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There is alarming dilution but the only redeeming point is most of it is for a good cause as in getting the new Penny Marshall film made. Could be a huge return on that investment. Suffered through the MDNT debacle and lost a bundle but these buffoons stumbled onto a gold mine and there is lots of money to be made here.
Any clue what the conversion will be? I have over 5.4M shares of MDNT and now seems to be a glimmer of hope all is not lost.
Assuming you are right, where is the money in doing a 10000/1 RS and why file legal documents with FINRA which is a lot more powerful agency than Nevada SOS? And why no pumping and dumping?
If that was the game then seems like they could have made a lot more by pumping it up with fluff PRs and announcing the closing of the deal and financials before dropping the R/S bomb. Seems to the new company, existing shareholders are just roaches to be smoked out and exterminated at any cost.
For those of us still hanging on for some reason or another, now instead of owning 10,000 shares of a dark shell, we own 1 share of Turbine Aviation Inc. It might cushion the blow somewhat if the damn company would tell us what the f**k we own now as in releasing PRs and financials. Somebody spent a lot of time and effort putting this deal all together. What was the point? Who made money? Why the continued silence? What now? I can't believe this thing is going to trade again post RS with total silence from the company. I guess they want to tank it even more because nothing else can happen in mode of silence.
Maybe it was an intentional typo to shake some more shares free. Tomorrow maybe they will file a correction. They haven't announced anything formally to the public, just misfiled some paperwork to increase the volume. Seriously, can they take it back based on the extreme disapproval the market gave them today?
If the company actually releases stunning PRs with details of a blockbuster merger that created a monster very profitable company that will uplist immediately then maybe it pops. But if they got the goods then there would be no need for an extreme 10,000/1 reverse split in total silence otherwise. More likely you have cash starved companies looking for suckers like us to fund their pie in the sky dreams of a business that will never be profitable.
Yes. Merry Christmas from Turbine Aviation!
I did the same thing and convinced myself THIS one would be different than all the usual crap that happens at this level but in the end they are all crap and I am swearing off the OTC forever. Screw all of the crooks. They are not getting any more of my money!
Another banner day on the penny markets. My new years resolution is to never ever again invest another dime into these crooked scam companies that operate down here. They are all the same! I have finally learned a very expensive lesson and have many many years of tax write-offs as my only consolation prize.
If they want premium price then show the financials and show a very profitable company and earn the premium price. Truth is they don't give a damn about current investors. Everything is geared towards post split suckers. Artificially inflating the stock price leads to higher cliff to fall off and more money for suckers like us to lose.
I have been in this since April and have not sold a single share so being very patient but ready for Christmas now.
Because in pennyland, people including myself have been burned badly by supposed "sure things". It has been my experience that things rarely work out for the best down here. I have loaded up here but not going to bet the farm because anything could happen. The complete and absolute silence from the company and the length of time this is taking scare people off. People want to believe but it feels like a myth because of past experience. Hoping this is the exception to the norm that makes us all very wealthy.
Nobody seems to have the company description right yet but many are getting the name change update.
Actually on CNBC it says this under Company Profile:
"Turbine Aviation Inc Formerly known as Global General Technologies, Inc.. The Group's principal activity is developing and designing advanced intelligent surveillance systems for homeland security to be deployed in defense settings, serving as early warning systems for the protection of key national infrastracture asset for both domestic and international environments. It has yet to complete and market its first product, the Silent Soldier Video Surveillance. The Silent Soldier has been engineered specifically to be used at high value large-scale facilities such as oil refineries, pipiline, port terminals and military installations. The Group is in the delelopment stage company."
Filings and confirmation PR from company and details of the deal. They have been putting this entire deal together under the radar. Time to surface and greet the investment community. Investors want open disclosure of what they are buying. When that happens, this will fly.
Makes no sense to sell so close to the finish line. The evidence that this thing is happening is substantial. The question left is not if it will happen but how big will it be. This will be sorted out in the pennies (.02 vs .05 vs .20...) but no scenario will leave this one down at these levels so why bail now?
