Paul told us at the initial meeting in February 2006 after Katrina that the share count would be under 1 billion when they became transparent... I have no reason to think that statement is false.
td
We continue to stand by our first impressions of PBLS.
Posted by: tdieh03
In reply to: None Date:3/8/2006 10:23:57 AM
Post #of 40542
Commentary by tdieh03
Our impressions of the PBLS meeting.
We liked the balanced growth strategy that maintains the construction side of the organization and expands the gas business for volume and oil for profitability.
We were impressed with Paul and his business model.
Paul was open with his spoken and body language that said, this is me, either believe me or not.
The questions he could not answer due to the sensitive nature of finishing the audits and submission to the SEC required to complete the upcoming move off the pinks to us, was totally understandable.
Before the ink is put down on paper, anything could change as he said. In our experience, often this does happen. He is being cautious..
The fact that Paul looks for professionals/experts in their respective field(s) to join his business (for example John Burge who joined PBLS through the ProGas acquisition)
is a wise strategy.
Johnny Zornes (Murphy Sand and Gravel)was as honest and open as Paul and quite informative regarding the operations and demand for their products. Seeing that only 20 acres of land has been cleared out of 820 acres tells us they are a cash cow whether they continue operations or sell the lease which we understand is for 18 yrs...(option)
If this was an act, Johnny should get an Academy Award for his role.
His admiration for Paul is apparent. Everyone at PBLS has a lot invested in seeing PBLS share price appreciate. Though as PBLS is currently buying back 100 million shares on and off the open market, keeping a lid on the PRs' is a also a wise move in our opinion. Why excelerate the price per share until they've finished?
We invest in management. A company is only as good as it's management.
We would have like to have had Ron at the meeting though appreciated the time Paul spent with us which was well over what we expected and the reception was very warm by him and all his staff. (We were expecting a tense atmosphere to be honest.)
We view this investment as a diamond in the rough.
If there is a downside to our investment here, it will be in the form of dusters that maybe struck on the oil wells being drilled in the north.
Have a nice day all.
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