posted
WOW, what happened???? yeah what a shame we are put through this but this is big (huge) of rufus to step down so we can move forward.... when we merged and mike alexander was the exiting officer, that was sad, for me anyway, after all the DD i put into fhal. yeah this seems sad but man, what did some of you people do?? buy into the man or buy into the company, sh1t, this is still huge, i just care about the book price, so does rufus, remember he still owns 9 million shares. excellent strategy on rufus part.
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quote:Originally posted by 10of13: Are you talking about the quote from HSM? ALadyInTheHouse is Rufus's MOM...IMO
quote:Originally posted by thesource: Please do tell me ...... the suspense is killing me .
Ok , now why would a women go on a site to back up her 38 year old son ? What happened to the Georgia bulldog ?? I guess he needed someone to pat him on the back and tell him that he's still her special little man right ?
I'm 29 years old and fight all of my battles myself and wouldn't even involve my mother .
Thats the stupidest thing out of Rufus's camp yet !!! We should all be glad he's out of the picture .
Oh theres no doubt in my mind you are glad to see him go, i just question your reasons.
I, for one, will continue to follow his situation with the SEC regardless if it involved CSHD or not.
As for his Mom posting, ill bet ever Mom loving son in here thought it was a nice post.
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Conversion Solutions Holdings Corp., a suspended OTC Bulletin Board promotion being sued by the U.S. Securities and Exchange Commission (SEC) over allegedly fraudulent claims regarding a purported $7.3-billion in assets, has replaced its semi-literate chief executive officer Rufus Paul Harris with major booster Michael D. Alexander. (All amounts are in U.S. dollars.)
In a terse, if typically awkward, news release issued from Kennesaw, Ga., at approximately 3 a.m. on Nov. 2, Conversion announced that the board of directors had given Mr. Harris the boot "due to pending litigation to protect the company and shareholders at this time."
"Conversion Solutions will announce succeeding Chief Executive Officer at a later date," the awkward early morning news release advised.
The "later date" actually came about 12 hours later.
Shortly after 3 p.m. on Nov. 2, another awkward news release issued from Lake Dallas, Tex., reported that shareholders controlling more than 51 per cent of the company's stock had appointed Mr. Alexander chief executive officer, president and sole director of Conversion.
As previously reported by **********, Conversion is the product of a pauperish merger between Mr. Harris's former penniless grey sheet outfit, Conversion Solutions Inc., and Mr. Alexander's financially challenged OTC-BB company, the FrontHaul Group. Inc.
The merger, announced in July, was reportedly consummated on Sept. 13.
Under the merger agreement, Mr. Alexander resigned as an officer and director and Mr. Harris took over as chief executive officer and chairman of the surviving entity.
By that time, the promotion was well under way; but Conversion and Mr. Harris soon ran into some difficulty.
All hat, no cattle
As previously reported by **********, the SEC suspended Conversion and filed a lawsuit against the company and Mr. Harris in the U.S. District Court for the Northern District of Georgia on Oct. 24.
Among other things, the U.S. regulator alleges that penniless Conversion and Mr. Harris made a series of fraudulent claims through news releases and SEC filings regarding the company's purported holdings of billions of dollars worth of bonds.
In an Oct. 16 news release issued by Mr. Harris, Conversion claimed to have an asset portfolio of $7.3-billion, consisting primarily of bonds, and an estimated book value of $70.71 per share.
According to the SEC complaint and supporting affidavits, however, Mr. Harris's repeated outlandish claims regarding Conversion's fantastic bond portfolio are absolute rubbish.
In other words, the U.S. regulator thinks that Mr. Harris is "all hat and no cattle," to use a popular Texas phrase.
On Oct. 26, as part of its effort to curb Mr. Harris's touting, the SEC obtained a temporary restraining order that, among other things, prohibited him from "making any untrue statement of a material fact or omitting to state a material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading."
Not to put too fine a point on it, the U.S. regulator wanted Mr. Harris to stop making fraudulent claims about Conversion's purported bond holdings and other matters.
The show goes on
The SEC lawsuit and temporary restraining order did not seem to have much of an effect on Mr. Harris, who has an amply demonstrated penchant for publicly displaying his ignorance of, or disregard for, even rather basic securities regulations.
