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Dr Bill,
If you read the wording in 14A carefully the oil and gas lease transaction didn't involve Grifco but Jim Dial personally. In consideration for JD putting up Grifco shares to acquire the lease, he gets 11 million preferred shares of UERI (with super voting power). TTII is acquire UERI through a share exchange, and GFCI and TTII is to merger through a share exchange. So Grifco gets the o & g lease indirectly because TTII would have already owned UERI by the time of merger (if it happens). If the merger between TTII and GFCI falls through Jim Dial still owns the O & G lease through his newly minted interest in UERI. If ther mereger happens Jim Dial owns o & g leases through his interest in UERI and Grifco.
It's a complex transaction but legal but unethical IMO.
IMO
1. NO, sh right's haven't been violated as far as the transaction is concerned - it didn't involve Grifco or its shareholders dirctly. Shareholders may have been violated that suddenly and unkowingly Dial has more shares then the entire O/S shares on May 1.
2. it appears to be legal
3. SEC would be more interested in finding out how Jim Dial got 56.5 million shares.
Somehow BBB was trying to explain through funny math that the 56.5 million shares of Grifco was all part of the 20 million common shares owned by management. In the end there is still only 39 million shares of Grifco outstanding.
I admit, I didn't attend the SH meeting. I did read the synopsis by those who did attend - about a half-dozen or so. Several of them mentioned JD having 2=3 bodyguards flanking him.
I have to admit, you were the first person who is of an opinon that Jim Dial would be touted as a hero when it's all said and done. Prior to your post, even the biggest supporter of Jim Dial on these boards said they were somewhat disappointed with the SH meeting. Particularly in the way the metting was carried out.
I know you were there, and you have the benefit of the direct observation. Still, the opinions run a full gamut from terrible to good-but. IMO you have a firnge-opinon. Your optimisim is at the outer limits. So I don't give much credence to the "I was there, were you" comment.
JMHO
LOL...well they got it down to $0.06.
<<HOUSTON, Dec 19, 2005 (BUSINESS WIRE) -- Grifco International, Inc (Pink Sheets:GFCI) and its board of directors have decided to embark on an aggressive initiative to create higher stock price for SHAREholders. The Board has approved up to 20,000,000 SHAREs. Grifco has committed to buying an initial 1,000,000 (One Million) SHAREs GFCI in the open market. This program will be effective immediately and will continue until the price of our stock, in management' opinion, reflects its true value based on a price to earnings ratio that would be normal and fair to our industry.>>
Most important reason of them all regarding the NS smoke screen.
Management hasn't provided any convnincing evidence expect introduce a couple of "experts" who explained how NS worked.
How about providing what the company has on te books as O/S shares vs the Clearing House (DTC report?) shows as O/S. If there is a big discrepency between the two documents...HOUSTON WE HAVE A PROBLEM!!!!
How hard would that be? Who needs "experts" to explain how NS kills stocks. Just because you bring in a Cardiologist to explain how people have an heart attack, doesn't mean you suffered a heart attack.
JMHO.
Reaon why the Naked Short excuse doesn't fly!!!!
trinity, you're lagging months behind. Naked short may have been a theory 6 months ago that many of us bought into (yes, we know all about the link and ppt. presentation about the evil ns), but in light of all that happen since I seriously doubt that is the problem
Reason 1:
Management hasn't done anything about it. There were plenty of opportunities to hurt the shorts but they haven't done a thing to address it. Since management was made aware of the investors pointing the finger at naked shorting, they used it as a smoke screen to hide what's really going on (thanks to Laser, for faxing all the info. to Jim Dial, it's like giving the enemy our battle plan before the war).
Reason 2:
Increased authorized shares from 200 million to 400 million. If the O/S was only 40 million, 20% of authorized shares, why would Grifco need to double the number of autorized shares? First of all, we know from TTII's filing that JD pledged 56 million shares towards the merger. This annhilates the 40 million share theory (and the stock buy back PR from last December). In addition JD gets Preferred Shares with super-voting power equivalent to 100 million common shares. If there are only 40 million shares o/s wouldn't 21 million common shares be enough to control the votes?
