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No problem, just love the musical mines game!
Well your posts are all over the WSRA board and the email was from MC at WSRA - thought you might want to know that WSRA is not owned by GEAR as I posted last Feb/Mar.
Actually Chaffee responded to my email.
WSRM wsrm@citlink.net
6:43 AM (3 hours ago)
to me
With respect to GEAR, In late 2011 GEAR made a big deal out of acquiring a controlling interest in WSRM. They just forgot to mention they had not yet paid for it. They later defaulted on the payment on that obligation and forgot to tell anyone that either. In early 2012 they again re-negotiated a deal with several shareholder that would have given them a controlling interest in Western. They again defaulted on that obligation as well and just did not again, tell anybody about it. The individual shareholders notified them again of default on the part of GEAR. They claimed they have no money. The shareholders that were party to that deal have told the President of GEAR and Cory not to "call again".
GEAR still has the YIELD sign, guess they know they have to fess up on the WSRA takeover that NEVER HAPPENED and they must reveal that fact in their financial report.
That's a guess but made without knowing know Rod, SIRG's CEO. He got burned by announcing the LOI and then discovered the permit problem. Did he PR the chill release right away? NO. Did he PR the Rizzo hiring or wait for 2 months?
Again - the dilution is done, SIRG is current and there are no notes due until 2013. SIRG longs grabbed every cheap share we could get and SIRG's SS is low for a sub-penny stock. I know another stock that has twice as many O/S and not a solid asset.
Sad that the only thing to post about is reruns of the Asher Notes. If you want to learn more about notes, check this out.
http://investorshub.advfn.com/Clients-of-Fairhills-Capital-25493/
Common problem with people not seeing the value in buying an undervalued stock like SIRG but SIRG longs knew what they were buying.
It was a fast bidding war to get shares under .002 and everyone waited for VERT to appear again so we could get more cheapies. Most of us were hungry!
Some preferred to watch and wait and then wailed that they didn't grab all they could under .002.
SIRG does not need one year notes as they will be paid off with funding when the permits are approved.
Might help to do a little research and learn how copper mine development is funded. Try Arizona Pension Funds! Try hedge funds.
No comparison to betting on a company finding a vein of gold or flakes in a bucket of gravel.
My WAG is that they have a commitment for $10M based on permit approval. - Get the permits - get the money!
Yes the Asher notes did add to the SIRG O/S but that was Jan-Mar and that was 3 months not 6 months. But those shares were grabbed at super cheap prices - a million shares for a little over $1,000! Now costs $8,000 to buy those shares!
The Vertical Trading Group (VERT) 98,551,602 Volume Year to Date
Water over the dam and shares into SIRG longs portfolios.
file:///C:/Users/LMC/Downloads/SIRG%20Monthly%20Share%20Volume%20Report%20March.htm
I seem to recall posts about the permits not being approved and the "chill" and the dilution BS has been shouted about since a post made on March 3th.
Well guess what?
The MPO permit was approved!
The chill was removed"
Five months later and no massive dilution as was claimed!
Let's post the whole thing as it appears in the Annual Disclosure Statement.
In the last quarter, a total of 125mm new shares were issued to eliminate debt and share issuance obligations, as well as to secure capital for legal, accounting, Pink Sheet Subscription fees and other necessary expenses to bring the Company’s filings current.
We know Paul and Marc were never paid salaries because GDSM never had any revenues. But if Jason Cooper got 31M shares for serving as CEO then Paul and Marc deserved some shares too, despite the fact that Jason and Paul failed to produce a penny in revenue during their service.
So the question is - 125,000,000 shares were issued Oct-Dec and another 50,000,000 Jan to Mar.
HOW MANY OF THOSE SHARES WERE SHARE ISSUANCE OBLIGATIONS TO PAUL AND MARC AND WHEN DID THEY DUMP THEM?
http://www.otcmarkets.com/otciq/ajax/showFinancialReportById.pdf?id=75220 PAGE 7
GDSM will never get to QB status! Too many skeletons in the closet that the Lovito brothers need to keep buried.
Do you think they want shareholders to know how many of those 135,000,000 shares that were issued last Oct-Dec went to them and that they sold them on the run to .034? I don't think that revealing that the Lovitos dumped shares would be good for building shareholder value.
We already know that Jason Cooper dumped his 31+M that he got for serving as a deadbeat CEO for a year or so.
