With the trial ending does anyone know if any funds were recovered at all to be paid back to investors?

I posted something similar awhile back....
What do they possibly have to gain?
Looks like there is a real possibility this could
work out.

I will say that the end of the video is pretty impressive with all the people listed with their contact information who were involved (Geologists, Transfer Agent, Market Maker etc.). Did anyone bother to call them and check it out?
If there's any truth to the potential business investor taking over it makes you wonder...
Was this Martin Roper part of the criminal trial?

Current Trial News:

Monday News:
http://finance.yahoo.com/news/closing-arguments-delayed-petro-america-132823659.html

Tuesday:
http://finance.yahoo.com/news/closing-arguments-delayed-petro-america-132823659.html

Well, with closing arguments expected to start early next week that should at least wrap up the trial part. Then it's just waiting on the jury to make a decision.

Any news on the trial? It should be almost finished.
Can't find anything current.

received this email today from another shareholder:
maybe this is not completely lost, just yet if, any truth to it.





To My PetroAmerica Shareholder Family,



I have worthy news about the status of PetroAmerica from the company officials. This information could--and please note the word "could"-- positively change the future of PetroAmerica Corp, which would therefore change ours.



Mr. Winston G. Robinson is a respected businessman from the East Coast who also happens to be a Petro shareholder, as well. He has spoken with the owner of one of the most viable assets of PetroAmerica Corp, and held preliminary discussions with legal and trading professionals. Based on the information he has accessed, and these discussions, Mr. Robinson is prepared to pursue taking the company public and serving as the CEO of PetroAmerica.



Additional meetings are in progress with the appropriate attorneys and trading professionals, all at Mr. Robinson's expense, to determine if it is truly a viable course of action. All expenditures in reference to this preliminary funding will be made known to the shareholders, and all legal inquiries can be channeled through the attorney assigned to the company.



Here's how you can help:



I know you have gone through this exercise before, but this information is critical to the outcome of these meetings. In order to determine the stock price, Mr. Robinson must ascertain the number of shares each shareholder holds, both purchased and gifted. Therefore, the information you provide to substantiate this ownership is necessary. I will be asking you in a separate email to submit this information, probably to the attorney involved.



One more issue... there may be shareholders who are not on my email list of whom you are aware. Please have them get in touch with me so they can be included in this effort.



If you have concerns about the standing of Petroamerica Corp in the State of Kansas, please view the attachment below and you will see that the company status is "Active and In Good Standing" at this time. Or, if you wish, feel free to do your own research at www.kansas.gov or click <click here>.



As soon as I have more information regarding your involvement in this effort, I will let you know how to proceed. I do have another request right now—that you please do not respond to this email. At this time, I have nothing more to report other than I am waiting to hear from Mr. Robinson as to how we move forward on this.



As always, you have my best regards.

someone sent me this email awhile back. anyone know these clowns?

Hi everyone in Petro,



I decided to contact Teddi that is very close to the Petro ordeal. After listening to a Chozan Behn conference call from July, there was an update then that indicated that not only was Petro very much alive but moving forward but under the radar. This is because until the lawsuits with certain officers and others is completed, they don’t want to expose their plans which are very much progressing. I was delighted to know that our investment in this venture is not a bust. I think you will too.



I have below the place where you can listen to the call. It is about the last 10 minutes of the call and you can drag your mouse forward to that point to listen to her words. Let me know if I can help further.



Steve



You can listen to this call -- www.freeconferencecalling.com



Hit "listen to recordings" tab.

Enter information requested...name, e-mail and code.

The "code" is 756832, same as call code...this will not change

A list of all recordings will come up and you can choose

the recording desired



Chozan#29 From July 13th, 2011









From: Teddi Berkowitz
Sent: Tuesday, January 24, 2012 10:15 PM
To: steve
Subject: Re: Can you share any updates about Petro?



Hi Steve,

There is a new management team working to bring Petro to trade. However, it is expected that this will not take place until after all the litigation pending is completed. I have been advised from a former Petro board member that no matter what the outcome of the litigation and regardless of what the decision is regarding any individual being tried, that Petro will still be able to move forward.

On Tue, Jan 24, 2012 at 4:07 PM, steve wrote:

Hi Teddi,



I was just listening to an archived conference call from July with Chozan. Sounded like petro was at least going forward. Can you give any update of where it is now about 6 months later from this call?



Thank you in advance for any information you can share,



Steve






--

Best Regards...

Teddi Berkowitz

anyone have an update on the trial? it started yesterday correct?

So is the trial date still set for April?
Any idea how long it will last?

When will the stock trade after the trial?

Has anyone else received a similar email?
They still think it will trade.... What is going on????


After listening to a Chozan Behn conference call from July, there was an update then that indicated that not only was Petro very much alive but moving forward but under the radar. This is because until the lawsuits with certain officers and others is completed, they don’t want to expose their plans which are very much progressing. I was delighted to know that our investment in this venture is not a bust. I think you will too.

