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I was going to add when it wen back down to .05 but it flew past that so fast I have held off. I plan on averaging down....just waiting for the moment. At this point no sense in selling and really not a risk to buy as it will only cost me 10% of my original investment.
Not that it matters but this line was the only on that was bold in the statement:
VIP will continue to trade the business as normal and continue to provide premium vaping equipment and e-liquids. ?
of course my mind starts reeling like is this a way for them to communicate things will work out without saying it??
IMHO
Canned Response:
From:
To: admin@vipcig.com
Sent: Thursday, March 9, 2017 8:00:07 AM
Subject: Re: VIP BANKRUPTCY-SHORE-HOLDER LOSS [CSE: sVU5Ml, TKT: URrjSw]
Admin,
This does not answer any questions about common shareholders and the losses we face. The shareholder base deserves a statement from Dan.....the company just restructured $94 million in debt and somehow they missed $3mil in taxes owed.
This is nonsense and I have invested in ECIG in belief management had the companies best interest at hand!
Please call to explain your position.
Michael Olsen
From: admin@vipcig.com
To:
Sent: Thursday, March 9, 2017 7:53:01 AM
Subject: RE: VIP BANKRUPTCY-SHORE-HOLDER LOSS [CSE: sVU5Ml, TKT: URrjSw]
?
Hi
?
Thank you for your email.
?
I can confirm that on 7th March 2017, Administrators of the Company were appointed. Whilst VIP is profitable and cash generative, cash flow pressures on the wider group of companies of which it is part, have resulted in the UK company needing to seek the protection of an Administration.
VIP will continue to trade the business as normal and continue to provide premium vaping equipment and e-liquids. ?
We thank you for your continued custom and support.
?
VIP Electronic Cigarette | Electronic Cigarette International Group
Address: VIP, Must Have Ltd, Unit 3-8, Bury South Business Park, Riverview Close, Dumers Lane, Radcliffe, Manchester, M26 2AD.
Phone: 0844 822 9989
Web: www.vipelectroniccigarette.co.uk
VIP is a registered trademark of Must Have Ltd.
Any views expressed in this message are those of the individual sender, except where the sender specifically states them to be the views of VIP Electronic Cigarette. The information contained in this e-mail is intended only for the individual or entity to whom it is addressed. It may contain privileged or confidential information and if you are not an intended recipient you must not copy or distribute the information or use it or take any action in reliance on it. If you receive this e-mail in error, please notify us immediately by email. Please also destroy and delete the message from your computer. Attachments are opened at your own risk and you are advised to scan incoming email for viruses before opening any attached files. We give no guarantee that any communication is virus-free and accept no responsibility for virus contamination or other system loss or damage of any kind.
Consumer alternative dispute resolution: https://webgate.ec.europa.eu/odr/
From: <olsen_michael@comcast.net>
Date: Thursday, 9 March 2017 15:50:41
To: <admin@vipcig.com>
Subject: VIP BANKRUPTCY-SHORE-HOLDER LOSS [CSE: sVU5Ml, TKT: URrjSw]
What is Happening to the company??
https://finance.yahoo.com/news/electronic-cigarettes-international-group-announces-120700594.html
Please call!!
Michael Olsen
All the trouble to do this & you miss $3mil in taxes owed....Don't think so!
http://ecig.co/press-release/electronic-cigarettes-international-group-completes-financial-recapitalization-2/
Very easy to do.....Here is one I received back AUG 2016:
From: "Dan O'Neill" <Dan.ONeill@ecigcorporate.com>
To:
Sent: Wednesday, August 17, 2016 2:06:35 PM
Subject: Re: HOST A BILLION LIVES DOCUMENTARY IN YOUR CITY
I am very interested in doing this.
Sent from my BlackBerry 10 smartphone on the Rogers network.
From:
Sent: Wednesday, August 17, 2016 5:01 PM
To: Dan O'Neill
Subject: HOST A BILLION LIVES DOCUMENTARY IN YOUR CITY
Hi Dan,
I know you mentioned the documentary in the CC and thought it might be cool for ECIG to host a showing in Denver.
Here is the link:
https://docs.google.com/forms/d/e/1FAIpQLScBUSjKCGUXzwYx76guvG_C4xd_1z8TWqFMzGSvJiARtAIRAw/viewform?c=0&w=1
THX
Michael
Copy and paste please!!
Totally agree Icymanx! They have been focusing all of the energy and money in to Building VIP into a Global Brand and now all of a sudden it is for Sale!
They will be setting up the back door deal to have VIP for themselves...the other Brands are just anchors and will leave ECIG destitute beyond the levels it has been to the present. Really wanted to own a ECIG co that was not associated with Big-T as i believe in this segment and it's future!
IMHO
This makes no sense......they default on $3mill taxes when they just restructured all that debt and then they put up VIP the only money generating company for sale?
The Electronic Cigarettes industry is at the Forefront of breaking out.....Big T finally admitting this is the wave of the future.....but somehow this is when ECIG decides to throw in the towel....Not buying it!
Dick Strong is a Billionaire probably for the wrong reasons......He knows the potential.....he know what he is doing.....This is some sort of tactic IMHO!!