Why is there no volume today - thought everyone was all hyped up to load up at these bargain prices?
GDSM has had the "limited information" Yield sign since Aug 21st. Quarterly reports are due on the 15th and this is the 2nd time that GDSM has been late.
WSRA got their filing done on Aug. 14th one day early!
Very poor performance for a company that "claims" it wants to uplist. Actions speak louder than words and their actions all indicate they have no intention of uplising. When a company can't complete simple Financial Disclosure Statements on time the SEC can deny their application for 2 or more quarters and then they can file again IF THEY GET THEIR FILINGS DONE ON TIME!
GDSM has long passed the deadline for releasing their Financial Disclosure Statement. Next they will received the caveat emptor!
This shows Marc and GDSM's failures continue and a very bad sign for a company that has claimed their intention to uplist. Late filings are heavily frowned upon by the SEC which must first approve their application to uplist to a higher tier.
Marc first touted the uplist BS to shareholders on Dec 21, 2011 and again on January 12, 2012. Failure to follow through shows the list of failures continues or the uplist was pure fluff and BS just as the NI 43-101.
If Marc were serious about uplisting he would have had that accounting firm all set up by March and the application should have been submitted by June.
A year from now GDSM will still be a stinky pinkie!
SIRG is not in default in the payment of principal, interest, asking or purchase fund installment or other default with respect to any indebtedness. There is no death spiral and everyone who knows what a death spiral is - knows there is none with SIRG. No notes are due until 2013.
Circumstantial Evidence is accepted in a court of law and my case has been presented. With only the APP hurdle left to jump SIRG has made a great deal of progress in 2012 and is on the home stretch.
Rod hosted a town hall meeting in Chloride for the locals, BLM agents and town officials in June during which he announced the awarding of a contract to Desert Construction for the ore moving operations. He further announced "Sierra hopes to start construction in December and have the plant producing copper in January or February."
With the approval of the MPO SIRG is on schedule and continues to make progress towards production in 2013.
Will GDSM get its Financial Disclosure Statement filed today or will the hurricane get blamed for their failure just as Chaffee blamed the heat for the failure to fill all 50 buckets with gravel and test them?
Transparent? I ask again - why not release the test results that everyone expected to get last July? If they were good, WSRA and GDSM would have touted them for the world to hear! Based on their continued silence one is left to assume two conclusions.
1. The test results were horrible.
2. No reason to do an additional 25 buckets based on the first test results.
SIRG will retire the notes when the permits are approved and funds released. Give them another 6 weeks and see.
With potential revenues of $175,000,000 over the life of the mine the notes are a pittance in comparison of the potential.
Testing by 3 independent companies proves the ore reserves are there.
With the purchase of the additional 90 acres adjacent to the pit area the mine would be able to expand. It has repeatedly been suggested that test drilling be conducted in the area south of the pit. Should those future tests prove the existence of more ore reserves that could double that 50M lbs to 100M lbs. and revenues to $350,000,000.
Let's discuss misleading statements made by Marc and GDSM.
Marc Lovito made the following false statements.
Dec 21, 2001
Additionally, the Company is in the process of securing a legal and accounting team to audit the Company’s books and records. This team will work expeditiously to make Gold Coast a fully-reporting company and move to the OTC Bulletin Board Listing Teir. It is important that the Company seek to upgrade its listing status as its mining activities progress. This will make capital in the future not only easier to obtain, but cheaper to the shareholders.
Three weeks later the same BS. I guess "expeditious" was a clear exaggeration as 3 weeks to select an accounting firm is not expeditious!
January 12, 2012
The Company continues to interview for a legal and accounting team to audit the Company’s books and records. The goal is to make Gold Coast a fully-reporting company and move to the OTC Bulletin Board Listing Teir. This move is important for the Company as its mining activities progress. The Company has not and is not currently engaged in any capital raises or selling of shares. The issued and outstanding stock remains currently at 579,887,086.
Between Jan-Mar another 50,000,000 shares were dumped into the float to "settle debt" with no explanation what debt was settled. That brought the O/S to 629,887,086. Another 25,000,000 shares were dumped in June bringing the O/S to 654,887,086 leaving less than 100M shares left in the treasury.
The funding of the project and development work on the claims was initiated in February 2012. SIX months later and still no test results from the Gold Crown buckets.
And Oct. 20th and that $100,000 payment on the JV moves closer and closer.
