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Post by viprgtsr on Apr 20, 2015 8:42:03 GMT -7
So there has been some talk about a class action lawsuit.
While I am fond of the idea of getting my investment back, I fail to see WHO the shareholders would sue, and what funds the shareholders would have claim to. Even if the shareholders did win some sort of settlement, there would be no funds besides what is in the remaining shell company? I think some funds from the shell company would be possible, but I'm sure we are talking pennies on the dollar (if that).
The old management are the real criminals here, but you cannot sue them.
I think we are all just up a creek.
I'm all in for a class action as a symbolic move, but who's going to pay the lawyers?
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Post by charbsey on Apr 20, 2015 12:26:21 GMT -7
Insurance !
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Post by charbsey on Apr 20, 2015 12:28:42 GMT -7
this site is getting to funny. if we rollplay executives, can I play jim hill under Jimmy f-us ? lol
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Post by bruiser572000 on Apr 20, 2015 12:55:20 GMT -7
Yes the answer is insurance. All officers and BOD have liability insurance. Sure it's a long shot, , but if your not interested, then go your separate way. I don't understand how they had equity of $112,681,000 as of 9/30/2014 and now their is nothing left for shareholders. This doesn't include patent value or the $240 million tax loss carry forward. Incompetency personified. I've made a lot of money investing and this is my biggest mistake and I don't like losing. I own over 350,000 shares and I'm pissed.
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Post by johnspatane on Apr 20, 2015 16:50:38 GMT -7
Didn't I catch somewhere here that all the directors recently voted insurance coverage for themselves, and then quit ? Hum...sounds a little suspicious to me if it happened that way. Maybe they know something that we don't know....but definitely should find out ! I'm sad bruiser, but if we did get screwed, then I too will be pissed ! I bought some of my shares starting at $ 8 each, and tried to catch the proverbial "falling knife" on the way down out of faith in the process. I forgot that there might be other factors at play like greed, or incompetence, or neglect, misfeasance or malfeasance ! You might want to check with more than one attorney who is savvy in this type of claim. Thanks for keeping me posted.
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Post by charbsey on Apr 20, 2015 17:45:24 GMT -7
step must be looking forward to getting on the stock market, big enough asset of its own , why not merge with a struggling company ? the reality is this technology will move forward creating revenues per frac job. jim hill said it himself and the pump system will act as a suction system ... for those who can look at the mechanical aspect , this system will chance the future of fracking I am looking forward for step to enter the market , will get to play with future earnings
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Post by cher on Apr 27, 2015 5:47:46 GMT -7
Yes the answer is insurance. All officers and BOD have liability insurance. Sure it's a long shot, , but if your not interested, then go your separate way. I don't understand how they had equity of $112,681,000 as of 9/30/2014 and now their is nothing left for shareholders. This doesn't include patent value or the $240 million tax loss carry forward. Incompetency personified. I've made a lot of money investing and this is my biggest mistake and I don't like losing. I own over 350,000 shares and I'm pissed. Any word from the lawyer, bruiser572000?
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Post by bruiser572000 on Apr 28, 2015 5:25:33 GMT -7
The lawyer e-mailed me last week. She asked if I felt the 9/30/14 financials were inflated(I said no) Theories of wrongdoing. I said I thought their was gross mismanagement. She asked if officer or director had self motivation which I did not answer. I suggested she try and contact Julien Balkany since he was a director and had a 5% position. I had no contact information so she would have to get that herself. If anyone has information, please speak up and I will contact her. She was looking for a smoking gun and I didn't have it. If their is, we might have a claim against their liability insurance.
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Post by johnspatane on Apr 29, 2015 7:59:47 GMT -7
chip6a could you talk to julian about this from bruiser ? Anyone else in contact with a good attorney on stock matters ?
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Post by chip6a on Apr 29, 2015 10:12:15 GMT -7
John have talk to Julien about this and feels like I do the only one who make out in a class action is the attorneys. I told him I would love to see Jim Hill and his bandits squirm for what they did to us and he totally agreed. We still have to wait to the final act before anything or if anything can be done. Don't think for 1 minute if Julien thought there was a good chance on a class action he would be the first to go after the bastards. We all got hit whether you lose $1000 or $6 million it was bull. I could go on and on but the more I think about it I want to vomit.
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Post by bruiser572000 on Apr 29, 2015 11:06:12 GMT -7
I hope Julien isn't reluctant because he could be one of the defendants as a Board member. I'm sure he's consulted some heavy duty legal advisors. Any settlement would not go ALL to the attorneys. A class action would not cost us anything, but of course their is no guarantee of any reward. I'm just afraid that their in not enough to go on for this Class Action Attorney. I lost a lot, but not 6 million. I would pursue every legal possibility. I can not understand how someone could invest 6 million, be on the Board for a year and not forsee what has happened. As I previously posted, I'm pissed
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Post by chip6a on Apr 29, 2015 12:18:57 GMT -7
Bruiser your not alone everyone is pissed I lose my retirement money and my sons college fund. I don't think Julien is reluctant, he is just as mad as all of us. I talk to him on numerous occasions and believe me he didn't see it coming till it was to late. He wasn't even there a year. As was said before we were all sold a bunch of bull and management was driving GasFrac to the ground. But you know deep down inside I smelled a rat years ago but I let my ego get in the way. You know kind like letting the little head think instead of the big head. I have been there since 2011 and don't remember the stock going up. I bought in at $13 so your figure that out from 2011 and average down till the end at $.15 You talk about a dumb investor I take the prize. My guts were telling me something was wrong but I kept on thinking tomorrow would be the day.
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Post by chip6a on Apr 30, 2015 11:36:36 GMT -7
Just to let everyone know I was part of a class action lawsuit against Citi Mortgage Corp and today I got my settlement check in the mail $.08. It cost them more for postage then what I was awarded. I bet the lawyers got more then $.08.
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ottis
New Member
Posts: 6
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Post by ottis on Apr 30, 2015 15:01:26 GMT -7
Hey chip6a For someone that lost his retirement money kids college fund and so on, Smells a little fishy trying to talk everyone out of a class action!!!! Just saying!! And quite frankly it doesn't cost u anything so why do u care? So your logic is we don't do anything because the lawyers are going to get paid. I would rather see them pay something for there actions then nothing at all, And then if they find something really shady there will be jail time . Both outcomes would be fine with me someone must pay for the deception. No disrespect to anyone just how I feel
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Post by chip6a on Apr 30, 2015 16:19:31 GMT -7
Ottis not trying to discourage anyone from doing what they feel needs to be done. As far as fishy I'm just trying to state my opinion. If there is a class action suit brought about I would be the first in line. What was done to us was wrong and as I said before I would love to make them squirm. You got me totally wrong, I'm just trying to be realistic I'm not going to get my investment back.
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