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 = $30,000
back to the same amount..huh?
Tampa, a little more spelled out for the math-challenged, such as myself--please post the results for an owner of pre-split 100 shares. If the company gets their way, what would the 100 shares be worth, in this model? sorry to be dense...
This example was for pre split 100 shares which had due bills but were never delivered
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say i bought 100 shares for 300$ the split was 3million for 1 i get 300million shares and they are worth .0001...cuz this traded way up to .0001 post-split remember? thats' now 30,000.00$
so far so good....right?
now we reverse split 1 for 3million (or do we?, cuz that ain't spelled out in so many words is it?) we are back to 100 shares at $300 ea....
how long do you think it'll stay that high????
this won't work, and it leaves the door wide open for a whole lot more monkeybiz....
cuz you and i both know some SOB will be short-selling shares they don't have again the second the PPS is adjusted post-reverse split....
-------------------- Don't envy the happiness of those who live in a fool's paradise.
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say i bought 100 shares for 300$ the split was 3million for 1 i get 300million shares and they are worth .0001...cuz this traded way up to .0001 post-split remember? thats' now 30,000.00$
so far so good....right?
now we reverse split 1 for 3million (or do we?, cuz that ain't spelled out in so many words is it?) we are back to 100 shares at $300 ea....
how long do you think it'll stay that high????
this won't work, and it leaves the door wide open for a whole lot more monkeybiz....
.....all outstanding shares of Class A common stock will be divided, i.e., reverse split, into a total of 3 million shares,.....
But the r/s is not 3 million They clearly say the stock will be divided into a total of 3 million
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they are definately stating that this would be best for them and this is how it should be for them.
for us, we say different.
now we need to see what the sec says. but if the SEC allows them to register shares to cover a short and then RS them, I doubt very much that it would be legal.
so, i'm gonna have another beer and see what the stock cops have to say.
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quote:Posted by: eviltweety In reply to: Rocket Blasters who wrote msg# 65005 Date:6/21/2005 11:42:16 PM Post #of 65035
" 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"
Sorry but this is pissing me off all over again.....THEY sold the shares into the market they did not own and could not borrow......who was confused???? It wasn't just some trader and it wasn't just any shareholder - it was an insider or insiders who were following a plan to dump into the market on the heels of their crap PR.....it's everyone's fault but theirs and now like some white knight, they're going to ride to the rescue with this latest gambit?...I'm going to do more than just post about this and tomorrow I'm meeting with a securities attorney to educate myself as to my next move. I'm just a little guy but I'm not going to just sit back quietly......I don't do "quietly" well at all..........
posted
- 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;
then?
-- all outstanding shares of Class A common stock will be divided, i.e., reverse split, into a total of 3 million shares,
i reread this a couple times...
i still interpret this to say they are re-converting the whole 3 million back to 3 million after they deliver all the shares...
we still end up with the same number of shares that we bought...
i may be trying too hard, but that's what i got the first time i read it...
the WHOLE 3 million have been converted to supply the delivery of the forward split, then they will be re-converted back to 3 million...not just the 138,000 we bought from them, cuz that wouldn't put ANY shares in the treasury to deliver
i am not condoning this act, just doing the math...
we end up after the RS with 300$/share stocks as i cacklackted in the previous post...
it still leaves a hole big enough to drive truck thru...
[ June 22, 2005, 00:08: Message edited by: glassman ]
-------------------- Don't envy the happiness of those who live in a fool's paradise.
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quote:Posted by: SSP In reply to: None Date:6/21/2005 11:54:00 PM Post #of 65053
***** GVRP plan simplified, 11 shares total, insider with 1 share sold 138,000 shares at say 4 bucks average, so about half a million dollars worth. Company is going to give him 3 million shares, to cover the short position, then reverse split the stock 1 - 3 million, taking the shareholder back to 1 share, they pocket the money. The other 10 shares are replaced by class B shares so are immune to actions.
quote:Posted by: TallTrader In reply to: SSP who wrote msg# 65043 Date:6/21/2005 11:57:37 PM Post #of 65057
I have not had the time to keep up with the GVRP situation, but, I did buy shares, and with disgust, I read the PR today.
I'M A LITTLE CONFUSED WITH THIS STATEMENT: “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:”
QUESTION: Were any shareholders here asked to vote on this? I was never asked.
I don't appreciate someone trying to insult my intelligence with statements such as:
STATEMENT: "the shareholders who sold shares into the market after the declaration of the stock dividend have accepted an offer from the company" INTERPRETATION: "let’s help him keep his money”
STATEMENT: "have accepted an offer from the company to exchange their shares" INTERPRETATION: "selling shareholder has asked to do this or he will have to give up the $500,000+ he got from selling his shares short."
