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It means he's responding to my inquiries (Mike Saner). I sent him a nasty-gram a couple days ago and cc'd my Lawyer. This is his response.
I've also asked him to monitor this site....so let him have it!!!!!
Someone posted a host of issues that have torn this company's (and their CEO's and owner) to pieces. I copied it and sent it to Mike (and would recommend everyone else does too!!!). These are the two that we pretty repetative.
This thing about the "third party" stuff and it being "out of their control".....bunk! Its all in their hands and they also know how to make estimates. They keep their own books.
And what does it mean about meeting the buyers? More bunk! Mike, when you get the work done, (e.g. pay the divs and get the site up and running), we may start believing your wires. Until then...."BUNK."
PS Mike....submit the "whole" Geological Report.
By the way, I replied to a post in here. Can someone check with the local and state Department of Environmental Conservations? I work in Kazakhstan and its a (really) long distance call. This would provide a lot of information on the real activities, findings, future projects (via publicly posted request for permits)...its a process they have to comply with. You may even get on their mailing list to show when permits are submitted.
Thanks
Phil
Sis likes giving up the cash, he'll make the dash thats fur shur. Its hard to interpret this, info incomplete, geo not right....there is a web, type in "geology for dummies" good hits there to understand the basics. His reports are not convincing, starting with a layout of all the other minerals found with the gold. Usually in gold mining, gold isn't the only mineral found.
In addition, I'd like to see the soil makeup.
Last item. Where's the "Development Plan?" Can someone check with the "State Environmental Conservation Departments" for these sites? I weork and live in Kazakhstan and cant call them. This company's environmental permits are public information AND so is ther Health & Safety Plan with State and Federal OSHA's. If there's truly a project in mind, they have to have the permits and a HSE Plan.
Thanks
I've emailed Mike Saner with the hopes he will answer these questions. We'll see. I'll keep you posted.
Phil
I dont agree with your optimism. They're credibility demonstrated is incredible. They pocket our money and we need to make sure EVERYONE knows this. Even the newbees. If no one will buy...they get the message.
Remember, "united we stand, divided we fall." e.g. if everyone holds out, we force Lumb into legit.
YOur thoughts?
All I did was ask.
Thanks for the advice. I'll look into this once the divs are paid (can you say "Robinson C?")
Etrade has made it clear, they will not sell this stock unless they "record the conversation." I've been told the same over and over again.
The guy at etrade told me when I put mine up for sale (after 3 months of .0001), selling these would be next to impossible and really subject to the TA and the company. After watching this stock daily for 4 months now, everyday, bid=0, with a lot of shares moving around. I dont know of anyone who's sold their shares in this blog.
Haven't checked the L2 lately, but last look, there were MANY people trying to dump.
Good luck.
Juk thanks, this spells it out.
Phil
Agreed. Try and buy this stock on any legit Trader Forum without having to "call in."
ANother Q, if this stock is so valuable, why hasn't it moved? Why hasn't he bought it back as he said he would? Think about it.
Yeah, so what? If your really check the wording...meaningless and the same blah blah they've posted for months...where's the productivity? When will they produce a product? The guy keeps buying property....thats labelled "gold mine." Hell, you can do that in your front yard.
In addition. These guys haven't provided a straight answer and their PR is so carefully placed and worded. I see no commitment, no real progress and (last item)...if you look at the Geological Reports provided, they are seriously incomplete. Any first year Geological Student would know these are incomplete and indifinitive.
Truth is, if you really dig into this current PR, one would probably find he bought it from himself or another subsidiary of his and yes, then the books would be right. Just a lot of paper changing hands, with some well placed comms.
At the end of the day, where's the product?
Phil
I agree. They haven't lived up to anything as of late. I wrote to Mike again, and below is is response, with my response to that.
Cheers,
Phil
Mike,
Yes, but the SEC Rules say the company can release shareholders from the "Legend." I'm asking if I can be released? Yes or No? If No, why not?
About the number of shares. I see your very careful about your wording. The company has issued 2 Trillion shares according to the Bi-Laws on file. Its been posted over and over. I've seen it pointed out, highlighted, PDF file and all.
Last item about the heading-Dividends. When will they be issued?
Cheers,
Phil Schaefer
Dear Sir,
We do not have 2 Trillion shares outstanding! We have circa 370 billion shares outstanding.
The Legend is there due to SEC Rules!
Mike Saner.
Dont count on it. With 2 Trillion total shares, think about it. He sells all of them off even at .0001....do the math. BUCKETS of our money. The a R/S....and sells them again.