Clearing his debts? Please provide proof that any of Marc's still current judgements have been paid. Pretty sad to live most of your adult life in unmanageable debt.
But if he and Paul received most of those 135,000,000 shares that were issued last Oct-Dec (DESPITE MARC'S CLAIM OF NO DILUTION) they could have dumped them at .02 and higher giving them a nice bank deposit.
We know Jason Copper dumped his 31+M shares from Jan to Mar. Sure wish Marc would start the uplisting he promised.
No problem - hope everyone takes the time to read the report on WSRA and GEAR released yesterday.
http://www.cohenresearch.com/cohenresearch/Images/GEAR_International_06_05_2012.pdf
Good for a Monday morning laugh.
And miracle of miracles - GEAR and WSRA leaped to the OTC without even filing! LOL
Please provide proof for your statement that there were 34M shares of SIRG added in the June quarter.
Based on my records that is a false statement by over 50% so please provide proof that my records are wrong or cease making false statements.
SIRG is a start-up company and all aware of the fact that the company must be built prior to producing revenues.
Please provide proof for your statement that there are massive shares waiting to be sold. Please identify the note holder and the number of shares and the dates.
SIRG OWNS 80% of the Chloride Copper mine with NO MORTGAGE. It received the MPO from BLM and is progressing with the transfer and approval of the APP from ADEQ. It is on target for production to begin in less than 6 months.
The infrastructure is in place and is being refurbished and expanded.
Rizzo Report increased the reserves and they are higher than previously estimated. The existing ore below the current bench levels from 3695 to 3420 values known between 3420 and 3310 could add another 13 Mlbs.
Many holes were abandoned with higher than cut-off grade Cu values in and around the existing pit. Their continuation at depth could prove additional resources. Based on the forgoing, it is safe to assume that the current known resources would provide a minimum of 50 Mlbs of ore; at 5Mlbs/annum, that would support a 10 year mine life.
50,000,000 lbs of copper sold at $3.50 would result in revenues of $175,000,000. There is also approximately $10M worth of zinc. It is highly doubtful that the price of copper would remain at $3.50 for the 10 year life of the mine.
http://www.sierragroupinc.com/wp-content/uploads/2012/05/L10-Chloride-Copper-Resource-Report.pdf
Marc Lovito is the current CEO of GDSM. His personal financial history is about the same as his brothers.
Marc lacks experience at running a successful business and that should be of concern to shareholders as his track record of failures shows a lack of the ability to run any company and even control his own personal finances. While unable to pay his taxes, HOA dues, judgements and mortgage payments he drives a Hummer? Thirteen years of documents prove that he is not able to control his finances. This is not the record of a responsible successful businessman.
In 1999 a lien was filed against him for $4,021 for work performed on his property.
They live at 6910 NW 28th St. in Margate, FL., 33063-2051. Previously they lived at 6950 NW 87th Ave in Parkland, FL, 33067 a home they bought on 10/13/1999.
On 12/7/2005, a lien was put on their condo at Coral Lakes Estates for failure to pay the $90 per Quarter maintenance fees.
But no problem, they just re-financed it to pull out $45,000 on 1/20/2006 with Household Finance Corp III but they had a $20,000 note to pay off.
On 11/13/2006, Marc and Josephine took out a mortgage for $325,000 from Stewart Mortgage Services in Houston, TX.
On 1/28/2008, a Lien was filed on property they owned at 10922 N.W. 46th Dr. in Coral Springs for $1,255 by the Kensington Green Homeowners Assoc.
Another lien was filed by the HOA on 2/5/2009 for $1,340.00.
Marc and wife, Josephine were foreclosured on 24 Jun 2010 when they could not refinance it anymore and failed to pay some $368,000 plus taxes, etc. on their home to Deutche Bank National Trust Co. and the Coral Lakes Estates HOA.
Where did Marc get the $15,000+ to pay off this lien? Sale of GDSM shares? Dam pinks never reveal when the insiders sell their stock!
Certificate of Release of Federal Tax Lien - recorded 7/9/2012 for taxes for the periods ending 12/31/2005 ($10,368.43) and ($5,400.42) 12/31/2006.
Marc is also deep in debt from the lawsuits and the failures of Brass Bulls and LIB companies.
There is also a lawsuit against all four brothers by American Millennium Investment Corp. in the Circuit Court of the 15th Judicial Circuit for Palm Beach Co.
