posted
seems like it is still waitiing mode, I will begin my mean and nasty letter to my brokerage house.
Collusion (sp) they didn't let me sell my shares at .0001 to .005 and now they're reverse split. The SEC did not put a halt on me selling my shares, ameritrade did that themselves....
posted
*re purl's timely response* know how, from reporting days, just wondering cuz as I remember, there's no "set" response time, something like "reasonable"...but thanks, looks like a good link...
You know, I would not be surprised if this merely a move to be able to say later in court, Well we tried to fix it on our own, but the SEC wouldn't let us...ie, reduce damages, culpability, etc, OR it's so blatantly f'd-up they're bidding for revocation...
-------------------- Nashoba Holba Chepulechi Adventures in microcapitalism...
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I have been gone.....today. News this afternoon. Forgive me if this has already been posted.
Gluv Corp. n/k/a/ Media Magic, Inc. Announces Restructuring Plan to Remedy the Liquidity Problem in the Public Market for its Common Stock Business Wire - June 21, 2005 16:27
WEST PALM BEACH, Fla., Jun 21, 2005 (BUSINESS WIRE) -- Gluv Corp. (Pink Sheets:GVRP) announced today that its shareholders had adopted a corporate restructuring plan that would inject more than 414 billion shares of common stock into the market on a short term basis, thereby permitting the settlement of the trading in billions of its shares that took place while only 33 million shares of its common stock were actually outstanding.
On May 3, 2005, the company declared a dividend of 2,999,999 shares of its common stock payable on May 20, 2005 with respect to each of the 11 shares of its common stock that were outstanding on May 13, 2005. Although the completion of that dividend resulted in a total of 33 million shares outstanding, the sale of approximately 138,000 shares in the market on or shortly after the May 13 record date of the stock dividend, resulted in significant confusion among various brokerage firms and their customers as to whether a 3,000,000 share stock dividend was attached to each of those 138,000 shares as a "due bill" requiring the delivery of more than 418 billion shares on the May 20 payment date of the stock dividend. The company immediately undertook to publicly alert the market about its concerns regarding the excessive number of shares being traded in the market by issuing a press release on May 22, 2005. The company further notified certain securities firms and market makers trading the company's stock of its concerns prior to the market's opening on May 23, 2005. When those efforts failed to prevent the massive trading that continued to take place in the market, the company asked the NASD to help it to straighten out the confusion that had arisen with regard to the correct number of shares that were supposed to be outstanding, and it alerted the SEC with regard to the situation. After a series of communications between the company and each of the SEC and the NASD, and also between the SEC and the NASD, the SEC issued an order halting trading in the company's common stock on May 27, 2005. That trading halt ended at 11:59 PM on June 10, 2005.
Since the trading halt came to an end, the company has been working to fashion a solution that would, at the same time, inject into the market on a short term basis the billions of shares that the parties who bought and sold the company's shares mistakenly believed would be available to them for settlement of their trades, and eliminate all confusion about the number of shares that the company actually has outstanding.
In order to accomplish those goals, the company asked for, and received permission from, its shareholders to implement a restructuring plan consisting of the following elements:
-- the company's authorized share capital has been increased to more than nine trillion shares;
-- the company now is authorized to issue two classes of common stock -
-- Class A common stock which is identical to the common stock that is presently outstanding, and
-- Class B common stock which provides for 125,000 votes per share;
-- the shareholders who sold shares into the market after the declaration of the stock dividend have accepted an offer from the company to exchange each of their shares of common stock for 3,000,000 shares of Class A common stock, thereby injecting into the market the 414 billion shares of stock necessary to settle out all of the buy and sell transactions that started with the sale of those 138,000 shares;
-- all of the other shareholders of the company and the former shareholders of DigiKidz Holdings, Inc. which merged into the company last month (who hold a total of 30 million shares and the right to receive approximately 44 million shares, respectively) have accepted an offer from the company to exchange their shares of common stock and their rights to receive shares of common stock for an equal number of shares of Class B common stock
-- Approximately two weeks from today, after all of the billions of shares of buy and sell transactions have been settled, the company will file amended and restated articles of incorporation providing that
-- all outstanding shares of Class A common stock will be divided, i.e., reverse split, into a total of 3 million shares,
-- all Class A and Class B common stock will be converted into common stock having one vote per share and
-- the total number of shares that the company will be authorized to issue will be reduced to 150 million shares consisting of 100 million common shares (of which approximately 77 million shares will be outstanding), and 50 million preferred shares issuable in one or more series (none of which will be outstanding).
Robert W. Pearce, the company's Chief Executive Officer, issued the following comment: "We have worked very hard to craft a solution to the market liquidity problem that will permit all participants to settle the transactions in which they engaged. We want to thank the members of the brokerage community and our shareholders for their patience. We also want to thank those members of the brokerage community who provided very constructive assistance to us while we formulated our restructuring plan."
SOURCE: Gluv Corp.
Media Magic, Inc., West Palm Beach D. Ruggeri, 561-491-0870 info@mediamagicinc.com
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Although, it occurs to me, I prolly can't afford a blanket request as they will have compiled quite a volume by now. Any good thoughts from anyone re specific, focused inquiries will be appreciated...
