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It may have been a small bubble they were playing for the profits. Traditionally this time of year there is a dip in gold and gold mining stock prices. Usually lasts through February or so.....I'm counting on it myself to allow me to buy RBY at slightly discounted prices to the current. We are already seeing it a bit as RBY has dipped below $4 a share a few times this last week during the day. Would love to be able to buy more at around $3.50 a share, but I'm just not sure it will dip that low....
What exactly would you consider new? that it all still seems like one big scam? That the ticker symbol keeps changing in what looks like an effort to bury the past? That the CEO Sikora raised his salary this year dispite the fact that there is no money to continue operations without fund raising?
No......there's nothing really new here it's just the same old thing.
ROTFLMAO! TAONE.OB is now what it's trading as? I'm assuming that means all the money is coming "ta one"- Sikora by name. Could it be he's figured out a way to make money by changing the name enough that it rides upwards as a "new company in the "hot" gold mining environment right now until people do the DD on it......?
just MHO
NOBAMA wrote "What's the purpose of TAON?"
I beleive looking over the notes of the meeting that will be held, the purpose is to pay Sikora USD $120K a year, which in Colombia should allow a family to live very,very well indeed.
just MHO
that had to be one of the funniest proxy forms I've ever read.
You can't vote Sikora off the board, you can either vote for him or with hold your vote! One person voting "for" means he's still there......lol. Again Sikora has amused me.
Nobama, I can certainly understand the frustration but I think it won't work for multiple reasons.
The biggest:
Sikora has always owned a majority of the stock. He will naturally vote to keep himself on....not that it has ever seemed to come up that there was actually a meeting of shareholders.
Then:
The company that TAON owes that keeps putting off on collecting on the default is a privately owned company by......guess....Sikora
not to mention that Tao Minerals gave over all the mineral and property rights to their subsidy: Tao Minera SA.
Keep digging, I forget all the facts but this company is quite the paper chase if you feel like doing the leg work.
It all goes back to a company called Primecap, owned by......Sikora, if you can beleive that....lol
I sunk a little money into this because I was new at investing but while doing my DD I kept on coming across all this stuff that looked really suspicious and began smelling like a great big rat. Problem is, I hadn't quite figured out that many times on these boards you have people who have unrealistic dreams and greed and don't want to really look at the facts when presented to them. I raised legitimate questions about that potential for this to happen or that to happen and suddenly I was a labeled a "basher" just for being cautious.
I lost some money in this but I'm taking it as a lesson learned, when I smell a rat, it's probably becuase it is a rat, and to h*ll with all the silly cheerleaders.
Had the same thing occur to me with a shipping company I bought at $8 a share, it went up to $10, then some really bad news about dilution in order to pay off the companies uncle who owned another shipping company hit the fan. I asked questions and everyone was like "don't worry about it, standard business procedure,etc" well, I got out at a small profit and that stock is now worth about $2 a share.
I would love to find a board where people actually do more then "bash" or "cheerlead" as that seems to be pretty much the majority of what I find, and not a whole lot of interest in the discussion of actual facts.
I'm still watchin just for a chuckle or two. I got out at a pretty hefty percentage of a loss a while ago, although the overall amount of money I had put into this was very small compared to most. Used the money to go on vacation to a real emerald mine and a real amythist mine and did my own mining. Sikora has become a source of amusement for me so I've been keeping track just for the laughs. Can't wait til he sets up another website, that just might be worth a rotflmao.
Seriously though, if you are a daytrader....you might be able to make a few bucks here and there on this stock, but for anyone thinking of going long........I really don't think you will ever see a producing mine. That comes from years of watching this stock and getting some very,very deceptive press releases, questionable photos on the website, and the massive dilution that was going on was not being reported on the website either, then the sudden r/s without a word?
Buyer beware IMHO
yup, 4 months down the road and we see how this has worked out...boy....that dollar sure has shot up....and gold is in SOOOOO much trouble right now.lol
"SELL EVERYTHING OR ELSE!It's very possible NEW LOWS will be seen.Oil,gold and all major stock indexes are in trouble from here.AND the dollar is going up up up.All IMO."
Holy Cow! This thing is still limping along? HA HA HA nice to see that even though it was filed so late, overall the new filing looks like just another cut and paste job with a few new items added like they've been doing ever since they created this POS.