As noted in earlier ********** articles, Conversion and Mr. Harris have attracted a fairly significant cult-like following, many of whom congregate on an Internet chat site called **************.com to swap fantasies or tune in to an obscure Internet radio show called SubPennyRadio.com to listen raptly to marathon interviews with company executives and other cheerleaders.
On the very day the SEC obtained its restraining order against Conversion and Mr. Harris, the indomitable tout was again busy posting to **************.com, much to the delight of the company's cultish followers.
"All is well; right on schedule," Mr. Harris told his gullible fans, seemingly unfazed by the very serious SEC allegations or the court order.
Indeed, later that very evening Mr. Harris spent five hours or more nattering away on SubPennyRadio.com, repeating many of the company's promotional claims, insisting that Conversion did own billions of dollars worth of bonds and, among other things, criticizing the SEC for being inept.
Mr. Harris subsequently took his show on the road, travelling to the Dallas area to meet with some of the company's loyal followers, including Mr. Alexander, on Oct. 28.
Judging from Internet reports of the Oct. 28 shindig at a TexMex restaurant in the Dallas-Fort Worth area, it was an upbeat affair where Mr. Harris, backed by Mr. Alexander and other Conversion cheerleaders, stuck to his promotional claims.
Dozens of pictures smiling participants at the gala event, including photographs of Mr. Harris sporting a cowboy hat, silky shirt, jeans and a goatee, were posted to a website called RufusvsSec.com owned by Mr. Alexander, but they have recently disappeared.
The cheerleader
As noted, Mr. Alexander has been a major booster of Conversion. He has also been one of Mr. Harris's most ardent supporters.
Among other things, Mr. Alexander participated in one of the SubPennyRadio marathon interviews with Mr. Harris and other Conversion executives.
According to Mr. Alexander, who displays little inhibition about dropping the F-bomb in public, Mr. Harris is "a freakin' genius," or words to that effect.
In the past, Mr. Alexander has backed Mr. Harris's claims about Conversion's purported portfolio of billions of dollars worth of bonds.
In one of his cheerleading claims, which is oft-repeated by the company's cultish followers, Mr. Alexander said that Google was an infant compared with Conversion.
In another SubPennyRadio tout, Mr. Alexander proclaimed that Conversion should be trading at $70 or more per share, if the SEC would only do its job.
Shortly after the SEC filed its lawsuit against Mr. Harris and Conversion, Mr. Alexander slapped up his RufusvsSec.com website, which until recently featured a petition that was highly critical of the U.S. regulator and its action against the company.
The surprise
Given the apparently broad support for Mr. Harris among the company's cult-like followers, the early morning announcement that he had been given the boot came as a surprise to many.
This marks the second time that Mr. Harris has been given the heave-ho by a public company, so it might be old hat for him.
As previously reported by **********, after filing a lawsuit against Mr. Harris in which the company claimed he had foisted a bond that was supposed to be worth $100-million but was actually worthless off on them, Broadband Wireless International Corp. finally got rid of him in December of 2004.
In any event, while many of the company's loyal Internet followers were evidently taken aback by the news that Conversion had ousted Mr. Harris, some were soon putting a positive spin on the development
The spin
According to some of the Internet spinmeisters, Mr. Harris's departure was just part of the plan.
In support of that spin, they pointed out that, during the early days of the promotion, Mr. Harris had informed his ************** followers that he planned to retire in a few months and raise thoroughbred horses.
Among the more popular fantasies that quickly developed in the wake of the surprising news, was the suggestion that Mr. Harris had left voluntarily to take some of the SEC heat off the company and pave the way for an outside successor with considerable financial industry experience to take the imagined multibillion-dollar company to the next level.
Some seasoned critics of Conversion's promotion on another Internet chat site, InvestorsHub.com, offered markedly different thoughts that came much closer to reality.
The reality
While the news of the ouster also surprised many posters on InvestorsHub, a site that Mr. Harris recently characterized as a "festering pool of frauds and bashers," some of them offered surprisingly accurate forecasts of what would follow.
Indeed, several hours before Conversion issued its news release naming the replacement for Mr. Harris, at least a couple of posters on InvestorsHub predicted that it would be Mr. Alexander.
Among other things, co-called "bashers" also predicted that Conversion would announce that it would be filing an amended annual report with the SEC.
In fact, in the 3 p.m. news release, the company did announce that it would be filing an amended annual report as soon as possible.
