quote:Originally posted by TaxBack04: Can anyone tell me the purpose or intent of calling a SEC investigator and complain about an investigation? He is just doing his job and the sooner he gets done the better. I think a thousand investors leaving him "nasty" messages may be considered an act to impeed and investigation, and may put the poor little investigator at a severe communications disadvantage causing delay and extention to his work.
Taxback how do you think this investigation got started?? Let Rufus print off the copies of the documents he needs and let him go on his way.
Everyone just hold on before you all call the SEC. That is what someone wants you to do. Sabra Dabbs has not been able to be reached all day for good reason before the bombshell. If you start calling the SEC you will only disrupt the flow of what is about to happen. Do you want that. Wait until you get an official press release from the company and not just someone posting and telling you to do that. I have talked with almost everyone in the company and not one of them has sounded as negative as a certain post that I have been told about on this forum.
-------------------- "If you go the Extra Mile there will be no Traffic Jams".
posted
I don't know just saying calling some pencil pusher telling him to get to work is a nice way to send him on an extended "smoke break".
quote:
Today, 06:50 PM #1917 tutankhamen HSM Regular
Join Date: Aug 2006 Posts: 340 Everyone just hold on before you all call the SEC. That is what someone wants you to do. Sabra Dabbs has not been able to be reached all day for good reason before the bombshell. If you start calling the SEC you will only disrupt the flow of what is about to happen. Do you want that. Wait until you get an official press release from the company and not just someone posting and telling you to do that. I have talked with almost everyone in the company and not one of them has sounded as negative as a certain post that I have been told about on this forum.
posted
I guess my dream that I had yesterday about the halt came true.........the only thing is the second part of it was that it opened back up on a Friday & we were all VERY happy because it opened higher than we thought!!!
If only dreams could come true!!
************************************************* -Dog I know you just hated this post- sorry
-------------------- ..just remember....Family is EVERYTHING!!
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quote:Originally posted by TaxBack04: Can anyone tell me the purpose or intent of calling a SEC investigator and complain about an investigation? He is just doing his job and the sooner he gets done the better. I think a thousand investors leaving him "nasty" messages may be considered an act to impeed and investigation, and may put the poor little investigator at a severe communications disadvantage causing delay and extention to his work.
Let Rufus print off the copies of the documents he needs and let him go on his way.
Tax,
I'm not sure of the reason. Doesn't seem to make sense. That's probably why I forgot about it from our conversation. Let's think this through before pizzing anyone off. Know what I mean?
-------------------- "If you go the Extra Mile there will be no Traffic Jams".
posted
Tax - I agree. I think that would cause problems if we called & complained - if a few & I do mean FEW called and INQUIRED about the investigation would be better - but I don't really like the idea.
-------------------- ..just remember....Family is EVERYTHING!!
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quote:Originally posted by Doniboy: Where's Cassity today?
Sorry, been gone all day. I read this morning and figured there was no point in watching the stock today! Although, we did hold the 1.90's very well today! LOL I really do hope for the best for all of us, I have A LOT riding on this stock. I put my faith in the company and I haven't changed my outlook YET. Talk with y'all later. :
posted
This is good stuff...can someone look into this...I have to take my daughter to swimming.
Today, 05:59 PM #1943 analogdog HSM Newbie
Join Date: Sep 2006 Posts: 59
Courtesy of Bilgert. This is a very good reason why we may be under investigation. We knew (or at least I was sure) this would eventually happen. Think of it as a free internal audit.
The section on red flags is real interesting and could be pertinent to the situation at hand. Example:
5. Companies in which assets are large and revenue is minimal without any explanation. A red flag exists when the issuer assigns a high value on its financial statements to certain assets that are often unrelated to the company's business and were recently acquired in a non-cash transaction. In this situation, the company's revenues often are minimal and there appears to be no valid explanation for such large assets and minimal revenues.
Also, a red flag is present when the financial statements of a development stage issuer list as the principal component of the issuer's net worth an asset wholly unrelated to the issuer's line of business. For example from a review of Rule 15c2-11 submissions, art collections or other collectibles that are unrelated to the issuer's business apparently have been overvalued on the financial statements of some issuers. While assets that are unrelated to the business of the issuer are not always an indication of potential microcap fraud, some unscrupulous issuers have overvalued these types of assets in an effort to inflate their balance sheets.
-------------------- "If you go the Extra Mile there will be no Traffic Jams".
quote:Originally posted by St. Matthew: This is good stuff...can someone look into this...I have to take my daughter to swimming.
