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LOL... You are a true $NEWL permabull, good luck!
Really? All 9,820 shares that are short out of 425,668,806 outstanding? Really? LOL
http://www.otcmarkets.com/stock/NEWL/short-sales
Yup! And it's every man for himself... Some just choose not to jump and go down with the ship! Such a shame...
I'm sure he would... As a matter of fact, the ships belong to Newlead Shipping SA if I am not mistaken.
That's actually part of what is going on in the lawsuit Transasia filed against NEWL. It's called "ego", simply meaning that all of these shells that Zolotas has are related and controlled by one entity, Newlead Holding LTD.
They are a Bermuda registered company. They don't allow bankruptcy as we know it here in the states. They do have restructuring, but NEWL has already been through that, (guess it didn't work, huh? LOL).
I think their next step would be to dissolve, but you know Zolotas has a lot of empty shells that he tinkers with, so I'm sure it won't take long to start another scam...
You know how I found this board right? NEWL! LOL
Actually, it was a old post by Cassandra on the NEWL board about Jason Saxon <sp?> and the toxic financing...
I can't believe that company is still surviving, or why Zolotas isn't in prison!
Today they announced the CFO is leaving. Doesn't shock me... He probably figured he had to get away from Zolotas before he ended up in prison himself for following Zolotas' directives in SEC filings and knowing they were lies!
Hi Janice! Saw you were here in the posts... I feel more comfortable now ;) LOL
I am not sure if I have to post something before I can follow this board, so please disregard this message. Thank you!
Yes, that worked!
Can you blame him? Some of those lies in the SEC filings he was directed to do by Zolotas! He probably couldn't take it anymore and knew that if he kept following Zolotas' orders he could end up in prison as well!
The CFO of $NEWL ... Expect to be reading more about his role in the $NEWL scam!
http://www.macroaxis.com/invest/manager/NEWL--Antonios_Bertsos
Well... Alexandre Serrano is no longer with Intelgenx either now! What is going on?
https://www.linkedin.com/profile/view?id=25563726&authType=name&authToken=RKgU&trk=hp-feed-member-name
One possible way to look at the Endo/Par situation is that maybe
Paul Simmons left because if Endo or BDSI were going to buy out
Intelgenx, they wouldn't need a CFO...
Anything is possible at this point, but I would dare say that
Intelgenx has known about this for a while!
ofspring, I would recommend that you study reclamation of land after mining... What the mining company needs to do!
It's not the cost of the bonds, it's the cost of reclamation (returning the land to it's previous condition)!
The reclamation bonds are NOT paid! Not only are they not paid, but Zolotas is not the kind of guy that would know anything about reclamation or want to even get involved with it! It would cost several hundred million dollars... And it's probably why Berkowitz abandoned it in the first place!
And pay for reclamation bonds! Do some due diligence on reclamation bonds... That will open your eyes!
No WRONG! It's a matter of completing the deal which will never happen because it's a scheme cooked up by Berkowitz and Zolotas. The big question is, what happened to all that money?
Coal Business
Currently, our coal business operations are limited to coal processing and blending services. There can be no assurance that we will be able to effectively manage our limited operations or expand operations in the future. Our current limited coal operations include a coal preparation plant located in Pike County, Kentucky, USA which was acquired in December 2013. In 2012 we entered into an agreement to acquire certain mine-related assets (including mineral rights, surface rights and mining permits) and the title of land ownership of the Five Mile mine including the Andy Terminal Railroad (the “Five Mile Assets”) in Breathitt County, Kentucky, USA. The payment of the $11 million purchase price was paid during 2013 and 2014 through the December 2, 2013 stipulation of settlement agreement (the “December Settlement Agreement”) between NewLead Holdings Ltd. and Hanover Holdings I, LLC, a New York limited liability company (“Hanover”). As of the date of this annual report, although the purchase price for the Five Mile Assets has been fully paid, the transfer of the Five Mile Assets has yet to occur. Further, according to the Kentucky State mining regulators, upon the successful transfer of the Five Mile Assets, it is a precondition to the transfer of the permits for the replacement of the reclamation bonds for the transfer of the Five Mile Assets. We are currently analyzing our next steps towards the completion of the acquisition of Five Mile Assets. For more information about our coal business, please see “Item 5.-Operating and Financial Review and Prospects-Recent Developments”, “Item 4B.-Business Overview-Coal Business” and “Item 4D.-Properties, Plants and Equipment”.
