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Remember when he said six months ago to short anything trading above 3x net present tangible book value? Remember how he has been saying that for the past two years? Now he is saying short anything trading above 2x net present tangible book value. Where is the real growth coming from? Not from lower rates? Not from real economic growth? Not from expansion of the money supply? Not from a revaluation of the dollar? Not from the Saudi's pulling out 800B in liquid US assets? Not from your mothers coin collection? Well where is the real money Mr. Federal Reserve Banker and Mr. Pitt?
Penny King Holdings Corporation, a Delaware Investment Holding Company.
Guess he was right, now he is shorting again, anything trading above 2x net present tangible book value per share, 800K open short on this one...the market bounce is over....time for the FED to step in and show us the real money!
Penny King Holdings Corporation, a Delaware Investment Holding Company.
This is a $20.00 stock trading at above 6x reported book value with actual net present tangible value in negatory. Short 8MM shares daily till it reaches two times net present tangible book value....the Saudi's are selling out America...and shorting based on the above formula...
Penny King Holdings Corporation, a Delaware Investment Holding Company.
To heck with casino's. Rocket Man is burning up the streets of
San Jose.
http://finance.yahoo.com/q?s=KMAGQ.OB&d=t
http://biz.yahoo.com/prnews/020617/sfm123_1.html
http://biz.yahoo.com/fin/l/k/kmagq.ob_qb.html
Penny King Holdings Corporation, a Delaware Investment Holding Company.
Komag, Incorporated, organized in 1983, designs, manufactures and markets thin-film media, or disks, that are incorporated into disk drives, the primary storage devices for digital data. Disk drives incorporating thin-film disks are used wherever large amounts of data are stored, including applications such as the Internet, enterprise databases, communications systems, personal computers and consumer appliances such as peer-to-peer servers, digital video recorders and game boxes.
Komag manufactures and sells thin-film magnetic media on rigid disk platters for use in hard disk drives. These drives are used to record, store and retrieve digital information. Inside a disk drive, the disk rotates at speeds of up to 15,000 rpm. The head scans across the disk as it spins, magnetically recording or reading information. The domains where each bit of magnetic code is stored are extremely small and precisely placed. The tolerances of the disks and recording heads are extremely demanding and the interaction between these components is one of the most critical design aspects in an advanced disk drive.
The Company's plating, polishing and texturing processes produce a uniform disk surface that is smooth at an atomic level. This smoothness permits the read/write heads to fly over the disk surface at glide heights of 0.4 to 0.7 microinches. Disks must be made in a clean environment to limit surface defects. Even a handful of defects, a fraction of a micron in diameter, could cause the disk to fail. The magnetic alloys deposited on the surfaces of the Company's disks have high coercivity, low noise and other desirable magnetic characteristics. Finally, a protective layer of diamond-hard carbon and a layer of lubricant, each of which is controlled to a tolerance of a few angstroms, is applied to the disk surface to prevent wear. The continued improvement in these and other factors has resulted in rapid advancement in the amount of data a disk is capable of storing.
Komag sells primarily GMR media for 3 1/2-inch disk drives. The Company's products offer a range of coercivities, glide height capabilities and other parameters to meet specific customer requirements. The Company sells its media products primarily to independent disk drive manufacturers for incorporation into hard disk drives. Disk drives, in turn, are sold to computer or consumer appliance manufacturers that incorporate the disk drives into their systems, or are sold directly to consumers. The Company's major customers include Western Digital, Maxtor and Seagate Technology.
The Company is the largest independent manufacturer of disks. Other independent manufacturers include several Japanese firms, including Mitsubishi Chemical Corporation, Fuji Electric, Showa Denko and Hoya, and Trace Storage in Taiwan.
Penny King Holdings Corporation, a Delaware Investment Holding Company.
Ha Ha, here is a shortcut:
Estimated Flight Times (IAD/SFO)
Category Estimated time en-route Estimated arrival time
Small Jet 7hrs 13mins Jun 14 2002 7:13 AM
Mid-size Jet 7hrs 21mins Jun 14 2002 7:21 AM
Large Jet 6hrs 9mins Jun 14 2002 6:09 AM
These are estimated flght times, actual time en-route will depend on particular aircraft model and weather conditions at time of flight.
Please Note! A 30 minute layover is required between segments.
Penny King Holdings Corporation, a Delaware Investment Holding Company.
Do you know the way to San Jose?
1710 Automation Parkway
San Jose, CA 95131
Phone: (408) 576-2000
Fax: (408) 946-1126
Email: ir_web@komag.com
Ready to jump on this as it comes out of banko.
http://biz.yahoo.com/prnews/020509/sfth069_2.html
http://yahoo.marketguide.com/MGI/signdevt.asp?target=/stocks/companyinformation/signdevt&Ticker=...
Penny King Holdings Corporation, a Delaware Investment Holding Company.
Ok, lets get the DD updated, clean up this board, and see how quickly we can get back to turning pennies into dollars. Here's the latest bits of info on KMAG:
http://biz.yahoo.com/p/k/kmagq.ob.html
Penny King Holdings Corporation, a Delaware Investment Holding Company.
Sorry bout that, was flipping between pages...but its interesting what is going on in this market....
Penny King Holdings Corporation, a Delaware Investment Holding Company.
Interesting links on the subject of the whole securities industry:
http://securities.stanford.edu/
http://www.sec.gov/litigation/litreleases/lr17507.htm
http://www.sec.gov/litigation/litreleases.shtml
http://www.sec.gov/litigation/admin.shtml
http://www.sec.gov/litigation/aljdec.shtml
http://www.sec.gov/litigation/investreport/nasdaq21a.htm
http://www.sec.gov/litigation/investreport/nd21a-report.txt
http://www.sec.gov/litigation/opinions/34-43991.htm
http://www.sec.gov/litigation/opinions.shtml
http://www.sec.gov/litigation/opinions/34-42312.htm
http://www.sec.gov/litigation/suspensions.shtml
Posted for future references only.
Penny King Holdings Corporation, a Delaware Investment Holding Company.
Look at that press coverage:
Release headline: Penny King Holdings Proposes
Buyout of Quintek and eKnowledge Group
PRN Release ID: DCTU061
Release clear time: 05/14/2002 16:17
To see your release as posted on the sites below,
click on a link or copy and paste it into your
Web browser.
Site name: AmericanBanker.com
URL:
http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=ambank.story&STORY=/www/story/05-14-2002/00017...
Site name: CBS MarketWatch
URL:
http://cbs.marketwatch.com/news/newsfinder/newsArticles.asp?guid=%7B3252DD82%2DA66B%2D4D21%2DA2D7%2D...
Site name: Charlotte
URL:
http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=charlotte.story&STORY=/www/story/05-14-2002/00...
Site name: DallasNews.com
URL:
http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=danews.story&STORY=/www/story/05-14-2002/00017...
Site name: Finance Canada
URL:
http://finance.canada.com/bin/story?StoryId=CpoclWbWbrenuvta2mq&Topic=PR_Newswire&Type=&...
Site name: Kiplinger.com
URL:
http://www.kiplinger.com/news/kiparticle.html?t_id=134p4681
Site name: Lycos
URL:
http://finance.lycos.com/home/news/story.asp?symbols=PRNEWS:100&story=27166229
Site name: MiamiToday.com
URL:
http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=miamitoday.story&STORY=/www/story/05-14-2002/0...
Site name: NBC6.com
URL:
http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=NBC6.story&STORY=/www/story/05-14-2002/0001727...
Site name: National Hispanic Corporate Council
URL:
http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=NHCC-EDU.story&STORY=/www/story/05-14-2002/000...
Site name: News Alert
URL:
http://www.newsalert.com/bin/story?StoryId=CpoclWbWbrenuvta2mq&FQ=v%25prn&Nav=na-search-&...
Site name: PR Newswire
URL:
http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/05-14-2002/0001727871&...
Site name: Silicon Valley Business Ink
URL:
http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=SVBIZINK2.story&STORY=/www/story/05-14-2002/00...
Site name: TheEagle.com
URL:
http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=eagle.story&STORY=/www/story/05-14-2002/000172...
Site name: Yahoo!
URL:
http://biz.yahoo.com/prnews/020514/dctu061_1.html
Penny King Holdings Corporation, a Delaware Investment Holding Company.
Wake up America....!!!!!
Site name: AmericanBanker.com
URL:
http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=ambank.story&STORY=/www/story/05-14-2002/00017...
Site name: CBS MarketWatch
URL:
http://cbs.marketwatch.com/news/newsfinder/newsArticles.asp?guid=%7B3252DD82%2DA66B%2D4D21%2DA2D7%2D...
Site name: Charlotte
URL:
http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=charlotte.story&STORY=/www/story/05-14-2002/00...
Site name: DallasNews.com
URL:
http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=danews.story&STORY=/www/story/05-14-2002/00017...
Site name: Finance Canada
URL:
http://finance.canada.com/bin/story?StoryId=CpoclWbWbrenuvta2mq&Topic=PR_Newswire&Type=&...
