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Hey guys,
He didn't say WHICH Monday, did he?
What's that date for energy independance in 2009? Is that a Monday?
Allow me to express my condolences.
"I live in a more civilized part of the nation."
I think it's called CYA. You get a permit that states something like "less than xxx ppm" and that makes us happy and the bureaucrat who has to issue it feel like he's earned his paycheck. All "I"s are dotted and all "T"s are crossed. Noone can come back a year or two later and complain of failure to follow the rules.
Dino
Actually, with a letter from corporate counsel and public filings current and a bunch of other criteria the corporate counsel checked and said the company met, you can sell it after one year. If the company is current in filings, etc., you can sell it after two years without an opinion letter. At least, that's been my experience.
Dino
Oops, I wrote too soon. I missed two points at the bottom of your post, one of which I believe refers to my remarks.
The first point is that the property appears to have been purchased by a LLC. I think it was Fairwayiron on RB who pointed out that both JR & JS are investors in that entity. If that is still true, i.e., he hasn't sold his share, then Rivera is part owner of the building. As I pointed out in an earlier post, it doesn't necesssarily matter who owns the building so long as the rent and facilities are reasonable. In fact, it often pays to be on really good terms with your landlord.
The second point is, I believe, a reference to my suggestion to hire a "suit". I certainly didn't mean to imply that he turn over control of his baby to an incompetent. The suggestion I made was to hire a competent manager to worry about the details of day-to-day operation, interface with the public in perhaps a less enthusiastic, but more careful phraseology, and allow the founder and inventor, still the controller of the company's destiny in more ways than one, to concentrate on the big picture - the dream you mentioned - and on R & D, which is usually their real love. That does NOT mean turning over control. It means letting someone who is trained in and enjoys management - selecting a vendor to handle payroll or setting up a deparment, directing the purchase of office supplies, chemicals, beans/corn, etc., negotiating with future customers, and so forth.
That type of person "ran" my company so that I was free to do the part I liked and didn't have to worry about describing what was on the drawing board rather than what was in production. I still decided what we did and when we did it, I just didn't have to do the dog work. When what I wanted was beyond the state of the art, I had to figure out how to implement it, the fun part, because manager types tend to think inside the box, whereas inventers aren't aware there IS a box. I think its called "division of labor".
Dino
Grant,
Rather than having a "nice old man" image", go with a "dirty old man image". It's not only easier to maintain, I've found it to be a lot more fun.
Dino
The best solution I've seen is to hire someone who looks good in a 3-piece suit to run the company. Rivera should have the title of "Chief Scientist" or something similar. That indicates to everyone who makes the technical (important) decisions. The minor ones, like payroll, taxes, finances, publicity, etc. Can be performed by people who are good at that style of management. VERY few people are good in both the laboratory and the boardroom.
That still allows JR to be the majority stockholder, Chairman or Vice Chairman of the Board, and make sure the company does what he wants it to. It also allows him to spend most of his time doing what I'd guess is most important to him - research and testing to improve his product/process or even discover a new one.
Ah, yes. But ever so much safer. The nitpickers wouldn't be able to cite the wrong word or pronunciation or etc.
And the stockholders wouldn't learn nearly as much.
The one adjective I left off my descriptive list about JR was optimist - which is the cause of most of the complaints on this board. Apparently, when he's talking, the best case scenario is the one he describes. Of course we all know that the best case almost never happens. It always takes longer than it should. The problem is that it hurts his credibility. I'd prefer if he'd automatically double any time estimates. That way he'd normally come in aheads of schedule and look good.
When I started out designing and writing software systems I used to double my estimate before telling my boss. He doubled it again before telling his boss. I had a reputation of delivering right on schedule. Perfect estimates every time!
Dino
Give it a rest, rebellad. Patents, owned by individuals, are assigned to corporations every day. The compensation can be anything from a royalty to "one dollar received in hand and hereby acknowledged" to the $25 savings bond awarded to the guy who invented the triple beam headlight. Oh yeah, he got a dinner and a plaque to hang on his office wall, too.
The point is, it's done every day. It's nornal. The value of the assigned patent is then assigned to the company which has the rights to use it.
Quit nitpicking everything he says. He's a scientist, a researcher, an entrepreneur, not a lawyer. He needs to learn to phrase things carefully. Most CEOs solve that problem by hiring a spokesman. Just look at the problems W has. That's why he hired Tony Snow.
Dino
That makes sense. Even the date of filing is important in a challenge. By the way, your information corroborates JR's statements. He has patents pending.
Dino
No contradiction. He said that JR has no patents in the area of biofuels, but does have 5 applications pending. The patent office clerk either didn't know or isn't allowed to say when they were filed.
Dino
After the good-ole-boy factor is fudged in.
Dino
Only during Katrina. *G*
The rest of the time it borders the Gulf.