The Company has also acquired and/or expanded the Gold Crown, State Land Lease in Skull Valley and Table Mesa. (GEAR claim)
Considering the fact that there is proof that Michael Chaffee transferred the Gold Crown lease to himself, WSRA has filed a false filing and this will be reported to the SEC along with a copy of the lease transfer.
I am emailing Chaffee and if he fails to explain the Gold Crown a SEC complaint will be filed.
What a BS report.
GEAR International Inc (OTC BB: GEAR), directly and through its associates, in engaged in mining of gold, silver
and other precious metals.
GEAR IS NOT OTC BB - and it has a yield sign because Dale failed to file the Financial Disclosure Statement.
That company needs to hire a proofreader! They already have a great liar!
During the last 12 months, the Company completed the majority acquisition of Western Sierra Mining (OTC BB: WSRA) and entered into a joint-venture agreement to develop the prolific Silver Cord Mine in Arizona. This major acquisition has resulted in the Company significantly increasing its asset base and improving its balance sheet. The group encompasses a wide area of experience including Western Sierra Mining with over 100 years of mining experience in Arizona.
The staff of GEAR is knowledgeable in all the relevant areas of the group’s business as well as site planning, code compliance, engineering/material science and logistics.
WSRA despite being over 100 years old is like GEAR NOT OTCBB - it remains a stinky pinkie.
The prolific Silver Cord mine - prolific? This abandoned hole in the ground has two cave ins and floods! Oh that's it - prolific floods!
While demanding proof from others, the same level of proof should be provided in return.
It appears that the Behr Dolbear Feasibility Report (NI 43-101) report that was posted yesterday was missed. It was done in 2006 when copper prices were in the $2 to 2.75 range. It was done when the mine was owned by a Canadian company.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=78914531&txt2find=behr
Continuing with Brass Bulls, the company founded by Paul, Matthew, Marc and Darrin Lovito.
And then there is the LBI groupe of miscellaneous companies, all failures. Marc's biol would have everyone believe that he is/was a successful businessman but the facts speak for themselves. Successful companies pay their taxes and do not have liens and judgements won against them.
State of Florida Tax Lien May 2003.
Judgement of $25,178.24 on May 13, 2009.
Judgement of $4,589.68 on July 14, 2010.
Tax Lien recorded 4/6/2010.
Judgement of $25,428.24 on Oct. 31, 2011.
State of Florida Tax Lien For Belle Terre Condominiums.
Tax Lien recorded 8/23/2011
Final Judgements of $15,000.00+ interest and $27,000.00 + interest.
SIRG is planning on purchasing another 10% of the mine for $1,500,000 plus stock and warrants. They already own 80% of the mine.
So multiply 8 times $1,500,000 and what is the value of the mine? With the approval of the permits, the property increases in value and ore reserves fluctuate as well.
The mine is worth a minimum of $12,000,000 and as high as $15,000,000.
SIRG at the current share price of .008 has a market value of $2,409,531 showing it is extremely undervalued. Fair market value would be at least .03.
Smart investors would grab these cheap shares because once the last permits are approved and the funding revealed they will be chasing SIRG. The float is very tight.
In the Gold Star Technical Report there is a copy of the check but there is no proof that it was cashed or returned to them.
Here is a link to the Gold Star Report.
http://mccoygoldmines.com/pdf/GoldStar-Technical-Summary.pdf
Totally agree and Paul Lovito as a former CEO of GDSM is on topic.
Marc as the current CEO of GDSM is on topic.
Brass Bulls was the IR company for WSRA in 2009 and can be seen in their PRs issued during that time. WSRA is GDSM's JV partner so they are connected.
The Lovito brothers are not only connected by blood but by numerous companies they founded and failed at.
Marc Lovito's bio is on the Gold Coast website and lists all his accomplishments making him an awesome CEO for GDSM! That bio is very carefully presented to not name or identify Marc with any of the long list of failed companies. There is no proof that anything in that bio is true. What is true and can be proven is a long list of failed companies all involving Marc and his brothers.
Paul, Marc and Matthew were all officers of Brass Bulls. BB was the IR for WSRA and GDSM back in 2009 so there is a connection and they are on topic.
