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I've been commenting on this blog for a while. I feel like I should share that I took my risk off the table by selling enough shares in the .70s to cover the capital I put in. (My cost basis was around .40)
My problem with the current situation is that WTG is worth about 1.00, which means the real offer is to buy CMM at .40 IMO.
The bigger problem other then valuation is that this sequence of events including the shady negative press release a week ago shows current management can not be trusted and will continue to under-perform and scheme.
WTG went down just under 30% with only a miniscule number of shares trading (38,070.)
In fact, earlier in the day, it was down 20% on less than 10k shares.
This to me, confirms that this entity is not even legitimate. Come on, what kind of serious entity does not have a website and can go down 20% on less than 10k shares trading?
With my remaining free shares, I will vote "no" on any takeover by WTG and feel that the best case scenario is a outside hostile bidder.
One thing that following CMM has confirmed to me is that no matter how great the resource and fundamentals, you can not possibly underweight the consequences of a situation when management and ownership literally are working against the retail shareholder.
Great post real_econimics, I agree with your statement 100%. Something does not sound right and I believe we should all vote NO. I also think many agree with your statement.
IMO, You can safely ignore Reuters, Financial Times. Their math is based on the WTG's artificially steroided share price this morning of around 4.50 being legitimate as they have not yet come to see WTG as the 1 dollar stock at best in "disguise" that it is.
Remember, the fairy tale, "The Emperor's New Clothes."
It is only a matter of time before the public realizes the "Emperor," aka WTG has no clothes or substance to speak of.
Thanks for coming back R_E. Folks, there are all kinds of irregularities (possibly illegalities) with this deal. But the first order of business for us is to defeat the conspirators! Let us coordinate that effort between the Blogs, since there seems to be a consensus for NO. By the way Production, I tried to contact Integra but my e-mail could not be "delivered".
Real Economics, let me play the devils advocate here.
I have no doubt that these guys (Finskiy, Scola, Major) are shady. And I have no doubt that WTG is way overvalued. However, I would argue that they are not beyond hope.
Finskiy did not have an obligation to offer 0.4 shares of WTG for 1 CMM. At WTG's inflated share price of $4.5, most of us were expecting a lot worse (like 0.2 shares of WTG for 1 CMM). With the current offer on the table, Finskiy's stake in CMM doesn't increase dramatically... only increases by ~15.6% (please see my past posts for explanation).
Maybe he's trying to be more fair than we give him credit for. And maybe he's leaving the door open for a white knight.
Uall, Any chance of Finisky & Co. being "fair" died with the timing of the overtly negative press release. Come on, 9 days of downtime resulting in complete loss of financial solvency?
That has to be the worst "contingency" planning ever.
When Minco Silver attempted to get the Sunshine Mine out of the Sterling bankruptcy, a third party of financiers emerged "Silver Opportunity Partners." that saw the value and outbid them in a bankruptcy court.
I would take a lower offer from a competent third party that sees the value and hold shares through the merger before I would support any offer that maintains the current management team that has clearly shown to have total and utter disregard for their shareholders.
I find it interesting that over 60% of the people on this blog would not accept less than $1.50 for their shares according to the poll. And then White Tiger comes in with an offer of $1.80....but read the fine print, it is not really $1.80 but 0.67 or less.
Good points, R_E. How can we trust these guys (Finskiy & Co) when they were operating against us from the word go (e.g. putting Major inside CMM for a year; conducting a world-wide search for the best CEO; share price manipulation; phony NR; etc). But what can you expect when one guy is allowed to hold 95% control over a "public" ccompany!?! He is effectively fleecing us with our own money!
The company management is extremely concerned. They had expected CMM to trade well over $1.20 today, and are fast running out of options. Without CMM in the bag (and trust me they haven't got it yet) their White Tiger turns into a Pale Pussycat.
It is imperative that as many of you as possible call up and ask the questions that need to be asked tomorrow in the conference call.
