posted
This is a great post from Ibub that sums everything up nicely. Actually I'm buying again at this level because after reading this it's all clear to me now:
Posted by: In reply to: who wrote msg# 28472 Date:1/25/2007 12:09:08 PM Post #of 28520
Folks, no need to panic on every little daily matter. Please understand what you hold and what the current status is.
I am going to summarize my thoughts on recent events that got us here and what i think we can expect near future etc. here it goes ... --- Old FCCN's status/actions:
- was in a totally different biz. (restaurants etc) - diluted and violated sec rules regarding BDC status to get loan from Golden Gate Investors (GGI) - gave up and brought in Steven Peacock (SP) to clean up their status and find some one to acquire or RM into the shell and bail their rear-ends out.
Current FCCN: (under SP)
SP cleaned some of the shell issues regarding catching up - found Aero with whom he has prior dealings to get them interested in doing the RM with FCCN shell, once cleaned up. - On the filings with SEC: started filing past missing one ; started the process of changing status away from BDC as they cannot merge with Aero a product company and still be in BDC status. - Regards to GGI: he had to get the one remaining big issue of the lawsuit settled and away with to make the shell fully scrubbed. For this, it appears that the only way out is to get them on the side of current FCCN and not against it in a law suit. So had to get the settlement done -- where both sides agree to give up for mutual benefit. GGI benefit : they will not have to deal with sec violation issue + they get to be the funder of the merger costs -- a new loan. current FCCN benefit: the lawsuit goes away (the last piece to clean up the shell); and they get a loan for the merger costs - for which all they need to do is place 780M shrs in escrow (as collateral) -- If they can repay the loan later, no issues. Otherwise, after merger there will be conversions of the unpaid amounts into shares given to GGI at the then prevailing rate to honor the debt amount. This is no different than any OTCBB company going and getting a loan from GGI on similar terms. In fact they are having a better deal than any other OTCBB company as the shares are being put in escrow and locked away compared to what others get for such loans.
Going forward: - shell is pretty much clean of lawsuits and well on the way to becoming compliant with needed SEC filings. - with the ShrHolder meeting, SP will change status away from BDC status - at which point all the ducks are in a row and requirements met for the merger to be completed and new board (aero) of directors to take over. SP's job is then done. Aero will take over as the official management. And the share price reflects what Aero is worth with its new share structure.
I will have to guess that this completion of merger is going to happen by late feb/early march. In the mean time, there will be occasional PRs about happenings at Aero under the FCCN name. Once Aero takes over, they can change symbol to reflect their company name, move to higher exchange like OTCBB, and issue the full barage of their PRs in their business plan to chart their own history.
Posts: 630 | Registered: Jun 2006
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posted
this sounds fairly reasonable UNCLE SMELLY but it`s still speculation ( some random posters opinion? ) company stated merger SHOULD be complete by the end of the second quarter of 07? if they felt it would be done by the end of the first quarter (feb/mar) i think they would have said so. fact is NO ONE knows about AERO`s financials YET! revenues are a guess and in my opinion some of the numbers speculated on are EXTREAMLY optomistic! if I had to guess i would say revs would come in somewhere in the 5 to 10 million range ( and that would be kind! ) I hope i am pleasently surprised! IF the deal goes down one of two things will happen RE share structure, if the O/S remains low they will F/S, if they dilute on the way to may/june completion date they may R/S ( especialy if the escrow shares somehow become free trading ) all this is my opinion, we are ALL free to speculate as we wish. GLTA!! hoping for the best/planning for the worst (as always)
Posts: 2503 | From: connecticut | Registered: Mar 2005
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posted
I held off on my buy...I agree I think tomorrow we'll see sub-penny.
Then it will be time to buy hard, and average down if you're red or play the flip. I don't see this going all the way back to .003 unless GGI is dumping those 800 million shares...
Anyway wait until tomorrow, then buy for a nice flip on Monday me thinks!
Posts: 630 | Registered: Jun 2006
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posted
Got out at .02 this morning. Whooooa. Took the kick in the A**. Thanks US and th0th for pounding it into my head last night. LOL
-------------------- Must be an easier way! Disclaimer: Don't buy or sell on my advice I am not a licensed broker. Posts: 424 | From: Oklahoma | Registered: Aug 2006
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-------------------- Must be an easier way! Disclaimer: Don't buy or sell on my advice I am not a licensed broker. Posts: 424 | From: Oklahoma | Registered: Aug 2006
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posted
Surfer I will be back just waiting on the sell off to end. Trying to learn from last year. I am not the captian and won't go down with the ship. LOL I did that last year with a few I had.
-------------------- Must be an easier way! Disclaimer: Don't buy or sell on my advice I am not a licensed broker. Posts: 424 | From: Oklahoma | Registered: Aug 2006
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posted
I'm with you stockcop. I think I was put under arrest. LOL
-------------------- Must be an easier way! Disclaimer: Don't buy or sell on my advice I am not a licensed broker. Posts: 424 | From: Oklahoma | Registered: Aug 2006
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quote:Originally posted by Firedog: Got out at .02 this morning. Whooooa. Took the kick in the A**. Thanks US and th0th for pounding it into my head last night. LOL
You're welcome Firedog. Believe it or not I am no paid basher, or a shorter. I was in FCCN, but got out after doing the DD over the weekend after the Pre 14A filing. I was actually very bullish on this stock last week, after confirming the various PR's that came out to be true, but when they came out with that PRE 14A, I felt a dread swoop to the back of my neck.