As of December 31, 2014 and May 12, 2015, our coal business consists of our coal preparation plant, which has entered into various coal processing agreements. However, there can be no assurance that we will be able to effectively manage those operations or expand those limited operations in the future.
Yeah, it's also a legit coal company right? LOL
That's another thing! They should be showing shareholders the supposed contracts for these ships!
Last October 23, 2015 they put out a PR "NewLead Holdings Ltd. Announces Time Charter Contract of the M/V Newlead Castellano"
http://finance.yahoo.com/news/newlead-holdings-ltd-announces-time-123000517.html
It was for 3 to 5 months, so we know that contract is finished...
Well it's obvious you are checking the list and checking it twice ;)
I check it often too, but as long as $NEWL continues to file it's
financials with the SEC, they won't shut them down...
The SEC very rarely shuts companies down... It's part of their bad reputation. They allow shareholders to get screwed over when a scam company like $NEWL should have had their shares removed from trading!
Yes it is, but unfortunately, $NEWL will not survive!
The Nasdaq delisted them for lying and deceiving shareholders, but yet $NEWL told the world that they "voluntarily" delisted...
Last years 20F said they paid for office space in New York City, but they admitted they didn't have office space in New York City... Instead, the money went to Zolotas to cover his expenses!
Ofspring, due diligence goes a long ways!
The proof is found when you do your due diligence and connect the dots!
That's right... I forgot! You don't like to do your due diligence... It's in everything that the scam $NEWL does! Look at everything that Zolotas controls. Look at all the worthless shell companies that he launders money through. Ofspring, we can't do all your work for you!
Because that isn't the way Zolotas does things! He embezzles all funds from the company using various shell companies (that are of course controlled by him) and leaves the shareholders holding the bag...
For all the people that don't like to do their due diligence (and have lost their shirts in $NEWL)... 50,000,000,000 authorized shares, count them and weep!
http://www.sec.gov/Archives/edgar/data/1322587/000143774915010190/newl20141231_20f.htm
B. Memorandum of Association and Bye-laws
The following description of our share capital summarizes the material terms of our Memorandum of Association and our bye-laws. Under our Memorandum of Association, as amended, our authorized capital consists of 500,000,000 preference shares, par value $0.01 per share, and 50,000,000,000 common shares, par value of $0.01 per share.
Common Shares
Our Memorandum of Association was amended on August 26, 2009 to increase our authorized share capital to 1,000,000,000 common shares and 500,000,000 preference shares. By a Board Resolution dated February 17, 2015 the authorized common shares were increased to 50,000,000,000 (fifty billion) by the creation of 49,000,000,000 (forty nine billion) common shares of par value $0.01, such that the authorized share capital of the Company shall be $505,000,000 (five hundred five million) divided into 50,000,000,000 (fifty billion) of common shares of par value $0.01 and 500,000,000 (five hundred million) of preference shares of par value $0.01.
Holders of common shares have no pre-emptive, subscription, redemption, conversion or sinking fund rights. Holders of common shares are entitled to one vote for each share held of record on all matters submitted to a vote of our shareholders. Holders of common shares have no cumulative voting rights. Holders of common shares are entitled to dividends if and when they are declared by our board of directors, subject to any preferred dividend right of holders of any preference shares. Directors to be elected by holders of common shares require a plurality of votes cast at a meeting at which a quorum is present. For all other matters, unless a different majority is required by law or our bye-laws, resolutions to be approved by holders of common shares require approval by a majority of votes cast at a meeting at which a quorum is present.
Upon our liquidation, dissolution or winding up, our common shareholders will be entitled to receive, ratably, our net assets available after the payment of all our debts and liabilities and any preference amount owed to any preference shareholders. The rights of our common shareholders, including the right to elect directors, are subject to the rights of any series of preference shares we may issue in the future.
It will take some time! My guess is when $NEWL is down to $0.000002
It's finished in the fact that $NEWL has been caught lying and deceiving shareholders too many times now... What has been released in court documents also have a very negative affect on the $NEWL scam!
Did you also know that Jan Berkowitz was sued for fraud and racketeering?
Did you know that Jan Berkowitz was involved with some very shady real estate deals?
Zolotas found a criminal that is as bad as he is!
Our incorporation under the laws of Bermuda may limit the ability of our shareholders to protect their interests.
