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GMX Resources Inc. Message Board

goblue747 10 posts  |  Last Activity: Jul 7, 2014 3:27 PM Member since: May 6, 1999
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  • goblue747 by goblue747 Apr 30, 2014 1:23 PM Flag

    Isn't that Zhu didn't do anything, but that he did try to steal some funds, got caught, and now will be replaced by a independent, professional CEO who will be shareholder friendly (i.e. dividends or share buyback). I don't think the company itself is fraudulent, not after the outside forensic audit of its bank account balances in 2011 and the constant scrutiny it's been under for the last few years.

    Sentiment: Hold

  • Reply to

    Best case scenario

    by goblue747 Apr 30, 2014 1:23 PM
    goblue747 goblue747 Apr 30, 2014 2:12 PM Flag

    Don't forget, it's 2:00 a.m. in China right now, hard to contact the police department, the author of the article, the bank, etc., to figure out what's going on. It may all be bad, but it'll take at least another 10 or so hours to get access to the information they need.

    Sentiment: Hold

  • goblue747 by goblue747 May 2, 2014 12:31 PM Flag

    I met Daphne for a one-on-one meeting at an investment conference in Los Angeles last December. I got her card, so I called her NY number on April 29th when this story first broke here in the US. The ring was that strange "tinny" ring you get when you call a USA mobile number and the person is travelling abroad, and the message said something like "This is Daphne Huang, I'll be travelling out of the country until May [2?] and cannot retrieve voice mails, please send me an email or in an emergency text message..." Now, here's where it gets really weird, I just tried the number again to see exactly what date she said she was returning, and now it's a recording IN RUSSIAN (then in English with a Russian accent) that says "The number is not available at the moment, please try again later." If you go to Lihua's web site and view a press release back from 2010 or early 2011 when Daphne was still Treasurer, it has her phone number at the bottom and you can call yourself.

    Like some others have mentioned, I put a lot of stock in Daphne's resume and US background in evaluating LIWA's credibility. This is just getting weirder and weirder...

  • Reply to

    Daphne Huang, CFO

    by goblue747 May 2, 2014 12:31 PM
    goblue747 goblue747 May 2, 2014 7:08 PM Flag

    9939. FYI, I dialed it again a little while ago and now it's back to Daphne's voice saying she's out of the country until May 1st. I also got out of (slightly more then) 75% of my position on 29th, but the remaining 25% still hurts.

  • Reply to

    theres news out now

    by beachsidefreddy May 7, 2014 5:48 PM
    goblue747 goblue747 May 7, 2014 5:50 PM Flag

    Good sign that maybe the problem is limited to the CEO and his wife, and not the whole company.

    Sentiment: Hold

  • goblue747 goblue747 May 13, 2014 2:53 PM Flag

    The delay in additional response from the company is not good. I was hoping the issue might only relate to some limited fraud on the part of the CEO, but if that were the case I think the CFO would have at least confirmed the company's cash balances by now. How long does it take to call 6 banks and get the current cash balances?

  • Reply to

    8K filed

    by bernardandy27 May 19, 2014 11:15 AM
    goblue747 goblue747 May 19, 2014 12:00 PM Flag

    Probably very good news. SEC had very little, if any, power to make Zhu cough up the $$ he'd stolen. The Chinese government has slightly more persuasive means to make this happen.

  • Reply to

    TSTC redux

    by creedheed May 1, 2014 11:07 AM
    goblue747 goblue747 Jun 23, 2014 5:54 PM Flag

    At least LIWA will start trading again, OTC BB. TSTC opened around 0.30 OTC and ran up to 0.80 in several weeks, before it's eventual descent to 0.15.

  • Reply to

    Today's sharp decline a tell?

    by animus_revertendi Jun 24, 2014 1:04 PM
    goblue747 goblue747 Jun 24, 2014 7:57 PM Flag

    I agree, real economics will be determined over time. The problem for GDP is that they're going to sink $300M+ into drilling before they know whether the play truly is economic. I think the fact that Devon looked at the issue and thought "nope" isn't a good sign, those guys aren't stupid.

  • Putting aside well mechanical issues, which seem to be behind them, GDP is left with a play that has some clearly economic wells (Crosby 12-1H) and some clearly uneconomic wells. How many more $13M wells will it take to figure out if the overall play is viable? 10 wells, 25 wells? I don't know the answer, but I do know that human psychology is going to make it very hard for GDP to stop drilling (after they've sunk so much $$ and energy already) until they answer the question, and I'm not sure the balance sheet can handle it.

    Sentiment: Hold

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