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PENN OCTANE CP Message Board

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  • rrb1981 rrb1981 Oct 6, 2004 9:16 PM Flag

    They better explain things clearly Thur

    Unfortunately I will be flying tommorow at that time...

    Things they better explain..
    (1) When, not if, POCC is going to do a reverse split. If they do not put one into affect, then that will be a clear signal of their intentions.

    (2) What the long term goal of POCC is... i.e. dividend payer, etc etc

    (3) Explain why they sold 50% of the GP to themselves and why/how that benefits POCC, especially at the cheap price they did it at.

    (4) Why investors should suddenly now trust them to make ethical decisions, when they have proven time and time again(not just the GP sale) that they will self deal, forgive company loans, make special deals with directors, award themselves huge warrants for "past services", which I might add is almost free money considering the warrants are only .30 out of the money or so and they probably did not anticipate such as drastic drop when they awarded them.

    (5) How they intend (RVEP) to compete against companies like Valero LP which just finished a brand new LPG pipeline into Mexico, known as the Dos Laredos project and is now taking market share from RVEP.....

    Are these guys really out to create value for the shareholders, or are they out to direct that value to their pocketbooks?

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    • I'm just sorry I ever got involved in a company that is so shady. There should be laws against this sort of mismanagement to protect the little guys out there.

      • 1 Reply to cbr954wrecker
      • Yes indeed, but don't look past the BoD that rubber stamps these crooked deals. As is usually the case, these con types can only keep up the game so long, they get so busy shoveling company cash into their own pockets, that they forget that they need to actually run the business and generate cash to keep it will catch up with them, but it will be the shareholders who pay the price. The MLP idea is fantastic but their capital base is to small to make it work in my opinion, how can they afford the costs of being two public companies? I follow alot of companies and to me it seems that the double overhead will eat up to much of the bottom line, although the tax benefits may offset some of it, if they were a 200 million dollar market cap, the costs would not be so disproportionate in comparison to the cash flow but we are talking about 2 companies with a combined market cap of less than 50 million or somewhere in that neighborhood. I just don't see it happeing...maybe I am pessimistic but when you combine a poor business with corrupt management I don't expect anything great.