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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 5)*
Industrial Enterprises of America, Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
456132208
(CUSIP Number)
Eric S. Wagner, Esq.
Kleinberg, Kaplan, Wolff & Cohen, P.C.
551 Fifth Avenue, New York, New York 10176
Tel: (212) 986-6000
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
December 1, 2008
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box o.
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See § 240.13d-7 for other parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
--------------------------------------------------------------------------------
SCHEDULE 13D
CUSIP No. 456132208
1 NAME OF REPORTING PERSONPike Capital Partners, LP 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) x (b) o 3 SEC USE ONLY 4 SOURCE OF FUNDSWC 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) o 6 CITIZENSHIP OR PLACE OF ORGANIZATIONDelaware NUMBER OF SHARES BENEFI-CIALLY OWNED BY EACH REPORT-ING PERSON WITH 7 SOLE VOTING POWER 0 8 SHARED VOTING POWER 518,333 9 SOLE DISPOSITIVE POWER 0 10 SHARED DISPOSITIVE POWER 518,333 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 518,333 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES o 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 2.0% 14 TYPE OF REPORTING PERSON PN
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CUSIP No. 456132208
1 NAME OF REPORTING PERSONPike Capital Partners (QP), LP 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) x (b) o 3 SEC USE ONLY 4 SOURCE OF FUNDSWC 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) o 6 CITIZENSHIP OR PLACE OF ORGANIZATIONDelaware NUMBER OF SHARES BENEFI-CIALLY OWNED BY EACH REPORT-ING PERSON WITH 7 SOLE VOTING POWER 0 8 SHARED VOTING POWER 4,153,333 9 SOLE DISPOSITIVE POWER 0 10 SHARED DISPOSITIVE POWER 4,153,333 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 4,153,333 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES o 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 16.0% 14 TYPE OF REPORTING PERSON PN
--------------------------------------------------------------------------------
CUSIP No. 456132208
1 NAME OF REPORTING PERSONPike Capital Management LLC 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) x (b) o 3 SEC USE ONLY 4 SOURCE OF FUNDSAF 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) o 6 CITIZENSHIP OR PLACE OF ORGANIZATIONDelaware NUMBER OF SHARES BENEFI-CIALLY OWNED BY EACH REPORT-ING PERSON WITH 7 SOLE VOTING POWER 0 8 SHARED VOTING POWER 4,671,666 9 SOLE DISPOSITIVE POWER 0 10 SHARED DISPOSITIVE POWER 4,671,666 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 4,671,666 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES o 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 18.0% 14 TYPE OF REPORTING PERSON IA
--------------------------------------------------------------------------------
CUSIP No. 456132208
1 NAME OF REPORTING PERSONDaniel W. Pike 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) x (b) o 3 SEC USE ONLY 4 SOURCE OF FUNDSAF 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) o 6 CITIZENSHIP OR PLACE OF ORGANIZATIONUnited States NUMBER OF SHARES BENEFI-CIALLY OWNED BY EACH REPORT-ING PERSON WITH 7 SOLE VOTING POWER 0 8 SHARED VOTING POWER 4,671,666 9 SOLE DISPOSITIVE POWER 0 10 SHARED DISPOSITIVE POWER 4,671,666 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 4,671,666 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES o 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 18.0% 14 TYPE OF REPORTING PERSON IN
--------------------------------------------------------------------------------
This statement is filed with respect to the shares of the common stock, having par value $.01 per share, (“Common Stock”) of Industrial Enterprises of America, Inc., a Nevada corporation (“Issuer”), beneficially owned by the Reporting Persons (as defined below) as of December 3, 2008 and amends and supplements the Schedule 13D filed on March 23, 2007, as previously amended
(collectively, the “Schedule 13D”). Except as set forth herein, the Schedule 13D is unmodified.
The names of the persons filing this statement on Schedule 13D (collectively, the “Reporting Persons”) are:
• Pike Capital Partners, LP (the “LP Fund”);
• Pike Capital Partners (QP), LP (the “QP Fund”);
• Pike Capital Management LLC (“Pike Management”); and
• Daniel W. Pike.
Item 3. Source and Amount of Funds or Other Consideration
The source and amount of funds used by the LP Fund in making its purchases of the shares of Common Stock beneficially owned it by the Reporting Persons are set forth below:
SOURCE OF FUNDS AMOUNT OF FUNDS
Working Capital $1,849,463
The source and amount of funds used by the QP Fund in making its purchases of the shares of Common Stock beneficially owned by it are set forth below:
SOURCE OF FUNDS AMOUNT OF FUNDS
Working Capital $16,313,685
Although the above securities were acquired with working capital, the funds may have also used margin account borrowings made in the ordinary course of business, although neither fund can determine whether any funds allocated to purchase the shares of Common Stock were obtained from any margin account borrowings.
Item 5. Interest in Securities of the Issuer
(a-b) Collectively, the Reporting Persons beneficially own 4,671,666 shares of Common Stock representing 18.0% of the outstanding shares of Common Stock.
I. LP Fund
(a) Amount beneficially owned: 518,333
(b) Percent of class: 2.0%
(c) Number of Common Shares as to which the LP Fund has:
--------------------------------------------------------------------------------
(i) Sole power to vote or direct the vote: 0
(ii) Shared power to vote or direct the vote: 518,333 (See Note 1.)
(iii) Sole power to dispose or direct the disposition: 0
(iv) Shared power to dispose or direct the disposition: 518,333 (See Note 1.)
II. QP Fund
(a) Amount beneficially owned: 4,153,333
(b) Percent of class: 16.0%
(c) Number of Common Shares as to which the QP Fund has:
(i) Sole power to vote or direct the vote: 0
(ii) Shared power to vote or direct the vote: 4,153,333 (See Note 1.)
(iii) Sole power to dispose or direct the disposition: 0
(iv) Shared power to dispose or direct the disposition: 4,153,333 (See Note 1.)
As the general partner of the LP Fund and QP Fund, Pike Management may be deemed to beneficially own the shares of Common Stock owned by them. As the controlling person of Pike Management, Daniel W. Pike may be deemed to beneficially own the shares of Common Stock beneficially owned by Pike Management.
Note 1: Each of the LP Fund and QP Fund may be deemed to have shared power to vote or to direct the vote and shared power to dispose or to direct the disposition of the shares of Common Stock reported in this Schedule 13D with Pike Management and Daniel W. Pike
(c). A list of the transactions in the Issuer’s Common Stock that were effected by the Reporting Persons during the past sixty days is attached as Appendix I. No other transactions with respect to the Common Stock that are required to be reported on Schedule 13D were effected by any of the Reporting Persons during the past sixty (60) days. All of the transactions listed on
Appendix I were effected on the open market.
(d). N/A
(e). N/A
Item 7. Material to Be Filed as Exhibits
The following documents are filed as exhibits:
Appendix I: List of the transactions in the Issuer’s Common Stock that were effected by the Reporting Persons during the past sixty days.
