Okay, I have been purposely been ignoring this stock as of late, so can someone explain to me exactly what just happened to this? Paim.c1 and Paim.c2 ????
Posted by triovestor on :
They took back 95 % of all shares .
These common shares went down in price to .0001 when they anounced it . And they are only paying share holders .00002 per share .
I don't know how that was legal . But they are doing it . In fact I think tomorrow is the date for the ripoff to take place .
Do you own shares ? I jumped ship to save myself .
Just made money on usxp though . Posted by ruthie on :
Actually, I still do own some shares (not many thankfully). I wish I had jumped ship awhile back myself. Thanks for the explanation triovestor..
Posted by triovestor on :
Your welcome Ruthie.
What out there looks good to you ? What do you think of BKMP .
I have always wanted that stock { the fight network } . That kind of sports entertainment has always been highly popular . And the stock price is finally where I have always wanted to see it . Bur now many are scared of the low price . They are in a posible buyout .
Take a look at them ---> BKMP and let me know what you think .
Something is telling me to think about getting a few million shares .
Posted by T e x on :
quote:Originally posted by triovestor: They took back 95 % of all shares .
These common shares went down in price to .0001 when they anounced it . And they are only paying share holders .00002 per share .
I don't know how that was legal . But they are doing it . In fact I think tomorrow is the date for the ripoff to take place .
Do you own shares ? I jumped ship to save myself .
Just made money on usxp though .
pretty funny...
Posted by wallymac on :
quote:Originally posted by T e x:
quote:Originally posted by triovestor: They took back 95 % of all shares .
These common shares went down in price to .0001 when they anounced it . And they are only paying share holders .00002 per share .
I don't know how that was legal . But they are doing it . In fact I think tomorrow is the date for the ripoff to take place .
Do you own shares ? I jumped ship to save myself .
Just made money on usxp though .
pretty funny...
I don't know what is funny funnier but I think I'll say making money on a stock(USXP) headed to receivership who the SEC states is continuing to dump shares on the market is funnier.
Wally
Posted by triovestor on :
Been flipping usxp for awhile now . But when it fell to the new low of .0002 & .0003 I really loaded up .
Yesterday I sold those shares for .0005 .
And I am going to keep some shares and accumulate a bit more . Same thing I have done for years with this stock . Like clock work it always goes through it's { this is the end period } to { well upward and onward } .
Posted by stockcop on :
Why is this going up?
Posted by tmanfromtexas on :
I dont know stock. I tried to order through tda and said it couldnt even be placed. usually they say they arent taking buy orders on the security. I dont know how people are buying but I hope they make big bank. TMAN...
Posted by dollar13 on :
.0006 WOW Posted by cottonjim on :
Time to convert the prefered's Posted by PCola77 on :
LOL, these guys are comical. So there's a *possibility* that anyone selling more than 5% of their holdings today will have to buy them back.
Lovely.
I grabbed a few just in case...
Posted by triovestor on :
Normally I would say yes . Except in this case Certain brokers and Paim themselves know they created a botched up situation last year and brokers took advantage by shorting the accounts of some clients ..... So paim says this time they will automaticaly have trading halted to avoid the same problem this time .
Posted by PCola77 on :
I don't believe none of it
Just taking a shot here. I know about the situation from last year, and it's almost like they're TRYING to do it again. But I just thought of something. Last week I was on the phone with Ameritrade's Reorg department about PAIV and he said "Looks like their doing anotehr reorg of a buyback of 95% of shares. Oh wait, that's PAIM, not PAIV, sorry about that."
So at least it's pretty certain it's supposed to happen at some point. So I got that going for me Posted by atleast on :
July 24, 2007 - 1:44 PM EST
Pearl Asian Mining Industries, in Cooperation with Its Transfer Agent and DTCC, Allows 3-Day Settlement Period from the Effective Date of July 20th 2007, for PAIM's Mandatory 95% Buy-Back Pearl Asian Mining Industries, Inc., with stock symbols: U.S.A. (OTC: PAIM) (OTC: PAIMP); Germany (GER: R1Z) (FWB: R1Z), announces that the company, in cooperation with its transfer agent AGN Associates and DTCC, allows 3-day settlement period from the effective date of July 20th 2007, for PAIM’s mandatory 95% buy-back.
