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RedChip Announces Expert Panel Discussion On Naked Short-Selling During Its Investment Conference: Nov. 5th in New York City
Long-Time Wall Street and Securities Industry Consultants Will Participate in a Panel Discussion On Naked Short-Selling and Issues Relating to Stock Manipulation, Nov. 5, 2008 At the Harvard Club of New York 11/03 10:06 AM
ORLANDO, Fla., Nov. 3, 2008 (GLOBE NEWSWIRE) -- RedChip Companies, Inc. today announced that it will host an expert panel discussion on naked short-selling, counterfeit shares, stock kiting, failures-to-deliver, and trading surveillance during its 2008 Elite Investment Conference, November 5, 2008, at the Harvard Club of New York (35 West 44th Street). The conference will feature corporate presentations by the CEOs and executive teams of small-cap companies, from 8 a.m. to 5:30 p.m. EST, on the main floor of the venue; the panel discussion will begin at 12 p.m. on the third floor.
Panelists will include C. Austin "Bud" Burrell, a 30-plus year Wall Street consultant widely known for his writings on securities fraud, particularly relating to naked short-selling, sale of unregistered securities, counterfeiting of commercial securities, and failures to deliver; James Wesley Christian, a securities attorney and partner at Christian, Smith & Jewell of Houston who has led a two law firm consortium pursuing brokerage and clearing firms in six states (in state and federal court) for stock fraud and manipulation; and David E. Wenger, a 20-plus year securities industry veteran and CEO of Shareholder Intelligence Services LLC.
RedChip Investor Conferences feature networking events and financial presentations by small-cap companies representing a broad range of sectors including Alternative Energy, Telecommunications, Technology, Energy, Consumer Goods, Healthcare, Biotechnology, Services, and more.
The November 5th conference will include presentations by the following companies:
Quantum Fuel Systems Technologies Worldwide, Inc. (QTWW:$0.8421,$0.0921,12.28%) ; ZBB Energy Corporation ; Worldwide Energy & Manufacturing USA, Inc. (WEMU:$5.00,00$0.50,0011.11%) ; Bridgeline Software, Inc. (BLSW:$0.96,00$0.00,000.00%) ; Elephant Talk Communications, Inc. (ETAK:$0.52,00$0.00,000.00%) ; EnterConnect Inc. (ECNI:$0.22,00$0.00,000.00%) ; ERHC Energy Inc. (ERHE:$0.22,00$-0.005,0-2.22%) ; Adventus Technology Inc. (Private); ZAGG, Inc. (ZAGG:$0.78,00$0.02,002.63%) ; Bioheart, Inc. (BHRT:$1.93,00$0.3885,25.20%) ; and RXi Pharmaceuticals (RXII:$9.25,00$0.05,000.54%) ; and Industrial Services of America, Inc. (IDSA:$8.80,00$0.20,002.33%) .
RedChip investor conferences are a nationally known forum for emerging small-cap companies to present their stories before hundreds of retail brokers, institutional brokers, fund managers, portfolio managers, accredited investors, and research analysts whose disciplined focus towards the small-cap markets represents their core investment strategies.
During the event, Wall Street Webcasting will provide video streaming services via http://www.redchip.com so investors around the world can view company presentations live. Participating investors will have the opportunity to meet one-on-one with the CEOs of presenting companies.
Attendance is free, but preregistration is required and seating is limited. A $25 entrance fee will be charged at the door for non-registered individuals. To register online, please visit http://www.redchip.com/visibility/conferencePages/NewYorkNovember2008/conferenceMain.asp or call 1-800-RedChip (733-2447), Ext. 127.
Preregistered attendees are also invited to the closing cocktail reception to be held on November 5th, from 4:30 p.m. to 5:30 p.m. at the Harvard Club, featuring, open bar, hors d'oeuvres, and prize giveaways.
Sponsors for this event include Wall Street Webcasting, Friedman LLP, Michael Bass Group (2009 Health Tech Investment Forum) and NASDAQ OMX.
About RedChip Companies, Inc.
