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I hear ya,...I've been in AGNC, NLY, and NRZ for quite some time...will check out these others you mentioned. I got into CIM years back when they were having filing issues and hte pps tanked....that has been a very very happy investment over the years since.
Berkowitz Liquidates Hedge Fund That Owned Sears Holdings Shares
https://www.bloomberg.com/news/articles/2017-10-16/berkowitz-liquidates-hedge-fund-that-owned-sears-holdings-shares
Investor Bruce Berkowitz is shutting his hedge fund and distributing its holdings to investors, including a stake in Sears Holdings Corp.
Berkowitz’s Fairholme Capital Management reported the fund’s unwinding, without naming it, in a U.S. Securities and Exchange Commission filing on Oct. 13. The fund is Fairholme Partnership, which Berkowitz created roughly five years ago, according to a person familiar with the situation.
Berkowitz, a contrarian and the second-largest Sears investor, is known mostly for his mutual funds and has struggled this year as some of his biggest investments have declined. He made the move in his private fund before stepping down from the ailing retailer’s board Monday. When money managers shut down a hedge fund, they often distribute the securities in the fund rather than selling and parceling out the cash to investors to avoid flooding the market with shares. It’s also done for tax purposes.
As part of the shut down, the fund distributed 3.14 million Sears shares and warrants. Berkowitz, a Partnership investor, personally received 727,816 Sears shares and warrants on 810,345 shares, according to the filing. The remaining holdings went to Fairholme clients who were previously investors in the hedge fund.
Read more here on Berkowitz’s departure from Sears Board
Berkowitz joined the Sears board in February 2016 and has been bullish on the department store chain even as it has bled money. The Fairholme Partnership had $409.3 million of gross assets as of April, according to a regulatory filing.
In statement released Monday, Fairholme said Berkowitz joined the Sears board to better communicate his views about the retailer. “Mr. Berkowitz believes that he has achieved that objective,” according to the statement.
The investor’s $2.1 billion Fairholme Fund, a registered mutual fund, has lost 6.6 percent year-to-date. It has lagged 99 percent of rivals over five years, according to data compiled by Bloomberg.
In his 2017 semi-annual report to investors, Berkowitz reiterated his view that Sears has potential. “Investors may disagree on the exact path forward for Sears, but the company owns many valuable assets and there is huge value in optimizing all of them,” he wrote.
Those assets include real estate that the company controls and its competitive position as an appliance seller, he said.
The liquidation involves both the domestic and offshore versions of the hedge funds.
Berkowitz’s Fairholme Fund holds stakes in mortgage-finance giants Fannie Mae and Freddie Mac.
Through Fannie Mae, US taxpayers provide backing for some rental home giants
http://abcnews.go.com/US/fannie-mae-us-taxpayers-provide-backing-rental-home/story?id=51194097&yptr=yahoo
It took almost 10 years to "recover" the last time, and oil was almost double the current value in those days. The "recovery" proved to be no more than the typical P&D we all too often see on the OTC. As you said, the previous CEO did a lot of damage....he still has his fingers in the pot, and the new CEO has a track record that somewhat parallels the old CEO...ie...company that has been relegated to the grey sheets, and ZERO successful businesses.
One has to wonder...is Sam that naive, or is he an up and coming wannabe get rich quick schemer that hasn't quite figured it out yet.
Either way...it will be a very very long time, if ever, that they get off the greys. Remember...changing the name of the criminal does NOT release them from their crimes or responsibilities.
One thing we do know for certain...the SEC will be watching them closely, and will be fully aware of any future PR's, OTC disclosures, bumps, hiccups, farts....
Here is what they need to do
Wyoming Statute 17-16-640
https://law.justia.com/codes/wyoming/2013/title-17/chapter-16/article-6/section-17-16-640
17-16-640. Distributions to shareholders
(a) A board of directors may authorize and the corporation may make distributions to its shareholders subject to restriction by the articles of incorporation and the limitation in subsection (c) of this section.
(b) If the board of directors does not fix the record date for determining shareholders entitled to a distribution, other than one (1) involving a purchase, redemption, or other acquisition of the corporation's shares, it is the date the board of directors authorizes the distribution.
