Baltbear on Finance markets are like marshmallows

here are the highlights of the 10k–which came out amazingly “early”. of course that can have nothing to do with my woofing about the biotime habit of waiting til the last minute.
The number of common shares outstanding as of February 26, 2009 was 25,213,569
that’s a 3 million share increase.
“As of March 10, 2009, there were 6,676 holders of the common shares”
was that increase in authorised discussed at the last annual meeting?
when was the last annual meeting?
“We intend to submit that amendment to our shareholders for approval at our next annual meeting.”
:” Management’s report was not subject to attestation by our registered public accounting firm pursuant to temporary rules of the Securities and Exchange Commission that permit us to provide only management’s report in this annual report.”
lolol…
for thoughts on accounting and filing with the sec, see
http://baltbear-on-finance.com/stock-market-speculating-is-a-hold-up-shoot-them-with-x-barrels

and  lookie lookie…some amusing info about “big al’s basis”. wunderbar:
:”We paid Greenbelt $90,000 in cash and issued 200,000 common shares for services rendered for the twelve months ending March 31, 2007.  Greenbelt permitted us to defer until October 2007 paying certain cash fees that otherwise would have been payable earlier in the year.  In return for allowing the deferral, we issued Greenbelt an additional 60,000 common shares.  For the 2008 calendar year, we agreed to pay Greenbelt $135,000 in cash and to issue 300,000 common shares.  Greenbelt permitted us to defer paying the entire $135,000 cash fee until January 2009.  In return for allowing the deferral, we issued Greenbelt an additional 60,000 common shares during January 2009.  We have agreed to file a registration statement, at our expense, to register Greenbelt’s shares for sale under the Securities Act of 1933, as amended, upon Greenbelt’s request.  We also agreed to indemnify Greenbelt and its officers, affiliates, employees, agents, assignees, and controlling person from any liabilities arising out of or in connection with actions taken on our behalf under the agreement.

ok, 620k share at a basis of…..zero.
zero.

and: $225,000 in cash.
so, here’s the algebra problem:
a train leaves the nasdaq at 9:30 in the morning with 620k shares which can be sold at any price at all, and bought back at any price less than sold for;
a train leaves park avenue with $225k cash
to buy stock at any price and sell it for any amount more than was paid for;
what is big al’s  basis?
the answer?? 0 on more and more of the shares in his control+ 9% profit after trip tickets are paid for+ $225,000 in cash.
extra credit question:
if late comers to biotime should have to pay 4x more than al pays, what should be their basis?

Since inception, we have primarily financed our operations through the sale of equity securities, licensing fees, royalties on product sales by our licensees, and borrowings.

our total research and development expenditures were approximately $1,700,000 and our administrative expenditures were approximately $2,600,000.
The Credit Agreement permits us to borrow up to $3,500,000, and as of March 6, 2009, BioTime had outstanding Credit Agreement loans of $3,330,000.

Current loans under the Credit Agreement bear interest at the rate of 12% per annum and will mature on April 15, 2009, at which time the outstanding principal balance of the loans plus accrued interest will be due and payable.

Currently, lenders may exchange their notes for our common shares at prices ranging from $1.25 to $1.50 per share,

and our ability to commence and complete the clinical trials that are required in order for us to obtain FDA and foreign regulatory approval of products, depend upon the amount of money we have.

so, taking “big al” lol..out of th equation, what is there for fair market price in the opinion of those who have access to serious due diligence???
1 1/4–1 1/2 ….divided by 1.12.

hmmmm.
that put’s a price amusingly close to 1 3/8..which got defended as a raw marker…
and verrry close to 1 5/32….right where the defense kicked in.

so, those who see that hextend >>>works<<< and give a dang aobut that;
who see that hetacool therefore >>might work<<;
who think that “dr west” matters one way or the other;
and who can overlook an over 20 year trip to the gorss receipts level, and overlook the r&d/g&a of this puppy;
now know what price to pay.
there are 2 ways to pay it:
call them up and ask when they are getting ready for the next level of dilution (which is alread oocurring by seling embryome stock)
or trade this puppy into accumulation s that u end up with shares closer to “big al’s” basis.
so..what is big al’s basis???

anybody notice what this burst of news, did for volume?? 9k thru 2 pm…another 7k tossed back and forth in the last 30 minutes to to create illusion?
http://finance.yahoo.com/echarts?s=BTIM.OB#chart2:symbol=btim.ob;range=1d;indicator=bollinger+ema(20,50,10)+psar+ke_it+volume+rsi+volumema(10);charttype=candlestick;crosshair=on;ohlcvalues=0;logscale=off;source=undefined
anybody notice that the whole “sector” as a “story” play now rests on the spines of 8 rats?

