posted
actually it says will do a R/S to get to only 3mil shares. so the amount you have to divide by is undetermined until they figure out how many shares will be out. Should be 3mil if the numbers are right
-- all outstanding shares of Class A common stock will be divided, i.e., reverse split, into a total of 3 million shares,
-------------------- If all goes well then great, if not, make it work.
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posted
When I talked to ameritrade this afternoon they wouldn't comment on this press release they wont do anything until they are told what to do I guess from the SEC.
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1) do the math, over and over again till we can post it straight up, easy for all to follow
2) i'm gonna go back over that PR, focusing on their pov of "cause"; could use help there
3) tomorrow? follow-up on phone, search, etc trying to elicit official response and minimize board conjecture and personal anguish/indifference response. Remember, overload leads to leathargy...
4) the "other team," response needed as unexpected develops...
gonna get my magnifying glass on that PR...
-------------------- Nashoba Holba Chepulechi Adventures in microcapitalism...
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quote:Originally posted by DENSKIJR: When I talked to ameritrade this afternoon they wouldn't comment on this press release they wont do anything until they are told what to do I guess from the SEC.
Typical....remember....AMTD personnel have claimed since day one the shares were delivered....clowns....
This ain't over by a long shot folks....
-------------------- Raptor----Don't confuse bad luck with bad judgement
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posted
What really honks me off is we lose our original investment and the company gets rewarded!
Now that I have digested this "PR", I bet the SEC folk are laughing. There is no way that they would let this happen. The wouldn't let them increase the first time.
GVRP might actually have hurt themselves using this stunt. They in effect admitted guilt and sat at the bargaining table. This is their first offer to the SEC. Too bad it will tick everyone off, and hopefully flood the SEC with complaints.
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quote:Originally posted by Raptorsrule: 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.
if the sec listens to the company, you make out. I'm still in not listening to the companies bull mode.
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Now that I have digested this "PR", I bet the SEC folk are laughing. There is no way that they would let this happen. The wouldn't let them increase the first time.
After reading it for the 3rd time I agree this is total BS the SEC is not going to let the company profit from this especially take there 350k company shell to 500 million dollar company its not going to happen IMO but we shall see the saga continues. Ha
quote:Originally posted by pcloadletter: Hey Tex, good evening. Be here until 5 or so tomarrow morning.
Any good leads tonight. Looks like a slow day overall. Any good plays?
nah, was twisting wires today...again tomorrow, on the job at 6 am. Thas why I can't help research manana, lol, trying to do whatever I can tonight. Something is major wrong I haven't put my finger on...lol, i mean, we all know it's fishy...
-------------------- Nashoba Holba Chepulechi Adventures in microcapitalism...
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posted
Just sent this to the SEC......short...to the point
Please see attached.
Surely, the SEC is not going to let this happen. The consequences to the individual investors are dire in this scenario and yet the system and the company have profited. I strongly advise the ramifications of this "solution" as the company so eloquently put it, are unthinkable at best.
Sincerely,
Concerned Investor
Gluv Corp. n/k/a/ Media Magic, Inc. Announces Restructuring Plan to Remedy the Liquidity Problem in the Public Market for its Common Stock Tuesday June 21, 4:27 pm ET
WEST PALM BEACH, Fla.--(BUSINESS WIRE)--June 21, 2005--Gluv Corp. (Pink Sheets:GVRP - News) 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."
-------------------------------------------------------------------------------- Contact: Media Magic, Inc., West Palm Beach D. Ruggeri, 561-491-0870 info@mediamagicinc.com
-------------------- Raptor----Don't confuse bad luck with bad judgement
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quote: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
[list][*]the company declared a dividend of 2,999,999 shares of its common stock payable on May 20, 2005
agreed
[*]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"
wrong.(a)we had no confusion: NASD verified "due bills attached." Brian at NASD told i-hub trader, "hope that paper's worth something."
(b) no confusion, yet, at brokerages, either--mine, eg, still had NO KNOWLEDGE as of the morning of May 20, when I then first called the SEC and my congress rep
no confusion, 138,000 did have due bills attached. Even the TA was called...what more DD can a trader do?
[*]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
lol, 138,000 x 3,000,000 = 414,000,000,000
hello? 414 billion, not 418
I can't think of a term to convey the contempt I feel. They've known for at least a month that we busted em, and this is the best PR they can assemble? truly, truly low-rank...
-------------------- Nashoba Holba Chepulechi Adventures in microcapitalism...
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quote:Originally posted by pcloadletter: you an electrician Tex? Sounds like you are wiring terminations
done lottsa stuff, some on my own, more helping buddies who own companies: punchdowns for networks, some residential/remodel, "straight" commercial...done quite a bit of neon installations...helping a buddy now with a mix of commercial/residential.
-------------------- Nashoba Holba Chepulechi Adventures in microcapitalism...
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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
It asserts, their proposed solution meets the intent of our trades; since we did in fact understand we would be receiving 3 million shares for every share we bought with due bills attached. With that in mind, dilution was always part of the deal.
Clever..
-------------------- Raptor----Don't confuse bad luck with bad judgement
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quote:Originally posted by pcloadletter: who knows:
All I know is RS = investors shafted
please support all attempts to get the math right, lol, unnerstand yur frustration, but we need to take this apart and put it back together w/o the company "noise"...
ALL: please remember, under Florida law? they don't need shareholder approval....
UNLESS
they have exercised precaution to ensure no damage to shareholders will occur...
-------------------- Nashoba Holba Chepulechi Adventures in microcapitalism...
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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.
they are admitting publicly that they sold 137,989 shares that did NOT exist....
because they were NOT PAYBLE until the 20th of May....
there isn't much else to prove....
the question is what are we going to do about it....
-------------------- Don't envy the happiness of those who live in a fool's paradise.
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quote:Originally posted by TampaInvester: if you own 100 shares post f/s you have 300000000 (300 )million shares
out of 414000000000 (414 billion) outstanding shares you own 300000000 shares (300 million)
now if they say this will be adjusted to a total of 3 million. This means
out of 3 million shares you would own (3million * 300 million)/414 billion
= 2173 shares
so reverse split = 300 million/2173 = 138057:1 (approx)
Is my maths correct?
New adjusted price = 138057 * 0.001 = 13.08
share value = 2173 * 13.08 = $30,000
back to the same amount..huh?
Tampa, a little more spelled out for the math-challenged, such as myself--please post the results for an owner of pre-split 100 shares. If the company gets their way, what would the 100 shares be worth, in this model? sorry to be dense...
-------------------- Nashoba Holba Chepulechi Adventures in microcapitalism...
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