BrettRosen325 — Yesterday at 4:04 PM
I’m sorry the Q&A didn’t happen yesterday and I can assure you that it is “postponed”, not “cancelled”!
BrettRosen325 — Yesterday at 4:05 PM
From what I can tell, Arbiter is still waiting on the SWIFT approval but then the $42m is supposed to be wired!
BrettRosen325 — Yesterday at 4:06 PM
New SWIFT members are announced on Saturday so hopefully in a few days this all gets wrapped up.
BrettRosen325 — Yesterday at 4:07 PM
The relentless selling is tough to watch and I know that things are in motion to try to buy back whatever shares Tony has left.
BrettRosen325 — Yesterday at 4:08 PM
It all depends how backed up the office is and who is on vacation.
BrettRosen325 — Yesterday at 4:09 PM
From what I understand, they need the SWIFT number to wire the $42m to the SIRC bank account in the US!
BrettRosen325 — Yesterday at 10:39 PM
They announce every week 52 weeks per year.
(....about Tony the toxic lender:)
BrettRosen325 — Yesterday at 10:42 PM
I have spoken to him but he doesn’t really tell the truth and is usually bullshitting me to see what I will tell him! He wouldn’t tell me an exact number of shares he has left. He said “I have a good amount”, whatever that means.
BrettRosen325 — Yesterday at 10:45 PM
I still plan on doing the Q&A when it gets rescheduled!
BrettRosen325 — Yesterday at 11:13 PM
I don’t have any default provisions in my notes. I have the option of converting @ $3.00/share or SIRC can pay me back principal + 5% interest. If they don’t pay me back or let me convert then I would have to file suit and get a judgement in court to get paid. I don’t have any shares on reserve or any other collateral.
BrettRosen325 — Yesterday at 11:15 PM
I have a little more than $9m invested in SIRC
BrettRosen325 — Yesterday at 11:18 PM
Not exactly! The $9m converts @ $3/share.
BrettRosen325 — Yesterday at 11:19 PM
No one’s notes are as friendly as mine! No reservation of shares, no late fees and no ratchet clauses in my notes.
BrettRosen325 — Today at 8:16 AM
I have done a direct deal with the company via convertible debt so I am NOT allowed to buy stock in the open market as it could be considered “market manipulation”.
BrettRosen325 — Today at 8:17 AM
I guess I could convert the notes in any amounts I wanted but I would never do conversions less than $1m at a time
BrettRosen325 — Today at 8:18 AM
If I was allowed to buy stock in the open market, then the price would be much higher! Haha!
BrettRosen325 — Today at 8:20 AM
I have no plans to convert $9.6m into 3.2m shares at a 90% loss! The notes will just continue to accrue interest at a rate of 5% per year ($450k per year)
BrettRosen325 — Today at 8:20 AM
I can tell you that there are several back up plans but let’s not write off Arbiter just yet!
BrettRosen325 — Today at 8:22 AM
I see SIRC uplisting to the Nasdaq in the next 6-12 months!
BrettRosen325 — Today at 8:23 AM
I did some DD and spoke to Darin (Arbiter bank president) at length. I also checked him out via some people from Buffalo and they knew his family very well. They owned the big Pepsi bottling plant in Buffalo!
BrettRosen325 — Today at 8:25 AM
I think realistically that the pps can easily get up to $3.00 and then with a 1 for 3 reverse the price is $9.00 and the OS is about 165m. This is the type of reverse that doesn’t harm the shareholders because the price can be supported by $100m+ in audited revenue. This would also make SIRC a billion $ company!
BrettRosen325 — Today at 8:27 AM
I don’t mind the grilling at all. Keep it coming!
BrettRosen325 — Today at 8:29 AM
Candidly speaking, when I first invested in SIRC the PPS was about $0.40 and it quickly went to $3.00 all while others were selling large positions. This can all happen again with a certain seller out of the picture.
BrettRosen325 — Today at 8:31 AM
Nobody knows anything for sure but I would bet a lot of money that he (Tony) is selling.
BrettRosen325 — Today at 8:31 AM
I agree with that as I have been suggesting a stock buyback for over a year now!
BrettRosen325 — Today at 8:35 AM
Darin (Arbiter bank president) told me that they have answered all the comments and it’s just a waiting game now. They expect it any Saturday now! I am hoping this week or next as that would change the whole game!
BrettRosen325 — Today at 8:37 AM
I don’t have any warrants in my notes. It is just a straight convertible debt with a $3.00 fixed conversion price.
BrettRosen325 — Today at 8:37 AM
Honestly they only get notified about 12-24 hours ahead of time. (concerning SWIFT codes)
BrettRosen325 — Today at 8:40 AM
Yes they have to wait for the SWIFT code as it’s the only way to get money into the US from certain countries. It’s a safeguard against fraud and money laundering.
"It never was my thinking that made the big money for me. It always was the sitting. Got that? My sitting tight!" - Reminiscences of a Stock Operator -