Be polite and courteous, but ask the right questions of this 'management'.
Now that's funny! Maybe they should get a free subscription to Stockigloo.com as I'm certain they could have learned about WTG's real valuation from several posters on here instead of from Finsky's handlers.
R.E. I'm concerned about the real offer being 0.40. Do you think the sp will drop back into 0.40's again?
When is the conference call? I see no info on the CMM website.
As for managment nervous of shareprice, that is called bad publicity come to bite them in the asss. CMM had good momentum into March 8 (0.79). If they were not greedy trying to scoop cheap shares last week, without the badly worded PR we would be well over $1 with the announcement today.
People have been burned to many times and the market is skeptical.
If the management had not put out an overtly negative press release in an effort to bash it's own stock to pick up a higher percentage of ownership cheap, I would have considered a 1:1 offer.
However, given the circumstances in which the management has shown that it is unethical, I no longer can support any offer - even 1:1. This is just my opinion, others may disagree.
As for those that are implying management thought the reception would be better, let's get real.
Is the investment public so stupid to see value in a company (WTG) that can not even put up a website with basic information about it's operations, assets, and share structure?
None of this needed to happen. CMM was well on it's way to revaluation upward by just ramping up and meeting goals.
Now with the shenanigans of the bogus press release insinuating a 9 day shut down has resulted in utter insolvency and made CMM a going concern, etc. .
The entire revaluation opportunity has become a mess.
Finisky would have made a boatload of money just by letting CMM reach it's fair value on it's own. By trying to steal an extra 10-15%, he's putting everything in jeopardy and has destroyed any credibility that might have existed within his minority shareholders prior to these last 2 weeks.
Maybe we ought to ask a few of the Brighton Beach boys to take an interest. None of them are too shy to take one of their own fishing. Cost less than buying the sob's out, too.
People, if we take this deal, WTG's stock price IMHO is going to go well below $0.67 per share. It's a really bad deal, people need to see the true culprits that are pushing such a deal that is designed to benefit WTG and screw CMM share holders out of our hard worked cash and dedication to CMM for hanging on so long.
This was such a blatant setup. My God, these guys had this in the works from the get go. This was not only pure self serving manipulation, but also in your face manipulation. They had so little respect for the little retail guy they did not even try to hide their arrogance and contempt for anyone else. This is the biggest scam I have run in to which I could see so clearly. I would never trust these scoundrels with any of my interests. You have my no vote. The whole thing makes me sick.
I had mentioned last Friday that there were some strong whispers that Finskiy might offer in the 4:1 or 5:1 range. You can never know for sure, but my guess is that Finskiy likely wanted to come in even lower than he did today (again, you can never know 100% for sure, thus I am not saying it is 100% true).
However, if true, it means that he was concerned on Friday and over the weekend and upped the offer to 2.5 to 1.
There was also some chatter that he was concerned about getting caught up in a lawsuit situation. Again, it is impossible to confirm this 100% thus I am not saying it is 100% true.
He might have also been concerned about potential competitive offers.
There might have also been other concerns.
If (over the weekend) he moved the offer from 4:1 - 5:1 range, which he might have been originally considering, to 2.5 to 1 (which was actually offered) and it still ended up failing miserably on the open market - only $.67 share price - then I wonder what he is thinking now.
A $.67 market share price has left the door wide open for another company to make a bid (of substance) of $1.05 (as the poster has suggested is coming). Again, I view 50% or greater control of Century`s assets as being very attractive for a company that is well cashed up.
By the way, where are the Vulcan resource modeling updates? We are paying all those members of the Vulcan resource modeling team to expand the resources via Vulcan modeling data and shareholders haven`t received an update since June of 2009. That is unexceptable, especially now that there is a business combination offer by a company with many insiders that have knowledge to this information. I believe shareholders are at a disadvantage with respect to this.
