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Howard,
I promised to end my posting long ago, I was not in the spirit of the board so to speak.
It just dawned on me, you, Hunt Drilling, M. Bendal, China owners,
and a lot more big block owners have to subscribe. I realize some of the above are pledged as collateral. Dates of ownership are in question. Any thoughts?
A short term lease (18 months) would be a good compromise. One final chance for all interested parties. It might work, call up your representative. More "pop culture" otherwise it is "scorched earth" for the creditors and stockholders. Can you write off personal investment losses in Tasmania?
The biggest mistake of all would be not drilling. The 40-50 million is what is called "sunk costs", the money is gone.
A dry hole(worst case) would be better closure than a "what if" lease denial. I guess that is the dilemma that the bureaucrats face.
I have been silent, not smart to shoot one's self in the balance sheet when you have creditors. On the chance the local Tasmanian bureaucrats read this forum. There are $10,000,000 in unpaid bills, a lot of them are held by Tasmanians. A lot of money will be spent locally if the drilling starts. Failure to approve the leases will wipe out $6-8 million in shareholders value. Also held by Tasmanians. Tasmania has a lot of skin in the game. I am not defending the past performance, I am simply pointing out the train wreck if you do not approve the leases.
How dare anyone question the company management with the last ten years stockholder's returns and all those proven oil reserves. Everyone is entilted to an opinion as long as it is not citical or skeptical. If not, silence, please!
It may be real and a valid patent, the timing was an awfully big coincidence. I am just a bet skeptical, I think they call it too good to be true. I will double my money at .07 market price. I will not be complaining. I will be thinking how smart I am, versus how stupid I have felt for the last 6 months.
Let's talk tactics, the facts are mostly well known. A lot of shares were bought under.025. A lot of those are probably trading today, cashing in on some gains. We have to get to .07 for the rights offering to work. It is the best interest to clear out those shares traded at under .025.
We need to break the resistance at .04-.06 to get to the .07
pps. Let's hope the PR's and planned future do that. If the officers or large block holders come to the selling table, that will be shooting themselves and us in the foot. Get rid of the short term holders basically.
Doc, let me know if the "gladly pay you when my gusher comes in worked". Good moves were made today. How long before approval? Money will be the stumbling block in the end.
Can we cut the the slander and the statue garbage. Earnest, I was embarassed. Tabloid forum!
Howard, quit trying to top the "Chinese want back in" post.
The video clip heard around the world. MB office?
He could be our Bernie Madoff too!
Fellow Swede, we would not need to promote EEGC on this forum if the Corporation and the executives performed well. There would not be any negative posters. Well, O.K., there is at least one Debby Downer in every crowd. A lease extension would shut most of us up. Anyone care to guess on the chances of that! EarnestDD would give it zero. I give it 20%. Anyone care to commit?
This is the last scene of the last act, will we go home satisfied or wanting our money back. The play has been entertaining to say the least, the audience participation was the most fun, are we going home wealthy or disappointed.
The Howard wins the Best Forum Award Rumor Posted Category, "The Chinese want back in". Congratulations Howard.
Good arguments by both sides. Cash will be the deciding factor. Who can drill. Yes, we have catch 22. Those unpaid bills, a dark cloud over the future.
It's Saturday night and the Twins are on, chasing the Tigers, might even catch them for a playoff spot. So you are the new leader, you might want to explain.
Here is the way I see it, used to be a CFO in medium sized non-publicly traded business. We have three types of investors participating, skeptics, neutral, and dreamers. Each investor depending, on their identification with my labels, could come up with better descriptive label. Let's go with these until they get shouted down.
The facts, in my opinion, no money, large unpaid bills, no lease, some SEC fillings to address the money part. I foolishly, expected some significant movement on all three,
much in part to HH inferred pipeline of inside information.
What we got is a Right's Offering that has little chance of generating some cash without significant movement on the lease. The boys running EEGC seem to be a bit incompetent,
these facts have been around 9-12 months and they have little to show for solving the business critical issues. People invest for many reasons, growth, dividends, security, longterm appreciation. This is pure expectation of huge appreciation if oil is found. What we got right now is no money, big bills and no place to drill. It seems there is little or no chance of big appreciation under today's facts. I am quickly moving to exteme skeptic, according to HH, paranoid. I am thinking I am not alone with my paranoia. Care to share some calming information for us Prozac canidates.
The stock price tells it all! The deleted one. Maybe we could run a contest for who gets deleted the most.
On a hot topic, 100 people have a opinion, only one will be right. Clipso has the best chance of being correct.
