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Unless TVLY get more cash soon, I predict that by the end of July they'll file for BK. Gamble can't support this company forever and I think he is done. Nothing has ever worked for this company.
For those who want to watch the last days of TRI-Valley, I found a good place for quotes and information now that it is off the AMEX. www.otcmarkets.com
Good luck.
Then you missed the one Gamble filed just before year end. He sold a couple million shares.
Also, notice that he is not buying shares in the company anymore. He is loaning the company money and taking control of the assets if they fail to repay him, plus he is getting cheap warrents to pruchase the stock. Once he stops funding them he will own the company.
Jonsie,
You forgot to mention the $8.6M in accounts payable!
I would think that they need to raise more cash very soon.
This S.E.C. investigation should finally put Lynn in jail where he belongs. That's after the fine him for every cent he has.
In all my years I've never seen a C.E.O. of a company make so many outragious claims. This man hurt a lot of people over the years and lets hope he gets punished to the full extent of the law!
With Gamble charging 14% interest on his loan to the company, what does that tell you about the loan? I'd say it is a very high risk loan. Will Gamble continue to loan them the money to fund operations for the next 12 months? If not, where will they get the money?
Gamble's $1MM note could be convertable into common. It would sure cut Gamble's average cost/share way down.
"Upon the consummation of the Borrower’s next equity or debt financing, whichever comes first, this Note may, at the option of the Lender, be converted or exchanged, as the case may be, into the securities or other debt instruments issued in such equity or debt financing, in accordance with the terms and conditions specified therein"
Your math looks good to me.
But don't forget, they just sold an additional 10 million shares and will eventually sell even more this year just to stay alive.
So now they have 61 million shares outstanding. How many more before this year is over?
I don't think people realize that the Gold play still has a lot of work that needs to be done just to see if it is real!
Then who ever the partner will be will also probably control most of the rights. Not to mention it will take a few years before TIV even sees any money, IF they even have a viable gold property.
Finally, can Clafin really produce what they say? Or what about that second lawsuit at P.V.?
There are still to many unanswered questions. This is still one big crap shoot. IMHO.
That Prodoxo guy is also the one who said that the Richardson 43-101 report would be out at the end of March.
If I was you I wouldn't believe a thing that guy says. He appears to be the head pumper of the YMB.
Every junior O&G stock have been moving up with the price of oil once we got close to $100/barrel. Just look what happened back in '08 when we were up at these levels.
Once this oil shock is over, then so will be the run-up in these companies that have NO business trading at these levels. But I believe we still have some room to the upside in oil prices. Once over, watch out below..........
You seem to forget that they just sold an additional ~7,500,000 shares for $3,000,000
I see they are useing new words but saying the same old things.
Now they are useing the word "initiating", whereas in the past they would say that they are "commencing".
These guys need to stop talking and produce some RESULTS!
It still looks like the same old horse to me. LOL
Timber, you may want to look in the companies last 10-K report.
Try NOTE 11 "Represents cash obligations for principal payments and interest payments on various loans that are all secured by the asset financed."
Also, you may want to investigate the terms of some of those notes payable under the non-current liabilities section. There are many, many of your so call triggers in their.
So, I guess what you are trying to say is that CURRENT LIABILITIES are not debt! Is that what you mean???
This companies current ratio is ~2:1, the WRONG way, for any healthy company. Meaning they don't have enough cash to pay their current bills.
So do you really think this company has NO DEBT?
"TIV has no Debt."
Your kidding, right?
Did you really look at their financials? No debt. That's a good one.
Without further financings this company is toast.
timber,
I NEVER said dilution means BK. But since the OPUS members no longer seem to be funding TIV and they are now going to the street for funding, how long do you really think that can last when they can't even produce enough to pay the bills?
Also, did you read the latest 8-K filing where some warrants were exercised???
You will note that they exercised 420,990 shares for $0.001/share for a grand total of $420.99. I'm sure all that money should keep them going for at least another year of two. LOL
The terms of their last financing should tell you a lot about how much trouble this company is really in.