Site name: Kiplinger.com
URL:
http://www.kiplinger.com/news/kiparticle.html?t_id=134p4681
Site name: Lycos
URL:
http://finance.lycos.com/home/news/story.asp?symbols=PRNEWS:100&story=27166229
Site name: MiamiToday.com
URL:
http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=miamitoday.story&STORY=/www/story/05-14-2002/0...
Site name: NBC6.com
URL:
http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=NBC6.story&STORY=/www/story/05-14-2002/0001727...
Site name: National Hispanic Corporate Council
URL:
http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=NHCC-EDU.story&STORY=/www/story/05-14-2002/000...
Site name: News Alert
URL:
http://www.newsalert.com/bin/story?StoryId=CpoclWbWbrenuvta2mq&FQ=v%25prn&Nav=na-search-&...
Site name: PR Newswire
URL:
http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/05-14-2002/0001727871&...
Site name: Silicon Valley Business Ink
URL:
http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=SVBIZINK2.story&STORY=/www/story/05-14-2002/00...
Site name: TheEagle.com
URL:
http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=eagle.story&STORY=/www/story/05-14-2002/000172...
Site name: Yahoo!
URL:
http://biz.yahoo.com/prnews/020514/dctu061_1.html
Penny King Holdings Corporation, a Delaware Investment Holding Company.
Penny King Holdings Corporation forms Advanced Capital Services Corporation as Financing Subsidiary
Penny King Holdings Corporation, which is considered an affiliate of the Free and Clear Foundations of America, Inc., announced that it has formed a wholly owned subsidiary to faciliate financing for small cap and emerging growth companies in the United States.
Advanced Capital Services Corporation will invest in publicly traded securities, and provide either equity lines of credit or faciliate the private placement of equity securities.
"Our first transaction is being lined up and we have obtained a term sheet for $75,000,000 from a Capital Markets Group to provide a structured equity line of credit for a pending proposal to merge six OTC BB companies and strengthen their shareholders values," said Gabor Sandor Acs, Chairman of ACSC.
Penny King Holdings Corporation, a Delaware Investment Holding Company.
GOOD BYE OTC BB - HELLO BBX
Important changes will be coming to the OTC Bulletin Board® (OTCBB), pending expected Securities and Exchange Commission (SEC) approval. In 2003, the OTCBB will be phased out and a new market, the Bulletin Board ExchangeSM (BBXSM), will be launched. Most OTCBB companies, will need to apply to list on the BBX market. The BBX will appeal to many of the same companies that are currently traded on the OTCBB, but will be a higher quality market.
The phasing out of the OTCBB, operated by The Nasdaq Stock Market, Inc., and the creation of the BBX is motivated in part by SEC rules that govern exchanges. It is also part of an ongoing effort to improve capital markets for smaller companies. The BBX will offer a significant improvement over the OTCBB for qualifying small companies by increasing liquidity in the market for their securities, augmenting the opportunity to raise equity capital, and conferring the recognition of trading on a listed market.
The BBX will be a listed marketplace, with qualitative listing standards but with no minimum share price, income, or asset requirements, therefore allowing entrance to a wide array of listings. Companies trading on the BBX will be differentiated from those still trading over-the-counter. All BBX issue symbols will begin with the letters “XB,” and, unlike in the current OTCBB, issuers will be able to choose their own three-letter market symbol to follow the two-letter prefix (e.g., XBAAA).
In addition, the BBX will have an electronic trading system to allow order negotiation and automatic execution. This is a major improvement over the current OTCBB system, where market participants must execute customer orders using the telephone. The BBX’s new system will bring increased speed and reliability to trade executions, as well as improve the overall transparency of the marketplace.
Other advantages to being a BBX-listed company include access to a Corporate Communications Director, who will be responsible for answering questions and providing information on trading activity in individual securities and the marketplace as a whole. This individual attention will be supplemented by newsletters, an informational Web site, and periodic informational seminars and other training opportunities.
In the near future, all OTC BB listed firms will receive a more comprehensive package of materials regarding the BBX and what it means for qualifying companies. The package will include a brochure describing the new market, a listing application, a schedule of listing fees, and detailed application instructions. Furthermore, market participants will be sent an invitation to the BBX informational seminars, which will be held throughout the country beginning in late May or early June 2002.
The BBX website, www.bbxchange.com, went operational in May 2002. The Web site houses application materials, answers to frequently asked questions, and other information.
On Monday, May 6, 2002, The Nasdaq Stock Market, Inc., will host a conference call for market participants to discuss the new Bulletin Board ExchangeSM (BBXSM). The BBX will launch in the first Quarter of 2003 and will eventually take the place of the OTC Bulletin Board® (OTCBB). We invite you to take this opportunity to learn more about the market structure and trading systems of the BBX.
Agenda items include:
Market Overview: Listing Qualifications and Trading Rules
Trading Systems: Order Delivery System and Automated Execution Systems
Technology: BBX Workstation and Network
Next Steps: Issuer Communications and Implementation Schedule
Following the presentation, representatives from Nasdaq Systems Engineering, the Office of the General Counsel, and Listing Qualifications will be available to answer your questions and provide more information. The call-in information is as follows:
Date: May 6, 2002
Time: 4:30 p.m., ET
Call-In Number: (888) 913-9968
Leader’s Name: Wes McGrew
Password: BBX
Questions concerning the call, BBX, or OTCBB can be directed to:
Liz Heese, OTCBB/BBX Product Manager at (301) 978-8263 (liz.heese@nasdaq.com), or
Staci Warden, BBX Director at (301) 978- 8260 (staci.warden@nasdaq.com).
Penny King Holdings Corporation, a Delaware Investment Holding Company.
That's why one should never pay more than 3x book value for any stock, regardless of past or projected earnings. Earnings can always be restated and projections can always not materialize for whatever reasons.
Penny King Holdings Corporation, a Delaware Investment Holding Company.
Got a good nights sleep. Ready to roll forward.
Penny King Holdings Corporation, a Delaware Investment Holding Company.
If you know how to turn pennies into nickels, and nickels into quarters, and quarters into dollars, what would you be able to do with a dollar?
http://www.oddcast.com/host/bush/index.php?id=99522
Penny King Holdings Corporation, a Delaware Investment Holding Company.
Demand drives values.
http://www.oddcast.com/host/bush/index.php?id=99522
Penny King Holdings Corporation, a Delaware Investment Holding Company.
I'm bullish on pennies! Next week should prove interesting for QTEK, EKNO and NPCT. Heres is a gift for your free and clear weekend:
http://www.oddcast.com/host/bush/index.php?id=99522
Penny King Holdings Corporation, a Delaware Investment Holding Company.
I'm certainly not short this one, and sooner or later it will get there in due time.
http://www.oddcast.com/host/bush/index.php?id=99522
Penny King Holdings Corporation, a Delaware Investment Holding Company.
Working on QTEK and EKNO, check out this link:
http://www.oddcast.com/host/bush/index.php?id=99522
Penny King Holdings Corporation, a Delaware Investment Holding Company.
KING RESOURCES INC (KINGE.OB)
Quarterly Report (SEC form 10QSB)
October 16, 2001
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
A. RESULTS OF OPERATIONS
Oil and gas revenues for the three months ended July 31, 2001 were $-0-, which is $12,321 less than the oil and gas revenues for the three months ended July 31, 2000 and is primarily attributed to the slow down of production. Lease operating expense decreased from $8,686 for the three months ended July 31, 2000 to $-0- for the three months ended July 31, 2001, a decrease of $8,686. The decrease is primarily due to the cessation of production activity. General and administrative costs decreased from $183,325 for the three months ended July 31, 2000 to $21,201 for the three months ended April 30, 2001. The decrease of $162,124, primarily consists of a decrease in payroll and office overhead expenses.
B. LIQUIDITY AND CAPITAL RESOURCES
Net cash flow from operating activities was a negative $519 for the three months ended July 31, 2001 as compared to a negative of $142,733 for the three months ended July 31, 2000.
At July 31, 2001, the Company's current assets of $216 were exceeded by current liabilities of $971,254 by $971,038. The Company had a net loss of $363,050 and negative cash flow from operations of $519 for the quarterly period ended July 31, 2001 and had an accumulated deficit of $17,092,745 at that date, which raises substantial doubt about the Company's ability to continue as a going concern. The Company is continuing to target several acquisition opportunities and is aggressively seeking financial sources to assist with the financing.
The Company notes that there is not sufficient cash flow from operations to continue to operate the business for the next fiscal quarter.
C. MANAGEMENT'S RESPONSE AND PLAN OF OPERATIONS
Under-capitalization continues to be the most serious problem facing the Company.
To correct this problem the Company has acquired the rights to several high potential oil and gas development prospects which would provide the justification for the Company's planned additional Public Offering which will now proceed as rapidly as possible. It is the intent of the Company to apply for membership on the American Exchange simultaneously with the offering.
