"We urge you at the SEC to take no action on this GLUV affair. Your lack of action will sanction and set case precedence our plans are legal and approved by the SEC."
Some thoughts on this.
I would expect litigation to arise from the scenario described, as is being performed by GLUV. However, demonstrable damages must _first_ be presented before litigation will be accepted by a court.
Damages must be real and tangible. Thus far, there are no damages to any; none have lost money, yet.
Claims of frozen accounts, missing out on profits, all that, those are _not_ damages.
Should GLUV move ahead with their legally insane plan, once completed and the public suffers real losses, then litigation can be pursued.
This attorney advising GLUV, he is insane. He is setting up GLUV for litigation, but only if they proceed with their plan. Perhaps the attorney is not completely insane, he may simply be applying pressure through news releases. Nonetheless, for an attorney to advise this type of action, does strongly suggest he is truly stupid; he is involving himself in what might be ruled unlawful.
In theory, what I describe is very possible. Should the SEC take no action, one of many defense points would be case precedence set by the SEC.
Nonetheless, I would not place myself in a position of taking a chance on a scam like that. There is no doubt, first go-around, buyers would be looking to sue you every which way but loose.
There are those out there in the world, especially MBA types, who will consider doing what GLUV has. It would be of no surprise to witness a rash of empty shell scams in the near future, if the SEC does not squash this.
Who knows? The final outcome might be what GLUV is doing, is perfectly legal.
That would be a serious problem.
Posts: 7504 | Registered: Dec 2003
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posted
Everything that I say in this post in IMO only!!!
GVRP has struck a deal with the MM's and brokers (AMTD) involved. These involved parties decided that the cheapest way out was what the company proposed in the latest PR. GVRP (the insider) will get to keep the proceeds from the early selling. The MM's and brokers will have the shares delivered to settle all trades so they will be off the hook. The only possible legal action will be against the company itself, which is not worth the litigation fees. If the SEC does get involved and punish the company it won't matter, the insiders have their money, Wall Street is off the hook, and the beat goes on.
I said in an earlier post that I thought that we might be a part of history here. I still believe that. We have had a chance to see some of the inner workings of the market when our eyes, if no one elses, were focused dead on them. Win or lose on this play everyone should have learned from it.
Today Trader88 is glad that he sold shares. I remember a post or two where he was worried about having to cover a short position, which very well could have been the case. (As far as I can tell there still is no way that the shares he sold can legally exist.)
After this play is finished don't forget the lessons learned here. Don't forget to use this as a proven example of NSS where the short was never covered.
Sorry that I got a little long winded.
Posts: 46 | Registered: Jun 2005
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"The only possible legal action will be against the company itself, which is not worth the litigation fees...."
That is so very true. Owning income properties, it is extremely rare we sue those who owe back rent. We have to hire an attorney, and we know the deliquent tenant has no money. Why bother? Better to just boot them and move on.
A reverse of your comments is equally true.
Classic example is IBZT, Ibiz stock which was so "hot" here long ago. Shilling made millions on scams. SEC fined him twenty-thousand for one scam. Big deal. He walks away with millions.
Many CEO decisions to commit financial crime are based on court costs versus net profit. Most often, net profits are the greater.
Christopher Cox, an organized crime lieutenant for George Bush, has made litigation so very difficult and so very expensive, it is virtually impossible to litigate against a company.
His legislation back in 1995 prompted Enron and Worldcom, with their belief of protection. Did not work out that way, but for every Enron there are one-hundred companies getting away with crime because none can afford to litigate, thanks to Cox and Bush.
Yes, litigation costs are important, for both sides of a court case.
Posts: 7504 | Registered: Dec 2003
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posted
"The only possible legal action will be against the company itself, which is not worth the litigation fees...."
you also have TA, person who sold, the insurance companies of all of these people. If ameritrade or otherbrokerages NITE EFGI sold short we can make a claim with their insurance companies too.
Too early yet though.
Posts: 9110 | From: boston, ma | Registered: Jan 2004
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it would seem that have already gotten approval to print and inject x trillion shares - the release was 21st, and it states from "today" so 21 + 2 weeks....
it would seem that have already gotten approval to print and inject x trillion shares - the release was 21st, and it states from "today" so 21 + 2 weeks....
has anyone recieved any shares yet?