This illustrates my point about weasel wording and clear, unambiguous PRs. Thay're difficult to write. Sometimes thay're hard to read. But, like my older brother used to tell me, "Use your mind. It's the little things that count."
Dino
"What they don't tell you is what percentage of this new
company that the shareholders of USSE will actually own
when it is all said and done."
Try 100%. That's the definition of a 1 for 1 spin-off.
"when it is all said and done"
"In the end, we're all dead." Can't remember who said it, but I think he was an economist. In fact, I think it's the only quote from an economist which states an unequivocable conclusion.
Dino
You're essentially correct. The caveats are: depending on the rules of your broker, and do they require possession in your account before selling stocks for less than a dollar? Oppenheimer let me sell 144 stock before they received the cert & letter, but I'd had an account with them for more than 30 years and the company had been in business for more than 10.
Hopefully, the second question will become moot soon.
My apologies to Truthchecker for the last statement.
When was the last
time you ever heard of a pink sheet company paying a
dividend ?
A couple of weeks ago. Look up COSWF.PK. The December 1st dividend was 0.26226/share (it's Canadian, that's why the strange amount). They just don't want to bother with US filings, etc.
Dino
Let me tackle one paragraph, Truthchecker.
What do you think of a company that first promises that
their reactors are being built, as we speak. Then, later,
says, well, we are still buying the parts ? What do you
think of a company that promises a dividend on a stock,
in order to get you to hang on to your stock, only to miss
the dividend deadline ? What do you think of a company
that issues a PR implying that they have bought a factory
complex for $ 9 Million, when in fact, the property is
sitting with a $ 600,000 tax basis, and was bought thru
a third-party ?
What do I think? I think that this company is run by people who are enthusiastic about their products and company. I also think they lack both the experience of running a listed, publicly owned company and an experienced, trained in the law proofreader to make sure that every statement is weasel-worded so that no derivative suits could ever be filed.
The dividend was announced with no payable date. I seem to remember a couple (of hundred) posts discussing this. It's pretty hard to miss a non-existent deadline. They've captured the shareholder list for the record date, and I have no reason to doubt that it will be distributed eventually. January 3rd? I think that suffers from the same problem as the PRs - too much optimism and, perhaps, too little experience with the SEC bureaucrats. 90 days is more realistic, 120 more likely.
As for the tax evaluation: What is the requirement for "assesed value" in Natchez? I've lived in places where the assessed value was supposed to be set at 10% of market. Another town assessed at 25%. I live in a county now that asseses at 100% of market - that means that the land I sold last year was assessed about 10% HIGHER than I was able to sell it for. Next year's assessments, we've been told are likely to be lower...by 40%. When I bought this place, it was assessed for almost 50% MORE than I paid for it. My county has automated the process, so it happens every year. A lot of places, though, don't raise the assesments for the "old-timers" as much as for newer construction, and reassess every ten years, or so. In short, assessments as a stand-alone number are essentially a worthless number. As a comparative for a CMA, they can be only usefull if the properties are in the same town and about the same age.
Lastly, I don't recall anything in either PR saying that USSE bought the property. The company said that it was purchased by an affiliate. No express relationship was described. The IHub board said they bought it, not the company. The Ihub board has made many claims that were innaccurate - that's not the fault of the company, it's the fault of people who don't read carefully or who extrapolate with just a bit too much enthusiasm. Fortunately, I don't have that problem, since I never make mistrakes.
Dino
Another first! Post, that is. Interesting the this company's prospects are so bad that not just one, but two people felt compelled to register so that they could warn us - with long, detatiled posts.
Hmmm. Applying their own logic, I'm awfully suspicious.
Dino
Do I detect a non-believer?
Just because the purchase/lease arrangement is used doesn't mean that it's dishonest or even unethical. My father used such an arrangement in the 1950s. Although the rent went up anytime the company had a good year, it was still a) reasonable, and b) below market rates.
It would be nice to know who our new landlord is. We'll find out soon when the public records are updated. If anyone knows a Realtor in the Natchez area, ask if the price and owner have been entered yet on the local RE Board system.
Dino
The legislation passed a few years ago to help the alternate power industry requires power companies to purchase excess power from their customers. However, the way it works is that they sell to the consumer at retail and buy from him/her at wholesale.
What's the wholesale price of power that retails at $.09?
Dino
It doesn't. Your losses are just that. That's why I have a few .000001 stocks in my account. I was either on vacation when they crappd out or was too stubborn (stupid) to sell on the way down. When the 'value' doesn't cover the commission, you just let them sit there and hope that they're clean enough for a reverse merger some day. (I've had two, so far.)
"I smell "bacon & eggs!"
Hey, watch that! Herkemer reads this stuff, you know.
Dino
If you include the private sector, since the US traditionally gives privately, rather than via its government, I think it's more than 10 times that amount. When the tsunami hit, a lot of countries were bad-mouthing the US because the government only sent a few millions of aid. The actual total was over $1 billion, and still counting.