The Company believes that a listing on a major stock exchange in preference to the Bulletin Board will open opportunities for acquisitions with stock and cash. The Company is confident that, with the offering completed, it will qualify for the AMEX.
6 months later still no beef on this skeleton?
Penny King Holdings Corporation, a Delaware Investment Holding Company.
SYMBOL CHANGES
Updated Date Old Symbol New Symbol Name
15:34 04/19/2002 VLTA** VLTAA Vialta Inc Cl A
14:06 04/22/2002 AAMC** AAMCE American Asset Management Corporation
14:06 04/22/2002 AARW** AARWE Aaro Broadband Wireless Communications Inc
14:06 04/22/2002 ACHT** ACHTE Achievement Tec Holdings Inc
14:06 04/22/2002 ACMN** ACMNE ASPAC Communications Inc
14:06 04/22/2002 ACNTP** ACNTE Ascent Energy Inc Ser B 8% CV Pfd
14:06 04/22/2002 ACPL** ACPLE Accident Prevention Plus Inc
14:06 04/22/2002 ACTMQ** ACTME ACT Manufacturing Inc
14:06 04/22/2002 ADGI** ADGIE American Diversified Group Inc
14:06 04/22/2002 ADSN** ADSNE Advanced Systems International Inc
14:06 04/22/2002 AFRC** AFRCE American Fire Retardant Corporation (NV)
14:06 04/22/2002 AGAT** AGATE U.S. Aggregates Inc
14:06 04/22/2002 AHMX** AHMXE Access Health Alternatives Inc
14:06 04/22/2002 AMEU** AMEUE Ameurotech Corporation
14:06 04/22/2002 AMJC** AMJCE American Jewelry Corporation
14:06 04/22/2002 AMTI** AMTIE Armitec Inc
14:06 04/22/2002 ANCL** ANCLE Animal Cloning Sciences Inc
14:06 04/22/2002 APAD** APADE AdPads Inc
14:06 04/22/2002 APPI** APPIE Advanced Plant Pharmaceuticals
14:06 04/22/2002 ARSD** ARSDE Arabian American Development Company
14:06 04/22/2002 ASAT** ASATE eSAT Inc
14:06 04/22/2002 ASEQ** ASEQE Asset Equity Group Inc
14:06 04/22/2002 ASPQ** ASPQE ASPi Europe Inc
14:06 04/22/2002 ASWT** ASWTE American Southwest Holdings Inc
14:06 04/22/2002 ATEL** ATELE Accesstel Inc
14:06 04/22/2002 ATLI** ATLIE American IR Technologies Inc
14:06 04/22/2002 ATNG** ATNGE ATNG Inc
14:06 04/22/2002 ATTI** ATTIE Air Test Technology Inc
14:06 04/22/2002 ATTP** ATTPE Affordable Telecommunications Technology Corporation
14:06 04/22/2002 AVDI** AVDIE Advanced Technology Industries Inc
14:06 04/22/2002 AWSS** AWSSE Advanced Wireless Systems Inc
14:06 04/22/2002 AZUR** AZURE Azurel Ltd
14:06 04/22/2002 AZURW** AZUWE Azurel Ltd Wts 7/29/2002
14:06 04/22/2002 BBIC** BBICE Bluebook International Holding Company (The)
14:06 04/22/2002 BDLF** BDLFE Broadleaf Capital Partners Inc
14:06 04/22/2002 BEEP** BEEPE Communitronics of America Inc
14:06 04/22/2002 BEVN BEVNE Bank of Evansville NA (Indiana)
14:06 04/22/2002 BFII BFIIE Barrington Foods International Inc
14:06 04/22/2002 BGII** BGIIE BGI Inc
14:06 04/22/2002 BGMR** BGMRE Bigmar Inc
14:06 04/22/2002 BHUS** BHUSE Bach-Hauser Inc
14:06 04/22/2002 BISA** BISAE Baltic International Inc USA Inc
14:06 04/22/2002 BKCJ** BKCJE First Bank of Central Jersey North Brunswick+
14:06 04/22/2002 BKMD** BKMDE American Federal Savings Bank (Rockville, MD)+
14:06 04/22/2002 BKVS** BKVSE Bank Visalia+
14:06 04/22/2002 BMLS** BMLSE Burke Mills Inc
14:06 04/22/2002 BPRG** BPRGE BioProgress Technology International Inc
14:06 04/22/2002 BROG** BROGE Broadengate Systems Inc
14:06 04/22/2002 BSHC** BSHCE BlueStone Holding Corporation
14:06 04/22/2002 BSOG** BSOGE Bank Salem Oregon+
14:06 04/22/2002 BTRK** BTRKE Advanced Remote Communications Solutions Inc
14:06 04/22/2002 BWWL** BWWLE Black Warrior Wireline Corporation
14:06 04/22/2002 BYNDQ** BYNQE Beyond.com Corporation
14:06 04/22/2002 CAAP** CAAPE Cititzens Capital Corporation
14:06 04/22/2002 CBLRF** CBLRE Campbell Resources Inc
14:06 04/22/2002 CBQI** CBQIE CBQ Inc
14:06 04/22/2002 CCAA** CCAAE Cala Corporation
14:06 04/22/2002 CCRE** CCREE Can-Cal Resources Ltd
14:06 04/22/2002 CCSI** CCSIE Chromatics Color Sciences International Inc
14:06 04/22/2002 CECS** CECSE CECS Corporation
14:06 04/22/2002 CEML** CEMLE Century Milestone S & T Company Ltd
14:06 04/22/2002 CENE** CENEE Central American Equities Corporation
14:06 04/22/2002 CFIM** CFIME CFI Mortgage Inc
14:06 04/22/2002 CGDP** CGDPE China Global Development Inc
14:06 04/22/2002 CGYC** CGYCE Carnegie International Corporation
14:06 04/22/2002 CHAG** CHAGE Chancellor Group Inc
14:06 04/22/2002 CHCL** CHCLE China Continental Inc
14:06 04/22/2002 CLNB CLNBE CalNet Business Bank NA (CA)+
14:06 04/22/2002 CMFI** CMFIE Country Maid Financial Inc+
14:06 04/22/2002 CMKI** CMKIE Cyber Mark International Corporation
14:06 04/22/2002 CMNW** CMNWE CommunicateNow.com Inc
14:06 04/22/2002 CNMT** CNMTE ConMat Technologies Inc
14:06 04/22/2002 CNOW** CNOWE Call Now Inc
14:06 04/22/2002 COII** COIIE COI Solutions Inc
14:06 04/22/2002 CONEQ** CONEE Carrier1 International SA ADR
14:06 04/22/2002 COPI** COPIE Crescent Operating Inc
14:06 04/22/2002 CRRZ** CRRZE Nostalgia Motorcars Inc
14:06 04/22/2002 CSLV** CSLVE ConSil Corporation
14:06 04/22/2002 CTRX** CTRXE Concentrax Inc
14:06 04/22/2002 CUMD CUMDE County First Bank (La Plata, MD)+
14:06 04/22/2002 CWBK** CWBKE CommerceWest Bank NA (CA)+
14:06 04/22/2002 CYFT** CYFTE Cyfit Wellness Solutions Inc
14:06 04/22/2002 CYNE** CYNEE Cynet Inc Cl A
14:06 04/22/2002 CYNEB** CYNJE Cynet Inc Cl B
14:06 04/22/2002 CZNS** CZNSE Citizens National Bank (Meyersdale, PA)+
14:06 04/22/2002 DATT** DATTE Datastand Technologies Inc
14:06 04/22/2002 DBSS** DBSSE DBS Industries Inc
14:06 04/22/2002 DCAP** DCAPE DCAP Group Inc
14:06 04/22/2002 DGPV DGPVE Digital Privacy Inc
14:06 04/22/2002 DISS** DISSE Diversified Senior Services Inc
14:06 04/22/2002 DLNKQ** DLNQE DecisionLink Inc
14:06 04/22/2002 DMNX** DMNXE Dominix Inc
14:06 04/22/2002 DTMI** DTMIE Dtomi Inc
14:06 04/22/2002 DUCT** DUCTE Duct Utility Construction & Technologies Inc
14:06 04/22/2002 DYIG** DYIGE Dynamic Imaging Group Inc
14:06 04/22/2002 EARZ** EARZE Earful of Books Inc
14:06 04/22/2002 ECCO** ECCOE EarthCare Company
14:06 04/22/2002 ECLE** ECLEE Eclipse Entertainment Group Inc
14:06 04/22/2002 ECNC** ECNCE eConnect
14:06 04/22/2002 EESV** EESVE Environmental Energy Services Inc
14:06 04/22/2002 EGRO** EGROE e resources inc
14:06 04/22/2002 EIDT** EIDTE Electronic Identification Inc
14:06 04/22/2002 ELOT** ELOTE eLOT Inc
14:06 04/22/2002 EMAC** EMACE e*machinery.net inc
14:06 04/22/2002 EMGR** EMGRE Emergent Group Inc
14:06 04/22/2002 ENCW** ENCWE Encore Wireless Inc
14:06 04/22/2002 ENGY** ENGYE Enviro-Energy Corporation
14:06 04/22/2002 EPAR** EPARE European American Resources Inc
14:06 04/22/2002 EPYC** EPYCE Empyrean Communications Inc
14:06 04/22/2002 ETIE** ETIEE ETI Expertise Technology Innovation Corporation
14:06 04/22/2002 EXDSQ** EXDQE Exodus Communications Inc
14:06 04/22/2002 EXIC** EXICE EXOTICS.com Inc
14:06 04/22/2002 EXSR EXSRE Exchange Bank (Santa Rosa)+