There's never been an explaination as to why the A/S was increased. The closes one we got was Laser's comment after meeting with JD that "...it made sense to me at the time he explained it, but I forgot the explaination".
Reason 3:
Jim Dial has been very tight lipped about confirming the share count. He's even instructed the transfer agent not to disclose the amount. He didn't send out a proxy to the shareholders for the October SH meeting...even though ther ewere 7 items that were to be voted on.
Reason 4:
JD needs bodyguards and metal detectors to face the shareholders....need I say more?
Didn't you say that before when GFCI was much higher, like around $0.17? "I'm winning"...remember that comment?
yeah, I realized the typo where I put 16 cents instead of 6 cents.
Interesting Stats regarding how Grifco PR affects Price and Volume:
From 1/2/06 to 12/1/06 (11 months) 203,380,800 Grifco shares traded. That's an average of nearly 18.5 million shares/month. I have analyze the effect each major PR had on the price and volume. The biggest effect was the "offering" PR which was co-mingled with a "buyout-offer" PR. Here's how each PR affected the price and volume based on 7 trading days immediately following each PR release.
03/30/06 - 04/07/06 CTBG Dividend PR: 21,304,000 shares traded, Price range $0.17 - $0.33, $0.16 spread
07/10/06 - 07/18/06 GOTL Offering/Buyout PR: 41,155,200 shares traded, Price range $0.03 - $0.31, a $0.28 spread.
08/03/06 - 08/11/06 Meger wtih OTCBB reporting company PR: 7,850,000 shares traded. Price range: $0.14 - $0.22, an $0.08 spread.
10/17/06 - 10/25/06 Grifco enters into 3 year O & G contract PR: 2,194,000 shares traded. Price range: $0.09 - $0.15, a $0.16 spread.
Since the failure to distribute CTBG dividend, and no follow through on buyout offer, there is very little reaction and intrest in Grifco's PRs. IMO, it's not a shorting problem but a credibility problem.
(The data was downloaded into excel from GFCI/Yahoo Historical Prices 1/1/06 - 12/1/06).
gr8, IMPC's debt had been documented before. FYI, this is from one of the longs who visited Jim Dial and Jerry Swinford.
...He showed me a paper (contract) that said that the shell (IPMC?) was not to have more that $5000 in debt. (that's what he was told it had) It showed up with $3.8 mil, of which was eventually reduced to $1.8 million. Jerry is not interested in absorbing this.
http://ragingbull.quote.com/mboard/boards.cgi?board=GFCI&read=23382
Who owns Grifco and what is Dial in charge of? The most recent information shows Ko-Vac and Grifco Int'l in Lousiana is registered to Jerry Griffith (president, diretor, secretary/treasuer, registered agent).
http://www.sos.louisiana.gov/cgibin?rqstyp=crpdtlC&rqsdta=34394804D
http://www.sos.louisiana.gov/cgibin?rqstyp=crpdtlC&rqsdta=34388681D
As of Sept/2006 Global Oil tools lists Jim Dial and Ed Leonard as officers of the company.
http://www.sos.louisiana.gov/cgibin?rqstyp=crpdtlC&rqsdta=32510300D
Grifco's 2004 Balance sheet.
Grifco International, Inc. (a.k.a. Moose Pasture Inc.)
Balance Sheet
As Of June 30, 2004
FYE June 04
Assets
Current Assets
Cash
Midsouth Bank 122.74
Total Cash 122.74
Accounts Receivable 71,107.70
Total Account Receivables 71,107.70
Other Current Assets
Inventory Motors And Small Tools 317,942.16
Undeposited Funds 00
Total Other Current Assets 317,942.16
Total Current Assets 389,172.60
Fixed Assets
Accumulated Depreciation -104,350.02
Certificates of Deposits 00
Equipment 145,554.36
Furniture & Fixtures 22,649.98
Vehicles 16,750.00
Total Fixed Assets 80,604.32
Total Assets 469,776.92
Liabilities & Equity
Current Liabilities
Accounts Payable 8,436.14
Total Accounts Payable 8,436.14
Other Current Liabilities
FICA Payable 3,220.89
Federal W/H 4,089.37
BLR Construction 20,150.00
Line of credit Midsouth 00
N/P Lathe 7,452.00
Sales Tax Payable 527.29
State W/H Payable 1,029.50
Due Officer 25,360.35
Unemployment Taxes Payable 360.82
Total Other Current Liabilities 70,626.36
Total Liabilities 70,626.36
Equity
Due To Officer 00
Paid in capital 281,087.37
Retained Earnings-Prior Years 80,960.45
Net Income 37,102.74
Total Equity 399,150.56
Total Liabilities & Equity 469,776.92
Can we get Mark Cuban's organization to investigate Grifco?
