let me give you a backround on this. I found out about this through some of my wall street connections shortly before they announced the certed share buyback, and understanding that they were in the process of being a reporting company, i bought some shares, and once they announced they were buying certed shares, i got my shares as a hedge against it going below .03. I sent my certs on the the last day, and got my $, i then bought in at .015. then as the stock continued to plummet, i realized that the market was telling me something ALOT different than what I was told by my sources, who will remain unnamed and by Mulshine. I then started looking at all their announcements to try to find what the market already knew. That is what I have been posting about.
I have never claimed that the companies are not real. yes, they are real. that is not the issue. You can be a very real company, have employees, and no visitor to the company would have any idea of the value of the company, or what it's financial picture is or capitalization structure is. Do not confuse operations with value or ability to operate profitably.
What makes you think I have anything to do with SLJB? I have never heard anything about it other than in here. never traded it, never even punched it up to look for a quote on it. i have no idea what they do, did, or wanted to do.
What I am saying is that i believe the numbers behind pbls are very different than what they have announced, i believe they have violated the securities act of 1933, I believe that they will never file with the sec.
For example, the preferred shares that do not convert to common shares (according to Mulshine) were used to buy company a, b, and c.
Since the preferreds do not convert to common shares, they would be accounted for as debt. So, if they issued $25million in preferreds for purchasing company a, b, and c, the balace sheet would have the assets purchased (and goodwill if they paid more than book value for the companies) on the asset side, and then 25 million in the debt column to show the issuance of the preferreds, leaving shareholders equity of 0...
Thats just like buying a house. you buy a house for 500,000 and take a 450,000 mortgage.. you have a balance sheet that shows 500k asset, and 450,000 in debt , 50,000 in equity.
This is another reason why i laugh at the company's claim that they have shareholder equity of $80 million. I have spent the last 24 years reading financial statements of publicly traded companies, and the claims that these guys make are so ludicrous that if people haven't lost so much money and will more than likely lose much more, i would call it a comedy.