Posted under finance

"The group’s Business Cycle Dating Committee, the semi-official arbiter of these things, defines a recession as "a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in production, employment, real income, and other indicators."

While analysts have been all but certain that a recession has been underway for months, there has been some debate over exactly when it began. Last winter, employers started cutting jobs and growth slowed significantly,"
 says the washington post, just 2 month after blaming all the troubles on bankers.
if we date "last winter" as strting around halloween, which is what  iwas seeing, then 3 mortgage payments later an accelerating process of failure to service derivatives begins to make the sytem weak. and by summer, with key end-payers in increasing trouble, the insurers of the derivatove packages get into serious trouble, and 3 months later things begin to be undeniable, and lehman bros, and aig "take the fall" for the fact that american industry was losing jobs while the number of people needing them stayed constant, a wave front briefly stabilised by migrant workers leaving–sometimes with "help"–but nonetheless, fewer and fewer ways for the end payer to make a payment, leading the banking industry to diog deeper and deeper into the risk pool to find cash flow, thereby making the collapse all th larger.
    This left the "media" free to blame banks for predatory lending, when the systemic culprit was merely an avbsence of need for goods and services, caused in part by improvements in qulaity in goods, extending their life cycle.
  (Most readers here wll not be able to recall cars needing a "valve job" or (if ur a brit) a "de-coking" every 10-20 thousand miles, then onto 50,000 miles, and onto the unibody rysting away without the head ever coming off on many cars. they will not recall 100,000 miles being the "life" of a reliable car, which then fell into a spiral of changing ownership faster ad faster as those who could choose nothing but the risk/reward profile of a "$50 roller".)
    Change these odds? Undertake a way to create "meaningful" jobs, ad let the results filter up into mortgage derivativs stability, bank profits, investment safety? Get 4.5 million cars off the road–fast–and >>replace them<< and add another 2.5 million cars a year to the "tuna can" part of the cycle. At the sae time, repair bridges, overpasses, bottlenecks and safety hazards that cuase fuel to be wasted. This gives reduced oil dependece as pure profit. Improved air qualuty gives lower health care costs, and quality of life as pure profit. It makes taking risk in "green" vehicles worth taking both by the end consumer and the angel investor.
   Inother words: let’s stop placing blame and begin finding solutions. 

Posted under finance

today gm announced it can see the end of its cash reserves.
conbress has already told gm to go take a hike.
is this a poker game, gm bluffing to see if congress folds?
probably, becuase neithr side wishes to deal with the issues:
the roads are filled with cars that people value, becuase thy have no choice.
while oil is “cheap” and to kep it that way, a 10 cent fuel tax,
with the proceeds to go to buying cars made before 89 off the roads,
cars turned into tuna cans, not “recycled” as cars,
buying the cars at their original retail price with vouchers usable
only for buying cars made after 2002 that meet forward looking cafe goals
would get assembly lines moving again, provide locked base leverage for
extending credit, reduce health care costs, reduce oil dependence.
directing such vouchers back to the car “makers” as tax offsets, or
to be exchanged rirectly for r&d money maintains the forward motion,
and the delivery channels already exist between dealers and makers.
used car lots can use the vouchers as payment for floor plan with banks.
banks can hold the vouchers as capital for loss reserves,
and a clear, fast, utterly trsanparent market can immediately appear
for moving the “cash” value of thse vouchers, in th same way that a dtc
can keep track of “street name” equities.
ten cent a gallon equals about $18 billion dollars.
cars being taken of the road, let’s call it $8000 each,
thereby retiring 2.25 million cars, without “debt”.
invoke debt against tax revenues as a model, and double to 4.5 million cars a year.
let’s pretend there is shrinking dependence on a dead car in the driveway,
and say a demand for an additional 4 million vehicle units a year is created.
is that enough to bail out gm?
ask your congressman why it isn’t being done.
and pass this post along to anyone you know
who pretends to be “looking for solutions.”

Posted under business, finance, investing