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Not sure if it is Tom, but sure is fishy.
You are absolutely unbelievable. In the spirit of the season may you have a happy holiday.
Thank ya Thank ya Millstone. Flew under my radar as I hadn't checked the website in awhile.
Interview with Mike McElwrath http://www.twst.com/notes/articles/amz611.html
Thank you your continued insistance that yours is the only way to invest. Your hubris is incredible.
Oh and here is a surprise. The legal counsel for the company is none other than Jean-Pierre, Don Platten's partner/legal counsel. His claim that he knew nothing about Don Platten's situation before he got the shell is, shall we say, tough to swallow.
What I said was perfectly civil. Part of the purpose of these boards is to exchange knowledge. I don't know the answer. I think your answer was hostile and creates the perception that you don't know or don't care.
Under what law is it legal? Please enlighten as to how it is legal to split away assets (just spit up some of my morning coffee laughing)without compensating shareholders. What loophole allowed him to do this?
I am with you. It just makes nervous when people say things like "we are going to be rich". No biggie, just superstitious I guess. Plays like these can take time breakout.
Ok. I hope you are right.
What do you base that on?
News today. Far East Energy Announces Signing of Letter of Intent on Shouyang CBM Purchase and Sales and Increase in Gas Production From Distant Parameter Well
Oct 26, 2009 11:32:00 (ET)
HOUSTON, Oct 26, 2009 /PRNewswire-FirstCall via COMTEX/ -- Far East Energy Corporation (FEEC, Trade ) announced today that a Letter of Intent has been signed for the sale of gas produced from its Shouyang Project. This agreement was signed on October 16, 2009, by the Chinese partner of Far East, China United Coalbed Methane Co. Ltd. (CUCBM) and Shanxi International Energy Co. Ltd. Under the terms of the Production Sharing Contract covering the Shouyang Block, gas produced by Far East and its partner, CUCBM, is sold by CUCBM on behalf of Far East. Shanxi International Energy Co. Ltd intends to transport gas produced from the Far East Shouyang block through a pipeline that it will build directly to the area of Far East's current Shouyang gas production. It will then sell this gas to downstream users.
"This is excellent news," said Michael R. McElwrath, CEO and President of Far East, "and it came quicker than we had hoped for. For quite some time we have had a three-phased gas sales strategy, planning to sell our first gas as compressed natural gas (CNG). Then, as gas volumes grew, we would also begin to sell gas into pipelines within Shanxi Province, and then ultimately, when volumes were too big to be absorbed by the CNG and provincial market, we would move gas into the large trunklines to Beijing and Shanghai. This clearly indicates our ability to sell into the provincial network and its early advent is a really pleasant development. We will also continue with our plans to sell a portion of our gas as CNG, and thus, two of the three phases will become realities."
Far East also announced that it has seen a rapid rise in gas production from its P2 parameter well some 7 kilometers distant from its 1H Pilot Area in Shouyang. Previously, on September 8, Far East announced that the P2 parameter well, which was drilled to test the production characteristics and potential of an area approximately seven kilometers away from the 1H Pilot Area, had started producing gas from the #15 coal seam, the same seam that is highly permeable in the 1H Pilot Area and from which most of the current production is derived. Moreover, core from the #9 seam in the P2 parameter well had revealed very promising gas data. Over the past 48 hours production from the P2 has more than tripled, rising from 16 to 17 Mcf per day to between 53 and 60 Mcf per day.
"It is still too early to tell with certainty what this means," said Garry Ward, Senior Vice President of Engineering for Far East. "We will watch this production carefully over the coming weeks to see how this production holds up, as it would be a very positive development to have significant production from the #15 seam at a distance of seven kilometers from the 1H Pilot Area."
Parameter wells are wells drilled at some distance from the current pilot area with the objective of determining whether these distant areas also look prospective. The P2 Well began producing gas within 60 days of being put on production which seemed to indicate high gas saturation in the #15 coal seam in this area. Core analysis of the #9 coal seam in this well indicates that the #9 seam is almost completely saturated at this location with a gas content of approximately 450 standard cubic feet per ton (scf/ton). The #15 coal seam has a gas content of approximately 490 scf/ton and is 75 to 80% gas saturated. A saturated coal seam, such as the #9 coal seam appears to be in this area, contains the maximum amount of gas that can exist in the coal based upon the reservoir temperature and pressure. In a saturated condition, the coal seam does not need to be dewatered to begin producing gas. This eliminates much of the delay in the start of gas production that is associated with dewatering. The significant increase in gas production seems to indicate that the #15 seam is also highly saturated in the area of the P2 Well.