The competitor list matches the new company but the description is still the old company. Very nice to see reputable external sources acknowledging the reverse merger is a done deal.
I have also decided to ride this one very high before letting a single share go.
Why do they need an amendment to say nothing has changed. Before and after is identical.
It hasn't even been given a chance to make money. No release = no money. Still don't understand why they used so much money generated from stock sales to pay off old debt. They could have used the funds to promote Yellow and end up with plenty to pay off the old debt plus fund the studioplex.
That was my 400K order at .002. Very pleased that it got filled to add to my stash. Been in this for about 6 months now. Still patiently waiting for the big payoff.
I wish it were that easy but latest 10Q paints a bleak picture:
The Company is currently reviewing domestic and international release dates for Yellow .
Previous impairment analyses had indicated a prints and advertising (“P&A”) spend of $20 million to release the movie in the US. Such a level of P&A spend should have generated sufficient revenues (when added to the expected revenues from the foreign market) to recover the costs of Yellow in full. At that time management was of the opinion that the $20 million would be able to be raised to support the film’s release.
Since that time, the SEC temporarily suspended trading in the Company’s stock, making it more difficult to raise the required $20 million for P&A. Monies raised from the public markets are now being utilized to support corporate overheads, pre-production of future films, and the build of the Studioplex.
Accordingly, given this change of circumstance, management no longer believes that a “wide” release of the film is likely or realistic, and its performance and therefore generation of revenues will be reduced accordingly.
Under its current impairment analysis, management concluded that the fair value of Yellow is $10,000,000, and has written the cost of the film to this amount in the three months ended June 30, 2014. This resulted in an impairment charge of $5,343,221 in the quarter.
Big time revenue is on the way soon, "Yellow" is going to turn this one Green in a hurry. People so quick to forget what this company has going for it. There is a reason big time high profile names are involved here. They are not stupid. They pick their fights very carefully and have picked to fight for Medient.
So the movies they have made and are in process of making are just an illusion as is the studioplex and the sweet deal in Georgia? "Yellow" could be a total flop and still make $20 million. I am wide awake and not selling a single share of my millions below the pennies.
Relax. It is a typical dog day of summer Friday trading day. People busy squeezing in one more summer vacation before school starts back for the kids.
No, there has been a tiny bit of volume now. Just a slow day. Everyone waiting and waiting and waiting...
I noticed that also. Calm before the storm?
Who is the wise guy that sold $2 worth of stock at .0001? Really shocked me for a second when my account plummeted. Glad it was nothing and real momentum building here.
People are highly skeptical and impatient by nature and they probably figure they can sell and hop over to a more interesting play then hop back here before it moves. Dangerous game but understandable given the extremely long wait so far.
Sounds like a support guy that is getting really tired of all these questions. Everyone ready for new company to step up and communicate instead of everyone digging up clues from third party searches. If you are going to be a public company then you need to be public and open and responsive to investors. Might as well start now.
I hope we are all patting ourselves on the back for buying what we did and kicking ourselves for not buying more at this level.
I think we will close back up at 6 as the momentum is building on this one and the risk is slowly declining.
Really nice to see some upward movement here. Expect many more green days over the next few months as the plans come together and movies get made and released.
And all things will become new again and this will trade at a PPS based on Turbine Aviation financials and leave the GLGT history behind. Exciting future coming soon.
Nice to see new indications of activity. Feels like the homestretch here.
I was able to grab some .0027s. Very happy about that!
That date has already been announced and published and anticipated so think it would be bad business decision to mess with it now. They doing limited distribution to start so much lower risk than starting with mass distribution.
Little old forgotten movie called "Yellow" opening next month. That will pay a ton of bills and help finance new projects. Medient far from dead.
Very very relieved! This was a huge hurdle overcome. The court set a precedent for how they see this case and it was all in Medient's favor. Other loose ends should fall in line with same outcome.