14:06 04/22/2002 EXUS** EXUSE Exus Networks Inc
14:06 04/22/2002 EYCR** EYCRE Eye Care International Inc
14:06 04/22/2002 EYES** EYESE Vision Twenty-One Inc
14:06 04/22/2002 EZCO** EZCOE Ezcony Interamerica Inc
14:06 04/22/2002 FCNK** FCNKE Financial Commerce Network Inc
14:06 04/22/2002 FCRZ** FCRZE Future Carz Inc
14:06 04/22/2002 FEMT** FEMTE Fortune Entertainment Corporation
14:06 04/22/2002 FGWC** FGWCE 5G Wireless Communications Inc
14:06 04/22/2002 FIOC** FIOCE First & Ocean Bancorp+
14:06 04/22/2002 FLIP** FLIPE FTS Apparel Inc
14:06 04/22/2002 FNOF** FNOFE First National Bank (Bar Harbor, ME)+
14:06 04/22/2002 FNST** FNSTE Fansteel Inc
14:06 04/22/2002 FRBW** FRBWE Frederick Brewing Company
14:06 04/22/2002 FROG** FROGE Leapfrog Smart Products Inc
14:06 04/22/2002 FRST** FRSTE First Look Media Inc
14:06 04/22/2002 FSAZ FSAZE Frontier State Bank (AZ)+
14:06 04/22/2002 FSFI** FSFIE First Scientific Inc
14:06 04/22/2002 FTWB** FTWBE F2 Broadcast Network Inc
14:06 04/22/2002 FUBK** FUBKE Futura Banc Corporation+
14:06 04/22/2002 FWIN** FWINE Fenway International Inc
14:06 04/22/2002 GBLXQ** GBLXE Global Crossing Ltd
14:06 04/22/2002 GBXGQ** GBXGE Global Crossing Ltd 6.375% CV Pfd
14:06 04/22/2002 GBXLQ** GBXLE Global Crossing Ltd 6.75% CV Pfd 4/15/2012
14:06 04/22/2002 GDEC** GDECE Global DECS Corporation
14:06 04/22/2002 GDRS** GDRSE Global Diamond Resources Inc
14:06 04/22/2002 GEAR** GEARE Golfgear International Inc
14:06 04/22/2002 GEOK** GEOKE Geokinetics Inc
14:06 04/22/2002 GGEN** GGENE GalaGen Inc
14:06 04/22/2002 GLAR** GLARE Glas-Aire Industries Group Ltd
14:06 04/22/2002 GLFN** GLFNE McHenry Metals Golf Corporation
14:06 04/22/2002 GLXS** GLXSE Global Axcess Corporation
14:06 04/22/2002 GNIZ** GNIZE General Credit Corporation
14:06 04/22/2002 GOLX** GOLXE Global Online India Inc
14:06 04/22/2002 GOPL** GOPLE Geo Petroleum Inc
14:06 04/22/2002 GOSN** GOSNE Gosun Communictions Ltd Inc
14:06 04/22/2002 GSLHF** GSLHE GSL Holdings Inc
14:06 04/22/2002 GTMM** GTMME GTM Holdings Inc
14:06 04/22/2002 GTNH** GTNHE Gatlin Holdings Inc
14:06 04/22/2002 GTSM** GTSME Galtech Semiconductor Materials Corporation
14:06 04/22/2002 GVTS** GVTSE Gravitas International Inc
14:06 04/22/2002 HBDI** HBDIE Hand Brand Distribution Inc
14:06 04/22/2002 HCAR** HCARE Hometown Auto Retailers Inc Cl A
14:06 04/22/2002 HCBN** HCBNE H.C.B. Financial Corporation+
14:06 04/22/2002 HENI** HENIE H-Entertainment Inc
14:06 04/22/2002 HERS** HERSE Heroes Inc
14:06 04/22/2002 HFDI** HFDIE Host Funding Inc
14:06 04/22/2002 HGCT** HGCTE High Country Bank (NC)+
14:06 04/22/2002 HGOI** HGOIE Hugo International Telecom Inc
14:06 04/22/2002 HLYP** HLYPE Hollywood Partners.com Inc
14:06 04/22/2002 HMSK** HMSKE HomeSeekers.com Inc
14:06 04/22/2002 HOGU** HOGUE Holiday-Gulf Homes Inc
14:06 04/22/2002 HONT** HONTE Honat Bancorp Inc+
14:06 04/22/2002 HQNT** HQNTE H-Quotient Inc
14:06 04/22/2002 HTTP** HTTPE HTTP Technology Inc
14:06 04/22/2002 HTVN** HTVNE Hispanic Television Network Inc
14:06 04/22/2002 HUDS** HUDSE Hudson Hotels Corporation
14:06 04/22/2002 HVGP** HVGPE Havana Group Inc (The)
14:06 04/22/2002 HVGPU** HVGUE Havana Group Inc (The) Uts 2003
14:06 04/22/2002 HVGPW** HVGWE Havana Group Inc (The) Wts A 2003
14:06 04/22/2002 ICBL** ICBLE Internet Cable Corporation
14:06 04/22/2002 ICMM** ICMME Inland Community Bank (CA)+
14:06 04/22/2002 ICRS** ICRSE iCrystal Inc
14:06 04/22/2002 ICTT** ICTTE ICT Technologies Inc
14:06 04/22/2002 ICTY** ICTYE EyeCity.com Inc
14:06 04/22/2002 IEME** IEMEE IEMI
14:06 04/22/2002 IEVT** IEVTE iNetEvents Inc
14:06 04/22/2002 IFCIQ** IFCQE International FiberCom Inc
14:06 04/22/2002 IFFD** IFFDE International Fast Foods Corporation
14:06 04/22/2002 IFFDP** IFFPE International Fast Foods Corporation Ser A Pfd
14:06 04/22/2002 IFTA** IFTAE Infotopia Inc
14:06 04/22/2002 IGAC** IGACE Interactive Gaming & Communications Corporation
14:06 04/22/2002 IHTL** IHTLE Innovative Holdings & Technologies Inc
14:06 04/22/2002 IIBK** IIBKE Idaho Independent Bank Coeur Dalene+
14:06 04/22/2002 IMGI** IMGIE ImaginOn Inc
14:06 04/22/2002 IMXI** IMXIE IMX Pharmaceuticals Inc
14:06 04/22/2002 INVA** INVAE Invvision Capital Inc
14:06 04/22/2002 INYC** INYCE Infynia.com Corporation
14:06 04/22/2002 INZS** INZSE Investment Technology Inc
14:06 04/22/2002 IPCN** IPCNE Inter-Con/PC Inc
14:06 04/22/2002 IPNC** IPNCE Independence Bank (Kernersvlle, NC)+
14:06 04/22/2002 IRAC** IRACE Intrac Inc
14:06 04/22/2002 IRDI** IRDIE Intelliready Inc
14:06 04/22/2002 IVIA** IVIAE Invicta Corporation
14:06 04/22/2002 IVSO** IVSOE Investco Inc
14:06 04/22/2002 IWMI** IWMIE Image World Media Inc
14:06 04/22/2002 IWXX** IWXXE Intelliworxx Inc
14:06 04/22/2002 JBMG** JBMGE J-Bird Music Group Ltd
14:06 04/22/2002 JGUR** JGURE Jaguar Investments Inc
14:06 04/22/2002 JPEI** JPEIE JPE Inc
14:06 04/22/2002 JRSE** JRSEE Jacobson Resonance Enterprises Ltd
14:06 04/22/2002 JYRA** JYRAE Jyra Research Inc
14:06 04/22/2002 KDSPP** KDSPE Kids Stuff Inc Series 1 Pfd
14:06 04/22/2002 KDST** KDSTE Kids Stuff Inc
14:06 04/22/2002 KDSTW** KDSLE Kids Stuff Inc Wts A 6/26/2002
14:06 04/22/2002 KINT** KINTE Karts International Inc
14:06 04/22/2002 KINTW** KINWE Karts International Incorporated Wts 9/9/2002
14:06 04/22/2002 KISB** KISBE Kish Bancorp Inc+
14:06 04/22/2002 KKTI** KKTIE KIK Technology International Inc
14:06 04/22/2002 KLMK** KLMKE Klever Marketing Inc
14:06 04/22/2002 KNICQ** KNIQE L.L. Knickerbocker Company Inc (The)
14:06 04/22/2002 KNON** KNONE Knowledge Networks Inc
14:06 04/22/2002 KOOP** KOOPE drkoop.com Inc
14:06 04/22/2002 KTWO** KTWOE K2 Digital Inc
14:06 04/22/2002 KWEB** KWEBE KwibWeb.com Inc
14:06 04/22/2002 LABN** LABNE Las Americas Broadband Inc
14:06 04/22/2002 LBMT** LBMTE Liberty Mint Ltd
14:06 04/22/2002 LBOC** LBOCE LBO Capital Corporation
14:06 04/22/2002 LBOH LBOHE Legacy Bank of Harrisburg (The)+
14:06 04/22/2002 LBTM** LBTME Liberty Savings Bank FSB MO+
14:06 04/22/2002 LDSR** LDSRE Landstar Inc
14:06 04/22/2002 LEAD** LEADE Leadville Corporation
14:06 04/22/2002 LINS** LINSE Life Insurance Company Alabama $5 Par+
14:06 04/22/2002 LINSA** LINZE Life Insurance Company Alabama Cl A+
14:06 04/22/2002 LJMP** LJMPE Level Jump Financial Group Inc
14:06 04/22/2002 LMAR** LMARE Lamaur Corporation (The)
14:06 04/22/2002 LMGR** LMGRE Light Management Group Inc
14:06 04/22/2002 LOAX** LOAXE Log On America Inc
14:06 04/22/2002 LQTK** LQTKE Liquitek Enterprises Inc
14:06 04/22/2002 LRCM** LRCME LearnCom Inc
14:06 04/22/2002 LTVCQ** LTVQE LTV Corporation
14:06 04/22/2002 LUMTQ** LUMQE Luminant Worldwide Corporation
Penny King Holdings Corporation, a Delaware Investment Holding Company.
