Tick, tick...was anybody serious about a new ceo? Hearing less and less as we get closer to 3/31. He did mean 2013 when he said "we will have a deal in the 1st quarter?" Oh yes, correct....my fault, that was 2012. Is there anything that anyone has said that will be followed through on, Stan or the posters with 200, 300, 400,000 shares?
Looking at the short term financing that was arranged in February, i would say that the "harder" deadline is not March 31, but somewhere around April 10.
Do we really expect a company to issue a PR every two weeks or even every month? I don't. PR's are event driven; they are not driven by a need to satisfy news-hungry shareholders. We will see a PR when there is something to PR.
Infinity has not yet filed the 10-K for 2012. That is due on April 1.
And Infinity has until May 15 to file the 10-Q for Q1 of 2013.
Conference calls are often held within a few days after the submission of a 10-K or 10-Q.
IFNY was about 10 days late when it filed its 10-Q for Q3 2012. I hope they are not late again, but putting together these filings requires time and money.
So how can we possibly even begin to think about a submitting a NASDQ listing application until we meet the listing requirements? Once the share price gets above $4 and stays there for a quarter or more and IFNY has the cash needed to do what is necessary to maintain that listing over time, only then should we even think about submitting a NASDAQ listing application.
No, we do not need a CC every month.
Yes, we do need to do what the CEO tells the shareholders in a CC that he and the company will do .
When the CEO is telling investors in a CC, on the company website, and in investor conferences, that he will have a deal in the first quarter, then we expect that.
In the last CC he was even given a lifeline by one of the questions to see if he really meant 1st quarter, ie by the end of this month. He said yes.!
We all understand that there are delays, etc, in this . But by any measure, there have been enough unfulfilled promises made by the CEO over the past few years, and this is getting old.
I for one can appreciate all that the CEO has done over the years to save this concession. As he once told me, `It has been a battle.`Ok, but enough. lets not keep making promises and setting up high investor expectations, and then not follow through.
IFNY was not 10 days late in filing its 3Q 10Q. That report was filed Jan. 9, 2013, almost two months late. More importantly, IFNY has no revenue or ongoing operations. No reason has ever been provided for failing to meet the filing deadlines. IFNY had more money on Nov. 15, when the report was due, than on Jan. 9 when it was filed. Same is true with the 10K--no excuse for an untimely filing. Although for years it didn't matter, if IFNY management is now seeking institutional investors, it needs to demonstrate effective management of the company.
Perhaps you are correct about a NASDAQ listing, but Stan indicated in July 2011 that he expected to be listed soon. The market cap and share price are sufficient for a NASDAQ listing. The Amegy conversion eliminated most of IFNY's debt, and so it would not seem difficult to generate sufficient cash through some means to achieve the NASDAQ listing.
I agree that IFNY does not need to issue a PR every two weeks. However, when prior information has been conveyed to investors that is inaccurate (EIS in 30 days and partner in Q1), then an updated PR is justified.
The harder deadline is indeed around April 10 (or at least before April 15). If Stan repeats his payday loan approach with friends of his, at increasing levels of warrants with decreasing loan periods, it raises some serious concerns. Stan has done many good things for IFNY over the past decade, albeit at a very slow pace. I guess we will know shortly whether he can take IFNY to the next level.
This week should reveal a lot. The quarter effectively ends Thursday. No conference call is scheduled, and so it seems unlikely that Stan will pull through on his promise of a Q1 deal. We will also know this week whether Stan will make good on his promise to timely file the 10K this year. The first of the 60-day payday loans is due April 15 (with the other two due late April), and so we will know shortly whether Stan really had any plan to deal with IFNY's financing needs.
Based upon lsmith's discussion with Stan, it appears doubtful that he will gracefully step aside if he cannot close a deal. Instead, he will simply continue to wait for a partner to take whatever steps are necessary to close the deal. To replace Stan as CEO, the support of the large investors will be needed. The next logical step, absent a Q1 deal or some convincing update, is to request a meeting with Amegy. Not sure if anyone knows who the contact person is at Amegy, but it would be nice to arrange a meeting with the powers that be at Amegy in April. Amegy has worked with Stan for years now, and so perhaps it can have some influence with him.
Contrary to what some posters believe, I do not agree that IFNY's concession automatically becomes more valuable every day we wait. Noble's progress is great and should help IFNY's valuation, but we are still talking about millions of acres of concessions. IFNY's failure to timely file SEC documents, to timely pursue a NASDAQ listing, to timely complete the EIS approval process and to timely pursue a deal to proceed with 3D seismic does not help its perception as a viable partner. IFNY (and its investors) have a lot at stake, and it may simply be time for Stan to seek some assistance.
Good point. The value of the concession is different than market cap of IFNY, although they are interrelated. At the moment, I do not think all the factors I mentioned are fully accounted for in the stock price--if so, it would be in the $1.00 to $1.50 range. In spite of those factors, I think most investors still believe Stan is going to close a deal in the near future.
I read and appreciated #$%$'s post. But if the EIS is moving along fine (with no identified obstacles), then why was there no approval in the timeframe Stan indicated (before March 9)? Stan may be a good guy, but does he have the skill set to close anything--the completion of the EIS, a deal with a partner, etc.
I slightly disagree. That comment about our concession becoming more valuable day by day was made slightly tongue in cheek, I suppose . But there is a difference between the value of our concession, and our market cap.
Lets face it, if this company had a better history, our market cap would probably be considerably higher. I think that is why we are all invested in IFNY , because we all expect a considerably higher market cap.
So how much of what you mentioned is factored in the price of the stock now?
I think everyone who reads this missed Bimbos latest post about the EIS. I personally would listen to what she has to say. Just saying.
In fairness to Stan, it may be SOS DD--that has been his modus operandi for years. Always a deal or partner in the next few months. But if it is the SOS DD for investors, then why should Stan change. If IFNY's investors simply choose to complain but wait patiently again and again, then Stan has no reason to do anything differently.
I do not profess to have any additional knowledge regarding Stan or his capabilities. If IFNY's investors are truly doubting Stan's abilities, we should probably take some action soon. If not, we are tacitly Stan's wait and wait and wait approach.
Sounds like SOS DD, unmet deadlines that came from the source.
"millions of acres of concessions. IFNY's failure to timely file SEC documents, to timely pursue a NASDAQ listing, to timely complete the EIS approval process and to timely pursue a deal to proceed with 3D seismic does not help its perception as a viable partner. IFNY (and its investors) have a lot at stake, and it may simply be time for Stan to seek some assistance"