Also, why have we had no updates on Bedard Dyke drilling? The last update was in September 2010. Not only have we not receive any updates on drill results but no updates on drill plans and drill schedules. We completed a $2.5 million financing (flow-through eligible Canadian Exploration Expenditures - "CEE") late last year that was intended for Canadian exploration efforts only. It has been 3.5 months since. No updateds. This in unfair insider info that WTG management is privileged too (in the business combination attempt), that have not been shared with shareholders.
In my opinion, sharesholders have been left uninformed with respect to these 2 vital areas of the company, and are at a severe disadvantage relative to key management of WTG (with, important, privileged insider information about Century Mining).
Someone should add these 2 items to the list, if a shareholder legal case is launched.
Real economics on point! Finsky should have left well enough alone and watched CMM appreciate to well over $1.50 this summer. weak share price is more a reflection of white tiger lack of substance than problems at Lamaque.
Hi Guys, I put up a bit on my Stockhouse blog, to get the ball rolling on legal action, The responses are rolling in, fast. So far over 2 million shares speaking NO. We need more help than this tho. Put up the data on my blog or inbox and lets get it moving along. blizzy Phil
32 comments:
I've been commenting on this blog for a while. I feel like I should share that I took my risk off the table by selling enough shares in the .70s to cover the capital I put in. (My cost basis was around .40)
My problem with the current situation is that WTG is worth about 1.00, which means the real offer is to buy CMM at .40 IMO.
The bigger problem other then valuation is that this sequence of events including the shady negative press release a week ago shows current management can not be trusted and will continue to under-perform and scheme.
WTG went down just under 30% with only a miniscule number of shares trading (38,070.)
In fact, earlier in the day, it was down 20% on less than 10k shares.
This to me, confirms that this entity is not even legitimate. Come on, what kind of serious entity does not have a website and can go down 20% on less than 10k shares trading?
With my remaining free shares, I will vote "no" on any takeover by WTG and feel that the best case scenario is a outside hostile bidder.
One thing that following CMM has confirmed to me is that no matter how great the resource and fundamentals, you can not possibly underweight the consequences of a situation when management and ownership literally are working against the retail shareholder.
RE
Great post real_econimics, I agree with your statement 100%. Something does not sound right and I believe we should all vote NO. I also think many agree with your statement.
how much hope does retail have to defeat this? It sounds like a done deal.
Reuters, Financial times are valuing this deal as $780 million. Where is the value if CMM only has $300 m/c right now?
I don't understand the disconnect.
IMO, You can safely ignore Reuters, Financial Times. Their math is based on the WTG's artificially steroided share price this morning of around 4.50 being legitimate as they have not yet come to see WTG as the 1 dollar stock at best in "disguise" that it is.
Remember, the fairy tale, "The Emperor's New Clothes."
It is only a matter of time before the public realizes the "Emperor," aka WTG has no clothes or substance to speak of.
RE
Thanks for coming back R_E.
Folks, there are all kinds of irregularities (possibly illegalities) with this deal. But the first order of business for us is to defeat the conspirators!
Let us coordinate that effort between the Blogs, since there seems to be a consensus for NO.
By the way Production, I tried to contact Integra but my e-mail could not be "delivered".
Real Economics, let me play the devils advocate here.
I have no doubt that these guys (Finskiy, Scola, Major) are shady. And I have no doubt that WTG is way overvalued. However, I would argue that they are not beyond hope.
Finskiy did not have an obligation to offer 0.4 shares of WTG for 1 CMM. At WTG's inflated share price of $4.5, most of us were expecting a lot worse (like 0.2 shares of WTG for 1 CMM). With the current offer on the table, Finskiy's stake in CMM doesn't increase dramatically... only increases by ~15.6% (please see my past posts for explanation).
Maybe he's trying to be more fair than we give him credit for. And maybe he's leaving the door open for a white knight.
