posted
No kiddin, Mr Bill...I'm with you all the way.
I simply want NASD/SEC to go on the record *without* addressing a specific company. I want to know if any pub-lick company ( well, USA rules), anywhere, anyway can r/s w/o notice and if so can they r/s shares w/o r/sing prices. Just anybody.
Then I wanna know under which regs that's allowed...
-------------------- Nashoba Holba Chepulechi Adventures in microcapitalism...
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posted
Tex: They already answered that as far as GVRP. If the State Law allows - in this case Florida - then it is legal and allowed. They can pretty much do what they want. On the other hand they (SEC/NASD) does not want to sanction it - hence as you pointed out when you contacted Dressler (their Lawyer) NASD refuse to list the symbol change as reverse split.
IMHO - deleting GVRP and adding MAMG - instead of the traditional way the change the symbol when they R/S is where the price change is screwed up. I bet the scumbags at Media MADRig would have liked to see it at the $300. I guess this is not going to be fixed unless someone buys shares for $300 or whatever!!
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posted
yeah, ha, Dreyer said they "begged em" to post the r/s--yeah, I bet...
Florida law does allow BOD to end-run shareholders, but still there's that clause "as long as not injurious to shareholders" (may not be exact quote, but the intent is correct).
Yeah, the $300 pps? That's what dawned on me about midnight a while back...maybe the SEC is blowing off shareholders but giving them rope to really screw up for prosecution. nice thought, but it doesn't help us...
-------------------- Nashoba Holba Chepulechi Adventures in microcapitalism...
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posted
The RS does not injure anyone unfairly as such. The change in share structure causes injury due to the class A/B and existing pre class A/B common shares then being treated differently.
posted
r/s hurts if they effect an r/s that reduces shares w/o raising price...they're wrong for sure with "special treatment," also wrong if no price change sticks...
btw, Dr Worm on IH had interesting post yesterday on Golden thread re head of SEC regional enforcement in Ft Worth moving to famous law firm in Dallas...possible resource...
-------------------- Nashoba Holba Chepulechi Adventures in microcapitalism...
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quote:Originally posted by pcloadletter: just lost my 87000000 GVRP
replaced with 29 MAMG
ouch
Shouldn't be an ouch at all, those 29 shares should be worth 3,000,000 times what your old ones were. That's why it's still not trading, because the rules and regs have not been followed by the brokers, T/A, and company. I believe the regulators are still investigating, otherwise the "restructuring" would have taken effect, MAMG would be trading, and our shares would be virtually worthless. Patience, we have no idea what the SEC is doing, these investigations sometimes take a long time. This has only been 3 months, sometimes they take years to issue a statement.
-------------------- 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
Just spoke with local Scottrade rep a few min ago... August 5 internal email states that certs will be mailed out to us GVRP/MAMG shareholders, but no timeframe on it. Don't know if they plan to implement R/S or not. We will need to sign a "stock power" (I presume this is the definition http://www.investorwords.com/4747/stock_power.html ) to sell stock.
Would another Scottrader please call their local rep to confirm that I got the right info here? My rep said he would contact Ms. Greene--she will not reply to my emails asking about the proposed R/S, and justification thereof.
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posted
I guess that this now makes sense, since they also stated in that 8/5/05 email that the MAMG shares are not "DTC eligible", as the Compliance Supervisor discussed in this 7/28/05 email...
quote:This email is in response to your recent inquiry on the above referenced security. As you are aware, there were numerous issues with regard to the reorganization of this company. Due to the confusion this issue caused, many brokerages endured delays with the posting of the split shares. In addition to this issue, the company also announced additional changes on this security, including a name change to Media Magic Incorporated. At this time, a majority of the shareholders have been credited with the original shares due to the forward split owed. The next step is to exchange these shares to the new symbol of Media Magic (MAMG) and post the reverse split that was also announced. In order to complete this process, we are working with the Transfer agents and DTC to determine how this may be accomplished. It is undetermined at this time if this new security is DTC eligible, which would allow it to be exchanged electronically so that they can be be posted directly into your account. In the event it is not, Scottrade will have to issue certificates to you directly. We are in contact with the proper entities so that they may assist us with how to proceed from this point. We sincerely apologize for the frustration you have endured with this matter and assure you that Scottrade is working diligently to get this issue resolved. Unfortunately, this matter was not within our control and we are doing our best to get this matter expedited so that you receive these shares as quickly as possible. We appreciate your patience.
posted
Bill--I've asked them many (many!!!) a thing via (many!!!) email, but no response from any persons who do know a thing. My local rep knows nothing--he was thoroughly confused by the matter, plus had to get to other calls--he was rushed--probably would have taken another half hour or longer to fully explain the situation to him. Ugh.
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posted
I talked to a lawyer friend of mine the other day, specializes in business law. He said that basically the shareholders need to be made whole, at the very least should be able to recover what the stock traded for last. He also said that if there is a reverse split, the price definitely needs to be adjusted to reflect equality. Didn't tell me anything I didn't already know or think, but just confirms what we have been saying here all along.