I have below the place where you can listen to the call. It is about the last 10 minutes of the call and you can drag your mouse forward to that point to listen to her words. Let me know if I can help further.

You can listen to this call -- www.freeconferencecalling.com

Hit "listen to recordings" tab.
Enter information requested...name, e-mail and code.
The "code" is 756832, same as call code...this will not change
A list of all recordings will come up and you can choose
the recording desired

Chozan#29 From July 13th, 2011

Hi XXXXX,
There is a new management team working to bring Petro to trade. However, it is expected that this will not take place until after all the litigation pending is completed. I have been advised from a former Petro board member that no matter what the outcome of the litigation and regardless of what the decision is regarding any individual being tried, that Petro will still be able to move forward.

Did any of the trials start for these people then?

Why does this keep getting pushed up? I thought the timeline for the original trail was ridiculously long....

Is the trial still set to begin on June 4th?
Anyone have an idea of how long it will take?

Received an email from a friend. I don't know what Petro could possibly be up to but unless they start asking for money for some BS (network marketing, whatever scam) they seem to believe in this moving forward, here it is:

There is a new management team working to bring Petro to trade. However, it is expected that this will not take place until after all the litigation pending is completed. Person has been advised from a former Petro board member that no matter what the outcome of the litigation and regardless of what the decision is regarding any individual being tried, that Petro will still be able to move forward.

They indicated that not only was Petro very much alive but moving forward but under the radar. This is because until the lawsuits with certain officers and others is completed, they don’t want to expose their plans which are very much progressing.

Didn't receive anything yet, can you post a copy...

Where are the first Thursday updates for the month?
Looks like Petro is truly dead.....No number to call on web site either now. What a huge disappointment. I hope these scumbags get everything they deserve come November!

What a joke of a call....they couldn't just wait to update this at the beginning of the month as they have been doing.

Big call coming up this Thursday...Can't imagine what this is about.

we shall see how the trial plays out in november.
my post however was regarding any recent solicitation
of money over the last 6 months.

Since the new calls have started I'm pretty certain that, only once Cornley brought up raising money early on when Hawkins was arrested for his lawyers but he took a lot of heat for it and the issue never rose again. With that being said, I don't recall that there has been any other incidents of this since November, so in conclusion if anyone does bring up network marketing programs or asks for money then I can 100% put this behind me as a scam.
BTW, to the naysayers, stick to the facts on this subject only. What I wrote above is what has most likely taken place to the best of my knowledge. Please do not make excuses. If something does arise on future calls regarding this I will once and for all, side with you.

This bickering is pointless.
Aren't you guys sick of it?
Why don't we all just wait and see
what the outcome will be with the court case.
Then whoever is correct can say I told you so.

Restrictions on Stock Trading

When a company merges with another company, company insiders receive restricted stock shares in payment for their share of company equity. In order to sell restricted stock, insiders must register their sales with the U.S. Securities and Exchange Commission. In addition, the number of shares that can be sold each week is restricted to protect the newly-merged company from adverse effects that could be caused by selling stock too quickly.

Rule 144 Volume Restrictions

Restricted stock sales are controlled by SEC Rule 144. Rule 144 outlines several conditions that must be met before a restricted stock can be sold. No sales can take place before the prescribed holding period expires. Next, the amount of stock insiders can sell during a given week must be less than 1 percent of all outstanding shares, and less than 1 percent of the average trading volume over the past four weeks.
Restricted Securities

Restricted stock, sometimes referred to as letter stock, is stock in a company that cannot be sold until certain conditions are first met. Once restricted stock is sold, it is no longer restricted and can be bought and sold at will. Restricted shares are usually held by company insiders who have direct control over a company's management or policies. Sales are restricted in order to protect the best interests of the company. If a company insider sells a large number of shares quickly, for example, it can have an adverse effect on the company's share price.
Additional Conditions

In addition to trade volume restrictions, other conditions must also be met by insiders who wish to sell restricted stock shares. In order to sell, there must be adequate current information about the company available to the public. Next, you cannot sell your shares privately to another private party, the sale must be brokered through a brokerage agency. Finally, sales must be made public by first registering with the SEC.
Affiliate Status

When two companies merge, the smaller of the two companies takes a minority interest in the larger company. Members of the smaller company with minority interest are considered affiliates. Affiliates are treated differently than non-affiliates when it comes to sales restrictions on restricted stock. If you are an affiliate, your sales are restricted by Rule 144. Non affiliates may sell restricted shares at will once the initial holding period expires.

I believe the shares were suppose to be restricted for a 30 day period once the company started trading. The reason for this, was so no one would sell any initially. After the 30 day restricted period the shareholder is free to do whatever they please. Now from what I understand a company will do this to buy time for recognition, save financially, etc.
Just an opinion.

Bravo, the real problem here is getting the shares registered legally. This is a serious problem and no one with a positive stance on Petro has been able to answer how they would go about doing this.
The company can't trade if this isn't solved along with other issues.