Appendix II: Joint Filing Agreement (previously filed)
Appendix III: Power of Attorney
--------------------------------------------------------------------------------
Signature
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Dated: December 3, 2008
PIKE CAPITAL PARTNERS, LP By: Pike Capital Management LLC, as General Partner By: /s/ Kevin R. Arps Kevin R. Arps, Chief Financial Officer PIKE CAPITAL PARTNERS (QP), LP By: Pike Capital Management LLC, as General Partner By: /s/ Kevin R. Arps Kevin R. Arps, Chief Financial Officer PIKE CAPITAL MANAGEMENT LLC By: /s/ Kevin R. Arps Kevin R. Arps, Chief Financial Officer /s/ Kevin R. Arps Kevin R. Arps, as Attorney-in-Fact For Daniel W. Pike
--------------------------------------------------------------------------------
APPENDIX I
TRANSACTIONS EFFECTED DURING THE PAST SIXTY DAYS
The following transactions were effected by the LP Fund during the past sixty (60) days on the open market:
Date Security Approx. Price perShare (excl. of.Commissions) Amount of Shs.Bought (Sold) 12/01/08 Common $0.01 129,850 12/03/08 Common $0.007 11,800
The following transactions were effected by the QP Fund during the past sixty (60) days on the open market:
Date Security Approx. Price perShare (excl. of.Commissions) Amount of Shs.Bought (Sold) 12/01/08 Common $0.01 970,150 12/03/08 Common $0.007 88,200
--------------------------------------------------------------------------------
APPENDIX III
POWER OF ATTORNEY
The undersigned hereby makes, constitutes and appoints Kevin R. Arps as the undersigned’s true and lawful authorized representative, attorney-in-fact and agent, each with the power individually to execute for and on behalf of the undersigned and to file with and deliver to the United States Securities and Exchange Commission and any other authority or party required or entitled to receive the same:
(a) any Forms 3, 4 and 5, and any amendments thereto, in accordance with Section 16(a) of the Securities Exchange Act of 1934, as amended (the “1934 Act”), and the rules promulgated thereunder; and (b) any Schedule 13D or Schedule 13G, and any amendments thereto, on behalf of the undersigned in accordance with Section 13 of the 1934 Act and the rules promulgated thereunder.
The undersigned also hereby grants to such attorney-in-fact the full power and authority to do and perform all and every act and thing whatsoever requisite, necessary and proper to be done in the exercise of any of the rights and powers herein granted, hereby ratifying and confirming all that such attorney-in-fact shall lawfully do or cause to be done by virtue of this power of attorney and the rights
and powers herein granted. The undersigned acknowledges that the foregoing attorney-in-fact, in serving in such capacity at the request of the undersigned, is not assuming any of the undersigned’s responsibilities to comply with Section 16 or Section 13 or any other provision of the 1934 Act or the rules promulgated thereunder.
This Power of Attorney shall remain in full force and effect until earlier revoked by the undersigned in a signed writing delivered to the foregoing attorney-in-fact.
IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney to be executed as of June 18, 2007.
/s/ Daniel W. Pike
Daniel W. Pike
ACKNOWLEDGEMENT IN NEW YORK STATE
STATE OF NEW YORK, COUNTY OF NEW YORK ss.:
On June 18, 2007, before me, the undersigned personally appeared, Daniel W. Pike, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the individual, or the person upon behalf of
which the individual acted, executed the instrument.
/s/ Matthew M. Dell Orfano
Matthew M. Dell Orfano
(signature and office of individual taking
acknowledgement)
[Notary Stamp and Seal]
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 5)*
Industrial Enterprises of America, Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
456132208
(CUSIP Number)
Eric S. Wagner, Esq.
Kleinberg, Kaplan, Wolff & Cohen, P.C.
551 Fifth Avenue, New York, New York 10176
Tel: (212) 986-6000
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
December 1, 2008
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box o.
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See § 240.13d-7 for other parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
--------------------------------------------------------------------------------
SCHEDULE 13D
CUSIP No. 456132208
1 NAME OF REPORTING PERSONPike Capital Partners, LP 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) x (b) o 3 SEC USE ONLY 4 SOURCE OF FUNDSWC 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) o 6 CITIZENSHIP OR PLACE OF ORGANIZATIONDelaware NUMBER OF SHARES BENEFI-CIALLY OWNED BY EACH REPORT-ING PERSON WITH 7 SOLE VOTING POWER 0 8 SHARED VOTING POWER 518,333 9 SOLE DISPOSITIVE POWER 0 10 SHARED DISPOSITIVE POWER 518,333 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 518,333 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES o 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 2.0% 14 TYPE OF REPORTING PERSON PN
--------------------------------------------------------------------------------
CUSIP No. 456132208
1 NAME OF REPORTING PERSONPike Capital Partners (QP), LP 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) x (b) o 3 SEC USE ONLY 4 SOURCE OF FUNDSWC 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) o 6 CITIZENSHIP OR PLACE OF ORGANIZATIONDelaware NUMBER OF SHARES BENEFI-CIALLY OWNED BY EACH REPORT-ING PERSON WITH 7 SOLE VOTING POWER 0 8 SHARED VOTING POWER 4,153,333 9 SOLE DISPOSITIVE POWER 0 10 SHARED DISPOSITIVE POWER 4,153,333 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 4,153,333 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES o 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 16.0% 14 TYPE OF REPORTING PERSON PN
--------------------------------------------------------------------------------
CUSIP No. 456132208
1 NAME OF REPORTING PERSONPike Capital Management LLC 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) x (b) o 3 SEC USE ONLY 4 SOURCE OF FUNDSAF 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) o 6 CITIZENSHIP OR PLACE OF ORGANIZATIONDelaware NUMBER OF SHARES BENEFI-CIALLY OWNED BY EACH REPORT-ING PERSON WITH 7 SOLE VOTING POWER 0 8 SHARED VOTING POWER 4,671,666 9 SOLE DISPOSITIVE POWER 0 10 SHARED DISPOSITIVE POWER 4,671,666 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 4,671,666 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES o 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 18.0% 14 TYPE OF REPORTING PERSON IA
--------------------------------------------------------------------------------
CUSIP No. 456132208
1 NAME OF REPORTING PERSONDaniel W. Pike 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) x (b) o 3 SEC USE ONLY 4 SOURCE OF FUNDSAF 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) o 6 CITIZENSHIP OR PLACE OF ORGANIZATIONUnited States NUMBER OF SHARES BENEFI-CIALLY OWNED BY EACH REPORT-ING PERSON WITH 7 SOLE VOTING POWER 0 8 SHARED VOTING POWER 4,671,666 9 SOLE DISPOSITIVE POWER 0 10 SHARED DISPOSITIVE POWER 4,671,666 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 4,671,666 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES o 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 18.0% 14 TYPE OF REPORTING PERSON IN
--------------------------------------------------------------------------------
This statement is filed with respect to the shares of the common stock, having par value $.01 per share, (“Common Stock”) of Industrial Enterprises of America, Inc., a Nevada corporation (“Issuer”), beneficially owned by the Reporting Persons (as defined below) as of December 3, 2008 and amends and supplements the Schedule 13D filed on March 23, 2007, as previously amended
(collectively, the “Schedule 13D”). Except as set forth herein, the Schedule 13D is unmodified.
The names of the persons filing this statement on Schedule 13D (collectively, the “Reporting Persons”) are:
• Pike Capital Partners, LP (the “LP Fund”);
• Pike Capital Partners (QP), LP (the “QP Fund”);
• Pike Capital Management LLC (“Pike Management”); and
• Daniel W. Pike.