RedChip Companies is an international, small-cap research and financial public relations firm with offices in Orlando, Florida; Shanghai; and Paris, with affiliates in Atlanta and New York. RedChip delivers concrete, measurable results for its clients through its extensive national and international network of small-cap institutional and retail investors. RedChip has developed the most comprehensive platform of products and services for small-cap companies, including: RedChip Research(tm), Traditional Investor Relations, Digital Investor Relations, Institutional and Retail Conferences, RedChip Internet TV(tm), and RedChip Radio(tm). To learn more about RedChip's products and services please visit: http://www.redchip.com/visibility/productsandservices.asp.
"Discovering Tomorrow's Blue Chips Today"(tm)
The RedChip Companies, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=2761
CONTACT: RedChip Companies, Inc.
1-800-REDCHIP (733-2447), Ext. 0
info@redchip.com
http://www.redchip.com
jonesieatl, The question has been raised here and many of us wonder as to why TIV continues to maintain a confidentiality cloak on its PV operation which appears to be successful. It has been suggested to me that there may be an effort by TIV's senior management and some of their large investors to take the company private. Has this subject been raised on this board previously? Do you or anyone else have any thoughts on this?
Alex
rsrust, you would probably feel even better if you had gotten rid of all of your stocks, TIV and otherwise the way the market has been going down, down and further down.
Alex
Negligible in the near future. But the process that is starting will reveal the level of deceit and corruption that currently exists. If that turns out to be the case, enforcement should eventually follow and spill over into the general market where naked shorting has become a 'ho-hum so what else is new' accepted abuse. My main issue is the lack transparency of these transactions. If 'naked' transaction were reported as such, and in real time, their game would be over with and a more normal market that actually decides share value could then exist. Lets face it the ability to sell something that you do not own while you cover up the act is a very powerful tool when the goal is to depress value, and naked shorting can and has shorted companies into oblivion.
Every action creates a re-action so illegal short selling reform will come. When, who knows but it seems to be coming. Prosecution will occur and that message will be sent. Instant reform never happens and too rapid covering of positions would create a false market although it would be fun to see the worm turn. I do not see TIV as a good example to use of what is taking place though as there are numerous questions yet to be answered at TIV as Geo repeatedly (and accurately in my opinion) points out to us.
OOPS! Got distracted by a phone and a lot seems to have happened at TIV in these last 10 minutes, and I guess the questions are indeed now getting answered.
Regarding my prior post. SEC Response.
It was pointed out to me that the time of the receipt of the posted SEC response is relevant and that it should be identified along with identifying the person that received it. Well, I received this email response about 2 hours ago in an email direct from the SEC.
Alex Y.
A response from the SEC. Naked Shorting.
Thank you for your recent email concerning the emergency order that the SEC issued on July 15, 2008. The order enhances protections against “naked” short selling in the securities of Fannie Mae, Freddie Mac and primary dealers at commercial and investment banks by subjecting short sales in these securities to a pre-borrow requirement.
The emergency order was amended on July 18, 2008, in part to except bona fide market makers, and extended on July 29, 2008, until August 12, 2008. Copies of the orders, related press releases and guidance about the emergency orders are available at:
http://www.sec.gov/news/press/2008/2008-143.htm
http://www.sec.gov/rules/other/2008/34-58166.pdf
http://www.sec.gov/rules/other/2008/34-58190.pdf
http://www.sec.gov/divisions/marketreg/emordershortsalesfaq.htm
http://www.sec.gov/news/press/2008/2008-155.htm
http://www.sec.gov/rules/other/2008/34-58248.pdf
Question 8 of the guidance explains how members of the public can provide comments on the emergency order or any potential rulemaking that the Commission may take with respect to short sales.
Many investors have asked why the Order applies only to certain securities. The firms identified in the order have been designated by the Federal Reserve Board as eligible for access to liquidity facilities. The Commission issued the Order as a temporary, emergency measure to stop unlawful manipulation through “naked” short selling that threatens the stability of financial institutions. In particular, the Commission was concerned about rumors that had been spread regarding the liquidity and stability of these significant financial institutions that appeared to have no basis in fact. The Commission is continuing to evaluate whether additional regulatory action is needed, including whether additional categories of issuers should be included in any such action.