Some of the warrants they sold in April will be re-set sometime this month.
Not only will the strike price be lower, they will also receive more warrants.
Then if the company does another financing these same people will get additional shares/warrants at the new favorable prices.
If they don't start producing a lot more revenue soon, the stock price is going to fall further and bankruptcy will soon follow.
So it looks like the ORRI is 12.5%.
Is that normal?
Once their registration statement becomes effective, all previously issued (restricted) stock will become freely tradeable.
Watch the stock price drop when the registration statement becomes effective.
I see in their registration statement says that "No preferred shares are currently issued and outstanding."
How can that be? I thought Gamble bought $1,000,000 worth of preferred shares.
You can hear their presentation here.
http://www.wsw.com/webcast/rrshq15/tiv/
They really play up the gold angle. Of course, what else have they got?
It looks like it's all hype to me.
Did any of you hear their speel at the Rodman conference?
They now say it will take $400 to $500 million to develop
their PV project. I've never heard that figure before.
Not to mention this $30 million conv. pfd offering, is going to dilute this company back to penny stock status.
Once these buyers do some real DD on this company, they will be running for the door.
I think it's time to buy some puts.
You can find the shareholders letter on the companies web site.
To the best of my knowledge no, they have not been able to raise the full $100 million.
I think most OPUS members who are still believers are just tapped out. The rest had probably stoped funding a while ago.
And with oil prices so low they can't make any money on thier properties with the lifting costs they must pay and overhead.
I don't see anyone outside OPUS giving them anything. Just one look at the balace sheet is enough to scare anyone away.
IMHO.
In the past OPUS provided all the companies funding needs. Now, it appears that many have stoped. This is a major problem for the shareholders of this company.
I seriously doubt that they will be able to raise that kind of money outside OPUS.
I'm sure that OPUS would do better if the company did go into bankruptcy court. They could pick up TIVs 25% working interest really cheap and hire a new manager to run their properties. (Looks like PV is the only one with potential when oil prices are high enough)
It looks doubtful that they will make it through the year.
Thanks SA.
So I would guess that with the next PR TIV puts out we should then look for their 10-K filing to follow shortly.
Does anyone know when the company plans on publishing their 10-K?
I thought they were due 60 days from their fiscal year-end.
Amen.
I wonder if their accountants will finally put in a "going concern" opinion. In my view it is long over due.
Thanks Jonsie. Much appreciated.
Don't know why they wouldn't put it out a NR's so that prospective buyers can see what they are up to.
Jonsie,
You don't by any chance have the rest of that letter, do you?
I really liked the part about "the Rothschild/Buffett approach". That is classic Lynn.
I wonder, did he say anything about Pleasant Valley in the letter? Production? Any facts at all?
Thanks.
Geo,
Do you ever ask youself WHY TIV never puts out its actual production numbers?
I do believe it is because they really don't have much in the way of production. They seem to just be stringing shareholder along.
It's about ~$10/barrel less than light sweet.
Then you throw in their lifting costs at about ~$35/barrel and you can see that with current oil prices that they are either losing a little money or making very little at current prices.
I wonder if Lynn had any loans out guaranteed with TIV stock, like CHK and a few other CEO's did.
Geo,
I think you give to much credit to the shorts for the decline in the companies stock price.
I believe it is Lynn who is to blame for the poor performance of this stock, and of his management team. Also, his continued hyping of this stock over the years with no tangible results has also put off many loyal investors.
I believe some shareholders just couldn't believe him anymore and just got out.
Short interest will be out today. 11/25/08
Looks like not even the Motley Fool CAPS believes in TIV.
I mean a one star rating out of 5!
Amen.
Counldn't of said it better myself.
What scares me the most is the companies finances. Qtr after qtr their balance sheet gets worse and worse.
If they can't improve on their numbers this qtr, then I fear that we are all in real trouble.
With the price of oil going down and their high lifting costs how much money are they really making on PV? And at what point is it not profitable anymore?
I see Lynn also gifted some more shares.