Sorry noobs, I was patient with this thing for years of suspicious press releases and I just can't hold back my feelings about it anymore. For whatever reason you want to come up with, and there are many....bad management,poor PRS, shoveled BS, etc....I will be more then shocked if this thing is still around in a year. They've just about played out the issueing shares of stock for additional funds game, and at the going price now, how much more can they raise without authorizing even more worthless shares?
Anone who's bought into this recently thinking they are holding onto a 10 bagger.....sorry....this is a risky daytrader ride the smae dumps stock only. I wish you could have seen all the BS they pulled off with their "photo gallery". Seriously! read how much they have spent on equiptment! Yet with the photo gallery they were tricking people into beleiving they had bought things and were in the process of getting things underway! What a scam. About the only thing I can say about Sikora is that he isn't even a very good BSer, as it's been so easy for people on this board to figure out and catch him at it.
Just curious as to why you think the US dollar ISN'T going to fall? all indications right now pretty much tell a different story.
just got back from holidays, very pleased to see what happened while I was away!
Shucks, that's it? I was hoping for at least three more amuzing press releases before it all ended....even knowing it was a scam I feel cheated in the way it just disappeared. I was counting on a few more good laughs for my money.......
I think the board is kinda dead here because we KNOW what we are holding. I for one don't feel the need to check daily and be reassured things are going well. This is probably the first time I've been here in like, 3 weeks. Unlike some other stocks I own where I feel the need to keep a daily eye on just in case.
*moan* read the last 4 prospectus filings.....am I reading them right? that by feb 11th they will have diluted by 600,000 more shares?
Uhm...most of you guys are talking like you are unaware of the SEC filing on Monday. Take a look at that, I Dumped my shares first thing tuesday morning for a slight profit, and don't think I'll be buying back into this company EVER again.
http://www.sec.gov/Archives/edgar/data/1395593/000095012309001690/y01019b2e424b2.htm
and this article here:
http://www.forbes.com/2009/02/02/dryships-oceanfreight-economou-markets-equity-0202_shipping.html?partner=alerts
To sum it up.....MASSIVE DILUTION, probably no dividends paid until at least 2015, possible loss of control of company to someone else,etc.....not a pretty picture.
It's almost laughable that they made the one press release where they said they had sucessfully amended their credit facility.....they didn't mention that it was in no way a favorable amendment.
Anyone visit the company website recently? It still shows incorrect amount of issued shares, and the photo gallery is laughable, being that there are all kinds of pictures that you get the impression should have titles like "here we are visiting people working at a mine that doesn't belong to us" and "here's (Mr. Sikora? standing by) a really huge yellow something or another that might be a gold processor, but in any event,doesn't belong to us either" and "Here's a large water sluice in operation, oh, but it doesn't belong to us" not to mention "Here's (mr Sikora?) holding a gold bar at a local mine that doesn't belong to us, since there has never been any indications in filings of any income, so it couldn't have been ours or else something would have showed up,right?"
Yup, it's all very entertaining.
I must admit......(first an appology to those frustrated over very large losses) that the amount of money I've put in is just about worth the entertainment value I'm getting out of this. It has become a soap opera......is it true? is it not?............ stay tuned
Probably good news in this PR
OCEANFREIGHT INC. SUCCESSFULLY AMENDS ITS CREDIT FACILITY
January 12, 2009 - Athens, Greece - OceanFreight Inc., (NASDAQ:OCNF) a global provider of seaborne transportation services today announced that it has entered into an amendatory agreement to its US$ 325 million senior secured credit facility with Nordea Bank Norge ASA, as Administrative Agent, under which the lenders have agreed to an amendment and waiver of the collateral maintenance coverage ratio covenant contained in the agreement.
Anthony Kandylidis, Chief Executive Officer of the Company commented “Our proactive approach with our bankers has allowed us to enter into this amendment to our loan agreement and achieve a lower collateral maintenance coverage ratio in light of the recent decline in vessel values, particularly in the dry bulk sector. Given the challenging financial and shipping landscape, this agreement places one uncertainty behind us and positions us to capitalize on opportunities as they may arise in the future. ”
I'm really not sure there is much of anything that shareholders could do even if any of those scenarios come to pass. After all, Sikora has always held the majority of shares. It's all been right there in the press releases and the filings for anyone who did just minor DD on the company. I'm not in this for much, luckily. This was my first foray into mining stocks and I bought BEFORE I did DD. Once I started doing DD, the suspicions and questions began to surface very rapidly. I began questioning people here about things, and unfortunately, at the time the people here were way too into the possibility of huge riches, and poo-pooed away my suspicions *shrug* lesson learned, if I smell a rat I will bail right away next time. Now I'm just here to see how it really does all play out. Let's not forget that another possible scenario here is that the private Sikora company that "loaned" the money and mineral rights to Tao could always call in the long ago defaulted on payments and take the whole thing private anyway.