We are a Bermuda registered company. Our memorandum of association and bye-laws and the Bermuda Companies Act of 1981, as amended (the “BCA”), govern our corporate affairs. Investors may have more difficulty in protecting their interests in the face of actions by management, directors or controlling shareholders than would shareholders of a corporation incorporated in a United States jurisdiction. Under Bermuda law, a director generally owes a fiduciary duty only to the company, not to the company’s shareholders. Our shareholders may not have a direct cause of action against our directors. In addition, Bermuda law does not provide mechanism for shareholders to bring a class action lawsuit. Furthermore, our bye-laws provide for the indemnification of our directors or officers against any liability arising out of any act or omission, except for an act or omission constituting fraud or dishonesty. There is a statutory remedy under Section 111 of the BCA, which provides that a shareholder may seek redress in the courts as long as such shareholder can establish that our affairs are being conducted, or have been conducted, in a manner oppressive or prejudicial to the interests of some of our shareholders, including such shareholder.
Yes, but unfortunately, even when it's down to quadruple sub penny people will still lose... Zolotas needs to end this scam and start another one. The $NEWL scam is finished!
If anyone would like to view all 298 court documents in the Transasia vs. Newlead suit, including 5 documents that were posted this past Friday, I have zipped them up and posted it for download on my 4shared site... It's a 331 meg file!
http://www.4shared.com/zip/oxBn5IQAba/Transasia_vs_Newlead.html
As of December 31, 2014, our outstanding indebtedness was $207.2 million, including $122.3 million of debt and convertible notes in default due on demand. Despite our efforts, as of May 12, 2015, we continue to have a substantial amount of indebtedness amounting to approximately $211.8 million, including $149.7 million of debt and convertible notes in default due on demand, excluding the Beneficial Conversion Feature (“BCF”) of the 7% Notes. (see Item 5 for amount currently in default)
The cumulative effect of non-cash adjustments to reconcile net loss to net cash used in operating activities was a $44.4 million increase for the year ended December 31, 2014, which consisted mainly of the following adjustments: $4.7 million of depreciation and amortization charges; $0.3 million from the amortization of the BCF of the notes; $23.4 million, relating to share-based compensation expenses; $0.2 million of amortization and write-off of deferred finance costs; a $0.2 million of loss from investment activities in Joint Ventures; a $4.5 million loss from the valuation of derivatives; a $9.2 million from impairment losses; a $1.2 million loss from the sale and lease back agreements; a $8.8 million provision for doubtful receivables. These adjustments were partially offset by and an income of $8.0 million from issuances of common shares to settle certain of our liabilities.
It's all about dilution of the common shareholder so that Zolotas can continue to make $millions off you!
Company Specific Risk Factors
There is substantial doubt about our ability to continue as a going concern.
Our financial statements were prepared using principles under Generally Accepted Accounting Principles in the United States of America (GAAP) applicable to a going concern. Because of our losses, working capital deficiencies, negative operating cash flow and shareholders’ deficiency, we concluded that there is substantial doubt as to our ability to continue as a going concern.
We have experienced net losses, negative operating cash flows, working capital deficiencies, and have a shareholders’ deficiency, which have affected, and which are expected to continue to affect, our ability to satisfy our obligations. In addition, we are in default under various debt obligations which are currently due on demand. Charter rates for bulkers have experienced a high degree of volatility and continue to be distressed. The coal business has experienced some of the lowest prices in coal history. However, charter rates for the oil tanker/asphalt carriers are within expected levels. To date, we have also been unable to generate sustainable positive cash flows from operating activities. For the year ended December 31, 2014, our loss from continuing operations was $68.3 million. As of December 31, 2014, the Company’s cash and cash equivalents were $0.4 million and current liabilities of $247.5 million including $122.3 million of debt and convertible notes in default due on demand, were payable within the next twelve months.
The above conditions raise substantial doubt about our ability to continue as a going concern. The financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might result should we are unable to continue as a going concern.
We believe that our existing cash resources, combined with projected cash flows from operations, will not be sufficient to execute our business plan and continue operations for the next twelve months. Our existence is dependent upon our ability to obtain necessary financing, which we are currently in the process of attempting to secure. In addition, we intend to continue to explore various strategic alternatives. Management is also actively taking steps to increase future revenues and reduce our future operating expenses. However, we cannot provide any assurance that operating results will generate sufficient cash flow to meet our working capital needs or that we will be able to raise additional financing as needed.
If all of our indebtedness was accelerated as a result of our current events of default, we may not have sufficient funds at the time of acceleration to repay most of our indebtedness and we may not be able to find additional or alternative financing to refinance any such accelerated obligations on terms acceptable to us or on any terms, which could have a material adverse effect on our ability to continue as a going concern.