As a reminder to PAIM shareholders, the 5% of remaining shares are freely tradable as indicated in previous press releases. Therefore, Pearl Asian Mining advises all shareholders who sold their PAIM shares starting July 23, 2007 that they should sell no more than the remaining 5% in their accounts. Likewise, as the company recommended in previous press releases, shareholders are encouraged to contact their brokers to verify that the latter have segregated 95% of their shares in a restricted account.
As a result, all PAIM shares bought starting July 23, 2007 are not subject to the 95% mandatory buy-back. Conversely, shares being sold starting July 23, 2007 should not exceed the remaining 5% in shareholders’ accounts. Otherwise, shareholders who sold more than the remaining 5% in their accounts have incurred a short position and will be required to cover the same.
In summary, following are the salient points of the mandatory 95% buy-back:
July 23-25, 2007 - settlement period for all transactions ending close of business on effective date of July 20, 2007 Starting July 23, 2007 – 5% of shares remain freely tradable Starting July 23, 2007 – shares bought are not subject to the 95% mandatory buy-back All shares sold starting July 23, 2007 should not exceed the remaining 5% in shareholders’ accounts, otherwise any shareholder who sold more than the remaining 5% has incurred a short position in PAIM and will need to cover by the settlement date All shareholders holding shares in certificate form and all brokerages should surrender their common share certificates starting July 23 up to July 31, 2007 Upon receipt of all certificates, AGN Associates will issue new certificates representing the 5% of the total shares and the payment check for the 95% of the common shares with a pay date of 10/10/07. “Pearl Asian Mining has exerted all efforts to inform shareholders and the public about the mandatory 95% buy-back in advance, precisely so as to allow this transition to proceed smoothly and to prevent shareholders from unintentionally incurring short positions in PAIM,” stated Jason Piamonte, CEO of Pearl Asian Mining Industries USA.
FORWARD-LOOKING STATEMENTS:
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements in this release include statements regarding the Company's projections regarding gold production in future periods. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties such as: risks relating to estimates of reserves, mineral deposits and production costs; mining and development risks; the risk of commodity price fluctuations; political and regulatory risks; risks of obtaining required operating permits and other risks and uncertainties. Penny Stocks are very highly speculative and may be unsuitable for all but very aggressive investors. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Pearl Asian Mining Industries, Inc. Investor Relations: Gary Gotanco, MBA, 866-732-7888 (USA) or 310-728-6907 (P.I.) Fax: 877-317-4430 IRPAIM*hotmail.com www.PearlAsianMining.com
Source: Business Wire (July 24, 2007 - 1:44 PM EST)
Well, that PR is why I'm in this one. Here's what *should* happen, if this was a vacuum and Pearl wasn't a scam artist:
Say the company had 100billion shares outstanding and was trading at .0001 before all of this nonsense started. That puts the "value" at $10million. Now the take 95billion shares and retire themp aying out .00002 per share, or $1.9million. Now the company is "worth" $8.1million and there are 5billion shares out there. the remaining shares would then be valued at .0016 per share.
At least that's how I understood it. By the way, these numbers are totally made up off the top of my head, it was just an example of what their "thinking" was.
I think it's bullsh*t, and they will dilute like crazy, but if even temporarily there are truly 95% less shares out there, .0005 is no where near what this should really be trading at.
Posted by triovestor on :
Wow ..... They really went through with it .
Like a bank robbery in broad daylight . Incredible . And even admitted to the major problem they help create last year where Ameritrade ripped people off through the ilegal short positions created when Ameritrade did not obey the " MANDATORY " stop oder placed on PAIM .
You can still make money on this . But watch out for stunts they pull . And you have to know how to do it .
If you have doubts ..... best stay out .
Posted by dollar13 on :
PAIM
GONNAAAA POP
Posted by tmanfromtexas on :
I agree with ya 100% pcola. I just wished tda would allow me to buy. oh well, there will be others. TMAN...
Posted by T e x on :
NITE quit handling it, as I understand it. May well affect liquidity...
I think it's illegal, anyway. Wouldn't surprise me one bit to see it get whacked...
Posted by PCola77 on :
Tex, that was my original thought as well, but then I thought about it this way. Let me know what you think:
This is essentially a reverse split plus a cash dividend. Say you had 10 milion shares, after this "buyback" you have 500,000 shares, and $190. This is the equivalent of doing a 1:20 R/S and then a .00038 cash dividend. The reason that I now think this is totally legal is that the company "thinks" that all they are doing is redecing the float, and thereby increasing the value of each remaining share (with a wink, wink, nudge, nudge, since we all know they're probably planning to dump shares agin). Basically if doing a reverse split is legal, even in a case like Raven Moon, because the price increases proportionately and is thus not negatively effecting shareholders (again, wink, wink, nudge, nudge), then I don't see why this wouldn't be considered okay.