I've pretty much taken the stance the money I put into Tao has been a modestly expensive lesson on DD, not letting myself get emotional picking stocks, and what lengths people can work a con. I'm almost positive I'm looking at worthless paper and a great big greedy rat. I imagine I would go buy new glasses if it turned out I was actually looking at a rocketship.
Already glad I bought this for a little under $12 a share.
Anyone else able to confirm this? I heard a rumor over on the yahoo message boards that Shawn from the PR firm was planning a trip down to the mine for photos and video. Has anyone here heard anything similar? I must admit at this point a third party verification of things actually happening down there would help ease at least a few of my suspicions, although not all of them.
welcome. This seems to be a sleeper stock. Which is fine by me, I'm picking up shares when I can since the payoff should be very good indeed.
For the time being, yes, I beleive they will bring dividends back eventually. Honestly, I would have been more concerned if 1. they had waited any longer to announce the suspension (to keep stock prices higher for awhile). Announcing it now shows they are remaining honest and working on biulding a better company, not just interested in what the stock is selling for. 2. They did not suspend dividends at all. In this market where ships are selling as cheaply as they are, I see it as very prudent to take what would have been dispersed and put it back into things that will make money.
I got very lucky with shipping stocks. I got in a few years ago before the huge surge in prices and got worried when things seemed overinflated and sold at a huge gain. Now that prices are back down I'm looking to pick up shipping stocks again. I wish I could say the same about my picks for gold mining companies...lol.
On the shipping end....what are people finding interesting as far as foreign railroads go?
Please keep dumping, I'm looking to pick up more bargain priced shares. Could be wrong, but I beleive this company will make it through this downturn, and when it does, I want to have lots of shares bought at bargain basement prices.
About four years ago I got into shipping companies becuase the dividends were attractive. I was lucky, I got out when all the stocks were outrageously priced. I'm looking to get back in now and this one seems attractive.
I agree. After the big hubub made about the date of the pictures they posted before...putting up pictures with NO information on them just looks that much more suspicious.
cdhames. I'll look at those. Have you looked at Rubicon minerals?(RBY) If it looks interesting, I wouldn't buy just yet as it suddenly spiked on good news(second drill results to show bonanaza grade gold). I'd let it get back down to about 1.35-1.20 range to buy again. I'm counting on December being traditionaly very slow for mining stocks and I'm increasing my position.
well put, cdhames, I guess you have more faith in human nature then I do. I don't know all the rules that govern what are and aren't violations of SEC regulations or whatever, but I do know human nature and the way in which among "professionals" things just seem to disappear that would have put you or me behind bars.
I have at times given this company the benefit of the doubt about all these dealings, and can certainly see the scenario you laid forth, but for me the icing on the cake is the less then reliable PR's. It just doesn't instill in me any sense that we are dealing with a straight shooter.
I still have my "lottery ticket" money in this company....*shrugs* who knows? I've seen stranger things happen
I know....this stock puzzles me. Rob McEwen involved, has been having very promising results. I've mentioned this stock on other boards, boards of stock in junior companies that I consider VERY VERY VERY VERY high risk, and for some odd reason the fan boys of those companies act like RBY has some odd disease. I don't get it, a respected name, pretty well backed, and good prospectus.
I've been watching those other stocks tank left and right, go figure
Hey there. I've been a stock holder for about a year now, buying more as it went down. Hate to say things about gut feelings, but with Rob McEwen aboard, I felt this was a great risk. It's looking more and more like that feeling was right.
cdhames....
Minera Tao SA was created by Tao Minerals, which probably means some type of transfer of money to them in the first place, although not nessesarily. Then, a few years later, Tao takes over the company they formed....yup, sad but true. Then, right after they take over they transfer ownership of all the properties to Minera Tao SA. This can all be found in the press releases, just go keep going back.
I don't think it matters what type of risk Minera Tao has in all this, the more you go back through all the dealings between Sikora private companies and Sikora public companies, the more it looks like the only one getting paid here is Sikora.
