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Issuing shares and completing reverse splits have been only things that have panned out.
Certainly the easiest thing would be to move 50 vehicles from RM lot to Pape, no?
However Mullen likely has other “plans”. Immediate revenue recognition means Pape is using the vehicles for themselves or for rental. Not reselling to others.
I’ll believe it when I see it. Filings may indicate something different.
If today’s charts are accurate , there was a third test (and bounce) off the $3.80 mark. Of course the question is “why so much selling of a company that is supposedly generating so much cash”?
With HV it feels very much like doing transactions with a used car dealer. He buys $10 million ships from himself and sells them at a premium to IMPP shareholders for $13 million.
This creates the discount to NAV.
Took 155k shares to bring it to the $3.80 level but only 15k shares to bring it back to $3.93 where it has been churning for the last 15 minutes.
Need to watch for a second test of $3.80. Shareholders think the stock is cheap but the intercompany games that HV plays is the real driver of why analysts are hesitant about recommending this company.
I think Harry’s goal all along is to use the cash to build his fleet, which means buying more tankers from his own family, allowing him to repeat/rinse skimming broker fees off the top and delaying payment for one year.
It’s worked for him (and his family) in the past, not so much for shareholders. Buyback of stock is not in the cards just yet.
At some point when the fleet gets above 25-30 ships, this may be a good investment. Also at some point older ships will be sold to CISS at a premium causing more dilution for that ticket until HV creates yet another public company that CISS can sell ships to.
All assuming that ship spot market prices per day remain stable.
Heavy selling going on this morning in the first 15 minutes….about 1/2 of it avg daily trading volume so far.
3.83 prints as I’m typing. Still expect it to fall below $3.50.
Will see what the rest of the day looks like.
Well someone just sold 35,000 shares at 10 cents. Verifiable fact.
Trip 1 R/S incoming before EOY.
OS has increased from 1.7B on 7/15 to 2.4B as of yesterday. Canouse…..
Stock is up 70% over past week and no activity on this message board?
What a shame. Guess folks will buy in when price is higher.
The current owners of Edgewater don’t have much in the way of a bargaining position due to their legal problems. Leon smells an opportunity for himself with the sale/leaseback deal.Shareholders will just get saddled with the debt as they don’t have the ability to play games with their positions like Shawn and his wife can (Leon’s could convert their common back to preferred if they wanted to).
Looks like a second test of the 4.00 level is incoming.
Received the special qualified dividend. It was about 72% of what I was expecting which leads me to believe that the OS was quite a bit higher than what has been published.
The Edgewater purchase was done at firesale prices due to previous owners legal troubles. Likely a good purchase for Leon so he can do his sale/leaseback of the land on collect millions upfront.
They will likely have to change the name of Edgewater because of the stank of the former owners reputations. Nothing like having an alcohol recovery program and the two owners arrested for drunk driving and charged with other worse stuff.
Figure the authorities will be all over the facility with a fine tooth comb for some time, which is not bad by itself, but will cost new owners some expenses. It will be interesting to see how Leon transforms the facility and how long it takes to restore its reputation within the community.
Payment should occur on 9/13/24.
.03 per common share …..be on the lookout for it.
https://www.newsfilecorp.com/release/222019/East-West-Petroleum-Announces-Payment-Date-of-Previously-Announced-Cash-Distribution-to-Shareholders
Governments pay but they pay VERY slowly. My neighbor owns a halfway house facility for years. Expected by government to upgrade quickly to their standards, yet payments for rent have slowed down from 120 days to now almost a year over the last eight years. Everytime federal government threatens to shut down, the rent and other essential payments gets delayed 30-60 days, and then it takes another 60-90 days to get it back to the prior schedule.
As I said earlier, I think Etherma’s business plan is really buying property and executing a sales/leaseback transaction where Shawn can pull out the maximum cash upfront for himself.
On Oct 23, 2023 LIG Assets PR’d a signing of a Sales Rep Agreement for TN and AL for Insultex House Wrap along with a Licensing Agreement for the retail market.
Thru 6/30/24, LIG has reported zero revenues for this particular division and they don’t even mention this agreement in their quarterly report.
Sounds like another failed LIG venture, if it ever really existed in the first place. However, it seems to affirm that Innovative Designs has not paid LIG any money because there was no sales.
25 million shares dumped @.0003….we know who that is!
I also expect the X crowd to defend it at 4.
I totally expect to see washout volume in this ticker over the coming weeks. Message board sentiment is too bullish thinking they have an undervalued gem and imo, many will start bailing and the price declines. That is where the buy point happens….perhaps below $3.50 .
We know for sure that they will buy ships with that $190 mil in cash so I wouldn’t get too excited about that.
Historically, for maritime stocks, NAV is always at a massive discount to market value. Firms have written papers about this.
Public was burned many times over by DryShips and unfortunately their reputation has defined Greek shippers ever since.
Can this change? Retail will pump anything. Institutions are greedy too but cautious. Less than 7% ownership. Volume before price.
It seems that part of the problem with reporting is that the company switched auditors in June.
It doesn’t excuse the fact that the Q report due 4/30 wasn’t released by end of June but with switch of auditors that obviously caused issues.
Two months later and still no 10-Q is not good. Either there are previously undisclosed issues with prior audits (despite the previous auditor saying there weren’t any), failure of management to disclose or come with necessary documentation to satisfy new auditor, failure to pay new auditor (maybe auditor doesn’t want shares).