The July 15th order is part of the SEC’s efforts to help curtail the market impact of false rumors and to ensure that investors remain confident that trading can be conducted without the illegal influence of manipulation. To that end, in addition to the emergency order, the SEC announced on July 13, 2008, http://www.sec.gov/news/press/2008/2008-140.htm, that it is conducting examinations aimed at the prevention of the intentional spread of false information intended to manipulate securities prices. Because abusive “naked” short selling can exacerbate “distort and short” schemes fueled by false information, these actions are needed to ensure both that legitimate short selling is allowed to continue while preventing manipulators from forcing down prices without regard to supply and demand.
Many individuals also have argued that last year’s elimination of the uptick test has exacerbated manipulative short selling by hedge funds and others. Although the elimination of the uptick test was based on a real-world analysis of its impacts and shortcomings that found that the tick test had little impact on short selling, the SEC staff currently is reviewing whether another price test could be useful in combating manipulative short-selling activities.
Once again, thank you for providing us with your comments.
Sincerely,
STEVEN G. JOHNSTON
Office of Investor Education and Advocacy
U.S. Securities and Exchange Commission
SA12, your personal opinion defense does not protect you from being sanctioned for misconduct. You make some useful and informative posts and then invariably drift off into personal attacks on TIV's management, and usually do so after you indicate that you are shorting the stock. Its almost as though you cannot control yourself and want to test the behavioral parameters of this forum. You insult all of us that are long the stock with your insulting remarks which are really unnecessary. You are not a unique and clever island in a sea of stupidity. Negative opinions that are not personal attacks should always be welcome as they encourage debate, but what makes this forum special is that we all show some restraint when it comes to rude and bashing behavior. When we all do that we do not have to waste our time with needless/useless posts such as my current one.
A lot of the shorts are going ouch! ouch! ouch! right now, depending on their entry point. The shorts are not easily chased away though. My take is that a lot of what is for TIV, extremely heavy volume has got to be short covering and perhaps reestablishing of positions based on the assumption that this is mostly Russell recon action. However, I also think that it takes more than that though to produce the recent extraordinary volume and that the Rusell entry may be providing buying cover for some. If the shorts are correct in their assumption, things will fizzle back down soon enough. BUT, methinks that we have TIV laying in the weeds here and possibly holding back positive production information hidden behind their confidentiality cloak. It may be wishful thinking on my part to believe that a very positive PR or announcement may be forthcoming in about a week, but I would not be surprised if that happens. I personally don't care for this type of gamesmanship as it is unfair to investors but I was once told that fair play only counts in cricket.
jonesieatl, actually there already has been some follow through. TIV went up 32 cents in after hours trading. Will be interesting to see what it opens at.
Solid volume and it may be worthwhile noting that as of 3pm ET there has not been a single block trade.
Thanks Jonesieatl, very nicely laid out and useful. eom
Given Tri Valley's previous dismal production history, its easy to get jaded. However, to my admitted inexperienced eye, their results at both Oxnard and Moffat Ranch appear quite solid. Despite the presence of some fluff, I see this PR as one of their better efforts.
NEWS !!!
HEADLINE: TRI-VALLEY COMPLETES PHASE I DRILLING CAMPAIGN
AHEAD OF SCHEDULE; INCREASES LAND POSITION
CONTACT: F. LYNN BLYSTONE, PRESIDENT, CHAIRMAN &
CHIEF EXECUTIVE OFFICER
Bakersfield, California April 25, 2008 AMEX “TIV”
Tri-Valley Corporation (AMEX-TIV) has completed phase I of its drilling campaign at its Oxnard, California oilfield location with seven horizontal bores into the shallow Vaca Tar Sands and one deeper vertical well into the Sespe formation. Also, the company has expanded its lease position in the area it believes will enable it to achieve 2,000 barrels of oil equivalent per day by year end.
“We are extremely pleased with the results of this campaign as we experience high initial flow rates after steaming the up to 1,500 feet horizontal well bores. Our cyclic steaming results indicate that continuous steaming could sustain several hundred barrels per day per well production rates,” said Robert Bell, Vice President of Operations for Tri-Valley Oil & Gas Co., the Company’s operating subsidiary.