The late news
In addition to announcing the appointment of Mr. Alexander as replacement chief executive officer and disclosing that an amended annual report would be forthcoming, the 3 p.m. news release served up some other snippets.
Interestingly, while Mr. Harris claimed that there were just slightly more than 103 million shares outstanding as of Oct. 16, the second Nov. 2 news release pegs the number of outstanding shares at 159 million.
Among other things, the second news release of the day notes that several provisions of the merger agreement that produced Conversion had been violated.
For some of the company's critics, that disclosure raises the possibility that the merger might be unwound, though Mr. Alexander offered no immediate suggestion of that in his remarks upon shouldering the yoke as Conversion's sole officer and director.
"I have chosen to resume this role as my shareholders best interest, have always been foremost in my mind," Mr. Alexander said in his awkward, even tortured, remarks. "I personally feel this is the right move at this time.
"I ask every shareholder only read and except information which will come from me in this time of transition.
"We do not intend to change the business model or management at this time.
"I will be diligent in updating the shareholders during this process.
"I spoke directly with Rufus Paul Harris prior to the majority shareholder meeting and have his 100-per-cent support.
"I regret his hasty departure from the company, as I feel every person is innocent until proven guilty.
"I look forward to working with the SEC, Ben Stanley, and Sabra Dabbs in moving this company in the right direction and resolving current issues."
Just how much headway Mr. Alexander makes with all that remains to be seen.
********** 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, 20, 24 and 26, 2006.)
Reader Comments - Comments are open and unmoderated, although libelous remarks may be deleted. Opinions expressed do not necessarily reflect the views of **********.
"I look forward to working with the SEC, Ben Stanley, and Sabra Dabbs in moving this company in the right direction and resolving current issues."
All hat and no cattle? What about them missing shares? Now there's talk of an early retirement and raising horses...but no one's raising the matter of them shares that vanished. Was it a typo or did they vanish into the OTCBB volume?
quote:Originally posted by driver4t4: WOW, what happened???? yeah what a shame we are put through this but this is big (huge) of rufus to step down so we can move forward.... when we merged and mike alexander was the exiting officer, that was sad, for me anyway, after all the DD i put into fhal. yeah this seems sad but man, what did some of you people do?? buy into the man or buy into the company, sh1t, this is still huge, i just care about the book price, so does rufus, remember he still owns 9 million shares. excellent strategy on rufus part.
driver how long you been in since wattle or fhal, I alway's see yur name coming up since way back when
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any way that they could come out of this with a different merger/symbol/structure while the stock has been suspended? as part of a deal or something?
then a new valuation on the new company shares blah blah we do it all again?
point im making is that it would screw outstanding shorts, and invoke that rule 386. we didnt discuss it too much, but i mentioned way back that theres a requirement for 386 that there needs to be a merger then a submerger. i always assumed that was fronthaul to furia then to conversion... but technically fronthaul/furia wasnt the submerger because it came before the reverse merge not after.
so theyre missing a required submerger if 386 was in their plans.
and if you think about the name - conversion solutions. doesn't sound permanent.
CONVERSION: Noun * (n) conversion, transition, changeover (an event that results in a transformation) * (n) conversion, rebirth, spiritual rebirth (a spiritual enlightenment causing a person to lead a new life) * (n) conversion (act of exchanging one type of money or security for another) * (n) conversion (the act of changing from one use or function or purpose to another)
Anyway, I've alluded to this all along, but it's just an opinion.
I really don't think Rufus and company needed to go to all this detail to scam us. Face it, we get scammed by boiler room companies every day. It isn't this complicated.
Once described by Forbes magazine as the "scam capital of the world," the dark, inner workings of Vancouver penny stocks are the focus for our own Street Wire reporters -- insight you won't be able to find anywhere else.
