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Approval from whom? Yes, flat today. eom
I agree. Correct me if I'm wrong, but are you guys basically saying that pgpm sold the vast majority of their assets last year for stock in Lariat (which they included as pgpm earnings), and now they want to trap the majority of the value of the combined companies, which once belonged to pgpm shareholders, in Lariat which is wholly owned privately by management? A 30% interest in something that was recently 100% owned by pgpm shareholders doesn't sound too good to me. I'll have to dig through those filings before jumping in here.
I believe that the float total (according to pinksheets.com) is only around a quarter of a billion. Where are the rest of the shares tied up?
Take from the poor, and give to the rich. That much is clear.
So you're basically saying that with the "effective" 1:100 reverse split, that people who purchase now will need the new company to be trading at around 10 cents a share to break even. Sounds reasonable based on the filings. Of course they could always print more shares in relation to the dividend, but that still would not affect percentage ownership. Also, why would they not simply retire the Pilgrim shares after the transfer?
Good place for it. How high up is it and does the tree have sturdy limbs? We can discuss xkem afterwards.
If that's true, then why wouldn't he be considered a Caucasian American? Isn't 50% bigger than 43.75%? LOL! I'm not an Obama supporter, but the numbers speak for themselves.
I think we're ready to head back down there. Some are bound to give up soon and take what they can get. Swifty certainly seems to have no interest in preventing it.
Hindsight is always 20/20, but if he didn't want THEM in, as CEO and founder of the company he should of fought tooth and nail to keep them out. Basu's cash was certainly needed, but at that time wasn't the company enjoying the most favorable cash position in its history? It obviously would have been nice if they would have found almost ANY alternative method for attracting capital. Also, it certainly appears as if bringing Oniyide in was a major screwup, but I would be surprised if his hiring is the primary reason that this company is sitting on death's doorstep. I blame others for that.
Yeah, why would someone with a recent investment banking background come in to run a company like xkem unless he was a loser unable to find any other job, a vulture who wanted the company to die off so he and his buddies could pick through the bones, or a combination of all of the above. Sad to say, but I've never seen any sign at all that he came here with the intention of running a company. Regardless of Pandey's veracity, it's hard not to pin the blame for this fiaso directly upon him. He is the one who opened the door widely and happily let them in. Anyone with any sense should have known better.
Let's just hope that at the very least they don't get away with it. If we are to suffer, the SCA patients are to suffer, and the creditors are to suffer, then I surely want the crooks to suffer too.
That would be the BARNETT Shale. I'm sitting above it as I type.
Think it'll run? eom.
Yep. Unless our illustrious leader actually accomplishes something AND PR's it, we will be nothing but a haven for traders. Not the best trading stock in the world mind you, but still possible for people willing to take the risk. That is of course if we can have a reasonable volume level and don't go back to trading a couple of thousand bucks a day worth of stock.
It could be special. It WON'T happen this way, but a $60,000,000 valuation on the assets spread across close to one billion shares comes out to around 6 cents per share. As much as Pinedo and company own, I would be surprised if the common shareholders don't come out of this smelling like a rose considering the current valuation. We shall see when the terms are released.
Some of what you say has a ring of truth to it. I'm for Pandey over Swifty, but I do think that Pandey needs to come clean on several issues before he deserves to be reinstalled as CEO. I'm not sure what all the Col. contributed to xkem while he was here, but I do remember thinking that his salary ringed a bit of nepotism when he was hired. A nice six figures (200k?) plus options if I remember correctly.
I think I'll go back and listen to the CC once more. I was in and out of the room when I caught it the first time, and must of missed some of the comments on the equipment issue. Not our biggest issue by any means but certainly significant.
So do you think it's his plan to let the equipment continue to sit and accrue storage fees until ownership reverts to the Nigerian's, or do you think he has some kind of a plan of negotiation with them in regard to the payment? If it is truly $500,000, then I certainly can understand the company not being able to afford the payment at this point. What a ridiculous waste.
I knew that it was substantial, but I wasn't aware that it was as high as 500k. How much was it when it arrived in Lagos months ago? Quite a bit less I would think. Regardless, they should have had a reserve set up to cover the cost when the equipment was ordered. Was that aspect of the deal Swift's or Pandey's screwup? I don't know.
I agree. Swifty has had his chance. If I trusted the guy, I might be willing to give him the benefit of the doubt, but to say the least there's really not a whole lot of trust involved in my feelings toward him.
I see no justification in letting the equipment sit in customs for 9 months. Swifty should have elaborated further on that in the CC IF there is a justifiable explanation. If the guy is competent and really cares about running this company, he would have made an executive decision in regard to the equipment. Send it back, sell it, or store it at the plant. Don't leave it sitting in customs.
As far as the return of Pandey is concerned, some on this board have commented that the Nigerians generally do not seem to get along well with the Indians. Does anyone know this to be true? Pandey seemed to get quite a bit accomplished as far as Nigerian relationships were concerned prior to his departure, and what we need here is someone that can build relationships with the "powers that be" and make things happen. Swifty seems to have accomplished very little in that department during his tenure. One conflict after another.
