Replies to post #62171 on Pilgrim Petroleum Corp. (PGPM)

[Carjockey2]

Nice post .......

I tend to agree with you.....

Got my lotto ticket ...now I sit back and wait.......

PGPM

[lucky, mydog]

IMO the SEC would not have removed the suspension if the company had fraudulently reported assets.

that is completely wrong. by law the sec can suspend for 10 days and 10 days only. they do not have the power to suspend indefinitely.

[deanna-hopkins]

It can take 3-5 YEARS for the SEC to write their arguments and set a court date for disgorgement. The SEC suspension being lifted DOES NOT mean the SEC investigation is over or they have closed the case. Just like any detention, they SEC can only detain their constituent's business for 10 days. This was their "chill period" to gather facts. Just like a murder case when the suspect either is set free or charged and posts bail. All this means is that the SEC will continue to monitor the monkey-truck-screw beinging stripped here and then after all the criminals have finished shooting each other, come in and bag up the bodies. THat's all they do, they're like a study hall monitor for the last period of class. THey just want to go home and can care less because they don't submit a grade or have a standard of compliance with us, just with themselves. So it's like mental masturbation, you can either say you had a great date or a bad date, and no one really cares because it's all in your head anyway. Reporting something to the SEC is like reporting a UFO to the Airforce, it;s all made up to begin with, including the Airforce and their whole identity. Really, like they think they are birds or some other creature than human.

[big green tractor]

STICKY WORTHY ... ! PGPM

[janice shell]

IMO the SEC would not have removed the suspension if the company had fraudulently reported assets.

One more time: By law, the SEC cannot suspend a stock for more than ten days.

[elkonig]

According to the SEC Order of Suspension of Trading there were three clearly described reasons for the suspension that were among some other issues that were not described.

[1manband]

Many posters are claiming their opinion is the truth, which I find highly unlikely since the SEC has not completed the investigation and has definitely not released their results.

No, not the case.

The legal definition of "Proven Reserves" is not open to debate. The legal standards in the United States are not open to interpretation. They are very specific and clear. PGPM claimed proven reserves when they didn't even come close to meeting the legal standards required. That is absolutely factual. And, it is also factual that to claim proven reserves, and assign an arbitrary valuation on the non-existent reserves, is fraudulent. Again, not open to debate.

PGPM's claims are clearly and obviously fraudulent.