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:
Taylor & McNew phone: (302) 655-9200 fax: (302) 655-9361
Email Jonathan Taylor: taylor@taylormcnew.com
LOL! Good luck.
-------------------- 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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quote:Originally posted by H2NRG: Looks like we're gonna get our shares, but will they be worth anything???
[/QUOTE]
No. Who wants to buy them when everyone knows a r/s is coming putting everyone into oblivion? You will only get money if you sold already.
-------------------- 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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From: Art Gecko Sent: June 20, 2005 To: rule-comments@sec.gov Subject: File No. 4-500
REFERENCE:
SEC File No. 4-500. Request for Rulemaking Regarding Member Records of "Short" Positions and Reporting and Public Dissemination of Aggregate Positions by Security
Once the reverse split was performed, the box in level2 stayed blank, no MM's since early morning 05/17/05. An MM showed up EFGI on the offer, selling the shares $3.50 to start, WAAAY before Ex-Date 05/23/05. Then shortly later a PR came out stating it has finalized a Merger Agreement with DigiKidz Holdings, Inc, and has also filed with the State of Florida to change its name to Media Magic, Inc. after effecting the Merger.
Well, it appears the company jumped the gun, thinking they had already forward split the shares and had begun a news release and dump campaign. They sold a total of 34,853 shares, shares that have due bills attached entitling the buyer to the Ex-Date forward split!
GVRP open high low close change volume 05/17/05 3.50 4.75 2.90 3.75 +0.25 34,853 05/16/05 0.00 3.50 3.50 3.50 +0.00 0 05/13/05 0.00 3.50 3.50 3.50 +3.50 0
Now the company will have billions of shares out beginning Monday 05/23/05, just from the shares sold on 05/17/05 alone. They have a mess at hand, calls made confirmed the forward split has not been performed yet, calls to transfer agent showed there was 3 shareholders at the beginning of the day. Shares were sold, and the buyers are having a really fun time, if nothing else, it's worth the entertainment value. Many have bought their admission ticket and having a ball!
For stock splits, the date that the share price changes to reflect the split.
Definition 2
For dividends, the first day of the ex-dividend period. The ex-date was created to allow all pending transactions to be completed before the record date. If an investor does not own the stock before the ex-date, he or she will be ineligible for the dividend payout. Further, for all pending transactions that have not been completed by the ex-date, the exchanges automatically reduce the price of the stock by the amount of the dividend. This is done because a dividend payout automatically reduces the value of the company (it comes from the company's cash reserves), and the investor would have to absorb that reduction in value (because neither the buyer nor the seller are eligible for the dividend). also called ex-dividend date. http://www.investorwords.com/1817/ex_date.html
record date Date, set by the issuing in order to be eligible to receive a declared dividend or capital gains distribution. The date is also used by the NASD to set the ex-dividend date. also called date of record. http://www.investorwords.com/4095/record_date.html
payment date The date on which a dividend, mutual fund distribution, or bond interest payment is made or scheduled to be made. also called distribution date. http://www.investorwords.com/3635/payment_date.html
Due Bills A printed statement serving as evidence of the transfer of a security from the seller to the buyer. The statement details the breakdown of the amount owed by the buyer to the seller, such as security cost, dividends, interest, and any other charges. http://www.investorwords.com/5528/due_bill.html
Posted by: Jim Bishop In reply to: Art2Gecko who wrote msg# 44396 Date:5/18/2005 11:01:34 AM Post #of 44443
GVRP Okay here's the deal.
Brendy at Interwest told me there were 33 million shares out as of close yesterday. She could not tell me how many of those are restricted. She said that is post R/S but she didn't seem to know about any F/S.
I said, that makes no sense. If that is before the F/S and there is a 3 million to 1 F/S coming Monday, that means there will be 99 TRILLION shares out Monday morning...how many do they have authorized. That's when she passed me on to Lorraine. http://www.investorshub.com/boards/read_msg.asp?message_id=6383966
Posted by: Jim Bishop In reply to: Jim Bishop who wrote msg# 44403 Date:5/18/2005 11:04:15 AM Post #of 44445
GVRP conversation with Lorraine at Interwest.
Lorraine confirms there are 33 million outstanding today. To make long story short, they adjusted their system for the 3 million F/S last Friday the 13th which is record date.
I told her that is wrong, that the F/S doesn't actually take effect until Ex Div date and NASD has set that date as May 23rd, Monday. She said, "that's not how we do it".
LOL I said, well that's how NASD does it and anyone selling those shares before Ex date, sells the split shares too.
