Patriot Energy Corp ( PGYC.PK )

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Permalink Reply by Stocks To Buy on May 19, 2009 at 6:55am

I'm not sure, something doesn't seem right. Also, if you look at the first PGYC link above...there are a lot of grammer errors....like attached should be attacked.

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Permalink Reply by carmanx on May 20, 2009 at 10:54am

It now appears that the potential buyer is trying to purchase as many shares as possible in the open market (at prices between 3 and 6 cents) in order to reduce its acquisition costs. Patriot and the buyer are issuing a joint statement 5/21. This one just smells bad!

http://www.nasdaq.com//aspxcontent/newsstory.aspx?symbol=PGYC&s...

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Permalink Reply by Stocks To Buy on May 20, 2009 at 10:59am

If this was legit, the stock would be trading in the $0.40's or more

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Permalink Reply by carmanx on May 21, 2009 at 2:40pm

Ok, I am in at $.04. We will see if I become the laughingstock of the forum!

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Permalink Reply by Stocks To Buy on May 21, 2009 at 3:23pm

So did PGYC hit $0.08 earlier in the day?

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Permalink Reply by carmanx on May 21, 2009 at 3:30pm

It did in the morning. I wanted to wait for the joint announcement between Patriot and the buyer re-affirming the buy-out which was released around 1pm. After the announcement the stock headed down. My decision to buy on the way down was one of those WTF decisions. Truthfully, I have no idea whether it was a complete bone-head move or not. Should find out over the next couple of weeks.

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Permalink Reply by thousends on June 2, 2009 at 10:11am

today pgyc.pk got restricted from online trading. i called scottrade, they told me pgyc sent out a message that they are going through a company name change, with no estimate of when it will happen.

can anyone share what this usually means? it is a sign of the talked-about 0.57 share offer really happening? or...

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Permalink Reply by Michael George on June 2, 2009 at 10:28am

http://www.sec.gov/litigation/suspensions/2009/34-60023-o.pdf

Looks bad

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Permalink Reply by carmanx on June 2, 2009 at 12:39pm

Scam all the way!

IMPORTANT: Patriot Energy Terminates Talks with Middle Eastern Group and Provides Updates to Shareholders
Marketwire
Posted: 2009-06-02 12:28:00

MONTREAL, QUEBEC -- (Marketwire) -- 06/02/09 -- Patriot Energy Corporation (PINK SHEETS: PGYC) announced today that it has terminated talks with the Marmara and its Middle East holding.


STOCK PURCHASE AGREEMENT


According to the company, Marmara and its affiliates could not explain the discrepancies uncovered and or explain their relationship with Nino De Santis, Tectane Global and other known affiliates. In addition, the Middle Eastern company's failed to deposit the funds in escrow as per the agreed upon terms. The transaction is therefore terminated and the meeting planned for June 9, 2009 is cancelled. The company expects to call a new shareholder's meeting to review their findings and approve the $736 million legal action or $2.00 per share against the Middle Eastern companies, Tectane Global, Nino De Santis and other known affiliates.


TECTANE AGREEMENT


Furthermore, Tectane has been unable to deliver the device needed to fulfill the company's purchase order from Toshkent Overseas and has caused Patriot Energy to default on its delivery schedule. Patriot Energy has terminated its distribution agreement with Tectane and separate commercial litigation will be considered and presented to shareholders.

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