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Let me shoot very straight with you guys:
I don't feel like spending the time digging through Florida law to find out whether we shareholders have a right to know for what purpose and to whom the incremental share were issued.
The simple truth is that if NWOG management would have even the slightest regard for us and our prosperity, they would step up to tell us about it, and we wouldn't have to engage in these speculations. FACT is that they do not care the least about us. They jerked us around with the biggest head-fake I have ever witnessed in a stock I personally owned:
To PR and tell us about buying back stock to the tune of 48m shares, which is a de minimis amount in the first place, and to pump the heck out of the announcement, milk it for months, and hail it as a means to increase shareholder value (still unconfirmed, by the way... There has not been credible evidence that they EVER bought back one share other than their off-line statements!!!)while dropping 210m in new shares on the market (very much confirmed by the TA) is nothing short of deceptive and disingenuous.
By the way, I very much doubt that it was for the acquisition. Because if it were, you would hear news of finalization of this deal in the Russian press (clearly the company doesn't PR anything anyways unless EIK found it browsing through Russian media...)
The shares are issued and in circulation as we speak, and I very much doubt that any company would pay shares in advance of receiving value in exchange. Here former owners, have some 210m shares. I'd appreciate if you signed over your interest in the oil fileds in the next couple of weeks.
Game over, we all appear to have lost for good. Merry Christmas to you too, Mr. Malyshev. Thanks for nothing. Where is my cash dividend that you announced?
Wow, that buy-back is really kicking into high gear.
Now we have 210m new shares of unexplained dilution in 3 months, for a cool 1/3 of then outstanding shares. THANK YOU, purveyors of increased transparency.
If I hear anyone complain how bad Parkin was, and simultaneously defend these guys again, I will have to scream!
In making another last-ditch effort to rationalize any kind of valuation here, can you shed some light on the current status of the russian excise tax on oil exports?
Do we even know whether NWOG sells their product domestically and is not subject to this tax at all? I still can't fathom how their revenue works out based on their purported production numbers and average oil prices in 2006. I took the liberty to average daily European spot prices for the entire year, and it does not work out.
I am looking at their old income statements, and i also think that their margins are pretty thin for a russian outfit. Unless my understanding of their cost structure is that piss-poor, looking at the old pics of their pumps and their location, their labor expenses and other cost of recovering the oil ought to be dirt-cheap.
Food for thought. At least it keeps me from posting more negativity.
I think that you will find that you have a host of longs eagerly anticipating anything come to fruition, or any sign of life from NWOG. People have certainly been very patient with this stock, considering where it has dropped to over the last 15 month.
My own patience has long since been exhausted, but I already have enough tax losses for the year to get me through 2010, thanks to biofuels. So I am a cynical and involuntary long, aka bagholder.
It is a near miracle that the ratio of supporters to detractors is where it is at, and that the board is not full of folks calling for Manangement's head.
The fact that the only remaining folks of the old guard are turning to the dark side may be an ominous sign.
But wait, don't you know that good news is just around the corner to precipitate our rapid ascent to $0.30 within the next 7 days?
How about a dose of accountability Mr. Malyshev? I never was sure as to how we were going to make his bold prediction come through, but on no news with another botched deadline featuring abysmal execution in the rearview mirror, it becomes even more of a mystery.
Luckily there are all those deals that are close to fruition, especially since, by their own admission, those will be for the sole benefit of NWOG private entity with the promise of table scraps for us shareholders.
I'll let you be the judge on how you should value their promises...
Anyone ever find out how exactly the share count increased during the 'buy-back'? My guess is issuing new shares for cash at a discount in a private placement in order to generate liquidity for the buy-back, but I'll gladly entertain your most bass-ackwards explanations for comedic relief...
So we have a full-time and allegedly well-qualified CFO for the first time in company history, but we still can't file a 10-q, which has been consisting of basically the same boiler-plate language for the last 3 quarters? Is this the guy that will be able to raise say $100m from the debt markets to get our plants built, let alone infuse some additional equity into this company?
Coming to think of that, why doesn't the company ever address the need for additional equity? This would be the only renewable fuels venture financed by 99% debt. Although, if successful, it would be quite the ROE based on that much leverage...
That just fills me with so much confidence.
By the way, has anyone noticed what the price of diesel has done over the last three months? Expect a switch back to ethanol soon...
I hear you.
Aside from going to private school, this is one of the more expensive pieces of education I ever had.
Tried to do fundamentals analysis based on fake financials and fake assets. Good luck with that...