Item 3. Source and Amount of Funds or Other Consideration
The source and amount of funds used by the LP Fund in making its purchases of the shares of Common Stock beneficially owned it by the Reporting Persons are set forth below:
SOURCE OF FUNDS AMOUNT OF FUNDS
Working Capital $1,849,463
The source and amount of funds used by the QP Fund in making its purchases of the shares of Common Stock beneficially owned by it are set forth below:
SOURCE OF FUNDS AMOUNT OF FUNDS
Working Capital $16,313,685
Although the above securities were acquired with working capital, the funds may have also used margin account borrowings made in the ordinary course of business, although neither fund can determine whether any funds allocated to purchase the shares of Common Stock were obtained from any margin account borrowings.
Item 5. Interest in Securities of the Issuer
(a-b) Collectively, the Reporting Persons beneficially own 4,671,666 shares of Common Stock representing 18.0% of the outstanding shares of Common Stock.
I. LP Fund
(a) Amount beneficially owned: 518,333
(b) Percent of class: 2.0%
(c) Number of Common Shares as to which the LP Fund has:
--------------------------------------------------------------------------------
(i) Sole power to vote or direct the vote: 0
(ii) Shared power to vote or direct the vote: 518,333 (See Note 1.)
(iii) Sole power to dispose or direct the disposition: 0
(iv) Shared power to dispose or direct the disposition: 518,333 (See Note 1.)
II. QP Fund
(a) Amount beneficially owned: 4,153,333
(b) Percent of class: 16.0%
(c) Number of Common Shares as to which the QP Fund has:
(i) Sole power to vote or direct the vote: 0
(ii) Shared power to vote or direct the vote: 4,153,333 (See Note 1.)
(iii) Sole power to dispose or direct the disposition: 0
(iv) Shared power to dispose or direct the disposition: 4,153,333 (See Note 1.)
As the general partner of the LP Fund and QP Fund, Pike Management may be deemed to beneficially own the shares of Common Stock owned by them. As the controlling person of Pike Management, Daniel W. Pike may be deemed to beneficially own the shares of Common Stock beneficially owned by Pike Management.
Note 1: Each of the LP Fund and QP Fund may be deemed to have shared power to vote or to direct the vote and shared power to dispose or to direct the disposition of the shares of Common Stock reported in this Schedule 13D with Pike Management and Daniel W. Pike
(c). A list of the transactions in the Issuer’s Common Stock that were effected by the Reporting Persons during the past sixty days is attached as Appendix I. No other transactions with respect to the Common Stock that are required to be reported on Schedule 13D were effected by any of the Reporting Persons during the past sixty (60) days. All of the transactions listed on
Appendix I were effected on the open market.
(d). N/A
(e). N/A
Item 7. Material to Be Filed as Exhibits
The following documents are filed as exhibits:
Appendix I: List of the transactions in the Issuer’s Common Stock that were effected by the Reporting Persons during the past sixty days.
Appendix II: Joint Filing Agreement (previously filed)
Appendix III: Power of Attorney
--------------------------------------------------------------------------------
Signature
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Dated: December 3, 2008
PIKE CAPITAL PARTNERS, LP By: Pike Capital Management LLC, as General Partner By: /s/ Kevin R. Arps Kevin R. Arps, Chief Financial Officer PIKE CAPITAL PARTNERS (QP), LP By: Pike Capital Management LLC, as General Partner By: /s/ Kevin R. Arps Kevin R. Arps, Chief Financial Officer PIKE CAPITAL MANAGEMENT LLC By: /s/ Kevin R. Arps Kevin R. Arps, Chief Financial Officer /s/ Kevin R. Arps Kevin R. Arps, as Attorney-in-Fact For Daniel W. Pike
--------------------------------------------------------------------------------
APPENDIX I
TRANSACTIONS EFFECTED DURING THE PAST SIXTY DAYS
The following transactions were effected by the LP Fund during the past sixty (60) days on the open market:
Date Security Approx. Price perShare (excl. of.Commissions) Amount of Shs.Bought (Sold) 12/01/08 Common $0.01 129,850 12/03/08 Common $0.007 11,800
The following transactions were effected by the QP Fund during the past sixty (60) days on the open market:
Date Security Approx. Price perShare (excl. of.Commissions) Amount of Shs.Bought (Sold) 12/01/08 Common $0.01 970,150 12/03/08 Common $0.007 88,200
--------------------------------------------------------------------------------
APPENDIX III
POWER OF ATTORNEY
The undersigned hereby makes, constitutes and appoints Kevin R. Arps as the undersigned’s true and lawful authorized representative, attorney-in-fact and agent, each with the power individually to execute for and on behalf of the undersigned and to file with and deliver to the United States Securities and Exchange Commission and any other authority or party required or entitled to receive the same:
(a) any Forms 3, 4 and 5, and any amendments thereto, in accordance with Section 16(a) of the Securities Exchange Act of 1934, as amended (the “1934 Act”), and the rules promulgated thereunder; and (b) any Schedule 13D or Schedule 13G, and any amendments thereto, on behalf of the undersigned in accordance with Section 13 of the 1934 Act and the rules promulgated thereunder.
The undersigned also hereby grants to such attorney-in-fact the full power and authority to do and perform all and every act and thing whatsoever requisite, necessary and proper to be done in the exercise of any of the rights and powers herein granted, hereby ratifying and confirming all that such attorney-in-fact shall lawfully do or cause to be done by virtue of this power of attorney and the rights
and powers herein granted. The undersigned acknowledges that the foregoing attorney-in-fact, in serving in such capacity at the request of the undersigned, is not assuming any of the undersigned’s responsibilities to comply with Section 16 or Section 13 or any other provision of the 1934 Act or the rules promulgated thereunder.
This Power of Attorney shall remain in full force and effect until earlier revoked by the undersigned in a signed writing delivered to the foregoing attorney-in-fact.
IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney to be executed as of June 18, 2007.
/s/ Daniel W. Pike
Daniel W. Pike
ACKNOWLEDGEMENT IN NEW YORK STATE
STATE OF NEW YORK, COUNTY OF NEW YORK ss.:
On June 18, 2007, before me, the undersigned personally appeared, Daniel W. Pike, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the individual, or the person upon behalf of
which the individual acted, executed the instrument.
/s/ Matthew M. Dell Orfano
Matthew M. Dell Orfano
(signature and office of individual taking
acknowledgement)
[Notary Stamp and Seal]
.07 Out Line Away ( :>( >>>>> X Dice Dealer.....
EDIT >>>>>>>>>
L .07 V = 54,650
.11 @ .15 V = 33,950
Back Up The Truck & Get-R-Done!
.14 @ .17 L .14 V = 41,040
Nice Pick Up.
Now .15 @ .18 V = 17,865
Say What?
.16 @ .18
.15 @ .30 V = 1,857
We wish to thank our shareholders for remaining patient during this arduous process.>>>>> We are now a fully reporting, fully compliant company and intend to remain so in support of our commitment to remain transparent."
http://www.marketwire.com/press-release/Market-and-Research-Corp-914892.html
EOD .013 @ .02 V = 2,912,295
Only Up 669.23 %
"Party Bash Contest Picks"
LVS @ $5.17
&
ISLE @ $3.36
Thank You, The Team.
Week # 13 Tennessee Titans.