-------------------- Nashoba Holba Chepulechi Adventures in microcapitalism...
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Purl if you have a link PLEASE post it, i NEED it for my argument TIA
I am signing a P + S tonight so will be missing out on whatever we can do. Should be back later in the evening.(i had to hurry up and use my bank brokerage statements saying i was a millionaire to get more credit )
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Tex, I am giving thought, as you are, on "what" should be requested. I am leaning towards an "any and all" correspondence between GLUV and the SEC which has not been made available to the public.
Care has to be given to wording to include SEC, NASD, DTCC, GLUV, Media Magic, Robert Pearce, any and all other parties who have contacted the SEC or the SEC has contacted.
You need to get out your legalese book, bend the binder, and discover how to word a request which is free of verbal loopholes.
for now just setting up my brokerage/sec/nasd ripping.
want to see if there is a reply by sec/nasd in the am I really don't give a damn what this company says....they have been completely full of it so far.
posted
if you keep search parameters on the ticker, that *should* eliminate problems with disingenuous footsie vis a vis "Well, you said GLUV, this correspondence was after the name change."
"Your Honor, it clearly states, communication regarding the issue that traded as 'gvrp.' "
You could build a tag-line: "This is request for information gathered, collected, bla bla during time period x-y, regardless of whether {variables they might use} involving the issue gvrp, including documents that do not specifically refer to the trading ticker."
sumpin like that...may take a bit or work, I agree...
-------------------- Nashoba Holba Chepulechi Adventures in microcapitalism...
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Hmmm....A thought. Ameritrade told me today they are allowing liqiudation only transactions. The guy read it right off of the computer. So now that the company has released their plan to the world, couldn't we sell? The shares will be covered. Ameritrade would simply pass them down the line.....
In any event, We now have proof in vivid color for the world to see just how corrupt the system is. We just need to decide what to do with the ammo......Glad I got a little chunk of their change out of this prior to the halt.
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ok guys - i had a bad day at work and i am burned out. please give me a brief summary of what's going to happen. sorry. i didn't get to vote. i thought we were the owners of the company.
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[QUOTE]Originally posted by cruz: ok guys - i had a bad day at work and i am burned out. please give me a brief summary of what's going to happen. sorry. i didn't get to vote. i thought we were the owners of the company. [/QUOTE Apparently you've read the PR; either:
the company's restructured stock enters the market, thereby covering short positions AND saving a$$es of multi-million dollar brokers and MMs, but torching all save a select few who said "these are my shares, F making me cover" and hit the sell button Mon-Wed 23-25, or
it's yet another ploy by the scamsters who, upon counsel's strict lecturing said, "Boys, you need a big public play to demonstrate later in court that you 'tried to fix it.' " or
they realize *they're* f'd, the SEC investigation continues and they're not being not, SO "Let's get revoked--if this doesn't get us revoked, what will?"
mho, of course...
lottsa legal wrangling/scenarios possible...
-------------------- Nashoba Holba Chepulechi Adventures in microcapitalism...
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I'm choosing to remember that every PR these idjits release are total BS.
Their 250 trillion a/s never made it to market...why should these? imo, the SEC might've looked on the 250 as a panic-dilution-to-cover, but since they're already announcing the r/s? the "enchanted voting stock" (class B)?
Clearly predatory...perhaps the most visible indicator of company's character, yet...
-------------------- Nashoba Holba Chepulechi Adventures in microcapitalism...
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So far the only ones that look to make out now are the Ameritrade holders that sold when they first got the shares and the people that sold Friday when it was 10 dollars a share.
I almost sold and took the 500 I was up on that Friday but could not resist the thoughts of what could happen...
-------------------- If all goes well then great, if not, make it work.
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quote:Originally posted by Raptorsrule: Almost like a journey through the looking glass eh Tex....
lol, man, I'm serious...grinning, but serious. If we fail to recognize this as the time to gang up and beat the chit out of da bully, that's our bad. This is momentous...any way it plays.
I'm envisioning the suit I will wear to court or the Congressional hearings...lol, *anything* SEC does besides force a cover w/o diltuion is wrong. period. True: pinks are risky. "So that means the rules are scammy?"
-------------------- Nashoba Holba Chepulechi Adventures in microcapitalism...
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"lol, man, I'm serious...grinning, but serious. If we fail to recognize this as the time to gang up and beat the chit out of da bully, that's our bad. This is momentous...any way it plays."
Concur whole heartedly.....
-------------------- Raptor----Don't confuse bad luck with bad judgement
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lawsuit, unless forced cover without dilution (FCWD), for shore!
all right, help me out here, you guys,:
quote:all of the other shareholders of the company and the former shareholders of DigiKidz Holdings, Inc. which merged into the company last month (who hold a total of 30 million shares and the right to receive approximately 44 million shares, respectively
with 11 shares subject 3mm f/s, where they getting 44mm?
-------------------- Nashoba Holba Chepulechi Adventures in microcapitalism...
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