Nighttrain and Alsteps, I contacted E-trade last night about converting my Series E shares and they told me today that I can do that. However, they said there appears to be some issue between the transfer agent and the company that is holding up the process. I told E-trade to go ahead and get my conversion started and we'll just see where this takes us and how long it takes us. E-trade said they are handling the same issue for other clients so they are familiar with what is going on. They said they could not give a time estimate on how long it might take.
Based on how long it took to get the Series E shares into my account in the first place after the shares dividend in 2014, I would say it could take months. I hope I am wrong and we can get our shares by Thanksgiving, if that is not asking too much. Maybe someone should call Brad at investor relations and see what is holding things up. If I don't get my shares pretty soon, I may give him a call.
Steaks said he talked to Brad recently. Brad said FNRC is in the process of getting $2 to $5 million in funding to bring the oil and gas assets on line, but that the process is dragging on longer than management would like. Hopefully they can make it happen soon. Somehow I would not be surprised if the Series E conversion issue and the operational funding issue are related in so far as the delays are concerned.
The good news is that if management can make it happen, we should be producing oil and gas very soon. I noticed oil is now over $50 and natural gas is above $3. We are definitely getting into the profitable range.
Cropduster
