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EnerCom, Inc. Announces London Oil & Gas Conference(TM) 4 on 13-14 June 2012
FTK speaks on June 13th
This may be when they announce Forward Guidance along with April and May Numbers
http://www.enercomlogc.com/programme2012.html
Are you referring to general "positive news" or FTK "positive news" ? Reason I ask is, last year, FTK did not seem to update Apr. and May numbers until they announced the CC in early Aug. for 2Q. I'm curious to see if around the 10th of June, they guide on Apr. and May Rev. numbers.
Someone should be sweating right about now:
KORNREICH, SHIRLEY WERNER
Thursday,
May 31, 2012
STATUS CONFERENCE 54
9:30 AM
Thanks Sparks100, looking forward to your review tomorrow, along with any other developments. From the filing today, I think Humphries really believes he is being mis-treated. I'm actually really interested in how Walters is going to walk the tight-rope
Looks like Humphries responded, have not been able to read all of it yet
as it is 26 pages
https://iapps.courts.state.ny.us/fbem/DocumentDisplayServlet?documentId=ltNM_PLUS__PLUS_ZgohQ2Y5lMkgactQ==&system=prod
$0.000 who would sell for that amount?
No Vol. today - about the only good thing
LoanGuy, I would agree with you. If you look at some of the redaction on the the court docs filed late last week, one can make out some of the words that were struck out. HLNT was not in the mood to Settle with PWC. I would guess, it's because they have a good idea of the info. that the Court will force out of Walters and Humphries. Watching all this unfold with much interest.
The Court just posted Doc. # 172, that one is for Walters, looks like the same Court orders as Humphries. Those two knucle-heads now have to respond (show up) May, 31, 11am
SWEET
looks like no more rope
Todays filing in the NIR court case:
https://iapps.courts.state.ny.us/fbem/DocumentDisplayServlet?documentId=EYTwBPUw/xRszP5B05_PLUS_C9Q==&system=prod
Looks like the Court is calling on Humphries to show up (both for Depo, and Documents) or argue why he shouldn't
"...explain just how this will benefit HTI or the shareholders..."
I'll take a stab at that question. The PPS will go up.
nuff said
Most recent Court Filings re: NIR case:
10 new filings on 05/24/12 and 05/25/12
lots of copies of emails re: trying to compel Walters and Humphries to produce documents and arrange depos. And of course, a request by HLNT's lawyer now submitting to the Court a request to have the Court force them to do it. Quite a bit of reading, but gives a good sense of the avoidance and behavior of Walters and Humphries
link: http://iapps.courts.state.ny.us/iscroll/SQLData.jsp?IndexNo=600893-2010&Submit2=Search
I'm sure Sparks100 will give the MB a clear and consise rendition, as I'm sure I am not getting all the fine points in those filings
ORDER TO SHOW CAUSE BY THIRD PARTY DEFENDANTS' ATTORNEYS TO WITHDRAW
[REJECTED]
RETURNED FOR CORRECTION
http://iapps.courts.state.ny.us/iscroll/SQLData.jsp?IndexNo=600893-2010&Submit2=Search
no big deal (I think), but keeping an eye on the court case
LoanGuy: Thanks for the additional info. I'm in agreement with you, but, I do not understand (other than a 30-day stay), what this gets Walters. It's not like a 30-day stay is going to avoid him being depo'ed, is it?
You should hit that ask today to make sure it happens
borrow the money if you have to, but you should hit that ask today
Niko,
This is Walters who stiffed his lawyer for $70,000+, not NIR. Although, NIR also has their own cash flow problems. Looks like he is asking for a 30 day stay also, so he can get new lawyer
Looks like Walters did not pay his Lawyer:
have not read through all the docs, but here is a link
https://iapps.courts.state.ny.us/fbem/DocumentDisplayServlet?documentId=opjyYTXRLRqROp0wFJnJ5w==&system=prod
Where's the Beef ?
PR?
News?
I thought the latest info. indicated that it was today.
Going to be interesting to see how High the PPS will go before any news, and how long it can stay above 30 with no news. Just watching the show for now.
"The SEC continues to probe Merrill and NIR in relation to Norma, according to people familiar with the matter. A lawyer for NIR and founder Corey Ribotsky said Wednesday: “They did not improperly abdicate any asset selection duties.”
Last year, the SEC filed civil charges alleging Mr. Ribotsky misappropriated more than $1 million in client money. He has denied any wrongdoing in that case, which isn’t related to the SEC’s ongoing investigation."
http://ginvestor.biz/
Nothing to talk about until 06/08/12 when the share holders vote on whether they let Corey hose them or not. Going to be interesting to see if shareholders can see through all the PWC, NIR Group, Corey smokescreen being PR'ed. If anything is Hush, Hush, it's the lack of transparency and details that the shareholders are going to have to vote on.
Carmine, Very Good Call. Do you have any idea of what price you are looking to re-enter?
April Newsletter
The answers to the below questions were provided by Charlton Coats, CEO of Highline Technical Innovations.