Posted by: Jim Bishop In reply to: Wayne R who wrote msg# 44511 Date:5/18/2005 12:21:14 PM Post #of 44525
EVERYONE! I'm saying this once for now then I gotta get moving.
Brian at NASD Customer Complaints just called back after confirming with Nasdaq that GVRP ex dividend date it May 23 and it is trading Due Bills redeemable and yes....if I own it Monday morning I will be owed 3 million shares for every one share I own and they are due to be paid to me on or before the Due bills date of May 25th.
quote:Posted by: Susie924 In reply to: Mr. Bill who wrote msg# 65343 Date:6/22/2005 2:20:05 PM Post #of 65357
I just got off the phone with the guy (who sounded so nice last week) at the SEC that I spoke to the other day.
He wasn't nearly as friendly today.
At first he said he hadn't seen last night's PR but then he said he had glanced at it.
In a nutshell, he pretty much said that they could do what they were doing but wouldn't explain much more than that. When I said that it was criminal for the person or persons who sold us the shares to be able to walk away with that money and that probably we would end up with nothing, he said I was speculating.
I said that even though the "official" suspension was over, the brokers are refusing to accept trades so it was still suspended as far as I was concerned. I also said that the company expects to do a reverse split in about 2 weeks and that if the brokers won't let us trade the stock in those 2 weeks than we would all end up with pretty much nothing. I think he said I was speculating again.
I think he also did say that the investigation may not be over. That was the only promising thing that I got from the conversation.
Disclaimer: I didn't write anything down so all of the above is from memory and my short term memory is lacking these days!
posted
DJ IN THE MONEY: Gluv Hits The Printing Press To Clean Up Mess
By Carol S. Remond A Dow Jones Newswires Column
NEW YORK (Dow Jones)--Perhaps perfectly illustrating the Wild West aspect of the Over-the-Counter-Bulletin Board market where the shares of tiny public companies trade, Gluv Corp (GVRP) said it will issue 414 billion shares to help clean up billions of unsettled trades.
What Gluv, a small company that recently changed its name to Media Magic Inc., didn't say is whether its fantastic stock issuance plan has been endorsed by securities regulators who are looking into recent unusual events related to trading in the company's shares.
Trading in Gluv stock was temporarily suspended by the Securities and Exchange Commission in late May after billions of shares of the company were improperly traded. Gluv shares are now free to trade, but warnings by securities regulators have reduced trading to a trickle amid continued questions about the validity of some or all of the billions of shares traded in the week preceding the SEC trading suspension.
Gluv shares last traded on June 15 at $0.0001 giving this shell company with no assets a $900 million market capitalization. Stock price aside, the stakes are high for securities firms that traded billions of shares before the SEC halt and are left unable to settle their positions. The NASD, which regulates these firms, took the very unusual step earlier this month, to ask the SEC on behalf of the firms, to waive net capital requirements. The SEC granted NASD's request, practically giving brokerage and clearing firms a pass on a requirement to maintain a certain level of capital relative to trading positions. The SEC and the NASD declined to comment on the matter. But market observers said that NASD's request was a sure sign of the risk of failure by some firms saddled with monstrous positions in Gluv stock.
A spokesman for the SEC declined to comment on Gluv's latest stock issuance plan. Steve Dreyer, a lawyer for Gluv, said he advised the SEC of the company's plan.
Gluv is fairly typical of the companies with little or no revenues that trade in the loosely regulated OTCBB market. The West Palm Beach, Fla.-company recently attempted to reincarnate itself as a multimedia services company through a reverse merger with DigiKidz Holdings Inc. In order to complete the transaction, Gluv completed a 6.5 million-for-1 reverse stock split on May 12 that resulted in a shell company with 11 shares. A week later, Gluv said it would conduct a 3 million-for-1 forward stock split that would bring the shares outstanding to 33 million shares. None of these 33 million shares were supposed to trade before Monday May 23.
But somehow one of the 11 shares, the only one that was free trading under a state exemption to federal registration requirements, was converted into 3 million new free trading shares early and some of their owners started selling stock that was not supposed to be trading.
According to Gluv's most recent press release, 138,000 shares were sold into the market "on or shortly after the May 13 record date of the stock dividend, (resulting) 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 on the May 20 payment date of the stock dividend."
Gluv's lawyer Dreyer said the company would not be required to register the 414 billion new shares it plans to issue because these shares "are attached to the 138,000" free trading shares sold into the market which themselves were exempt from registration requirement.
