Elvis, you are absolutely right ... I am conflicted regarding PV Enterprises (ALAS).
Most important, I believe KeyWest and Wilton to be much needed and great posters to this site! We need objectivity and intellectural honesty. A forum to discuss openly and exchange ideas. Sorry to be so late to posting to this dicussion. We all need to tone down the intensity to avoid the posting deletions (mine are being deleted too).
I would like to make two points:
1) Upon repeated requests - Clarificaton on my relationship with PV; it has been questioned repeatively on this site.
I acted as a free agent independent financial contractor for a very brief time in early 2012. This small company was in a complete crisis and ready to collapse. No financial records had been maintained for over 10 months, the phone was being disconnected, crew and ship Ocean Star Pacific being abandoned. Via Peter's approval, I set up some basic accounting and located and placed a competent controller. Most importantly, I introduced to Peter a series of potential angel investors and lenders. Peter was alway desparate for money as any start up is. In about seven weeks on this project, several of my friends loaned Peter approx. $200,000 based mainly on my recommendation (Peter almost immediately defaulted on this loan). If that loan had not occured than, this company would not exist today.
A few weeks later, I flew to Texas at my own expense to arrange a larger investment of $5,000,000 USD. I had worked two months on this transaction via my friends and contacts. The smoothing, the due deligence, the financial modeling, etc. I even offered to fly Peter to Texas not knowing if he had the money for the flight. Peter did not go. I think he was too stressed out. After three days of intense presentation, I was successful in getting a proposed discussion memorandum investment offer presented to Peter via fax for the five million dollars. Upon presentment to Peter, he blew up and we parted ways before I returned to Miami. I have spoken to him only once since. Why did he blow up?
The investment required certain stipulations: 1) dual signatures on a disbursement account, 2) control of the Board by the investors until their investment was recovered, 3)an employee contract binding Peter to the managment of the company, 4) no Peter side deals unless approved by the board, 5) an escrow account of the revenue inflow via a third party bank arrangement. He said that they were taking over the company. I was not fired, was not an employee, was not an officer/director/10% owner. I was offered the position of CFO, but no Board of Director's existed to approve such. I was and am a completely free agent with no confidentiality agreement in place.
I can understand Peter's exagerations regarding firing and have no doubt that first hearing that on this blog, that it originally came from Peter. I have heard him say weird stuff many times, "all the crew and officer's are thiefs", "I will never hire a Greek officer, they are all incompetent", quoted in press "the crew and officers are eating steak and drinking too much wine and beer" ... this while the crew had no water and electricity in the hot Mexican sun on a burning steel ship m/v Ocean Star Pacific...the ITF crew union was up in arms.
If he had taken that investment, and it was on very favorable terms, this company would be rolling in revenue producing financials today and probably would be on a more significant exchange in my opinion.
I have not been paid for my services to date and intend to collect on it.
Next Point - No one, and I mean no one, believed in an entrepreneurial start up and Peter more than I did. Peter has his faults as we all do. I really went to bat for Peter.
Second Point to be made:
2) Clarification of difference between "Forward Looking Statements / Fluff" and "Contrete PR"
EXAMPLES OF FORWARD LOOKING STATEMENT /FLUFF
1) Annonce merger of Saenz yachts - purchase of uncompleted /liened non operating yachts, the announced purchase and disclosures says no consolidation of operating results until commence operation in the Bahamas. Stock goes up on announcement. Who benefited? No operations commence. No consolidated results and losses reported. No revenue stream exists.
2) Announce joint venture with Hellenic Seaways for ferry (Nissos Rodos) in Panama. Announce booking agent, Announce sailing date., etc. (all pending finalization of joint venture). Stock goes up, Who benefited? J.V never happens, no revenue stream - no operations.
3) Announce contract for $10.2 million for Korean charter to Expo. Stock goes up. Announce purchase of Emerald vessel via a down payment (down pmt via loaned monies from Larry Salzant), Stock goes up - no long term financing in place and ship not suitable for charter, replacement ship Ocean Star Pacifc located and Koreans advance $2.2 million , Stock goes up, Who benefited?
Ocean Star PAcific not seaworthy, deal not completed. Charter defaulted. Losses of operation not consolidated into ALAS parent financial. Stock collapses.
In other words, a Forward Looking Fluff PR, especially in off-shore maritime, is one that has any contingency of non performance such as "terms will be finalized in eight months".
This is off shore and in international maritime. Few protections exists for the investor or creditor. The rules to American Gaap and American business do not apply.
And why is it, PR's are always positive and their are no PR's or disclsoures for bad news like cancelled contracts from this company....newbie investors are still quoting these old PR's . One needs to hear both the good and the bad....that's simply honesty and good business.
EXAMPLES OF SOLID PR's
1) We have recognized in the preceeding quarter income of XXX on revenues of XXX.
Based on the history of PV Enterprises International, one needs to be very careful in reading any PR. Invest speculatively long term on forward looking PR's, Invest fundamentally long term of solid PR's. Anything else in my opinion is probably playing a short-term some form of "pump and dump".
I STILL HIGHLY BELIEVE IN PETER AND HIS VISION OF A MARITIME SHIP MANAGEMENT COMPANY ON THE LINES SIMILAR TO ISP (International Shipping Partners). He has both drive and ambition. I question sometimes his judgment, his forth rightedness.
This is not an investment, in my opinion, for a flipper based on promotion and crowd psychology.
It is speculative and long term in the absence of solid announcements and operating results. Once operating income and results are achieved, than it becomes a more traditional solid investment. Yes, if you are an investor , be long term and be patient. It does no company good to "pump and dump", it adds no financing capital to the growth of the company. It adds no stability to the company.
Many of the current shares and shareholders in distribution were promoter shares that were not purchased on the open market. Their are significant shares that do not have any original capital at risk. These promoter shares have contributed zero assets to the company.
To grow this company, it needs long term investors with vision. And yes, possible even diltions, to raise additional operating and capital improvements capital. This company needs money to grow and impliment its plans. Peter can get it done ... but he needs financial strength.
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