Tag Archives: current-events

Name change for Columbia Energy Corp. to Cornwall Resources, Inc.

FINRA confirmation

Cornwall Resources Corp. received confirmation from FINRA that its name change from “Columbia Energy Corp.” to “Cornwall Resources, Inc.” was approved.

This name change showed up on the daily FINRA list of changes on April 13, 2012 with an effective date of April 16, 2012.

The new trading symbol is “CORC” and new CUSIP is 219623105.

Old corporate information

  • Columbia Energy Corp.
  • trading symbol: COLC

New corporate information

© 2012 by Cornwall Resources, Inc., all rights reserved.

1 Comment

Posted by on April 19, 2012 in News


Tags: , , , , , , , ,

OTC Markets, SEC’s DTC rulings, and politics as usual

With so much happening right now, I thought that I would try to bring a number of items into a single article.  First, I would like to run down some news items and my thoughts:

  • Romney is way ahead of the pack (Santorum, Gingrich, Paul) for the Republican nomination, but I get the distinct feeling that Romney is trying to buy the nomination with help from his Super PAC (these Super PACs offend me).
  • Apple, Inc. (APPL) got it right – if you don’t have anything better to do with your money, give it back to your shareholders as a dividend (USA Today’s article entitled “Apple investors get richer with big dividends..“)  What is sad, Apple doesn’t have anything better to do with its cash!  Notice there hasn’t been any clamoring for the break up of Apple (like there was for Microsoft)?  Read our earlier re-post about the Apple dividend.
  • The US Supreme Court hears arguments this week about Obamacare, or more correctly federal healthcare overhaul (read FOX News’ “First round of Supreme Court Health hearings not about health care“).  Like it or hate it, this Supreme Court decision is important in its far reaching implications about big government versus the libertarian (notice the little “L”, meaning not the party).  Watch this one with interest!

There is lots more global news that effects us in business (and in our every day life), but let’s look at some specifics…

OTC Markets’ release on their operating results

OTC Markets Group Inc., formerly Pink OTC Markets Inc. (and know as “the Pink Sheets“) announced some good financial operating results this morning.  Here are some highlights that we think are important:

  1. 155 companies were added to the OTCQX™ market place – there are some large companies here now, and it is gaining momentum as an alternate reporting location (SEC, take note).
  2. Their volume of quotes in OTC Link® trading system continue to increase.
  3. Revenue, net revenue, and net income all increased.

As OTC Markets continues to be successful as a business and the volume of its quotes continue to increase, I believe that the SEC will be forced to acknowledge the validity of this venue as an alternate reporting venue – hopefully, this will mean that more companies will use it and follow its reporting guidelines in order to make their investment vehicles more attractive and allow broker dealers to clear our certs (I know, this is just wishful thinking…)

Read the press release:

Crowd funding

Mike Stapleton and his PPM Logix website continue to follow the Crowd funding legislation winding its way through the U.S. Congress (here is more information from the New York Times).  This bill, passed by the U.S. Senate on March 22 (Thursday), promises to change a bunch related to how required reporting, disclosure, and regulation in the public markets comes down on micro-caps.

My take on this:

  1. Wow, depending upon the implementation, this might be a welcomed addition to the public markets for micro-cap companies.
  2. Fraud will increase, but it was already there.
  3. Broker dealers will not like it, the DTC will not like it, the SEC will pull its hair out, and the states will need to all review their Blue Sky Laws in light of this.

Will it pass, I will be following this intently!  Here are some great resources to follow:

SEC’s DTC Ruling

A number of companies I deal with have had “DTC chills” put on their publicly traded Common stock in the last 3 years, for various reasons.  The Depository Trust Clearing Corporation (“DTCC“, sometimes just “DTC” for short) is the industry clearing organization that clears stock transaction between broker dealers (“participants” in DTC terms).  The DTC is a private organization that controls all of our lives through its clearing services, but believes that it is only regulated by the U.S. Securities and Exchange Commission (“SEC”).

The process is simple for clearing the transactions – the DTC holds the share certificates in each publicly traded company and each participant holds shares in its name (“street name”), which is nothing more than an entry its its electronic books.  This process is simple, but there sometimes are imbalances between the publicly traded company’s transfer agent and the DTC – whenever this happens, the DTC stops clear the company’s stock pending its ability to clear this imbalance.