http://sharesleuth.com/2006/07/
Welcome to the Jungle
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More than 13,000 companies are listed on U.S. stock exchanges. Analysts for brokerages and independent research firms track fewer than half of them. Overburdened examiners at the Securities and Exchange Commission review only a fraction of the filings that come their way.
If you’ve spent any time digging through muck and rot in the lower reaches of the stock market, you know that many investment opportunities are not what they seem, and that some companies are the creation of predators and pretenders.
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Sharesleuth.com will scrutinize the people behind the companies and the stories behind the stocks.
We’re looking for companies that were built for fraud, for executives who are enriching themselves at shareholder expense, and for businesses whose behavior runs counter to their stated objectives or to the public interest.
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We’re going to name names and show our evidence, by linking to documents, photographs and other information. We think that approach provides greater transparency than most newspapers, broadcast outlets and Internet news sites currently offer.
shorting penny stocks is illegal per SEC. There are several reasons;
1 Most penny stock will fail within 2 years.
2. Shorting a penny stock will put it on a fast track of failure. The valuation is so low that if a company gets flooded with short interest it will drive the price down sub-penny making it virtually impossible for companies to raise money through the sale of stock.
3. Pinksheet aren't regulated
It will be too easy to make money if you can short penny stock. It will destroy the market effectiveness.
I hardly doubt a company that proudly PR'd a potential purchase order worth $450K has anywhere near a $2MM operating income. In fact that was only one of 2-3 PRs (out of 65) that talked about actual contract. Sure there were some other PRs talking about a potential order but those were all mind deals (something that might happen in a perfect future world).
Andy, as for the validiy of pinksheet PRs just read the article (and the picture of the CEO). You should reconize the company because it was being touted on the GFCI board here and on RB. The article sort of puts a light on how a pinkie operates and why they are what they are.
IMO, Grifco may not be operating too differntly from this company. There is a lesson to be learned for those who lost money on Grifco that thought they can jump into another pinkie and make their money back 10 fold (which some did unfortunately).
http://www.canada.com/windsorstar/news/story.html?id=04b327c5-dbfd-4218-904b-9ed8c823b387&k=1983....
The key to making money in the market is not buying cheap stocks...it's buying good stocks.
Andy, everyone has differing opinions but Dr. Bill should be the last to be criticized here. Blaming differences of opinion on motives and agenda is a foolish notion. His opinions turned out to be correct more often then some of the beloved Jim Dial/Grifco groupies.
Remember to some people we should be at $4 right now from Grifco alone. We should have already have the 1.89 share dividend of CTBG.
Dr Bill, Tree Top did put out a merger approval PR on 11/06. Interestingly, Mike King is the IR for Tree Top (as I predicated his involvement in the deal). There still is the financial audit hurdle and TTII is saying they will release the results of each audit information as its processed.
FYI, The Auditors group the work by business cyles. There are 4 of them - Revenue & A/R, Expenditures & Payable, Conversion (Producton) & Payroll, Investments & Financing etc. So we should have some confirmation of the revenues coming out first. Assuming of course that David Reichman, unlike his predecessor, is a man of his word.
http://biz.yahoo.com/bw/061106/20061106006116.html?.v=1
Press Release Source: Tree Top Industries, Inc.