Tri-Valley is finalizing permits to drill another 12 wells this year and believes its present holdings could accommodate up to 80 horizontal well bores just for the Vaca Tar Sand formation plus additional vertical wells for deeper targets.
The Company recently added another 120 acres of adjoining lands containing 20 idle vertical well bores. Tri-Valley intends to re-work these to put back on production as many as possible while it readies a horizontal well bore campaign on that property as well.
To steam the heavy tar sands which are saturated as high as 90% oil, Tri-Valley has assembled a fleet of 17 portable steam generators which it is refurbishing to meet air quality standards. Two are currently working at Oxnard, another at the Company’s South Belridge Oilfield property some 40 miles west of Bakersfield and a fourth, a 50 million Btu per hour unit, is scheduled to be field ready in the middle of May with others to follow this year.
Tri-Valley notes its new gas discovery well at Moffat Ranch, located 140 miles northwest of Bakersfield continues to produce in the range of one million cubic feet per day and the Company’s geologists are pin pointing additional targets on that nearly 10 square mile leasehold. Meanwhile, the Company’s South Belridge property is beginning to show production gains as more than 40 barrels per day is being produced from one of its five new wells which has found a productive zone.
F. Lynn Blystone, Tri-Valley Corporation President and Chief Executive Officer is scheduling a number of presentations at broker/investor seminars across the country to raise awareness of the rapidly emerging upside taking place in the Company as a result of these development programs.
“We are building production, revenue, reportable reserves, share value and reward for our drilling partners through the efforts of a strong technical team and support staff to make the upside a reality,” Blystone said.
Joseph R. Kandle, TVOG president, noted that the Company has successfully dealt with industry shortages in equipment, qualified personnel and permitting processes to enable Tri-Valley to implement its field development plans.
“Ultimately, our efforts and successes help the consumers as more domestic supply is the only thing that lowers dependence on foreign sources and can keep prices set by foreign national oil companies at the bay,” Kandle said.
Tri-Valley continues its exploration efforts on big targets as it finalizes its Oil King project in Kings County, California. James Bush, TVOG Vice President for Exploration notes a chance of identifying 500 million barrels from the 15,000 foot test which is up dip from a well on trend that produced 34,000 barrels during attempts to control it before it was finally killed.
“Oil King is very exciting prospect for a big discovery and our team has a number of similar big targets being readied for the drill bit,” Bush said.
Tri-Valley has been in business as a successful operating company since 1963, and has been a full reporting 12 (g) publicly traded Delaware Corporation since 1972. Tri-Valley Corporation stock is publicly traded on the American Stock Exchange under the symbol "TIV." Our company website, which includes all SEC filings, is www.tri-valleycorp.com.
This press release contains forward-looking statements that involve risks and uncertainties. Actual results, events and performance could vary materially from those contemplated by these forward-looking statements which includes such words and phrases as exploratory, wildcat, prospect, speculates, unproved, prospective, very large, expect, potential, etc. Among the factors that could cause actual results, events and performance to differ materially are risks and uncertainties discussed in the company’s quarterly report on Form 10-Q for the quarter ended September 30, 2007, and the annual report on Form 10-K for the year ended December 31, 2007.
Do you think that we will ever see the day when all trades including short trades will be recorded and available real time?
Good Moffat pr. Real production this time with more to come. There always appears to be a lag period between positive TIV prs and price appreciation. Next week should be interesting.
Ronni, what the hey does legal shorting and its impact got to do with the illegal practice of naked shorting and the absence of transparency in transactions?
Well laid out arguments Jonesie
and I will be using them in some of my emails on this subject.
As to "Surely TIV would have vetted this thing for relevancy?"; I got a solid laugh out of the statement as I, probably like many others, feel that TIV management does at times 'shoot from the hip'.
I signed the petition even though I also felt that its information was not that 'fresh'. I actually sent the petition on to several of my investor cronies and urged them to sign it as well.
In this day and age of real time streaming information there is absolutely no excuse for 'closeting' short selling information and only obligating its disclosure when the information becomes irrelevant. The transparency and disclosure side of the argument are yet to be adequately dealt with. AND, thats not even getting into the issue of naked short selling.