Marc Lovito is currently the President of Gold Coast Mining Corp. Mr. Lovito has over 10 years’ experience working in the public markets and assisting publicly-traded companies. During this time Mr. Lovito has worked with several hundred clients in various areas including; mergers, acquisitions, fund raising, public relations, marketing, restructuring, spin-offs and regulatory compliance. Mr. Lovito has been involved in 50+ reverse mergers and over $15mm in capital raises for small OTC companies.
Mr. Lovito’s experience in the small cap market will not only be invaluable to rebuilding shareholder value and leading GDSM forward, but will also be the key to avoiding the typical small cap pitfalls. In addition to his activities in the public markets, Mr. Lovito has owned and been a partner in a variety of businesses including real estate, marketing and a hedge fund. The involvement of Mr. Lovito with a wide range of diverse business models provides him with a solid foundation of knowledge, contacts and resources.
Marc's 10 years of experience as shown on GDSM's website is a on topic for discussion. What the GDSM website fails to tell investors is that Marc has 10 years of failures.
Let's start with Brass Bulls.
Florida Profit Corporation
BRASS BULLS CORP.
Filing Information
Document Number P05000038565
FEI/EIN Number 050618774
Date Filed 03/07/2005
State FL
Status INACTIVE
Last Event ADMIN DISSOLUTION FOR ANNUAL REPORT
Event Date Filed 09/24/2010
Event Effective Date NONE
Principal Address
11555 HERON BAY BLVD.
#200
CORAL SPRINGS FL 33076
Changed 04/04/2008
Mailing Address
11555 HERON BAY BLVD.
#200
CORAL SPRINGS FL 33076
Changed 04/04/2008
Registered Agent Name & Address
LOVITO, PAUL F JR
11555 HERON BAY BLVD.
200
CORAL SPRINGS FL 33076 US
Address Changed: 04/04/2008
Officer/Director Detail
Name & Address
Title P
LOVITO, PAUL F JR
11555 HERON BAY BLVD., #200
CORAL SPRINGS FL 33076
Title VP
LOVITO, MATTHEW J
11555 HERON BAY BLVD., #200
CORAL SPRINGS FL 33076
Title CFO
LOVITO, MARC A
11555 HERON BAY BLVD., #200
CORAL SPRINGS FL 33076
Title S
LOVITO, DARRIN J
11555 HERON BAY BLVD., #200
CORAL SPRINGS FL 33076
Annual Reports
Report Year Filed Date
2007 10/12/2007
2008 04/04/2008
2009 09/18/2009
http://www.sunbiz.org/scripts/cordet.exe?action=DETFIL&inq_doc_number=P05000038565&inq_came_from=NAMFWD&cor_web_names_seq_number=0000&names_name_ind=&names_cor_number=&names_name_seq=&names_name_ind=&names_comp_name=BRASSBULLS&names_filing_type=
Internet Exposure
Brass Bulls will effectively market your company on the internet. Your company will be discussed on numerous message boards and be featured on a number of financial related web sites. We will also monitor the Internet for a “feel” of the investment community’s sentiment on your company. Once we are able to understand the investment community’s concerns and questions, we will be able to address the issues that may be keeping potential shareholders on the “fence”.
BBC’S Management and Staff have over 55 years of combined experience in the public markets.
Direct Mail
Brass Bulls will conduct an initial direct mail program that will include the distribution of:
* A postcard sized mailer to over 100,000 investors
* A mailer of the broker/investor fact sheet to our database of brokers, investors and shareholders of public entities
* A mailer to your current shareholders with an 800 number for more information on the current and future developments of the company. Your current shareholders are your most underrated asset.
Brass Bulls will follow up the initial direct mail program with regular mailings to your shareholders and our database of brokers and investors. These mailers will consist of our newsletter, news releases and corporate developments.
Fax & Email Broadcast
The fax and email broadcast will be similar to the direct mail program. Brass Bulls will fax and email the Broker/Investor Fact Sheet, as well as future communications, to a separate fax and email database of brokers and investors.
Sounds like paid posters on message boards and a pump & dump operation!
Brass Bulls can present to you a variety of opportunities for creative financing. These forms of financing will allow your company to obtain additional assets and/or resources when it is unable to do so through traditional forms of financing. Creative financing is available in a tremendous number of forms; including stock swaps, asset swaps, lease backs, etc. Brass Bulls staff is extremely creative and considers this area to be one of our best services.
Why couldn't they finance the JVs with GDSM?
http://www.brassbulls.com/public-relations.html
Wait a minute - SIRG longs can "see" that Rod has made moves that clearly indicate he has secured funding with a permit contingency.