THX>>>>>>>>>>>>>
Mr Ice, Glad You Could Get In @ That Price.
Congrats On BEEing A MTRE Share Holder.
BUY & Hold 4 Da ^ Listing.
$$$$$$$$$$$$
Posted by: the iceman Date: Wednesday, November 26, 2008 3:14:44 PM
In reply to: Blacklung who wrote msg# 15332 Post # of 15337
for the record there has bee 2 whole buys at .29 one for 58.00 and 1 for 72.50
4 U Old Peeps
Some of the artists of the 60's are revising their hits with new lyrics to accommodate aging baby boomers.
They include:
Herman's Hermits --- Mrs. Brown, You've Got a Lovely Walker .
Ringo Starr --- I Get By With a Little Help From Depends
The Bee Gees --- How Can You Mend a Broken Hip.
Bobby Darin --- Splish, Splash, I Was Havin' a Flash.
Roberta Flack--- The First Time Ever I Forgot Your Face.
Johnny Nash --- I Can't See Clearly Now.
Paul Simon--- Fifty Ways to Lose Your Liver
The Commodores --- Once, Twice, Three Times to the Bathroom.
Marvin Gaye --- Heard It Through the Grape Nuts.
Procol Harem--- A Whiter Shade of Hair.
Leo Sayer --- You Make Me Feel Like Napping.
The Temptations --- Papa's Got a Kidney Stone.
Abba--- Denture Queen.
Tony Orlando --- Knock 3 Times On The Ceiling If You Hear Me Fall.
Helen Reddy --- I Am Woman, Hear Me Snore.
Leslie Gore--- It's My Procedure, and I'll Cry If I Want To.
And my favorite:
Willie Nelson --- On the Commode Again
Week # 12 Denver Broncos.
Thx S-4-John. ( :>)
EOW .17 @ .30 L .30 V = 4,794
Have A G@@D Weekend All ( :>)
RLPC-Goldman eyes Venetian Macau club loan-bankers
Friday 11/21/2008 8:59 AM ET - Xinhua Financial News
Related Companies
Symbol Last %Chg
LVS 3.10 -20.51%
As of 1:26 PM ET 11/21/08
Goldman Sachs is working on a club loan of up to $1 billion for troubled gaming firm Venetian Macau Ltd, ahead of next week's visit to Singapore and Macau by Las Vegas Sands Corp CEO, Sheldon Adelson, banking sources said on Friday.
Talks on the prospective financing are at a preliminary stage, but sources believe the loan would be linked to Venetian Macau's recently suspended development projects at sites five and six on the Cotai Strip.
A $5.25 billion financing for Venetian Macau was recently put on hold after parent Las Vegas Sands suspended its Macau development in a move to improve the group's financial situation.
The $5.25 billion loan for borrowers Venetian Macau Finance Co and Venetian Macau US Finance Co LLC, had been earmarked for the casino giant Las Vegas Sands' current Macau project sites and for refinancing.
Las Vegas Sands Corp, one of Las Vegas' biggest operators, has been hit hard by the slowdown which cast doubt over its financial future, however auditors PWC this week announced that the company was viable after it raised capital last week to support its operations.
Any new loan would be likely to be completed on a club basis, sources said, but bankers are mixed about the feasibility of the project in the deteriorating economic environment.
Some bankers said that the recent $2.1 billion equity injection into Las Vegas Sands had stabilised the company and would prevent covenant breaches.
Others noted ongoing concerns about Macau's gaming sector and credit concerns around parent Las Vegas Sands.
Bankers highlighted the secondary trading levels of a $2 billion loan for Venetian Macau US Finance as a guideline to the premium that the company would pay for new funds in the current market.
The $2 billion seven-year term loan that was signed in 2006 is trading at 71.43 percent of face value, according to the October Reuters LPC Asia Pacific Secondary Loan Composite, which implies an all-in spread of 900 basis points for the new loan.
The existing $2 billion loan was priced at 350 bps over LIBOR and had three tranches -- a HK$1.95 billion-equivalent in US dollars or HK$ revolving credit with a commitment fee of 125 bps; a HK$33.15 billion-equivalent in US dollars or HK$ term loan with an average life of four years; and a HK$5.85 billion-equivalent in US dollars or HK$ delayed drawn term loan with a commitment fee of 175 bps.
Banco Nacional Ultramarino, Bank of China Macau, Citigroup, Goldman Sachs, Lehman Brothers, Standard Chartered Bank, Sumitomo Mitsui Banking Corp and UOB were the global lead coordinating arrangers.
(Reporting by Stephen Aldred and Foster Wong; editing by Simon Jessop) Keywords: VENETIAN MACAU LOAN/
(tessa.walsh@reuters.com; +44 20 7542 4048; Reuters Messaging: tessa.walsh.reuters.com@reuters.net)
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Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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http://www.straitstimes.com/Breaking%2BNews/Money/Story/STIStory_304177.html
Nov 19, 2008
Wynn disagrees with Sands
WYNN Resorts Chairman Steve Wynn said he's in 'complete disagreement' with a Las Vegas Sands Corp senior executive who said government decisions may have hurt the development of Macau casinos.
'In any economy, growth has to be done in phases', Mr Wynn said in an interview on Bloomberg TV on Wednesday.
'If someone tries to build six hotels at once and finds the market can't accommodate it, there's a problem with the planning'.
Gambling growth in Macau is slowing on the global recession and restrictions by China its citizens' travel to the city.
Las Vegas Sands, controlled by billionaire Sheldon Adelson, said this month it halted development at its US$12 billion (S$18.35 billion) project in Macau, leading to at least 9,000 job losses.
'There have been some changes in terms of the central government's attitude toward Macau', Las Vegas Sands President William Weidner said in an investor conference on Nov 17.
'We don't think it's necessarily all that prudent to put more money in until we see how that attitude works its way out'.
Average monthly revenue at Macau's casinos may fall to 7 billion patacas (S$1.34 trillion) next year from 8.2 billion so far this year, Mr Edmund Ho, the city's chief executive, said Nov 11. Macau's government will take over any casino that goes bankrupt, he added.
Gambling Revenue Casino revenue in Macau has more than doubled since 2004, when the government ended the 40-year monopoly of Stanley Ho, not related to the chief executive, and allowed foreign companies Las Vegas Sands, Wynn Resorts and MGM Mirage to operate.
China restricted travel by its citizens to Macau, the only Chinese city where casinos are legal, to limit growth in high- roller gambling in the former Portuguese colony. Mainland travelers to Hong Kong can no longer visit Macau using the same visa.
Since Oct 1, residents of neighbouring Guangdong province have only been allowed one visit to the city every three months.
'The community has to be given a chance to absorb such expansion in an orderly fashion', Mr Wynn told Bloomberg TV. 'I found the government's policies are evenhanded'.
Read also:
Sands blames Beijing, Macau
LVS 3.08 @ 3.09 V = 9,893,052
Fitch Provides Update on Recent Gaming Liquidity Trends
Friday 11/14/2008 12:14 PM ET - Businesswire
Related Companies
Symbol Last %Chg
LVS 3.10 -20.51%
STN 13.44 1.28%
TRMP 0.315 0.00%
As of 11:14 AM ET 11/21/08
Since Fitch Ratings published its sector liquidity report on Oct. 23, 2008 ('Liquidity Focus: U.S. Gaming & Lodging', available at www.fitchratings.com), most companies have reported Q3'08 results and there have been some notable liquidity-related events.
