quote:Originally posted by yoke yanker: IS this legit? Doesn't read as if written by the Chairman and CEO of the Pink Sheets.
I don't know. Interesting to see how it all plays out.
Yoke, I haven't traced it, but I have read his "open letter" against NSS, and it *does* read like his phraseology, at least on first read...great question, though. Have you got time to track it? If not, I may have time tomorrow...
-------------------- Nashoba Holba Chepulechi Adventures in microcapitalism...
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quote:Posted by: Dr Worm In reply to: DesertRat1 who wrote msg# 60786 Date:6/9/2005 7:50:51 PM Post #of 60827
The Pink Sheets CEO whining about previous regulatory gaps?? Remember, companies on the Pink Sheets are "non-filers by choice" they are there for the sole purpose of AVOIDING regulation and filing requirements.
This letter is disingenuous hypocracy. The Pink Sheets wants more regulatory authority? Like to halt shady operators and misinformation from being a factor in their market? Ha ha -- right! Whey the hell do you think the damn thing exists? The Pink Sheets exists solely on the principle of laissez-faire taken to the bloody extreme.
Oh, and I'm sure the head cheese at the Pink Sheets R. Cromwell Coulson carries a lot of sway with the SEC. So that letter will get prompt attention at the rafters of the SEC. They can turn it into a paper airplane up there on the top floor, throw it off the roof, and see how far it flies...
The KEY PHRASE in the whole thing is this, and only this:
...Pink Sheets is not a regulator and has no authority to cause that result...
The Pink Sheets liontamer is trying to calm the savage beasts that make a market with them. This has got to have made their coven very nervous -- and now their Chairman is calling for more regulation?
* Where is his outrage about the elimination of minority shareholders ? * Why did he conveniently "FORGET" the part about the spin off to themselves of a POS nobody wanted anyway * How did he forget to mention that the buyout price of .0005 was undervalued by about a factor of FIVE ? * How come he failed to bring to light the MERGER which occurred ? * Why did he fail to highlight the fact that the TRANSFER AGENT delivered stock prior to the payment date ? * Why does this guy not bring up when other folks sell without 144s being filed? Happens all the time and they overlook this. First time it is to their benefit it is used as an excuse. * The company THEN decided to do a 3M to 1 FS like it was an AFTERTHOUGHT and not part of the original plan? Give me a break. What a POS. * He seems to forget many agencies and other organizations were NOTIFIED and they DID NOTHING.
quote:Originally posted by pcloadletter: So how do I contact the DTCC and figure out why my dividend has not settled. Trading Direct is still waiting on conformation. LOL!
I would like to ask the DTCC why the shares haven't settled. The original pre-split shares did.
posted
Perhaps this one... Relationship Management Hotline (212) 855-4155 If they won't talk about GVRP, perhaps they could talk about marital or family issues? LOL
I recall reading a post on IHUB stating that DTC will only talk with brokers--so, you may have to bluff your way to talk with someone there. I can't get IHUB to come up at the moment, or I'd try to find the post.
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posted
lol, pc, call em and report back...tell em ur with the recently formed CITIZENS COMMITEE! I busted my ST guy again today...PRESSURIZE these scamsters--->imho, they're ALL in on it. I'm gonna make my congressperson's office a living h*e*l*l tomorrow. TOMORROW IS THE DAY! Push Push Push...do you want crooks to win? PUSH--contact your US REP, SCREAM at your Senator....
-------------------- Nashoba Holba Chepulechi Adventures in microcapitalism...
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posted
I just sent the following email to the clearing agent for Trading Direct. I will post any response that I receive.
______________________________________________ I purchased 57 shares of GVRP (GLUV Corporation) on 5/18/2005. While the 57 shares are in my account, I still have not received the dividend shares that are past due on delivery (171,000,000 shares to be exact).
I have contacted Trading Direct, and they are unable to tell me where my shares are. The SEC halt is soon ending. Assuming the stock is trading Monday, I would like the option of being able to trade my shares. The delivery is past due. I have an account with Wells Fargo that has already received the dividend shares.
With the quick fluctuations of the market today, I would like to be in the position to trade these shares should the opportunity arrise.
Please advise me of the status of the dividend that is past due and what my options are.
Thank you in advance, pcloadletter
_______________________________________________
Kindergarten was tough with a name like that
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posted
Morgan Stanley Pays $2.65M for Violations Thursday June 9, 6:31 pm ET By Michael J. Martinez, AP Business Writer Morgan Stanley Paying $2.65 Million to Settle Charges of IPO Lock-Up Violations
NEW YORK (AP) -- Wall Street firm Morgan Stanley agreed to pay $2.65 million to settle charges it sold stock in an initial public stock offering it had managed while the shares were still under what's known as a "lock-up" period, the National Association of Securities Dealers announced Thursday.
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posted
Is there any specific indication this is for GVRP? If it is do you think any of this $2.65 million will go to investors to buy back shares? Just wanted to get some of your professional thoughts on this. I don't know very much about trading. Thanks
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posted
"...we continue to get screwed for a while...."
That is the norm!
My thought is today is Friday. If an announcement doesn't come out today, from the DTCC on shares, Monday morning will be too late. Brokers need time to disperse shares, to update accounts and all that.
However, the SEC and the DTCC are populated by blithering idiots. They might just wait until Monday morning to announce a decision. It is possible they will do nothing at all and allow trading to resume, sans forward split shares.
