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The only "insiders" required to report sales to the SEC would be Glen and his wife.
Golden Gate/State doesn't have to report what they're selling. Neither does anyone else with less than 10% ownership. I think with the current O/S that 10% is about 400,000,000 shares.
I think you're forgetting the $$Millions in court judgements against TGLN that Gamefly would then have to pay off as well. Oh, and starting out with about 4 BILLION O/S, for with they received nothing.
So it would only cost them about $3,000,000 to take over this piece of crap...or they could spend $1 million taking Gamefly public and their founders and investors get the money from the IPO.
I'm no math major, but I can figure out this one!
Scon,
I'm a really big fan of facts; here are some. The A/S is 5 BILLION shares. Before the CEO cancelled half of his FREE shares, the O/S was over 4.7 BILLION shares. This is all taken from the company's filings.
GGI will get new shares issued as soon as they can sell the shares they had issued yesterday (at 80% of the market price). The can own 9.9% of the O/S at any given time; they will have new shares issued as they dump the shares they're holding.
In my opinion, the CEO had to cancel some of his shares, otherwise GGI would not be able to get their contracted shares. The only other way to accommodate GGI would have been another reverse split.
Scon,
GGI gets the stock at 80% of market price and then immediately sells it. Their idea of a long position is a week.
The viability of the company means nothing to them; all that matters is enough trading volume to dump the shares as quickly as possible.
Per their contact they never own more than 9.9% of the O/S. However, that doesn't mean they can't sell 9.9% a couple of times a week, contibuting to a huge increase in the O/S.
A real investor gets restricted stock, which they have to hold for at least six months, but not GGI. Their stock is issued "unrestricted" somehow.
If the CEO had not surrendered the shares he did, they would have been required by the GGI contract to either raise the A/S or do an R/S.
Good luck!
I'm still waitng to see who the three un-named consultants are (noted in the aquisition agreement). I think that may be really telling, but the company hasn't filed an 8-K with that info. Strange, they always have in the past...
As far as Glenn and his wife surrendering shares, let's remember how much they paid for those shares. Oh, wait. They didn't pay ANYTHING for them, so are they really being so benevolent? I don't think so. My opinion is they had to do it to be able to honor the contract with Golden Gate/Golden State. The company was at the upper end of the "authorized shares" and GGI/GS must get there shares to avoid a lawsuit.
I'm waiting to see more lawsuits from the SEC. They say the investigation is continuing.
I think this will be at .10 in a few days; of course that will be after the 10,000 to 1 R/S.
My opinion only....
My opinion is it's right about time for the next R/S...
My opinion only!!
"Forward Ventures GP. DBA Absolute North America"?? Can anyone find any info on this company? I've tried to locate info on the company that "Sterling" has become a dealer for, but I can't find anything at all on them. Has anyone else?
This yacht hasn't even been built yet. Take a look at
http://www.superyachts.com/largest-yachts/predictions-for-2010.htm
it isn't even in the forecast to be built this year! This megayacht has been on websites for almost three years.
How about a post that has some facts and maybe even can be understood?
Pennymaverick:
I continue to try to remain respectfull, but you are really making it difficult. These filings are proofed and signed off on by the SEC Councel (Brian Faulkner), the CPA Firm (Child Van Wagoner) and of course "Glenn".
Now what kind of a business man is Glenn if he lets a "Special Power of Attorney" assigned to John Fleming "slip through" on a mistake in one of his first filings as a public entity? Wouldn't a prudent person go through these with a fine tooth comb as well as having his private attorney (not Fleming's old guy) and anyone else he can get to look at them make sure there are no mistakes?
And this is no small mistake.
I personally would be surprised if it's a mistake; but if it is, I would sure question the new leadership's attention to detail, among other things.
OK, so Fleming is gone; my bigger concern is and always has been Golden State. They ponied up another $20K for this audit, after putting in another half million $$ into the company in the past year. They cannot get their contracted amount of stock without a R/S.
So, unless Glenn can write them a check for about $500K, there will have to be a R/S soon so they can keep executing on the warrant and debenture agreements.
