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I have not expressed my concerns to management. I do not believe Blast's Management could manage its way out of the men's wash room. If they need my input, that is pretty much confirmed.
That aside, I have no intention of selling my shares at $.08. It sickens me that I have to hope that these guys can scam somebody so I can sell.
To all of the people here with all of the knowledge, which Regional center is Blast supposed to obtain this funding through. This little tidbit of info, as well as any other pertinent info, doesn't exist.
"In December 2009, Blast, through a yet to be formed wholly-owned Delaware subsidiary, began a private placement offering of the Series A Preferred Stock of its subsidiary corporation to “accredited” investors and “non-U.S. persons” as such terms are defined under the Securities Act of 1933, as amended. Pursuant to the offering, the subsidiary offered up to 10,000,000 shares of its Series A Preferred Stock at a purchase price of $2.50 per share ($25,000,000 in total). Each share of the subsidiary’s Series A Preferred Stock is convertible into one share of Blast’s common stock at any time, and automatically converts into shares of Blast’s common stock on the tenth anniversary of the issuance of the Series A Preferred Stock. The offering was in connection with the United States Citizenship and Immigration Service (“USCIS”) EB-5 Program, pursuant to which Blast’s subsidiary will be formed as a development stage fossil fuel extraction company, to manage the manufacturing and operation of well drilling units or rigs within the geographic area of a regional center designated by the USCIS pursuant to the EB-5 Immigrant Investor Program. To date, no shares of Series A Preferred Stock of Blast’s subsidiary have been sold and no funds have been raised. Blast intends to include additional disclosure regarding the offering and the business plan of its wholly-owned subsidiary at such time as any securities have been sold in the offering."
Does anybody read this crap? Blast has no idea where they will even get the funding much less when. IF they get some funding through a non-existent company, they will set up a subsidiary company and make a business plan to spend that money, maybe to manufacture drill rigs (If they get the patent, I assume?). They will do it wherever necessary to accommodate the regional center they get the funding from. Am I the only one that calls Bullshit on all of this? This is no plan, it is a wet-dream.
I can operate a business also if somebody gives me $25M, at least until the money runs out. Do ya wanna invest in me? Give me the money, I will set up a company, I will make a business plan, and I will spend the money. And you will have a green card. That's it, that's my goal.
The rig sits idle because it doesn't work. It is BROKEN. IF we get the EB-5 funding and IF we can fix the RIG and IF we can make it work w/o violating Alberta's patents and IF we can make money on it, THEN we have it made. IF, If, If and if.
When you get into a fourth tier "if" scenario, you had better watch yourself. At least that is my opinion.
"If you'd have been reading and watching the stock and company so closely as you state then you'd certainly know that Blast did get the 2009 Quicksilver payment in a timely fashion."
You are correct, I forgot that the $1M payment was really only $720K net to Blast. Which only confirms the bleed. Another $3/4M down the drain.
But thanks for confirming the rest of my post. You also conclude that we need the 30x offering to survive. You just think it will happen and I don't. For the record, I hope you are right and I'm wrong.
Directional jet drilling has been around forever. Maybe they do have some revolutionary new directional system. I'm not impressed. They couldn't even get the old system to work in any direction. They certainly never got a radically new system to work.
I'll sell anybody my shares right now for $1.25/share, a 50% discount to the $2.50 "going price" As I said, it is a scam, directed not to a business plan but to leveraging the green card into "free" money.
I do expect the share price to start climbing dramatically, just as soon as the insiders feel they have the eb5 funding in place.
My appreciation for the referral to "Ben" and not some other identification.
It should be obvious. I said that it would be great if they got the financing, if not the company will last as long as the settlement money lasts to pay their salaries for doing nothing.
The financing has not taken place. Offering shares at 30x market does not meet that criteria. Am I rich because I have my car advertised for sale at 30x market (or $1.5M)????
Besides. I did read the rest of the 8k.
1) They are doing NOTHING with the rig and HAVE BEEN DOING NOTHING with the rig but waiting for prayers to be answered.
2) They have approx $150K in the bank? With over $535K of accrued expenses and AP(largely their own payments)??? They went through the last $1M settlement payment* kinda fast for somebody doing nothing but paying themselves and now can't even do that.