Whaddya think? Am I just rationalizing because I bought some?
quote:Originally posted by T e x: NITE quit handling it, as I understand it. May well affect liquidity...
I think it's illegal, anyway. Wouldn't surprise me one bit to see it get whacked...
Posted by PCola77 on :
Well, regardless, it's up to .0007 this morning. Not a play I would recommend to the inexperienced, but could be fun for some of us.
Posted by PCola77 on :
Now at .0009. Sold half at .0008 to get my initial capital back. Still holding 1.5 million shares, just in case Posted by PCola77 on :
Now .0010. LOL. This is such a scam.
Posted by Submersed on :
I got in at 0008, sold at 001. Nice mini-run today.
Posted by PCola77 on :
Now at .0012. Up 200% since I got in. Wee To da.... Nah, can't say it...
Whoops, jumped the gun. The ask was .0012, not the price.
Posted by PCola77 on :
Okay, NOW it should be at .0012. Bid .0012 x ask .0014.
Nice...
Posted by Submersed on :
Pinching myself for not holding a bit longer. -_-
Posted by Fuzzy1018 on :
how are you guys buying this, i have been trying to buy since yest. but choicetrade telling me this security is not clear to trade ?
Posted by Submersed on :
Ah don't tell me that! I'm switching to choicetrade from Scottrade.
Scottrade actually let me trade it, but it took 15 min to fill.
Posted by PCola77 on :
Fuzzy, I had heard that as well. I'm laughing at the thought of where this would be if people were actually able to buy normally.
I bought through Scottrade first thing on Monday. Apparently Scotrade is still accepting buys though, if you can believe what submersed said. Sorry, man.
By the way, this is when it's extremely helpful to have more than one account. You can find one tha accpets buys most of the time. You do have to have the capital to keep it spred around, but if you do, it's definitely the way to go.
Posted by PCola77 on :
Guess I am the only one cashing in on this possible screw up. At HOD of .0014 right now.
Posted by PCola77 on :
Ask now .0015. up almost 300% since I got in at .0004... Ho hum. Nothing to see here. Posted by wallstplaya on :
Bid wacked, last minute!! That bites!
Posted by PCola77 on :
Can't say I'm too disappointed with the close of 250% up from yesterday morning...
Posted by atleast on :
quote:Originally posted by PCola77: Guess I am the only one cashing in on this possible screw up. At HOD of .0014 right now.
Your guess could be right LOL I'm out for now - traders (mostly) were today on this one - think we'll see some "short numbers" from Co in coming PRs and fun will begin again
Posted by ACKCANE on :
So what are my prefered shares worth???
Posted by PCola77 on :
Same as mine. Jack Sh*t...
quote:Originally posted by ACKCANE: So what are my prefered shares worth???
Posted by triovestor on :
It went up because they took back shares ,
I don't like the way they did that but I made money . I bought at .0005 and sold at .0010 & .0014 .
For a few hundred gain { Made my mortgage payment } .
I just don't like the way paim did this to people . Taking shares off the market makes the shares left more valuable { thus pps just went up } . And now they can dump more on the market at higher price . They did it last year .Great for company and good for a tiny bit of cash to those of us knowing how to ride paim . But now I am out again . I feel freeeee .
Except I still have 45 BILLION prefered shares from paim debochery last year .
Posted by kermit42 on :
quote:Originally posted by PCola77: Guess I am the only one cashing in on this possible screw up. At HOD of .0014 right now.
Which broker let you buy? Neither AMTD nor Choicetrade let me in yesterday. And the only reason I even have Choicetrade is they never block buys! But they did this one.
Posted by triovestor on :
My mistake ... I see Amerifraud has a block on my sell orders .So they did not go through today .
Geesh ... am I stuck with 2 mill new shares now .
I guess only ameritrade can make gain on paim right now . Is that even legal ?
Posted by T e x on :
quote:Originally posted by PCola77: Tex, that was my original thought as well, but then I thought about it this way. Let me know what you think:
This is essentially a reverse split plus a cash dividend. Say you had 10 milion shares, after this "buyback" you have 500,000 shares, and $190. This is the equivalent of doing a 1:20 R/S and then a .00038 cash dividend. The reason that I now think this is totally legal is that the company "thinks" that all they are doing is redecing the float, and thereby increasing the value of each remaining share (with a wink, wink, nudge, nudge, since we all know they're probably planning to dump shares agin). Basically if doing a reverse split is legal, even in a case like Raven Moon, because the price increases proportionately and is thus not negatively effecting shareholders (again, wink, wink, nudge, nudge), then I don't see why this wouldn't be considered okay.
