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USC,
Really hard to catch that falling knife. I wouldn't doubt that we will see an update this week concerning PBLS legal problems.
By the way........ Beware of Angry Ducks from the north.....
Big Game coming up.
Only 33 million common shares left to sell before we hit the magic 2.5 billion mark.
That will be a defining mark as the cash well goes dry.
Hopefully the mess behind the curtain is less tangled and we can start to move forward.
Outstanding = Issued...... if I am not mistaken.
Series 3 has 62,500,000 authorized of which 10,369,275 are outstanding.
Momentum is right about the terrible threes as the conversion took place before we even knew that the threes even existed.
There is a ray of hope though........
PBLS management and their use of the board of directors to maintain control created the threes. When The Komex deal was proposed , Riley and Pomuto also did not know about the threes. They had not yet been revealed through the Pink Sheets disclosure.
The preferred threes in effect took away all chance of Riley and Pulmuto acquiring enough shares to take over control of PBLS and the s**t hit the fan.
The preferred threes were put in place tp prevent a takeover and it appears they did just that.
Unfortunately the result is the collapse of the common pps and the ensuing mess that still needs to be untangled.
The bright side..........
Management had enough control to create and then quell a possible takeover. They also have enough control to fix the wrongs and put the company back on track. It would mean reversing the preferred three conversion and becoming more careful and diligent to keep the wolf away from the door.
Becoming fully reporting and more conservative with company money would be a good first step.
My point is that we know the issued share count of the preferred threes but have no idea if there has been any conversion, partial or full, by management.
Momentumtrader is assuming that the conversion took place and management has absconded with $100 million+ of company value.
For all we know management still has their original 400+ million common shares, has not taken the extra 275 million shares momentum refers to, or converted to preferred threes.
The share selling could very well have been used to pay for the most recent acquisitions and provide revenue as PBLS attempted to make the Komex deal work.
There is much we do not know and answers are available....... If management will come clean and stop playing games.
I do think we will eventually see the truth as serious legal problems become public.
Good post if true.......
Where did you get the information that PBLS management had converted their common shares plus an additional 275 million that materialized from thin air into the preferred threes?
I have always been under the impression that the preferred threes were available for conversion if management thought it was necessary to quell a takeover.
To date I have seen no evidence that the conversion took place and the threes may only be a threat.
Did I miss something?
Chilar,
Before PBLS fall from grace your comments were fueled with blind optimism and now they are fueled by the disappointment of a deceived lover.
I agree with many of your comments concerning PBLS but believe the truth may lie somewhere in between the extremes you portray.
Asus,
You compare PBLS to a malfunctioning sputtering engine and I agree with your analogy.
When my car sputters I have to make a decision. Is the car worth saving and how much will it cost to fix the problem.
PBLS problems may not be as difficult to fix as we speculate. They have good components in Best Jets, the Marina project, construction, trucking, the oil business and maybe yet the sand and gravel business.
PBLS driver has been negligent concerning maintenance and gone way over budget with ego satisfying, eye catching accessories.
At this time PBLS needs a good mechanic with the authority to make necessary fixes without the negligent driver looking over his shoulder interfering.
I think it is time for PA to acknowledge that the is not the one best suited to make financial decisions. It is time hire a real CFO with the authority to say no to spur-of-the-moment ideas that are detrimental to good business practice.
PBLS is no longer a mom and pop company and needs the expertise of a real CFO (mechanic) to make all the components function in sync.
Hopefully Management will recognize this after getting hit squarely between the eyes and will come out of the emergency room to become a productive and successful company
There are too many people involved to be running such a simple scam as you propose.
A ponzi style scam only has one conclusion and the perpetrator must disappear with the cash for it to succeed.
I don't believe PA and company ever had the intention of taking the money and running.
The Komex deal was the punctuation mark in a story of mismanagement and brought PBLS misdeeds to a head.
I do believe that they had the intention of completing an audit and becoming Pink Sheets current information compliant before the Komex deal put them over the edge.
It appears to be that share selling began as cash was needed to accomplish the deal.
The train wreck we have today is the result of greed, lack of foresight,dd and patience.
A lot of mistakes were made.
Without the Komex deal we might be sitting at 815 million shares and audited financials today.
lake,
I really sympathize with your frustration concerning PBLS behavior.