Whose buying VGNV, QTEK and EKNO? Anything new on CYTY?
Penny King Holdings Corporation, a Delaware Investment Holding Company.
Coming back slower this time...
Penny King Holdings Corporation, a Delaware Investment Holding Company.
Are we heading for $2.00?
Penny King Holdings Corporation, a Delaware Investment Holding Company.
Been so busy I have not looked into it any further.
Penny King Holdings Corporation, a Delaware Investment Holding Company.
TSBB at book value of .16 and outstanding of 11.6 MM if an insider wanted to sell us 1.1 million shares for .36 per share we would consider it, but I wouldn't be calling it a takeover candidate, more of a friendly non-affiliation.
http://www.sec.gov/litigation/litreleases/lr17464.htm
Penny King Holdings Corporation, a Delaware Investment Holding Company.
That is a great site. I added it as a favorite. Thanks. EM
Penny King Holdings Corporation, a Delaware Investment Holding Company.
I'll take ten million shares at a penny if you don't mind.
http://biz.yahoo.com/p/b/bmks.ob.html
Penny King Holdings Corporation, a Delaware Investment Holding Company.
They must be buying their own stock again. I'd buy about a million shares up to 3x net book.
http://biz.yahoo.com/prnews/020213/daw024_1.html
Penny King Holdings Corporation, a Delaware Investment Holding Company.
Here is an oldie but goodie:
04 Jun 1999, 11:27 AM EDT Msg. 4 of 4282
Quintek Secures Facility for Internet Archiving Business
CAMARILLO, Calif., June 4 /PRNewswire/ -- Quintek Technologies Inc. (OTC Bulletin Board: QTEK - news) announced
that it has secured long-term access to an ``Iron Mountain'' facility, soon to be used as a conversion center for the company's
fast-growing Internet archiving business.
This facility, located in Karlskoga, Sweden, will be used to receive digital information over the Internet, convert that
information into aperture card media, and store the aperture cards safely for as long as one thousand years.
Within 4 months, Quintek expects to introduce its proprietary software, which can automatically transfer digital information to
the company's conversion center via the Internet.
This Internet archiving service is expected to generate over $40 million in revenue over the next five years, Quintek said.
Quintek's system is the only one of its kind capable of producing aperture cards, which are commonly used by large
engineering companies, directly from digital files without the use of chemicals.
Penny King Holdings Corporation, a Delaware Investment Holding Company.
I don't think I have ever seen that either...amazing. Here is an excerpt from FCIR:
On a minor economic level, one can study a case in point, another social experiment relative not to pennies as the common denominator of the blood of society, but to penny stocks in the United States over the counter markets. The Bulletin Board as it is called. The power to issue money is not limited to banks, wall street, or to global financial institutions, but they are regulated by their respective governments and agencies. If a currency is issued which puts more power into the hands of the people, the power of governments and their licensees begins to shrink. A good case in point.
Intellectual capital, and proprietary knowledge, having become in the information age more priceless than gold, makes for an interesting example of these principals at work. Let us take a penny stock like Quintek Technologies, Inc. trading at .04 cents per share when our experiment began. A few ideas, a contract here and there, using the applications of proprietary knowledge and a sincere desire to improve not only the product, but to help all the stockholders in their creation of wealth recently resulted in a closing price of over .40 per share less than nine months later. A 900% return to date, but even more remarkable an annualized return of 1200%.
This is the Quantum Principle of Freenomics at work. An entity was created which was freely allowed to purchase the stock at a premium to the then market price for the stock. A premium which at the time of negotiations and cutting of a strike price was 425% above the market bid price for the stock. The free exchange of information, knowledge, and proprietary applications of executed projects and programs resulted in increasing the sales, the overall market exposure and the global reach of the company. With this broader exposure has come a wider acceptance of the stock in the company as a potential for good returns.
The next Quantum leap in this test of the principals of Freenomics at work will be to repeat the process for this tiny company with a $2.5 billion global market for its products. Will these same principals applied at the current price levels allow new investors coming in to this application of knowledge to have similar gains and returns and will older investors take their gains and reinvest half their profits to determine if it can be done again, and again, and again?
Had one invested with George Soros in his Quantum Fund when it started with only $100,000, today that sum would have grown to over $500 million. A staggering 500,000% return. To say it cannot be done would be a lie. To date this same man is the only one in history who has been able to earn $1 billion in profit in a single day. It will not take long for the next man to earn $1 trillion in profit in a single day with a keen understanding of how markets work.
So far, there have been tremendous economic dislocations, tremendous human suffering as a result of what happens in financial markets, affecting what is now called innocent bystanders. Millions of people who are not entrepreneurs, who hadn't made any decisions, didn't borrow foreign currency. A lot of them, rather poor people, who have actually benefited over the years, in an improvement in their standard of living. Suddenly a collapse--losing their jobs, having much less income, much higher prices, and so on. Losing their savings, in the case of currencies that collapse.
By the same token, on the flip side of the coin, when you take a penny stock and turn it into something of real value, those market participants that dominated the prices prior to your applications of knowledge, due diligence, hard work, and honest business practices, tend to get hurt, if by chance they had shorted the stock without a hedge against the upside potential. This fosters animosity, jeolousy and in most instances, in a barbaric society bent on greed versus cooperation, force versus reason, and domination versus freedom of enterprise, retaliation as swift as a crucificixion without a trial.
So tremendous dislocations. They have occurred in the periphery of the global capitalist system. These are the countries that have been attracting capital or using capital coming from abroad. It has, if anything, actually benefited us and our economy, because we have had the benefit of cheaper imports. Its incipient inflationary tendency was nipped in the bud. Actually, we were on the verge of perhaps having higher interest rates, which would have pushed us into a slow-down. Because of the financial crisis, we actually got lower interest rates and a new shot of stimulus.
These same principals applied to a company trading in the penny stock range or even the sub penny level can result in similar results only on a much more microeconomic level. What works at the micro level can also work at the macro level. As investors flee stocks that are underperforming, they seek out the next best potential for solid returns and gains.
Penny King Holdings Corporation, a Delaware Investment Holding Company.
So it appears that this little micro god of infinitismal infinity that was given the name of "The Penny King" by some homeless person in Portland really does know his stuff and all that raging bull over at RB was just that. Maybe you should all start saving pennies at a much more rapid rate.
http://www.buyusa.gov/hungary/en/index.php?page=67
Penny King Holdings Corporation, a Delaware Investment Holding Company.
Compliments of a Beautiful Mind thank you.
$30 Million Export Is the First Transaction Under Hungarian-U.S. Eximbank Agreement
On Feb 27 in Budapest, Hungary, Ambassador Nancy Brinker witnessed the signing of the first transaction under an agreement between the Hungarian and U.S. Eximbanks.
Representing the U.S. Eximbank, its Director, Vanessa Weaver, signed the documents with Hungarian Eximbank CEO, Frigyes Banki, supporting the export of a $30 million gas-fired turbine power unit to Turkey.
More than 85% of the value of the electrical power unit came from GE's plant in Cincinnati, Ohio, with the rest from Versegyhaza, Hungary.