It's been awhile since I did the notes on this but basically a Sikora private company sold the rights to those lands to the Sikora public companies in the first place, now they are transfered back to a private company??? Questions, questions.
As far as supporting this....you can find it all yourself digging through the SEC filings and the press releases, it's just too much work for me to waste my time on at this stage in the game. I'm concentrating on my wining move with RBY right now.
I think in equal regard, if this were the case, then Minera S.A. also owns substantial risks. It depends on how they organized the acquisition, and whether Minera remains a seperate entity or whether they've been divested. I think if Tao produces, we'll be fine. Acquisition implies ownership, and that means that profits trickle up, and then outward.
Nibbly, is there any information you've found to support what you're saying? About transfer of ownership? I haven't had much time today to look into anything.
WOW! finally we see movement in the right direction! ........and....no one else is here?......
HELLLLLLLLOOOOOOOOOOOOOO!!!!!!!!?????????????
No....not quite, bingohippie.....
"On July 16, 2008 we acquired 93.14% of a Colombian corporation, Minera Tao S.A., to facilitate operations in Colombia, for $1,000 US."
OK, Sikora paid the Colombians that are supposed to work at the mine $1000 so far"
Wrong...the terrible truth here(all the odd connections between sikora public and private companies)....which I have been trying to talk about here and on yahoo, but the fan boys didn't want to hear, is that Tao(public) PAID MR SIKORA $1000 FOR A PRIVATE COMPANY THAT TAO SET UP IN THE FIRST PLACE.
Minera Tao,S.A. is simply translated in english as Mineral Tao, South America......starting to sound familiar?
Now, follow this....public Tao tranfers all ownership of their property rights over to private company Tao Minera, S.A.
....So what if Tao Minerals tanks? The private company is safe, and for that matter, if the mine ever starts producing, there is no obligation for any profits made by (private) Minera Tao to be transfered over to (public) Tao.
checked out the pictures in creative suite...you are right about the dates and times. One more thing to add to the list of somewhat deceptive and/or suspicious things Tao has done.
cdhames, sorry, I don't pay for a subscription here.
In reply though, I had been using Sharebuilder to purchase Tao stock due to their "discount" fees, so I too am now shopping for someone else to make purchases through.
It looks like Sogo Trade is still taking buy orders but I can't confirm that yet.
It will be interesting to see what happens the next few days,weeks etc. One of my biggest concerns all along has been the somewhat odd connections between Sikora private companies and Tao public. After all, we are talking about a man who apparently made a pretty decent living as a stock broker himself, so if anyone knows the ins and outs it ought to be him. This is the very reason I've been intrigued yet suspious of his moves from the start.
Could it be there was never any intention of the company actually making a real name for itself? maybe...or maybe he just set it all up to protect himself in worst case scenario which apparently began about two years ago when junior miners everywhere began hitting brick walls while searching for financial backers. Either way he didn't gain any additional confidence from me with some of the more questionable PR's that were released.
On one hand, I can understand the people who are thinking this was a con from the get-go. But there is still the distinct possibility that this all came about through very bad timing and market conditions and pretty much being forced into a position where making a "deal with the devil" was his only choice in a last ditch effort to save the company.
And maybe, just maybe....we'll see him pull that rabbit out of the hat yet.
10,000 to 5,000
odd...wondering what that means
I don't have solid faith in Taol, in fact, I've pretty much been suspicious of Taol for quite some time, but since I'm using my "lottery ticket" money, I agree, this is the time to buy.
My "BINGO" money in mining is in Rubicon. :^)
?? I don't have the same tools you have......changed ask size from what to what?
yes, I know the ksb was an amendment, but that's still the only thing investors who look at base fundamentals have to look at.
Don't know much about Jim Sinclair, have heard the name, I'll look him up.
" I read an article recently about a hedge fund manager targeting small cap investments again, dated July 2008. This person actually claimed to expect a mass exodus of small cap investors and was "awaiting negative sentiment" to set in before positioning the funds for acquisition. The breadth and boldness of the statement was chilling."
I can understand that. One other thing that I wish I knew what was going on with the move was last year right before the rapid increase in gold prices China(if memory serves) and a few other nations suddenly dumped gold positions. It didn't make any sense, the raise in gold prices was pretty much a done deal and all of the sudden people where dumping what they had.
thanks for the reply, you've given me a good bit to think about.
electrius.....
ahhh! now I see the game. Thanks for that.