Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Seeing this old bookmark I just had to see what was up....(also I use this as a lesson in some college finance courses I teach).....I am amazed - there really are so many still involved and consumed with this! Listen - it wasn't even that complex - or certainly not conspiracy - basically a few penny stock scammers hit a big one out of the park. You invested in a stock that had no substance, no business. You ignored all the many warnings made by many - and somehow, someway - felt others would protect you after the fact - and your greed and delusion would just be overlooked. Some may have learned....others got consumed and lost much more than money. Not those perpetrating or prosecuting....they went on with life.
Yup....he's Robin Hood....takes from the rich and gives to the not so rich...or friends and lawyers....its all the same. He's just a nice guy....he lies ... but who doesn't...and as long as he believes it then it isn't such a lie....He would NEVER break into your house or take a gun and steal your valuables...he'll just talk you into giving to him willingly....and all the time making sure you understand it is a risky thing to invest in....
Really...you bought a penny stock in a company that had no actual product (a sponge?) or actual sales...certainly, NONE to qualify for the the claims - or to make all the - being provided at the time - questions and warning...you know like the 1 bay garage in some place to handle the required hundreds of trucks -or equipment to manufacture - or personnel to make...or the actual timely reporting as required - or anything but you not trying to figure out anything but how your GREED could make anything but instant riches a reality.....
Trust me - and yes, I have all the right qualifications - and more important - experience to comment. When SPNG "happened" it absolutely could NOT be done. The IRS position has softened - making it sort of possible, but be entirely prepared to defend it enough to at least avoid a penalty for doing so. And I suggest the one claiming he had it successfully done...actually only filed and had his return processed. They have not actually looked at, reviewed or OKd the handling....which they most likely would challenge if they do - and have plenty of time to do so.
Lets be clear the difference your trying for is the tax rate difference between Investment Losses and Capital Asset losses. It isn't really huge. There are many reasos they will deny the theft claim on a security: A big one is a practice that covers more than this - something you bought through a middleman - (the stockbroker) - and delivered - can not be a theft (unless someone actually stole the stock from your portfolio itself). This rue encompasses so much more than this it is something they are not going to want to give up on. And you can probably see good reason for it. (The complexities of their reporting being fraudulent NOT being a theft of the security - also plays against the claim). (You still actually have the agreeably non-existent) stock. It isn't stolen. It lost value. And in that world - they ae allowing you the loss....the same category they would have allowed the gain (and will allow you to offset this loss against. They aren't disallowing you the loss!) Also at this point - if you could make the claim it would be time barred as the applicable period for claiming it is when the theft occurred....it is not open to an option. If you want to try and file a corrected return - out of statute, etc...it will be something between denied because they have no authority to act on it...ot worse...open it and all years up to review and extension of the tolling of the statute of limitations....
Here some copy paste of legal/tax things: Whether investment losses from fraud should be treated as capital losses or theft losses when the stock is purchased through a stockbroker is currently undecided for tax purposes. Many recent court decisions have denied such theft losses citing, in part, a need for direct privity between the victim (taxpayer) and perpetrator of the fraud when a stockbroker is used. However, both Rev. Rul. 2009-9 and Rev. Proc. 2009-20 describe the IRS’s position on theft losses from fraud; and that position may be softening.
Depending on the circumstances, losses on investments due to fraud may be treated as a casualty loss, as a capital loss, or as a return of capital. Normally, worthlessness of investments or the loss on their disposal would be a capital loss. Taxpayers would generally not favor having phantom income from a Ponzi scheme classified as a return of capital because the statute of limitation on refunds may have expired for the early years of the scheme and because the courts are divided on this issue. Where a fraud exists, however, the loss may qualify for theft-loss treatment.
To deduct a theft loss, the taxpayer must have something that can actually be taken (like money) rather than the mere (and perhaps false) promise that an asset exists. A reduction in the resale value of property and other indirect effects of thefts would not normally produce a deductible casualty loss.
This isn't that difficult. And perhaps you should speak to your account/broker to get an understanding of their ability to remove it.
BUT: If this helps - there is no question the Incorporation no longer exists...it's charter gone, by act of law. It's ability to list stock withdrawn too - but that is because it no longer exists.