STATEMENT: "craft a solution to the market liquidity problem that will permit all participants to settle the transactions in which they engaged." INTERPRETATION: "act like the shareholder who sold suffered and everyone will feel sorry for him"
STATEMENT: "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." INTERPRETATION: "we spoke to the SEC and they said we better do something LEGAL or we are in trouble." Remember, if they can PERSUADE the shareholders to accept this BS, then it is legal.
IS THERE REALLY ANYONE WITH AN ATTORNEY THAT IS DOING SOMETHING ABOUT THIS OR IS THE "ATTORNEY" TALK JUST BS?
posted
Looks like the game's over. We can email, call SEC NASD, the press, whoever, none of it is going to work. The company got what it wanted, end of story. Just glad I sold some on the 23rd, at least I get some money out of this POS. Goodnight, and god bless America. It's over.
-------------------- 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.
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posted
Yeah, cuz they said so, SEC doesn't give a sht, that's pretty obvious. They let the company weasle out, like they have done many times in the past, and will continue to do. I don't know why we should be shocked and surprised by this.
-------------------- 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.
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posted
I just want Ameritrade to realease my sale funds, I walk with a 20 bagger, not bad I guess for all the aggravation of this POS.
-------------------- 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.
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Ms. Remond, this will, most likely, be my last contact with you. We spoke previously about GLUV Corporation, trading as GVRP ticker.
I suggested to you GLUV is being allowed to set precedence of a company luring in buyers with a promise of forward split shares, followed by a claim of a mistake, a company effected halt of trading, then finally issuing massive amounts of new shares to cover.
There is a new twist to this scheme now, a final act of a reverse split.
Yesterday, a news release is issued by GLUV which is very convoluted, almost nonsense very difficult to decipher,
Bottom line of their news is GLUV will issue huge amounts of shares to insiders to cover naked shorts, issue class B stock to maintain majority interest, then effect a reverse split to reduce public holding to almost nothing.
Investors estimate insiders at GLUV will walk away with one-half-million to one-million dollars in profits, and public buyers will be left holding very few shares which will be vitually worthless.
Wording in their news strongly suggests both the SEC and the NASD have sanctioned this plan, which clearly leaves GLUV with significant profit, and investors with a loss of almost all money.
I would like to write I am surprised our regulatory bodies would allow such clear crime, but this of no surprise; these actions are in keeping with a long history of the public's opinion internal corruption at the SEC and the NASD is very significant and pervasive.
In closing, it appears GLUV will be allowed by regulatory bodies to set a precedence case of a forward split lure, followed by new registered shares flooding, and finally a reverse split to remove the public. GLUV will retain significant profits, and the public, significant losses.
My opinion is setting of this precedence and sanctioning by the SEC and the NASD will lead to addtional actions like this in the future; a new method to steal from the public with regulatory authority's blessings.
quote:Originally posted by Trader88: Yeah, cuz they said so, SEC doesn't give a sht, that's pretty obvious. They let the company weasle out, like they have done many times in the past, and will continue to do. I don't know why we should be shocked and surprised by this.
nothings changed yet except for the company filing, remember they also had another bogus filing for the trillions of shares.
maybe sec doesn't care, if they don't I'm gonna get a second mortgage for a shell and wheel and deal pr's with filings
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posted
AMTD says they have received many calls on this today. As of now.....no trades. They are awaiting further word. The gentlemen did mention he had never seen anything of this nature in his 15 years of being in the biz. At this point, AMTD is waiting on a ruling from NASD / SEC.
Meanwhile....GLUV is no doubt perpetuating their scam.
-------------------- Raptor----Don't confuse bad luck with bad judgement
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posted
There is going to be no ruling, maybe just a confirmation of the company's plans. That's what Ameritrade needs to release funds. People can hope all they want, but this thing is OVER.
-------------------- 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.
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quote:Originally posted by Trader88: There is going to be no ruling, maybe just a confirmation of the company's plans. That's what Ameritrade needs to release funds. People can hope all they want, but this thing is OVER.
they need a ruling from the SEC/nasd whomever to release funds not a GVRP pr. we stand no different than we did 2 days ago.
If you asked anyone here how would GVRP try (operative word) to get out of the situation we would ALL say issue more shares and RS.
The play has always been will they have to buy them back. Nothing changed with that PR
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quote:Originally posted by Trader88: There is going to be no ruling, maybe just a confirmation of the company's plans. That's what Ameritrade needs to release funds. People can hope all they want, but this thing is OVER.
they need a ruling from the SEC/nasd whomever to release funds not a GVRP pr. we stand no different than we did 2 days ago.