It will indeed be fun Gunshoe22 as the short covering will simply to the share price acceleration.
HEADLINE: NEW TRI-VALLEY OIL WELL FLOWS 288 BARRELS PER DAY RATE
CONTACT: F. LYNN BLYSTONE, PRESIDENT, CHAIRMAN &
CHIEF EXECUTIVE OFFICER
Bakersfield, California December 13, 2007 AMEX “TIV”
Tri-Valley Corporation (AMEX-TIV) announced that its Pleasant Valley No. 1 well in the Vaca Tar Sand unit of the Oxnard, California Oilfield flowed without pumping at an initial rate of 288 barrels of oil per day the first 24 hours after completion of the first steaming cycle. Both the oil and the gas rate was increasing at the end of the 24 hour test indicating that the 20 day steam cycle and six day soak period had likely delivered heat and pressure all the way to the end of the 1,500 foot horizontal bore into the upper Vaca Tar Sand formation at 2,200 feet.
“We are applying new recovery technology never before used in this field and we are producing the formation through a 22/64 choke, about the diameter of a pencil, which gives some idea of the return pressure of the zone. To minimize any sand production, the flow rate is highly restricted,” said Joseph R. Kandle, president of the operating subsidiary, Tri-Valley Oil & Gas Co.
Tri-Valley, in conjunction with its TVOG Opus I Drilling Program LP, plans to drill as many as 20 such well bores for cyclic steaming and eventually a number of injection wells that would enable continuous steaming into the massive Upper Vaca Tar Sand which is up to 500 feet thick and calculates as much as 90% oil saturation in places. A secondary drill program is being formulated for the Lower Vaca Tar Sand formation which is ranges 200 feet in thickness.
Tri-Valley is currently testing several deeper formations with its 8,500 foot vertical well at the same drill site which passed through zones evidencing light oil. Discovery success would enable a dual development program of both shallow heavy oil and deeper light oil.
“We congratulate the whole Tri-Valley team and our consultants and drilling contractors for a job well done to open a new chapter in this oil field. With our fleet of steam generators being refurbished to better than regulatory parameters, we are prepared to build strong production, revenues and reportable reserves for the Company,” said Robert Bell, vice president of operations for Tri-Valley Oil & Gas Co. and project supervisor.
In addition to its Pleasant Valley project, Tri-Valley has finished drilling its first well for testing several prospective zones for natural gas on its Moffat Ranch East property some 140 miles north of its Bakersfield, California headquarters. Beginning in the first quarter of 2008, The Company expects to employ a new state of the art steam generator to new wells it drilled recently into the Diatomite zone on its Temblor Valley West property on the west flank of the giant South Belridge Oilfield some 40 miles west of Bakersfield.
“We expect to accelerate our re-exploitation of these fields with modern technologies never before applied on those properties which have oil and gas in place although unproved at this point is estimated to exceed 100 million barrels. Now we are in the phase to determine how much of that might be recoverable and at what rate to reward our shareholders and drilling partners and the data is increasingly favorable that we have what we have been aiming for,” said F. Lynn Blystone, president and chief executive officer.
The company has been in business as a successful operating company since 1963, and has been a full reporting 12 (g) publicly traded Delaware Corporation since 1972. Tri-Valley Corporation stock is publicly traded on the American Stock Exchange under the symbol "TIV." Our company website, which includes all SEC filings, is www.tri-valleycorp.com.
This press release contains forward-looking statements that involve risks and uncertainties. Actual results, events and performance could vary materially from those contemplated by these forward-looking statements which includes such words and phrases as exploratory, wildcat, prospect, speculates, unproved, prospective, very large, expect, potential, etc. Among the factors that could cause actual results, events and performance to differ materially are risks and uncertainties discussed in the company’s quarterly report on Form 10-Q for the quarter ended June 30, 2007, and the annual report on Form 10 K for the year ended December 31, 2006.
Contact: F. Lynn Blystone
President, Chairman & CEO
800-579-9314
jonesieatl, Busy working a short squeeze going off at AKAM. You might want to check it out.