I think we all see the possibilities and potential to become a viable and solid company.
PBLS continually surprises us with real acquisitions but then always shoot themselves in the foot with a lack of completion or follow up.
They are salesmen who can sell anything but continually fail to deliver.
This behaviour will certainly end in bankruptcy if changes in management policy and ethics do not occur.
Will they change?
I am still gambling that they will........ but without a great deal of confidence
They have more to lose than any of us and I am sure they are getting a reality check right now.
Lake,
Face it...... you are a closet dreamer like the rest of us.
You have been screaming non stop for transparency as long as I can remember.... getting no satisfaction but always coming back for more.
It is hard or give up when possibility and opportunity remain. PBLS has provided enough substance to set the hook but we never land the fish.
The twists of the last couple weeks provide more opportunity as the pps tumbles and we are still living with a dash of hope.
Buying at this price can provide serious profit if PBLS can pull off another minor miracle.
dirk,
Thanks for the enlightening post. There are many agendas by different posters and all should be taken with a grain of salt. I have to admit that your details give your story a ring of truth.
I guess this explains why management is maintaining silence.
Any updates PBLS provides now will certainly have legal implications and pr with spin will not be believed.
In the meantime the soap opera continues.
I remember someone posting dd concerning the house that PA bought. One of the sellers was a lady by the name of Couvillion.
Maybe Bobby came with the house.
I just sent an e-mail to the St. Tammany News Banner editorial staff with the link about the investigation.
Maybe a reporter can find the information we seek.
You are right..... A lot of shares being sold at the end of day.
Kind of funny......
All this squawking and no egg laid. Only 5 m shares sold today.......
There are a lot of voices of desperation posting today. I guess is is because the police are involved and the truth will eventually be told.
This whole thing would be hilarious if I didn't have so much money at stake.
What a lesson..........
This all turned out to be more of the same...... he said..... she said.....
I think I will wait to see what the police investigation turns up before coming to any conclusions.
After the 2.5 billion issued share count I speculated that there would be a continual fall in the pps until the 2.5 was reached.
I expected a shake out but the accusations of fraud followed by a cash crunch have taken us to another level.
Time is not our friend and verifiable explanations are needed or else the company could be bought for next to nothing.
But then again who in their right mind would pay to take on this mess.
About all that is left is the entertainment factor.
Has MR defended himself concerning the pr stating that he is out on bail due to robbery and securities fraud?
I have noticed that on days we get an increase in the outstanding share count from the TA that many more shares are traded and the pps gaps down.
A logical conclusion is that PBLS is selling shares.
Only 40+ million shares until the free cash well goes dry.
Let them try and rise the OS again and watch the PPS go sub zero......
They would have to pay us to take shares.
Wouldn't even be worth the effort for PBLS.
Fizzlegig,
Riley and Promuto will be pointing fingers at PBLS in defense and the investigation will assuredly go both ways to find the truth.
When PBLS made the accusations public in a pr the gloves came off and all dirt will be exposed.
Lawyers will see to that......
Now it is going to get interesting.
Rally......
I am up to my elbows with the day job and check in occasionally for updates.
I do not like to ask others to do DD but here is a link to the local news. I wonder if they are aware of this and if there is a story being written?
http://www.nola.com/books/t-p/index.ssf?/entertainmentstory/books14.html
We hope to get "soom" questions answered soon.
The fact that the law is involved speaks well for PBLS.
The curtain of secrecy is going to be ripped away and we will know if PBLS management is just a blowhard or really fraudulent.
Rally....
Excellent call!!!!!!!!!!
The local police did more to clear up this discussion than a thousand speculations.
Sometimes the answers to our questions are right under our noses.
Good news for shareholders!
This will become public soon and I do mean soon.
sexysue,
Nothing in newspapers.......
News papers usually wait until they get verified and cross verified information before writing a story. I would not be surprised if an article were in the works.
Remember that it was a reporter that exposed and verified the SLJB scam.
PBLS story is much more difficult to pin down because of real companies and assets. It is begining to look like PBLS management turned a real company into disaster by spending with an open credit card, selling shares, and no real plan.
Chilar,
Can you explain this statement?
"FYI the two guys took nothing."
Considering what we appear to know about Mike Riley, your comment sounds like speculation.......
In light of everything going on now I would expect to see unaudited financials when it benefits management the most.