Sorry can't provide "proof" of what SIRG longs can "see".
I believe it would be called circumstantial evidence.
Circumstantial evidence is also known as indirect evidence. It is distinguished from direct evidence, which, if believed, proves the existence of a particular fact without any inference or presumption required. Circumstantial evidence relates to a series of facts other than the particular fact sought to be proved. The party offering circumstantial evidence argues that this series of facts, by reason and experience, is so closely associated with the fact to be proved that the fact to be proved may be inferred simply from the existence of the circumstantial evidence.
A record of continued failure after failure by the Lovito brothers is very important so that shareholders know who is trying to run GDSM.
Here are 3 of the 4 Lovito brothers, Matthew, Paul and Marc, and proof that LBI Properties was served an eviction notice in May of 2003 and ordered to vacate by June 1st or the sheriff would move them out.
Paul and Mark were involved in these companies at the same time they were involved in GDSM.
Evicted again in 2004 shows continued failure.
From the Florida SOS we learn that Brass Bulls and the LBI companies went inactive around 2009.
The boards are to talk about the companies withOUT the references to other people who post on this site. Everyone please obey the I-HUB rules.
I made a mistake - my bad - should have been $400,000.
Let us not forget that 3 Asher notes were retired along with over $400M of debt in the 2nd quarter.
Still waiting for this proof - what's the holdup?
Please provide proof for the claim that SIRG was downgraded 2 times.
Quote:
sirg was also down graded 2 times to "not fully reporting."
Still waiting for proof that SIRG was downgraded twice as posted.
LarryM1977
Sunday, August 12, 2012 9:38:57 AM
Re: SaltyMutt post# 15679
Post # of 17006
"And as it turns out, I was dead wrong in making that post and don't mind to admit when I'm wrong about something"
Interesting.. Share holder unfriendly = Toxic.
Took along time though huh?
sirg's management claimed they turned down this type of financing when they were using it the entire time. Credibility issues with management.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=77288216&txt2find=wrong
LarryM1977
Saturday, July 07, 2012 3:18:57 PM
Re: lmcat post# 13054
Post # of 17006
WRONG AGAIN
"That usually means a bankruptcy!"... solely your opinion only. And you still have yet to provide a link that clearly states bankruptcy and do to that bankruptcy the mine was not for sale.
---------------------------------------------------
StockKingArthur
Tuesday, May 22, 2012 7:15:24 PM
Re: druzela post# 9221
Post # of 17006
Wow. The deeper I dig the more questionable sirg becomes. My suggestion would be for people to take the rose colored glasses off and stop drinking the kool-aid, could very well be somebody is lining their pockets.
How is the above not OT?
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=75867688&txt2find=drinking
-----------------------------------------
And lastly this post that uses YOU and YOUR several times.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=78932505
-----------------------------------------------------------------
GDSM has failed at 5 previous mining attempts and has been under the control of the Lovitos who by all accounts have failed at everything they did. Paul has been a financial failure for almost 30 yrs! Is it any wonder he failed to secure funding for the 2 JVs with WSRA? Clearly he failed to have the financial expertise to secure the funding.
Paul F. Lovito Jr. has been the Chairman, President, Chief Executive Officer and Director of the Company since September 2001. Mr. Lovito has been President and Chairman of LBI Group, Inc., a business consulting company, since June 1994. Mr. Lovito is Chairman and Chief Executive Officer of LBI Properties, Inc., a development stage real estate holding company, a position he has held since February 1998. He also serves as Chairman of LBI E Web Communities, Inc., an internet holding company, a position he had held since June 2000. Mr. Lovito has been the Chairman and President of LBI Asset Management, LP, a Delaware partnership, which provides management, services to the related companies, a position he had held since July 1998. Mr. Lovito is also the general partner in LBI Capital Partners, LP, a hedge fund, a position he has held since July 1998. All of the foregoing entities are located in Coral Springs, Florida.
http://www.reuters.com/finance/stocks/companyOfficers?symbol=GDSM.PK
Paul has been in financial difficulties most of his adult life, and I mean total failure.
In 2/14/1985 Paul and Maryann lived at 7885 NW 1st St. in Margate, FL.
http://www.gosur.com/map/?gclid=CNOl2tGkhbICFchgTAodiEAAOA
In 2/15/1996, Paul & Maryann lived at 10918 Royal Palm Blvd in Coral Springs and took out a mortgage for $99,900 for a property at 10922 NW 45th Drive, Coral Springs.