Tree Top Industries, Inc. Announces Majority Shareholder Approval to Complete Merger and Asset Roll-up and $25,000,000 SB-2 Shelf Registration with the SEC
Monday November 6, 2:02 pm ET
NEW YORK--(BUSINESS WIRE)--Tree Top Industries, Inc. (OTCBB: TTII - News) announced today that it had completed the tabulation of the shareholder vote following the October 17, 2006, shareholders meeting in Las Vegas.
David Reichman, Tree Top Industries, Inc. President and CEO, stated, "We are pleased to announce that a majority of our shareholders have voted "Yes" to the merger and assets roll-up with Grifco International, Inc. (Pink Sheets: GFCI - News) on the following four agenda items:
Majority Approval 'Yes' to Item 1:
1. To approve an amendment to the Company's Articles of Incorporation
to increase the number of authorized shares of common stock, par
value $.001 from 75,000,000 shares to 350,000,000 shares of common
stock par value $.001 and 50,000,000 preferred shares par value
$.001;
Majority Approval 'Yes' to Item 2:
2. To approve an amendment to the Company's Articles of Incorporation
by changing the name of the Company from 'Tree Top Industries,
Inc.' to 'Universal Energy Holdings, Inc.';
Majority Approval 'Yes' to Item 3:
3. To approve the August 18, 2006, Agreement and Master Plan of Asset
Roll-up and Forward Merger of Subsidiaries Together with Plan of
Reorganization with Universal Energy Resources, Inc. and Grifco
International, Inc. and its affiliated oil and gas sector
businesses through our newly formed merger subsidiary 'Universal
Energy & Services Group, Inc.';
Majority Approval 'Yes' to Item 4:
4. To approve the Company's application for listing on the American
Stock Exchange in 1Q07 or as soon thereafter as we may be
qualified."
Reichman summed up the proceedings, "Now that a majority of our shareholders have approved our business agenda, our audit team will begin to complete the necessary financial audits of the roll-up assets in accordance with the rules and regulations established under Sarbanes Oxley and the Securities and Exchange Commission.
"As each asset component is audited we will report the results to our shareholders. In anticipation of the completion of the audits, we will prepare a $25,000,000 shelf registration on Form SB-2 to be filed with the SEC before the end of the year. The proceeds of the registration will be used to finance the roll-up of assets. The completion of the audits is expected sometime in the 1Q07.
"As we move forward with the SB-2 registration, we will be discussing with a number of broker dealers and placement agents with respect to the syndication of the offering."
Forward-Looking Statements
Any statements that are not based on historical fact are forward-looking statements. Although such statements are based on management's current estimates and expectations, and currently available competitive, financial, and economic data, forward-looking statements are inherently uncertain. We, therefore, caution the reader that there are a variety of factors that could cause business conditions and results to differ materially from what is contained in our forward-looking statements. For a description of some of the factors which may occur that could cause actual results to differ from our forward-looking statements, please refer to our 2005 Form 10-K, and in particular the discussions contained under Items 1 - Business, 3 - Legal Proceedings, and 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations.
Contact:
Princeton Research, Inc.
Mike King, 702-650-3000 (Investor Relations)
I would say that the odds of the merger going through is better that it not going through. Simply from the fact that TTII can not afford to go through the expense of another pre-merger process. Unless Grifco's financials are extremely bad I think this will go through.
However, Grifco has a history of exaggerations, untruthfulness, and disappointments. It also wouldn't surprise me if TTII walked away from the deal after discovering that Grifco is more trouble than it's worth. If this is the case, Grifco and CTBG will go to sub-penny land for sure.
Those of us holding on is truly gambling (not investing) at this point. Even with the merger going through there be (more) diliution of shares, and possibly a revers split. Regardless of the outcome, good or bad, it would be a great learning experience.
All my opinion.
14A was orignally filed on 8/28, which was within the period covered by this 10QS-B. The 10/03 filing just added the Roll-up agreement at the end of the 14A. In short, the merger event had been well underway by 9/30. However, TTII may argue that the finalized 14A didn't come out until 10/03 so it won't be reported until the following period. I think that's weak, particularly when they filed the revised version a day after the cutoff for 3Q.
