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what you can't ignore is that the company via the website has already said they own 70% fully diluted....so you have to take the common stock out there, plus the common stock they referred to and the convertible preferred (converted to new rate for calculation purposes 70%) and come backwards. That's not making it difficult. That's a simple math problem LOL!
from the website
Insider Ownership: Taking into account all classes of equity securities, management currently owns approximately 70% of the Company's equity securities on a fully diluted basis.
range is 002/0027
"In setting up the company Bart and gang could have structured those 10M preferred shares to have a 60% weight over a future 3B to be issued common shares, in operatonal decisions."
where do you account for the present day holdings.....
"Susanville is potentially paid for by the 700M authorize common shares sitting on the sidelines"
he stated how he was going to pay for Susanville in the PR
"he sellers of the Susanville plant are Renegy, Inc., an entity controlled by Robert M. Worsley, founder and former Chief Executive of SkyMall, Inc., and Nature Energies, Inc., whose ultimate parent is Hanalei Renewables, a successful French renewable energy company. Both companies will become equity holders in Laidlaw Energy and will be issued a new class of preferred shares."
http://www.otcmarkets.com/stock/LLEG/news
"I don't believe the preferred shares discussed for the Susanville project have been issued, thus wouldn't be listed. "
depending on when they close the deal we will have the definition of that....
"Why would management give up some of their voting control of the entire company for one plant?"
if they r/s and didn't have their shares part of that (if that's possible on the conversion say they did it after a r/s, again this is just a scenario) and say even based on 002 a 1/1000 would give a $2 stock price...many insiders sell of companies sell. I wouldn't assume anything with Laidlaw...they sold the Berlin plant equity didn't they? Did they notify us they did that? I consider scenarios so I don't get caught in something I didn't expect and clearly with this company the r/s red flag has been there for me because of the amount of shares they are issuing. Could happen....might not. I don't want to not consider these possibilities.
I'd say 1 for 1000......reason being with current #'s that would bring the company to 2.5mil shares and an opportunity to continuing issuing shares for growth. Frequently companies take that route. 2.4bil doesn't cut the mustard and depending on the conversion we know (the 10mil preferred held by management) keeping the 70% ownership criteria (if they decide) would give a different set of numbers.....just my thinking
many companies will r/s to accomplish that. Don't know about Laidlaw. But these are questions that need to be asked
from the website:
"Other Equity Securities Outstanding: 10 million Series A convertible preferred shares held by management. These shares afford management with a 60% majority voting control over all matters requiring a shareholder vote. The Company also currently has stock options outstanding issued to management representing 95 million shares."
wonder if LLEG will consider this?
http://ir.nasdaqomx.com/releasedetail.cfm?ReleaseID=576591
hard to figure out what the criteria is...
why does MB go to press but not shareholders with this information (if he's quoted correctly here)
"The SEC order stemmed from unintentional “outdated information that appeared on our website and blog that we have since removed,” Bartoszek said in an email"
http://www.rollcall.com/issues/56_144/-206724-1.html?pos=hln
ahh ok i'll delete my post so it doesn't take on a new life LOL!
what does that mean in $$$'s to the LLEG shareholders
"Dude if the PUC approved and MM's realize the money to be made--there will be a market"
"The reason I got out was this preferred issue"
yes same for me....I kept a small position. That last PR was a huge red flag for me...new issue of shares
and frankly that was before I realized they issued 10mil shares to themselves (looks to me like 9mil after the 12/31 financials)
"Thus NO REAL DILUTION OF O/S"
well this statement indicates their investment in common shares (from the website)
"Float: The majority of common shares are held by non-insiders. Management's ownership is primarily comprised of preferred shares, however management also owns approximately 165 million common shares and 95 million options to purchase common shares."
so to simplify it 2.4bil o/s.....management owns approx 165mil and 95mil options to purchase common shares (from the website)
then yyou get to this section (from the website)
"Insider Ownership: Taking into account all classes of equity securities, management currently owns approximately 70% of the Company's equity securities on a fully diluted basis."
so does it look to you that we own 2.4bil-365mil and 95mil and if Laidlaw (and i want to simplify it here) owns 2.4bil would give each of us 50% ownership(I did this to make a point)....but we have to get to 70% so it looks like
if there are 7.3 bil authorized and Laidlaw owned 5.1 bil (70%) and we owned 2.4bil (a little rounding here)......would cover the 70% fully diluted basis? And....if there is conversion on the Susanville, depending on what that is if Laidlaw still wants 70% they'd have to increase the a/s over 7bil+ to cover those shares?
That's how it looks to me.....what about you? we can assume their shares aren't part of the 2.4bil because their website says they aren't (except 365mil and 95mil)
I know the management shares are convertible. I don't think they've released the details of the Susanville shares yet.....
"will be issued a new class of preferred shares" no clarification and secondly how many?
but then I'm reading this:
"Laidlaw Energy plans to refurbish the Susanville plant, a process that is expected to take approximately 12 months and cost approximately $20 million. The cost of refurbishment is expected to largely be funded via a bank loan guaranteed through a program provided by the Federal government, along with a Federal grant for which the project is expected to qualify."
Have they applied for this?