In its Oct. 23, 2008 report, Fitch indicated that the most concerning liquidity profiles amongst corporate gaming operators in the review included Trump Entertainment Resorts, Inc. (Trump), Station Casinos, Inc. (Station), Las Vegas Sands Corp. (LVS) and MGM MIRAGE (MGM). All of these gaming operators addressed liquidity concerns to some degree in the last few weeks, which Fitch discusses below:
--MGM issued $750 million of senior secured notes;
--LVS raised $2.1 billion of equity/junior capital;
--Trump revised terms of the Trump Marina sale;
--Station noted it is in discussions to revise its credit facility covenants.
As expected, Q3'08 industry wide operating results were very weak, and indications of forward trends support Fitch's view that the soft operating results are likely to persist for at least the next few quarters. While anecdotal evidence indicates that early Q4'08 trends are tracking slightly better than September 2008, September 2008 was likely one of the worst months the industry has experienced. In addition, while it is a credit positive that MGM and LVS were able to access the capital markets and improve their liquidity profiles, the terms and costs associated with both transactions were highly unfavorable, in Fitch's view. Fitch's concerns regarding Trump and Station did not center around access to capital. Rather, Trump's outlook relies on closing the Trump Marina sale, while Station's outlook relies on successful negotiations with its bank lenders.
MGM: Near-term liquidity improvement, long-term concern remains:
MGM priced a $750 million senior secured note issue at 93.132% on Oct. 31, 2008, a discount that resulted in a 15% yield and net proceeds to MGM of $687 million. The transaction is expected to close on Nov. 14, 2008. Separately, in October 2008, MGM received notice of a put option from substantially all holders of Mandalay Resort Group's $150 million 7% debentures due 2036, which requires MGM to repurchase the debt on Nov. 15, 2008. Therefore, MGM's net increase in liquidity after consideration of the discount and bond repurchase is $537 million.
MGM's ability to close the transaction and enhance its liquidity somewhat mitigates Fitch's concern regarding debt maturities of $1.3 billion in 2009 and near-term CityCenter funding requirements. However, MGM's longer-term liquidity profile and the weak near-term operating environment remain concerns. MGM reported a decline in comparable property EBITDA of 18% in Q3'08, following a 12% decline in Q2'08. Fitch expects the weak operating environment in Las Vegas to continue for at least the next few quarters.
It is a credit positive that MGM was able to access the capital markets in this environment. However, Fitch believes the adverse terms, including the high interest cost and required collateral, indicate that MGM's access to capital on an unsecured basis remains extremely limited, if not effectively closed. MGM's ability to issue additional secured debt is limited by this issuance, the extent depending on the market value assigned to collateral, which is the New York-New York property. See 'Fitch Rates MGM MIRAGE's $750MM Secured Notes 'BB'; Comments on Liquidity Profile', dated Nov. 14, 2008 for additional detail.
LVS: Capital raise averts near-term covenant violations; suspension of projects reduces longer-term capex:
LVS took the most aggressive action to enhance its liquidity position, as its needs were more immediate due to potential covenant violations on its credit facility in upcoming quarters. In order to maintain compliance with its U.S. credit facility, on Sept. 30, 2008 LVS used a $475 million investment by Chairman and CEO Sheldon Adelson to reduce net debt at Las Vegas Sands LLC, its U.S. subsidiary. In addition, it used a $50 million EBITDA 'true-up', or equity cure, which has the effect of increased adjusted EBITDA for the purposes of the calculation, an option that can be used for only two consecutive quarters until the leverage covenant is satisfied. However, the true-up by itself would not have been sufficient to maintain compliance, and given the continued operating pressure in Las Vegas, the company needed additional capital.
As a result, LVS raised an additional $2.1 billion of equity/junior capital at heavily discounted levels, including another $525 million from Adelson, which will significantly improve the company's liquidity profile. The transaction is expected to close on Nov. 14, 2008 and was approved without shareholder approval pursuant to an exception in the NYSE's shareholder approval policy, indicating that a delay caused by securing shareholder approval would seriously jeopardize the ability to complete the offerings and the financial viability of the company.
In addition, LVS significantly pulled back on development plans in both the U.S. and Macau. In the U.S. it suspended its St. Regis condo tower in Las Vegas indefinitely and scaled back on the Sands Bethlehem project in Pennsylvania that is expected to open in 2Q'09. In Macau, LVS is significantly slowing development on the Cotai Strip, including suspending developments of sites five and six. The company will proceed with its Singapore development, which will be fully funded with existing availability under its Singapore bank facility and the additional capital.
In Fitch's view, the capital infusion alleviates near-term concerns regarding a covenant violation on its U.S. bank facility, which is cross defaulted with its US airplane financing and U.S. notes. In addition, although it will be spending a significant amount of capital just to mothball projects in the near-term, by meaningfully reducing longer-term capital expenditures and reducing the scope of some projects, LVS has accelerated its ability to self-fund a portion of its development plans. Coupled with limited debt maturities until portions of the Macau credit facility come due in 2011, LVS' actions greatly increase its financial flexibility. However, Fitch continues to be concerned regarding the Las Vegas operating environment in 2009, which will be very challenging for LVS, given the economic environment and the imminent opening of Wynn's Encore property.
TRUMP: Overall profile remains dependant on closing the Trump Marina sale:
Fitch continues to believe that near-term stabilization of Trump's weak liquidity profile is highly dependent on the completion of the Trump Marina sale to Coastal Development, LLC (Coastal) and the success of the Chairman Tower at the Taj Mahal (Taj).
On Oct. 28, 2008, the deadline for Coastal to provide financing commitments to Trump, the parties mutually amended the Trump Marina purchase agreement. The purchase price was revised to $270 million from $316 million with no provision for a decrease based on property performance, a termination date of May 28, 2009 was set, and the purchase deposit was increased to $17 million, of which $15 million has been released to Trump. In Fitch's view, the amended agreement provides more time for financial markets to improve, which could provide greater ability to close the transaction.
Trump expects to draw the remaining $25 million available on its credit facility in Q4'08 to help fund the completion of the Chairman Tower. After fully drawing on the credit facility, Trump will have little to no access to committed external funds. Since the Chairman Tower's partial opening on Labor Day, the Taj has outperformed the market on a revenue basis, which is positive. However, given Trump's heavy debt load and the expected operating pressure in Atlantic City over the next 12 months, it is crucial for Trump to close the Trump Marina sale in order to avoid a restructuring, in the absence of another transaction, in Fitch's view.
STATION: Outlook relies on successful negotiation with banks:
The company needs to amend its bank facility financial covenants (outlined in Fitch's Oct. 23 report), as it will likely not be in compliance as of Dec. 31, 2008. As such, Station noted it is currently negotiating with lenders, but if it can not reach a successful resolution, it would result in an event of default.