International Herald Tribune
Death toll in Gulf oil rig accident rises to 18, 7 missing
The Associated Press
Wednesday, October 24, 2007
MEXICO CITY: At least 18 oil workers were killed when a drilling rig hit an oil platform in stormy weather, spilling gas and oil into the Gulf of Mexico, the state-owned oil company said. Seven workers were still missing.
Rescuers pulled 61 oil workers to safety from storm-tossed waters Wednesday but have yet to control the oil and gas leak, Mexico's oil monopoly Petroleos Mexicanos, or Pemex, said in a news release.
Eighty-one workers and five rescue personnel abandoned a subcontractor's drilling rig known as the Usumacinta on Tuesday, after it hit the Kab 101 light-production platform and damaged a valve amid 25-foot (8-meter) waves and winds gusting to 80 mph (130 kph).
One survivor, Eder Ortega Flores, 25, told the Televisa television network that workers abandoned the rig and braved the raging seas only after leaking gas rose to unbearable levels and the supply of air from emergency breathing devices ran out.
For the balance of the story go to.........
http://www.iht.com/bin/printfriendly.php?id=8045519
This is all too funny. AND all of the good humor just got better because it popped the price back up over $7.
Somewhat OT...FPSOs
http://www.spectrex-inc.com/installations/fpso.htm
Matt, Geo, my condolences to you and your family over your loss. Mothers are the most special of people.
Hey GreatYazd, thanks for the unsolicited advise,
but those of us that are invested in TIV are not as stupid as your trash talking post would make us out to be. Your post is nothing more than your opinion and most of us will be giving it the value that it is due.
Shareholder email/letter of August 24, 2007
“The core has the highest oil saturation I’ve ever seen in my 42+ year career”.
-Joe Kandle, President
Tri-Valley Oil & Gas Co.
Dear Shareholder:
The above quote by Joe Kandle refers to the oil core recently taken from our Pleasant Valley No. 1 well in the Oxnard Oilfield south of Ventura, California which we are drilling for the TVOG Opus I Drilling Program LP. So far it calculates to an astounding 85% oil saturation and offers a tremendous upside potential to reward our shareholders, drilling partners and royalty owners as we put it on production. Tri-Valley owns 25% of Opus I and also has additional leases near by for its own account.
We’re currently drilling the horizontal leg of the well. Then we’ll complete it and put it on steam for a few days to soften up the heavy oil and further pressurize the formation to enhance recovery. We expect to drill additional wells in short order and will have additional steam generators coming on line to build up heat and pressure in the reservoir to increase production.
Meanwhile, we are steaming the new wells at Temblor Valley West some 40 miles west of our Bakersfield headquarters and doing operations to build production revenue, reportable reserves and share value this year.
We are preparing to launch a new, large target exploration program looking for the big ones that can create exponential gain on discovery success. We’re completing the re-manufacture of service and drilling rigs so that our two new subsidiaries, Great Valley Production Services LLC and Great Valley Drilling Company LLC have a full inventory of equipment for our own projects as well as being able to contract to third parties for additional revenue.
We’ve added two new outside independent directors to the Board to assist in our continued growth and oversight and we invite your review of our proxy statement.
Please return your proxy at your earliest opportunity and we look forward to seeing you at the Saturday, October 6, 2007 Annual Shareholder Meeting.
Very truly yours,
F. Lynn Blystone
President, CEO and CHOB
Hi rsrust, I for one have very much appreciated your efforts to obtain on sight information for us. Sorry to see you get disillusioned by something that should be looked on as positive information. Am looking forward to your follow up report. When I read the shareholder letter's opening quote, I had somewhat the same reaction that you did, as it did like a like a pump job.
To regain perspective though I went back a little into the history of my investments at TIV (TRIL). Besides the more recent buy at sixes and low sevens I checked out some earlier lots that I purchased on 8/15/2002 and was pleased that I had bought a bunch @ $1.31 that I still own for a 489% gain and another bunch that I bought @ $1.52 on 5/16/2003 for a 403% gain. Now that's not bad although not quite as good as some of the earlier purchases. TIV has also been an excellent stock to do the occasional swing trade on. Now, we've had some charlatans and pump and dump schemes along the way as well as short sellers that would manipulate us for their own benefit, but most of those posts and events don't pass the smell test, and are good only for a laugh or two.