Thanks. Your right it is awful.
Well I always thought it was strange that some of these places asked for deposits upfront until Petro took off. That was a big red flag to me. Where's Chozen Behn's group been. He's was one of those place who offered a "pre Petro package". Wonder if his firm is giving refunds.

i just don't recall the "several months" quote.
I should have been more clear. my bad.

I just want to know what their angle is here, and what would they be trying to gain. If they mention another network marketing program or ever ask for money in the future I will then be able to put this behind me as a scam for good. I know Johnny was selling his nonsense programs in the past on his calls and I always figured they may just be sucking people dry. I can't believe the current management would be that stupid to get involved with this and try anything like that after everything that has happened.
Stupid is what stupid does.

This was never mentioned on the call:

Mr. Cornley stated that at the very best, the earliest we could possibly be trading would be several months after auditor completes their audit. However any unforeseen circumstances could cause it to take double that amount of time.

I'd like to know where Mike500 got his information.

That's great REDDOG22 but it doesn't solve the problem of how they will rectify getting the shares registered properly.
We can talk all day about how Petro lives on but the fact remains, this is a serious problem that they have to deal with moving forward
to be able to trade and I would like some concrete answers as to what steps they are talking to solve this problem. I want to see this trade as much as anyone believe me, but this cannot happen unless they fix the bad shares.

That quote doesn't solve the problem of getting the shares registered properly.
I would love to see this through as I'm a shareholder but the fact remains the shares are worthless for now.
Offer some insight on what specifically is being done to rectify this problem.
Saying Petro is not a scam doesn't get the shares registered properly. This is a serious problem and if they cannot solve it, the company will never trade.

Thanks
Well, that was my assumption and worst fear that everyone would have to get a refund and start the process over. They would obviously have to raise money to do that. Would that even be legal at this point if they started the process over, got new potential shareholders to do so then start paying back the previous shareholders?

For everyone the board saying the shares are worthless and cannot be registered for trading, couldn't they be able to just start over under a new business name and start the process correctly? If the company truly has assets it would seem to me that this can be fixed. Even if they screwed up the process the first time you don't just scrap everything if there is indeed something there. There must be a way to rectify it if that's the case.
And please don't reply with there are no assets! That's not my point here, we are for now under this post assuming they do have them whether true or not.

Call tonight.....
How many times are they going to ask us to send our information for share verification?? This is getting absolutely ridiculous. Good management is organized!! Looks like Petro has some serious issues to deal with. So much for trading in early February as Mike500 stated previously. He obviously knew NOTHING!

Are U serious dhrr06? This thievery has been going on forever. The rich rarely use their own money to fund business dealings.
They get other investors and banks then when they can't pay it back is bankruptcy time, they go free and clear and the people are stuck with the bill.
Do you think D Trump uses his own money to finance a deal? Owen did the same thing just as a nobody.
Anyway enough of that. I'm losing my faith in Petro's management every call. This is turning into a joke. It was clear that the person was reading from a piece of paper as you could hear him crunching it. These calls are completely unprofessional. These people clearly have little or no business knowledge. Johnny should have been the CEO right from the start. So much for M500's statement of going public early February? Why are they doing a 4th audit? and why don't they talk about the credentials behind the new CEO? The fact is that the right people and leadership aren't in place to run the show is why Petro is struggling to move forward. They better get their act together quickly if this is to survive. What I would like to know however to this point is if this company is so powerful why wouldn't a top 100 CEO(real business person) take this on?? There's too many holes and questions to be answered at this point!

"if this is a scam why in the world would a new management team be taking over attempting to move the company forward, if there really were no assets or anything of value to get this company trading? If it was a scam this whole thing would have ended once Owen went down! These new people taking over have absolutely NOTHING to gain by perpetuating a scam, therefore there really must be enough credible assets in place to motivate them to keep pushing this forward. Now if they can achieve their goal of successfully obtaining a symbol and finally going public, well that remains to be seen! I'm sure it will be an arduous task for them but as a shareholder I will stand behind them hoping they will be successful at getting this done for us! I will end though saying the people on these calls do not sound like professionals whatsoever having little or NO experience in business and religion at this point has no place in the business setting, people should keep those thoughts to themselves. The only person who sounded like a true CEO was Johnny and they need someone with his leadership and business knowledge if Petro is to move forward.

As far as 3rd Party Shares an acquaintance spoke to a stockbroker and he said that you can sell your private shares and even for profit as long as the shares are registered with the company registrar. The company supposedly determines if this process can be done and how it can be done. The bottom line is that the company accepts the transfer and registers it as such.

Thanks Mike 500 and Bravo19, I feel much better now.
I did purchase some through a shareholder but the majority was not.
Again Happy New Year to Everyone!

I understand that that Bravo19, but it make me a bit nervous
if Mike500 has the inside track on what is going on behind the scenes and he's saying the shares will not be honored.
Anyway everyone have a Happy New Year, specially for 3rd party shareholders in 2011!