(c) No distribution may be made if, after giving it effect:
(i) The corporation would not be able to pay its debts as they become due in the usual course of business; or
(ii) The corporation's total assets would be less than the sum of its total liabilities plus (unless the articles of incorporation permit otherwise) the amount that would be needed, if the corporation were to be dissolved at the time of the distribution, to satisfy the preferential rights upon dissolution of shareholders whose preferential rights are superior to those receiving the distribution.
(d) The board of directors may base a determination that a distribution is not prohibited under subsection (c) of this section either on financial statements prepared on the basis of accounting practices and principles that are reasonable in the circumstances or on a fair valuation or other method that is reasonable in the circumstances.
(e) Except as provided in subsection (g) of this section, the effect of a distribution under subsection (c) of this section is measured:
(i) In the case of distribution by purchase, redemption, or other acquisition of the corporation's shares, as of the earlier of:
(A) The date money or other property is transferred or debt incurred by the corporation; or
(B) The date the shareholder ceases to be a shareholder with respect to the acquired shares.
(ii) In the case of any other distribution of indebtedness, as of the date the indebtedness is distributed; and
(iii) In all other cases, as of:
(A) The date the distribution is authorized if the payment occurs within one hundred twenty (120) days after the date of authorization; or
(B) The date the payment is made if it occurs more than one hundred twenty (120) days after the date of authorization.
(f) A corporation's indebtedness to a shareholder incurred by reason of a distribution made in accordance with this section is at parity with the corporation's indebtedness to its general, unsecured creditors except to the extent subordinated by agreement.
(g) Indebtedness of a corporation, including indebtedness issued as a distribution, is not considered a liability for purposes of determinations under subsection (c) of this section if its terms provide that payment of principal and interest are made only if and to the extent that payment of a distribution to shareholders could then be made under this section. If the indebtedness is issued as a distribution, each payment of principal or interest is treated as a distribution, the effect of which is measured on the date the payment is actually made.
(h) This section shall not apply to distributions in liquidation under article 14 of this act.
I have no idea who wrote it, but statistics don't lie. check out this posting by another ihub poster...and yes...PGPM is listed.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=133446961
The SEC just suspended my stock! Now what?
a few years old, but a very informative narrative
It happens to almost all penny players. One morning you wake up, grab some coffee, and start checking your stocks, especially that very volatile issue that's been running big. Pre-market Level II is looking good. If all goes well, perhaps today will be the day to take some profit. And then at 9:30, you see something like this:
Level II goes blank. Your heart sinks. If you've had this experience before, you know to go to the SEC website, where your fears are confirmed. Trading has been suspended.
If you're new to the penny arena, you may not have any idea what's going on, so instead you'll go to a message board and try to figure things out. There, you'll probably read conflicting opinions; some will even be reassuring. Pay no attention. Trading suspensions are very bad things. You need to understand what has occurred, and what will occur.
Suspensions are not to be confused with exchange halts. They are different actions, with different causes and outcomes. Suspensions are the end of the road for most targeted stocks; exchange halts can be survived, and in some cases are positive. The SEC offers an explanation here and here.
The SEC suspends trading in a stock for two basic reasons: the company is a delinquent filer, or fraud is suspected.
Delinquent filers are SEC-registered companies that have failed to submit required annual and quarterly financial reports. Usually the agency sends delinquency notices before taking action; if they are ignored, trading in the company's stock may be suspended without notice. At the same time, the SEC will initiate an administrative proceeding to revoke registration. The company will be served with a letter informing it that it has ten days in which to make some kind of case for its failure to file. If it does not do so, registration will be revoked by default.
What the company does only matters if it hopes to resume trading one day. Several recent cases suggest the SEC is now recommending that issuers who want to make things right should accept revocation, and then get two years of audited filings in order and file a new Form 10. That has the advantage of relieving the company from the obligation to catch up with dozens of old financial reports, which might prove an impossible task, but it has the disadvantage of leaving shareholders in the lurch for as long as it takes to get the filings in, find a sponsoring market maker, and get a Form 211 approved by FINRA. The company may have problems raising money in the interim as well.
Once registration has been revoked, the stock's ticker will be deleted. Shareholders will still be shareholders, but in a private company. Their stock will be extremely illiquid, and its value will be difficult to determine, as there is no public market for it.
The vast majority of suspended stocks are those of delinquent filers.