Funny thing is when I recount how many times I thought about selling during the buy-out hype, but the financial model I had built was telling me to hold... If I reread my old posts rationalizing the valuation of this company, I feel like such a dope. The saddest thing to me is that I got another bud of mine to invest. Luckily, he is so filthy rich that it didn't make a difference to him, but I still hear about it every now and then.
I still can't believe that Parkin signed the SOX certs without getting accosted by the wonderful group that is tasked to protect the small investors. I suppose I put too much faith into things that I mean much less to others than they do to me.
With all due respect, just how many times have we tried to guess the bottom yet?
Unless they step it up, there is no bottom. That has nothing to do with bashing or having an agenda. Even the most stout and devout follower of this stock should have realized that by now.
Unfortunately, there is nothing we can do. It is painful to watch that we were all had by a Canadian shyster, and I can only conclude that there are some in the current regime that are laughing all the way to the bank at our expense...
Where is the vaunted PR-a-day machine now?
Let's just let this thing die with dignity so I can end my obsessive shadowing of this board and put my time (and remaining play-money funds) towards more productive uses.
Lochan,
your statement is absolutely correct, but I have some concerns on the AIM, as well. I understand the exchange has achieved some remarkable growth over the past few years, and has spawned some success stories.
But if you survey the vast majority of listed companies, you will find it s predominantly populated by more or less exotic firms with questionable business models and iffy prospects. In short, almost pinkie-esque. In addition, the AIM has recently earned a lot of criticism about financial reporting and other listing requirements being laxely enforced.
Add to that that the market is still notoriously illiquid, and I don't see such a vast improvement of the pink sheets.
Besides, I am still concerned that we may or may not find a NOMAD. I know they are pretty nonchalant to accept companies with limited or unsuccessful operating histories, but I don't know about having a dubious history.
Management in essence complaining to us shareholders that they were 'had' by Parkin and Monimpex in the 'NDOL merger' does not inspire a lot of faith to those that will lend their credibility and good name to support this listing. Let alone the fabulous track record in announcing deals, financials, 3rd party verification and the lack of timely and accurate follow-through...
If, on the other hand, there is one that will still support NWOGs intent to list after conducting extensive due diligence, I for one will be delighted.
In short, all of us with an entry price of $0.20 + are pretty much condemned to hoping and praying for either a remarkable improvement in all aspects of corporate governance or at least one more P&D to afford us the opportunity to bail.
I am still intrigued at the possibility, but much like others on the board here, my patience is wearing very thin these days.
Problem is you don't have to look very far. That alone should tell you something.
I am still waiting to see the US certified financial statements. Having read up on the many fiascos regarding for instance AURC and other gold/mineral/oil companies, I don't think that russian audits, or valuations for that matter are worth the paper they are printed on. Especially since the RSM letterhead must be for sale and in wide circulation over there.
Until we see the audit they are reportedly working on, everything remains as speculative as before, even though many on this board work very hard to piece together the back-story to this stock.
I still doubt that a shorter would be interested in hitting a stock with a market cap of around $30m.
At any rate, I think the conversation about r/s is moot, at least for those that are grounded in logic. I can't think of a reason why it might be beneficial, unless it is to meet a listing requirement. To that end, they have far higher hurdles to climb than a minimum PPS requirement. Forget about the AIM folks, there is not a NOMAD in sight that would stick out his neck for someone with this kind of track record.
Today's action was a microcosmos of what has been wrong here since 2 years. Overpromise and underdeliver. It is beside the point that the report would have been hardly credible and may not have had a lasting positive impact.
If you want credibility, go file your financials with the SEC. It is probably cheaper, too. For all of their crying foul over what Parkin did, I have seen very little where they distinguished themselves from prior management.
By the way, I have since sent another 5 e-mails which all went unanswered. I do appreciate their commitment to the shareholder...
Thanks.
Have they hinted to you as to what deal that might be? I guess based on timing, that carried an implied value of anywhere from $4-7 million.
DISCLAIMER: OPINIONATED OUTBURST BELOW:
I guess I can't quiet that voice inside my head that says: How come they have issued shares without telling the public what for? Isn't that what a form 8-k is for, assuming you have the desire to be transparent. There is just such an enormous chasm between claimed desire and reality
I have not paid close attention to the posts here lately, but how exactly did we go up to 746m in shares? To what end were those shares issued, what value was received by existing investors in return?
The key problem here is that the jury is still out on many unresolved issues. Nobody is denying that there is vast potential here, but management has thus far fallen far short of my expectations, and the expectations they set themselves by announcing various deals, targets, deadlines, or intentions to the public.
