Seeking Alpha

Rick Krementz

Rick Krementz
Send Message
View as an RSS Feed
View Rick Krementz's Comments BY TICKER:
Latest  |  Highest rated
  • Axion Power Concentrator 396: Apr. 16, 2015 [View instapost]
    For clarification: The guy I spoke with was the installer in NJ. He is not a spokesperson for PJM or Axion. I do not think he was involved with any utility negotiations. I have no idea the level of transmission access at either Powercube site. He did not make a blanket statement that batteries were system-wide prohibited from the grid, only at the client's locations.

    I agree that if PJM rules effectively prohibit battery FR, Axion has a very serious problem, but we do not know that for sure. Axion's 1/31/14 letter claims that they are providing FR in PA.

    Certainly if the client cannot provide FR to PJM, the balance of Bysolar's order is not happening.
    Apr 18, 2015. 08:39 AM | 6 Likes Like |Link to Comment
  • Axion Power Concentrator 396: Apr. 16, 2015 [View instapost]
    User 39 -My understanding was "batteries", not a specific chemistry. I wonder if this was an issue with the New Castle PC, too. Might explain the lack of data.
    Apr 17, 2015. 04:14 PM | 4 Likes Like |Link to Comment
  • Axion Power Concentrator 396: Apr. 16, 2015 [View instapost]
    Mr. I - Unless that was planned to force their hand. Asking "Please, I'm weak" on Wall St works as well as an injured antelope in the Serengeti.
    Apr 17, 2015. 03:31 PM | 7 Likes Like |Link to Comment
  • Axion Power Concentrator 396: Apr. 16, 2015 [View instapost]
    Albert - Right, but if there is no shareholders meeting, they can't vote. I guess they could ask the Chancery Court to mandate a shareholders meeting. It's a little like having the Mafia try to collect from a hospice patient; break legs and the patient dies.

    Money must be tight at Axion as they said they could get "to", not "through" 3Q.
    Apr 17, 2015. 02:19 PM | 3 Likes Like |Link to Comment
  • Axion Power Concentrator 396: Apr. 16, 2015 [View instapost]
    "Once a course of action is determined, ..." may be boilerplate, but I wonder what Farley is thinking. We all "knew" they would run out of stock several weeks ago, so he must have, too.

    The cash demand phase of B-warrants should kick in now. Still no request for a shareholders meeting, which would take ten days notice minimum, so it seems whatever they are doing it will not involve shareholders.

    My understanding is the BoD cannot do either a reverse split or an increase in authorized shares without a shareholders vote. The warrant documents state the company will make a best efforts to have a shareholders vote, which clearly they have not done.

    Perhaps this is a pushback against the B-boys by making the company uncollectible? "Go ahead, sue us. Ain't nothing here! Demand payments and we're gonna file bankruptcy and you'll be totally SOL."

    Anybody have any other ideas? The hypesters on Twitter think this is great news.
    Apr 17, 2015. 01:52 PM | 4 Likes Like |Link to Comment
  • Axion Power Concentrator 396: Apr. 16, 2015 [View instapost]
    Albert - My thoughts on management are not "fit to print".
    Apr 17, 2015. 12:13 PM | 10 Likes Like |Link to Comment
  • Axion Power Concentrator 396: Apr. 16, 2015 [View instapost]
    Had a chat with Allen at Bysolar today. The PowerCube in NJ is still not operating due to regulatory issues. He said PJM will not authorize electricity from the batteries to go to the grid, and therefore will not pay for frequency regulation from batteries. FR is allowed directly from solar panels, however.

    Another issue Bysolar had was that the commercial client's facility wiring was not up to code, so there was a significant upgrade required. This was independent of the PC. It was not clear if the local inspector had any issues with the PC wiring, too.

    Since the PC cannot create revenue, the client is considering "breaking up" the PC. He said the PC is/ was/ will be wired as five 100kW units [I should have asked for clarity on this]. Two or three units would be used for behind the meter regulation in one facility, and the balance at another facility. He thought some of the units may come online in the next few months.

    He had no operating data to share. While acknowledging Axion was having difficulties, as far as he knew PbC batteries were still available to him.
    Apr 17, 2015. 10:26 AM | 20 Likes Like |Link to Comment
  • Axion Power Concentrator 395: Apr. 8, 2015 [View instapost]
    Salaries without working too hard.

    An example: Vani's lack of followup with US Navy Vice Admiral Cullom for the "Prius" ships meant he did not have to work hard, or have batteries in a position that may have failed publicly.

    Ditto for not participating with ALABC or exhibiting at trade shows. Ditto for not ever releasing data on the New Castle Power Cube - takes work, and may either show not effective or has data provably false. Ditto for no release of the Navy Yard project data.