Whaddya think? Am I just rationalizing because I bought some?
quote:Originally posted by T e x: NITE quit handling it, as I understand it. May well affect liquidity...
I think it's illegal, anyway. Wouldn't surprise me one bit to see it get whacked...
no...lol, I don't believe it's OK: is neither fish nor fowl...ie, not a divvy, not a tender offer. Company removes "meaning" from free market. On the other hand...you made a good trade out of it, so more power to you, brudder!
PS: maybe authorities do nothing cuz they figger Pearl paid more than they're worth... Posted by triovestor on :
I'm not sure I want to touch paim anymore .
I am still sitting on my mountain of prefered shares . I wonder if paim keeps playing around with the 95 % ripoffs { I mean buybacks } .... if that will evenually stabilize pps at a higher price and I can trade my paper certs { prefered } for THE NEW COMMON shares at the higher price .
The trade scale paim came out with years ago started at 10,000 prefered for 1 common . But if you wait the full 5 years it's 500 prefered for 1 common .
With my 45 billion prefered and if paim keeps pulling these bizare backwards reverse split stunts ... could they actually be doing a strange thing that will make my prefered like gold .
If that is the case then gooooooo paim .
Posted by T e x on :
so funny to me...I remember when PAIM {hung the moon} lol
Posted by dollar13 on :
quote:Originally posted by dollar13: PAIM
GONNAAAA POP
LOL
LET'S POP ANOTHER ONE
Posted by PCola77 on :
Oh I don't mean to say tht it's "OK" morally or anythign, just that I'm now doubtful that it's illegal, is all.
And don't jinx me. It's not a good trade until I sell the rest. Right now it's a break even proposition if the rest of my shares become worthless for some reason.
quote:Originally posted by T e x:
quote:Originally posted by PCola77: Tex, that was my original thought as well, but then I thought about it this way. Let me know what you think:
This is essentially a reverse split plus a cash dividend. Say you had 10 milion shares, after this "buyback" you have 500,000 shares, and $190. This is the equivalent of doing a 1:20 R/S and then a .00038 cash dividend. The reason that I now think this is totally legal is that the company "thinks" that all they are doing is redecing the float, and thereby increasing the value of each remaining share (with a wink, wink, nudge, nudge, since we all know they're probably planning to dump shares agin). Basically if doing a reverse split is legal, even in a case like Raven Moon, because the price increases proportionately and is thus not negatively effecting shareholders (again, wink, wink, nudge, nudge), then I don't see why this wouldn't be considered okay.
Whaddya think? Am I just rationalizing because I bought some?
quote:Originally posted by T e x: NITE quit handling it, as I understand it. May well affect liquidity...
I think it's illegal, anyway. Wouldn't surprise me one bit to see it get whacked...
no...lol, I don't believe it's OK: is neither fish nor fowl...ie, not a divvy, not a tender offer. Company removes "meaning" from free market. On the other hand...you made a good trade out of it, so more power to you, brudder!
PS: maybe authorities do nothing cuz they figger Pearl paid more than they're worth...
Posted by PCola77 on :
Wow. Hit .0055 today? I'm out of the office today for my sister's wedding tomorrow and missed that huge spike. Guess I shoulda had a sell order in theer somewhere...
Posted by PCola77 on :
Can anyone with Level 2 do me a huge favor and keep an eye on PAIM for me and post them once in a while today? I am out of the office today.
Thanks to anyone who can help me out.
Posted by hedfe on :
pretty hard to believe this one is up over 100 percent when most brokers dont even allow buying on this stock lol
Posted by cottonjim on :
Wonder if Pearl is starting to sell back into the market some of the 95% of the shares that they legaly STOLE from investors? What a bunch of B.S.
Posted by dollar13 on :
choicetrade didn't let me buy at .001 still not letting buys
Posted by Homersbud on :
quote:Originally posted by Fuzzy1018: choicetrade didn't let me buy at .001 still not letting buys
Really? I'm able to place an order using DirectPro.
Posted by stockcop on :
Etrade lets you when you call. I had bought earlier this week and sold today. I real pain in the butt on the phone cuz it takes forever. I thought the price would go back down by the time we were finished.