Today, 05:59 PM #1943 analogdog HSM Newbie
Join Date: Sep 2006 Posts: 59
Courtesy of Bilgert. This is a very good reason why we may be under investigation. We knew (or at least I was sure) this would eventually happen. Think of it as a free internal audit.
The section on red flags is real interesting and could be pertinent to the situation at hand. Example:
5. Companies in which assets are large and revenue is minimal without any explanation. A red flag exists when the issuer assigns a high value on its financial statements to certain assets that are often unrelated to the company's business and were recently acquired in a non-cash transaction. In this situation, the company's revenues often are minimal and there appears to be no valid explanation for such large assets and minimal revenues.
Also, a red flag is present when the financial statements of a development stage issuer list as the principal component of the issuer's net worth an asset wholly unrelated to the issuer's line of business. For example from a review of Rule 15c2-11 submissions, art collections or other collectibles that are unrelated to the issuer's business apparently have been overvalued on the financial statements of some issuers. While assets that are unrelated to the business of the issuer are not always an indication of potential microcap fraud, some unscrupulous issuers have overvalued these types of assets in an effort to inflate their balance sheets.
what part of that makes sense? all of CSHD assets are related to their business.
-------------------- Disclaimer: Not accountable for anything I say
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posted
Originally Posted by tutankhamen Shareholders regarding my last post I want to say that dgambart did reach Sabra today even though not many have. For that my apologies but I want to make sure you all know not to say anything that will create any further delays by only sticking to the pertinent question, "Why is this taking so long to correct since the company has given you everything to clear this up" Maybe it should be stressed that she was very confident in the fact that we are winning. What I should stress is when you call the SEC just make your complaint very clear and not throw in anymore than you have to so they move on this quickly. Express your dissatisfaction that this should not have happened and is not right and fair to the legitimate shareholders that the shorts are allowed to get away with this latest attempt to discredit the company which has supplied everything that was needed.
Somehow someone had misinformed me what she had said and gave it in a very negative light when in fact she is very confident and optimistic this is all about to clarified.
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posted
OOOH that must be why some people IM'd Simon & told Simon to tell Dimension to call in because they want to hear his voice....I was wondering why they said that...
quote:Originally posted by Doniboy: Dimension is a basher from Ihub. He/she was a BBAN investor who got screwed and now he/she bashes CSHD all day and all night 7 days a week.
-------------------- ..just remember....Family is EVERYTHING!!
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"I just talked with Ben and he agrees with me that too many calls to the SEC is not necessarily the best at the moment. If the wrong kind of calls are sent then their will be too many mixed signals. He told me they are handling the situation and that is all that is needed.
Shareholders regarding my last post I want to say that dgambart did reach Sabra today even though not many have. For that my apologies but I want to make sure you all know not to say anything that will create any further delays by only sticking to the pertinent question, "Why is this taking so long to correct since the company has given you everything to clear this up" Maybe it should be stressed that she was very confident in the fact that we are winning. What I should stress is when you call the SEC just make your complaint very clear and not throw in anymore than you have to so they move on this quickly. Express your dissatisfaction that this should not have happened and is not right and fair to the legitimate shareholders that the shorts are allowed to get away with this latest attempt to discredit the company which has supplied everything that was needed.
Somehow someone had misinformed me what she had said and gave it in a very negative light when in fact she is very confident and optimistic this is all about to clarified and rectified by the company.
Remember I am keeping in constant touch with the company and we need to be all on the same page because even now the shorts are going to try everything to throw us off guard even in how you would make phone calls. Right now they are very desperate because if you take the total numbe of shares they would be short with the additional 6 shares to what is already outstanding that would put their short position at 525 million."
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posted
Tyleemary, I do agree that CSHD has some quirks, most companies do during their initial growth stage. Can you give me your reasons, backed with DD links, why you are being so rude to all here. If it is simply your opinion, based on what you hear in the boards, surely you can express it in a way that invites others to discuss it, rather than coming off as a basher?
posted
here is a cut and paste fyi or fwiw that i found interesting
New article by Lee:
Conversion Solutions temporarily suspended by the SEC
2006-10-24 19:23 ET - Street Wire
by Lee M. Webb
Conversion Solutions Holdings Corp., a penniless OTC Bulletin Board promotion headed by semi-literate chief executive officer Rufus Paul Harris, has drawn a 10-day trading suspension from the U.S. Securities and Exchange Commission (SEC).