Phil
The divs promised January 30th from a sale (one you mentioned I think).
Doesn't matter, I dont think HGLC's going to lift the "Legend" for us. We're stuck with the stock and he's got the cash.
Maybe so, but Lumb has also pissed off a few Russian friends of mine too, because they bought his stock. He really needs to watch his back (and his kneecaps), because these guys are mid level Oligarks. You'd rather mess with their women than their money.
As for the rest of us, now I understand "why" selling is a problem with this rule. Amazing....
Phil
My Response to Mike Saner:
Hi Mike,
Reading into this 1 Year Restrictive Legend, any chance the company will remove my "Legend?" I want to sell these stocks, as they have not moved over the past 4 months above .0001 and many have been sold offline. I'd suggest reading "Investors Hub" as this stock is getting a bad reputation, based on the following:
-Promises not delivered
-No one believes the Dividends will be paid and if so, will they have the "Legend" attached also?
-Dates and targets never met
-High Risk for R/S
-2 Trillion shares...completely diluted
-Common stock buy-back (when?? and for what price-the diluted price Lumb sells to his other holdings companies??)
-Release of information (complete information) on the geoligical reports (I'm a Oil & Gas Geologist and an Environmental Engineer)
Back to the original question. Will you remove the Legend?
Cheers,
Phil Schaefer
Ok All, just educated myself. These stocks have a "One Year Restrictive Legend." Here are the rules around this AND here are the rules that you can have the "Legend" removed legally. Please work with me in exposing this scammer and post this info on every site you know. This guy takes your money, holds it, then he can make whatever decision he wants with the stocks (considering he controls 2 Trillion Shares) legally and dump the shareholders and there's no action the SEC can take (last line says it all about the SEC).
Rule 144: Selling Restricted and Control Securities
When you acquire restricted securities or hold control securities, you must find an exemption from the SEC's registration requirements to sell them in the marketplace. Rule 144 allows public resale of restricted and control securities if a number of conditions are met. This overview tells you what you need to know about selling your restricted or control securities. It also describes how to have a restrictive legend removed.
What Are Restricted and Control Securities?
Restricted securities are securities acquired in unregistered, private sales from the issuer or from an affiliate of the issuer. Investors typically receive restricted securities through private placement offerings, Regulation D offerings, employee stock benefit plans, as compensation for professional services, or in exchange for providing "seed money" or start-up capital to the company. Rule 144(a)(3) identifies what sales produce restricted securities.
Control securities are those held by an affiliate of the issuing company. An affiliate is a person, such as a director or large shareholder, in a relationship of control with the issuer. Control means the power to direct the management and policies of the company in question, whether through the ownership of voting securities, by contract, or otherwise. If you buy securities from a controlling person or "affiliate," you take restricted securities, even if they were not restricted in the affiliate's hands.
If you acquire restricted securities, you almost always will receive a certificate stamped with a "restricted" legend. The legend indicates that the securities may not be resold in the marketplace unless they are registered with the SEC or are exempt from the registration requirements. The certificates of control securities are usually not stamped with a legend.
What Are the Conditions of Rule 144?
If you want to sell your restricted or control securities to the public, you can follow the applicable conditions set forth in Rule 144. The rule is not the exclusive means for selling restricted or control securities, but provides a "safe harbor" exemption to sellers. The rule's five conditions are summarized below:
Holding Period. Before you may sell any restricted securities in the marketplace, you must hold them for a certain period of time. If the company that issued the securities is subject to the reporting requirements of the Securities Exchange Act of 1934, then you must hold the securities for at least six months. If the issuer of the securities is not subject to the reporting requirements, then you must hold the securities for at least one year. The relevant holding period begins when the securities were bought and fully paid for. The holding period only applies to restricted securities. Because securities acquired in the public market are not restricted, there is no holding period for an affiliate who purchases securities of the issuer in the marketplace. But the resale of an affiliate's shares is subject to the other conditions of the rule.
Additional securities purchased from the issuer do not affect the holding period of previously purchased securities of the same class. If you purchased restricted securities from another non-affiliate, you can tack on that non-affiliate's holding period to your holding period. For gifts made by an affiliate, the holding period begins when the affiliate acquired the securities and not on the date of the gift. In the case of a stock option, such as one an employee receives, the holding period begins as of the date the option is exercised and not the date it is granted.
Adequate Current Information. There must be adequate current information about the issuer of the securities before the sale can be made. This generally means that the issuer has complied with the periodic reporting requirements of the Exchange Act.