I am looking at the acquisition with great interest. That could indeed become the watershed moment whereby NWOG can show once and for all that they are capable of closing a deal that benefits us.
As to the assessment of value, I normally view those deals with a healthy amount of skepticism. Why not disclose to the market what we investors want to know, and we can build our own models. No need to hire a consultant for that.
On a more interesting note, why are they not preparing a valuation of former NDOL assets? Last I heard, NWOG is still holding on to those licenses.
By the way, I do agree with your valuation rationale, but let's just wait until that "American Firm" had a chance to look at the financials.
These next 6 months will make or break this stock if the events they set in motion will actually transpire. I for one hope it finally makes a sound move into the right direction.
And kudos to you for allowing us to vent. You have been the best moderator on this board so far bar none.
While I don't want to turn this into a daily ranting routine, it is preserving my sanity to once in a while express my frustrations to those that can share and empathize.
If that bothers someone that much, feel free to skip the posts. I habitually skip anything that says American Bulls and predicts a stock price by a set date...
That would be nice.
I can't wait to see if and when they start releasing order quantities and backlog information. To bad we suffered a bit of dilution along the way, but you got to keep the lights on...
Well I for one am excited.
This is one of my favorite Micro-cap stocks in the renewable energy arena, and this one almost came out of the blue.
I know they are supposed to be selling to India soon (which ought to give us an idea about margins), and lord knows how many reviews are under way with bus fleets and the military.
Ths one may just be the little stock that could...
I would very much love to see a chapter 11 re-org. I have to beieve that if that Durant refinery goes fully online, and the Bunge deal come to fruition, this company will make money, granted a Chapter 11 executor limits the $60+ million that managment decides to pay itself per year to something more reasonable, let's say $4m.
The company is not a lost cause, current management is.
I know your feelings exactly:
Due to all the research of Eik and Eudogwyn, I don't doubt that NWOG is for real and will be a solid company. The problem is that I have little confidence that much of this prosperity will go to the shareholders of the public entity.
By forcing the issue, it is just like skipping the main part of the novel and reading the last page: Utlimately all of our money will be either lost, or we may be getting the fabulous returns that some still think are possible here. I don't think there is much middle ground.
As for me, at this point, I'd just like to get out whole, and that target is a mere $0.20 away.
I understand that the world of pinks is not like anything I am accustomed to in trading, or what I encounter in my daily line of work where we pride ourselves in transparency, full disclosure, timely and accurate reporting, functional investor relations, earnings guidance and the list goes on...
I don't have the illusion that we will see much or any of this in the foreseeable future here. It just plain and simple sucks being deceived and outright lied to.
How can one trust management to be good stewards of the company assets and resources, if you can't rely on anything they say to the public, if by some chance they ever choose to PR anything again.
Remember how they were 'exploring' a dividend? All the deals they were 'about to close'? We deal with Lybia, I mean Algeria, I mean Syria, I mean ...
That's all fine and dandy, I am sure they'll eventually close some deals, but can we please learn how any of those deals are going to benefit the shareholders?
Also, instead of giving guidance on where President Malyshev gazes into his crystal ball and envisions the stock to be by some set date, why don't you give us guidance on where you think earnings may be? At least those are within your control, at least to a degree... If you tell me you will net $5m/quarter, the stock will respond all by itself. The market is, despite its shortcomings, still very efficient in the long run.
Every CEO I know thinks that their company is undervalued, it is just that most have means and ways to articulate their thoughts and provide the shareholders with some reasons as to why that is: We are pursuing organic growth, our earnigs will be higher, our multiple is not aligned with the industry multiple, we have cost savings initiatives under way that'll improve margins, etc etc etc.
All those are reasons the we should be entitled to hear. They don't have to lay bare their grand corporate strategy, just give a shred of support to the statements that you are throwing into the public realm.
I am glad you view it that way, too.
All that is understood. I was new to pinkies then, but I am a quick study. However, you yourself on numeruous occasions have stated they they are not your ordinary pinkie. And guess what: They once weren't. They voluntarily filed financial statements with the SEC. Now that they have publicized financial statements, what prevents them from doing so again?
Such a grand opportunity, and such a small step for them to take to restore some real credibility.
Since you mentioned the 'other' Pinkie, they too claimed that they have disassociated themselves from Monimpex.
Be that as it may.
If you don't see at least a kernel of truth or validity in my statement, this conversation is futile.