But some securities lawyers said that the SEC was likely to frown upon Gluv's use of a state registration exemption to issue free trading stock.
"This doesn't pass the smell test," said Steve Nelson, a lawyer whose clients include the Pink Sheets LLC. Nelson said that a state exemption related to a private placement to accredited investors is unlikely to hold in the face of a large distribution of stock to the market place.
"This stock issuance is problematic under law," said Martin Kaplan of law firm Gusrae, Kaplan, Bruno & Nusbaum. "If they (the company) can do this, they can do anything."
Gluv said in its press release that in about two weeks, after all trades are settled, the company will revert its share structure to its original plan. Lawyer Dreyer said that the 9 trillion shares currently outstanding would be reverted to 3 million free trading shares. Also outstanding will be 77 million restricted shares.
(Carol S. Remond is an award-winning columnist and one of four who write the "In The Money" feature.)
-By Carol S. Remond; Dow Jones Newswires; 201 938 2074; carol.remond@dowjones.com
(END) Dow Jones Newswires
Posts: 46 | Registered: Jun 2005
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posted
Dang! If this entertainment ain't worth my $250 buy of GVRP!
Glassyboy, you having fun putting the screws to Wall Street? I am loving this! History making headaches for Market Makers, brokers, SEC, NASD, all of Wall Street!
I love it! I love it! How sweet the taste of revenge.
Posts: 7504 | Registered: Dec 2003
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"This stock issuance is problematic under law," said Martin Kaplan of law firm Gusrae, Kaplan, Bruno & Nusbaum. "If they (the company) can do this, they can do anything."
first column i liked, still some errors, but it'll do.
Posts: 9110 | From: boston, ma | Registered: Jan 2004
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quote:Originally posted by glassman: yes it has been "interesting" in a chinese sort of way.....but i still want my money
i think that if they do deliver these shares we have no choice but to file a class-action....
has anybody called 60 minutes or 20/20? i really don't want to be on TV myself.....
I haven't done them but i hit all the fox/cnn new people with an article etc...even trying to get oreily to bite.
Posts: 9110 | From: boston, ma | Registered: Jan 2004
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posted
Part of the Chinese aspect that I love/hate about this thing...
no one of "authority" can say anything...wtf is that?
btw, NASD person I deal with says "don't know" whether NASD *would* comment--specifically, revise the "Special Notice--if DTC informs them they have received shares. Says to contact the person named on the Special Notice. Will find it if nobody posts it before then...
Important imo, because even if the wet-ink counterfeit shares somehow MagicallyMedially appear at DTC, without go-ahead from NASD brokers will take position that there's "too much risk for our precious investors."
posted
Hey, they put that stupid Jennifer Willbanks and her husband on TV, even gave them a friggin book deal!
That ain't news; this is.
-------------------- 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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quote:Originally posted by cruz: there's an idea. we can still make money in this after all guys - a book deal.
quote:Originally posted by Trader88: Hey, they put that stupid Jennifer Willbanks and her husband on TV, even gave them a friggin book deal!
That ain't news; this is.
Sorry, you only get a book deal if you lie to the cops. Maybe Robert Pearce could get the book deal.
-------------------- 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
This is an exceptionally important case. This does put to the test rules and regulations in place.
In a nutshell, GLUV announced forward split shares, then "state" registered more shares to cover. GLUV profits by the amount of the original sells, and it costs them nothing to cover for spilt shares.
A "state" registering of additional shares is exempt from SEC rules.
You and I could do the same with an empty shell, and doing this is very tempting, except we would have to violate our personal ethics; we would be knowingly ripping off the public.
We buy Rock N Roll Corporation through an agreement to issue a million shares to the seller. We then issue news we intend to acquire brothels over in Nevada. Next news is announcement of a million for one forward split. People buy our shares like crazy. Then we "state" register shares to cover for the forward splits.
Our profit is the total sum of what investors paid to buy shares with due bills attached.
Final act to simply to do nothing, to fade away into an empty paper shell company again.
Reads to be unlawful. It is not. Perfectly legal.
That is what GLUV is intent on doing.
Should the SEC allow this, they will create case precedence validating future acts like this. With validation, there is nothing to stop anyone from using that scheme to profit.
I would expect lawsuits to arise. However, Cox has made it virtually impossible to sue. Adding to that, SEC case precedence could be cited as partial defense of actions.
I think people could get away with this.
Posts: 7504 | Registered: Dec 2003
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posted
Glassyboy, you downloaded those nude pictures of me from my secret "Nude Kira" web page. You took them from MY hard drive.
