posted
Guys, if a class action lawsuit is filed and the Court certifies the class you do not need to preregister or sign on with the attorney in advance to be a member of the class.
In fact quite the opposite is true. If the Judge cetifies the class you must affirmatively opt out of the class to seek an individual remedy or be bound by the results or settlement in the class action.
Lawyers file class action lawsuits knowing that their pay will be set and approved by the court as part of any settlement or recovery. Class action attorneys are paid very well sometimes better than the class.
Tex, you have some good questions. A class action lawsuit against the company seeking to prevent the new shares from being authorized seems like something is missing, like what is in it for the attorneys? To have money in the pot something other than an injunction must be filed for an recovered, ie. money damages must be sought and won.
This company does not seem to have very much in the way of assets. THE ONLY WAY TO GET PAID IS TO FIND A DEEP POCKET. Nobody wants to get out of this without something.
I personally think it is premature to decide who is responsible and from whom we can recover before we know what is going to be done. You all know I am not shy over the possible litigation, but I also know just how long it will take if it litigates and when we get started, if we start, I want to know a real plan of action that leads to us getting paid, not just some law firm.
We are all in the dark because the SEC is certainly not conferring with any of us. I absolutely would want the attorney to explain "what's in it for us". Right now, I do not know.
Posts: 81 | From: Tennessee | Registered: Mar 2005
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posted
I agree about the transfer agency. It seems like a nightmare to sue the DTCC. Hate to think they are the party we have to go after. Much rather it be the TA.
In my very humble opinion, why sue the company? Liabilty seems doubtful and assets seem worse. The SEC will determine if they can amend to issue the additional shares and if they allow it a FLA judge is probably not going to change it. Although one is federal, the other state and never the twain shall meet (unless your the Supreme Court and Gore LOL)
Posts: 81 | From: Tennessee | Registered: Mar 2005
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posted
I *would* like get to ___Florida___ to tell 'em, "No, you stock-geek-mafiosos, you can NOT issue any more shares or file anything else." Don't know how to do it, but it would tickle my aestheic sense of shutting down a schoolyard bully or parking lot con artist.
They should be under a magnifying glass in the hot sun, if you catch my drift...But as elite says going after damages seems premature at least until some sort of regulatory ruling.
posted
Thank goodness this thread hasn't sunk to the nastiness that fung_derf has inflicted on the "The Golden Lists" IHUB board. Not sure what derf is trying to accomplish there.
quote:Posted by: SSP In reply to: None Date:6/3/2005 11:42:53 AM Post #of 59473
GVRP - those waiting - don't lose focus, there's potential to make good money with this situation, but if you let it ride and fade, then you bet it'll just go away with us getting screwed. Let your voice be heard, we know the facts, we know the rules, there's many parties liable for selling us the shares with due bills, and those responsible will not get off the hook easy, they must resolve it fairly and justly! Good money can be made, be prepared to work to get it.
quote:Posted by: M0NEYMADE In reply to: Mr. Bill who wrote msg# 1085 Date:6/3/2005 1:09:59 PM Post #of 1096
GVRP: SEC contact person -Joseph J. Cella in the Office of Market Surveillance of the Securities and Exchange Commission should be telephoned at (202) 551-4951.
quote:Posted by: Mr. Bill In reply to: H2NRG who wrote msg# 1095 Date:6/3/2005 1:45:04 PM Post #of 1096
I left my name, telephone number, and expressed my opinion that the insiders should not be allowed to sell illegal shares and then cover their blunder by trying to register 250T shares and sell after the fact. I urged the SEC not to allow trhse additional shares to be registered.
I like you did not talk with the TA, company, or NASD. I have no doubts that the incredibly skilled traders on this thread did do their homework.
Since I work during the day it is hard to do DD during the day, contact folks, etc but I do what I can given my situation.
I have little to add in terms of the investigation. I do have a right as a legitimate shareholder to express my concern that what the company is doing is wrong and share my holdings (which I did on an earlier call). I also have the right to express my concern that the minority shareholders (the insiders) are trying to do things to hurt the majority shareholders (traders).
quote:Originally posted by BuyTex: not saying do NOT call SEC, but suggest writing a letter to your congressional reps, regardless of your decision to call SEC/NASD, etc...
Do our reps really have influence here?
Posts: 257 | Registered: May 2005
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posted
for whatever reason, there's been congressional interest lately, including NSS...whether it's all show, who knows? From a cynical perspective, we don't care if key reps are grandstanding as long as they bring pressure...
posted
Suspension expires next Friday at midnight. They must know by now what they are going to do. Haven't heard any rumors, looks like they are going to be very tight lipped, we probably won't know until Mon the 13th before the open, and then DING, a suspension extension.