And trust me, you are the last person on this board that I want to get into an argument with. You have done more than anyone else to keep us informed.
Understood.
I have no desire to be a Don Quixote, that's why I offered this path to someone who staked his financial well-being on this company. Maybe that someone is interested in pursuing it after all.
I mentioned it before, I invested money I can afford to lose in NDOL/NWOG. That doesn't mean that I wanted to lose it, or that it feels good. I can think of lots of good things I can do with $8 grand, or $48k as it has been at its peak. (The lady of the house has been wanting a Range Rover for a while...)
It turned out to be my first foray into the pinks, and it became quite the fascinating story that piqued my professional interest.
Once again, I have no time and no financial need to fight this fight, but it's like with the upcoming Harry Potter book: I can't wait to see how this story ends and whether good or evil will prevail...
I understand Eik, but I am hardly an isolated case here. If it were just me, I would lay the blame at my own feet.
I stepped back from the board for a while do try to get anything from management directly instead of arguing with other posters and moderators.
What I accomplished amounted to a hill of beans.
What increased my level of concern is how Monimpex maneuvered itself into Aurus through a back door. How are we to know this isn't what is going on over here?
We know nothing.
Yes I could walk away with a $6,500 loss if I wanted today and let bygones be bygones, but maybe I just don't feel like rolling over.
Call me someone with a superiority complex, but I am tired of reading posts about what Americanbulls says or what daily volumes are, or if we go up or down by 1/10 of a cent.
There are much deeper, much darker issues here to consider that nobody has the balls to address or the desire/ability to uncover.
Many of us, wishmd comes to mind, are actually asking valid and pertinent questions. Yet, these questions get drowned by a mass of inconsequential posts, just as undoubtedly this one will be.
So if anyone that mourns a 5-digit or higher loss wants to avail himself of the remedies I offered in my previous post, feel free to do so.
The results thereof would actually amount to an interesting message board conversation and 'Due Diligence'. (Hint: Reading NWOG's website is not really considered 'Due Diligence')
Florida registration statement:
http://www.sunbiz.org/scripts/cordet.exe?action=DETFIL&inq_doc_number=P97000084076&inq_came_...
Florida Shareholder's Rights:
http://www.legalandcompliance.com/articles/shareholders.html
Someone wanna play hard-ball?
I intently disagree with your statement.
I have put forth many attempts to contact them by e-mail. I also tried to call once just to get the old 'english not so good' answer.
I have no intent to turn over my phone records or e-mail logs, so you just have to take what I say at face value.
Either way, NONE of us except for a select few ever appear to receive answers or are responded to. And those that do are fed misinformation that eventually fizzles.
Maybe asking Mr. Emas to invoke our stockholder right to see the books of records of NWOG public may be a solution that resonates with the silent but disgruntled majority on this board.
After my many attempts to get the most basic information from these guys, I have no choice but to conclude that they have no intent to move towards transparency or improved investor relations.
I also believe that the AIM move will not happen, because if you want to convince a NOMAD to stand by your side, you need to offer full disclosure to the firm. Look up the list of NOMADS, and you fill find an impressive array of western accounting firms, investment banks, and financial advisory firms.
None of these firms will likely be swayed by the audited financials that NWOG has been parading around. Furthermore, they will have to disclose business structure and business plans, none of which we have seen management being very forthcoming on. I doubt that any NOMAD will take on that risk.
I took the advice of many of you to heart to ask all of the unanswered questions directly to management, but with no luck. Noone ever bothers to respond. Even Leebret used to get responses to his diatribes...
I see but only one move left: Isn't NWOG incorporated under Florida law? If memory serves, each shareholder has a right to be shown the books of record under reasonable circumstances.
Maybe we should invoke that clause and force them to come clear to us.
Strongus, since I don't want to start a war here, can you use your powers of mediation to 'expedite' some of the items we have been promised over and over?
Would you be too terribly shocked if I told you that I have not seen a response to a friendly written notice asking only a very general question that was more of a lay-up type.
Opened up a new e-mail account, not as much to disguise who I am, but rather ensure the mail goes through.
So after all that I am batting 0 for ...
I guess nothing has and nothing will ever change.
Not sure where you are driving at, but as unprofessional as they have behaved, I am not too confident that my right to privacy will be respected.
Plus, I second what Ibreken said. Besides, I sent them enough e-mails under another address that never gor answered. Makes me think I was blacklisted.
He certainly has pushed the ethanol card as hard as he could when ethanol was the fuel du jour. What about the Pennsylvania Plant? Never heard an utterance that they are no longer pursuing the option.