Doesn't seem like you don't understand that. And there are several ways to see that.
The stock you see reflected in your account is for a company that does not exist anymore. It is stock in nothing. That "nothing" - under any name or call letter in any biz - can only exist by making new stock in the new something.
The stock of that now non-existent corporation of a decade ago can and will have no connection to any other corporation, regardless of name or call letter or biz, ever.
AMAZING - seeing so many of the old names saying the same ignorant things.
If anyone wants a Corporation - and even 100% of the stock you can make one for a few hundred dollars.
IF YOU WANT AN AGED AND EXISTING ONE - even with credit and banking history -
YOU CAN BUY THEM too...thousands of them - most anywhere (state/country), and many with different level of past or current stock or debt trading acceptance. One of the many things the totally wacko ignorant accwholes eding to continue with it have always ignored. (Although when I first noted it years back - I was surprised how many responded with amazement - and I gather actually understood and change their ways....maybe brought one for a few 100 or 1000 and tried to get some of the jackwacks here to buy some shares in!)
And to be clear - the corporate shell of SPNG - with it terrible history and debts - was totally dissolved (ashes to ashes, dust to dust) in the whole mess. YOU COULD MAKE A NEW DEBT FREE CORP - or buy an existing on with good everything and rename it. Of course why you would want a toxic business name only makes sense to the really really dumb).
Any search anyplace "buy shelf corporation" "Buy corporate shell" whatever you prefer:
https://corporationstoday.com/companies/
https://www.wholesaleshelfcorporations.com/?sorts[fire]=-1&sorts[price]=1
And it was a short story - "lies and scam of the standard p&D type" - that has been extended to waaaaay too many volumes of stuff for waaaaay too long.
Absolutely totally a different thing.
Especially in size. In this one $100K in to it the guy was busted and done.
And believe it or not doesn't seem anyone was arguing against the SEC that others were trying to destroy their great company, etc., etc, - and siply too the advice and the scam failed.
Oops.. that as I have one too and appreciate so many don't understand sarcasim especially...I confess that I didn't.
Of course, in here on this few have shown any humor....and in fact the course you were on - many had gone down extensively in the past in all seriousness!
Yes a form NT was filed. It is a form to be granted 15 days more to file the required 1q-K....which never was and absolutely has NOT been under review by anyone for the last years....IT DOES NOT EXIST.
Oddly, it was after even that tell tale action that most of the P&D occured. With not only the same type but frequently the same people swearing how everyone was out to get this great company that they were to become a Sponge Millionaire on.....
Many of their comments based on releases as you say - but on a "newswire" (PRN and associates) that actually claims to be an advertising source and not providing any official information. And most of the time by nameless postings on Boards like this claiming all types of things. The company was careful to issue only tempered claims about things that were generally hoped for the future But one needs to read more than the headline.
Still it seems so many want to believe everyone else is responsible for them having made a bad investment based on bad information from bad sources. And more wildly claim - everyone that advised them that what was going on or failed to find a way to stop them from doing it was negligent by someone allowing themselves to make a dumb decision and certainly because the recourse and actions weren't enough to satisfy.
And for all those who thought the Pres was to blame, (and agreeably I wasn't wild about him either), I did always point pout - he kept this Co from being in any of the many litst here.....and there are a buncch that are
http://www.haynesboone.com/publications/energy-bankruptcy-monitors-and-surveys
From someone that always said the CEO was the problem - that his departure wourl make it plummet makes little sense. But here and the other boards you post on so much..nothin you say ever does.
And like this fortune telling....constantly proves entirely wrong.
Agree with most all again.
I wouldn't be surprised if it does take a little spike to the 130 in a bit....but the $3 is certainly a bit off.
These more nature type biz are not the fast chruners..
I appreciate you point. Certainly some truth to it.
I wonder why he doesn't push for board seats and such though.
Control is not a 51% ownership, but generally well under.
And if he is...wouldn't that be a good thing? I mean he is elderly and likely wanting to "win" while he can....and with or without him owning this is NOT going to be a cash/dividend producer....wouldn't his game be to p value as much as possible and unload?
I think a fine takeover candidate.