The Commercial Service in Budapest has been working with the two Eximbanks and GE for more than a year on this deal and sees a number of other combined exports occuring in other industries, including medical equipment for Central and Eastern Europe.
The U.S. Eximbank has other bilateral agreements with Canada, the U.K. and Norway; but this is the first example of an actual transaction resulting from one of the overall agreements.
Penny King Holdings Corporation, a Delaware Investment Holding Company.
More news on the way so hold on to your hats.
http://www.buyusa.gov/hungary/en/index.php?page=186
Penny King Holdings Corporation, a Delaware Investment Holding Company.
Yeh but I was way off the mark. Guess for Monday 1956. EM
Penny King Holdings Corporation, a Delaware Investment Holding Company.
1790 EM
Penny King Holdings Corporation, a Delaware Investment Holding Company.
Here is some updated background for you:
http://biz.yahoo.com/bw/020320/200288_1.html
http://biz.yahoo.com/bw/020311/112484_1.html
http://biz.yahoo.com/bw/020305/50352_1.html
http://biz.yahoo.com/bw/020108/80452_1.html
This is the text we send to potential target companies:
1. Private Company.
You have a private company whose securities you would like to trade on the NASD OTC Bulletin Board or other United States securities market. You are considering a combination with one of our 8 reporting companies as an efficient method of achieving that goal.
1A. Public Company
You have a public company that has been delisted from NASDAQ NM, OTC BB or your stock price has tanked because of a convertible debenture, hedge fund operators who have shorted your stock, or you are about to be delisted because your firm has not met current or pending new SEC regulations or NASD rules relative to reporting requirements of publicly traded companies.
2. Description of the Transaction.
A. Each of our reporting companies is incorporated in Delaware, has had no operations other than the registration of its common stock under the Securities Exchange Act, and is current in its reports under the Act.
B. Your company will combine with the reporting company in exchange for its stock. You may merge into the reporting company, use it as a holding company for your wholly owned subsidiary, or transfer assets to it. Your goals will determine which form the combination takes.
B1. If you are an existing public company seeking to change directions in your business planning. We will effect a merger/spin off transaction for example: QTEK swapped 2MM shares of its common for 2MM shares of PanaMed Inc. one for one and raised $1MM in a private placement. PanaMed Inc then merged with MCSU and is now trading OTC BB as PANA at $5.00. We are actively looking for acquisitions for EKNO, QTEK and PANA.
C. You will designate the new officers and directors of the reporting company, which will change its name upon the combination to the name selected by you. Typically this is the name you are now using.
D. Upon the closing of the combination we will file with the SEC a Current Report on Form 8-K reporting the combination. At this point you will be a United States reporting company.
D1. In the case of an existing publicly traded company we can effect a merger agreement to restructure debt (providing a free and clear without debt company), recapitalize the company, and reduce the total outstanding shares and create a more optimal float with better market supports.
E. We will then prepare and file a registration statement for the securities you wish to trade in the public market. The registration statement will include the shares which will form the public float, and may include any other securities which you wish registered, such as new stock for sale or use in acquisitions, options, etc.
F. You will require at least 500,000 common shares issued more or less equally to at least 50 shareholders as the public float. These are issued prior to the registration statement, in which they are included. You can determine who these shareholders are or we can have an investment banker provide them.
F1. In the case of our potential targets for pink sheeted companies an example would be a firm that is trading below sub penny status at .00001 per share. We might entertain acquiring a 10% stake at a penny per share from current officers, directors, insiders; depositing that stake into the fully reporting company while retaining 10% of the higher valued new company, and then effecting a merger with remaining stockholders of the pink sheet company receiving $5.00 per share stock in exchange for their sub penny stock at an agreed upon conversion ratio between management and the fully reporting company as part of a Definitive Merger Agreement.
G. Upon the effective date of the registration statement we will assist in the listing of your securities on the NASD OTC Bulletin Board or other trading market.
3. Accountants and Stock Transfer Agent.
You will need audited financial statements to file the registration statement and, in any event, not later than 75 days following the combination with the reporting company. We can recommend both a United States transfer agent and an SEC-qualified accounting firm, if you wish.
4. Market Maker.
Applications for admission to quotation of securities on the OTC Bulletin Board are made by a registered market maker. If you do not have a market maker in mind, we will introduce you to one that can file the listing application.
5. Private Equity Line of Credit.
Penny King Holdings Corporation can provide funding to trading companies through equity lines of credit (some times called PIPES offerings). This would be done through our Advanced Capital Services division whereby it purchases your stock at a discount from market (typically 80-85%) and resells into the market. Equity lines of credit are typically in amounts up to $30 million. When appropriate we will enter into such an arrangment if you wish depending on your capital needs. It is much easier to conduct capital raising activities when your stock price is at $5.00 rather than pennies.
I look forward to working with the teams that have expressed an interest in working with PKH in the past and encourage those already working with us to pour the coal on the midnight burning oil as we continue to build the vision for a Free and Clear America.
Use the above information when contacting pink sheet listed or OTC BB or NASDAQ NM companies on our behalf. Recontact all prior firms that have rejected our advances. We are moving into a major consolidation phase in the economy and PKH intends to be leading the next wave of global consolidations and mergers. The following is from an interview with our favorite Mentor and distant Hungarian relative, George Soros Senior:
The global economic crisis, if we want to begin to understand the origins of it, from your point of view, where should we look?
You have to look at the system of currency pegs--when a currency is tied to the dollar or to another hard currency. This peg may not hold, but people assume that there is a fixed relationship between the dollar and, let's say, the Thai currency or the Malaysian currency. They then exploit the difference in domestic interest rates and the international market. They borrow in dollars and they lend in the domestic currency. They make a fortune in the process, as long as the peg holds. But because of, maybe, excessive borrowing, which allows a country to maintain a trade deficit over an extended period of time, or to engage in a currency or real estate boom financed by dollars, you have over-heating, trade imbalance, and then the capital flows reverse. People want to take their money out, instead of putting it in, and you have a crisis.
You've written and spoken about the deeper trends that are going on in the financial markets today.
I put forward a pretty general theory that financial markets are intrinsically unstable. That we really have a false picture when we think about markets tending towards equilibrium. Equilibrium is appropriate when a market deals with known quantities. But in financial markets, you deal with unknown quantities. You're trying to discount the future. But the future depends on how you discount it today. It's not something fixed, so your discounting can't correspond to the future.
Now, there is the prevailing theory which holds that financial markets should be regarded as if they were in continuous equilibrium. I think that is actually a false image. Because, in effect, they are in continuous disequilibrium. Therefore, they are given to going to excesses in one direction or another. You can have a boom and a bust. Now, in practice, we have learned that that's the case. Through experience, we have evolved a system of central banking that prevents these excesses from going too far. Controlling the money supply, dampening the boom so that you don't get a bust. Then stimulating the economy [that] is in decline. You have various regulatory authorities and so on.
We now have global markets. We don't have an appropriate international mechanism for regulating the global financial markets. That's a problem. We have the Bretton Woods Institutions--the International Monetary Fund and the World Bank. But they were created for a different world, a world in which there were no capital movements. In fact, these institutions were designed to make trade possible in the absence of international lending, and so on. These institutions adopted themselves to changing circumstances.
You also had, at the time, fixed exchange rates. So the fixed exchange rate system broke down. Global capital markets developed. The institutions, the IMF, is not adequate to meet these circumstances. It adapted itself and did reasonably well in one crisis after another. There was a big international crisis in the '80s ... mainly focused in America. Then you had the Mexican crisis in '94. Now, you had this latest crisis. Here, the IMF method proved to be inadequate. So their intervention became part of the problem, instead of being part of the solution.
You criticize people who you called, "market fundamentalists." Tell me what their theory is, and why you're critical of it.
Well, market fundamentalists recognize that the role of the state in the economy is always disruptive, inefficient, and generally has negative connotations. This leads them to believe that the market mechanism can take care of all the problems. Get the state out of there. The markets are perfect. In fact, they will take care of themselves.
The first part of the proposition is correct. The second part is false. Just because state intervention is imperfect, is full of negative effects, doesn't mean that markets are either stable or provide social justice. Or are appropriate for certain functions that society needs, but cannot be, in my opinion, provided by the market. So it's carrying the belief in markets to an extreme, which is, I think, today very, very dangerous.
So do you think that the markets today have too much power?
Well, they are too influential. They have penetrated into areas of society where they weren't previously, or to a much lesser extent. For instance, they have come to dominate the professions. Law has become a business. Health care has become a business. Unfortunately, politics has also become a business. That really undermines society.
Since the middle of 1987, beginning in Thailand, it tends to be the countries, themselves, who are blamed by many for the problems, for the crisis. You've seen some other unifying themes ...
That's right. I mean, of course, there is something wrong in the policies followed by those countries. But the crisis affected a great number of countries, some of which followed very different kinds of policies. There is, however, a unifying theme. That is the role of capital flows.