IMO, there definately should have been a section of 10Q-SB about the merger with Grifco. The SEC filing rule is that if a materially significant event occurs between the end of the reporting period and the filing of the report, then it should be reported as a subsequent event. As a rule of thumb, materiality is a change in a balance greater than 5%. TTII had $0 income and $0 assets. The merger will materially affect the financial structure of the company (TTII will inherent revenues and assets). It is clearly material, no doubt about it. It blows the rule of thumb out of the water.
TTII's 10QSB filing is just a series of cut and paste. They're not spending much time or money a company ordinairly would to make an appropriate filing. This was evident in the discrepencies found in prior filings. With $0 revenues and assets what more can they say except for ..."we're looking for a merger candidate". Well wait, they found a candidate so why the same ol cut and paste? Just lazy I guess.
Lake Wi-Fi is a Chicago company. Most likely the same Ryan Kirch. If Lois Newman can be a CEO of 5 publicly traded companies, and a Director for CTBG all the while she worked as a secretary for JD, it wouldn't be hard to believe that Ryan can in fact be IR for Grifco and President, CEO for Lake Wi-fi. Maybe that's why you get the answering machine sometimes when you call IR. Ryan's working his other job.
That is my opinion of Cramer.
Oracle, first of all Cramer is a bafoon. Who cares what Cramer thinks. He states his opinion on hundreds of stock and at the end of the day he is just as right or wrong as an average investor.
I am well diversified. GFCI is only 2% of my portfolio and they only pinksheet or OTCBB I have. As a rule, I rarely invest in a pinks. It was the prospects of the CTBG dividend that drew me in. At that time CTBG was trading more 10x the current valuation and the only official info. we had was the overly-optimistic prospects of Jet Motor. GFCI is one of 2 stocks I have right now with negative returns (other is OIS but the fundamentals remain stong so I'm 90% certain it will turn around). I have more than 30 stocks and mutual funds that have positive returns that are in double to quadruple digits in returns. 80% held longterm, 20% trading short-intermediate term. Just this Thursday I cashed sold 2,000 shares of SCVL for a little over $20K profit in little over a year.
Currently, there are a lot of deeply discounted bargins in the O % G sector like OXY, SLB, HAL (recently sold out), OIS (currently own by may add more), BJS, ENG etc. I am doing DD in these stocks and will be looking to add a couple of them to my portfolio.
As for Grifco, I'm neither postive nor negative about reality I can't control. IMO, it is the company that is riddled with negative results. That's the reality of it. Interesting to see how people on this board and RB that had been labeled as negative had been the ones that are right so far.
How can any reasonable person be positive about a crooked CEO who is a piss-poor manager, liar, and a shyster? I'm critical of the way the business is run and governed. I demand change and will continue to make noise until the change occurs. Also keep in mind that some of my over the top comments are said in tounge in cheek. Some people are unbiased enough to see that. If that gets characterized as negative or a basher than so be it.
I functiuon here as an iconoclast as much as some people play the role of the pagan apologist (you know who they are). Trying to keep the reasonable balance. I also still hold 100K shares in GFCI because I think there is value in Libiya a year or two down the road.
Being positive or negative about an investment is danerously stupid. Why get emotional about an investment. That's where people make mistakes.
disclamer: This is all my opinion
Len, the 'Stockdale Paradox' illustrates your point.
Admiral James Stockdale....was Ross Perot's Vice Presidential candidate in 'the '92 election. He didn't fare so well as a VP candidate, but he was quite an impressive military man. He was former president of the Naval War College and was the highest ranking officer in the "Hanoi Hilton" in Vietnam. He spent eight years in Hanoi and was tortured numerous times by his captors. Mr. Thomas Barnett relates:
"Stockdale tells the story of the optimists who never survived their time in Hanoi, simply because they clung far too much to their dreams of release and in doing so couldn't handle the brutal realities of what it took to survive the day to day. "So instead of dealing with the here and now realistically, they tended to cling to the hope that they'd be home by whatever the next holiday was, and when that day came and went, their spirit would be diminished by that measure.
"Over time, they died because their spirit was extinguished by reality."