On the corn-based ventures, one had to read the small print to figure out that they let the option expire.
To be honest, I have not seen them accomplish one thing yet. I guess I should have been at the NJEDA meeting, huh?
I stated it before that I believe that the diesel approach is the most economically viable of all renewable fuels, but they are making themselves look poor by changing focus before anything tangible ever gets accomplished.
I am still a fan of this, no matter how much heartache it cost me, but I am at a loss as to how you can't understand that the good people investing here get a little restless.
He certainly has pushed the ethanol card as hard as he could when ethanol was the fuel du jour. What about the Pennsylvania Plant? Never heard an utterance that they are no longer pursuing the option.
On the corn-based ventures, one had to read the small print to figure out that they let the option expire.
To be honest, I have not seen them accomplish one thing yet. I guess I should have been at the NJEDA meeting, huh?
I stated it before that I believe that the diesel approach is the most economically viable of all renewable fuels, but they are making themselves look poor by changing focus before anything tangible ever gets accomplished.
I am still a fan of this, no matter how much heartache it cost me, but I am at a loss as to how you can't understand that the good people investing here get a little restless.
can you give me an e-mail that actually works? The last few I sent were actually bounced by the system (not sure if their firewall or mine) Or maybe provider that works, because I am certainly nt going to use my work e-mail.
Have they given you any explanation as to why they haven't made that move?
Let me make the correction that they came up with audited financials that made very little sense to me, as well as other posters here that are familiar with accounting practice.
If NWOG feels so strongly about these financials, why not file them with the SEC? What could possibly be holding them back?
Let me make the correction that they came up with audited financials that made very little sense to me, as well as other posters here that are familiar with accounting practice.
If NWOG feels so strongly about these financials, why not file them with the SEC? What could possibly be holding them back?
So in other words, this whole episode of Aurus allegedly 'firing' Parkin and Monimpex along with your celebratory announcement some time ago that we have divorced ourselves from the likes of them was nothing but a ploy?
Aurus Management PRs or suggests to those that eagerly listen that they have terminated that firm for cause, however, does actually employ them or enters dealings with them on a supposed buy-out arranged by the very same firm?
Wow, that should floor even the hardiest and staunchest believer in this stock.
As I said, I am not dismissing the notion that ULSD is a better and more efficient fuel, and if successful, the economics are favorable compared to Ethanol.
I also like the details provided on plant status elsewhere, but when i read some of the passages in the PR I am turned off.
When I read that they will meet with BS next month to discuss the evolution of the process of FFI, it doesn't sound to me that BS advised them to go into this direction, and that BS held their hands. It rather sounds like they did an about face, and next month is the first time that they'll run it by BS...
It further indicates that BS couldn't have been far along the process to launch the tax exempt bonds in the first place, contrary to prior news releases and assurances.
Ok then:
In other words, they shifted focus again. The Pennsylvania site has completely vanished and can easily be chalked up as one of the biggest hype Press Releases in the Ethanol bubble (remember 500mgy?)
Bear Stearns has apparently done nothing towards financing to date, and I believe that they will eventually drop off (see PR):
"Bear, Stearns & Co. will be meeting next month to jointly evaluate the current evolution of FFI projects relative to the initially discussed bond financing option for the New Jersey waste-to-fuel project with Bear, Stearns & Co. as the proposed lead underwriter. Management has retained experienced energy project finance experts to evaluate the best project financing options available. Currently, financing proposed FFI projects through proposed bond offerings is not considered by management to be critical or necessarily the best available option for the successful financing of any of the company's proposed projects."
While I applaud them to go in the ULSD direction, which is commercially more viable than Ethanol, unfortunately it reeks of jumping on the next hype bandwagon.
Roast me and my opinion if you wish, but this is just another "we are just around the corner of making a groundbreaking move" bait.
Wow, Triple vaguery!
Maybe somebody knows something...
Reminds me of Pinoccio in Shrek 3. Do you work for the NWOG PR department? (No offense meant, just gave me a chuckle)
Seen it done at my company with my own eyes.
Also, gets tiring to hear people argue that these Russians hold such tight operation control over every aspect of NWOG that they won't even share details with a professional IR firm, and then hearing another argument that they let someone loose with general marching orders to orchestrate a multi-million $ buy-back.
Absolutely impossible.
Do you think that NWOG would furnish a broker with a carte blanche and let them do their thing without consultation of senior management on the actual move and timing?
This is company cash we are talking about here.