3) As far as this patent thing goes - are you kidding me? This technology is mature and has been used since the mid 70's (at least!) The patent only relates to the perf of the well bore anyway and has NOTHING to do with the drilling. Drilling, punching, AFJ'ing and maybe even blasting of the well bore have already been patented although most have already expired or are about to.
Nevermind, I could go on and on. I you want to see the 8K as good news, feel free to do so. I WANT THEM TO GET THE FUNDING so I can get out of here. The McAfee's are out for the Mcafee's and are only worried about building the size of their wallets. I may have only been posting for a little bit, but I have followed this sad little "company" for FAR too long. What have they accomplished since their "drill rig strategy" was implemented? Zippo. (unless you were to total the amount of money that has gone to the management). I don't support alleged "trying real hard"; I support results and there are simply no results to support at this time except for a prayer (prayers are not business strategy, or shouldn't be) that somebody will pay 30x market so they can buy a green card. Too many other companies that really have something to invest in are competing for that money, including peterson's and McAfees other companies. If it works, it will only be because they have scammed those foreign investors also.
*Did they even get this settlement payment in 2009? doesn't show up that I can see but there is no mention of what happened. There is a mention of a $720K increase in cash during 2009 but no notes. Weird, kinda like they aren't telling us everything or something.
Re: "take a chill pill"
I don't do drugs.
This company has had a "pumping" past. They were able to put that behind them and come clean largely through the efforts of Pendergraf and Penberra who are no longer there. Now they are reverting to the same stuff. I have read the 8k closely and do not come to the same conclusions as some others. As far as I am concerned, I have not seen such BS for quite awhile.
These guys are running a scam. They are now in the "business" of selling green cards and that's all. Hopefully they will get the funding, stock price will soar and I can finally get out of this POS, having been suckered into their last pump three years ago.
"Our primary business segment is providing satellite communication services to energy companies." Interesting they have all but ignored this small but profitable segment of the business for 4 years and now it is the "Primary" business and the AFJ is the "secondary" business of the company.
Hmmmm.....
NT10K filed today
10K will be filed by the 15th of April.
Hmmm... No 10K nor NT10K filed today.
Guess they forgot, being so busy and all.
Today is 10K deadline day.
That is unless an extension is filed. They did nothing last year that would take any time to report. The audit should take about 20 minutes (kidding, but you get my drift) and they have plenty of settlement funds to get it done, so I see no excuse for an extension. But we'll see tonight.
It was in your post #6881, but the link you provided no longer works.
Yup - I guess I'll have to find it when I get the time
I thought that I read in an earlier post that he did explain it. Somebody recently posted an accounting or something.
I'm sorry but I thought it was Lanza et al that raped us. We will not be able to tell if AEB raped us also until the court case is settled. OMDA will get money and how much of it filters to us through AEB will determine if he raped us.
Waiting for a couple of weeks to see the 10K. Want to see what, if anything, they are doing with the rig. It feels like they are just sitting around awaiting that $25M eb-5 financing or equity sale someone was talking about. If they get that, things will be looking good. Otherwise, the company will last as long as the settlement monies last to pay their salaries and fees.
Maryland....
Isn't it something that the states are competing to attract the scammy's for tax revenue? We'll assist you in screwing our citizen's so we can get tax money to help our citizens. No wonder the courts are so stressed.
Yes indeed, that ol' tax money is hard to resist. "Come to our State and pay our taxes and we will help you against those pesky shareholders (at least as much as we think our courts will allow)."
I agree that Delaware has the most management friendly corporate codes of any state. I agree that Delaware is largely dependent on these codes to attract management decisions to incorporate there, thus deriving important revenue to the State. This has become common knowledge to a great degree.
Maybe I have just been lucky, but I have found the Chancellors to be very fair and almost ruthless against those companies found to violate even those favorable codes. The Chancellors are bound to the laws created by the State's legislature, but I have experienced nothing but fairness when a clear violation is brought before them. Based upon the allegations I am reading about, it would appear that AEB has clearly violated many of those codes (and NOT just the Corporations Code sections).
