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Message: This guy is telling it like it is on Yahoo

Eagle_and_fox
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This guy is telling it like it is on Yahoo

posted on Nov 05, 08 05:31PM

Re: Hello LBSU. I see potential here. 4-Nov-08 10:34 pm

I called IR today to see about getting some updated information. The lady I spoke with was very frank.There was no blowing of sunshine.She wasnt certain but thinks that there are around 120M shares currently O/S.They are currently authorized 200M shares.And without a J/V,or a rich investor,or divine intervention,they're going down.All the leases they held are currently loan collateral.And while they are good til the end of year,they have another note payment due in Feb.Which probably means bankruptcy outright or heavy dilution.Currently everything is on hold,awaiting resolution of $3M of debt.If they have an ace in the hole they are holding it very close to the vest because she didnt reference one. It doesnt seem likely they will be able to avoid BK. But it is possible that some entity could come in and buy these notes.Possibly in the form of a buyout if the value potential of these leases warranted.However in the last 5 mo. the director and several officers have been awarded stock options, possibly in lieu of salary, but it doesnt appear by the filings that any have been excercised nor has there been any insider selling. These options do not expire until 2018. Hummmm. Many questions. Definitely a long odds play. At least there are no current legal issues to overshadow the possibility of some form of capital infusion.And 3M is all it will take short term to keep it going.


So briscoe will pull his 10g a month and lbsu will be bankrupt by february.

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