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I think the auction is underway, and should be completed about 1st week of May. Palisades lawyers filed something for April 20, you might need to read a few posts back to see what exactly it was. Ultimatepick has been posting court documents from Pacer generally as he finds them (or until he runs out of quarters). Expect the unexpected, thats about all there is to say for the time being.
While we know approx o/s, what is the share structure of all the preferred and restricted shares ? What would the restricted shares convert to at todays share price ? 3 billion ? 10 billion ? Just what is the value of the company in terms of PBLS fully diluted share count. Then you can tell if this is an investment or not.
So Skunks has selective amnesia about F.O. - she is so blessed.
I wonder if her purse has the same kind of amnesia ?
The difference between say 200 bbl production/day and ZIPPO is maybe about half a penny per share gross revenues per year. This whole oil production thing isn't even worth arguing about.
I can get it in Lakewood, Colorado (suburb of Denver).
I guess you never saw the 5 - 20+ billion shares dumped afterhours every day for a couple of weeks about a month or so ago. Those dont show up in the Time and Sales. Mr. Fan may come to the realization that Frank utterly destroyed the company in every possible way and a bankruptcy filing is the only way out.
Thanks Ultimatepick for your work and $ in pulling up and posting the Pacer documents. I know its not free.
So March 21 for the hearing to accept the (powerful) counsel for the unsecured creditors, brought by Palisades. And I suspect there may further objections, posturing, etc. before the auction begins, provided the unsecured creditors aren't able to stop the auction altogether, and go with some kind of restructuring plan.
The bidding hasn't even started - originally the auction was set to begin March 14 and last for 50 days. I think we are waiting for judge to rule on objections, etc now.
“One of the fundamental ways to eliminate the perception of fraud is to draw bright lines between fully-compliant companies and everyone else,” said James “Drew” Connolly III, executive director of the CEO Council and a member of the SEC’s Advisory Committee on Smaller Public Companies. “We’re looking for more clarity and transparency.”
Well that knocks PBLS out. No they can't use this at all. Its poisonous and jeopardizes the business model, IMO.
I dunno Jack, your guess is as good as mine. LOL
I offered Bill a little something for the lawyer. C'mon you guys/gals you too.
Thanks, ultimate !! Very good !!
Oh I don't know, semi - it does give a little insight as to how close some of the people around here are to the situation, and how big fraud is entering into the whole equation. I think the fraud element will be pretty important in potential shareholder recovery alongside the unsecured creditors.
No, actually it was pretty simple, and obvious. TFN pretty much said it the best. But I won't place a bet on this one before the fact like he is appearing to.
www.investorshub.com/boards/read_msg.asp?message_id=10127523
Any questions ?
Damn I think this is going to end horribly.
IMO Frank squandered most of the shareholders money to pay off old personal debts or return old favors and put on the biggest gay party in history. There is hardly anything left, and Mr. Fan might or might not be able to salvage. The market is probably valuing the company fairly at this point. 5 million might not be that far off (about .000015) count the zeroes.
Nice work everyone who bought and held, especially pfrenz, tcollins and all the rest - IMO we have a long ways to go, technically we might see some resistence at the .03 area then its a pretty straight shot back to the .08 area. I know for a fact that some momentum traders and at least one trading group caught whiff of this later in the day today.
Expect some volatility, but overall its looking much better. We need to keep hearing good things.
OT: Thanks, Pfrenz - also you heard Frank Olsen resigned today ?? Miracles popping up all over the place !! I bought back in QBID for $300 this time as a sign of confidence in Mr. Fan that Asian guy who was crazy enough to buy into that whole mess. LOL you can't make this stuff up.
What did I say ????
KAKAKAKAKAKAKABOOOOOOOOMMMMMMMMMMM !!!!!!
TO DA MMMOOOOOOOOOOOOOOOOOONNNNNNNNNN
Pfrenz strap in, the fuse is lit !!!
(clears throat)
Ah-so Ah-so . . levelse sprit . . ah-so
Ron - I think Why saw the writing on the wall a little sooner but he could not disclose because of insider information. He said he would not post again but posted one last time. After the fact, I think Why was trying to hint that something was wrong but I was too stupid to pay attention. Anyway, he still holds out for that miracle - but I still think a reasonably sized bid will pull us out and put us in the black. Not much consolation for the pre-crash longs but they have potential recovery from the class action lawsuit, whatever that is.