Also, aren't you a bit concerned that the company has about $1,000,000 in unsatisfied judgments? If they were to actually acquire a million dollar yacht free and clear one of the judgment creditors could (and probably would) have the Sheriff seize it and sell it. Quickly.
And we still haven't heard a "plan" to deal with any of these issues.
You are not missing a thing.
Pennymaverick, welcome back.
You ask for facts, here are a few:
Regardless of who is at the helm, the company has the history.
THE COMPANY did four R/S wiping out investors everytime and then issuing billions of shares again to the directors and consultants.
THE NEW MANAGEMENT OF THE COMPANY just diluted the stock by a multiple of ten to ensure that the new management owned 80+ percent of the stock.
THE NEW MANAGEMENT OF THE COMPANY still has an agreement for death spiral financing with Golden State Investors.
THE NEW MANAGEMENT OF THE COMPANY has not even managed to put a decent website up in the past few weeks, they are using a stock site from "yachtworld" with the info copied from the new CEO's old site. They haven't even bothered to removed the "GoDaddy Free Hosting" banner; does that sound like a million dollar company?
GLENN MCMACHEN was so confident in this deal that he apparently brought absolutely NO ASSETS into it.
Those are FACTS. If you can dispute them, please do.
Regarding your staement that Fleming and his group represent a small percentage of the float; how do you get to that? According to the text of exhibit filed with the 8-K, there was 565,652,882 shares outstanding before the sale. Add Fleming and company's 385M to GGI/GSEI 42M and that leaves less than 140M shares held outside the company.
Fleming and the two directors still hold 150M plus the 35M held by their other company (it's in the filings). Even assuming they aren't getting any of the 325M going to the unnamed consultants, they still hold 185M compared to the float of 140M, not exactly a small percentage.
The contract REQUIRES the company to issue the shares and doesn't care who's in charge, as soon as they don't GGI sues. Take a look at the few companies who have tried to protect their shareholders by refusing to issue shares to GGI for them to short.
GGI will dump the shares they own at a fraction of the current market and then sue the company. The have an attorney on staff just for enforcing these contracts. I've done extensive research on GGI/GSEI and very, very few companies they touch are ever able to avoid the "death spiral". BTW, Fleming gets a percentage of everything GGI makes on the deal, has "Glenn" signed on to that?
The only way to make money on this deal is to short it. And you'd better hurry because judging from past experience this will R/S within the month, in my opinion. Remember, it was only a few months ago that this company (it is still TGLN, right) did a R/S taking the existing shareholders down to less than a 1M and then issued 385M new shares to Fleming and his group.
I see nothing that tells me they won't do it again. "Glenn" may be a great guy, but according to the filings he has put zero hard assets into this deal, he doesn't really have anything to lose, unlike the shareholders who have paid actual money for their shares.
The contract calls for the shares to Kaptiva Group (150 M) to be included in a registration agreement and be free trading, that would indicate to me they are not part of the shares issued to "consultants" as those are restricted. I also am puzzled by the fact that in every other consulting agreement that TGLN/GZFX has had they filed a copy of the agreement with their 8-K, thereby letting the shareholders know who the consultants were, why not these?
As far as "Glenn", I have no opinion at all, nor have I posted anything about him, negative or otherwise.
And finally, if you haven't already, I would suggest you take a look at GGI. They WILL get their 9.9%. And as long as the volume is there, they get their sold shares reloaded EVERY DAY. And since they buy at about 80% of market, they can't lose.
They are the biggest villians in this company and they sure aren't leaving.
I would also appreciate the respect I gave you. I didn't refer to your posts as BS, etc.
If my numbers are wrong, feel free to correct them. I took them right out of the filing. But don't call me a liar, I take offense to that.
Why would you assume that? The 325M is restricted and listed as going to three consultants and the 150M is going to be registered and free trading.
Two different line items.
As far as Golden Gate, take a look at any company they still have a contract with. They always get their 9.9%, why would this be any different?
If you're going to quote me, please quote correctly. The complete sentence was "650,000,000 owned by Fleming, et al and the consultants and the broker"
Is my math wrong?