I don't think it is in risk of being done by bondholders as it was before it paid down the debt.
I believe this very frustrating to understand stock became much much safer in all regards as it cleared and eliminated all real debt (yes it has @500M left, but with limited amount due soon and really not an unreasonable amount for a Co of this size....(and it has a lot of unused credit line). I thought the risk here was how attractive it would be for a creditor to take it over considering the asset base.
It sure may not be positioned to make a lot (although if/when ol spikes it can) but I really believe is maligned considering its assets - including natural gas diversity.
It even has a reasonable institutional base - and a deep pocket supporter or two - STeve Schulich most noteably.
My main concern - That it doesn't care an gets delisted for NYSE.... a real possibility. It would still be on Toronto exchange (which is a real exchange). I really would like to see a strong reverse split - say 1 for 10 - as the negativity toward low priced stocks adds to its lack of support. (And in reality - many institutions/ etc have restraints that they can not invest in anything under like $5....and 1 for 10 somehow magically makes it more valuable to them! (Stock splits - forward or back do not effect value really at all....same pie different sized pieces).
Hello - My long Intro:
First I see this is much less active than Yahoo board which is perhaps some fun, but too full of nasti - politics and the system itself rather odd in what it does.
I only used Ihub before for a penny/scam (SPNG)....frankly I want to ask if this is in all opinions - a friendly just informational discussion site for regularly confused types like me...or if only really for pro day traders and self involved?
And as a first point - it is listed here as pengrowth energy trust....but it stopped being a trust years back...just a carryover?
Thanks...hoping to find someone - a few - to discuss this rather odd stock with.
But, But, But.....it's in Wal-Mart!
Oh - he's been all over the board on it.
Remember the year he was begging to be allowed to trade the stock - to sell it. Claiming it was all types of a conspiracy that he couldn't - at the same time admitting it was a scam? Never ever thinking that he selling a scam security would be as wrong as anyone else - and more than that...there was no chance anyone would pay HIM for this particular scam security that was bankrupt and declared valueless anyway.
No,,,he's been mentally disturbed by this for sure,,,,and probably before I would guess.
Jay...really dude.
You have been in essence 100% WRONG on all things SPNG.
At least all things that would be reasons and ways for you to make money in an investment, or recover it from a bad investment.
You realize the whole thing has obviously disturbed you mentally.....Yes, I am saying you are mentally disturbed and along with conservative investment counseling, need mental counseling too.
You have lost your entire investment - it's over.
There will be no attempts to find someone to give YOU anything.
Ain't going to happen.
Regardless of what you wish to spew as a belief - it CAN'T happen. Too many reasons gne over for better part of a decade to repeat them....but they stat with too many others actually owed (and would need to get paid for the next work) before you. Too many well experienced people involved with the ability and resources to keep, hide and certainly NEVER EVER turn over ill gotten gains. Yes, it sucks.
Get help dealing with it.
This regularly revisited topic makes no difference.
The stock revoked or not, in your account or not, is and always will be worth nothing.
You cannot and have not been able to buy or sell it. The stock brokerage that is listing it in your account will do nothing at all with it other than keep it in your listing.
If you drop that brokerage and file all the paperwork to move all your holdings into a new one....the new one will not accept that security into it.
It was, is and always will be worth nothing and only be a problem to all left in it's wake...including the brokerages that now can't do anything but waste time, energy and space maintaining it in accounts (again even if the owner of the account abandons it, doesn't want it, dies, etc). DISCLOSURE: There is one exception with SOME brokerages: They will buy it from you for a service fee, remove it from your account and put it in one they maintain to hold garbage. So maybe yours will if you want to give them the $50 or so to do so.
Some time or another....when paperwork that means very little if anything but costs a great deal to do is completed the stock will be formally revoked and the listing able to be dropped. Don't hold your breath! I have some that went through well recognized bankruptcies (from Banks in the 1980s, Communications Cos (like WorldComm), etc a decade later that are still there.
But again....it means nothing other than the fact the stock isn't worth the trouble to do anything about - and clearly - never will be.
I believe you were involved with my transaction.
Please return my money, especially as I understand SPNG had nothing and there is no "disgorgment" to even hope for....and of course, as a astockholder I only get paid after all other debts, of which there are much more than any possible recovery.