Suspensions ordered for suspected violations of the securities laws are more interesting that those ordered for delinquency. Many delinquent filers are entirely dead companies, often without any corporate existence. Companies suspended for suspected fraud have usually been quite active in the recent past, and perhaps are currently active. Three suspensions for cause brought by the agency were of Polar Petroleum Corp (POLR), Biozoom, Inc. (BIZM), and Norstra Energy (NORX), all of which had been trading vigorously just before the SEC brought down the hammer.
An explanation of the action is offered in the form of a suspension notice that appears at the SEC website on a dedicated page. The explanations are unfortunately rather vague. They're usually phrased in the form of “questions about” things like possibly misleading press releases or other public statements, the company's operations, and business arrangements like mergers, acquisitions, or buyouts. Sketchy as the information provided is, it at least suggests to observers what the agency is looking at. With the BIZM suspension, the reasons were made a bit clearer: the SEC decided on the action “because of concern that certain Biozoom affiliates and shareholders may have unjustifiably relied upon Rule 144 of the Securities Act of 1933 ('Securities Act') and they, Biozoom, and others may be engaged in an unlawful distribution of securities through the OTCBB.”
That is very clear, and makes perfect sense, given that BIZM is still considered to be a shell company under SEC regulations. BIZM made a fatal error, and will not recover.
The suspension notice also informs market makers that the company has lost compliance with Rule 15c2-11, and so they may no longer make a market in the security, or publish quotations; in addition, it sets a time for the expiration of the suspension. The latter is invariably 11:59 p.m. on the tenth trading day following the announcement of the action. Once upon a time, the SEC was allowed to impose successive suspensions, but an issuer sued, and a Federal judge ruled against the agency. Now it can only suspend for a second time if it can find a different reason to do so.
What happens next
During the suspension, the stock will be delisted to the Grey Market as a result of its non-compliance with SEC Rule 15c2-11. Usually that happens a day or two after the action is taken; shareholders can see the change at OTCMarkets. As noted above, that means the MMs won't be able to publish quotations or make a market. They can facilitate trades for brokers, but they are not obliged to fill any orders they may receive. Trades will be matched, though several smaller orders may be set off against a single larger one.
Often hopeful shareholders caught in a suspension tell each other that trading may resume before the ten days have ended. That never happens. Sometimes they convince themselves that it was just a “mistake” on the part of the SEC. It was not. The agency is aware that suspensions are a death sentence, and does not invoke them lightly. Angry investors may rail against Shorty and “bashers,” but the truth is that although the SEC may have originally received tips about problems with the company, they always conduct their own investigation before taking any action.
Some companies issue a press release immediately, usually saying they're “cooperating fully” with the SEC, and are hoping to resolve the problem quickly. Others say nothing at all, or make an announcement when trading resumes. Either way, there is no quick resolution; most of the time there's resolution at all. The SEC will not comment, but warns shareholders that an investigation may be ongoing.
In order to resume trading normally, on the Pinks or OTCMarkets' OTCQB tier, the company must find a market maker willing to file a Form 211 to enable it to regain compliance with Rule 15c2-11. The form looks simple enough, but it is not. And there's a special section asking whether the issue has been subject to a trading suspension. When an MM files a 211, it assumes liability. For that reason, they are not generally willing to sponsor a company that's been suspended unless they have very good reason to believe the SEC will not be bringing a further enforcement action. Usually the agency is unwilling to offer such guarantees, and so the stock is left in limbo.
There is a case in which a formerly suspended stock did manage to claw its way back to the Pinks. The issuer was Emergent Health Corporation (EMGE), which explained in a Management's Discussion and Analysis what had happened.. It was suspended in September 2009 because of a pump-and-dump campaign. Management assured the SEC that it'd played no role in the promotion. Evidently they were believed. The SEC sued the perps, and in July 2010 sent a letter to EMGE's attorneys indicating they would not be recommending any further action against the company. In August 2010, a broker-dealer filed a Form 211. Several rounds of comments from FINRA ensued. The company finally returned to the Pinks in early 2011.
Unfortunately, its efforts were too little, too late. It currently trades at around $0.01, when it does trade, and is completely dark.