The problem – it seems (I am giving the DTC the benefit of doubt) to put these “chills” on stocks without telling anyone (sometimes), the issuers have no way to appeal these “chills”, and most importantly, individual retail investors are hurt considerably by the DTC.

In this case, the SEC stepped in a ruled in favor of an issuer.  Read more at:

Upcoming Rhodes Holdings LLC activities

We have a lot of upcoming activities that our clients, associates, and friends should be aware of:

Thanks for reading, and please comment as to what you would like to see in the future here at Rhodes Holdings LLC’s BLOG.

Robert C. Rhodes
Managing Member
Rhodes Holdings LLC


Posted by on March 26, 2012 in BLOG, Public markets


Tags: , , , , , , ,

RHL 2012 predictions and game plan


The economy is stuck in neutral or worse, it is slipping into a second recession (don’t mention the word “Depression“, but many citizens are whispering just that word). American politics shows both major political parties in an unflattering light, leaving most voters scratching their heads and wondering what the heck is going wrong. So what are we to focus ou energies on in 2023 in order to set ourselves up for a prosperous year?

The following is our attempt at setting priorities and focus in our business group for the year. We recommend that you, your family, and your businesses do do something similar for the following each year (also sounds like the New Years’ promises):

– review of your goals for the previous year
– review of what happened during previous year (outcomes)
– list most likely macro-economic events of the coming year
– goals for the coming year
– activities to accomplish those goals
– resources needed to reach those goals

For those of you involved in business budget preparation, this should look familiar. Should we really do this for our personal lives and family life – absolutely! Think about the benefits if your children knew what your family was trying to accomplish during the year, just like employees, I think that they do better when they know (simplified) where your family is going.

I will assume that you have reviewed your goals for the previous year and found the ones that you achieved (the outcomes), congratulations, and the ones that were not achieved.  The ones that you or your business / family did not achieve are the important ones because they tell you where you or your business were deficient.  Reviewing some of the macro economic events of the previous year might explain why you did not achieve some of your goals – here’s my review of those events…

Macro Economic events of 2011

I am reminded of the priceless line from Good Morning Vietnam wherein Adrian Cronauer describes the weather, which in this case I have replaced with the economy, “I just want to begin by saying to Roosevelt E. Roosevelt, what it is, what it shall be, what it was. The [economy] out there today is hot and shitty with continued hot and shitty in the afternoon. Tomorrow a chance of continued crappy with a pissy [economy] front coming down from the north. Basically, it’s hotter than a snake’s ass in a wagon rut…“. The economy has gone from bad to worse, except if you listen to President Obama and the Pollyanna economists out there who say that we have officially made it out of the recession (don’t think that I blame the Democrats alone, as the Republicans are spending as quick as their rivals). Here is my recap of this year’s world events that have affected you somehow:

(1) Unemployment rate ending the year at 8.6% (U.S. Bureau of Labor Statistics), which I believe belies the large number of individuals underemployed and on hugely elongated unemployment benefits.

(2) the U.S. government continues to spend like a drunken sailor, (White House OMB) “2011 Projected Deficit: $1.645 trillion, 10.9 percent of GDP; 2012 Projected Deficit: $1.101 trillion, 7.0 percent of GDP; 2015 Projected Deficit: $607 billion, 3.2 percent of GDP; 2017 Projected Deficit: $627 billion, 3.0 percent of GDP“.

(3) Political finger pointing has made this a great year for the American public – without a reason to compromise, nothing much has been done. Automatic cuts kick in, etc.

(4) The Arab Spring began to show that democracy in the Middle East is a mixed bag – undesired parties [by U.S. interests] tend to be voted into power, and new regimes provide an ever changing landscape.

(5) Businesses continue to experience tighter credit.  Anyone in business has experience empirical data on this.

(6) Large businesses are sitting on piles of cash (USA Today article), but if you look at the books in depth, their net worth continues to dwindle due to heavier debt loads (if you can get it, get it; refinance if you can at these incredibly low rates; we have nothing better to do with it right now, and we are unsure of investment right now).

(7) Anything energy related is booming. Drilling in the South Texas Eagle Ford Shale and North Dakota Bakken Shale formations continue to have huge job growth. Oil field service companies are growing exponentially – Fracking is big business.


Leave a comment

Posted by on January 31, 2012 in BLOG


Tags: , , , ,