(scottrade - none recieved)
No approval yet, they filed
Posts: 9110 | From: boston, ma | Registered: Jan 2004
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posted
Pearce again falsified a document. No shareholder vote was taken.
Interesting there is so much emphasis on shareholder voting rights.
Over nine-trillion shares!
Yep, they intend to keep profits from selling those phony forward split shares, then reverse split out all public share holders.
Posts: 7504 | Registered: Dec 2003
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posted
Yes, they sure are letting sell orders go through, first time in weeks. I'm going to find out if they have the f/s shares now.
If they do, I want my money dammit!
-------------------- 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
"We can place em but they taint going to step up and buy em"...........they are helping the poor little company I guess......
The company's view on this is very simple. "Our insider screwed up....the present shareholders aren't really the shareholders because the company just made a simple mistake." They don't view us a legit shareholders and that behavior is being condoned, so the company gets a do over. Very nice indeed.
We are just an afterthought that has to be cleaned up. Watch, they will not let this stock trade until the R/S.....Everyone will see to that. Sure a lot of back scratching going on. Shareholders make mistakes then tough chit, companies make mistakes they get do overs. Unbelievable.
Posts: 529 | From: Tx | Registered: Sep 2004
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Theres absolutely no reason someones buy order at market, or sell order for that matter, should not go through. THAT IS MARKET MANIPULATION. If this POS is not trading on Monday, I'm going to get angry. You wouldn't like me when I'm angry....
-------------------- 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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Restrictions have been lifted at Ameritrade as per Raptor....just got off the phone.
Posts: 529 | From: Tx | Registered: Sep 2004
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Confirmed....all restrictions are lifted and I just increased my position in a long of mine with GVRP proceeds. My sell from prior to the halt has settled.
Now....someone buy the rest of my GVRP!
-------------------- Raptor----Don't confuse bad luck with bad judgement Posts: 1813 | From: Ft. Worth Texas | Registered: Aug 2004
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You guys will NEVER BELIEVE the response I just got from Ameritrade, I asked them if GVRP shares had been delivered, here's the response, LOL!!!!!!! They have no clue whatsoever.
Thank you for contacting us this afternoon regarding GVRP.
It will be necessary to contact cmkmdiamonds@sec.gov or (323) 965-4519 or www.casavantmining.com or (306) 752-3755 directly with further questions regarding this security.
Have a nice weekend.
If you have further concerns or inquiries, please reply to this message.
Sincerely,
Kem Stokes Apex Client Services, Ameritrade Division of Ameritrade, Inc.
Posts: 538 | Registered: Apr 2005
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quote:Originally posted by Raptorsrule: Confirmed....all restrictions are lifted and I just increased my position in a long of mine with GVRP proceeds. My sell from prior to the halt has settled.
posted
My sells were just cancelled. I am late, have to leave computer. Check your sells, they are cancelling them.
Posts: 529 | From: Tx | Registered: Sep 2004
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This from Ameritrade....and you won't believe it....
The market makers are rejecting the orders back to AMTD! they are not accepting any transactions....guess we know who GVRP's back scratchers are.....this wreaks of illegality...
Now here is the kicker...my .001 order is remaining open.....
-------------------- Raptor----Don't confuse bad luck with bad judgement Posts: 1813 | From: Ft. Worth Texas | Registered: Aug 2004
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posted
Just spoke w/ my local Scottrade rep about why my GVRP shares changed from tradable to # Not available for sale due to a reorg or a tender offer. He called the home office and was told that nothing has changed, and he couldn't place a sell order for me. He couldn't explain why my number of shares changed, nor knew who was in charge of it. Normally, he's a very friendly fellow, but today he was terse. Frustrating as hell. Still gotta wait for info. And the clock keeps ticking away toward the R/S.
Posts: 257 | Registered: May 2005
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Just got the same old response from Ameritrade, "we won't know anything till we get word from the SEC" BS.
Said nothing about lifting restrictions on anything.
-------------------- 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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