    AFAIK, Axion never exhibited at any trade show, ever. Minor exception for sharing a booth with ePower once and Rosewater exhibited once.

    Paychecks keeps rolling in. Until it doesn't.

    Latest 10-K shows TG is still a "consultant" until next year. [Pass the barf bag.]
    Apr 17, 2015. 09:44 AM | 11 Likes Like |Link to Comment
  • Axion Power Concentrator 396: Apr. 16, 2015 [View instapost]
    Bom dia! E obrigado.
    Apr 17, 2015. 07:13 AM | 3 Likes Like |Link to Comment
  • Axion Power Concentrator 395: Apr. 8, 2015 [View instapost]
    iindelco - For a sub-nanoscopic defense of Trego, I think there are very few people on the planet who know how to value and comply with SEC regs on complicated and bizarre liabilities such as Axion's infinitely exploding B-warrant tsunami. Theoretically, and maybe even really, the Bs could becomes billions of shares. If the price can drop below $0.001, then tens of billions of shares.
    Apr 16, 2015. 05:38 PM | 3 Likes Like |Link to Comment
  • Axion Power Concentrator 395: Apr. 8, 2015 [View instapost]
    Bazooka - In my limited research I don't see anything inherently scummy in reverse mergers. The bureaucratic work is complicated, see http://bit.ly/1DN5nHC. Extensive due diligence is needed to execute well.

    Further, I can't see any of Axion's problems in last six years being a result of its reverse merger genesis.

    The key advantage appears to be able to go public easier and quickly *IF* one is not raising funds simultaneously. JP has described the Tamboril RM necessary because of complicated disputes with diverse Mega-C and other parties, not because of an immediate need for capital. From afar, it all seems quite reasonable.

    As with all financial deals, sometimes there are scumbags and jerks. Reverse mergers are no exception.
    Apr 16, 2015. 05:19 PM | 8 Likes Like |Link to Comment
  • Axion Power Concentrator 395: Apr. 8, 2015 [View instapost]
    Mayer Hoffman McCann is Axion's new auditor. It has some problems with SEC regarding an incestuous relationship with Tradebot Systems.

    Linking to Yahoo is rarely useful, but this string is a good start: http://yhoo.it/1Doludp

    "The Securities and Exchange Commission has issued an order instituting proceedings against Mayer Hoffman McCann, an auditing firm associated with CBIZ, after it found that one of MHM’s audit and attest clients, Tradebot Systems, a high-frequency trading broker-dealer, had traded CBIZ stock."

    Gee, I wonder if there any conflict of interest issues auditing a death-spiral-financed client and an ethics-free trader like Tradebot. See http://bit.ly/1Dolwle and http://1.usa.gov/1Dolwlh ($50,000 fine) and http://bit.ly/1Dolx8O ('or rather, as [NY Attorney General] Schneiderman called it repeatedly "pernicious fraud"') or ...
    Apr 16, 2015. 02:43 PM | 7 Likes Like |Link to Comment
  • Axion Power Concentrator 395: Apr. 8, 2015 [View instapost]
    from Note 13, 2014 10-K:

    "In 2014 we began the transition of our strategy to *exit the manufacture of standard and specialty lead-acid batteries*. In 2015, we intend to explore the sale of the lead-acid assets. The Company’s 2014 sales and cost of sales were generated from the utilization of these lead-acid based assets and it is appears that these *lead - acid assets will likely qualify as discontinued operations in 2015* as we complete the transition."

    from p. 5:

    "*Through the third quarter of 2014*, our Clover Lane plant has allowed us to manufacture lead-acid batteries for sale under the Axion brand name..."

    ** added for emphasis.

    I enquired to buy Turbostart batteries, and they do not seem to be available in the market anymore.
    Apr 16, 2015. 01:34 PM | 6 Likes Like |Link to Comment
  • Axion Power Concentrator 395: Apr. 8, 2015 [View instapost]
    I think they won't request additional shares. They will try to pull the same scam as TG, i.e., reverse split (500:1, or maybe 1000:1 this time) and no change in authorized shares.

    Or, in pre-RS terms, 50 billion shares, which would have been 2.5 trillion original shares.
    Apr 16, 2015. 01:09 PM | 5 Likes Like |Link to Comment
  • Axion Power Concentrator 395: Apr. 8, 2015 [View instapost]
    iindelco - Environmental liability often survives bankruptcy, and/or become highly priveleged during the proceedings. It is very difficult (not impossible) just to walk away from a mess and sell assets.
    Apr 16, 2015. 01:06 PM | 3 Likes Like |Link to Comment
COMMENTS STATS
2,812 Comments
2,005 Likes