When trading resumes
Once the suspension expires, the formerly-suspended stock will reopen on the Grey Market. In most cases, it will trade on the first day, though issues that were illiquid before the action may not. In our initial scenario, I described a hot penny that had attracted a good deal of attention that resulted in heavy buying, the kind that would see interest right away.
Its first day on the Greys will not be heartening for anyone holding. Normally the first trade will be executed shortly after the bell, and will be a lowball. Very low. It may take the stock down as much as 80%. Very likely that the person who ventures that initial trade has entered a market order. Don't be that guy. Wait to see what happens in the next couple of hours. Usually the price will tick up a little. But you still have a problem: you're trading blind. There's no Level II, and no bid or ask. You need to decide what offer you think will be accepted. You'll be able to see executed trades as they happen, and they will give you an idea of what range you should try for. Trading is likely to be extremely volatile, but by the end of the session price will be sharply down; a loss of between 60% to 80% is common.
When a very active stock is suspended, MMs are trapped along with traders. If they've been selling naked to provide liquidity, they may be left with open short positions. They'll want to cover as soon as trading resumes, and therefore will be buyers. Do not, however, imagine that those short positions will be gigantic; they'll only provide a brief window in which volume will be high. So time your exit accordingly. Once they've taken care of themselves they tend to lose interest.
The stock may rise a little in the week or so following its debut on the Greys, but if as it does so, volume will decline, making fills more difficult. It's best not to wait too long, and lose your chance at recovering some of your investment. After weeks, or perhaps a few months, price will plateau for awhile, as volume continues to drop. In the end, liquidity will dry up entirely, and the issue will trade only now and then. Price will drift down slowly.
As time goes by, it's possible that the SEC will finally bring closure, in the form of litigation for fraud. In especially outrageous cases, the Department of Justice may join in with a criminal prosecution. It can take as long as two years or more for that to happen. Do not believe anyone who claims that if there's no further action six months after the suspension, somehow all is well.
In most cases, suspensions for cause don't result in SEC civil lawsuits, much less DOJ prosecutions. The SEC appears to believe that much of the time suspension alone is enough punishment. Often the people behind the suspected fraud are offshore and out of reach. If the SEC can't collect, it makes no sense for them to carry on. They will by then have achieved their objective, which is to stop the fraud that provoked the suspension in the first place. If the company is an SEC filer, it will probably stop filing after the suspension; reporting to Edgar is costly, and is pointless for an issuer stuck on the Greys. After a couple of years of delinquency, the SEC may decide to put an end to the story altogether, and will move to revoke registration. That move will not be challenged.
If you're heavily invested, an SEC suspension is an unforgettable nightmare. If a stock you're playing is heavily promoted, or if those Nasty Bashers have raised serious questions about filings, press releases, or other communications from the company, take profits early and often. Ignoring red flags could cost you dearly if a suspension is invoked. There are no good outcomes for suspended stocks.
Quite possibly he wasn't aware of the issues...but looking at Smith's track record, not anything positive can be found. His old company Striper wells was suspended and that was over a year ago. How can one expect good things coming from a crap bucket.
makes you wonder what the meaning of "invested" is within their little world of business. I would say most likely their "investment" is their time used to come up with new ways to manipulate and bilk investorsout of their money.
and I recall as well at one point it was mentioned that "friends and family" were invested.
you are 100% correct with what you've said. Also...WHY would any viable and HONEST company be interested in doing a merger with a company that has been suspended and is under investigation? That thought alone is quite telling about the "other" company this merger is supposedly going to be with.
changing the name of the company doesn't remove them from criminal liablility.
okay...i do agree with everything you've said. Now...one step further...and I probably already know the answer
lets take the shareholders out of the equation completely.
fiduciary responsibility to the GSE's.
I'm sure that is a major part of the battle as such, the GSE's over the past 4 - 5 years have shown/proven they are financially solvent, have taken great strides to eliminate/mitigate "bad" practices based on the changes that have been made since the C'ship. They have made reforms that have strengthened their ability to "weather the storm" so to speak.
so the question would be...