I made the wrong assumption that Howard has some sort of pipeline of reliable information. It would appear that the pipeline burst.
Logic(SEC Rules) tells me there is no new information available. We may not hear anything until September 30.
It is up for discussion whether they have to address the expired lease on that date. I would have to agree with Howard, why would the time and money be spent on SEC fillings, if there was not a reasonable chance of funding and lease extension.
If EEGC pushes Flare Gas Technology as the future revenue stream. The lease is done. Cut your losses.
If any of the conspiracy theories, environmental issues have validity, you do not want to go public with something that is not signed and executed.
I just read the other board, high pressure situation's bring out the best and worst in people. I wonder if MB is coherent.
This is turning into "One Flew Over The Cuckoo's Nest II Tasmania".
I would guess somebody is wrong on this issue. It would be nice if we were informed of status, any requests, registrations, correspondence on the matter. Where do we stand on this issue. Legal issues do not necessarily go the way they were written or intended. Judges and juries make decisions based on arguments. Are there any fillings?
One more time. Did EEGC pay the PR Company's bill?
Where are the PR's Howard? At this point, a lot of issues are material, 4 business days left. I suppose someone will come up with "we can't do anything until after the expiration date".
I think I established that the company must disclose what is up with lease. Wise guy comment; EEGC has not paid the PR firm, no money, no PR releases.
I tried to get the SEC rulse on EX's selling their shares. Did not find them.
Interesting, disclsoures rules apply to losing major customers or contracts. EEGC will have to disclose what the status of the oil lease is.
I am sort of up to speed. The 85 million may or may not be eligible for the 1 for 2. I get 503 mil or 540 depending on how the 85 mil can or will be eligible for 1 for 2. I kind of think this is a screw job. 140 new issues, 278 outstanding, and additional 85 = 503 rounding not considered.
As I read this, we are a take over target, the major stockholders have the right to sell on the open market fillings done. SEC documents would have to filled by the buyer for over 5%, it is ready to go, otherwise. This is an open invitation for a controlling interest fight. Or worse.
Quite intriguing. I do not know who would buy without leases.
Do we still have a Eligible date on the 1 for 2?
Any other ideas what this is all about?
I am not completely knowledgeable on SEC rules>
I argued that there will be diltuion long ago. You are correct. If you want to maintain your % of ownership you have to buy the options. The warrants are a new issue, are they over and above the orignal 275 mil share authorized. Did you as stockholders approve these issues. Depends on the by-laws of the corporation, they may have been there already.
This gets better by the hour. I have not read all the fillings. Are you sure about you math. It would be about 50% increase in shares to 400mil. I missed something
Fellow shocked stockholders, 10:30 pm CST
For once, I can hardly wait for tomorrow. I want to see the explanation on the filling and any subsequent PR's. There are times you do not want to take sides, this is one.
Neutral is safe. Switzerland WW II, no casualties.
Everybody is right to some degree. What were they thinking?
Insiders selling is not a good sign. I do disagree with putting some cash in pocket. They can sell some shares without a registration. Timing, PR, the registration all can be misconstrued, which some have, including me. Poor execution at a minimum. Let's hope that is the worst of it.
One final shot, this whole thing is to raise cash for bills, drilling, and good faith for a lease extension or drilling approval. Two F's earned so far, one is failure, you can guess what the other is. The money is in the oil strike, not the offering.
For 7 cents, hardly worth the risk.
There has to be a lot more to this. I went nuts with the Flare Gas Technology dodge. Who is in charge of PR down there? This is beyond stupid. They just told the Stockholders it is over we are selling out. At the minimum Hunt could dump it's shares on the market. There must be a explanation for this.
Let's hope! Moderators what gives?
One could read a lot into this. All the major stockholders have registered to bail out. Will this satisfy SEC registration rules for ownership over 5%. I do not have time to read the whole thing. Wow! Wow! Could this be true?
If this incorrect or correct what a Public Relations disaster.
Help!
How do you read the trades, how do I determine actual completed or filled orders on either side? It would appear the trades include unfilled orders.
Buyers either have to be better informed or totally uniformed on EEGC.
I would speculate that there will be a PR in the next 10 days.
Good or bad the material facts must be disclosed immediately.
The stockholders deserve to be informed on progress or lack of.
War Eagle,
Nice job on the investigating. I have to admit most was revealed in some form or another. It does have a impact when put together. In addition to the risk taking, you need a very thick skin to participate on the board. Howard has highlighted many of my character flaws on the board. So will others. Keep up the diligence, if there really is good news maybe you will find it.