Trading Volume Formula. If you are an affiliate, the number of equity securities you may sell during any three-month period cannot exceed the greater of 1% of the outstanding shares of the same class being sold, or if the class is listed on a stock exchange or quoted on Nasdaq, the greater of 1% or the average reported weekly trading volume during the four weeks preceding the filing a notice of sale on Form 144. Over-the-counter stocks, including those quoted on the OTC Bulletin Board and the Pink Sheets, can only be sold using the 1% measurement.
Ordinary Brokerage Transactions. If you are an affiliate, the sales must be handled in all respects as routine trading transactions, and brokers may not receive more than a normal commission. Neither the seller nor the broker can solicit orders to buy the securities.
Filing a Notice of Proposed Sale With the SEC. If you are an affiliate, you must file a notice with the SEC on Form 144 if the sale involves more than 5,000 shares or the aggregate dollar amount is greater than $50,000 in any three-month period. The sale must take place within three months of filing the Form and, if the securities have not been sold, you must file an amended notice.
If I Am Not an Affiliate of the Issuer, What Conditions of Rule 144 Must I Comply With?
If you are not (and have not been for at least three months) an affiliate of the company issuing the securities and have held the restricted securities for at least one year, you can sell the securities without regard to the above conditions. If the issuer of the securities is subject to the Exchange Act reporting requirements and you have held the securities for at least six months but less than one year, you may sell the securities as long as you satisfy the current public information condition.
Can the Securities Be Sold Publicly If the Conditions of Rule 144 Have Been Met?
Even if you have met the conditions of Rule 144, you can't sell your restricted securities to the public until you've gotten the legend removed from the certificate. Only a transfer agent can remove a restrictive legend. But the transfer agent won't remove the legend unless you've obtained the consent of the issuer—usually in the form of an opinion letter from the issuer's counsel—that the restricted legend can be removed. Unless this happens, the transfer agent doesn't have the authority to remove the legend and execute the trade in the marketplace.
To begin the process, an investor should contact the company that issued the securities, or the transfer agent of the company's securities, to ask about the procedures for removing a legend. Since removing the legend can be a complicated process, if you're considering buying or selling a restricted security, it would be wise for you to consult an attorney who specializes in securities law.
What If a Dispute Arises Over Whether I Can Remove the Legend?
If a dispute arises about whether a restricted legend can be removed, the SEC will not intervene. The removal of a legend is a matter solely in the discretion of the issuer of the securities. State law, not federal law, covers disputes about the removal of legends. Thus, the SEC will not take action in any decision or dispute about removing a restrictive legend.
Response from Mike Saner on the Divs
"Dear Mr Schaefer, You may rest assured that we are moving as fast as humanly possible to getthis issue resolved. These shares carry a Mandatory 1 (One) Year "Restrictive Legend". Mike Saner,"
Ok, so what is a "One Year Restrictive Legend"????
Phil
Anyone know when they're going to pay the DIV's? They were supposed to be paid at the end of February. I'm pretty tired of the bogus comms from these guys.....still no movement, cant sell this stock....I'm at a loss.....please help.
Phil
From the looks of this, they only have a total of 193 M shares. If they are out of stck, then the price should be going up, unless people are dumping????? Why would they dump is all the news is GOOD????? This entity buying up all the stock is amazing. Loads of shares.
When it dropped to .006 yesterday, I was waiting for my transfer to buy more....this price didn't last long, soon after .0007 then the finally at .0008. Haven't seen the opening and will be in the air when the market opens and serving lunch.
I hear more good news is coming...anyone have a heads up on this?
Phil
Ok thanks. I guess I'll just have to wait and see. I hope this company doesn't turn into a Russel Industries a Seaway Valley Corp or a Hunt Gold. I put a littel money in all these and have been thoroughly educated.
I did a lot of homework on Nexia and really thought they were legit. Very surprised at all this.
But, another interesting point, my birdy said they were selling at .00011 yesterday. Called my agent to see how I can sell at that price (5 numbers). He couldn't figure it out either, must be off line trading. If so, how does it register on the OTC?
Phil
Can anyone tell me what went on a couple days ago when this stock went to .0008 after trading hours? Why didn't this pop up on any other radar screen other than the after hours deal?
Cheers,
Thanks h2. I've seen this, but haven't seen the follow up from Jan 30 about the div. Holding on until this is done.
Again thanks.
I was stable with EESO, down 1.2%. So I bought more in the process and even more today at .0195 (great deal if you ask me). So, its back up to .02 at the moment, so I'm good.
With this one, I'm par at .0001.
THanks
Thanks. Be checking out if we get our Div soon.
Phil
Can anyone tell me that since the EOM has come and gone, we were supposed to get Div's at the EOM February....whats the payout?????