Posted by dollar13 on :
THIS POS LOOKS GOOD
TO ME
WE'LL SEE NEXT WEEK
IMO
Posted by triovestor on :
Well the price really went up so I called and made sure my sell order was going thru . It did . Made some real gain here but I still don't like what they have done .
It seems they never have to worry about making money from gold mining ..... Because they found a better way .. Hold a buy back every year . This is twice they have done this now . Well ..... I made money so I guess it's alright . But it still stinks of falcon crap .
Posted by dollar13 on :
WELL SAID
I WISH I COULD GIVE YA MORE STARS "TRIO" BUT I AM ONLY ALLOW TO GIVE YOU THE HIGHEST RATE 1 TIME .
Posted by matto on :
how do i get stars>>> lol jk nice job picking in a tough market
Posted by dollar13 on :
quote:Originally posted by matto: how do i get stars>>> lol jk nice job picking in a tough market
DON'T BE GREEDY YOU ALREADY HAVE 4 STARS
BUT WAIT A MINUTE , LET ME SEE IF I CAN GIVE YOU 5 Posted by matto on :
roflmao. I would rather have the cash!!! or a cold beer and a good cigar!!!!
Posted by dollar13 on :
CHITTTT IT DIDN'T WORK "MATTO"
OHH YEAH I AGREE BEER SOUND GOOD, "HEINEKEN" FOR ME
THANKS
Posted by matto on :
ok got one CHEERS!!!!!!!!!!!!!!!!! my friend
Is this called drinking online?
typing while intoxicated! WEEEEEEEEEEEEEEEEEEEEEEE
Posted by dollar13 on :
CHEERS MATE
IF YOU DONT SEE ME POSTING IN A WHILE " YOU KNOW WHAT HAPPEND"
LOL
Posted by matto on :
weeeeeeeeeeeeeeeeeeeeee!!!
going to sit in the pool with a cold one!!!
Its waaaaaayyyyyyyyyyyyyyyyyyy to hot
Posted by T e x on :
quote:Originally posted by hedfe: pretty hard to believe this one is up over 100 percent when most brokers dont even allow buying on this stock lol
maybe is related?
lol... DoM after all...
Posted by Ace of Spades on :
quote:Originally posted by kermit42:
quote:Originally posted by PCola77: Guess I am the only one cashing in on this possible screw up. At HOD of .0014 right now.
Which broker let you buy? Neither AMTD nor Choicetrade let me in yesterday. And the only reason I even have Choicetrade is they never block buys! But they did this one.
OC SECURITIES DONT RESTRICT ANYTHING..
Also they let you short PinkSheet or BB stocks over $3...I know many that shorted RCAU above $3 and look where it is now!!! Posted by PCola77 on :
Holy sh*t!!! BID is .006 and ask is .01 right now. that would be a nice 50% gap even if it opens on the bid. would be up 1500% since I bought, or 2500% if it hits the .01 ask...
Posted by wallstplaya on :
BIG LEGS!!
Posted by triovestor on :
Be careful Pcola ... The company is probably watching price and getting ready to unload a butload of the stolen shares they took and make a ton { sending price skyrocketing down till next year when they do this again . Posted by PCola77 on :
trio, here's te problem that I have with your statment (only singling you out because you just said it, but it applies to anyone). If you bought a million shares at .0002, you paid $200. You got .00002 per share for 950,000 shares, or $19, and your other 50,000 shares are each now worth .004, or $200. Seems like this is exactly where the price was SUPPOSED to adjust to. So no stealing of shares occured, it was just a goofy way to do a reverse split. And I agree, the whole pit of the "buyback/split" is to dump more shares, same as all of these pinkies. I made like $6,000 on this one so far, and am holding 500,000 still that are pure profit, which I'll probably cash out of tomorrow.
I do appreciate the word of caution, but this one played out exactly like I expected. The only reason I am still holding any shares is on the off chance some people have to buy back shares they sold that weren't "theirs". I think that probably happened today at the open, but I was kind of a deer in headlights at that point.
![[Confused]](confused.gif)
happened to this? Paim.c1 and Paim.c2 ????
![[Big Grin]](biggrin.gif)
![[Roll Eyes]](rolleyes.gif)
![[Smile]](smile.gif)
![[Wink]](wink.gif)
![[Eek!]](eek.gif)
prefered shares from paim debochery last year .
![[Frown]](frown.gif)
still not letting buys