Because the aid comes from several sources, it's seldom added up and US taxpayers - who are the same people, whether they contribute via private collections or tax-funded agencies - are thought to be among the most generous people in the world. Of course, the "thinkers" are generally not quoted by the media.
Dino
I agree with your logic and your action. Did the same thing myself. For the same reasons, too.
Dino
Not on a Roth. You pay taxes on your contributions, so the distributions are Federal tax free. I don't know how states handle it. I'll let you know in a couple of years.
Traditional IRAs work the way you described.
Dino
No taxes, but you can't take it out 'till you're old and gray.
Dino
That's what everyone here (myself included) keeps fogetting. These things take time. Sitting in my den, watching the market, I read something and an hour later expect it to be accomplished.
The county in which I live has been arguing about where to build a school for 3 YEARS! Hear a presentation and sign a contract in the same meeting? You're joking. In a week? Hah! A month?, maybe.
At my desk, that's an eternity. As somoeone mentioned, "Patience Grasshopper".
Dino
If the bio-gas really burns as hot as it seems, maybe the best market to enter first is welding? I assume it can be compressed and put into a cylinder. Just add a leetle oxygen and, voila!, there goes that safe door.
Oops, old habits creeping back.
Dino
Thanks. I'll skip it for now. I'm assuming that the 10% mix at all the pumps in my area is safe.
I used to overhaul cars (carbs were my specialty) when I was a teenager. I can't even find the spark plugs on my new one. I wonder if that "improvement" is for my benefit or the repair shops. I suspect the latter, but, then again, I'm just old and bitter.
Well, old, anyway.
Dino
"I'm imagining all the McDonald's french-fry oil somehow being recycled into fuel by these two! "
That's already the norm in Poland.
Dino
What makes the difference? I just bought two cars. The 2006 Kia Sedona book says that burning E85 will invalidate the warranty (and ruin the engine). The Ford says it's fine. Why?
Any ideas?
Dino
If you visit, please let us know what you find out.
Dino
From their press release:
MONTREAL, Nov 09, 2006 (MARKET WIRE via COMTEX) -- The following is an update presented by Alexander P. Cavasin, CEO of Alcar Chemicals Group Inc. (PINKSHEETS: ACMG) on the corporation's progress.
On the operations side, we are presently selecting the subcontractor for the construction of the initial three reactors and expect to be able to award the contract shortly. The procedures for the acquisition of our facility are proceeding slower than foreseen but the delays will not affect the overall schedule as we will be moving into an existing and well-suited building. The facility is in the Parc Industriel et Portuaire de Becancour, near Three Rivers, in Quebec, Canada. The facility is comprised of an existing 25,000 sqft building situated on a 370,000 sqft lot and its convenient location by the port offers access to shipping, rail and highway as well as an adequate pool of qualified labour.
Dino
With no details of the deal, it's a little difficult to evaluate its effect. If USSE buys just a little over 50%, then they have control, but I think that they only coount as income any dividends received from ACMG. Since no dividends are expected...
Long term, this should be very good for USSE. ACMG, with a little help from their new friend, should be a good "investment". Actually, the method of "help" hasn't been announced, either. If there's no cash involved, and the shares are restricted, then how does this help ACMG? That implies that there will be cash down the road.
And then there's the stigma of two pink-sheeters merging. Is this real or just more hype? The Oppenheimer abortion didn't help JL's credibility on the street. Since I'm long USSE, I'll vote for the former, but how about the non-believers?
Wait 'till the dust settles. In other words, two weeks. In the meantime, talk to Herkimer. He's better at this than I am.
Not that I know of, unless he was big enough to be listed in an annual report. I haven't been there, or even in touch with those folks, for more than 10 years.
My how time's fun when you're having flies.
Dino
I've been hiding under a rock.
It's actually from a club we formed at GE Aerospace in the late 80's. Members were "too old to be 'fast-tracked' into management." - Jack Welsh
Perhaps this explains ACMG's logic:
MONTREAL, Nov 09, 2006 (MARKET WIRE via COMTEX) -- The following is an update presented by Alexander P. Cavasin, CEO of Alcar Chemicals Group Inc. (PINKSHEETS: ACMG) on the corporation's progress.
Several developments can be reported including financing and operations.
On the financing side, our negotiations for an improved financing structure are proceeding well and an announcement may be expected shortly with the details of the structure.
No, I'm watching. I just don't have anything worth adding to the discussion.
See what I mean?
Dino
If he bought a year ago, he paid a lot more. I haven't figured out how to post the chart but the link is
http://www.pinksheets.com/quote/chart.jsp?symbol=ACMG&duration=2-6-9-0-0-512
He probably paid at least a dime. I might be upset, too.
Dino
True.
You've named the best case, I've named the worst. Sorry, it's just my training. (If I can't find anything wrong with it, then it must be OK.)
Dino
Yup. They needed cash. We needed market and additional technology.
Dino