Today would seem make or break.
I've been changing my picture once a week to keep you boys off guard.
What happens when the ten-day suspension period ends? Will the SEC issue a statement about the status of the company after the suspension has ended?
No. The SEC will not comment publicly on the status of a company when the ten-day suspension ends because the company may still have serious legal problems. For instance, the SEC may continue to investigate a company to determine whether it has defrauded investors. The public will not know if the SEC is continuing its investigation until the SEC publicly announces an enforcement action against the company.
Will trading automatically resume after ten days?
It depends on the market where the stock trades. Different rules apply in different markets.
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.
In contrast to OTC stocks, stocks that trade on an exchange or Nasdaq resume trading as soon as an SEC suspension ends.
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posted
This is just my opinion of course, but I think they will provide the shares to cover our accounts. No reversals IMO............of course it will be up to the brokers to post the opening price....we may be like CMKX....LOL.......but there again, an awful lot of people bought into CMKX and it did move up at one point. This could possibly turn out good for us in the end.
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posted
Dish, the rule is they don't HAVE to resume trading, they just normally do. You'll have to check with people older than me. To see if any where held longer, I'm not aware of any.
AS far as the SEC just letting them have all the shares they want to hand out, I don't think the company will get off that easy, if they do, we are all in trouble.
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posted
Keith, I am wondering how else could they cover our accounts (phantom shares) ???
I totally agree with what you are saying but I don't see any other scenario...am I missing something? If they don't have them, then how else could they appear in our accounts? What is your best guess? I may be older than you but you have been trading much longer than I.
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Scenario 2: reverse all trades after the split and the company tenders an offer to our pre-split shares.
This scenario would punish the company some but not a lot and give us some bank. Also would be legal bye the books for the SEC.
Scenario 3: Everyone who screwed up has to buy back the shares they sold. Which would be legal by the SEC etc... and would be a HUGE payday for us. This can happen if the screwups have enough insurance.
Phantom Shares: this will NOT happen because SEC is way to involved on this one, every share owner would sue etc...
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posted
for scenario 2 - i will take 1500.00 a share for my pre-split shares.
quote:Originally posted by keithsan: I have no magic answers Dish:
Scenario 1: forced buyback
Scenario 2: reverse all trades after the split and the company tenders an offer to our pre-split shares.
This scenario would punish the company some but not a lot and give us some bank. Also would be legal bye the books for the SEC.
Scenario 3: Everyone who screwed up has to buy back the shares they sold. Which would be legal by the SEC etc... and would be a HUGE payday for us. This can happen if the screwups have enough insurance.
Phantom Shares: this will NOT happen because SEC is way to involved on this one, every share owner would sue etc...
posted
Yikes. summary--we had on the thread already that SEC, per Dish's most recent dig, could simply allow trading to resume, which absent other directives would condemn it to the gray sheets.
There is, apparently, in the past 5 years, two or three occasions when SEC imposed back-to-back suspensions.
LOGICALLY--if you trace all variables minus emotional-what-should-happen, you arrive at Master Keiths option #2: "Scenario 2: reverse all trades after the split and the company tenders an offer to our pre-split shares.
This scenario would punish the company some but not a lot and give us some bank. Also would be legal bye the books for the SEC."
SEC wants legal. Congress has been alerted. SEC is lacking a new boss. President, via citigroup, is instructing staff to keep distance.
If they can get off with banking investors a little, punishing the wrongdoers, and make this go away, THAT IS EXACTLY what they will do.
If you want full bank, call your Senators and Congress-reps all weekend. Call your local papers. Call the AP. Call Reuters
I talked to my congressional rep's office 5 times today...at one point, they were "through--that's all we can do."
An hour later, they called me back... from DC, not Fort Worth...
If ya wanna move the stars, ya gotta push like giving birth...
-------------------- Nashoba Holba Chepulechi Adventures in microcapitalism...
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posted
LOGICALLY--if you trace all variables minus emotional-what-should-happen, you arrive at Master Keiths option #2: "Scenario 2: reverse all trades after the split and the company tenders an offer to our pre-split shares.
This scenario would punish the company some but not a lot and give us some bank. Also would be legal bye the books for the SEC."
Sounds logical but how would that affect the F/S shares that were traded the first few days after?
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quote:Originally posted by dishgal1: LOGICALLY--if you trace all variables minus emotional-what-should-happen, you arrive at Master Keiths option #2: "Scenario 2: reverse all trades after the split and the company tenders an offer to our pre-split shares.
This scenario would punish the company some but not a lot and give us some bank. Also would be legal bye the books for the SEC."
Sounds logical but how would that affect the F/S shares that were traded the first few days after?
they would all be reversed. never happened.
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posted
Dish the rationale of this argument is that officials have given up on "what's right," froma tradres perspective, but rather what can we do to prevent traders from profiting "too much" yet still have some penalty for whomever deserves it...and they may do something entirely else...how long did CMxx whatever drag on before they held a hearing?
-------------------- Nashoba Holba Chepulechi Adventures in microcapitalism...
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quote:Originally posted by dishgal1: Keith, but if they reversed the trades, wouldn't they go all the way back to our first purchase?
yes, remember there were only supposed to be 11 shares on our first purchase. Because after the split the screw up became worse. Going back pre-split fixes a lot, but the company would still need to buy back the extra shares.
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