I got a letter in the mail announcing the shareholders meeting on Dec. 27, 2013 at 9 am at corporate headquarters.
Only items are election of directors and ratification of accountants.
I only have 1 share that I bought about 4 months ago, Hoping they might send some financials one day. There isn't any proxy or financials with the letter.
These guys want to control the entire board without paying shareholders a premium to acquire a control position.
As holders of 4.7 % they do deserve probably one seat on the board to keep watch. But if they want to run the whole show, I'll be waiting for that buyout offer.
Looks good. I filled a 1/2 position on Monday. I figure if there are any glitches in the 2 wells that are due by year end I may get the 2nd 1/2 at a discount.
We will need to raise additional capital to expand our operations, both to fund additional investments in capital equipment and technology to increase production and improve safety at our existing facilities and to acquire additional profit generating operations.
They have a promising oil division and a UCG division that I wouldn't give you a penny for. It's not economical without large govt. subsidies. Blame that on fracking....too much cheap gas around.
If they spin off the oil and gas division I think we have a winner.
Ironbridge bought about $5 million of debt that LLEN owed and the sued them for payment. Call it $6 million with interest.
The two parties settled in court to make the payment in shares. That's what the write off is.
Didn't anyone here read the 8-K filed on 8-16-2013?
The bigger question is how come a company that makes $60 million in a year can't come up with $6 million to pay what they owe.
I'm taking a look.... and 1X cash flow with low debt, fully funded and expanding production is fantastic. Even with the political risk. Also possible a lot of the warrants will expire worthless, so the fully diluted number won't be a concern unless there is big appreciation.
I just can't quite figure how they are getting that high of a netback. Is that pipeline open now or is it a future project? Maybe no hedging? Parex netbacks $64 and Suroco netbacks $55.
April 25 2013 the bonds were issued
November 21, 2013 the Geo Seeking alpha article about the bonds came out.
November 22,2013 the bond money was transferred to a FAB universal account.
They need to explain who had the money all that time. it really seems like it was meant to be hidden forever.
They had to admit the bond offering cause they were caught redhanded.
Stores were "licensed" but never opened.
Company didn't "authorize" pirated content, but that's what the kiosks were selling.
Prepayments for stores that will not ever be opened.
The news is all bad here. except maybe the cash in bank......that's a maybe because you are gonna take their word for it when everything else the shorts were saying was accurate?
Why would CNN use an algorithm when the requirement is 45 days from the end of the quarter?
They can just use a calendar. Dec. 15th is the deadline.
I happen to think that Smith is the right guy to lead the company. but Kellogg deserves 2 board members as a 33% shareholder.
Not sure how to make that happen. Maybe I will vote the company proxy and with hold my votes for the 2 company directors.
This is like a car accident. Even if you aren't involved, you just have to swing by the message board and slow down to take a look at the victims.
Earnings will have to be filed by dec 15. they don't just get to pick any date they want.
If they are late, then they have another problem to deal with.