THE SELLING FNR&FNR HOLDINGS - FINANCIALS?? ILLIQUIDWe continue to see the WEAKNESS & ILLIQUID of FNR shares and selling in some of FNR larger holdings, prices are dropping, which impacts FNR's value of their investments, such as in OMM, EPL, SGF, CZC, GCR, WTR (represents some of FNR's public holdings).
Private holdings? - example Allstar Energy - at one time FNR counted on this as a major plus and now we are seeing ALLSTAR Energy along with FNR's other oil properties being sold to Westcore for $3 mil - for stock in WTR, which trades a 1 cent but FNR advises WTR will consolidate and shares will be valued at 10 cents for WTR after consolidation and a promissary note?? for 1.5 mil?? BIG Disappointment in my opinion incomparison to FNR's Comments that Allstar was going to a major plus?? now its a very low value.
(Note - FNR is a large share holder in WTR now, so more junk paper in WTR equities and Promissary Note????????????.
FNR's Financials - urge readers to to Sedar and read the 2004 Auditors comments and report, especially Auditors comments under Emphasis of Matter, on future on going concern comments and the need to continue to raise fresh money???
In my humble opinion, FNR will trade under 3 cents and go no bid along with many other resource stocks and juniors, due to Financial MKTS, lack of investors in Resources, state of the declining Resource MKT, and etc. FNR and others are fighting for a limited amount of $$$ and investors. Based on Sedar reports, financial mkt conditions, auditors reports and etc. Note I am a Bear on FNR and others.