Fleming 75 M
Shiff 50 M
Crist 50 M
Consults in the 8-K 325 M
Kaptiva Group 150 M
Isn't that 650 million?
17.5% ? Isn’t it actually about 2.2 %.
Let me run through those numbers here:
McMachen 3,514,042,158 shares
Fleming 75,000,000 shares kept
Schiff 50,000,000 shares kept
Crist 50,000,000 shares kept
Three unnamed consultants (wonder who this is guys?) 325,000,000 shares.
Kaptiva Group (a business broker) gets 150,000,000 free trading shares. Even though Article 3 of the purchase agreement states:
“Neither TGLN nor any person acting on behalf of TGLN has negotiated with any finder, broker, intermediary, or similar person in connection with the transaction contemplated herein.”
That is 4,164,042,158
Golden Gate now gets their 9.9% or 412,240,173 and reloads as they sell it (a whole nuther story).
Total owned by above: minimum of 4,576,282,331 shares once GGI demands their shares.
Now according to the filing, McMachen owns 82.5% of the O/S. That is 3,514,042,158 shares based on the filings. The remaining 17.5% is 745,402,882 and then let’s look at that.
Take away the 650,000,000 owned by Fleming, et al and the consultants and the broker and that leaves 95,402,882.
That means, instead of 17.5%, isn’t it actually about 2.2 %. Or are you counting Fleming and the rest in the same group as people who actually paid money for their shares?
So please, show me where my math is wrong. Pennymaverick said that by issuing 3,989,042,158 (those are BILLIONS) new shares and then “giving back” 150m, “all of the existing shareholders …are better off”. I just can’t see it.
Nothing shows “Sterling” has brought any real assets into this deal, according to the filing they “own” two yachts that have loans on them and no other hard assets. Apparently their real asset is their name, but they didn’t bring McMachen Yachts into the deal, why’s that? So now a company with a market cap of $594,447 has over 4.5 BILLION O/S. And you don’t see a 10,000 to 1 split coming very soon? There A/S is 5 billion, so they don’t have much room left to fill Golden Gate/Golden State’s orders for (discount) shares.
Maybe it’s because I’ve seen three R/S with this POS and they all set up just about like this.
100% up the shareholder's a--es!
Just my opinion!
I have no opinion on Glenn McMachen, but to suggest he is "preserving the shareholders" is a bit of a stretch when the deal just issued around 3.5 BILLION new shares, diluting the existing shareholders by upping the O/S by a factor of ten, isn't it?
And I'm still not seeing anything that says "Sterling" has any listings, assets or anything else. Glenn McMachen's old listings with another company just show he's been in the business, they may or may not come over to the new company. None of the PR says they have any assets, contracts, listings or the like, or did I miss that?
Oh yeh, I feel better now. This company is almost two whole months old!
I read three different yacht magazines every month and I've never seen a brokerage without a website. And don't show me the Sterling in Portland, it's not the same company.
Smells more and more like a Fleming deal!
Abondanceinvest: WRONG Sterling Yachts!
Your link to Sterling Yachts is NOT this Sterling Yachts, Inc. Your link goes to a company that has been in business for over 15 years and isn't even in Florida. This Sterling Yachts is two MONTHS old and located in either Florida or Kentucky, that's not even clear.
You're not going to silence many critics like that!
RMD Technologies, Inc Announces Plans to Manufacturer Electric Vehicles from E-Waste
Escondido, CA, February 22, 2010 --(PR.com)-- RMD Technologies, Inc (RMDT.PK) announced today it will begin manufacturing small Electric Vehicles. “We began exploring the possibility of manufacturing small electric vehicles using recovered electronic waste in 2007”, stated company President Patrick Galliher “and have since developed an efficient methodology for producing these 'Green Vehicles' using a high percentage of E-Waste. We feel that this 'Triple Green' product is perfect for today’s environmentally conscious businesses and consumers”. Triple Green refers the vehicles use of recycled materials, clean electric power and the supplemental solar power on these vehicles.
They have been working on our “proof of concept” vehicle for over two years and are now moving to the next phase of vehicle development. This phase will involve factory site selection, manufacture of prototypes and selection of suppliers for non-proprietary sub assemblies.