The capital flows themselves can be destabilizing. I mean, it's sort of an innate feature of markets. It's very good to have capital flows, but you also have to recognize that they can be destabilizing. Therefore, you need some mechanism to prevent them from creating these dislocations ...
As you said, you consider this situation quite dangerous.
Well, I do.
Why?
Well, so far, there have been tremendous economic dislocations, tremendous human suffering as a result of what happened in financial markets, affecting what is now called innocent bystanders. Millions of people who are not entrepreneurs, who hadn't made any decisions, didn't borrow foreign currency. A lot of them, rather poor people, who have actually benefited over the years, in an improvement in their standard of living. Suddenly a collapse--losing their jobs, having much less income, much higher prices, and so on. Losing their savings, in the case of currencies that collapse.
So tremendous dislocations. They have occurred in what I call the periphery of the global capitalist system. These are the countries that have been attracting capital or using capital coming from abroad. It has, if anything, actually benefited us and our economy, because we have had the benefit of cheaper imports. Its incipient inflationary tendency was nipped in the bud. Actually, we were on the verge of perhaps having higher interest rates, which would have pushed us into a slow-down. Because of the financial crisis, we actually got lower interest rates and a new shot of stimulus.
So we, if anything, benefited. It's very hard right now to convince people that there is something really wrong, because they don't feel it themselves. But if they look abroad, they can certainly see it. In my view, there is a very good chance that the next crisis, which may happen in the next few months, or the next new years ... we'll actually have a similarly or maybe not quite as seriously disruptive effect, but a negative effect on our economy.
I say it's not going to be so serious because we gave a very effective institutional framework to guard against it. So it's not likely to be as severe as it was, let's say, in Indonesia or Brazil. But nevertheless, it could have a negative effect in our economy. If that were to happen before the rest of the world has recovered, then you would have a worldwide depression similar to what happened in the 1930s.
Because if we began to have problems ...
Well, because, right now, people suffer some dislocations in our economy. People lose jobs, as we turn to cheaper imports from Mexico or from other parts of the world. But there's tremendous new job creation. Actually, our unemployment is very low. The economy is really very prosperous. We aren't overheating. It's probably the best of all possible worlds. But if you now started to go into slowdown, and people who lost their jobs couldn't find new jobs, then the outcry against cheap imports and the loss of jobs, would become politically much more powerful.
As it is, we are imposing some restrictions, for instance, on imports of steel, because they are, in fact, flooding our market. That protectionist sentiment would then become much stronger. Then you would start disrupting international trade, as a result of the disruption of financial markets. Then you would get into a problem that the countries that have to repay their debts would not be able to earn the hard currency, which they need, in order to service their debts. So that you would have financial distress, as well as interruption of trade.
... A lot of people marked the beginning of the current crisis is Thailand. But there are others who say that ... the wrong lessons were learned in '94 and '95 in Mexico ...
Yes. Well, you see, what happened in '94-'95, Mexico had, again, a pegged exchange system, had a trade deficit, and a current account deficit, and the peg couldn't be maintained. There was a crisis. The IMF, under the leadership of the Treasury came in with a very large rescue package, which allowed Mexico to service its debt, the Treasury bills that it had issued, in dollars. So the people who had invested in Mexico came out scot-free. That gave rise to what is considered the moral hazard--that it's safe to invest, even in an unsound economy, because if things go wrong, the IMF and the Treasury is going to bail you out.
This is a particularly important factor in Russia, which was totally unsound, but people kept on lending money, because they were convinced that Russia is so important geo-politically, that we wouldn't let them default. It turned out to be false. But it led to this unsound lending and the moral hazard.
Opinion has turned very strongly against moral hazard now, which actually creates the opposite problem, that the IMF is unable to come to the rescue, because if it did, it would be accused of bailing out the speculators and the unsound lenders. So it's unable to come to the rescue. Therefore, it's very risky to lend, and nobody wants to lend. So you now have a situation when there is a reverse flow of capital fleeing from the periphery, coming back to the center. Whereas, most of the remedies that are proposed are remedies against excessive investments, excessive lending. The problem now is exactly the opposite ...
So what I am advocating is a more balanced approach, where you, on the one hand, do impose some penalties on people who lend or invest in countries that are unsound. You make that clear in advance. This will discourage them from investing. You prevent sort of unsound booms, but, at the same time, you must also create conditions that will encourage people to lend or invest in countries which are in need of capital and are following sound policies. For that, the IMF has to develop into something like a lender of last resort for those countries which are sound enough that it is appropriate to lend to them. Not to countries that are broke. This would correct the imbalances which have developed.
The other thing that is wrong with the IMF policies is that they can only come in when there is a crisis. They really have absolutely no standing until they are called in. They are only called in after a breakdown. Now, the best way to prevent a bust is to moderate the boom. You really need to come in earlier and to follow the correct policies. So if you have the IMF acting as a lender of last resort for countries that meet the right conditions, then the IMF can exert influence to prevent, let's say, excessive borrowing, and so on. This would give you a more balanced system of rewards and punishments. Similar to the position of a central bank, that actually sort of stimulates an economy, or dampens a boom, by changing the interest rates. So that is the new architecture that you would need.
There is one major objection to this, that the distinction between good guys and bad guys is too rough. There is too much discontinuity. That you actually have to create a more sort of nuanced rating of the countries, match the facilities that you provide to the conditions in that country. That would then be a balanced system. So that is what I am, generally speaking, proposing. It is being considered. But politically, the idea of making the IMF more powerful, especially after it has failed, is a very difficult thing to sell ... the IMF has failed, because it didn't have adequate resources. I don't think that you can have a global market without a lender of last resort, and something resembling a global central bank, which is what this would, in fact, be.
In general, what are the reactions ... to your diagnosis? To your saying that there's something quite wrong here and that we need some new rules.
I think that they are very much aware of it. In fact, some of their statements went a long way in that direction. When they talked about preventive lending, that's what they were talking about. There is a danger that the calamity is not severe enough, and hasn't touched us directly enough to gather the political will to do something about it. So the punitive or negative aspects are moving forward.
For instance, there is discussion to change the nature of international bond contracts, so that it's easier to restructure them and to delay payment. But the effect of that will be merely that people will demand a higher risk premium. So while all these measures are useful, there has to be something on the positive side. That is where it's difficult to gather the political will ... Especially, to gather the political will in the United States, where Congress is very much opposed to it.
Is the Treasury also opposed to it?
The Treasury is much more open minded. In other words, they are studying it, but they are aware of the political realities. So while my ideas are being considered, I don't think they are considered very realistic.
When you, as an investor, as a trader, look out at the world, six months, nine months down the road, what kinds of things are you looking for?
The financial markets generally are unpredictable. So that one has to have different scenarios ... The idea that you can actually predict what's going to happen contradicts my way of looking at the market.
Actually, I see tremendous imbalance in the world. A very uneven playing field, which has gotten tilted very badly. I consider it unstable. At the same time, I don't exactly see what is going to reverse it. Certainly, a slowdown in our economy would leave the world extremely vulnerable, because the U.S. economy is, today, the single engine that is driving this very big plane. So if that engine were to conk out, you'd have a very serious problem. It's a question [of], can you repair the other engines before this one gives out. Because even though people say that we live in a new world, and the past is not relevant ... cyclical fluctuations are not eliminated. That's my main concern.
... I just want to clarify ... that what you have is a very uneven playing field. You have excess liquidity at the center and a great deficiency of capital at the periphery. The money is still flowing from the periphery towards the center. So we ought to find a way to inject liquidity in the periphery. Instead of that, we can only inject liquidity at the center. The Federal Reserve can lower interest rates, and has done so.
What you need is a mechanism to provide capital to countries like Brazil, which is where money is fleeing. Interest rates are very high. The country is going into recession. So this is what creates a tremendous imbalance, at the moment, which is not sustainable. It could lead to ... if this engine now gives out, then you have a problem.
I mean, in fact, there is a certain danger that because of the injection of liquidity, our financial markets have become overheated. You have signs of speculation, excessive speculation in areas like Internet stocks, and so on. You could conceivably have at some point a crash that would then have negative effects on the real economy ... In this country. And then, indirectly, on the rest of the world ...
Let's talk about Russia ... Is there any way that what happened there could have been moderated? That the fall could have been not so severe?
Well, you see, it's really a tragic situation, because again, everything that could be done wrong, we have done wrong. We have failed to provide the kind of aid that Russia would have needed, which would have been more in the nature of a Marshall Plan or something more intrusive than the Marshall Plan was in Europe.
Instead of that, we left it to the IMF to provide support. The IMF deals with countries where the government promises to fulfill certain conditions, and the IMF then lends them the money. But actually, in Russia, you did not have a functioning central government. Therefore, they kept on promising, but they couldn't possibly deliver. So the IMF was actually the wrong institution to be helping Russia, but we were not willing to put taxpayers' money at work. We gave it to the IMF, which had its own resources, so we could do it costlessly.