Among other things, the U.S. regulator has questions about the company's purported ownership of approximately $6.78-billion worth of bonds issued by the Republic of Venezuela. (All amounts are in U.S. dollars.)
According to the SEC, questions have also arisen about Conversion's purported contractual relationship with Deutsche Bank, which was announced in a Sept. 27 news release.
"The Commission is of the opinion that the public interest and the protection of investors require a suspension of trading in the securities of the above-listed company," the SEC notes in its Oct. 24 order.
While Canadian regulators can suspend trading in a security indefinitely, SEC trading suspensions automatically expire after 10 days. The SEC's Oct. 24 order of trading suspension against Conversion will expire at midnight on Nov. 6.
The bonds
As previously reported by **********, Conversion is the recent offspring of a union between a virtually penniless grey sheet outfit with a similar name, Conversion Solutions Inc. (CVSU), and The FrontHaul Group Inc., a cash-strapped OTC-BB company.
The merger, announced in July, was reportedly consummated on Sept. 13.
Notwithstanding its pauperish roots and virtually cashless condition, Conversion claimed to have an asset portfolio of approximately $7.3-billion and an estimated book value of $70.71 per share as of Oct. 16.
The bulk of Conversion's purported $7.3-billion asset portfolio reportedly consists of bonds.
Indeed, even before the merger with financially challenged FrontHaul, Georgia-headquartered Conversion's grey sheet precursor, CVSU, was touting its rather surprising bond assets.
In an April 27 news release, CVSU reported that as a result of "a Global Funding agreement with Ismet Paez of The Caracas Group," it had added a $500-million Republic of Venezuela bond to its portfolio.
Neither Ismet Paez nor The Caracas Group are household names, even among seasoned investors. Indeed, they are remarkably obscure.
The promotion ramped up after the announcement of the proposed merger with FrontHaul and penniless Conversion's ballyhooed bond portfolio purportedly grew by leaps and bounds.
On Aug. 18, Conversion announced that under another touted global funding agreement, this one with an outfit called the Humanitarian & Scientific World Foundation Ltd., it had acquired a euro-denominated Lehman Brothers Holdings PLC bond with a converted value of approximately $579-million.
"With the addition of this Asset to the corporation, we are now looking at a new justifiable reorganization release price of $25.63, up $10.63 from the original estimated $15.00 per share ($12.81 Book X 2)," Mr. Harris proclaimed in the Aug. 18 news release.
Investors, particularly members of Conversion's gullible cult-like Internet following, were still marvelling at that reported acquisition when the company added to its purported stash of bonds just five days later.
On Aug. 23, Conversion announced that, in another deal with the Humanitarian & Scientific World Foundation, it had acquired a euro-denominated bond on the Republic of Finland with a converted value of approximately $939-million.
It was more than a month before Conversion wowed investors with another purported bond acquisition, but what an acquisition it was.
On Sept. 27, Mr. Harris's cash-strapped OTC-BB promotion reported that it had acquired another Republic of Venezuela bond, this one purportedly a euro-denominated bond with a fantastic converted value of approximately $6.28-billion.
Oddly, when Conversion issued its fluffy Oct. 16 announcement touting $7.3-billlion in assets and a book value of $70.71 per share, the company made no mention of the purported euro-denominated Venezuelan bond. Instead, Conversion touted a $5-billion contract expansion with the obscure Caracas Group.
In any event, the SEC may well have a number of questions "regarding the accuracy and completeness of information contained in Conversion's press releases and public filings" beyond those relating to the two Venezuelan bonds specifically mentioned in the regulator's Oct. 24 trading suspension order.
The banking platform
In its Oct. 24 suspension order, the U.S. regulator also specifically mentioned Conversion's purported contractual relationship with Deutsche Bank, rendered as "Deutche Bank" in a company news release.
In a separate Sept. 27 news release following the same-day announcement of the purported acquisition of the $6.28-billion Venezuelan bond, Conversion claimed to have contracts with a number of banks relating to some vague "banking platform" for its "Global, Sovereign and Institutional Investors."
"The corporation has obtained contracts from the following banks Deutche (sic) Bank, ABN Amro Bank, Dresdner Bank and Kommerce Bank," the company sloppily reported. "The mentioned banks will be the foundation for our project funding platform."
It is far from clear just what Conversion means by a "banking platform" or, for that matter, a "project funding platform," but that seems to have been lost on the company's semi-literate leader.