So please pay me back for my bad investing.
To be more correct and as clear as possible:
NO MUNNY FOR ANYONE.
The filing made it possible, if certain amounts were ever recovered (enough to clear the custodial fee's and prior claims) and realistically - (albeit the zealot believers are anything but realists) - that ain't going to happen.
Actually you still do in some ways.
The revocation just was for the corporation and trading of stock.
The stock itself, for what it is, still exists.
It still, as always - represents your ownership of a possibly forged share in a corporation that was made to commit a stock fraud, had no real operations of any kind (except to promote the fraud), with minimal assets at anytime (far outweighed by unpaid liabilities to creditors) and certainly none for the past few years (especially after any even remotely being one were sold for chump change) when disposed as part of a dissolving Chapter 7 bankruptcy, and has had its registration and rights to be traded revoked.
One could get the idea it is and never was worth anything...
The idea he clings to is used only to QUICKLY (6-7 years is NOT quick), as in days/weeks maybe months - seize assets that are at risk of being lost by when the (known and underway) legal proceedings that would restore them are resolved. INJUNCTIVE RELIEF.....
Completely impossible at this point in the game...and there is NOTHING BUT THE MOST ADMINISTRATIVE matters left. Nothing even suggesting any other recovery is forthcoming. Again - Relief or Nominal Defendant is NOT ACTUALLY a RECOVERY! It does not ever get dispersed (or seized) unless there is ANOTHER case where it would be needed and is at risk of being lost if not seized NOW and then that other case is decided for the prosecution and these assets are in fact found to be the correct ones for repayment. (See years later...if your even able to suggest the stuff is still able to be located and handed over --- it is clearly not at imminent risk of being lost). Duh. The he/it with it is NOT considered to have done anything wrong....simply holds the item of value subject to an ongoing (pretty well defined) case. And even he see's the only actions (if actually any) are entirely administrative...ad not even in prep (actually complete opposite - in tieing up...not starting any new) prosecution or legal actions.
"A relief defendant is a person or entity who has received ill-gotten funds or assets as a result of the illegal acts of the other named defendants. A relief defendant is typically named because the plaintiff(s) seeks injunctive relief to protect the sought funds or assets and apply them to any eventual recovery in the case. A relief defendant may also be called a nominal defendant."
Nope...Cowtown, with all his great understanding, I guess because of the great conspiracy against him by all those so much more foolish they actually didn't make a bad investment in this stock of destiny....and instead were involved with wasting their time in institutions - regulators - and disclosures saying others shouldn't either is left to insisting (again) 10 ways from Sunday on another thing that is ridiculous 11 ways from it!
Yup...games over - he's not finished - please just give him his money back!
PENGROWTH ANNOUNCES PROPOSED AMENDMENTS TO CONVERTIBLE DEBENTURES
CALGARY, ALBERTA--(Marketwired - Nov. 15, 2016) - Pengrowth Energy Corporation (TSX:PGF)(NYSE:PGH) ("Pengrowth" or the "Company") announces the calling of a meeting of the holders (the "Debentureholders") of its 6.25% convertible unsecured subordinated debentures due March 31, 2017 ("the Debentures") to amend certain terms of the outstanding Debentures.
Pengrowth has been focused on improving its balance sheet and has taken steps to bolster its cash position in 2016 in anticipation of the forthcoming debt maturities in the first seven months of 2017. Following the monetization of its 2018 and 2019 commodity risk management contracts, the Company exited the third quarter with $139.5 million of cash on the balance sheet. Subsequent to the end of the quarter and through the monetization of its foreign exchange hedges and significantly all of its 2017 commodity risk management contracts, Pengrowth's cash balance increased to approximately $225 million as at November 15, 2016. Following these transactions, in addition to its 2016 hedges as set out in its third quarter financial results, the Company has 8,000 barrels per day of expected 2017 crude oil production hedged at a Canadian dollar equivalent price of $61.51 per barrel and no natural gas contracts in place. The Company also re-entered into foreign exchange contracts on a significant portion of the principal amount of U.S. dollar denominated term notes at an average fixed exchange rate of Cdn/USD $0.748.