Part of the problem now is that their Chinese partner has changed (CNPC took over for CUCBM). As a result, CNPC wants to do their own DD and may or may not decide to redo the PSC's. Still the trump card is China's desire to ramp up CBM production ASAP. They need the FEEC's and Arrow's of the world to make this happen.
5 minute chart? Oh God, where is my shovel?
He was charged on 17 counts of combined securities and tax fraud. Why on God's green earth would you become associated with this guy. What kind of businessman would do that?
Ugh. I am p!ssed as anyone, but that is a little out of line.
Everyone, and I mean EVERYONE, goes over the books of the company they are going to buy with a fine-toothed comb. As much as I would like to think Tom S. is an idiot, it just doesn't wash. Side note, I remember research that there is like a 2% success rate for Cornell supported (sic) companies. It would be interresting to find out who these companies are. If they actually exist.
The Wells Fargo deal is absolutely inexplicable. Especially, in light of the fact that they were one of the few banks that seemed to keep their heads about themselves while others seemed to behave like drunken frat boys. My take at the time was that Hackett's saw an opportunity to double their stores on the cheap. I still say (and I know Jimz and I will disagree on this forever) the business model could have worked. Sadly, the point was made moot.
I guess I am being obtuse, but what do you think the real reason was?
rpt, originally is was Hackett's that was going to buy Wisebuy's in early 2006. I can't give you a link right now, but I remember an article from that time period that commented on the flip/flop of the deal.
I remember, originally Hackett's was going to buy out Wisebuys. (spring '06)
Wow Tom gets duped again. He is trying to play the imbecile card early. Please. He is trying to tell us that with his wonderful degree and financial experience that he bought a company without knowing its financial situation backwards and forwards. Puhlease.
Whatever happened to good old Joe Ettore? I never heard anything official about him leaving (maybe I missed it). He landed with Focus Management Group http://www.focusmg.com/Team/joeettore.aspx
Oddly, he doesn't mention Hackett's in his bio. It would be interesting to hear what he has to say about the whole fiasco.
More contestants in the "Sorry we ever heard the name Tom Scozzafava sweepstakes". Pretty obvious why the Hackett's and Garrelts are being trashed by some on this board isn't it?
Baloney. Tom Scozzfava was the cancer. Period. Amazing how dumb the Hackett's family got once Tom S. got involved.
A post from a year ago. Thanks for that. How long did it take you to find it? Ask travel489 what he/she thinks today.
Well I don't care about the changes at the stores. If they survive, they will do so because they screwed some hardworking (albeit dumb and naive) Americans out of their money. I am sure the workers at Hacketts can live with my lose.
Indeed.Talk to the guy at NPR.
Yep, it was an education. These guys were OTC. I had made some money there and thought everyone was aboveboard. Fully reporting and all.....LOL. Good Grief.
Taking into account the inevitable RS , I will probably need this to go to $10,000 p/s for crying out loud. What I want is accountability. I have already been screwed, past tense. The choice to suck it up, dig in, or quit was taken from me a long time ago. I stand by my analogy. Any equity left in this fiasco is the result of ill gotten gains.
I am not in sunny LA. I am a vet who lost a bunch to this scam. I will not shed a tear if Hackett's goes under. Myself and my family would like our money back, which of course is not going to happen. If you are looking for sympathy or compassion, you are peddling your fish in the wrong place. To me, it is no different than if a Columbian drug lord decided to launder money there. I am not buying any goofball charade on this board.
I never heard that she was the head buyer and merchandiser, at least back in the day when it sorta mattered. You say she has been there only three days in the last six weeks (coincidently you have been posting for about six weeks), well the goose was cooked long before that. "She is doing everything she can to wreck the company because she does not have what it takes." Are you saying she is incompetant or a saboteur?
Or better yet what Ms. Cliff's actions have to do with the failure of Hackett's.
No I didn't notice that. Please explain.
Good call.
I call BS. "It seemed logical and I trusted him"? BS.BS. BS.
So are you trying to tell me that buying a shell where the former CEO was on his way to prison was a good idea? From a strictly PR stand point,that is pretty bone headed. That was the only shell out there?
Apparently Wells Fargo didn't share your assessment.
That may be the worst comparison ever. Ever.