Howard, you stole that stop whining line form Kindergarten Cop.
Doc, Swede,
Howard made the statements and started the rumors and someone made him look very bad. If Howard was speculating and had no inside info, all though I do believe he said he did. Then shame on me and Howard.
We all have our opinions and experiences that we bring to each situation. I am simply holding Howard to some level of truth standard. I am pressing him on the subject. He stepped in it, not me.
I know a lot of people want to hear only good news! I like positive results also. I am now very concerned. I am sure the next comment is "we do not need your help and you are not our conscience". I understand that. I feel we at an very ugly point, with regards to the lease and funding. If you want to silence my voice, I am fine with that.
I am not fine with someone not delivering on a declaration and then coming up with a lame excuse. Somebody had the flu. If I were that person or his boss I would have made it happen if I had to do it myself. I as I write this, I am thinking maybe it was not a significant PR after all.
I do belive I told EarnestDD to silence his negative comments. I take that back.
Howard is definitely more clever. The flu is a suspect excuse or in the case of the twice dead mother I would guess a lie, the first and second time. An excuse for non-performance.
In keeping with Houard's(sic)fun. "where's the Beef" (the money and the lease extension). I like Whoppers also (chocolate covered milk balls).
We all should be looking at our investment carefully. Especially after the "no show" on the PR. I appreciate your suggestion. The lease is huge, you are not drilling and the backers are not lending. If it reinstated or extended. We are back in the wildcat business. If not, MB will be headlines in Tasmania, along with his court battles.
I have to go earn some money, as of today, I am apparently losing this investment.
I am sure there are some short sellers, there usually are some. I am not one of them. September 30 is a key date. The threats are from outside of the company, they are the creditors. If they decide to sue for liquidation or sell their pledged shares, MB can't pay the ongoing payroll or bills. Empire is done. If they can't fill required SEC documents, no money to pay the accountants, you are done.
Cash is king! 30-60 days and all services are cancelled or shut off. The postmaster does not give credit, you are evicted.
The accountant gave a Qualified Opinion, with out funding, not a going concern. Ownership in the Oil Leases ceases September 30. You will need a Legal Document granting an extension or new lease. There is none. We got hot air as of September 30. Long or short, game is over. Rights to nothing are worth nothing. MB is borrowing to make payroll.
MB personally guaranteed a lot of bills. I do not know Aussie RE Law, he probably can shelter some of his equity and other assets,he will be tied up in court by the creditor guarantees.
The PR postponement is huge. Something expected did not happen. What was it. It is material and and must be disclosed immediately.
9997 must have been a right on vicious attack on you Howard.
Reprint your Wednesday's message, PR by the end of the day.
Your source was dead on wrong, which means you were dead on wrong. This is the third time in my ownership that I should have sold at .03. There are probably 10,000,000 shares traded at .015-.02 in the July-August time frame. I would have to look, but I bet there are some big blocks out there.
If they start to bail and take profits, look out stock price.
Wednesday was ludicrous(rumors) to the point of entertaining.
I believed that Howard new something and a PR was forthcoming.
Foolishly, I thought the two big and real issues, money and lease would be addressed and even resolved. It is now Friday and we are expected to wait patiently until sometime next week. In Howard's defense, the information source is incorrect. Either it was a stall, diversion, or actions did not happen. We are still in purgatory. We will have eight business days on Monday to resolve the money and lease issue.
The lease is in the hands of elected Government Officials and
appointed Bureaucrats, both worry about their Jobs and Pensions. Not likely to go against the rules. I would think funding would be dependent on the lease.
I am thinking we as stockholders have a real problem, the result is a Tax loss. This is stunning turn of events.
One of the posters had referred to negative commentators as "Boo Birds". In the USA they are sports fans that boo at poor performance. I am sure you have a name for such down under. The rumors were getting a little out of control today. Especially the Chinese to table and the $1 to $2 a share price before drilling has even started or money raised.
I made up a list of bizarre rumors for the day.
I am a for success, I have skin(shares) in the game.
The PR promised is noticeably absent
That is where I was heading, how much stock does MB actually hold now. Considering he has pledged a lot to cover the unpaid bills loans etc.
I am not sure that would be correct. They did not fund the remaining 1-2mil, that does not necessarily mean they defaulted, the terms of the contract or loan document would rule. Does anybody have the complete story?
Piece De Resistance, $1 to $2 a share? What was the price of the stock when EEGC was actually drilling and had a lease? A previous post has made some mention that all or some of MB stock was pledged to the Chinese investors as collateral for the loan. Can anyone confirm that?