They re-financed their home in Jan of 2002.
On 5/6/2009, their home in Kensington Green in Coral Springs was mortgaged with Countrywide. Paul also failed at his marriage to Maryann. They lived at 6573 NW 127 Terrace in Parkland, FL.
https://www.broward.county-taxes.com/public/real_estate/parcels/484108-11-0830
https://www.broward.county-taxes.com/public/real_estate/parcels/484108-11-0830/bills/5430066
Paul doesn't believe in paying taxes either!
Paul also has a long history of debt. On 1/28/2008, a Lien was filed on their home at 10922 N.W. 46th Dr. in Coral Springs for $1,255 by the Kensington Green Homeowners Assoc.
Another lien was filed by the HOA on 2/5/2009 for $1,340.00.
2009, Judgement for over $25,000.
2011 - Judgement has grown to $27,000!
And the liens continue with his new wife.
Paul and Kimberly live here.
https://www.broward.county-taxes.com/public/real_estate/parcels/484108-11-0830
There is more but I believe this shows enough to prove that Paul was a failure at both his personal and business failures of LBI, Brass Bulls and others and was totally unfit to be the CEO of GDSM!
Stay tuned - Marc coming up next!
Nobody is denying that SIRG needed to hire Rizzo and CDMSmith along with the additional accounting costs due to the chill. That takes money and SIRG needed to borrow funds. These were all expenses that could not be anticipated until it was discovered that the permits were not "good for the life of the mine" as stated in at least 2 previous technical reports.
Borrowing money to fund the building of a company is a normal procedure. Perhaps Rod should just have thrown in the towel and said "I can't do this" and walked away.
Rod needed money to pay unexpected expenses and he needed it quick. Asher was likely the only source that could provide those funds and when the permits are approved and the funds released Asher will be in the rear view mirror as SIRG continues its progress to production.
Let us not forget that 3 Asher notes were retired along with over $400M of debt in the 2nd quarter.
Still waiting for this proof - what's the holdup?
Please provide proof for the claim that SIRG was downgraded 2 times.
Quote:
sirg was also down graded 2 times to "not fully reporting."
Please share with the board what there is to believe in?
I am not bashing - I am posting facts, something I have done on the SUGO board for almost a year. I have followed SUGO for a long time and know their failures well.
SUGO has nothing - they defaulted on their claims and their notes!
Now I know why that name sounded familiar. Why would he be involved with GEAR? - But he has been connected to GEAR previously and has many connections to Dale.
SIRG was downgraded for one day by OTC markets by mistake when in fact their NT-10Q was filed on Aug. 15th the due date for an NT filing. Proof that the NT-10Q was filed on time on the 15Th.
10-Q Aug 21, 2012.... Jun 30, 2012.... 464.5 KB
NT 10-Q Aug 15, 2012.... Jun 30, 2012.... 20.4 KB
http://www.otcmarkets.com/stock/SIRG/filings
Please provide proof for the claim that SIRG was downgraded 2 times.
" The Davis-Dunkirk Mine is about half the size of the Senator Mine with the main tunnel running about 2 miles deep".
Wow what a stretch. How deep is 2 miles? - there is NO MINE IN ARIZONA that is 2 miles deep, and I doubt if there is one that deep in the US! It would #1 be too hot to mine that deep and #2 too expensive to haul employees up and down along with tools, supplies and the ore!
Mining at that depth is not only extremely dangerous but not financially feasible. Imagine hauling ore up a shaft 2 miles deep!
And if that tunnel was 2 miles long it would end up invading property they do not own. Now that could get interesting!
And everything is preserved very well! Just take a look at that railroad that is "preserved" and usable! It is a rusted out relic!
And it says it is a dry mine! Wrong - the flooded shaft is clearly visible!
SIRG has dealt with their past issues and is leaping hurdles one by one. SIRG is roughtly 6 weeks away from permit and funding releases and 5 months away from production.
With the 30 day review period for the EA coming this week, we will be in contact with BLM in Kingman to check on that approval.
From there it is off the the ADEQ and the update and transfer of the APP permit. This process is already underway with CDMSmith of Phoenix handling it.
Do you know that it can take years to get a new APP permit. Fortunately APP P-101846 already exists and can be transferred.