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abcde:
I am surprised that they did not have you sign a Confidentialty or Non Disclosure Agreement.
Anyway, thanks for the due diligence.
It seems like I am the only one not getting the info. Not sure why, I went to the second shareholder meeting and have been among the more vocal critics of the three stooges. Can some at least look in to Zoho.com and see how easy it is to post all the documents for everyone to see. And you can do it anonymously.
abcde:
Go to zoho.com. If you email me at logis_tics@yahoo.com. I will put all the documents on zoho and provide the link for all to see.
I am a freebie, so thanks for the pm
can some one email it to me at logis_tics@yahoo.com.
for raw coal. Then it goes to the wash plant (which charges a fee) and out comes some percentage of the raw coal into "clean coal" which is sold to L&K at $95+/ton.
sorry, here is the link
http://zoho.com/
It would easier to post the documents using zoho.com
go to this link and over to the right, click on zoho viewer, you can upload the documents and it will give you a web based link that everyone can see.
please email me the info at logis_tics@yahoo.com
Thank you for all your due dili
I guess the shorts have taken the day off. Maybe tomorrow
ABCD:
So let me get this straight. Aquagold is still in existence. Under this proposed plan, Iroquis is out of the picture, as is aquagold spring water. Instead, Aquagold will sign a contract with trueblu to distribute this new water in china. Trueblu will source and bottle the water for delivery to Aquagold, which in turn will sell it to china.
And trueblu has no bottling capability at this time. The proposed investment was for capitalizing Trueblu and it would (question) fund purchase of bottling equipment? What was the $2 million for?
Was there ever any mention of continuing on with Woolong?
All right, I am confused. So pauly two fingers and danny boy started a new company to distribute a different brand of water? What about Woolong? Aquagold?
DC:
Behind which doors? the ones in Asia, Canada,Arizona?
IMO, they have accomplished the reverse split. Paychest will used as the real operating company and the Flushaway division will wither away. Essentially a 200:1 reverse split.
Roller:
Your on the right track in terms of valuation. However:
1. Logan & Kanawha pays QMNM for clean coal. Your cost estimates are based on "raw" coal. The element you are missing is how much the wash plant charging and the conversion rate between the raw coal and clean coal.
2. These small companies rarely trade on valuation.
3. The valuation should always be based on fully diluted shares not O/S. With the number of convertibles done, even when we get a new 10Q, it will be dated. How much of the recently issued shares were for conversions vs. new funding.
Maybe the lawyers need to sell all the shares they were paid in prior to releasing the spin off pr. Just a thought.
And you? You have tried to commit fraud. Claiming you see trucks and rail containers with USXP on them. Shows your ignorance. The name you are seeing is a publicly traded company US Express. Nothing to do with USXP although RA did try to high jack a analyst report for US Express. The report projected a price of $26/share. Naturally, the fraud man PR'd it, knowing it was a mistake.
Pure:
I have been following your arguement for the last few days. the only point that you have that "may" have standing is the voting issue. However, in the penny space, I cannot recall anything being put out for a shareholders vote. Can you?
If not, you should take your arguement to the big board stocks
Imagine that, Companies claiming NSS, selling unregistered shares:
Anti-Short Crusaders Accused Of Illegal Sales
By Carol S. Remond
31 July 2008
Dow Jones News Service
(c) 2008 Dow Jones & Company, Inc.
Brent Pierce and Grant Atkins, two Canadian citizens who were central in crafting an anti-short-selling campaign back in 2002, are now accused of violating federal securities registration laws.
According to a cease-and-desist order issued by the Securities and Exchange Commission Thursday, Pierce, Atkins and a now bankrupt company named Lexington Resources Inc. illegally sold stock without properly registering it with the commission.
The SEC alleges that stock promoter Pierce and his associates spearheaded a massive promotional campaign to pump the stock and improperly resell it to the public through an account at an unidentified offshore bank. The SEC alleges that the illegal sales generated proceeds of "over $13 million."