TIV in recent years seems to have morphed from a pure exploration play into a production company that still wants to be an exploration company (and puts out the PRs of an exploration outfit). Personally I like that sort of a mix though despite the negative comments of some of our self proclaimed resident experts. Production should produce decent revenues in a rising oil market while we keep our toes crossed for the exploration home run. I see the framework of an exciting company being built and TIV looks better than ever to me as I believe that they are on track. For a while though I was concerned that they had lost their way, splintering off into various directions unrelated to energy. That chapter however seems to have come and gone. To me, TIV's future looks bright, and I look at good news PRs as simply good news, and so what if it is a lead up to the annual meeting.
You can't get egg production without chickens.
Alex
OT. re DNDN. Jonesie,
yes the shorts got caught napping there and they got blindsided this time just as I did when the FDA issued its negative opinion way ahead of its scheduled announcement date. That $10+ price drop bailed out the shorts and killed the squeeze. Its fun to watch that action live at the open and would like to see that 1 minute chart shaved down even more, say to 10 seconds. Better than the shootout at the OK Corral. LOL. The volume is HUGE today as the shorts are bleeding big time once again. In my opinion its downright dumb to short stocks like DNDN or for that matter TIV, where the upside ceiling is so unpredictable and sudden. Strictly institutional investor territory. I had already sold all of my Dendreon shares to capture my gains but I have continued to monitor DNDN as I had planned to buy back on the cheap when it got beat down; but that did not happen to the level that I thought it would as the smarter shorts bailed out of that game and covered. Now I am in a quandry as to my next move on DNDN. Probably play a waiting game for now and see how good a dip I can get. That's what we are mostly doing at TIV, but the pieces of that puzzle are also slowly coming together. With Gamble steadily accumulating shares, its hard to get cheap shares anymore though. LOL.
The Dimensional Fund, TIV's top institutional holder has some of its five star funds holding TIV shares. That's as good an endorsement as one can get for those that consider themselves long term investors.
http://www.dfauk.com/
As usual, Jonesie, nice work on the Institutional Holder/ Mutual fund data sheet.
Alex
Jonesie, thanks for the DNDN concerns. Wow what a massacre. I snuck through in so so shape. Had already sold off most of the additional shares that I had purchased for a tidy profit but I still own all of my original shares which were purchased at under $5. Had planned to sell them this Friday and next Monday before the May 15 FDA announcement date in order to maximize their value. Well, I'm a day late and many many dollars short there. Ouch! talk about getting blindsided by the unexpected early announcement. Too bad, as I had planned to use the $$ from the sale of DNDN to buy into TIV's newly cresting wave. Thanks to the original low purchase price I am in a position to play wait and see for the rest of the day, but if the DNDN's FDA approval time horizon is now too far off into the future, I'll probably sell it all as the shorts will now run the share price through their shredder.
This must be the morning for flip flopping positions and spreading disinformation. There is a considerable difference between 18.75 barrels/day and 1875 barrels/day, just for openers.
alex y.
Geo, the steady PPS creep up on slowly increasing volume and no substantial news, seems to indicate that there is some subtle but steady short covering that is taking place. There could also be some buying on news leaks.
I look at TIV's shift into production, purchase of rigs and such as the start up of a new company. I am no oil guy but always assumed that it takes quite a bit of time to get everything in place. Did not expect much in the way of short term results. The sun is starting to peep over the horizon and your legless runner is growing some sturdy stumps. heh-heh.
OT re DNDN. Jonesie, sorry about the delay in respoonding but I was otherwise occupied.
You are quite correct on all counts. DNDN has a short exposure that was recently shown to be as high as 32.5%. 33% of the float is currently held by institutions. If its drug Provenge gets final FDA approval the one billion $$ of sales is a conservative estimate as determined by analysts involved in the biotech industry. Final FDA approval would be a company making event. The FDA's decision will be made BY May 15, 2007 and in my opinion approval will be granted. Its not a slam dunk certainty though.