In addition, Fitch remains concerned regarding Station's ability to generate cash on an operating basis after maintenance capex, given the continued deterioration in the Las Vegas locals market and the heavy debt load from its LBO transaction. Adjusted EBITDA in Q3'08 declined 13%, which was worse than the 11% declines experienced in Q1'08-Q2'08. Early Q4'08 revenue declines were greater than Q3, likely due to increased competition, as Fitch outlined in its Oct. 23, 2008 report. While the Nov. 11, 2008 opening of the 50%-owned Aliante Station will help operating performance, it will likely cannibalize Santa Fe Station's results to some degree.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
SOURCE: Fitch Ratings
Fitch Ratings, New York
Michael Paladino, CFA, +1-212-908-9113
William Warlick, +1-312-368-3141 (Chicago)
Media Relations:
Cindy Stoller, +1-212-908-0526
cindy.stoller@fitchratings.com
4.06 @ 4.06 V = 20,886,561
Macau's hot streak shows signs of cooling
Thursday November 20, 1:22 pm ET
By Jeremiah Marquez, AP Business Writer
Macau's hot streak shows signs of cooling as global meltdown, travel restrictions take toll
MACAU (AP) -- The baccarat tables at the Venetian's Red Dragon section still teem each night with hundreds of the Chinese players who've fueled Macau's breathtaking shot to the top of the gambling world.
But as gamblers place bets of 500 patacas ($65) and more inside Las Vegas Sands Corp.' popular casino -- cheering and bellowing with each flip of a hand -- construction cranes stand idle atop hulking steel shells of three half-finished hotels across the street.
The hot streak that turned Macau into the world's gambling capital is cooling as global economic and financial woes delay new projects, cut into incomes and hurt tourism. Tightened travel restrictions on mainland Chinese tourists, the engine behind Macau's growth, also are taking a toll, and revenue growth is slowing for the first time in years.
"Without a doubt, the incredible heat that we've seen in the market before is coming off," said Anthony Lawrence, publisher of the territory's Destination Macau magazine.
Las Vegas Sands suspended work last week on the hotel towers as part of its effort to comply with debt agreements backed by its Las Vegas properties. And it was a drop in Sands' Las Vegas earnings that partly triggered the construction halts. But the troubles aren't unique to Sands or to Las Vegas, where revenues are down across the board.
In Macau, Galaxy Entertainment Group Ltd. likely won't open its entire 2,500-room Cotai Mega Resort in Macau on time next year, some analysts say, because of a possible funding gap. And a $2.5 billion joint-venture gambling resort called Macau Studio City, near Sands' two suspended sites on a stretch of reclaimed land known as the Cotai Strip, could face delays as well.
Macau, the only place in China where gambling is legal, boomed after the government broke up a local company's long-standing monopoly six years ago and started welcoming U.S. gambling powerhouses like Sands, Wynn Resorts Ltd. and MGM Mirage Inc.
As the operators built one glitzy casino-resort after another, gamblers showed up by the millions -- more than half of them from mainland China -- and profits surged. By 2006, this tiny, former Portuguese colony less than one-sixth the size of Washington, D.C., surpassed Las Vegas as the world's most lucrative gambling center.
From 2003 to 2007, Macau gambling revenue nearly tripled to 83 billion patacas, or $10.3 billion. And this year it's on track to top $13 billion -- more than double the take in Las Vegas.
But signs of a slowdown are emerging. While an average of five casinos sprouted annually between 2004 and this year, 2009 may see only one major opening, from Melco Crown Entertainment Ltd.
Casino revenue, while well ahead of last year, slipped 10 percent in the third quarter from the previous three months, the second straight quarter-to-quarter decline. Macau's leader says average monthly revenues could drop in 2009 to 7 billion patacas (about $893 million) compared with more than 9 billion ($1.5 billion) monthly through September this year.
Fresh problems surfaced last week when Sands, the city's leading casino operator by market share, indefinitely halted construction at its Macau projects -- including Shangri-La, Traders and Sheraton hotels as well as casinos -- throwing as many as 11,000 out of people out of work. Sands officials say they're in talks with banks about new financing, but it's unclear how long that will take or when construction might resume. The company's president, William Weidner, suggested this week that Sands won't invest more until the company sees how Beijing's policies toward Macau shake out.
There may be a silver lining in the slowdown: a break from the furious pace of development and a chance for the industry to catch its breath. Given travel curbs and global economic weakness, the crowds packing Macau's casinos might start thinning if more were to open.
"It's good we've got a slowdown," said analyst Billy Ng at JP Morgan Securities. "Ambitions were too big."
Slackening economic growth in and around China is at least partly to blame for slowing revenue growth in Macau. Neighboring Guangdong province, China's wealthy manufacturing hub and a major source of Macau visitors, is reeling from job losses and factory closures as the global downturn cuts demand for the country's exports.
Across the mainland, falling stock markets and housing prices have caused a painful destruction of wealth. In Hong Kong, the economy slipped into recession last quarter.
The bigger reason for a drop-off that large may be gradually tightening visa rules that, among other things, now limit to once every three months the times Guangdong residents can go to Macau. Mainland tourists are vital, accounting for more than half of Macau's revenues. While the changes might be temporary, the impact already is evident. Tourist arrivals in September grew by a paltry 2 percent compared with the same period last year; by comparison, they grew by nearly 30 percent in September last year from 2006.
Never fully explained by China's central government, the restrictions are seen as an attempt by the government to control Macau's galloping growth.
Though China has benefited from Macau's rise -- thousands of have found new jobs, and huge quantities of building supplies like cement and steel are sourced from mainland firms -- officials may be worried about gambling's effect on society, analysts says. Laundering by corrupt authorities and clashes over unpaid gambling debts are likely among the concerns.
With average salaries of China's 1.3 billion people on the rise, there's still huge growth potential for Macau and its casinos, even with the visa changes.
"You'll see some weakness driven by the visa restrictions and the softening of the regional economies, but I think the long-term prospects are very positive," said Gary Pinge of Macquarie Securities in Hong Kong. "Macau has just barely scratched the surface of China."
Casino mogul Steven Wynn, whose company operates one resort in Macau and has another on the way, is taking the slowdown in stride.
"We're not having these huge increases, but who says that you're entitled to that every few years? Where did that become a law of nature?" he said in a phone interview with The Associated Press.
He's still bullish on the city's long-term fortunes.
"I think the market is wonderful in China," he said. "Macau has always been a tourist kind of place, and it's broadened ... its appeal. And I think that's going to continue."
Sheng Yao Peng, a 26-year-old TV camera operator from Beijing, isn't concerned either.
Munching on a cheeseburger from the American Fatburger chain at the Venetian food court, he was calm as he talked about losing 30,000 patacas (about $3,800) at the baccarat tables over several days in Macau.
The losses wouldn't keep him from returning. Neither would any of the other problems in and outside Macau.
"We only come a few times a year now," said Sheng, "but we will still come."
Las Vegas Sands (LVS) was covered in a Lee Allen Report today and the stock is now at $4.40, down $0.67 (-13.21%) on volume of 11,333,854 shares traded. To see the report go to http://www.iotogo.com/la112008 . Over the last 52 weeks the stock has ranged from a low of $4.32 to a high of $122.96. Las Vegas Sands stock has been showing support around $4.56 and resistance in the $6.08 range. Technical indicators for the stock are bearish and S&P gives LVS a negative 2 STARS (out of 5) sell ranking. We will just watch this one for now. There are no hedged trades we like the look of for LVS.