If you asked anyone here how would GVRP try (operative word) to get out of the situation we would ALL say issue more shares and RS.
The play has always been will they have to buy them back. Nothing changed with that PR
Of course, I wish you were right about them having to cover, that would be nice. But being realistic, it ain't gonna happen. The stuff in that PR was OK'd by the regulators, the whole scenario is layed out, even the "thank you's" at the end, lol. Stick a fork in it, its DONE.
-------------------- 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.
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quote:Originally posted by keithsan: show me proof that its ok'd? pr's don't have to be ok'd. by any regulators, call the sec if you want, i have.
again, if it was all done, you'd see trading in GVRP and the split happened. it hasn't.
Ameritrade and others would be happy to receive the dumped shares. they would be out of liability.
No proof, just my own opinion. I'm on your side, don't you think I would LOVE to sell my remaining half a billion shares?
2 weeks, that's when the split will happen. Until then, it will not trade, and after the 2 weeks everyone will be reversed out.
Did you REALLY think the regulators would give a crap about this? To them, this is just a waste of their desk space with all the complaints. They want done with it, and don't really care how. Does it suck? Sure, but that's the way it is, time to live with it and move on. That's how they do it, LOL.
-------------------- 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.
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are you saying you got your funds after you sold. and expect amtd to release them. I have sold and they have them on hold. thats the part where Im confused with.
This to me reads that I wont get those profits but how do you see it????
- 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;
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posted
I dont think the regulators give a crap about this POS but they do give a crap about their rules, allowing this would set a precedent that would alter the face of trading. You think the systme is screwy now, wait till forward splits, reverses share dumpage, as, and os dont matter at all.
They are insane to let it happen, will we become rich, doubt it. The pr's put out by the company are trying to make themselves look like victims although they basically state in this pr they know who f'd up.
Why do we contact the SEC, we do the same thing as the company, try to put ourselves in the best light for a ruling in our favor. Remeber the first pr. blaming pinksheets LOL that isn't in this pr, they have contradicted themselves so many times. I think they are in huge trouble. Will we make any gains out of that, who knows.
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posted
"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"
Meaning, all trades will be settled, meaning you get whatever you sold for. So, yes, I am expecting Ameritrade to release the funds when they get the split shares. That will be very soon, probably by the end of the week, I think.
-------------------- 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.
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quote:Posted by: Art2Gecko In reply to: None Date:6/22/2005 11:59:35 AM Post #of 65259
Email from pinksheets.com >>
From : R. Cromwell Coulson <cromwell@pinksheets.com> Reply-To : <cromwell@pinksheets.com> Sent : Wednesday, June 22, 2005 1:51 PM To : <xxx@hotmail.com> Subject : RE: Gluv corp (GVRP)
/ / / Inbox
MIME-Version: 1.0 Received: from n054.sc0.cp.net ([64.97.160.31]) by mc5-f28.hotmail.com with Microsoft SMTPSVC(6.0.3790.211); Wed, 22 Jun 2005 06:51:17 -0700 Received: from execadmin01c (65.223.159.35) by n054.sc0.cp.net (7.0.038) (authenticated as ccoulson@pinksheets.com) id 42B0B5F3000EEA1C for xxx@hotmail.com; Wed, 22 Jun 2005 13:51:16 +0000 X-Message-Info: JGTYoYF78jHJ5G+erg+zfoHnUWMzwZ1HSOK59mBweoA= Organization: Pink Sheets LLC X-Mailer: Microsoft Office Outlook, Build 11.0.5510 Thread-Index: AcV3JT69Q0Je0jdmQeim/kRjufVRoAAC3JDwAAAWH1A= X-MimeOLE: Produced By Microsoft MimeOLE V6.00.2900.2180 Return-Path: cromwell@pinksheets.com X-OriginalArrivalTime: 22 Jun 2005 13:51:17.0311 (UTC) FILETIME=[76612CF0:01C57731]
I completely understand your concerns and that is why Pink Sheets position has consistently been that all trades should be unwound. However we are not a regulator and cannot force it upon the market. You can be assured that regulators will be aware of what the company is trying to do.
From: Art Gecko [mailto:xxx@hotmail.com] Sent: Wednesday, June 22, 2005 8:24 AM To: info@pinksheets.com Subject: RE: Gluv corp (GVRP)
Well, since pinksheets seems so interested to comment on the GVRP situation, will they be making any comments on the shaft job the company is trying to perpetrate (rewriting the rules as they go it seems) on investors by this joke of a PR? It must be nice to be able to create shares out of thin air to cover the initial seller's short position that he created by selling his "138,000" shares before the forward split. If this is allowed to go forward, there is no semblence of "market integrity" and you can bet your bippy that this scam will be perpetrated by others.
