Brian, I think the major issue here is credibility of the CEO Floyd Smith backed by his recent actions where trust in him have been seriously compromised.
Here is what I said "I don't want to go into chronological sequence of events and details but the period from retracted PR to "cancellation" of Bakken has been plagued by flagrant lies at worst, disinformation at best." What about retracted PR about Bakken after major spike followed by a dump, what about Floyd telling to "average" at.004 only to discover that share price now at .0015, what about Floyd never telling massive dilution, what about Floyd not telling shareholders that he is paying his bills with common shares, what about him not telling shareholders that he was dumping shares on open market himself, don't you think all that info is relevant for retail shareholders to know................. should I continue?
I said "The problem is that Floyd Smith doesn't have any vested interest in the increase of the share price since he doesn't own a single share of common stock. He clearly demonstrated share price means nothing to him by so many of his actions and market clearly noticed it. That is why I screamed my lungs off when I said this is not a true publicly traded company when the CEO owns 51% of the company no matter how many shares they authorize, no matter how many shares are outstanding and now matter what the share price is."
Floyd owns 51% of the whole company and he does all decision making process alone and if, tomorrow he wants to increase it to 10 billion ASs he will do it as long as it fits his agenda and he doesn't care about common shareholders, share price and other things, all he cares about his gig to continue. How many shares of common stock Floyd actually owns? He did own 40 million before but then he realized how dangerous it is for his personal well-being especially if he wants to take a dilution route that is why he secured himself with 51% of company ownership, because at any company after his performance during the last 3-5 months any independent BOD or annual shareholders meeting would have sent him packing long time ago, but this way he knew he is pretty much untouchable so tell me if it is a true publicly traded company with shared governance.
"So far, as it seems, Floyd Smith milked the listing feature to death without loosing control of the ownership and if tomorrow he decides to take it back private, there is absolutely nothing anybody can do to stop him. And that is the biggest problem and market knows it and doesn't want to take a risky chance like that". By laws and recent S1 clearly stated that, please read it more carefully, so what is not correct?
"The only way anybody can make money is by shorting this POS." In a declining share price the only way to make money going short and for OTC BB only MMs can do that not retail shareholders so what is wrong?
" I think the moment Floyd exhaust all his options including inability to do R/S, no more toxic financing, possible problems with SEC..........." Just like increasing ASs, tomorrow Floyd can declare R/S nobody can or would stop him.
"I can virtually guarantee he is going to take it back private." If SEC won't allow him R/S what is the only option for him left?
In a trully publicly owned company where CEO also owns shares there have only one bad alternative-bankruptcy, no CEO can't take a company back private and usually they don't own even 10% of the company, and they will avoid bankruptcy at any cost. Market knows it. Unlike Petron where Floyd can take it back to his personal ownership. And that is the primary difference between all those OTCBBs that are making a run and Petron where CEO used OTC BB listing as his personal wallet without impunity." Please go and read what Ch.11 and Ch. 7 means and what are the process for that. IMO
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