The monetization efforts have resulted in the Company having a substantial cash position, providing Pengrowth with additional financial flexibility for its debt reduction efforts. With the Company having already repaid all drawings under its revolving credit facility and in keeping with its debt reduction objective, at this time, Pengrowth feels its best course of action is to use the cash on hand for the early retirement of approximately $127 million of outstanding Debentures. Should the amendments be approved by Debentureholders and the Company proceed with the early redemption, the Company's balance sheet strength is expected to improve by reducing its overall debt position. Following the redemption, the Company expects to exit the year with approximately $100 million of cash on hand.
Indenture Amendments
If approved, the amendments would permit Pengrowth, at its option, to redeem all of the outstanding Debentures for cash consideration of $1,031.16 for each $1,000 Debenture (the "Amendments"). This is equivalent to par plus interest to March 30, 2017.
If the proposed Amendments are approved, it is expected that the Company will redeem the Debentures on December 30, 2016.
Meeting to Approve Indenture Amendments
The meeting of Debentureholders will be held at 9:00 a.m. (Calgary time) on Thursday, December 22, 2016. The record date for determining the Debentureholders entitled to receive notice of and vote at the meeting will be November 17, 2016.
At the meeting, Debentureholders will be asked to approve the Amendments by an extraordinary resolution authorizing Pengrowth and the trustee of the Debentures to amend the terms of the outstanding Debentures. For the Amendment to be approved, holders of not less than 25% of the principal amount of the Debentures outstanding must be represented in person or by proxy at the meeting, and the extraordinary resolution must be passed by Debentureholders' votes representing no less than 66 2/3% of the principal amount of the Debentures represented at the meeting. A proxy form and a management information circular will be mailed to Debentureholders in connection with the meeting.
Pengrowth's board of directors has unanimously concluded that the proposed Amendments are in the best interests of the Company and recommends that Debentureholders vote FOR the proposed Amendments.
How to Vote
Pengrowth Debentureholders with questions or need help voting are encouraged to contact the proxy solicitation and information agent Kingsdale Shareholder Services at 1-866-581-1487 toll-free within North America, or 1-416-867-2272 (for collect calls outside North America), or e-mail at contactus@kingsdaleshareholder.com.
To vote for the Amendments please complete the applicable proxy form to be provided by your broker or other intermediary no later than 9:00 a.m. (Calgary time) on December 20, 2016.
Thanks IMan...I don't recognize your name as a poster here but your figuring out someway to get it through the maze of Yahoo confusion is appreciated.
On the topic of NSS and use of State courts:
Understand - as stated time and time again - short selling INCLUDING naked short selling is NOT against any law.
A co-ordinated attack on a company stock to lower its price MAY be...and if that includes naked short selling - maybe yet more so....but here - we've heard it too many times already:
A company making a sponge which costs more to make than it can sell it for, with fraudulent books, fabricated customers, all done as a pump and dump scheme (and condfessed as such by the promoters) is the exact opposite of where short or NSS could even be considered anything except the CORRECT way the market allows someone to take a position. The company was a fraud....a scam ...there can be no damage from shorting something that had only a fake inflated value. Short selling did not take down the value of the company - there was no value...except as part of a scam.
And all the Court did was say really was anyone/thing wanting jurisdiction can have it....basically they don't want anything to do with the whole thing! They did not in any way give any credence to any of the suppositions of the NSS crowd...in fact - the opposite.
First find a state with laws about NSS (only a few even have it)...then try and fit this in (you can't) and more importantly - see if any would ever consider pursuing it either...they won't. They didn't want to in the cases presented opting to say they couldn't - so the lusa's went to the S Court to get the decision that the State can ...but - they won't. Unless it is a real clear stock manipulation.....not a stock fraud.
How about just quietly waiting for the naming (and seizure of assets) of all those affiliated groups from a decade ago - (or whatever you want to call them)...a very infrequently used thing and only then very quickly after an event where those participants and the assets are easily identified, seen and reachable....which is also normally then fought about for a decade in court. Or maybe hold on - the recovery is getting near the $50 a person it takes to disperse. Ooops....fee's for doing so is lowering it!