Atkins declined to comment or provide the name of his lawyer. Pierce couldn't immediately be reached. A recording on a Swiss cellphone listed for Newport Capital Corp., a firm for which Pierce is a director and officer, advised callers to try later.
Atkins and Pierce have 20 days to reply to the allegations in the SEC order.
The two have been involved with several small-cap companies over the years. Back in 2002, Atkins and Pierce were associated with Investor Communications International Inc., a Blaine , Wash. , promotional firm that was a large investor in a budding pharmaceutical company named GeneMax Corp.
In a move designed to hamper short sellers who were taking bearish bets on the company, GeneMax that year attempted to exit the global electronic settlement system managed by the Depository Trust & Clearing Corp., or DTCC.
The campaign to exit DTCC gained some support among small companies, mostly trading on the over-the-counter bulletin board, that believed they were subject to illegal short selling. But the move was later defeated by the SEC, which ruled that investors, not companies, should decide whether to hold securities in electronic or physical format.
Atkins, who had been president of the shell company used to take GeneMax public, was a director of the company and a consultant for ICI. Meanwhile, Pierce was identified as a shareholder, "controlling person" and president of ICI in two filings with the SEC.
Making Popular 'Naked Shorts'
In September 2002, GeneMax filed lawsuits against two Canadian brokerage firms, alleging stock manipulation. A month later, the company filed suit against various broker-dealers in the U.S. , accusing them of illegal, or naked, short selling.
Both suits were later dismissed. But the suit filed in federal court soon became a model in a still-ongoing legal campaign against DTCC and brokerage firms accused by some companies of facilitating abusive short selling.
Several of these suits have been dismissed over the years. Most recently, online discounter Overstock.com (OSTK), Canadian companies Biovail Corp. (BVF) and Fairfax Financial Holdings (FFH) filed suits in state courts alleging some form of abusive short selling. Those suits are ongoing.
(The term "naked short selling" gained prominence earlier this month after SEC Chairman Christopher Cox used it to explain the adoption of an emergency order to protect 17 financial institutions and mortgage behemoths Fannie Mae (FNM) and Freddie Mac (FRE) from investors betting against their stocks. Short sellers typically borrow stock in the hope of profiting when the price of the security goes down. Short-selling without borrowing the stock has been dubbed naked short selling.)
This is hardly the first time that an insider who claimed that his company was victim of illegal short selling is accused of improperly selling stock.
In 2005, the SEC sued Gary Valinoti, alleging that the former chief executive officer of Jag Media Holdings Inc. (JAGH) engaged in unregistered sales and transfers of securities. Without admitting or denying the SEC allegations, Valinoti agreed to settle the charges and consented to a final judgment that permanently enjoins him from violating securities laws. Under the deal, Valinoti agreed to disgorge about $2.9 million in illicit gains and to pay $1.39 million in pre-judgment interests.
Jag Media, like GeneMax, had sued brokerage firms it accused of manipulating its stock. That suit was also dismissed.
Same goes for Universal Express Inc. (USXP), another self-proclaimed poster child of the abuse of naked short selling. The SEC sued Universal Express and Chief Executive Richard Altomare in 2004, accusing them of selling 500 million unregistered shares into the market, using erroneous press releases to prop the company's stock price.
The company went into receivership last year and Altomare recently served several months in jail for failing to pay his share of a $21.9 million fine imposed by the SEC.
All fine examples of companies and insiders complaining of naked short selling whom Chairman Cox might want to consider before extending his restrictive short-selling order to other securities.
(Carol S. Remond is an award-winning columnist who won a Gerald Loeb Award in 2005 for best news service content with "Exposing Small-Cap Fraud," a series of articles that described how three small companies unscrupulously pumped up their stocks.)
-By Carol S. Remond; Dow Jones Newswires; 303-997-5783 ; carol.remond@dowjones.com
Poop:
Please lighten up a little. I think all longs, especially Banana, know that the future is highly suspect. No need to constantly repeat the incompetence of prior management and CES.