Cheers,
Uall
Uall,
Any chance of Finisky & Co. being "fair" died with the timing of the overtly negative press release. Come on, 9 days of downtime resulting in complete loss of financial solvency?
That has to be the worst "contingency" planning ever.
RE
When Minco Silver attempted to get the Sunshine Mine out of the Sterling bankruptcy, a third party of financiers emerged "Silver Opportunity Partners." that saw the value and outbid them in a bankruptcy court.
I would take a lower offer from a competent third party that sees the value and hold shares through the merger before I would support any offer that maintains the current management team that has clearly shown to have total and utter disregard for their shareholders.
RE
I find it interesting that over 60% of the people on this blog would not accept less than $1.50 for their shares according to the poll. And then White Tiger comes in with an offer of $1.80....but read the fine print, it is not really $1.80 but 0.67 or less.
Finsky SHELL CO. WHITE TIGER doing a share swap. I agree no one can trust them after what has transpired.
Can regulators stop this or is it legal for the same guy to own both entities in a merger?
Good points, R_E. How can we trust these guys (Finskiy & Co) when they were operating against us from the word go (e.g. putting Major inside CMM for a year; conducting a world-wide search for the best CEO; share price manipulation; phony NR; etc). But what can you expect when one guy is allowed to hold 95% control over a "public" ccompany!?!
He is effectively fleecing us with our own money!
Any chance of another bidder?
Yes. $1.05 very soon.
The company management is extremely concerned. They had expected CMM to trade well over $1.20 today, and are fast running out of options. Without CMM in the bag (and trust me they haven't got it yet) their White Tiger turns into a Pale Pussycat.
It is imperative that as many of you as possible call up and ask the questions that need to be asked tomorrow in the conference call.
Be polite and courteous, but ask the right questions of this 'management'.
...mgmt expected sp over $1.20 today...??
Now that's funny! Maybe they should get a free subscription to Stockigloo.com as I'm certain they could have learned about WTG's real valuation from several posters on here instead of from Finsky's handlers.
R.E. I'm concerned about the real offer being 0.40. Do you think the sp will drop back into 0.40's again?
$1.05? from who?
Where does everyone get their info from?
They (Finskiy, Scola and Major) thought market reception would be better.
No, I do not think the price goes lower from here - the market values it at 66 cents or thereabouts, and that is where it will stay.
They need to up their offer to 0.75 WTG. Someone should tell them.
Tomorrow is an opportunity to do so.
hmmmmmmm.... they need to up their offer to 1 CMM: 1 WTG
I wouldn't pay more than $120M for that Russian mine, and the other one which is not even in production gets a zero val.
So get on the conference call and explain your position to them.
No point in venting here. It is time to organize and respond.
When is the conference call? I see no info on the CMM website.
As for managment nervous of shareprice, that is called bad publicity come to bite them in the asss. CMM had good momentum into March 8 (0.79). If they were not greedy trying to scoop cheap shares last week, without the badly worded PR we would be well over $1 with the announcement today.
People have been burned to many times and the market is skeptical.
If the management had not put out an overtly negative press release in an effort to bash it's own stock to pick up a higher percentage of ownership cheap, I would have considered a 1:1 offer.
However, given the circumstances in which the management has shown that it is unethical, I no longer can support any offer - even 1:1. This is just my opinion, others may disagree.
As for those that are implying management thought the reception would be better, let's get real.
Is the investment public so stupid to see value in a company (WTG) that can not even put up a website with basic information about it's operations, assets, and share structure?
None of this needed to happen. CMM was well on it's way to revaluation upward by just ramping up and meeting goals.
Now with the shenanigans of the bogus press release insinuating a 9 day shut down has resulted in utter insolvency and made CMM a going concern, etc. .
The entire revaluation opportunity has become a mess.
Finisky would have made a boatload of money just by letting CMM reach it's fair value on it's own. By trying to steal an extra 10-15%, he's putting everything in jeopardy and has destroyed any credibility that might have existed within his minority shareholders prior to these last 2 weeks.