Luke, certain long-term board members with their own agendas would knock down any thoughts of this. I mentioned it on this board several times myself since last Fall when it became very clear to me that Swifty had abandoned us. It is the only way IMO that they will respond to the shareholders in a meaningful way. Some people only understand the language of force.
Uhh, yes any shareholder can force a shareholders meeting IMF. It doesn't take a genius in Delaware corporate law to know that. It isn't something that you can accomplish with a quick phone call, but it is something that can be done in a court of law without a WHOLE lot of fanfare. I would think that the Pandeys would have easy access to that information when you consider their continuing legal disputes. Since you seem to have regular contact with them, why don't you ask them to consider this?
Yes. Any shareholder has that right. I would think that Pandey would be chomping at the bit to get the ball rolling in that direction. I hope Imf can elaborate further.
I would support Pandey or virtually anyone else over the current regime. They've had their chance, and nothing but bad has come out of it. I really don't see how anyone else could have done a worse job. I just wonder if too much damage has already been done by these guys for this company to be salvaged.
Sorry to be so negative, but I wasn't exactly enthused by the CC or by Swift's tone in general. Anyone think that Swift will be more forthcoming toward the shareholders in the future in regard to news? If he plans on doing so, I sure didn't pick that up from the CC.
Yes I do, but I also believe that a corrupt or incompetent management could possess a cheap pill capable of turning salt water into gasoline and still make nothing of it.
If we don't get the federal government involved I think we're toast. That's just my honest opinion based on the fact that we need a LARGE cash infusion ASAP, and I don't see any other potential deep pockets out there on the horizon at the moment. Of course I'm not ruling out the possibility that some other group or individual could arrive out of the blue to save the day. Let's hope so.
Let's hope it's not necessary Lochute, but you better make that thing rainproof in case you have to convert it into a residence for homeless xkem veterans. It better be a VERY big tree. LOL!
There are several different types of bankruptcy. To basically name a few, Ch. 7 is liquidation, Ch. 11 is corporate reorganization, and Ch. 13 is personal reorganization. It is unlikely that we would be protected under Ch. 11, and we obviously get nothing under Ch. 7.
Good post. I agree with your assessment. I do have to ask how he could possibly have no clue as to where 5 million went over a three month period? Do they keep all of their liquid assets in a giant cookie jar or what? Is there no audit trail, or are all of these guys bumbling idiots who have no clue how to follow the money trail? Even in the third world of Nigeria, it really makes no sense. They need to hire an accountant in addition to a CEO.
Well, at least the CC announcement seems to have gotten us several ticks away from adding another zero to the mix for the time being. I hope that management makes an effort to support the stock price by announcing ANY positive developments that occur in regard to this company. Now that we finally got to hear Swifty's voice, MAYBE he has made the decision to be less mute in the future. We shall see.
We have a new CEO? Great, I missed that one! Whoever he is, I'm sure he's going to turn out a lot better than that oversight dude who has been running the show for the past year. He really didn't do a lot for the shareholders that I can see.
Yeah, I think "conflict of interest" must be his middle name.
The federal government better get involved one way or another in a positive manner. State involvement is nice, but I don't buy the concept of the states being the savior for this company. Many of us originally invested here on the premise that there would be near-term federal involvement, and that still seems mandatory to me if this company is to survive. Just too much debt and too many problems here for this company to make it without a white knight of some kind. The only white night I see out there right now is the Nigerian Government.
Well, then what would happen in the interim if we have to wait on Phase 3 trials? A temporary extension I would hope? Either way, Swifty better get on the ball in regard to the license. If he doesn't nothing else matters.
"he personally CANNOT put hooks into 5HMF nor can he be a benefactor of any monatary gain from this assett ..."
Could you please explain how you know this to be true in regard to Swifty?
I would guess that they held a CC for the sake of appearance after having gone through such a long period of silence. A CC as opposed to a standard shareholder letter would give them the appearance of being more open and forthcoming when/if things get uglier down the road.
I would like to think that they were hopeful that a CC would attract more attention from the investment community, but that seems pretty unlikely considering the content of the call. Did they dump into the call? Your guess is as good as mine, but the dollar amount traded over the last three days was not all that significant. Who really knows with these clowns.
No license = no company. That needs to be their IMMEDIATE priority if they wish this to have a shot at continuing as a going concern.
I'll go with: D. All of the above. A surprise federal government cash infusion sounds like the only hope here, but unfortunately the likelihood of that happening appears to be a total shot in the dark. Anyone still want to defend Swifty? The guy is a total joke. Why would he have taken this job if he could find another? Unless of course he saw this thing as a way to turn a sneaky quick buck for himself and his gang. What a joke for him to say that he or anyone running this company represents the shareholders. They represent themselves.
I agree. If the near-term plan was BK, there wouldn't exactly be a lot of motivation for them to hold a CC to discuss it with the shareholders and creditors. It would just happen.