Hands is the one offering these little tidbits. I don't think anyone on this board, and there are maybe 20, believe any of it. I dont even own the stock and am tire of hearing about the letter. I am sorry I posted it.
I think management thought they could come in and and do a slide show with all the things sword boy was doing in China, and we would be impressed. Jmark gave him a piece of mind, which took them back. Danny boy appeared sympathetic, but Pauly two fingers was defiant again quoting "no of you have invested in AQUI, you all invested in the predecessor company. We have not benefited from $1 of your money".
I reminded Pauly that in the future, should you need to raise capital for growth, it would be us, the shareholders, that would be asked to pony up. He agreed and said there may be that opportunity down the road.
Maybe Tom has to wait until the market closes to announce the spin off because it is so huge. Maybe Paypal realized they couldn't compete with PYCT's technology and they are buying it for some obscene dollar amount.
I guess we have to wait until the market closes. T-51 minutes.
Syracuseo:
I wish us both good luck. I have heard "rumors" and I repeat "rumors" that the boys are developing a new business plan that will differ from the China experiment.
I have heard this from 3 sources. Not sure what to think about it.
Gets me thinking about what Lochan posted regarding his conversation with Danny boy. If I recall, Danny said that he was looking at other asian countries in case they hit a roadblock in China. I didn't think anything of it at the time due to the solid relationship with Woolong.
But maybe there is a hint in there. Or maybe, I am just adding to speculation. Don't know more than anyone else.
Hey Sidney,
Good to hear from you, I am still invested as well. Saw you on another board (lotto play), i got in to that as well, but exited near the top. Not good enough to ever tell where the top is.
Good luck
I was later informed he was one of the shell owners, forget which one.
Yes, I recall. I think you asked Weiss if the big asian investors were attending as promised.
If you go back to my posts, i described my thoughts. But in summary, I thought Sword man was all talk, Danny boy was intelligent and understanding of shareholders plight, Pauly two fingers was smart but arrogant.
The meeting started an hour late with Weiss trying to keep everyone happy discussing the opportunity. The presentation was mostly sword man with a slide show of all they have done in China. I kept interupting the presentation to ask about whether they ever shipped water (yes, for testing), cost of the water from the spring, cost of bottling, etc.
As I had another appointment, I had to leave early and didn't get to ask all the relevant question, such as financing arrangements.
The shell operators were there as well, one of which I thought was security (a large african american man). Turns out he was one of the shell owners.
No one on the management team appreciated my line of questioning and interupting sword mans presentation, which I thought was all fluff.
Frankly, I had hoped for alot more then we have been given.
Lochan and I are the only ones left that attended the meeting and still post.
Ranger was there, but havent heard from him recently.
I am in on FFGO and am happy with the freebies I was able to get via flipping.
But has anyone noticed that last week was our week, this week belongs to Hunt. they seem to be switching weeks, one week FFGO, then Hunt, then FFGO, then Hunt
IMO, a shell game, but the trading profits are real.
Sparky, someone posted that the three stooges did not pay for the shell and I was unaware of the 504. If the shares have gone from unregistered to registered and they sold, then you are right, they profited handsomely from the transaction. I stand corrected.
Thus, for me, this is moving into scam territory.
Aymon and Lightnin:
I realize there was substantial hype by DaSilva regarding the $500MM contract. There was also hype at the 2nd investor meeting which i attended. The meeting at which, if I may say, I always interupting the hype to get specific details. The interuptions were not appreciated by the sword man of pauly two fingers.
further, I recognize what a private placement is.
lastly, I know the reputation of the characters behind the shell.
I just havent see any evidence, even circumstantial, that these bozo's have made any money off this.
Again, I am open to reviewing anything that states otherwise.
Aymon:
Until I can find that one of the principals made money off this, I stand by what I posted.
I would be the first to say it is a scam, but as correctly point out, scams usually involve people making money. Unless, the principals relatives, friend or associates were trading in the stock, I dont see anyone who has made any money.
