'ORLEANS GOOD OL BOYS... and that, my friends , is embarrassing.
I will stand by my assumption that if anyone of substance thought this deal is what PBLS says it is, it would not be as low as it is now. You all know what happens when something is too good to be true.
They havent shorted their own shares. You have no idea what you are talking about.
common sense should tell you that your postulate is ridiculous.
in order to do a private placement in a publicly traded company, you need a REGISTRATION STATEMENT! Otherwise it is UNREGISTERED SHARES. Illegal! period!
we get 2-3 updates a month on the audit process???? REALLY????? that WAS what you were talking about in your post.
BTW, there are many other ways these guys can make money other than having the share price go up. Having the share price go up takes actual work, and performance. I am not saying they are selling shares now, but I will be willing to bet they sold a boatload when the stock ran in the past year.
What I cannot believe is how the longs in here believe EVERYTHING PBLS tells you. Now, THAT is insanity. What does "very soon" mean to you?????
we don't get any updates, period. You are right, no other company does this , because IT IS NOT AN ISSUE for most other companies.
The ONLY thing that will PROVE that they are making money is AUDITED FINANCIALS!!!
The fact that companies are selling to them for stock??? excuuuuuseeee meeeee.. but most of those were for preferred shares, which, since they DO NOT CONVERT to common stock, is basically a promisory note. and best jets was 4 million cash and 4 million shares, BFD... It could just as easily prove that the companies they are buying have no other out than to accept PBLS' offer. Getting bank financing on equiptment proves they are making lots of money? Are you kidding me??? those are secured loans, and you do not have to be profitable to get secured loan on equiptment, you merely need to show ability to pay for the equiptment.
The fact that investors got their checks proves nothing except for the fact that PBLS did buy back shares that were certed, and postmarked by Sept 15th, and only a limited amount of shares, NOT what they originally said that they would. That is the only thing it proves.
Gnulx, do you know the difference between the words "could" and "will", or "should"? do you know the difference between the phrases "pretax revenue" and "pretax profit"?
I do not see why they would short their own stock, instead of flat out selling it. They wouldn't sell it into the market, since there are huge restrictions on how you can sell your own shares through a brokerage firm (a company CANNOT sell its own shares into the marketplace through a brokerage firm, period. Brokerage firms ARE regulated, and that just can't happen without an underwriting agreement, secondary offering docs, shelf offering docs, etc. and that NEVER goes directly to the market, it is done directly to buying accounts) They would merely sell certed shares to investors through the "storefront", ie. private transactions. Thats why the buying is usually at a significant discount to the market price.
As far as shorting their own stock? if they did that through a hedgie, etc. It's jailtime for those guys for sure.
no, the source is someone very close to the company. I have to ask you a question, am I the problem with the PPS or is it something else, like the company?
i dont think they are at this level, but I would bet, and have heard from reliable sources, that they have when the stock was alot higher. The problem is that they had done so without a registration statement,(there is no SEC filing) and probably did sell to non accredited investors, which is a major problem in the eyes of the SEC.
my firm does not make market in this stock. and I am not acting on behalf of my firm. Look, if I was a paid basher, which is an urban legend, these boards are meaningless in relation to stock price, my job would have been done a long time ago.
no, I work AT a firm that trades all nasdaq stocks and makes market in some, they go both long and short as the situation dictates. There is nothing different about my firm than any other Market Maker. If you are going to print shares at 50% of market, then you are asking for trouble, and you get whacked for your indescretions.
Fact: the share price indicates my story is alot more likely than the compay's story.
hardly... i think you should take a second on your double wise and plow into this deal big time.
why shouldn't I be here? is this a forum only for the true believers?
my credibilty will be proven if they file.
I'm not sure that the pps is the goal, they can make just as much if not more by being a share and pr. factory, however the current pps has made that somewhat diffiult. Relying on the PPS to be high enough to shovel shares out the back door is a dangerous game, and they cant do that at this price with the current # outstanding. However, the market has gotten wise to their game and doesnt react to "good" news, so it is actually forcing these "good christian men" to do what they say, which is to file financials, which I do not think they ever will do. It will always be "very soon" but never happen, in my opinion. I actually feel that if they cant backdoor more shares, they are facing a long,slow death.
One other thing, if their oil leases were so great, how come they can't find a partner to drill? Oil almost hit $80/bbl and nothing is done? I wonder who's divining rod they used to figure out how much oil is down there?
I retract the word "every".
I was responding to someone's hypothesis.
They will supply all the proof anyone needs when and if they file. It should be obvious to anyone with half a brain that they have issued unregistered shares. If you argue that point, you are living in a dream world. That in itself is not legit, a violation of SEC rules and is how they are financing this. If you think otherwise, you need a remedial course in basic math. 1+1=2
Don't you see what the market is telling you???
prove what? be specific, please.
well said... so much for a moderate moderator.
totally possible, although I did know of another pinkie (never got involved, but a few at my firm did) that had been selling unregisitered, free trading shares at 50% discount to market which led our trading dept and other MM's to start shorting the crap out if it,(part of "the street", as I define it), covered with the sells from the new unregistered share owners.
But here is the real kicker in all this... If PBLS is as healthy financially as they claim, why go through all this??? Why not go Legit? If they had the financials that they claim, ALL THEY NEED TO DO IS SHOW THEIR TAX RETURNS to prove it, they can get legitimate funding without breaking SEC regulations and having to play these games.
They are running this thing as id it is a privately held company, much like Adelphia did, instead of a publicly traded one. What is permissible for a privately held company is very different than what is permissible for a publicly held one.
They may have a game plan, as you say, but that would make them smart enough to have done it legitimately, and with much better results. It would show how greedy these guys are, and willing to break every rule and ethic with reckless abandon. They aren't that smart, in my most humble opinion.