"This announcement is the first of explanations on CSHD's operations, which will help most investors to understand our business model and activities," Mr. Harris declared in the Sept. 27 news release, which explained nothing at all.
In any case, perhaps the SEC will obtain an explanation about the vaunted "banking platform" or "project funding platform" during the course of asking Conversion to satisfy concerns about the company's purported relationship with Deutsche Bank.
The cult
The reaction to the SEC's 10-day suspension of Conversion has been somewhat mixed among the company's cult-like Internet following, including cheerleading members of the critically characterized "tree-house club" who congregate on a chat site called **************.com.
While concern over the suspension has been expressed by some of the company's followers, other devoted fans suggest that nasty short sellers are responsible for Conversion's current woes.
Among other things, some claim that the suspension is the result of collusion between the SEC and short sellers.
In a different flight of fancy, some particularly gullible members of the company's cult-like following claim that the trading suspension is a masterful stroke of genius orchestrated by Mr. Harris as part of his plan to trap short sellers and propel Conversion's share price to astronomical levels.
Carrying the fantasy even further, some naive cheerleaders suggest that the SEC will give its stamp of approval to Conversion and, following the suspension, the company will open for trading on the Nasdaq Stock Market where it will rocket to $100 per share or more.
The reality, of course, will be quite different.
Indeed, if Conversion follows the normal course of suspended OTC-BB companies, it will be booted down to the pink sheets and change hands only in unsolicited trades. In other words, the company will be headed back to its grey market beginning.
The critics
While Conversion's cult-like followers fantasize, some of the company's critics wonder why it took the SEC so long to take any action.
Among other things, some Internet critics claim that they raised questions about the promotion and the company's ballyhooed bond acquisitions from the outset and forwarded their concerns to the SEC.
Critics also point to deficiencies in Mr. Harris's creative cut-and-paste annual report that was belatedly filed on Oct. 16, claiming that the SEC should have stepped in then, at the very latest.
Indeed, according to some critics, the laughable OTC-BB promotion should have been suspended long ago and the suspension followed up with an administrative proceeding against the company.
It remains to be seen whether the SEC does initiate an administrative proceeding against the company.
The Georgia documents
Meanwhile, some of Conversion's devoted followers continue to insist that the company does indeed have billions of dollars worth of bonds. The proof and answers to many concerns, they claim, can be found in court documents filed in Georgia.
In fact, Conversion has filed hundreds of pages of documents in a small Georgia state court in Cartersville in Bartow county, though it is far from clear that those documents will allay the SEC's concerns.
In any event, court staff in Cartersville are certainly familiar with the Conversion filings.
Among other things, court clerk Gary Bell apparently found it somewhat peculiar that Conversion insisted that the documents, which include lengthy merger and joint venture agreements as well as global funding agreements, be filed in the real estate index.
Mr. Bell also recalls that he had to chase the company to make good on the filing fee.
********** will review Conversion's Georgia court documents and provide some further background on the OTC-BB promotion's precursors in future articles.
Conversion last traded on Oct. 23 when approximately 674,000 shares changed hands and the stock closed at $1.99.
********** will continue to follow developments.
Comments regarding this article may be sent to lwebb***********.com.
(More information regarding Conversion Solutions Holdings Corp. is available in ********** articles published on Oct. 13, 16, 18 and 20, 2006.)
quote:Originally posted by Bittermac: Tyleemary, I do agree that CSHD has some quirks, most companies do during their initial growth stage. Can you give me your reasons, backed with DD links, why you are being so rude to all here. If it is simply your opinion, based on what you hear in the boards, surely you can express it in a way that invites others to discuss it, rather than coming off as a basher?
she is rude all the time, well, checking all her past posts even on other stocks, not sure what her problem is, maybe because we have been making money here and she hasn't, she is a basher... TYLEE go home.....to i-hub...!!
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posted
Well it looks like I am part of a cult or that is what this article is saying. I do think none of this would have happened if Our-Street and Serfdom had not sent daily SEC complaints. Because of them many may have big loses. We might need to go over and "thank them" in a very special way.
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posted
The article by Lee does make us "longs" sound a bit spell-bound. I know we all hope this has a positive outcome.. Or a least some explanation by CSHD (PR?).
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posted
Folks relax I don't think we will hear anything in a pr from company until this is over 10 days or sooner...but we will hear from anyone else that wants to screeeew cshd because of bban right and try to make you want to sell asap when we can do dd and dont get scared al good in my opinion and if everyone took their initia investment should be okay, right?
-------------------- Never lookback...
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