CEGE has a competing drug that has just posted positive results in it Phase II clinical trials and that is having a negative impact on DNDN's climbing share price. While CEGE's drug therapy also targets the prostrate cancer patients, it rely's on a chemo therapy base whereas Provenge does not.
DNDN closed on 3/28 @ $5.22. On 3/29 trading was closed for the day and the FDA panel recommended approval. This produced a boiler pot of pent up demand. I watched the action at the open on 3/30 real time on Fidelty Active Trader and it was indeed explosive. DNDN opened at $18+ from its prior close of $5.22 and was immediately beset by million after million shares of selling in the short's spectacular effort to drive down the share price. Over 6 million shares were sold in the opening minutes, but they only succeeded in driving the price down to $15. I had to leave after putting in a buy order to augment my holdings. my order filled and the price settled at $12.93 at day's end with an incredible volume of over 90 million shares, and that is truly spectacular for a stock which just recently had a market cap of less than half of a billion $$.
I do indeed see the existence of a similar situation at TIV albeit a less volatile one. While we may not have either the volume or as high a percentage of shorts at TIV, the shorts here seem to be mostly individuals and not hedge funds as is the case at DNDN and they would be a lot less capable of fighting off a price surge. I also believe that the shorts would not be able to act in concert as they did at DNDN and that short covering to ofset a price shattering event would occur on the basis of survival of the earliest and financially fitest. I don't short stocks but I recognize is as a legit form of trading but I absolutely abhor all of the illegal activity that it produces.
Aside from all of the financial considerations, I root for DNDN as well as CEGE (which I do not own) because I have lost loved ones to cancer. Prostrate cancer has killed and continues to kill millions of us worlwide. Someday we will defeat that dread disease and in the mean time, these drugs represent a few small steps in the right direction.
Hey Geo, if you want to see a huge short squeeze
go off and see a bunch of shorties get nailed to the proverbial cross, go to DNDN at the opening bell tomorrow. I own DNDN, a biotech company where the shorts have been running rampant for a very long time now. Well hello, Dendreon's prostrate cancer drug Provenge just got FDA panel approval today along with some resounding endorsements and the only barrier that remains now before it goes to market is final FDA approval which may come in mid May. Trading on the DNDN was halted all day today while the FDA panel took testimony, met and made its decision. The shorts had no opportunity to cover. Its going to be a short bloodbath tomorrow and its a good chance for Geo whose legless runner posts I have enjoyed immensely to see what happens when a short squeeze goes off and it will go off there big time. Perhaps those of you that are short TIV should go watch the show too and get some goose bumps. It could happen here, and that is why I stay long and strong doing some seperate trading once in a while, waiting for our TIV day to come. Enjoy it Geo, I know I will for sure.
SA 12, apology accepted and I apologize for a couple of the needless cheap shots that I took at you. I have no problem with contrarian views but did not care for the personal attacks directed towards TIV's management. On the dilution question time may tell which one of us is correct. Contrarian views are always welcome as far as I am concerned as they create balance. Jonesie had already criticized and disected the PRs and put them in perspective in a couple of informative posts. I thought that those posts were on target and to the point without a lot of embellishment.
The lack of pertinent information puts many of us on edge. I for one did not care to have the 99% support vote thrown back in our face. I do not see that positive vote as a reason or license to keep shareholders in the dark.
SA 12, quit trying to patronize us and bash the company's management at the same time. You are short the stock and promoting your own self interest, which is understandable. Most of us that are long TIV have been invested in TIV because we want to be and despite your opinion, I for one do not consider myself or the rest of us as being either stupid or in need of the guidance of a shortie. TIV has done very well by me thank you and I feel it will continue to do so into the foreseeable future.
Your position on TIV stock dilution ignores the reality that the cash generated has all been rolled back into the company to not only increase the asset/real value of the company but to better position it for its future and consequently a better future for those of us that are invested in the company. Does not do much for shorties though.
In other words, I ain't lost, and I don't need directions from someone who is hoping that I do lose my way as well as my investment.
Alex Y.
Not a bad week at all. Up 13%+. Take another few like that one. Short week at that(pun intended).
Geo, the reason you still have all of your K's is because you did not do a $8.00 stop loss like many others did. Easy pickings at every threshold level.