Naked short cases have been slaughtered in federal courts,” Aguirre said. “Now there’s a crack in the door. But plaintiff lawyers will have to do a lot of creative designing in state courts to open it further.
While that regulation makes it illegal to use naked short sales to manipulate a security, cases against the practice haven’t fared well in federal court, attorneys said. That’s in part because the Supreme Court has required plaintiffs in federal court to cite specific statutes that they believe have been violated, Wharton’s Zaring said.
Under the Supreme Court’s latest ruling, plaintiff attorneys would still have to bring suits in jurisdictions with applicable anti-fraud or securities laws -- which also include California and Georgia -- and avoid conflicts with federal statutes, Aguirre said.
OOPs - (ignore previous - typos & omitted link to Financials)
OOPs ---
2nd Qtr loses more than 1st quarter plus.....actually loses more than it had in revenue! Even after cost savings and perhaps operational actions (like hedging - which while a loss - mitigated it perhaps) and Foreign Exchange being a great benefit - it lost more than it could generate in gross). Astounding.
The show only 52M debt paydown on the Billions owed virtually meaningless.
The addressing financing by saying it has a committed credit line it hasn't used (apparently able to be used for temporary replacement of LT debt...albeit costing much much more and making a default to lender even more simple)...(And consider - as an energy trust where the benefit is not taxing corp earnings (hence better to NOT reduce by paying tax deductible interest) in exchange for taxing dividends paid...but by losing money there can be no actual benefit (say accruing to future) to paying interest anyway which they do) - while not paying the dividends (which can be paid other ways (use stock not cash for example)) financially getting the worst of all worlds...least to equity.
Followed by a conference call with absolutely no well formatted guide to a plan for the future.......
With absolutely no structual or presented reason to think there can be any rational upside the question really must be.. how fast and how far to short it?
The report:
http://www.pengrowth.com/assets/reports/16-Pengrowth-Q2-FULL-Report.pdf
OOPs ---
2nd Qtr loses more than 1st quarter plus.....actually loses more than it had in revenue! Even after cost savings and perhaps operational actions (like hedging - which while a loss - mitigated it perhaps) and Foreign Exchange being a great benefit - it lost more than it could generate in gross. Astounding.
The show only 52M debt paydown on the Billions owed virtually meaningless.
The addressing financing by saying it has a committed credit line it hasn't used (apparently able to be used for temporary replacement of LT debt...albeit costing much much more and making a default to lender even more simple)...(And consider - as an energy trust where the benefit is not taxing corp earnings (hence better to NOT reduce by paying tax deductible interest) in exchange for taxing dividends paid...but by losing money there can be no actual benefit (say accruing to future) to paying interest anyway which they do) - while not paying the dividends (which can be paid other ways (use stock not cash for example)) financially getting the worst of all worlds....
Followed by a conference call with absolutely no well formatted guide to a plan for the future.......(And consider - as an energy trust where the benefit is not taxing corp earnings (hence better to NOT reduce by paying tax deductible interest) in exchange for taxing dividends paid...but by losing money there is no actual benefit to paying interest anyway - while not paying the dividends (which can be paid (use stock not cash for example)) getting the worst of all worlds....
With absolutely no structual or presented reason to think there can be any rational upside the question really must be.. how fast and how far to short it?
We all agree - virtually all penny are a cam or doomed to failure.
When a scam - like this is by all signs and agreement - it is well established and funded by experts who will make the money they take from those not actually part of the group. Are you actually one? (They traded amoung themselves to make the historic high mark..one of the things they need on charts, etc to establish a point of false belief for marks...)
No, you are their mark. And especially as you say it is a well devised one, those are the players that make sure they don't leave much for others.
You believe you can outsmart them? You can if you see what they are up to and don't play along. You don't if you do.
That - along with the general garbage of all types - including karma if you will - that come with being a willing participant in a fraud.
Obviously - not an investment but a out right bet - and one you would enter in a game you know has odds tremendously against you is fixed with players in collusion against you, requiring a great deal of oversight and care....for what would be at best a lucky and modest return.
Place it on 00 on the roulette. Better odds, much better payoff, easier and it doesn't involve any of the dirtyness.
Why the interest here?