Anyway, I'm totally out and won't be back in this stock for a while. I have eTrade, and they are still online restricted. Too risky to trade this stock with that restriction in place. Besides, in penny land, there is always a bull stock out there.
Posts: 159 | From: San Diego, CA, USA | Registered: Feb 2004
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Wow, I haven't seen emotions like this since...well... CSHD of course.
It's really rough when these pinks pull this kind of nonsense...I don't know what to think on this one anymore. It is really looking like a scam to me, Aero may have been snowballed too. Well anyway I'm not sure what to do. Wait and see I guess!
Posts: 630 | Registered: Jun 2006
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posted
From another board. Take it for what it's worth. I don't know what to believe anymore, the only thing that I am sure of is thatthere has been dilution, and who knows when it will end.
Seems Andrew has tons of time to talk to many different posters .
Join Date: Aug 2006 Location: Paoli, PA Posts: 1,113
Spoke with Andrew 5 minutes ago. The following is a paraphrased version of the Q&A:
Q - Do you know the stock is down 40% today?
A - Yes.
Q - Do you have any explanation as to why it could possibly be down this much in one day?
A - It is very hard to give a good reason why. It is hard to value FCCN at this point. FCCN is a shell that had lots of liabilities and was deliquent on its filings. It isn't valued high by itself. It ran from .002 to .06 based on peoples perception of value when the AERO news came out. I don't know why its down today in particular.
Q - What is with the 780 Million shares with GGI? I am assuming they are selling them freely into the market. Is that true?
A - The answer isn't that easy. The escrow agreement hasn't been divulged (Yeah right! LIES, LIES ,LIES !!)
Q - Is it possible that GGI is selling those 780 M into the market though?
A - Yes, it is possible.
Q - What position of the A/S do the current temporary management of FCCN hold?
A - I have to check the Form 3's. (placed on hold). No form 3's have been filed, so if they hold any, it is very little.
Q - My understanding right now is that the tradeable float is 70 - 75 Million. Is that accurate?
A - No. Look at it this way. A/S is 920 Million. Minus the 780 M in escrow. That leaves about 140 Million in tradeable float.
Q - Is the 2nd quarter still looking like the time for the release of the audited financials for AERO.
A - Yes.
Q - Can we expect any news or filings in the very near future?
A - Yes. We are going to be agressive with keeping the shareholders abreast of current events, and when AERO does something we'll let it be known. With that said, we have a proxy filing due 10 days from the form 14. We have a filing coming out on Monday.
end.
Hope that helps on this red day.
Also, if you question what I've asked him, call yourself, and ask if he just spoke with Jim.
-------------------- ~You aren't wealthy until you have something money can't buy.~ Posts: 3070 | From: CT | Registered: Apr 2006
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quote:Originally posted by Wit: From another board. Take it for what it's worth. I don't know what to believe anymore, the only thing that I am sure of is thatthere has been dilution, and who knows when it will end.
Seems Andrew has tons of time to talk to many different posters .
Join Date: Aug 2006 Location: Paoli, PA Posts: 1,113
Spoke with Andrew 5 minutes ago. The following is a paraphrased version of the Q&A:
Q - Do you know the stock is down 40% today?
A - Yes.
Q - Do you have any explanation as to why it could possibly be down this much in one day?
A - It is very hard to give a good reason why. It is hard to value FCCN at this point. FCCN is a shell that had lots of liabilities and was deliquent on its filings. It isn't valued high by itself. It ran from .002 to .06 based on peoples perception of value when the AERO news came out. I don't know why its down today in particular.
Q - What is with the 780 Million shares with GGI? I am assuming they are selling them freely into the market. Is that true?
A - The answer isn't that easy. The escrow agreement hasn't been divulged (Yeah right! LIES, LIES ,LIES !!)
Q - Is it possible that GGI is selling those 780 M into the market though?
A - Yes, it is possible.
Q - What position of the A/S do the current temporary management of FCCN hold?
A - I have to check the Form 3's. (placed on hold). No form 3's have been filed, so if they hold any, it is very little.
Q - My understanding right now is that the tradeable float is 70 - 75 Million. Is that accurate?
A - No. Look at it this way. A/S is 920 Million. Minus the 780 M in escrow. That leaves about 140 Million in tradeable float.
Q - Is the 2nd quarter still looking like the time for the release of the audited financials for AERO.
A - Yes.
Q - Can we expect any news or filings in the very near future?
A - Yes. We are going to be agressive with keeping the shareholders abreast of current events, and when AERO does something we'll let it be known. With that said, we have a proxy filing due 10 days from the form 14. We have a filing coming out on Monday.
end.
Hope that helps on this red day.
Also, if you question what I've asked him, call yourself, and ask if he just spoke with Jim.
Q - So, if I tell you I always lie... am I lying ?
A -
WIT IS THE BESTESTBESTEST !!!
GOING TO RESEARCH THIS POS. NEED SOME EXCITEMENT
-------------------- All I say is IMHO.
I like these calm little moments before the storm... Reminds me of Bethoven Posts: 3255 | From: Orlando, FL | Registered: Mar 2006
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