Based on the knowledge and proof that the GSE's are, and have reformed some serious issues. ( not withstanding the reasons they acquired ALT-A loans and other dubious investments) why or how could it be reasoned that it could or would be better off to liquidate the GSE's? Seems to me, that "opinion" or thought process is geared more towards specific interests (back room dollars changing hands?) by a select few people for the sole purpose of profits being redirected to very specific businesses.
question for you....I also agree with many that the GSE's weren't "technically" insolveet, but I also agree that most likely the GSE's needed the bailout.
The warrants were part of the initial bailout...not something to really contest.
My question is, why would the courts allow the NWS amendment when it directly conflicts with the fiduciary responsibilities of the conservator?
from the FHFA website
Role as Conservator
Conservatorship is intended to stabilize troubled institutions with the objective of maintaining normal business operations and restoring financial safety and soundness.
As conservator, FHFA has the powers of the management, boards, and shareholders of Fannie Mae and Freddie Mac. However, Fannie Mae and Freddie Mac continue to operate as business corporations.
geez...was that written by a 3rd grader? try using spellcheck.
You have been asked many times to provide the shareholders with pertinent information concerning the wells in Oklahoma...why do you continue to ignore those questions?
I think we all know the reasons why.
the only surprise I can see coming out of this company is if they actually decide to try and become honest and legitimate.
kinda reminds one of the Arcland deal....lol
woohooooo....HOD broke the $75 mark...hit $75.22...now around $75.13
this is a nice payng div stock...took a nose dive 4 yrs ago, but now seems to be slowly coming back. Just got into NRZ a week ago...very nice div and the pps is moving up as well.
Broke $74 today.....maybe we are on that run to $100...would be a wonderful xmas present for sure...lol
management showing a lot of shareholder value these past few weeks. I wonder if/when it will drop to .0001
yup...I'm watching...less than $450 traded today.
tell me...do you have any verifiable proof that this company will ever come back?
We know from experience and history that pgpm and management have always been untrustworthy and have lied repeatedly about future progress within the company.
we also know they have ZERO producing wells.
if you have proof of any production, please post it with links to verify.
TIA.
the big difference is...it came back after years of going dark...coming back from a suspension is a completely different world, and most likely will not happen...ever.
FINRA doesn't have a voice per se in two companies merging....they do however have a say in their ability to be openly traded on the exchanges above the grey sheets...ie 15c-211 compliance.
they work very very closely with the SEC, and typically will do an investigation, or closely monitor companies involved in a merger to ensure there are no problems with possible fraudulent activities.
OTC/pinksheet companies are at the top of the list to investigate/monitor due to the high ratio of scam/frauds in those exchanges.
oh yeah...they are coming back in droves...
4 trades today for a total value of $66.05
Changing the name of the criminal doesn't make the crime go away...it follows along to the new company no matter what they decide to call themselves.
Take a look at Bank of America and Countrywide as an example of problems following the company into the "NEW" company, and the responsibilities thereof.
In the year 2525....if man is still alive.
what has happened...they were suspended and moved to the grey sheets. That is the equivalent of being the hose used to suck waste out of a septic tank.
99% + of grey market companies never make it back to the OTC
to give you an idea of their chances of returning from the crap bucket
http://promotionstocksecrets.com/edvp-becomes-the-first-suspended-ticker-to-return-from-the-grey-sheets-in-over-3-years/
the two stocks mentioned in the above article
EDVP
EMGE
take a look to see how they are doing since returning.
Woohoooo...finally broke the $70 mark...hopefully it makes a good run towards 100 by EOY
reference the Arcland Energy deal Pinhead did about 8-10 years ago to enhance shareholder value. Looks like they intend to try the same thing with a new set of bagholders.
The most difficult times for PGPM executives...BOTH years of 6th grade.
agreed 100%...I am curious to see how they spin this merger/acquisition thing though. I suppose a lot of people don't realize that the company problems/issues follow right along with it no matter what they change their name to.
For those that don't believe that is true...just take a look at Bank of America and the Countrywide fiasco.
You are correct....Not to mention the $615 million dollar LOC issued by Crescent Hill corporation...which doesn't even have a working phone number. Nor do they have ANY clients/customers other than Pinedo owned/controlled entities. ( Crescent Hill is also owned by Pinedo). Amazing how a guy can loan $615 million dollars to himself, and still manage to file for bankruptcy, get a multi hundred thousand dollar default judgement against him from the TRRC, and have absolutely ZERO positive cash flow businesses. All business are either defunct, or are an ongoing scam.
ohhh...but wait...me thinks the next venture from pgpm will be off planet..gotta go where the money is....new technologies and forward thinking companies like pgpm will be mining for gold pressed Latinum in Uranus....lolol
Strike one...NONE of that is verifiable proof that the company is, or has done anything to enhance company/shareholder value. An OTC posted PR means absolutely NOTHING.