Well, we will just have to expect the unexpected. That is not an unreasonable thing to do.
tccollins, I am not sure. I heard in the conference call that bidding will take place in increments of $100K but I can't vouch for that.
I think Bill was still going to write but I am not sure - next news we should hear is March 14 finalization of bidding rules and then the auction should begin. Again we may not know (officially) any interim results of the auction in progress. FWIW I added 180K trading block in the .0045 to .0062 range over the last few sessions. Whether me or anyone else around here is just whistling past a graveyard still remains to be seen.
LOL 69 - I am a trader and I have about 6-10 other stocks going on at the same time. I never fall in love with a stock as such, just letting you what can and has happened in my experience.
Yes. Saves a lot of time and money if a private company can reverse merge into a shell and become a listed company very quickly. They can even change the ticker symbol. There are specialists that clean up shells and sell them.
I don't know if you remember SPEA (now CKXE) but they were a shell that had disposed of their operating business in the second and third quarters of 2002 until December 2004 when they made an agreement with a private company called Elvis Presley Enterprises.
SPEA went from .10 to finish the week over $9/share on its way to a peak of $30.65 in May, 2005. Incredible true story. I was there when it happened.
http://www.siliconinvestor.com/subject.aspx?subjectid=55394
http://www.elvis.com/news/full_story.asp?id=755ll
69 - even if we go to a shell we will still trade. Shells trade all the time. Even the old TWA airlines traded for years after they disappeared. Nobody ever turned out the lights.
But seriously, if there is even a faint chance a recovery it would seem to be worth it to have some of the common shares at these levels. But thats me, and I regularly trade bankrupt stocks. We have a long road ahead of us still but I don't blame anyone for being tired and not willing to go further at this point.
It might even be Frank Olsen, for those of you who know who he is. Inside joke Pfrenz, if you still reading this board.
For every seller there is a buyer. I think the odds favor buying at these levels, IMO. But I said that before.
I think the problem is now whoever wants to bid will have to go over the sloppy cooked books and try to figure out what its all worth. But I don't think it will stop at least some of the potential bidders from at least trying to figure it out.
Another thing is while the bidding process is open among the bidders the general public will not know who will eventually win and with what until the bid process is completed, approx May 3 by my calculations (50 days from March 14). It will like waiting to see what is going to pop out of the birthday cake when its time.
Lots of sub-pennies have been running lately, but I think this one should sustain and keep moving as long as things keep developing and the company does not have to further dilute the stock. Might be wishful thinking but who knows. I went to Vitamin Cottege and picked up some Rush Cola and its really smooth, and loaded with ginseng if you know how those kind of drinks are supposed to taste. And good for a sustained energy boost especially.
Not selling my main block here either, though I did a .0069 - .01 swing on an 80K block. I am going to load up for another swing here pretty soon. I am about 80% convinced we are going to walk out of this with something substantially better than where we are at now, % wise. Nobody knows for sure how this is going to all turn out yet, at it is a very complicated situation, with a lot of money and resources on all sides of the table. We have another 2 months unless this process gets derailed. We are close to being in the money with the low bid on the table right now as it is.
I really don't know if it is Frank, but I have heard him before and this is a dead ringer.
5000:1 r/s then .50 --> .03 = buy point maybe.
I think I get it. Mr. Low has been lapping up Franks dumpings for weeks now, and since he has been in Taipei, the ask keeps building and building.
I DO have a buying interest, but I have not seen an entry point since .0025 - and these recent developments still don't make me a buyer.
Oh yeah, and shares restricted for 1 year while they continue to dump cash and shares into the incinerator and watch your holdings go to next to zilch. I'll watch.
ttgop, the QBID price falling does not make me a dime. I am not even in the stock. But I might consider buying it after a 5000:1 r/s and plunge to .03 - then it might be due for a bounce. And then get out before more shares get dumped.
It is true a r/s will destroy the value of current shareholders, but with 350B a/s it is bitter medicine that must be taken in order to promote future investment. A 5000:1 r/s will leave with QBID with 70M and and a .50 share price. I would expect there will be further dilution with 500M a/s and about .03 per share by the time things stabilize. I wouldn't buy any now, QBID is just a cash incinerator IMO. Wait for 5000:1 then drop from .50 to .03 post r/s.