-------------------- My posts are my opinion only, and should not be construed as a recommendation to buy, sell, or hold any security. Do your own due dilligence. Posts: 502 | Registered: May 2005
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posted
Yea, naked shorting is getting peoples attention. Saw a guest host on CNBC a few days ago who was a CEO of a small tech company. Really lambasted the NSS process. Said he was telling all the legislators if they had NSS back in Edisons day, they would still be reading by candle light. It's destroying the small innovative companies where new tech is born. Cheers
Posts: 52 | From: Canyon Lake Tx | Registered: Feb 2005
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8:45am 06/08/05 Ameritrade board will do what's right for holders -CEO (AMTD) By Greg Morcroft NEW YORK (MarketWatch) -- Ameritrade (AMTD) CEO Joe Moglia told analysts and investors Wednesday that they should not rule out a merger with any of the company's rivals and that the firm's board will do what's best for shareholders. Ameritrade is currently the target of an unsolicited buyout offer from rival E-Trade (ET) , and is itself seeking to buy some online trading assets from Toronto Dominion's (TD) TD Waterhouse unit. "The board understands its fiduciary responsibility," Moglia said at the Sandler O'Neill Financial Services Conference in New York, which was Webcast. "The board will do what's best for shareholders, we will do a deal with whoever is best," Moglia concluded. http://www.marketwatch.com/news/newsfinder/pulseone.asp?siteid=mktw&dateid=38511.364689375-836422020&
posted
OK, they've got 2 days left. Trade reversals looking more improbable. Can't wait till Monday, I hope we have a bid, covering, and investor momo added to the mix. Not out of the realm of possibility, esp. if we get to Fri PM and hear nothing. No news is good news.
-------------------- My posts are my opinion only, and should not be construed as a recommendation to buy, sell, or hold any security. Do your own due dilligence. Posts: 502 | Registered: May 2005
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posted
My understanding is they can do nothing at all, which means grey sheets to me, or issue another suspension. In any case, they will not comment regarding any investigation--whether there is one or not--until they have results. Just the same as there was no "warning" of this suspension.
posted
True, but if the stock is trading on Monday, it's good news for us regardless. Most likely we will hear something before Monday, just getting a little antsy here. Two weeks has seemed like an eternity. As far as issuing another suspension, I couldn't find any other case where it went longer than 10 days. Should trade on Monday, maybe greys yes. I'm watching for a news release on Friday, or early Monday AM.
-------------------- My posts are my opinion only, and should not be construed as a recommendation to buy, sell, or hold any security. Do your own due dilligence. Posts: 502 | Registered: May 2005
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posted
But will our FS shares be reflected in our accts, so that we may trade our phantom shares starting Monday? I'm not convinced that Scottrade will do so. They're waiting for the shares to be delivered from the DTC--when will that occur???
Posts: 257 | Registered: May 2005
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quote:Originally posted by H2NRG: But will our FS shares be reflected in our accts, so that we may trade our phantom shares starting Monday? I'm not convinced that Scottrade will do so. They're waiting for the shares to be delivered from the DTC--when will that occur???
When a decision is made by SEC, they will deliver (or not deliver) as the case may be. I think we'll get them, just a question of what they will be worth at that point. If the company is able to issue trillions and trillions, you won't care whether you have them or not because they won't be worth much. In that case, only the people who already sold post f/s will win.
-------------------- My posts are my opinion only, and should not be construed as a recommendation to buy, sell, or hold any security. Do your own due dilligence. Posts: 502 | Registered: May 2005
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"For stocks that trade in the OTC or the over-the-counter market, trading does not automatically resume when a suspension ends. (The OTC market includes the Bulletin Board and the Pink Sheets.) Before trading can resume for OTC stocks, SEC regulations require a broker-dealer to review information about a company before publishing a quote. If a broker-dealer does not have confidence that a company's financial statements are current and accurate, especially in light of the questions raised by the SEC, then a broker-dealer may not publish a quote for the company's stock."
Maybe not on Monday, with or without an announcement.
-------------------- My posts are my opinion only, and should not be construed as a recommendation to buy, sell, or hold any security. Do your own due dilligence. Posts: 502 | Registered: May 2005
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posted
T88 I personally haven't seen them hold over the 10 days yet. It may have happened though, or this could be a first.
Posts: 9110 | From: boston, ma | Registered: Jan 2004
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posted
Latest email from Scottrade (20:51 EDT last night)--same old, same old...
quote:We do understand the frustration resulting from this issue with GVRP.