The sad fact is that it is up to the shareholders to advance their claims, horror stories aside, and the "Authorities" set forth to protect the shareholders from crooked management are largely a myth. Thus, there is a large degree of "caveat emptor" involved as you suggest. However, the free ticket some managements enjoy is solely based on the assumption that shareholders will not challenge them with any degree of perseverance. Once they are challenged adequately many immediately crumble. I do acknowledge that some don't and challenging shareholders must be prepared to go the distance. Personally, I never challenge unless I am prepared to go the distance and maybe that is why I have been lucky. IMO, Crooked management is not afraid of the court system, they try to use it to "bluff" away uncommitted adversaries.
Crime sometimes does pay and most of the time it does is because it goes unchallenged, not that the law "allows" it.
Good reply and well supported. But I disagree with your conclusions. I know from experience that crooked management is not protected by the statutes and I know all about the business judgment rule from experience fighting it. The court likewise knows about crooked management that tries to hide behind it.
The allegations have been made that AEB used shareholder money to purchase personal assets or "company assets" for personal use (or worse). I can assure you that is NOT protected by the "business judgment rule"
Kenco - you sound like you have a decent working knowledge of this subject. However, I disagree with some of your conclusions.
The law is specific that the corporation must allow inspection and copying of the records during normal working hours (generally defined as 8 to 5, Mondays through Friday exclusive of holidays)at the company's place of business for any proper purpose. The company has 5 days to comply or the shareholder may petition the court of chancery. I have been through this and can assure you that the Court of Chancery will issue that order and a time upon which the corporation must comply. If it doesn't the shareholder can ask the the court of chancery appoint a custodian for the company as I explained earlier.
The "done in good faith" you talk about likely refers to the "business judgment rule" that essentially states that a director or officer may make proper decisions and, right or wrong, is not liable for those decisions to the shareholders if such decisions are not in breach of fiduciary duty or the laws and regulations. It is not a "blank check" to operate contrary to those provisions.
Your recommendation about investing in good management is sage advice. However, you should not confuse "bad management" with "crooked management".
The law appears plain on this issue. The documents of the corporation belong to the shareholders and any shareholder may view and copy them. That does not mean that the shareholder can do as he wishes with those documents and the company CAN "threaten to sue" a shareholder for subsequent wrongful acts, loosely defined as breaches of fiduciary duty to the other shareholders. The acts you describe do not appear to be wrongful acts.
Thus, either more acts were threatened than you describe OR AEB was blowing hot air and simply intimidating shareholders which, in turn, would be both a breach of his fiduciary duty AND contrary to the laws of Delaware.
IANAL
Interesting...this is dated 6/10/2006 - over 3 1/2 years ago. That's it? Nothing since?
And I am sorry, but I do not consider that a financial statement. I think it is obvious you agree.
LOL! So, I should expect them next week?????
Kidding aside, does this mean that AEB has not presented meaningful financials to requesting shareholders?
Public records show that a lawfirm (Zimmerman) obtained an arbitration award of about $150K in unpaid fees in early 2009 from OMDA. Check out the number of decimal places. With the activity noted I would guess there has been about a max of $150K since then expended.
Has OMDA provided in the last year or so a financial statement; reviewed, audited or otherwise? It is a non-reporting company but a publicly traded company nonetheless, and must provide financial information to its owners, the shareholders.
It has cost a couple of million to litigate this case????
That's pretty unbelievable for this type of case. Specially since AEB didn't even pay the first lawfirm.
Just spent some time on the Court e-docs site and will give a little update.
1) The 12/28/09 Mediation did not happen. Lanza's (Black Dragon's) attorney got sick on 12/25/09 and canceled it. She says she will try to reschedule in the near future.
2) On 12/9/09 OMDA was finally able to depose Richard Michael and Joe Lanza.
And....That's all folks!
Been there, done that. Ultimately you have to go to a judgment collector and give up a good percentage. You would be surprised what a good judgment collector can do.
Just make sure you get a GOOD judgment collector. There is a difference. Many such are glorified debt collectors that rely upon intimidation that simply doesn't work against crooks. Ask about their "success stories" and get references.
"Not to mention the potential of spending a year or two just arguing proper venue." Venue is argued in the first 30 days of the case.
"The real underlying problem remains the same: no collectibilty." The only judgment where any collection is impossible is one that is never sought in the first place.
What I am getting from all of this is that everyone wants to sue Barnett but no one will because it is too much trouble.
Sweet words to hear for crooks everywhere.
Testing again
This is a test of my first post