RE
May be the reason they did not support WTG sh. price
today...having to waste $ on worthless paper.
Maybe we ought to ask a few of the Brighton Beach boys to take an interest. None of them are too shy to take one of their own fishing. Cost less than buying the sob's out, too.
People, if we take this deal, WTG's stock price IMHO is going to go well below $0.67 per share. It's a really bad deal, people need to see the true culprits that are pushing such a deal that is designed to benefit WTG and screw CMM share holders out of our hard worked cash and dedication to CMM for hanging on so long.
I vote NO...
This was such a blatant setup. My God, these guys had this in the works from the get go. This was not only pure self serving manipulation, but also in your face manipulation. They had so little respect for the little retail guy they did not even try to hide their arrogance and contempt for anyone else. This is the biggest scam I have run in to which I could see so clearly. I would never trust these scoundrels with any of my interests. You have my no vote. The whole thing makes me sick.
I had mentioned last Friday that there were some strong whispers that Finskiy might offer in the 4:1 or 5:1 range. You can never know for sure, but my guess is that Finskiy likely wanted to come in even lower than he did today (again, you can never know 100% for sure, thus I am not saying it is 100% true).
However, if true, it means that he was concerned on Friday and over the weekend and upped the offer to 2.5 to 1.
There was also some chatter that he was concerned about getting caught up in a lawsuit situation. Again, it is impossible to confirm this 100% thus I am not saying it is 100% true.
He might have also been concerned about potential competitive offers.
There might have also been other concerns.
If (over the weekend) he moved the offer from 4:1 - 5:1 range, which he might have been originally considering, to 2.5 to 1 (which was actually offered) and it still ended up failing miserably on the open market - only $.67 share price - then I wonder what he is thinking now.
A $.67 market share price has left the door wide open for another company to make a bid (of substance) of $1.05 (as the poster has suggested is coming). Again, I view 50% or greater control of Century`s assets as being very attractive for a company that is well cashed up.
By the way, where are the Vulcan resource modeling updates? We are paying all those members of the Vulcan resource modeling team to expand the resources via Vulcan modeling data and shareholders haven`t received an update since June of 2009. That is unexceptable, especially now that there is a business combination offer by a company with many insiders that have knowledge to this information. I believe shareholders are at a disadvantage with respect to this.
Also, why have we had no updates on Bedard Dyke drilling? The last update was in September 2010. Not only have we not receive any updates on drill results but no updates on drill plans and drill schedules. We completed a $2.5 million financing (flow-through eligible Canadian Exploration Expenditures - "CEE") late last year that was intended for Canadian exploration efforts only. It has been 3.5 months since. No updateds. This in unfair insider info that WTG management is privileged too (in the business combination attempt), that have not been shared with shareholders.
In my opinion, sharesholders have been left uninformed with respect to these 2 vital areas of the company, and are at a severe disadvantage relative to key management of WTG (with, important, privileged insider information about Century Mining).
Someone should add these 2 items to the list, if a shareholder legal case is launched.
Conference call should be interesting tomorrow. Management needs to be held accountable!
Wheres Agnico-Eagle when u need them? Not only do they have the cash the location is perfectly situated a golds bar throw away!!
Real economics on point! Finsky should have left well enough alone and watched CMM appreciate to well over $1.50 this summer. weak share price is more a reflection of white tiger lack of substance than problems at Lamaque.
I am going to add a new poll and a few of my own comments in a new post.
Great comments so far. Anonymous posters - please post under a name and continue to use that name for all of your posts.
Hi Guys,
I put up a bit on my Stockhouse blog, to get the ball rolling on legal action, The responses are rolling in, fast. So far over 2 million shares speaking NO.
We need more help than this tho.
Put up the data on my blog or inbox and lets get it moving along.
blizzy
Phil
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