1. None of us knows that they have reached out to the SEC...they can say they did, but without proof, again...means NOTHING.
2. The attorney letters quite clearly state that the financials are unaudited.
"The party responsible for the preparation of the financial statements is :Bryan Bulloch, Partner at Bulloch, Brown, DuPertuis, Seger & Co., P.C., 17101 Preston Rd, Suite 210, Dallas, TX 75248 (office number 972-381-1272). Bryan Bulloch has a B.B.A. in Accounting and a Masters of Taxation and is a CPA licensed in the state of TX. The financial statements are unaudited."
3. IF...IF.. the company is in compliance, why is there no MM backing the company stock?
4. For EACH of the "quarterly reports" the accounting firm quite clearly points out they are unaudited.
"A compilation is limited to presenting in the form of financial statements information that is the representation of management. We have not audited or reviewed the accompanying financial statements and, accordingly, do not express an opinion or any other form of assurance on them."
So the quarterly reports are not only worthless since they are unaudited, They are most likely the majority part of the reason the company was suspended. One can not value in ground minerals as assets. PGPM clearly did so, and PGPM was subsequently suspended.
5. Please post ONE link that shows the company has produced even a single barrel of oil. There are dozens of posts by myself, as well as many others with verifiable proof and links showing the company failed to produce,( fined by TRCC for non compliance, judgment awarded AGAINST PGPM and Pinedo) failed to make good on past PR's, failed to provide ANY value to the share holder.
6. Smith clearly contradicted himself in the Q&A he put out.
"- The share adjustment from roughly 1.1 billion to 2 billion was a huge red flag for many. It seems to be that there were common shares that Pinedo owned from back in 2012 and he sold them over the past few months.
A: We can assure you that based on the certify shareholders list provided by the TA, that Mr. Pinedo or related companies do not have common stock since 2005, he decided a long time ago to only keep preferred voting's shares (non-tradeable) for control of the company."
See link that YOU referenced in your post.
Jun 19, 2017 Supplemental Information - Disclosure Statement Mar 31, 2017 Active
scroll down to page 5 item C.
Beneficial Shareholders
according to that "filing", Pinedo owns/controls better than 70% of the stock. But smith clearly states he ( or any other insiders)has not owned commons since 2005.
Please share with us anything PGPM has done that has been a beneficial/positive outcome that enhances shareholder value, or proves this is an above board company that is producing/doing anything of value Please...only information that is verifiable. Some of us that have been in this stock for a decade or longer have yet to see ANYTHING other than the lies and misrepresentations of the management.
TIA
LT...I can't do PM's, but this should answer your question nicely. I'm sure for that price, it's worth it to them while they plan the next scam.
https://www.davincivirtual.com/loc/us/texas/addison-virtual-offices/facility-2462
be blunt...but nice of course...lol. Ask if it's the physical PGPM office or the virtual office shared by who knows how many different businesses. ask for a direct number to any of the PGPM execs.
give him a call...don't know how valid this number is either.
Samuel C. Smith
Manager
Company name Striper Wells LLC
Address STRIPER WELLS LLC
2112 HIGH POINT DR SACHSE
TX 75048-2164
State TX
(972) 429-7271
I have this number....don't know if it's any good or not
crescent hill capital corp
100 CRESCENT CT,
DALLAS TX 75201
Business Phone: 214-208-0590
Raffy is the owner of Crescent Hill, so maybe someone will answer.
and this number
Website: http://www.pilgrimpetroleum.com
Phone: 972-655-9870
Email: info@pilgrimpetroleum.com
***************************
this used to be PGPM physical address...no idea if it's still valid.
4400 Westgrove Drive
Suite 106
Addison, TX 75001
United States
Founded in 2003
Phone:
972-381-0402
Fax:
972-381-0400
I will dig around my decade old notes and see what else I can come up with.
Did you call "Pilgrim" or the virtual office?