The worst is that the company did not file any late reporting documentation.
Any money the company generates goes to pay back shareholders loans first, of which they have almost completed, unless they have taken out new loans. They issued a $50k convertible note due in Dec, got an SBA loan, and have been stealthy selling stock to private investors to raise $160k. Paying their landlord in shares for back rent and also paying consulting fees in shares.
Imagine buying a machine 9 years ago and it’s still not installed…..
It’s an easy question to answer. Harry doesn’t want anybody asking him about the details of the intercompany transactions. All the ships are originally purchased by Harry thru his affiliated companies and the them sold to either IMPP, CISS , or GASS. For each transaction Harry and family are getting a transaction fee, some of which is disclosed and some that we just are not sure of.
Why the need for Harry to skim some fees off each sale? Dont know but most of the Greek shippers do it. The less questions that can be asked mean the less questions that HAVE to be answered. He doesn’t want an analyst demanding him to pay a higher dividend or buy back shares. Harry knows how to play the game. The stock is used as currency to raise capital. He is more likely to pay a higher dividend on the preferred shares since that is the class he owns.
Remember he is not selling ships to unaffiliated parties, he is selling them to himself (as controlling shareholder of the buyer).
CISS is the big loser in all this, until he creates another company that C3 will sell ships to.
My guess is that most of the short position is owed by hedge funds who have lent Harry money in the past thru debt financing to purchase ships. If you want burn those guys and squeeze them he easily can but then needs to find a new group of funds when money becomes tight again due to changing market conditions.
Harry needs all the cash in reserve that he has accumulated in order to purchase more ships. Once the fleet gets to be double the current size and all else remains the same then perhaps the share price begins to trend towards the double digits.
Think one should accumulate shares on dips and hold for several years. A crash in spot market prices for
a period beyond a few months is one the only things that can upset the revenue side for IMPP (except for a ship seizure or ship sinking).
Ciss trickles downhill….
How many vehicles had Mullen sold to date? By sold, I mean, dealers and customers actually paying for vehicles, not vehicles invoices and delivered to dealers parking lots.
Is 5 a fair guess?
Still 228 Mullen ONE and 130 Mullen THREE sitting in Randy Marion parking lots. No change since I posted this six weeks ago.
https://randymarionev.worktrucksolutions.com/Cab_Chassis
Would be smart of the company to announce a $10-20 million buyback right now.
Of course that would likely be followed by a capital raise down the road for $40-50 million (knowing how Harry has operated in the past).
You made it this far without selling so why bother now. OS is currently “only 300 million” so plenty of runway for Canouse and friends to run a new operation here.
This is pretty much where NECA was three years ago although I believe the share count was higher (before 1:500 RS).
Perhaps you can salvage a few shekels at the expense of noobs who buy these sort of plays. Seen stranger things.
One thing we know for sure is that Canouse and associates can theoretically own about 8 billion fully diluted shares and that doesn’t include any future stock dividends they award themselves for holding onto the preferred’s.
Here is the conundrum. At some point the market will once again treat the maritime stocks with reverence. However, the worst enemy to these stocks in usually management themselves as they cannot pass up a chance to raise money thru equity offerings. Cause free money is just that. It’s unlikely insiders own much common shares because it’s just currency to them.
Shareholders usually wind up be the chumps who help fund future ship purchases.
You can’t even pay attention to NAV with the shippers. They all trade at a huge discount because of reputation due to outsized dilution and lack of transparency. A lack of a dividend also hurts.
Solid earnings. $190 million in cash.
Now will the market trust Harry? Or have they been burned too often?
Fat finger trade today or a sign of things to come? .0010
Canouse got almost four years out of the NECA/THBD pump. Reverting back to Title King and claiming they will expand market presence is a bigger joke as that division probably hasn’t booked more than $25k in it’s lifetime.
BOD finally acknowledging vendor and EEOC lawsuits in this letter is another joke since all their reports state that there is no material litigation pending. The company agreed to pay $165,000 to three employees to settle that case (which is actually a pretty good
Settlement on their part) but surely affects their insurance going forward.
G&A expenses for Title King have been about $465k annually, probably more now with the hire of new CEO (who is just a Private Equity guy).
Fair has already removed all references to Third Bench on LinkedIn.
Setting up for a run…have almost 10% short interest….which has been justified in the past due to history of double talk.
Earnings before the market opens on 8/27..
Did a fuel stop this past weekend in Shafter, CA. Doing so reminded me of the Foreverboard plant in the city. Drove a few minutes to find the building completely empty and permanently shut down.
Went online to verify and found comments by the CEO saying that investors had made commitments several years ago to invest $500k. Unfortunately the money never materialized as the investors kept stringing him along.
LIG assets has a 500k investment on its books for Foreverboard. I think we can out two and two together.
Another failed deal after a rash of PR’s. Not surprising with LIGA.
Earnings before the market opens tomorrow. Will see how the market reacts. Company should have a boatload of cash but the question is have they already bought more ships with it that shareholders don’t know about yet.
Dump city. If Canouse does this to his own employees, just imagine how little he cares about shareholders he doesn’t know.
Wonder if his family entertainment center was quietly moved out of this shell.
Sold at 3.85.