Posts: 7504 | Registered: Dec 2003
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quote:Posted by: stock_rancher In reply to: Mr. Bill who wrote msg# 65105 Date:6/22/2005 2:00:50 AM Post #of 65563
Mr. Bill, I believe the tender offer is about to go down in the open market. The way the PR reads, "sell within 2 weeks or loose it all in the r/s". We are getting our shares and will be able to sell @ a minnimum of .0001. If that's the case, I could care less about who profited from where........ including the insider. We all get our cash and are liquidated from GVRP and Media Magic continues as a company. If I get my shares and settle at .0001, I win! Let the experts hash out the rest.
posted
any opinions on this guys? i think i am going to put a sell order in for 0.0001. then again if a r/s is coming, who is going to buy? maybe people who don't know what's going on and would see the surge of volume and jump in?
quote:Posted by: stock_rancher In reply to: Mr. Bill who wrote msg# 65105 Date:6/22/2005 2:00:50 AM Post #of 65563
Mr. Bill, I believe the tender offer is about to go down in the open market. The way the PR reads, "sell within 2 weeks or loose it all in the r/s". We are getting our shares and will be able to sell @ a minnimum of .0001. If that's the case, I could care less about who profited from where........ including the insider. We all get our cash and are liquidated from GVRP and Media Magic continues as a company. If I get my shares and settle at .0001, I win! Let the experts hash out the rest.
quote:Originally posted by cruz: any opinions on this guys? i think i am going to put a sell order in for 0.0001. then again if a r/s is coming, who is going to buy? maybe people who don't know what's going on and would see the surge of volume and jump in?
quote:Posted by: stock_rancher In reply to: Mr. Bill who wrote msg# 65105 Date:6/22/2005 2:00:50 AM Post #of 65563
Mr. Bill, I believe the tender offer is about to go down in the open market. The way the PR reads, "sell within 2 weeks or loose it all in the r/s". We are getting our shares and will be able to sell @ a minnimum of .0001. If that's the case, I could care less about who profited from where........ including the insider. We all get our cash and are liquidated from GVRP and Media Magic continues as a company. If I get my shares and settle at .0001, I win! Let the experts hash out the rest.
Good night All!
I'm wondering if there is still unannounced info coming. Based on Susie's conversation with NASD (noted in an earlier post), I wonder if there is merit to this concept of a settlement coming...
"When I said that it was criminal for the person or persons who sold us the shares to be able to walk away with that money and that probably we would end up with nothing, he said I was speculating."
"I also said that the company expects to do a reverse split in about 2 weeks and that if the brokers won't let us trade the stock in those 2 weeks than we would all end up with pretty much nothing. I think he said I was speculating again."Posts: 257 | Registered: May 2005
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posted
Forced buy-in? Maybe they left that part out of the release.
-------------------- 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
I've been reading that recent GLUV news release, again, and again, trying to discern their base logic behind the release, noting logic is quite different from intent.
Appears their logic is,
"We are giving share holders a chance to trade for two weeks. They can sell and retrieve their money initially spent."
Their intent is clearly for insiders at GLUV to keep money they received from short sells, and possibly profit from new issue share selling.
In reality, they are trying to fool both the public and regulatory bodies into believing a shift of money into different hands thwarts loss of money. Truth is, those of us who sell, are transferring our losses to others, for our profit, their loss; passing the bag.
We of the public, know better.
However, I do tend to think regulatory bodies will believe this being both corrupt and ignorant. Some at the SEC will view this as an easy out, others at the SEC are so ignorant they cannot recognize this scam in play.
Most interesting, an attorney is advising GLUV on these actions they are taking.
Deja Vu, Christopher Cox and First Pension Fund.
This logic of GLUV is absolutely childish and they just might get away with this.
Posts: 7504 | Registered: Dec 2003
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quote:Posted by: uwm135 In reply to: None Date:6/23/2005 11:53:57 AM Post #of 65744
CORRECTED POST: I spoke with the SEC. I must say it is a nightmare trying to get any kind of information out of them. There defently not out to protect investors.
I spoke with a gentleman named Jim Investors Relations and One of my question was. Can the company GVRP print shares to cover the mess made by an insider selling stock prematurely. He went to say the SEC does not comment on companies.
The I went to say can a company if they made a short themselfs print shares to cover their short.
He then went to say. A COMPANY CAN ISSUE SHARES AS LONG AS THEY MAKE IT PUBLIC MEANING PUT IT IN A PR FOR THE PEOPLE. I was shocked to hear that.
Any comments on this matter would be greatly apriciated.
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