Stockdale's explains his "paradox" this way:
"You must never confuse faith that you will prevail in the end (which you can never afford to lose) with the discipline to confront the most brutal facts of your current reality, whatever they might be."
What Stockdale was really describing is the flagrant abuse of 'positive thinking.'And you know what? A lot of entrepreneurs are really just too optimistic. Worse yet, the business opportunity pitchmen exploit this and sell ridiculously unrealistic plans to starry-eyed people. What a shame.
I seriously doubt anything you ever face in business will be as dreadful as the Hanoi Hilton. Still, nothing can be worse for you than to walk into battle with a plastic
sword and helmet, and then get cut down with tanks and machine guns...."
It's true the older you get the more pragmatic you will become. The younger pepole are more idealistic. Positive thinking alone won't get you too far in the real world. You can't jump off a 100 story building and believe you're going to survive the fall just because you think positive on the way down.
Considering how many times people on RB and IHUB complained to the SEC about some of the things Grifco has done, imagine how many other complaints SEC gets about pinksheet companies. I would bet at least 80% - 90% of the pinksheet companies generate complaints. Add to that the complaints they receive about OTCBB, AMEX, and NYSE companies. Logistically, SEC doesn't have time or the resources to engage in all the complaints. They probably get hundreds of thousands of complaints a year.
SEC has to choose their battles. They probably just go after the high profile, high dollar companies than to bother with micro-cap compaines that fall below a material Market Cap and is largely unregulated by its trading platform.
Also, I think there are some Aritifical (business) Intelligence programs built into their Database that sorts and flags complaints that they deem priority. It is extremely unlikely that Grifco would fit into the criteria they consider material. That's why SEC has a statement on their site about Pinksheet that basicall says 'buy at your own risk' - caveat emptor. As long as Grifco behaves like a typical Pinksheet company they will not get harassed by the SEC.
BBB, my error on the SAT, Gates scored 1590 but he apprently bragget to a girl he dated that he got a perfect score, as we all pump ourselves a bit to the ladies form time to time. You are right the perfect score is 1600.
Warren Buffet's view on evaluating Management
Management
Buffett’s three management tenets concern the evaluation of management quality. This is perhaps the most difficult analytical task for an investor. Buffett asks, "Is management rational?" Specifically, is management wise when it comes to the question of re-investing (retaining) earnings or returning profits to shareholders as dividends? This is a profound question; most research suggests that historically, as a group and on average, management has tended to be greedy and retain a bit too much (profits) as they are naturally inclined to build empires and seek scale rather than utilize cash flow in the manner that would maximize shareholder value. Another tenet asks if management is candid. That is, do they admit mistakes? And the final management tenet asks this: does management resist the institutional imperative? This tenet is substantial in breadth and includes looking for a management team that resists a “lust for activity” and the lemming-like duplication of competitor strategies and tactics. If you read the book, this particular tenet is worth savoring. It requires thought (e.g. where is the fine line between blind duplication of competitor strategy and outmaneuvering a company that is first to market?) and is among the most important.
Andy, you're way off. IBM outsourced the writing of DOS (Disc Operating System) to Bill Gates and Pau Allen, a.k.a Microsoft. Bill Gates agreed to do so but he would only liscense the rights to IBM instead of allowing IBM to own the rights...thus the name MS-DOS. IBM, thinking that PC's were just a passing fad, didn't put up much of an argument.
The GUI technology for Windows was first created by Xerox in their PARC lab. Steven Jobs of Apple Computer and some of his engineers took a tour of the facility and was impressed with the potential of the GUI based technology. Of course Xerox didn't see much marketability in it. Steve Jobs ordered his engineers to incorporate the technology into the MacIntosh Computer. They also hired Gates and Co. to help write the software for the operating system. Jobs was a little smarter. He required that Gates sign a no-compete clause for a number of years. This is why Windows was introduced a little few years later...rest is history.
BTW Andy Microsoft, Apple, and Hewlet-Packard were all started out of the garage. Look where they are now.
BBB are you kidding me with this?
".... Microsoft was never world-class management from its humble beginnings, neither was Compaq, neither was Valero, neither was . . . ."