The last financials painted a very rosy picture and immediately thereafter the wheels fell off. All of a sudden they were cash strapped and not paying the bills.
The problem with unaudited financials is that they are unaudited.......
Can management be persuaded that the show is over and they are going to have to become very transparent and let the chips fall where they may?
For the sake of stockholders I hope so.
Shiz,
On your trip to PBLS you said that you met the Komex representative.
After all that has transpired...... what is your take on that meeting?
Tula,
You always said you would buy if PBLS declined to .005 again.
Buy buy and buy more!
Oh Yes.......
Fundamentally this is a screaming buy. Chartadvisors.com will certainly back this statement up with enough relevant charts to choke a horse.
As Paul A would say...... "Common on in and join the party!".
Fresh blood is always welcome.
The electric is turned off..... Light up the tiki torches and let the party continue.
http://graystoneranch.com/adult_teen_ragein_cajin_party.htm
Dustin Hoffman the crooked banker businessman stayed.......
Opened the first offshore bank.
Devils Island.........
And PBLS sells another 19 million shares........
Looks like they are going to run this right up to the 2.5 billion mark regardless of the pps.
Only 42+ million to go and then we will see if the the reality of the situation.
Don't expect news until the Issued shares equal the outstanding share count.
Got to admit........ They either have b...s of steel or are very desperate to continue selling shares at this time.
Thanks for the attempt to gain a little clarity concerning PBLS use of PR.
I have always contended that PBLS is news driven and that charting is next to useless as a tool for a company with so little verifiable information.
It would be interesting to see a two year chart with marks on dates of news releases.
PBLS has attempted to issue "Good" news many times but because of lack information, but did not receive the desired result.
Any news received now that can be considered good and is backed up with verifiable evidence will cause PBLS to turn green in a big way after the huge sell off.
The key word is "verifiable" as bs press releases will be seen as just that.
We have heard stories of PA living in the guard shack as he built PBLS. It is time to ditch the Bentleys, get back in the pick-up and start hauling dirt.
If the pit is truly lost, I think PA should consider finding another "pit" and get back to doing what he knows best. PBLS still has the expertise, contacts and opportunity to dig and sell sand and gravel and should get back to basics. The stoppage at the Murphy pit may have voided existing contracts but the market still has huge demand.
I wonder what the real story is concerning the acquisition of the Mississippi pit. If there is suitable land available and leg work is done concerning permits etc., it might be worth looking in to.
Sunday scripture revised....... PBLS version.
31. But they that wait upon PR shall renew their strength; they shall mount up with wings as eagles; they shall run, and not be weary; and they shall walk, and not faint.
"One thing is for absolute certain. investors are competing against management to sell shares into the runs. Unfortunately management has a huge advantage here since they know what and when they will release the information."
This is what makes PBLS such a dangerous gamble/investment.
I have always believed this to be the case but due to the fact there was verifiable business, PBLS nature of business and opportunity due to long term Katrina recovery efforts, I have disregarded better judgement and continued to gamble.
If PBLS used the ill gotten proceeds to reinvest in the company rather than pad their personal bank accounts, PBLS could have been wildly profitable. All shareholders including management with hundreds of millions of shares would have prospered.
To date we are still speculating where the money raised through selling of shares went.
With PBLS inability to pay the light bill, the outlook is not good.
The most important question now is whether PBLS will survive and whether management will realize how important telling the truth is in the long run. I think it is safe to say that dreams of huge profits in the near future have been burst and that survival is now the immediate goal. PBLS appears to still have enough equity and verifiable business to continue operating if the financial loss is not a total disaster.
The results of the Murphy pit court case due next week can be a turning point. If the appeal process can be continued and work resumed, PBLS little money engine may limp along providing energy to survive.
Anchorcheck,
I know the preferred threes are a pet peeve of yours so maybe you can answer this.
The threes were supposedly put in place to assure management that their personal investment in PBLS would not be lost in case of a takeover.
Do we have any verification that they have converted their common shares for threes or are they still held in reserve until management feels the need to use them?
Since management is also the board of directors the threes were probably unnecessary as they have complete control of PBLS anyway.
Sounds like the old saying "Absolute power corrupts absolutely" rings true here. The lack of oversight and checks and balances has allowed management to make some foolish decisions.