All the anything you want to say - all made and distributed as a news release.
Advertising your corporate stock instead of product? Sure.
Say pretty much anything you want in advertising as "salesmans puff"? Sure.
Do it here - or many others.
https://www.accesswire.com/
Do it well enough that the pump is marketable - and this advertiser may even take some of that stock in trade? (Remember - never give up money to anyone for any reason). Sure
Get some basic accounting -
Selling equity is NOT income (nor a taxable event) - it is a balance sheet and cash flow statement item only.
Unless your selling a scam (which has no accounting rules really) in which case the in essence as the fraud stock has no value it is all the income to the fraudsters!
http://investorshub.advfn.com/Dump-The-Pump-9311
That is exactly what a scam does.
Puts out all types of news....you understand it isn't really "news" - as in anything being done as an actual information service - it is advertising - written, paid/traded and placed as part of the scam.
In fact, just look at the effort & expense this new Co, trying to establish itself with customers incurs. Is it promoting the product(?) - well it is almost all at promoting the STOCK....that is because that is what they really have to sell - and you are really a consumer (not investor) buying hype. Hope it makes you feel good.
There really isn't any mass collaboration by the major stock brokers against a company that they would otherwise get paid for performing their service to you for. Or the SEC - which is absolutely supposed to perform a bit of policeman duty - gaining nothing by acting as it can to protect investors. Except - they have all seen it all before - and frequently have been held responsible to some degree for participating in a fraud by not doing enough to prevent delusional imbeciles from be de-frauded. That should be enough to tell you to stay away.
http://investorshub.advfn.com/Dump-The-Pump-9311/
With all the investigations and Officer/Promoter confessions showing the company was actually a thriving manufacturing business with an exceptional distribution network all the technical things like missing reports (10 Ks, Qs, for all missing periods, other business/corporate filings fee's and taxes) are almost completed. As promised, Deloitte took over and while that means as befits an organization of this type - everything is done to the highest standards (of course that also requires a great deal of money and time to establish on going systems assuring the future security for all).
So no question - everything just really on the edge (a summer vacation or two of the hard working crew coming to an end clearing the backlog and it all happens) -
So finally - SOON!
Sure...happens all the time.
Stock in a scam of a company with no actual marketable product, that went C-7 Bankruptcy with millions and millions of $ more liabilities than the virtually no assets and a no customers behind the made up sales, is liquidated and de-listed, with the criminal and other actions of fraud and more against the promoters and officers proven to provide no recourse - just magically re-appears and distributes wealth to all.
Yup...as you say - many with the wisdom to buy it and stick with it (because it was destined to make them a millionaire) still think it isn't done. Can't be with the proof being - they aren't millionaires yet.
Check back often....make sure "they" have your address to send the check to.
In fact, why not just leave it and your SS#, bank account access code here and they'll deposit it directly.
Any opinions?
I did OK (meaning not multiples but nice fast 10%-ers) long on the spikes and shorting it back. Current position could erase much of it.
I'm guessing that the last week+ freefall has been for risk avoidance positioning until some type of announcement on the debt is made. The downside of not handling the payments/refinance is brutal - virtually a total loss, (whereas even most solutions it gets rid of short term uncertainty but remains a troubled Co, badly leveraged, etc.).
The gas/oil market - while obviously important - much less so for the way this stock reacts. If anything it magnifies the problem since the effect of hedges and such factor in so much - but at the end of the day PGH has decent resources/assets and is historically well run. When you add to it the type of special tax advantage corporate structure is only realized when paying (large) dividends **NOT** interest - there is every reason the bondholders would not hesitate - reasonably maybe even try - to take ownership at a default rather than concede much of a payback break. Fact is - it would seem to put the company right on track and in the thick of things (removes most all of the controllable problems and realizes currently unused values it does have) ...but obviously - the current equity holders are pretty much toast.
On the other hand - a sign that they actually can make the upcoming squeeze would hopefully get this thing back to the $2 maybe toward $3 pretty soon...
Obviously this all my opinion..with very limited info (like if the recent big buyers have maintained position and are able/willing to provide any refinance assistance) so tendered and hopefully received as seemingly not unreasonable or unrealistic.