Bill Gates was a genius! Literally with a 160 I.Q., perfect 2400 on the SAT. From the outset he understood the potential of his technology. He outsmarted IBM and locked up the PC operating system market. He was a world-class manager from day 1.
I know you work for Valero but do you know its history? They were a spin-off, throw-away/discared segement of Coastl States and Gas as a result of a bankruptcy settlement. A senior Mgr of Cotal States took over as the CEO of newly craated Valero Energy (can't remember his name but he recently retired). After the first year of operation their CEO built a business model on the assumption that domestic oil-production had reached it's peak. There will be more abundant supply of sour crude in the near future, and Valero would acquire outdated refineries at 20-30% of replacement cost and upgrade the facility to world-class sour crude refineries. You know what he was right. He figured it out before everyone else did years later. He created the success, he didn't become a "world-class" manager after the success.
Compaq was founded former Senior managers of Texas Insturment in the 1980s. Texas Insturment was a world class company largely known as the company who developed the first IC chips..the precursor to the micro-chip.
So you see all of the companies above didn't start out playing the shell game; deciving investors with faulty PRs;and register the company as a NV corporation with one person as the CEO, President, Director, Secretary, Tresuer etc. The reason why these companies are where they are today is because they were world-class.
Jim Dial is none of the above. He never will be. Like they say on ESPN he's been stumbling, bumbling..all over the place". He may be low to mid level management quality but what he's trying to be is far beyond his talents or capability.
Spinning off CTBG would definately help their credibility IMO. It would have made more of an impact if they could have met their own self-imposed deadline. Not sure if it will have as much traction now considering the stock is at $0.03. I think if they spin-off CTBG prior to the merger followed by some measurable actions towards the merger, management can win back a little credibility.
Look at their record since March 2006.
They promised audited financial - didn't happen
They promised CTBG spin-off (1st - by end of May, next - by beginning of July) - didn't happen
They indicated a buyout between $1 - $1.50 share - didn't happen
They indicated $2.25 offering - didn't happen.
They promised (at least twice) a Q & A update on webstie to answer many of the questions (didn't do it)
They promised to mail out shareholder meeting notices a month prior to the meeting (didn't do it)
They said Swinford will be at the SH meeting to discuss the CTBG situation (didn't happen)
CEO of the company shows up to the SH meeting with 3 bodyguards and didn't even speak at the SH meeting.
List goes on...you get the picture. Management cried wolf too may times. I think the CTBG dividend will help bump the price a little but it will take a lot more to gain a widespread public trust at this point.
clerrox, excellent point!
I personally don't have patience for long time horizons because they always seem to slip if management isn't world class.
Yes I know, I called Reichman and he was evasive. Told me everything is in their public filing and if I don't understand, talk to my broker. That's even a bigger joke because any reasonable person knows that Stockbrokers are nothing more than financial salesman. Just because of what they do don't make them Business Reporting experts.
Sure CEO is an honest guy...he'll tell us everything truthfully.
My take on today's PR.
Todays news = dilution, dilution, dilution. IMO, this explains the shares issued being increased to 400,000,000.
Todays PR talks about shelf regesteration to raise $25 Million with another public offering. FYI Shelf-Registeration = "regestration of a new issue which can be prepared up to two years in advance, so that the issue can be offered quickly as soon as funds are needed or market conditions are favorable."
In the bottom of today's PR David Reichman stated;
"... we will prepare a $25,000,000 shelf registration on Form SB-2 to be filed with the SEC before the end of the year. The proceeds of the registration will be used to finance the roll-up of assets."
Is it good or bad...don't have enough information to form an opinion. On the surface it looks bad but we only have 8 pieces of a 100 piece jig-saw puzzle.
Strongus, so is paid pumping. In GFCI's case you don't have to pay anyone to bash. They're doing a fine job bashing themselves. All you need is an objective person to tell you what's been happening.
Who cares about paid bashers and pumpers anyways. Real or not an investor should have enough savvy and intelligence to make up their own mind about a company. If your consider reading the message board due dilligence, or asking people on RB or IHUB if you should buy or sell, you really should just stick to CDs and lottery tickets.