What these crooks essentially have done here is sell post forward split share quantities of presplit shares ( selling 138,000 shares from 1 share owned), then, instead of having to actually deliver the duebill shares, the company is just issuing stock out of thin air (the initial seller keeping the $500K or so profits from his bogus sales in the process) to cover his short, then they plan to reverse split the resultant OS to oblivion, all the while brokers not delivering shares to peoples accounts and freezing trading on any shares they have in the meantime.
This is making a complete and utter mockery of the market, and the only one set to make any profit out of it all is the original seller who illegally sold the pre-split shares in the first place.
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."
Media Magic, Inc., West Palm Beach D. Ruggeri, 561-491-0870 info@mediamagicinc.com
>From: "Info" <info@pinksheets.com> >To: "'Art Gecko'" <xxx@hotmail.com> >Subject: RE: Gluv corp (GVRP) >Date: Fri, 17 Jun 2005 09:28:40 -0400 >MIME-Version: 1.0 >Received: from n016.sc0.cp.net ([64.97.160.30]) by mc10-f2.hotmail.com with Microsoft SMTPSVC(6.0.3790.211); Fri, 17 Jun 2005 06:30:30 -0700 >Received: from sales01 (138.88.250.5) by n016.sc0.cp.net (7.0.038) (authenticated as info@pinksheets.com) id 42B0B52F000440D2 for xxx@hotmail.com; Fri, 17 Jun 2005 13:28:45 +0000 >X-Message-Info: JGTYoYF78jEHjJx36Oi8+Z3TmmkSEdPtfpLB7P/ybN8= >X-Mailer: Microsoft Office Outlook, Build 11.0.5510 >Thread-Index: AcVyyWd6inXrLjCZRDiA7qOeducc+AAdwrkA >X-MimeOLE: Produced By Microsoft MimeOLE V6.00.2900.2180 >Return-Path: info@pinksheets.com >X-OriginalArrivalTime: 17 Jun 2005 13:30:30.0227 (UTC) FILETIME=[BAFE8230:01C57340] > >Yes, Pink Sheets put this notice out yesterday. > > > >Liz Heese > >Pink Sheets Issuer Services > >212-896-4426 > > > > ***This e-mail message is intended only for the named recipient(s) above. >It may contain information that is confidential and/or privileged. You are >hereby notified that any review, dissemination, distribution or copying of >this e-mail and any attachment(s) is prohibited. If you have received this >e-mail in error, please notify the sender immediately by return e-mail or >telephone and delete this e-mail and any attachment(s) from your system and >destroy any hardcopies *** > > > > _____ > >From: Art Gecko [mailto:xxx@hotmail.com] >Sent: Thursday, June 16, 2005 7:16 PM >To: info@pinksheets.com >Cc: info@mediamagicinc.com; enforcement@sec.gov >Subject: Gluv corp (GVRP) > > > >Hello, > >Can you verify for me that this "notification" was put out by the company >GVRP itself, as the note in red says at the bottom of the release.. > > > >http://www.pinksheets.com/quote/news.jsp?symbol=GVRP ><http://www.pinksheets.com/quote/news.jsp?symbol=GVRP&headline=Notice+Regard >ing+Transactions+in+GLUV+Corp&pno=1&compid=643833> >&headline=Notice+Regarding+Transactions+in+GLUV+Corp&pno=1&compid=643833 > > > > > >It seems to be written in a style that makes it look like it was an official >opinion of the NASD, or from pinksheets.com itself. > > > >Can you please confirm the source of that news release? Perhaps they are >trying to get it halted again so the insiders that sold never have to cover >the due-bills they owe? > > > >thanks very much. > > > >Art Gecko >
quote:Originally posted by keithsan: You think the systme is screwy now, wait till forward splits, reverses share dumpage, as, and os dont matter at all.
In other words, business as usual!
-------------------- 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.
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quote:Posted by: M0NEYMADE In reply to: Rocket Blasters who wrote msg# 1578 Date:6/22/2005 12:37:22 PM Post #of 1589
*******NEW ATTORNEY CONTACT**********
THIS TIME YOU HAVE LESS THAN 2WEEKS TO DEMAND ACTION OR GVRP/BROKERAGES/SEC/NASD/DTC ALL WALK AWAY...FREE WITH OUR MONEY!!!! GVRP SHOULD NOT BE ALLOWED TO CREATE PHANTOM SHARES TO COVER SHORT POSITIONS FOR THEMSELVES AND THE BROKERS WHO SOLD YOU THE STOCK.
Send what documents and your perspective of events to:
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