As of Wednesday 6/8/05 Scottrade has received no new information regarding GCRP. This issue is still pending SEC and NASD ruling. We have not been made aware of a time frame on this ruling. DTC has not effected the stock split at this time and they are involved in an in*****gation of their own on this matter. Scottrade cannot post these shares to accounts until such time as DTC has completed their review and allocated shares to Scottrade. Unfortunately there is no additional action that Scottrade can take at this time. Please be assured that Scottrade will post shares immediately upon receiving them from DTC.Please let us know if you have further questions.
quote:Posted by: stock_rancher In reply to: None Date:6/9/2005 2:49:19 PM Post #of 60774
Just spoke to Scottrade on GVRP They are waiting for a response from the DTC on the ruling. They are sure a response is on the way and the wait for answers is coming to an end (hours). I was told that I could try back later today.
quote:Posted by: stock_rancher In reply to: None Date:6/9/2005 2:49:19 PM Post #of 60774
Just spoke to Scottrade on GVRP They are waiting for a response from the DTC on the ruling. They are sure a response is on the way and the wait for answers is coming to an end (hours). I was told that I could try back later today.
So they put him off till tomorrow..look at the time 2:49. If he waits a few hours to call they will be gone for the day... got to love scottrade for protecting us...
-------------------- If all goes well then great, if not, make it work. Posts: 2562 | From: Louisville, KY | Registered: Feb 2005
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quote:Posted by: DesertRat1 In reply to: None Date:6/9/2005 5:06:45 PM Post #of 60792
Here is a forwarded email from the Chairman and CEO of Pink Sheets. I do not know the date of the memo, but I think it was sent on 5/26. As you can see a lot of the facts are wrong, plus you can see whos side they are on. Very interesting: ---------
Dear OTC market participant:
We have received many calls in the last few days regarding Gluv Corp (Other OTC: GVRP), a stock that trades in the Pink Sheets. We are very concerned about this situation and have been communicating our concerns to regulatory authorities. Let me say at the outset that it is a shame that these things occur in our twenty-first century markets. These are the facts, as far as we can tell.
On April 29, 2005, GVRP (then trading under the symbol GLVP) announced that it would be doing a reverse split, issuing one share for every 6,500,000 shares outstanding on May 12, 2005. Fractional shares were to be bought out at $.0005 each. The press release stated that the purpose of this transaction would be to eliminate minority shareholders; i.e. each of the eleven remaining shareholders would be affiliates of GVRP. The Dow Jones news wire reported that this reduced the number of shareholders to eleven.
Having successfully removed GVRP’s minority shareholders and thus all of their public float from the OTC markets, it seems that GLVP then decided to do a forward split, issuing 3 million shares for each of the eleven shares outstanding. This split was effective on May 23, 2005. Apparently, one of the eleven holders then decided to sell his stock, resulting in considerable confusion. It is also possible that some of the old stockholders who were cashed out in the reverse split were confused and decided to sell shares they didn't own.
The above information generates the conclusion that GVLP did not have any shares eligible to be freely traded in OTC secondary market transactions. An affiliate is not permitted to sell shares into the public markets, unless the shares are registered or the shares are sold pursuant to Rule 144. Since we do not have any information that a Form 144 was filed with the SEC and/or adequate current information was publicly available about GVRP, affiliates were not permitted to sell their stock under the Rule 144 safe harbor. It seems apparent that someone was selling (and purchasers receiving and reselling) unregistered stock in violation of the securities laws and that some broker-dealer failed to determine whether its customer was permitted to sell this stock, or even had stock to sell, disregarding the "know your customer" rules.
Our opinion is that trading needs to cease and all trades since May 12th should be cancelled. But, Pink Sheets is not a regulator and has no authority to cause that result. Thus Pink Sheets is supportive of broker-dealers efforts to work with the SEC and NASD to establish the full facts regarding this situation and find an appropriate solution. We will of course supply any information we have concerning the trading in GVRP to broker dealers and securities regulators that request it.
Unfortunately, this sort of activity is completely unnecessary in today's markets. There should be a procedure for prompt notification to an appropriate regulator so that "clearly erroneous" trading can be easily halted before damage is done and funds are released. A fast OTC regulatory halt authority will protect investors and minimize back office confusion. As it is, no one is sure who to call so that many more trades occur while the various regulators work to determine where the problem belongs. This results in investor frustration, lost resources, and we suspect, from time to time the people responsible for this activity may get away with it. None of which are desirable.
Situations like this only happen if the sneaky operators think they can get away with it. Thus we are strongly in favor of broker dealers and the securities regulators singling out one regulatory path for prompt action so situations like this are easily halted.
We will provide further updates when we know more.
R. Cromwell Coulson
Pink Sheets LLC Chairman & CEO 304 Hudson Street, 2nd Floor New York, NY 10013 212.896.4444 w 212.868.3846 f
posted
IS this legit? Doesn't read as if written by the Chairman and CEO of the Pink Sheets.
Posts: 52 | From: Canyon Lake Tx | Registered: Feb 2005
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