You thinking that Strong sets up a company to buy VIP at a discount while under administration so he can take it Private? Then ECIG is really just a shell as they have not been promoting or building any of the other Brands infrastructure!
Why Vapestick.....is it associated with MH as well?
Hypothetically....If they sell VIP for $100mil and pay off the debt and taxes....then ECIG is left with What..Vapestick and FIN....It would be like starting all over again and the Yearly Revs would be small without VIP.
Ultimately our shares are in ECIG....so the most important move for the commoners is that whatever they do it is will save ECIG with or without VIP?
Your thoughts??
I am one of them. The company Gross sales is $48mil and our market cap right now is under $3mill?
Not going anywhere!
Big Tobacco Has Caught Startup Fever
https://www.bloomberg.com/news/features/2017-03-08/big-tobacco-has-caught-startup-fever
Buyer sought for collapsed vaping firm VIP
Seriously.....total collapse over $3million dollars....Not buying it!
http://www.belfasttelegraph.co.uk/business/news/buyer-sought-for-collapsed-vaping-firm-vip-35509937.html
Vaping giant VIP in administration, buyer sought
http://www.business-sale.com/news/article/vaping-giant-vip-in-administration-buyer-sought-38539.html
I emailed Dan several times yesterday and once today....No response!
I agree....sure feels calculated! They will probably report the best Quarter in the history of the company and great CC going forward!
IMHO
Why has the Companies house not logged a new entry to reflect that MH is under administration?
THX
I guess the positive is that our name is getting out there:
265 jobs at risk as vaping giant VIP enters administration
https://www.retailgazette.co.uk/blog/2017/03/265-jobs-at-risk-as-vip-enters-administration
What about the fact that is was discontinued in January:
https://beta.companieshouse.gov.uk/company/05101019/filing-history
Response from Fin:
From: Barbara Jefferies
To: AAA Mikal
Sent: March 8, 2017 at 5:09 AM
Subject: RE: Contact Form
Dear Michael:
Thanks for contacting fin branding group. I checked with management, and we were told it is an administrative issue and they are appropriate measures to get it resolved. Hope this answers your questions, and have a great day.
Regards,
Barb
From: "Barbara Jefferies" <Barbara.Jefferies@ecigcorporate.com>
To:
Sent: Wednesday, March 8, 2017 6:23:19 AM
Subject: RE: Contact Form
Dear Michael:
Thanks for contacting fin branding group. At this time if you need more information I am going to have you contact ECIG corporate center, this is only the customer service center based in Michigan. Here is there address 1707 Cole Blvd. Suite 350, Golden, Co 80401. The corporate center number is 720-575-0408 and you will have to leave a message, and someone at corporate will contact you back. Sorry I could not be of more help, and have a good day.
Regards,
Barb
E-cigarette company VIP goes into administration
This article says a company called Peppermint Soda has been doing the PR for VIP since 2015:
http://www.peppermintsoda.co.uk/clients/
https://www.prolificnorth.co.uk/2017/03/e-cigarette-company-vip-goes-into-administration/
Dan.Oneill@ecigcorporate.com
So what is the float for ECIG....DS just about owns all of it anyway!
Walter H. Morris just provided an update on activist position in Electronic Cigarettes International Group, Ltd.
http://www.conferencecalltranscripts.org/13D/summary2/?id=3566827
I swear it feels like smoke an mirrors to me. Why would they allow Must Have Limited if it has any bearing on the overall structure of VIP and the other Brands.
I know that $3mil is alot of money...but with all of the trouble they went thru to re-structure the debt i just can't believe this was missed. Must Have to me feels like a "Fall Guy"....."Patsy".
Might be crazy but I think higher powers want ECIG to themselves!
Yes.....Very Suspect!!
ECIG or Just VIP (Must Have)?
Your caps lock is stuck.
But the DBA is important here.....NO? How could Must Have satisfy $3mil in debt when they are associated with (3) stores?
Are these guys not smart enough to set up separate LLC compnies so that if one defaults or is sued the others are not affected?? I think they are smart and would protect the other entities!!
This is the confusion I am talking about.....I am not sure.....Must have operating as VIP but not sure how VIP is affected.
If they sell VIP then what do they have left and where do we stand??
E-cig firm VIP goes into administration after unpaid tax bill
http://www.manchestereveningnews.co.uk/business/business-news/e-cig-firm-vip-goes-12705991
Vaping firm VIP in administration with 265 jobs at risk
What type of tax is owed when the company has only ever lost and never made any money?? Anyone?
How an why was the $104 million debt Accelerated? Was is not just restructured?
This is too all of a sudden and out of the blue.....no PR and then this and all when they have been building infrastructure, product lines, partnerships and new locations!
For me......something just does not add up here!!
THX
If the MHL situation does not effect the overall goal or operations of VIP and the taxes owed can be differed to MHL then it appears as bad News which can be confusing for investors and will ultimately drop the PPS even more.
Just a gut feeling that goes along with no PR in the last 6 months. To much growth happening in the background for them to throw it all away!
Must have Limited feels like a Patsy to me??
A modest reform could mean life or death for the vaping industry