These guys need to pay up. Going after the T/A insurance seems to me to be the best chance for recovery here.
-------------------- 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
SSTY suspended and back trading. Why is the only stock in recent history that is not trading after a suspension GVRP/MAMG ? Maybe because it was the GREATEST screwup in the history of the stock market? A short position of 18 MILLION percent when one considers the FLOAT was 1 and about 180,000+ shares were SOLD SHORT. Since NO EASY RESOLUTION exists the answer seems to be to put one's head in the sand and act like a problem does not exist.
posted
Now I think we have a cause of action for market manipulation, because that's what's going on here. Let them dig themselves deeper, someday soon some lawyer out there is going to become very rich off of what they have 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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posted
Unfortunately, he doesn't do securities law. So far, I've contacted several firms and have gotten zero responses in the last month. Seems no one is interested. Time for plan B....
-------------------- 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
What is BS is that if the REGULATORS did their JOB this would be trading and ALL LONGS would have made a FORTUNE. How can REGULATORS allow an INSIDER to SELL the float 138,000 times and an MM to PILE ON for 40,000 more shares. Are the REGULATORS protecting investors or the big names on wall street?
posted
This is straight up market manipulation at this point. Hopefully the regulators are doing their job, remember sometimes these things take many months or even years. I just wish they would at least throw us a bone and give us a hint of what's going on (if there even IS anything going on).
-------------------- 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
Fellas? My take is the SEC is waiting till they trade again, at illegal levels re phukked r/s. They ain;t gonna enforce a buy-in that moves pps to corrected price, cuz that rewards the BGs...
SEC wants to smack em, but not in a way that helps us cuz that also helps Pearce et al. "Give em enough rope..." and so forth
Our redress is class action suit...SEC does not care about "us": their thinking is we bought a lotto ticket, so here's your lotto play, suckers...
-------------------- Nashoba Holba Chepulechi Adventures in microcapitalism...
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I had 100 shares than went to 300 million I sold 100 million and had 200 million left the r/s to 66 shares my 2/3rds share vanishied into thin air. Sucks don't it.
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posted
BTex, Yeah and then they give them a $100 Partking ticket fine. What BS. If that is the SEC's motiviation then throw the guilty parties in jail for 20 years and fine them $3 million bucks and redistribute the money to wronged shareholders. We hear all the BS talk about increased enforcement, etc. WHY DO THINGS NOT GET BETTER ? Because regulatory agencies do not make the wrong doers SUFFER ENOUGH PAIN. Make them lose both financially and put them behind bars for along time and other folks behaviors will change in a hurry. Slap them on the wrist and the corruption will only grow in magnitude. The ROOT CAUSE of the problems being seen in the stock market the last 10 years is regulatory agencies have been slapping the bad guys on the wrist and not sending a real message IMO.
posted
GVRP/MAMG Scottrade Update... My GVRP shares tonight were R/S back to original # now showing in MAMG, showing last MAMG price of 0.0001. Damn! Still no info from Scottrade's Compliance Dept on legality of this R/S. Haven't heard from Compliance Dept Supervisor in almost a month, in spite of numerous emails and a complaint to my local rep. This sucks big!
Is anyone actually pursuing litigation??? Do we have any recourse???
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posted
I spoke with Scottrade twice this morning--once with a national guy before my local guy got in, and then the second time with my local rep. During the first call, I was able to get the national guy to put in sell orders for my new MAMG shares at $300 and $600, for separate chunks. He had to override the system, which wouldn't ordinarily allow them. However, by 9:30, the orders were gone. I called my local rep, who told me that he was surprised that the orders took the first time around, because my shares are tagged to be mailed to me. When I asked about how will I be able to sell these shares, once I receive the certs, he didn't have an answer. He hasn't heard back from Scottrade Compliance Dept, either, so he couldn't give me any further info.
Now, I am wondering why are we being mailed certs? Would it make sense for us to have our certs if there were going to be a tender offer for them? Otherwise, what does it mean for our MAMG shares to not be "DTC eligible"?
Someone has to have some answers, but who? How do we get to the truth here? Damn, I am sounding like Agent Mulder--"The Truth Is Out There"...
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By delivered out I guess they mean they are mailing them..I knew I should of sold that friday for a $500 profit..Now I will have toliet paper.
Just another lossing lotto ticket....
I hope these *******s spent more than they made on time, legal fees and everything else. Also I hope no one ever invest in any company these guys ever own.
That is what we need to do is get the names of all involved and any companies they are involved in black listed...Who wants to invest in any of their garbage.
-------------------- If all goes well then great, if not, make it work.
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posted
Is it a really a losing lotto ticket? If so, then expect a wave of copycat situations to arise--green light to scam even more unsuspecting "investors". However, if the regulators are really doing their jobs right (ha ha ha!), then perhaps there is another reason for our MAMG certs to be mailed to us. Maybe they're not "DTC eligible" for a reason??? I am hanging on to a thread of hope here that we will have a tender offer on the table for these shares, to help clear the way for justice to be done, and for the company to resume business. Seems to make sense, at least in my mind, fwiw.
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