RMDT has applied for and received preliminary approval from the SAE as an EV manufacturer.
According to Galliher “RMDT expects our vehicle to qualify for all federal and state tax incentives, including the current federal tax credit available under the Energy Improvement and Extension Act of 2008.”
RMDT plans on launching sales of these new vehicles during the fourth quarter of 2010 with delivery of the first units soon after.
About RMD Technologies, Inc:
RMD Technologies, Inc. is a California based business founded in 2001. Since inception, RMDT has provided electronics recycling services to businesses, state and federal agencies.
In 2007 RMDT began the development of an alternative energy vehicle using a large percentage of materials recycled from electronic waste. The result is a small electric vehicle design that incorporates recycled materials, clean electric energy and solar power.
Forward-looking Statement:
Notice: Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications that may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above. The company cautions that these forward-looking statements are further qualified by other factors including, but not limited to those set forth in the company's filings with the United States Securities and Exchange Commission (available at http://www.sec.gov/). The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.
Here is the info I found from the California Secretary of State's website:
La Jolla Address:
Golden Gate Investors, Inc
Golden State Equity Investors, Inc.
La Jolla Cove Investors, Inc
1150 Silverado St. STE 220
La Jolla, CA 92037
San Francisco Address:
Golden Gate Investors, Inc
Golden State Equity Investors, Inc.
La Jolla Cove Investors, Inc.
1795 Union Street, 3rd Floor
San Francisco, CA 94123
Phone: (415) 409-3232
Fax: (415) 409-8704
The only website I could find.
http://www.ljcinvestors.com/index.html
WayneC777,
I'm not sure what your post means, are you suggesting I'M a plant for JJF??
I got into GZFX way back when. After the last R/S my 50K shares of this POS was a "fractional share" and what was once worth $thousands$ ended up $0.
I think all of you who say JJF is a "small fish" need to redo your math. Golden Gate Investors bought over $15,000,000 in GamesNFlix stock at a discount, dumped it and then helped JJF do a R/S twice, wiping out all of the investors that bought the stock they dumped. I'm sure JJF was paid a fair percentage of GGI's profit for his services, while ripping off his investors.
Now maybe $1000 or $5000 or even $20,000 is small potatoes to some of you, but I think $15,000,000 is real money in most people's books. GGI probably pocketed more than a few million in ill gotten gains.
JJF is a huge POS and should get a new ugly roommate, but GGI was the money behind the scam and the ones who profited most. GGI continues to fund JJF and help him set up even more suckers for them to rip off. I'm sure they're doing as I write this.
If you guys want to end this POS CEO's career of scamming people out of their money, get an attorney to file a shareholder suit against JJF (no money) AND GGI aka Golden State Investors. GGI/GSI (Norman Lizt) claims to have over $600,000,000 and that's a lot of deep pocket.
GZFX will make it,
I didn't mean that as bashing, I just asked a question. I just bought GZFX because a friend suggested it and it sure isn't expensive. At this price, it almost has to improve right? I was just reading through the posts and it seemed that most folks were just talking about "what if's" and "it would be nice if" type of stuff. I really am "new to this" and thought a question about financials made sense. Is this board just for "good" info? Or is it intended to discuss the stock, the company, and it's potential? (no sarcasm intended)
Here is my nice thing...the bus sure is pretty!
New
Wickw50,
What do you mean by "folly"?
I am new to this trading of penny stocks and have a lot to learn. I'm thinking I might learn some of that here! I don't have a lot of GZFX, but my concern is the "cost per customer". No one seems to notice that the company's last financials showed a loss of $2.5 million last quarter, and the number of subs has only gone up 5000 in the last year? Isn't that a cost per sub of $2000.00 each? Or am I not looking at this right? (Four quarter @ 2.5m equals 10M divided by 5000 subs equals $2000 per sub).
Does any business spend that much on new customers?
Also there are a lot of posts about the CFO getting "free" stock? Isn't that just a way to conserve cash? He's still only being paid a little over 115K per year, which isn't alot for a CPA.
Just my thoughts! I hope thats what this board is for.
New2This