Preliminary Statement
Customarily, HTI addresses 6 to 7 questions in a Question and Answer newsletter. At this time, 48 questions have been forwarded to HTI for the April Question and Answer newsletter. HTI will attempt to address all of the questions. Some will be answered within the April Question and Answer Newsletter with the remainder addressed in subsequent newsletters.
In March, 2010, HTI’s current management acquired control of HTI. We were faced with a number of issues, most of which centered on HTI’s underfunding and large amount of debt; albeit some of which was questionable. Underfunding of HTI has been an ongoing issue that permeates and affects all that HTI attempts to achieve. As a result, it has been difficult to realize the goals set forth over the last two years. We provide this explanation in an attempt to avoid repeating the same information within the question and answer section that follows.
In June 2010 the company mailed the first shareholder letter and stated the following: "We have consolidated the balance sheets of all subsidiary companies and plan to be a fully reporting company by the end of this year."
1. Given the fact that as of the date of this writing - April 11, 2012 - the company is still not fully reporting, please explain why a goal which was stated to be completed by the end of 2010 has still not been completed?
2. How much money has the company spent between June 2010 and April 2012 on becoming fully reporting?
3. How much more money is anticipated to complete this goal?
When the aforementioned statement was made, HTI did not anticipate the difficulties it would face in obtaining the necessary documentation from prior management to complete the initial disclosure. It was HTI’s hopes that this information would be forthcoming at all times since then. Since HTI does not have a concrete date as to when we will receive said documentation, HTI has elected to utilize the documentation recorded within the last two years, or since the time that current management took control of the company. Such information will be used as the basis for completing the initial disclosure and HTI anticipates doing so by the end of the 3rd quarter of this year.
Because part of HTI’s costs are related to pending litigation and those costs are not divisible between the parties and purposes of the litigation, it is virtually impossible to accurately determine how much has been or will be spent. Currently, the company does not hold an estimate of the monies needed to complete the initial disclosure. However, HTI will state that most of the cost will be used towards internal labor necessary to perform this task.
In the same June shareholder letter the company stated the following: "Part of the difficulty in combining subsidiary-balance sheets has been dealing with previously unknown derivative debt conversions that were draining company resources. We have dealt with these issues individually and have successfully resolved or negotiated more favorable terms that will allow these debt instruments to either be resolved or retired."
4. Why did the company state that these debt issue were "successfully resolved" (past tense) when in fact they were not resolved at the time (e.g. NIR notes)?
Upon initial simultaneous review of HTI’s debts, management believed that debts were related and were subject to dispute. This was the basis for the statement. Upon a more thorough review, it was determined that some debts were valid and were due by HTI. With regard to the NIR Fund notes, this issue is still under litigation and cannot be commented on at this time.
In the October 2010 letter this statement was made: "Transfer Agent/Capital Structure: We are committed to being transparent to our shareholders. We have instructed our transfer agent to always comply with any request from a shareholder for current up to date information."
11. Given that the company has stated it is committed to transparency, why is the current TA used by the company "gagged" and why has this not be corrected since it was brought to the attention of management in approximately December 2011 (as acknowledged by the company in the online-published shareholder letter at that time)?
12. Does the company plan to move to an ungagged TA or otherwise ensure the current TA will provide full transparency? If not then why not?
13. What is the date by which this TA change will be completed?
Due to operational expenses, it was necessary for HTI to initiate a stock transaction for operational expenses in December, 2011. HTI was informed by Standard Registrar and Transfer that it could no longer facilitate such transactions. As a result, the company was in peril and took prompt action to find a new transfer agent. HTI had a policy of not withholding outstanding share count to shareholders. However, New York Transfer’s policy of not releasing such information was not identified in the application process. Due to the expense of securing a new transfer agent, HTI was forced to continue with New York Transfer despite its “gagged” policy. It should be known that even at the request for transparency of HTI; New York Transfer could not comply because of their internal policy. This policy of New York Transfer was not disclosed during the time of the transition. Because of the expense involved with changing Transfer Agents, HTI has elected to remain with New York Transfer. However, at the time of the release of this newsletter, HTI has already completed the change of the T/A to Fidelity Transfer Co. The OTC company information has already been updated to reflect this change. The new T/A is ungagged.
In the October 2010 letter this statement was made: "We have also received several inquiries from drilling companies that use stationary generators located at their oil drilling rigs. A majority of these drilling rigs use 5 or more generators per rig with horsepower ranges of up to 700 hp. Our extensive testing concludes that the larger the engine, the better our products perform. We are working extensively to get into these markets."
22. What is the status of the inquiries made by drilling companies which was stated here?
23. What "extensive" work has, and is, being performed to "get into these markets" - specifically the stationary oil drilling rig market which was explicitly mentioned?
