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Thanks for the post golf4dns, if it makes you feel any better, I'm in the same boat. Not at $1. a share but still down 20k on this stock. Terry told me the same thing ( I should say BS )years ago about hold on for 5 years and you will be happy. I did talk with Trent when he sold his shares to help him fund CNGI and he told me it was @ 20 cents. I think HTLJ was trading for .16 or .18 at the time. I wasn't smart enough to get out then. I'm pretty convinced Terry Lee is a crook, hopefully he will get his due someday. I'm not going to give him the satisfaction of buying my shares for pennies on the dollar.
Oh Trent will produce something, only thing it will be some BS he can dream up at the time. He moved on to the slot machine business long ago. I'm suprised CNGI still has a heartbeat.
What is the document name or number? Not sure which one you are talking about. Thanks
The filing fee was based on a fractional share buyout price of .07
Doesn't set it in stone but why else would they base the fee on that amount?
"For purposes of calculating the fee only, this amount assumes the acquisition of 378,625 shares of common stock of Heartland, Inc. for $0.07 per share in cash in lieu of fractional shares issuable in a reverse stock split. No securities are being acquired for non-cash consideration The amount of the filing fee equals 0.00011460 times the aggregate transaction value."
See post 3031 and SC13E3 for the .07 buy out price. As for the value or worth of HTLJ shares, it is what someone is willing to pay. Today is was only 4 cents. I've got over 100,000 shares and don't plan on selling them even close to that price. Would be a huge loss. If they do go private, which I think they will to save money, I will either wait it out or try to sell to them directly.
Not sure why there is an ask @.059 & .06 when the buyout price is .07?
Am I correct in reading that the buyout price is .07?
price moved up a little until closing, looks like the're trying to keep it down so they can justify a low buyout price.
That is if you have 2000 or more. Or blocks of.
They can't force you to sell your shares, It will just be harder to sell your shares after they go private. Not sure where you got the understanding " their intentions are to have another IPO with a higher exchange" ?
http://www.sec.gov/answers/gopriv.htm
"completely legal?" Well that's why there's talk of a law suit. When one person owns enough shares to control the board, he can basically do whatever he wants. I think we all put our trust in Terry with the hopes he was an honest person who would look after his shareholders. So far that hasn't been the case. It's why so many investors stay away from penny stocks.
And if you decide not to sell after the R/S & delisting, Here's how they can bend you over once again.
"The reverse stock split will not change the number of authorized shares of the Company's Common Stock as designated by the Company's Articles of Incorporation, as amended. Therefore, because the number of issued and outstanding shares of Common Stock will decrease, the number of shares remaining available for issuance of the Company's Common Stock will increase."
Anybody have the latest on the lawsuit or what Steve did or is doing? I haven't heard anything about the lawsuit moving forward. Don't know if anybody wanted to put up the retainer money.
I'm suprised they didn't go private sooner. What a bunch of crooks. Even if we kept our shares after they go private, they can dilute then even more.
"The reverse stock split will not change the number of authorized shares of the Company's Common Stock as designated by the Company's Articles of Incorporation, as amended. Therefore, because the number of issued and outstanding shares of Common Stock will decrease, the number of shares remaining available for issuance of the Company's Common Stock will increase"
Spoke with Trent this morning, he said the stock should be a dollar to a dollar and a half but Terry is a crook and has put 26 million of shareholder money in his pocket. We need to stick together and not let Terry get away with this. Hopefully Steve Lapierre <slapierre@lasikmd.com> will have some success for us.
Before I put my bid in it was .076 & .125
.071 bid 12.9 ask I think there's some $ to be made here.
Makes sense after talking with them, they can still be a public company with out as much expense and no lawsuits from shareholders for going private.
Nothing in my mailbox, am I not on the list?
.17 & 17.5, thats higher than we've seen in a while.
WOW, couple of big trades!
Slapierre, Can you send me a copy of the letter? I did not send you a count of my shares. I'm embarrassed to say I have 70,000 shares at pre reverse split prices! I did call Thomas Miller to see what he had to say about putting his shares in a parent company and all he said was it was to keep the cost down, whatever that means. I suggest others give him a call with any concerns they have. It may help to get the word to Terry that we are not just sitting around. His # is 937-748-2937
He obviously already found a broker to short this stock. I doubt he would waste his time here posting like he does for nothing.
Make sense? Maybe, It's obvious management wants the share price as low as possible right now and are buying as much as they can without moving the price up. Manipulating the share price? Maybe, nothing suprises me anymore. Taking the company private? Maybe that too. If so, I'm fine holding my shares until they go public again or buy me out when they reveal their real value. I know their book value of .22 is low and if they do take it private, I am confident that I can get Terry to pay me at least that much rather than dealing with a lawsuit. Wasting money buying at these levels? Maybe not, if you have enough shares and can afford to play their game and see what they do, you could make some decent money. We all agree the company is undervalued at these levels and at some point whether public of private the share price will follow. They can't force you to sell your shares if they go private and at some point they will want their own shares to have the value they know is there.
last trade 40,000 shares @ .137 Good size trade.
I spoke with Stuart Smith ( smallcapvoice.com), the old IR guy from when Trent was there. He said he was suprised also on how low the share price was and that all the shares he had were restricted. I didn't ask him how many he had or at what price he could sell them at. He said the same thing as Trent as how Terry is great at running the business but didn't care about the share price. Old school thinking. I worked for CL Werner for many years and he was the same way. Always said the share price would take care of itself when earnings came out. Terry kind of said the same thing to me about waiting a few years and then see what the share price is. He was saying $5. in 5 years. I know it's meaningless but that's what he said FWIW. I also spoke to Tom Miller @ Mound and he said the steel business is tough in this economy but the rest of the business mainly Lee oil are doing very well. He said he would have Terry call me with my concerns about them taking the company private but no call back yet.
FWIW, Trent told me that he sold his 2 mil. shares of HTLJ to Terry for .20 He used the cash to help fund CNGI. Trent is the one who got HTLJ to 2 bucks so I own a fair amount of his new co. also. About the same as I have of HTLJ. Keep an eye on it.
I do think Terry was thinking of taking it private. He most likely checked with counsel and they said you can't make statements like this and then go private without getting hit with a lawsuit. "I know each of us, as shareholders, want increased share prices and I want to assure you Heartland’s Board of Directors are continually analyzing ways to increase shareholder value as well as its stock price" March 2010. You never know, he may still do it and settle with whoever come after him. One thing for sure, HTLJ is way undervalued. That was one of the things that Terry was frustrated about each time I talked with him. When Trent was still there they were ripped off pretty good by a PR guy who turned out a scammer. That left a bad taste in Terry mouth as far as promoting the company. Trent says Terry is great at running the business but terrible at PR. Hence almost no press or PR since Trent left. I think the numbers will speak for them selves one day. The steel business was a good move.
Just found this board. FYI I've been in htlj for years, made a fair amount pre split and got out around .40ish I'm back in holding around 150k shares @.23 avreage. Talked to Terry a few times and he promised good things to come but he hasn't returned my calls for a couple months now. I know Trent Sommerville (now with CNGI) fairly well and he said Terry was thinking of taking it private but backed off the idea after threats of lawsuits. I'm just hoping that management is being quiet so they can buy shares and that they will start to do some PR and show decent earnings when they have bought enough.