ABR-Seven Summits Strategic Investments NewsBite Goto www.iotogo.com/18w1 for our free report titled, The 18 Ways To Know When It's Time To Dump A Stock
.14 @ .30 V = 0
Yes We Are, So Lets Get-R-Done!
$$$$$$$$$$$$$$
Posted by: berge Date: Thursday, November 20, 2008 10:35:44 AM
In reply to: None Post # of 14880
dang...the gangs all here, almost
Hope This Helps...
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Week # 11 Miami Dolphins.
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Have A G@@D Weekend All!
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OptionMonster Thank You For The ^ Date......
PokerTek Featured on CNBC
25 minutes ago - Pr Newswire
Related Companies
Symbol Last %Chg
PTEK 2.00 4.17%
As of 3:19 PM ET 11/12/08
PokerTek, Inc. (Nasdaq: PTEK), the industry pioneer and worldwide leader in automated poker tables and related software, is pleased to announce that the company was highlighted on a segment of CNBC's "Mike on America."
(Logo: http://www.newscom.com/cgi-bin/prnh/20080828/CLTH082LOGO )
Hosted by renowned Special Features Reporter, Mike Hegedus, "Mike on America" spotlights innovative and enterprising U.S. companies. The feature, which aired on Wednesday, November 12th at 2 PM EST, covered PokerTek's two product lines, PokerPro(R) and Heads-Up Challenge(TM). The piece will be available for repeat viewing on CNBC.com.
"We're delighted to be part of 'Mike on America'," said Chris Halligan, CEO of PokerTek. "We have unique and exciting products, and we're glad they are getting more attention in the market."
About PokerTek:
PokerTek, Inc. (Nasdaq: PTEK), headquartered in Matthews, NC, develops and markets products for the casino and amusement industries. PokerTek developed PokerPro automated poker tables and related software applications to increase casino revenue, reduce expenses and attract new players into poker rooms by offering interactive poker that is fast, fun and mistake-free. Heads-Up Challenge is a two-player table that allows bars and restaurant patrons to compete head-to-head in various games for amusement purposes, increases earnings for game operators and provides patrons unique and challenging on-site entertainment. Both products are installed worldwide. For more information, please visit the company's website at www.PokerTek.com or contact Laura Petty at 704.849.0860 x106.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are made in accordance with the Private Securities Litigation Reform Act of 1995. The forward-looking statements herein include, but are not limited to, the expected adoption of the PokerPro systems by casinos and other customers and the expected acceptance of the PokerPro systems by players. Our actual results may differ materially from those implied in these forward-looking statements as a result of many factors, including, but not limited to, overall industry environment, customer acceptance of our products, delay in the introduction of new products, further approvals of regulatory authorities, adverse court rulings, production and/or quality control problems, the denial, suspension or revocation of permits or licenses by regulatory or governmental authorities, termination or non-renewal of customer contracts, competitive pressures and general economic conditions, and our financial condition. These and other risks and uncertainties are described in more detail in our most recent annual report on Form 10-K and other reports filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made. We undertake no obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur, except as required by applicable laws, and you are urged to review and consider disclosures that we make in the reports that we file with the Securities and Exchange Commission that discuss other factors germane to our business.
SOURCE PokerTek, Inc.
http://www.pokertek.com
Lurker IMO It Must Be NAR.
54,452,940 shares of the common stock of Eternal Image, Inc. by one of the selling shareholders identified in this prospectus as North Atlantic Resources, Limited, which shares it has received by exercising its conversion right to acquire pursuant to the terms of a Convertible Promissory Note
$$$$$$$$$$$$$$$$$
Who is selling???...This is unbelievable..so close to taking off and they sell like this on bid???? WTH!!!
Las Vegas Sands Raises Capital And Gets Life Jacket
1 minutes ago - Dow Jones News
Related Companies
Symbol Last %Chg
LVS 5.82 -27.25%
As of 1:13 PM ET 11/11/08
By Angela Pruitt
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Las Vegas Sands (LVS) raised roughly $2 billion in capital Tuesday and likely saved itself from the clutches of bankruptcy in the process.
In a deal that inflicts short-term pain on shareholders, the casino operator sold $1 billion in common stock, along with $1.04 billion in preferred stock and warrants with an exercise price of $6 a share and 10% dividend.
"It's the cost of staying in business," said Bill Lerner, an analyst at Deutsche Bank. "This is a very binary situation - either you do it or you (have) a much bigger issue than being incrementally dilutive."
Indeed, the company's share price dropped 19% to $6.69 in recent trading.
Las Vegas Sands had to act pretty swiftly to avoid defaulting on bank covenants that require it to maintain certain levels of cash flow. The company's cash flow has taken a hit this year as fewer gamblers frequent its slot machines, blackjack tables and other fare in Las Vegas amid a souring economy. In addition, the company was under pressure to finance and complete swanky new casinos and resorts overseas, including $1.9 billion of new construction in Macau.
Like its peers in the casino industry, Las Vegas Sands has taken a serious bruising this year with its stock price tanking over 90%. Standard & Poor's last month cut its credit ratings on the company, best known for the Venetian resort in Las Vegas, citing concerns about its liquidity and the weaker economy.
"I would say this puts them company on firmer footing," saidDennis Forst, an analyst at KeyBanc Capital Markets, of the capital raise. "I think it removes the covenant worries for the time being."
The company priced 181.8 million common shares at $5.50 a share, a 45% discount to Monday's closing price. Meanwhile, half of the preferred stock and warrants are being bought by Chairman and Chief Executive Sheldon Adelson, who lent the company $475 million so that it could avoid breaking the terms of its $5 billion credit facility.
Sheldon's stake in the company has now dropped to 51% from about 69% and the ownership interest of shareholders has dwindled from roughly 13% from a little over 30%. Meanwhile, the number of the company's shares has surged to over 800 million from about 355 million.
The company flagged the equity sales late Monday and said it would save $1.8 billion by suspending construction and indefinitely delaying certain projects on the Las Vegas Strip, Macau and in Bethlehem, Pa. Las Vegas Sands also reported its third-quarter net loss narrowed on higher revenue from the opening of new casino properties.
Although the trajectory of the company's stock in the near term is uncertain, the longer-term outlook appears promising, analysts say.
Looking three years out, the company will have a "virtual monopoly in Singapore" and a solid position in Las Vegas and Macau, said Amit Kapoor, a research analyst with Gabelli & Co.
-By Angela Pruitt, Dow Jones Newswires, 201-938-2269, angela.pruitt@dowjones.com
(Maxwell Murphy, Jennifer Hoyt and Kerry E. Grace contributed to this report)
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=6NlmY0aFxCN%2F%2BlgX8%2BRclQ%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
11-11-08 1311ET
Copyright (c) 2008 Dow Jones & Company, Inc.
UPDATE 2-Las Vegas Sands prices offering; shares halted
13 minutes ago - Xinhua Financial News
Related Companies
Symbol Last %Chg
LVS 6.65 -16.87%
As of 9:30 AM ET 11/11/08
Embattled casino company Las Vegas Sands Corp said on Tuesday it priced a public offering of 181.8 million common shares at $5.50 per share and that it will sell preferred stock and warrants to the family of Chief Executive Sheldon Adelson.
The sale of the common stock alone would raise about $1 billion for financially strapped Sands, one of the casino companies hardest hit by an economic slowdown that has savaged the gambling industry.