Phil
Not sure how accurate this $3.50 per share is...can anyone verify this? (other than some PR for the company).
I agree. I'm holdling on the 15M I have in the hopes they go. I did some DD on this company and liked their position, figured at the time, they were like many others, crashing without burning and it appeared they were stabilizing. So I bought on the hopes they'd rebound. I also saw they did do a R/S and felt I should be safe from that.....apparently not.
With the work out there (now), lets see how they do Monday..hoping for a good day. Good week for me last week.
I'm still waiting for an explanation why this stock jumped from .0001 to .0008 after hours??? My line shows +.0007 or 700% jump. Yet my tool bar doesn't increase my stock value.
Any word? Thanks...I see others thing this will be a R/S. I thought he just did that last year or so? How many times can a company R/S over a lifetime?
If this is the case, it's like printing your own money. Your thoughts?
Phil
Corporate Action Pending....
Does anyone know about the "Corporate Action Pending?" PGYC is scheduled for a name change for December 31, 2010...
-why so far out?
-whats up with the name change?
-is there something behind this name change?
anyone in contact with this company or their spokes person?
there are plenty of expert geologists around and yes, they could give a professional opinion on the matter. a third party quality sample by a reputable firm would give accurate data. the one thing i see missing is all the other data on the other minerals. typically gold isn't the only mineral found at these sites and they sell these other minerals to offset construction and production costs (sort of a side bank).
if i'd see this, i'd believe the results. since they aren't provided, one would have to challenge the results.
cheers & good "hunting" not too much pun intended. lol
(exerpt from "rock-rock 'til ya drop.....rock rock SELL this stock")
blah, blah, blah...gold found, 300 mn shares sold and we're still at .0001. 5 days to the div....we'll see. not very confident in the program here, but hey....lots of good blah blah blah here. when we gonna see some raise in pay?
i'm up for a gold gag.
I see we're on the slow boat to China up...at least its UP lol.
Yeah, I'm playing bottom feeder with this one. Come one, come all and sell to me at .003! I think this one's going to take off also. "WHEN" is the $64k question. Loosing my patients, not my nerve. I can wait it out and complain...best of both worlds. lol
With all the good information out there on this company, has anyone verified all this? I've bought into this stock hook, line and sinker and have read all the good stuff in here too! I hope March is better and I agree with some, a big sales agreement would be nice timing.
Has anyone read bad news about this group? No r/s or anything like this on the horizon I hope. I plan to buy more next week after I get to Vienna from Kazakhstan. Looking forward to the posts and the updates.
If its all good! I'll buy 2 mn more this week....I'm ready to retire & need my nest egg! Plenty of fish waiting in Alaska for me to catch.
Cheers,
not sure whether to dump this dog or hang on. down 38% since all the hype a few days ago. is all this more hype or is this a for real loooong termer? talk to me folks.
sounds like an amway deal to me. jump right in to the job if you want it.
thanks for the heads up. i'd like to give my russian friends his address, they are reading the information here too!!! these guys are old oligarks at the 2nd level and they've been around the block. cheat them and......
its a bad deal when you have to cheat to get ahead like lumb. he'll get his, it may be a long time coming but ..... it'll come.
so i guess we wait? see what happens with the div, debt payments.... i smell a bankruptcy with this and the stockholders being in 3rd position are stuck. i have 7.5 mn shares and want to dump it also.
but i also have friends (many with bp...hundreds of them) in london. he wont be too hard to track down.
if he does start buying back the stock, i'm not selling for less than a profit. not in this to loose. so i'm in a position to hold out and will do so and see it through. i'm passing his name around to everyone i know and making sure people check the BOD's on all company's. there should be a blacklist out there...the guy (Berman) from "Russel Industries" is another one (symbol:RIND) a scam through and through. been burned for $750 by him also. he did a r/s 1-50,000 and everyone dumped. some got some money back, i lost $720 in the deal...but lessons learned. look at this site and learn from the people who do more homework! lolol.
thanks for the info, if any good leads out there, lets share notes. i'm on a good one (i think) in patriot energy PGYC). all good news, just need some performance.
cheers,
phil
What does the SEC do about this? They have an ethics counsel. If he posted information in order to sell shares (even at .0001), people invested on the posted information. I've seen all the shell info posted here, been tracking this for a couple weeks. Sounds like a bum who enjoys ripping people off.
So I guess I wait...........snore
Who do you recommend?
I'm trying to sell my 20 Mn at .0002 on etrade. How do you sell in a day, mine's been on the market for 3 days?