I leaning more toward total incompetence, but am open to scam.
Lawsuits are not going to get anywhere. Look at all that have tried on other cases. And as far as I can tell, there has been no dilution and I think Doog said that Jesse et. al never received any money for the shell. So, no one has made any money off this deal.
Only losses for all around. You have to remember that the money to finance the China trips etc. came from three stooges in the form of equity and/or loans. So they are out cash at this point as well.
At this point, we all are a bunch of losers. Not going to sell until closer to year end.
I dont expect anything revelating about the mining ops on the cc. IMO, the real info will be regarding O/S, A/S and how Quest is funding and will fund ops until it turns cash flow positive. That will take a while given the high cost of equipment needed for both mines.
The other info about where the BK stands will also be good.
Pedro's list is a good start.
Real companies dont perform well on the pinks, look no further than FFGO, scammer CEO is playing a shell game with stock buybacks, trades, etc and the stock is has been moving.
QMNM with quality mines in a booming industry does not have the momo to get the stock moving again. Then again, if shares from converts or gene are flowing into the market, demand is being met at low levels.
Accounting 101:
A balance sheet needs to balance hence the name.
Total Assets = Total Liabilities + Net worth
So if you add the $5MM of debt to Total Liabilites you must add $5MM of assets:
3/31/08 Total Assets + $5MM Goodwill/Marketing = Total Liabilities + $5MM CES debt + Net worth
PYCT now is obligated to pay $5MM to CES over a period of time, with annual payments. GAAP requires that intangibles (i.e. value of CES rights) amortize over the usefull life of the asset.
In this case, the $5MM in intangible assets should be decreased by the annual payment upon payment of the annual payment.
I forget the exact amount of the annual payment, but the debt should be broken up into Current portion of long term debt ($1.25MM) listed as a current liability and $3.75MM listed as long term debt.
There has been no cash infusion, just valuation of the marketing agreement ($5MM) at the amount paid or to be paid ($5MM).
The fact is, the company is overdrawn at the bank. In reality, IMO, these financial statements are not an accurate reflection of the company's financial position.
seemore:
I am uncomfortable with you agreeing with me. I think BB is just another scammer. He has screwed shareholders. End of story
BTW:
I was a big fan of flyonthewall. Not sure what happened, but i will miss her.
You guys are dreaming in taking over the plant. At best, the city would start charging market rates for the lease on the property. If PRGL cant make the payments, they take over the property and give PRGL a date when to vacate.
PRGL then has to decide what to do with the existing tent and equipment. Most likely disassemble the equipment and store it some where.
The City having been burned by BB, would only release the land and issue the bonds to a reputable company that could fulfill the obligations BB could. And I think it has been determine, a big bio plant is not economically feasible at this time.
You guys are barking up the wrong tree. As shareholders, you are stuck with the equity in PRGL. The only hope for relief is to have the share price go up. That is the focus.
I have witnessed too many other scams (USXP, CMKX). The shareholders have minimal rights. And justice takes a long time.
The real angle to find out how to pressure BB to improve shareholder valuation. That is the best use of time.
Of course they inaccurate. No expenses? But the real tell tale sign is the amount of cash they have on hand and the "bank deposit payable" are identical. The bank deposit payable really means they are overdrawn on their bank account. No way would their bank let that ride for 3 months. And it would be coincidental to have an identical overdraft at each quarters end.
The $5MM asset (flushaway) is the offset for the $5MM loan payable to CES. That $5MM should be amortized like any other intangible asset. Additionally, the $5MM note payable should be broken down into current portion of long term debt (payable within 12 months) and the rest as long term debt.
Amazing how the simplest of accounting errors were made.
Looks like alot the converts converted, and I agree with Pedro, that is why there is such downward pressure on the stock. Per the last 10Q, if all coverts converted, the os would exceed the AS. So I am guessing the AS will be raised as I think fully diluted is about 1 billion shares.
I dont think the conversions represent any new funds, just debt retirement. Will have to look closely at trading over the next two weeks.