Would you pay for something and not take possession of it? The land is owned by Jan Berkowitz and it is just a scheme perpetuated by Berkowitz and Zolotas. It is nothing more than a "surface" mine that was abandoned in 2008 and has no real amount of coal to be worth the costs of gathering it up! Maybe throw some on the barbie and cook a hotdog or something...
Coal Business
Currently, our coal business operations are limited to coal processing and blending services. There can be no assurance that we will be able to effectively manage our limited operations or expand operations in the future. Our current limited coal operations include a coal preparation plant located in Pike County, Kentucky, USA which was acquired in December 2013. In 2012 we entered into an agreement to acquire certain mine-related assets (including mineral rights, surface rights and mining permits) and the title of land ownership of the Five Mile mine including the Andy Terminal Railroad (the “Five Mile Assets”) in Breathitt County, Kentucky, USA. The payment of the $11 million purchase price was paid during 2013 and 2014 through the December 2, 2013 stipulation of settlement agreement (the “December Settlement Agreement”) between NewLead Holdings Ltd. and Hanover Holdings I, LLC, a New York limited liability company (“Hanover”). As of the date of this annual report, although the purchase price for the Five Mile Assets has been fully paid, the transfer of the Five Mile Assets has yet to occur. Further, according to the Kentucky State mining regulators, upon the successful transfer of the Five Mile Assets, it is a precondition to the transfer of the permits for the replacement of the reclamation bonds for the transfer of the Five Mile Assets. We are currently analyzing our next steps towards the completion of the acquisition of Five Mile Assets. For more information about our coal business, please see “Item 5.-Operating and Financial Review and Prospects-Recent Developments”, “Item 4B.-Business Overview-Coal Business” and “Item 4D.-Properties, Plants and Equipment”.
As of December 31, 2014 and May 12, 2015, our coal business consists of our coal preparation plant, which has entered into various coal processing agreements. However, there can be no assurance that we will be able to effectively manage those operations or expand those limited operations in the future.
Looks like they are in danger of losing the Newlead Markela! Not surprising, they lost 11 ships in 2011 :)
Fleet
As of May 12, 2015, we control a fleet of five dry bulk vessels, which includes three Handysize and two Panamax vessels, and five oil tanker/asphalt carriers. The asphalt carriers are also commonly known as bitumen tanker vessels.
We continue to negotiate with Piraeus Bank A.E. (as the successor of Cyprus Popular Bank Public Co. Ltd. (formerly, Marfin Egnatia Bank S.A.) the “Piraeus Bank (CPB loan)”) to amend the terms of our loan agreement in order to amend and restate such agreement to enable us to regain compliance, with certain of its covenants and to be able to do so on an ongoing basis to allow and enable the Newlead Markela, one of the two dry bulk Panamax vessels, to remain in our fleet.
Forward looking statement... "We intend to"! It never happened and never will.
The biggest scams in the world have a "business strategy", they all have business strategies! It's a standard of business...
$NEWL does have the coal wash plant, but even that they can't do right! $110,000 penalty!
http://www.kentucky.com/2014/08/28/3400443/coal-company-fines-total-245000.html
Prep plants are used to wash coal.
The plant, once known as the Viking plant, is now called the Coal Essence plant. Federal records list NewLead Holdings Ltd. as the current controller of the plant, which has been in operation since at least the mid-1970s.
The EPA cited several alleged violations at the plant after inspecting it in May and July 2012.
Regulators charged that the plant had an unpermitted drainage point into Hopkins Creek; that it did not report some information on water-monitoring reports; that berms required to control runoff were eroded; that the company hadn't properly controlled coal dust and coal waste that could be washed into the creek; and that it had discharged higher levels of manganese, iron and other contaminants than allowed.
EPA inspectors saw dark-brown and black stormwater runoff from the plant flowing into Hopkins Creek on one visit, according to the settlement agreement.
The agreement stated that the plant operator has since put a better management plan in place and has submitted photos and information that indicate that it has made changes designed to protect the stream.
The company did not admit wrongdoing in the settlement but agreed to pay a $110,000 penalty.
Cummins said Kentucky inspectors cited the plant operator over a separate alleged instance of fouling the creek with black water in April 2013.
That notice of violation is pending, he said.
The period for people to submit comments on the two proposed settlements with EPA is open. For information or to submit a comment, go to EPA.gov/region4/water/wpeb/npdes_states.html, and click on Kentucky.
Read more here: www.kentucky.com/2014/08/28/3400443/coal-company-fines-total-245000.html#storylink=cpy