Dr. Bill, I wouldn't be too surprised if that happens. Even BBB admits only 5 out 2,000 pinksheet stocks every make it to a higher exchange. That's only 0.25%, your odds are better in the Vegas Casinos. Interstingly, BBB believes GFCI and CTBG are 2 out of the 5 that's going to make it....one can only hope.
Don't forget all the Tree Top/GOMD iterations...this new company will have one heck of a Geneology.
Those that's been pumping WEGI and SLJB on IHUB and RB, can you say TOAST!!!!! Those two stocks had gone down the crapper!!!
Strongus, IT'S A HOAX!!! It is not real!!!!
http://www.thestreet.com/tech/internet/1165692.html
Raging Bull Chat Room Devotees Get Dose of 'Whopper'
By Robert Kowalski
Staff Reporter
11/9/00 3:12 PM ET
If anyone needed further proof that Internet bulletin boards attract fools like winged vermin to a Shell No-Pest Strip, Steve Tracy offered it last week when he publicly "confessed" online that he was being paid to bash stocks.
In the week that followed, lots of the gullible folk still apparently didn't realize just how badly they were being had. So badly that Tracy, the originator of the little hoax, was sheepishly wondering if his prank had spiraled out of control.
"In my view, this thing has gotten totally ridiculous," he wrote in an email interview. "While at first I was pleased at the reception it received, I am quite dismayed that so many people would believe what I had thought to be an obvious joke."
The fun began last Wednesday when Tracy, who goes by the Internet alias firebird_1965, posted a tome entitled, "Confessions of a Paid Basher", on Raging Bull.
Wizard, you are making contradicting statements. If CTT is a wholly owned company of Grifco why is CTT trading publicly under a seperate symbol?
Also, you don't remove the minority interest in a consolidated statement you remove the Investment Account (in the Asset Section) but the Minority Interest shows up as a contra account in the Equity section of the consolidated statement. It is true that Consolidated Statement will reflect the assets and liabilities of both companies (which is what I said) but it is only done for reporting purposes. However, for practical purpose Grifco does not own the assets of CTT as Grifco and Coil Tubing are two distinct companies.
I just came to a realization that CTT doesn't need to transfer assets prior to TTII.ob merger (assuming it occurs). They are already trading under CTBG.pk. Grifco doesn't own CTT assets, they own number of CTBG shares. About 75% of the shares is owned by Grifco making them the parent company holding a significant interest in CTT stock. CTT's asset and liability may show up on Grifco's Consolidated Financial Statement but in actuality that is for reporting purposes and does not indicate their ownership of those assets/liabilities.
The net assets are owned by CTBG. So if there is a merger and all Grifco assets are subsequently transferred to TTII.ob, they will owly own the shares in CTBG but not the assets.
BBB, for all intents and purposes GFCI or CTBG is currently not a fully reporting company. They have certain exemption when it comes to spinning off a sub. The way I read the SEC's explaination it shouldn't be that difficult to spin-off CTBG from Grifco.
Detail explaination of each item can be found at this link: http://www.sec.gov/interps/legal/slbcf4.txt
A. The Subsidiary Does Not Have to Register the Spin-Off if Five Conditions are Met
It is the Division's view that the subsidiary does not have to register a spin-off under the Securities Act when:
* the parent shareholders do not provide consideration for the spun-off shares;
* the spin-off is pro-rata to the parent shareholders;
* the parent provides adequate information about the spin-off and the subsidiary to its shareholders and to the trading markets;
* the parent has a valid business purpose for the spin-off; and
* if the parent spins-off "restricted securities," it has held those securities for at least two years.
BBB, once again isn't this an overly optimistic statement...
"... once CTT ramps up their manufacturing line on par with the massive amount of demand for particular offerings of tool sizes, things for CTT will dramatically change, and I will be here to capitalize on their reward."
Your completely discount the fact that there are other players in the market with better resources, better managment, and better product. Whatever 'Jet Motor' is suppose to do there are products out there that is doing it better. You're talking as if CTT is a one of a kind company with a monopoly on the market whose yet to come around.