The Oil Industry provides significant opportunity for HTI. As mentioned previously, product failures hindered our progress in the transportation industry which in turn slowed our development in this market. The oil field has its own set of problems that needed to be engineered around, which we have done quite successfully. However, we have captured significant ground in preparation of our entry into this market with our new designs soon to be released to the public. It has come to our attention that one drilling rig requires up to twenty 1000 HP generators to operate. Our new design to be announced in May has one unique feature. Once our engineers figured out the “process”, they also discovered that we could make applications for any size engine. Prototypes are currently being developed and constantly being configured for different applications, some up to 12,000 HP.
In the October 2010 letter this statement was made: "We are excited to have signed contracts with SFC and Anything RV, which have brick and mortar locations coast to coast. They have begun to exercise purchases toward a two million dollar purchase order given at signing of the contract for a twelve month period."
25. On precisely what date was the company made aware that 'SFC and Anything RV' would not complete their 2 million dollar purchase order?
26. How much of the 2 million dollar purchase order was placed on the company's books as profit before the actual funds were received?
27. Why did the company delay until Q42011 to correct their books for this failed order?
28. What specific steps were taken by the company to recover funds from SFC and Anything RV when the contract was terminated?
29. What is the precise reason that the company was not able to recover any funds from these companies when they failed to uphold their contract?
Standard auditing procedures by an external Auditor includes the review of all significant accounting practices, in addition to the accounting records as well. It also includes a review of Management Procedures in the process. The audit should include the records that exist prior to the change to current management, and HTI hopes to have retrieved records from prior management at that time, through current ongoing litigation. At this time, it would be inappropriate to discuss the questions related to the SFC and Anytime Anywhere until such audit has been completed..
Very Prudent Move, IMO, and thanks for posting the email
Sparks100, Thanks for making that call and clearing that up. This arrangement sounds like the best option for legit shareholders. Very nice, IMO
The overall market is a little scary. I'm holding, but I picked up some 12.50 puts the other day.
Ok, thanks. One would think Management now KNOWS to ask a potential new TA if they are gagged or not after their explanation of what happened last time the TA was changed.
Here is a Q & A from the Jan, 2012 Newsletter
11. Why change the transfer agent?
As indicated in the increase of the O/S reflected on the OTC markets website, HTI initiated a 504D transaction to raise needed funds for growth. HTI was not aware or informed that its transfer agent had changed its policy no longer accepting 504D transactions. HTI changed transfer agents because of this change in policy. Current HTI management had not restricted access to stock structure information since it had taken over in March 2010. It was not disclosed in the terms of the agreement of the new transfer agent that its policy prohibited the release of any stock structure information of any of its clients to any inquirer, and because it was/is not the practice of HTI management to "gag" such information, the transfer agent's policy prohibiting the release of share structure information was not discovered until shareholders were making inquiries.
onceinawhile, Did you verify that yourself with Fidelity Transfer Co ? (That they are gagged also)
carmine, just saw this article and it's talking about what I posted yesterday:
http://www.reuters.com/article/2012/05/15/us-chesapeake-idUSBRE84E0Q920120515?feedType=RSS&feedName=businessNews&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+reuters%2FbusinessNews+%28News+%2F+US+%2F+Business+News%29
here is an excerpt: "...will give Chesapeake more flexibility as it sells 1.5 million acres in the Permian basin in West Texas..."
Anyways, FTK seems to be holding at the $12.05 support, we will see where it closes
Funny thought: This may be the quiet before the storm, so to speak. Big News, and THEY don't know which way it goes at this point. We will see. I'll wait for News
I agree with you that CHK is not going out of business. And the way that CHK will not go out of business is by selling off a good portion of their assets (land, wells, etc.)
The discussion is about how does this affect FTK?
As far as relaxing, I'm not the one posting in all caps
"Never heard of a company forecasting the demise of one of their customers and issuing a lower future forecast as a result,have you?"
None that come to mind. I know we just got that big contract with Pioneer, but I happened to see that news on CHK and it just got me thinking. CHK is mostly Nat Gas by the way, and I'm pretty sure FTK is selling more on the Oil side at this point, but in the 10-Q from the other day, they (FTK) did mention in their forcast the price of NG, and the NG drilling business having not helping .
See pg. 19 of the recent 10-Q
http://ih.advfn.com/p.php?pid=nmona&article=52347997#D337952D10Q_HTM_TOC337952_9
My Thought was/is, since CHK is having to sell off major amount of their assets to avoid going belly up, and their business involves a lot of drilling, How will FTK be affected ? Depending on how much busines FTK does with CHK, could be an issue or not.
Does anybody know how much (if any) business we do with Chesapeake Energy Corp. (CHK) ?
Thanks in advance
You are probably correct, I just noticed his lack of posting here as of late, and then that post. No big deal either way
I hear you
"...creditors or new equity holders who have ONE INCENTIVE. TO SEE SHARE PRICE RISE."
IMO, I would add an additional INCENTIVE, TO CREATE LIQUIDITY AT ANY PPS, so they can recoup any money they lent out, rather than the amount of ZERO they can recoup now.
It's really that simple.
Just bought me some cheap $12.50 May puts for a little protection
I don't expect any more company news for a couple of months
I think you should do it, as you have posted Hit that Ask about 50 times in the last couple of days