That's the background. Now, gradually, Russia tried to change from this robber-capitalist system that prevailed, to something more legitimate. Just at the time that the crisis came, they actually had the best government, the most honest, the most committed to reform, who actually tried to do battle with the robber-capitalists, and tried to get them to pay their taxes.
The robber-capitalists then fought them. They controlled the media. They actually destroyed the reformers and created or, let's say, coincided with the crisis. The IMF had a program which was unfortunately short on money. The deficiency was not that great. I, at the time, estimated it to be $7 billion, which is really peanuts in this context.
I think that providing that extra money could have given that government, let's say, six months breathing space, during which they could have proven whether they are, in fact, able to collect the taxes that they had to do. So, it would have been a very small price to pay. But for various reasons, the international community didn't come through.
You then had a collapse, effectively a default, which shook markets. The government immediately fell. You now live in a kind of a twilight period, when things are drifting. You have a government that has proven itself quite good in sort of holding things together, so that cushioning the rate of decline, but not showing any ability to turn things around.
So you just have a deteriorating situation. Also, a kind of a political vacuum. You have a drift. There's very little you can do right now, except to hold the door open. Try to avoid an official default that would isolate Russia, in a way that would be quite dangerous. Wait for some kind of political resolution, and the emergence of a government with whom one could work towards more active reform.
How do they get out of it, when essentially, they have no money?
Well, they can't. They don't get out. They get out of it by not using money, actually. You see, practically everything is done by barter. So, as far as money is concerned, they are broke. But since the economy doesn't use money, it kind of grinds along. I mean, it's very inefficient. Barter is much more inefficient than a monetary economy, but it doesn't totally break down.When the government began to issue its short term notes, the infamous GKOs, was that a mistake on the government's part? How much did the U.S. Treasury and the IMF know about this hole that they were digging themselves into?
It was not a mistake, because it's the only thing they could do. As long as people were willing to lend to them, it's not a mistake to borrow, when you are broke. I would say that any observer could see that the whole situation is unsound and unsustainable.
The only question was whether they could actually start implementing the reforms which they were promising ... The tragedy was that ... in the spring of '98, they started raising the cost of electricity and collecting taxes ... Then they got involved in this fight with the so-called oligarchs, the robber-capitalists, which preoccupied them, and the reform effort kind of fell by the wayside. Then came the global crisis. Through hook and crook, they managed to get a new government in place which was, actually, as I say, a very good government. But it had no chance to see whether they can actually deliver on their promises.
... That new, reformist prime minister said the first numbers that he was shown showed that what they owed to repay their debts was billions of dollars more than they were bringing in.
Correct. Right.
I mean, from day one of his ...
There was a hole, actually ... You see, the IMF plan assumed that the maturing treasury bills will be rolled over or can be rolled over, even if the interest rate is atrociously high. That [at] some interest rate, there will be some buyers. But what they've left out of account is that the holders of the GKOs were banks that borrowed dollars to buy the GKOs, couldn't repay the dollars. The foreign banks were not willing to lend them any more money. So they could not roll over the GKO at any price. So there was a hole there. As the Russian public started withdrawing its savings from the national savings bank, the hole got bigger. What started out as a hole of $7 billion, within a week or two became a hole of $15 billion. Would have even become bigger.
So you began to understand that they were in deep trouble ... What did you think was going to happen? ...
Well, you see, I made probably the worst miscalculation of my investment career, because I invested in the Russian telephone company, in the expectation that they were going to make this transition from robber-capitalism to legitimate capitalism. Then it would have been a very good investment. They turned to me and wanted to borrow some money against the next tranche of the telephone company to be privatized. That prompted me to look at the situation. I realized that it was beyond redemption. Except through another additional [loan] package. I thought at first that it could perhaps be put together as a public-private partnership.
Then, when the situation got worse, I concluded the only way would have been to introduce a currency board and stabilize the situation. So right up to the last minute, the situation could have been at least temporarily stabilized, but it would have been a very, very high risk. Lending money to people who have consistently failed to deliver on their promises, in the hope that this time they'll do better. So the political risk of throwing good money after bad was just too much, with a very hostile Congress. With Germany preoccupied with the elections, and Chancellor Kohl didn't want to deal with this issue at all. There was no support from Germany. So it was impossible to put a package together.
You wrote a famous letter that was published in The Financial Times, when you proposed this currency board, but you also said that people did not understand the urgency of the situation ...
Well, you see, I wrote a letter to The Financial Times, proposing a currency board. As part of the currency board, a 15%-25% devaluation, which would have been necessary, because the currency had become overvalued. Also, would have taken into account this moral hazard problem, because people who had invested in the local Treasury bills would have lost at least 15%-25% of their money. So I thought that that was necessary. Unfortunately, people didn't understand what a currency board was, but they understood what devaluation was. I then got blamed for the collapse of the market, which actually is somewhat unjustified, because it would have collapsed without my letter, but it just happened to coincide with the collapse.
What would have happened if Russia had devalued back in the spring? Back in April, May?
I think it would have helped.
... Tell me something about that last weekend, before Monday, the 17th of August ... of the feelings that were going on in your conversations with people.
Well, it was clear to all parties concerned that this was a crisis of the greatest magnitude. There were a number of conversations about what could be done. I know of an international conference call among the G-7 countries, who discussed this issue. But, as I said before, no package could be put together. Whereupon, the Russians took it up on themselves to act unilaterally.
That really shocked the market, because it was effectively a unilateral default. The shock then reverberated through the financial markets. Banks became very anxious about their outstanding loans. Certain relationships between different markets, which had been sort of moved way out of normal. At the same time, you had a number of hedge funds, investment banks that had speculated on those relationships going back to normal. They had large positions, which normally turned out to be profitable. At this time, disparities, the divergences, just grew out of all proportion, since these operations are carried on with very high leverage meaning that it's all done with borrowed money.
There was a hedge fund, Long Term Capital Management ... this entity lost a lot of its capital ... The banks started asking for additional collateral, which they didn't have. There was tremendous danger that if these positions had to be liquidated, then the disparities would get even bigger. Not only would the Long Term Capital Management be unable to meet its obligations, but a lot of the banks, and investment banks, that had lent to Long Term Capital, and also had similar positions in their own proprietary trading debts, would also be called up on to liquidate their positions.
So you would have sort of an avalanche of selling, where you wouldn't know who is a good counterpart and who isn't. You wouldn't know which institution is solvent and which is broke. That would have been a meltdown of the financial markets. That would have then had a devastating effect on credit all around.
Seeing it develop, the New York Fed intervened, and got the major counterparties of Long Term Capital Management to put in addition capital. So that they didn't have to liquidate their positions. That move prevented this meltdown.
You've written that not only were you disappointed in the response of the G-7 countries to the Russian crisis, but that there was a loss of control, as you've called it, that was quite scary. Can you tell me what you meant by that?
... Well, the consequences of this unilateral default showed up in the market, where there was a flight to safety. The normal relationship between lower grade bonds and high grade government bonds, widened. The stock market was shaken and started to fall. We actually came very close to what I call a meltdown of the system, as a result of the problems connected with Long Term Capital Management.
So, not only was it, let's say, a reasonable gamble, to give some additional support to Russia, in order to help Russia from a breakdown, but it also would have saved us from that particular incident.
Now, the Fed was more effective in intervening in the domestic market, than the G-7 was intervening internationally. So the worst outcome was avoided. The effect on Russia, we have seen. But actually, the effect on the financial markets proved to be very transient.
The Russians were basically told by Monday morning, August 17th, that they were on their own, that nothing was going to be put together.
Yeah. I think that on Sunday, they were told. They went to Yeltsin, and got his consent for this default action. So Sunday night, it was announced Monday morning, it was a fait accompli.
You lost a bunch of money in Russia.
Yes. Yes.
You said it was the worst investment decision in your life.
Right. Right ...
Do you think people understand the seriousness of what happened in Russia, that there are still potential repercussions?
I think that people generally realize the situation is pretty hopeless right now. It's probably not quite as hopeless as it seems to us, who have sort of orderly minds, and we want to see ... Russia seems to be able to get by.At the time, a lot of people were aware how serious the internal situation was. That's why the markets fell. But it was a temporary panic. Through the intervention of the Fed, bailing out Long Term Capital Management, and very shortly thereafter, lowering interest rates, which was a very important move--markets took heart. It's now sort of like an episode that's almost forgotten.
But shouldn't be?
Well, it should not be forgotten, because these kinds of episodes are liable to reoccur. No reform will ever eliminate the risk of some kind of a breakdown. But when you identify what has gone wrong and what could be done to fix it, you actually do need to fix it. Because without it, we couldn't have developed the financial markets we have.
Financial markets have always failed from time to time. Then, they got fixed by some advance in central banking or in a regulatory environment. As a result, financial markets got increasingly sophisticated, refined and effective. If you now allow this belief that markets are best left alone to predominate and refuse to fix the deficiencies, then you run the really serious risk that you will have a very serious breakdown.
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I keep being amazed at how fast news travels these days.
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