Sands' shares have fallen from above $122 last December and closed at $8 on Monday. The shares were halted on the New York Stock Exchange on Tuesday morning, pending an announcement.
The casino company warned last week it was in danger of violating loan agreements and said on Monday it would suspend construction in Macau as it copes with limited financing options.
Sands also said on Tuesday that in the public offering, it will sell 5.2 million shares of preferred stock and warrants to purchase 86.6 million shares of common stock at an exercise price of $6 each.
The casino company said that units consisting of one share of preferred stock and one warrant to buy 16.6667 common shares will be bought at a public offering price of $100 each.
Sands said that concurrent with the public offering, it will sell to the Adelson family 5.25 million shares of preferred stock and warrants to buy 87.5 million shares of common stock at an exercise price of $6 each.
Adelson is already the majority owner of the company.
Sands said it intends to use proceeds from the offerings for general corporate purposes, which may include debt repayment and financing of its development projects.
(Reporting by Mark McSherry; Editing by Phil Berlowitz and Matthew Lewis) Keywords: LASVEGASSANDS/ (mark.mcsherry@thomsonreuters.com; + 646 223 6094)
COPYRIGHT
Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
MMMM
Week # 10 Pick = San Diego Chargers.
It's Time LT And Rivers Finally Abused Someone.
Thx S-4-John
6.66 @ 6.67 V = 32,355,927
UPDATE 2-Las Vegas Sands shares fall on doubts about future
7 minutes ago - Xinhua Financial News
Related Companies
Symbol Last %Chg
LVS 6.77 -41.94%
As of 11:57 AM ET 11/6/08
Shares of Las Vegas Sands Corp fell 29 percent on Thursday after the casino operator's auditor said in a regulatory filing there are doubts about the company's ability to continue as a going concern.
Based on current estimates, Las Vegas Sands expects it will not be in compliance with its maximum leverage ratio covenant for the quarter ending Dec. 31, 2008 and at subsequent quarters, accounting firm PricewaterhouseCoopers LLP said in the filing.
The auditor said non-compliance would result in defaults which raises substantial doubt about the company's ability to continue as a going concern.
The company said in a filing it is working with a financial adviser on a capital-raising program but that no assurances can be given that the program will be successful.
Sagging U.S. consumer confidence and spending power has hurt business in Las Vegas, where Sands operates the Palazzo and Venetian resorts as well as the Sands Expo and Convention Center.
Sands said last month that Sheldon Adelson, its chief executive and principal stockholder, and his family intend to participate in the capital raising.
Las Vegas Sands said Adelson and his family recently completed an investment in the company of $475 million in convertible senior notes.
Shares of Las Vegas Sands, which have fallen from over $122 last December, fell $3.39 to to $8.27 on Thursday morning.
(Reporting by Mark McSherry, editing by Dave Zimmerman) Keywords: LASVEGASSANDS/ (mark.mcsherry@thomsonreuters.com; +646 223 6094)
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MMMM
Week # 9 Pick - Chicago Bears - aka Da Bears!
Thx S-4-John
R U Talking 2 Me?
$$$$$$$$$$
Posted by: the iceman Date: Wednesday, October 29, 2008 3:55:01 PM
In reply to: None Post # of 14104
who is going to take one for the team
EOD .26 @ .45 L .40 V = 90,089
MTRE Form 10 Filing Approved by the SEC; Company Proceeds With Business Plan
Wednesday 10/29/2008 1:33 PM ET - Market Wire
Related Companies
Symbol Last %Chg
MTRE 0.40 17.65%
As of 3:39 PM ET 10/29/08
Market & Research Corp. (PINKSHEETS: MTRE) ("MKRC" or the "Company") today announced that the SEC has completed its review of the Company's recent Form 10 and it has applied for an accelerated effective date of October 31, 2008. Gary Stein, President, commented, "This is a major accomplishment and an integral part of our business plan. Successfully gaining this approval permits us to complete our uplisting requirements with FINRA for inclusion on the OTC.BB. We wish to thank our shareholders for remaining patient during this arduous process. We are now a fully reporting, fully compliant company and intend to remain so in support of our commitment to remain transparent."
About Market & Research Corp. ("MKRC")
MKRC currently has agreements to acquire Precision Opinion, InMarketing and Quantum.
About Precision Opinion
Precision, which is to be acquired by MKRC, provides consumer research services to the entertainment industry, non-governmental organizations and political polling services.
About InMarketing
InMarketing, which is to be acquired by MKRC, is a leader in the incentive industry through the deployment of its exclusive, database-driven, web-enabled application to reward program strategies. InMarketing develops sales incentive programs, a safety incentive program, service award, recognition programs or customer loyalty programs for its customers.
About Quantum
Quantum, which is to be acquired by MKRC, provides consumer research services to the telecommunications, automotive, healthcare, banking and cable industries and provides a circulation and research service for Business-to-Business for these same industries.
Forward-Looking Statements: The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made on behalf of the Company and its subsidiaries. All such forward-looking statements are, by necessity, only estimates of future results and actual results achieved by the Company may differ materially from these statements due to a number of factors. Any forward-looking statements speak only as of the date made. Statements made in this document that are not purely historical are forward-looking statements, including any statements as to beliefs, plans, expectations, or intentions regarding the future. Risk factors that may cause results to differ from projections include, without limitation, loss of suppliers, loss of customers, inadequate capital, competition, loss of key executives, declining prices, and other economic factors. The Company assumes no obligations to update these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such statements. You should independently investigate and fully understand all risks before making investment decisions.
Contact for further information:
Gary Stein
steincorp007@gmail.com
SOURCE: Market & Research Corp.
mailto:steincorp007@gmail.com
.34 Ask L@@Ks G@@D>>>>>>>>>>>>>>>>
This 500 Is 2/Funny Thanks<<<<<<
Price Size Exch Time
0.017 500 OTO 15:56:01 <<<<<<<Paint!
0.015 7500 OTO 12:09:43
Las Vegas Sands (LVS) NewsBite - LVS Falls on Investor Bearishness
Friday 10/24/2008 10:15 AM ET - Freshbrewedmedia
Related Companies
Symbol Last %Chg
LVS 6.51 -20.71%
As of 2:21 PM ET 10/24/08
Las Vegas Sands (NYSE: LVS) opened at $6.73. So far today, the stock has hit a low of $5.80 and a high of $7.12. LVS is now trading at $6.68, down $1.53 (-18.64%). Over the last 52 weeks the stock has ranged from a low of $8.03 to a high of $148.76. LVS shares are sinking with the global stock market this morning as investors' worries of a worldwide recession have initiated a market selloff. Technical indicators for the stock are bearish and S&P gives LVS a negative 2 STARS (out of 5) sell ranking. If you are looking for a hedged play on LVS the stock seems like it could be a candidate for a November out-of-the-money bear-call credit spread above the 12.50 range.
ABR-Seven Summits Strategic Investments NewsBite Goto www.iotogo.com/18w1 for our free report titled, The 18 Ways To Know When It's Time To Dump A Stock
Week #8 New York Jets
Thx S-4-John
Only Up 100% A So So Day.
Later, The Team.
.10 @ .35 V = 247,412
Thank You Basser, Very Nice Of U 2 Say.
.20 @ .30 V = 212,412
This Is FUN! = Wii