6/2 release
http://www.otcmarkets.com/stock/LLEG/news
the website said the mgnt shares were convertible
from website: "
Other Equity Securities Outstanding: 10 million Series A convertible preferred shares held by management. These shares afford management with a 60% majority voting control over all matters requiring a shareholder vote. The Company also currently has stock options outstanding issued to management representing 95 million shares."
the conversion has to be a high rate I would think if they did convert to have a 60% majority voting?
someone who sees the math here may be able to clear this up with an estimate if 2.4 bil - 165 mil is held in non mgnt hands.....how many do they need out there to maintain control of 60% majority voting?
well we know we're going to see 10mil preferred shares issued.....and if the Susanville plant is resolved we'll see a new issue there.....I'm just wondering on the convertible if they have to increase the 3bil to cover the convertible....what is the conversion rate?
how much income? how much expenses? how much is the lawyers and audit firm costing LLEG currently? we need to get clarification on these things
it would be better to see the entire email
the question becomes.....if the preferred conversion is exercised do they increase the authorized 3bil to accommodate that? that's why we need to know the conversion rate....the newly issued share # and conversion rate if it applies...and the New Bedford one. We also have to know if there are any thoughts to r/s when they complete the requirements to go to the next level
I'll be interested to see what the audited financials show....I was curious about the income....since Laidlaw was a facilitator of the Berlin project where's the income?
"then no shares would need to be issued either way."
not sure anyone could state that as fact.
correction:
"The website said all 2.4bil are held by non insiders....."
should read:
"Float: The majority of common shares are held by non-insiders. Management's ownership is primarily comprised of preferred shares, however management also owns approximately 165 million common shares and 95 million options to purchase common shares."
wonder if he was referring to the lease or the purchase.....
if the purchase how does he plan on getting funding.....will he issue a NEW ISSUE of preferred to the folks who finance that project? if there are any?
that was posted 6/2...the suspension was 6/7.....wonder giving the email ergoh got if the information will be more clear if asked again
a) management 10mil shares are convertible (referenced on website)
b) newly issued shares to Susanville parties needs to be clarified
c) any new shares being issued in New Bedford transaction
remember majority of the 2.4bil shares according to the website are held by non insiders
any preferred shares being issued for New Bedford?????
who posted they were non convertible?
maybe you could send him back his response with a link in this post and ask him if his answer is still the same
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=64549584
I'd like to see Laidlaw put that in writing on their website
I wouldn't give him that much credit.....would he have done it had the SEC not suspended the stock?
MB needs to put out clarification on the stock....
10mil shares preferred issued to management according to website......with conversion rights
new issue to Susanville project folks according to the June PR.....are they with conversion too???
it's like living in a million $$$ house with a mortgage too steep to afford
the business side/the stock side
I'd ask for clarification of the stock situation....and the conversion rate of those preferred shares issued to management. And....the new class being issued in connection with Susanville are those conversion rights too? The website said all 2.4bil are held by non insiders.....
ok the answer to the 95mil common or preferred is in the 'float' section of the website:
"The Company also currently has stock options outstanding issued to management representing 95 million shares."
"however management also owns approximately 165 million common shares and 95 million options to purchase common shares
http://laidlawenergy.com/Investors."
now I'm looking at this from the website (investor section)
Float: The majority of common shares are held by non-insiders. Management's ownership is primarily comprised of preferred shares, however management also owns approximately 165 million common shares and 95 million options to purchase common shares.
http://laidlawenergy.com/Investors
may need audited financials? I'm still trying to figure out how the preferred stock was reported on the financials and how it is reported on the website. Is there a discrepancy? we go from 10mil a/s 1mil issued on the financials to 10mil pfd held by management on the website? Does someone see this differently?
ok I'm looking at this (specifically the preferred share section) on the financials
http://www.otcmarkets.com/otciq/ajax/showFinancialReportById.pdf?id=45855
referred Stock, Series A, $0.001 par value, 10,000,000 shares
authorized, 1,000,000 and 0 shares issued and outstanding,
977,935 977,935 995,065 995,065
respectively.
then from the website:
Other Equity Securities Outstanding: 10 million Series A convertible preferred shares* held by management. These shares afford management with a 60% majority voting control over all matters requiring a shareholder vote. The Company also currently has stock options outstanding issued to management representing 95 million shares. ( OF COMMON????? PREFERRED??????)
http://laidlawenergy.com/Investors
and NOW he's issuing NEW GROUP OF preferred SHARES
http://www.otcmarkets.com/stock/LLEG/news
The sellers of the Susanville plant are Renegy, Inc., an entity controlled by Robert M. Worsley, founder and former Chief Executive of SkyMall, Inc., and Nature Energies, Inc., whose ultimate parent is Hanalei Renewables, a successful French renewable energy company. Both companies will become equity holders in Laidlaw Energy and will be issued a new class of preferred shares.
*WHAT IS THE CONVERSION RATE????????
NEW 6/22/11 Laidlaw Energy engages Marcum, LLP as new auditor
http://laidlawenergy.com/Investors
the shares of LLEG need to be put out there very clearly to the shareholders....
how many common
how many preferred (currently)
definition of the NEW CLASS of preferred he's issuing for susanville
are there any shares planned for New Bedford
"List ALL SEC charges, and how they will address them."
EXACTLY
and he has 10mil authorized pfd shares with 1mil out there...
http://www.otcmarkets.com/otciq/ajax/showFinancialReportById.pdf?id=45855
"Both companies will become equity holders in Laidlaw Energy and will be issued a new class of preferred shares".
http://www.otcmarkets.com/stock/LLEG/news
2.4bil common shares out there
1mil pref out there
and a NEW class of preferred shares??? what's that all about
don't know the answer but I decided I wasn't waiting around...reduced substantially my position
most trades going by at 001+ a bit .... tomorrow will it go lower? That's a substantial drop 80.8% for the day