Conversion Solutions Holdings Corp., a suspended OTC Bulletin Board promotion being sued by the U.S. Securities and Exchange Commission (SEC) over allegedly fraudulent claims regarding a purported $7.3-billion in assets, has replaced its semi-literate chief executive officer Rufus Paul Harris with major booster Michael D. Alexander. (All amounts are in U.S. dollars.) ...
quote:Originally posted by driver4t4: WOW, what happened???? yeah what a shame we are put through this but this is big (huge) of rufus to step down so we can move forward.... when we merged and mike alexander was the exiting officer, that was sad, for me anyway, after all the DD i put into fhal. yeah this seems sad but man, what did some of you people do?? buy into the man or buy into the company, sh1t, this is still huge, i just care about the book price, so does rufus, remember he still owns 9 million shares. excellent strategy on rufus part.
driver how long you been in since wattle or fhal, I alway's see yur name coming up since way back when
bank, been in since fhal, liked the log deal now, what a bonus, we have bonds too.. thanks to rufus, this is still huge, no one see's it.
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quote:Originally posted by glassman: posting your picture in your profile makes that a little easier.....
how short are you anyway?
I just posted that today as a matter of fact . As far as my height , I'm 5'8" ? Why do you like short guys or something ? FYI , I don't swing that way .
LOL....
i don't "swing" that way either ..
i was just wondering if you are hoping to sell your shares for a profit? or you are looking to cover cheap...
it's kinda hard to tell the way you have been posting...
been seeing an awful lot of rapid cycling bipolar behaviour lately...
Well I'll have to take your word on how you swing . As for being short or long , I've already offered my stocks for sale but Portman said I couldn't sell them . Maybe I can pull my certs and sell them on Ebay to some other sucker . Someone on another site said he bought some off of Ebay , don't know if he's full of crap but might be worth the effort . Its either that or use them for toilet paper . Uh , I don't know about that either , that might be a little too rough .
As for bipolar , do a search on my post . And as for my picture posted , I doubt Portman can even see it very clear . He's got a dark set of rose colored glasses on right now , probably drinking some expensive wine in a dark room all by himself . He's probably also thinking how swift he is and how he showed that little idiot from Texas whats up ........ only time will tell !!!
Hey Source why don't you give it a break, all you do is call your self a ****** loser
hahahahahahahahaha, sorry bank not at you but you just hit the nail on the head.. funniest thing i seen yet..hahahahaha
fellas? as posted earlier, call each other for "proof" or DD or whatever...but lay off the profanity, namecalling, insults, etc, eh?
So far, I've edited only for profanity...
-------------------- Nashoba Holba Chepulechi Adventures in microcapitalism...
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CONVERSION - Torts. The unlawful turning or applying the personal goods of another to the use of the taker, or of some other person than the owner; or the unlawful destroying or altering their nature.
-------------------- I'm from Missouri - Show Me!
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quote:Originally posted by driver4t4: WOW, what happened???? yeah what a shame we are put through this but this is big (huge) of rufus to step down so we can move forward.... when we merged and mike alexander was the exiting officer, that was sad, for me anyway, after all the DD i put into fhal. yeah this seems sad but man, what did some of you people do?? buy into the man or buy into the company, sh1t, this is still huge, i just care about the book price, so does rufus, remember he still owns 9 million shares. excellent strategy on rufus part.
driver how long you been in since wattle or fhal, I alway's see yur name coming up since way back when
bank, been in since fhal, liked the log deal now, what a bonus, we have bonds too.. thanks to rufus, this is still huge, no one see's it.
CONVERSION - Torts. The unlawful turning or applying the personal goods of another to the use of the taker, or of some other person than the owner; or the unlawful destroying or altering their nature.
When a party takes away or wrongfully assumes the right to goods which belong to another, it will in general be sufficient evidence of a conversion but when the original taking was lawful, as when the party found the goods, and the detention only is illegal, it is absolutely necessary to make a demand of the goods, and there must be a refusal to deliver them before the conversion will be complete. The refusal by a servant to deliver the goods entrusted to him by his master is not evidence of a conversion by his master.
The tortious taking of property is, of itself, a conversion and any intermeddling with it, or any exercise of dominion over it, subversive of the dominion of the owner or the nature of the bailment if it be bailed, is evidence of a conversion.
In Equity. The considering of one thing as changed into another; for example, land will be considered as converted into money and treated as such by a court of equity, when the owner has contracted to sell his estate, in which case, if he die before the conveyance, his executors and not his heirs will be entitled to the money. On the other hand, money is converted into land in a variety of ways as for example, when a man agrees to buy land and dies before he has received the conveyance, the money he was to pay for it will be considered as converted into lands, and descend to the heir.
quote:Originally posted by 66inxs: CONVERSION - Torts. The unlawful turning or applying the personal goods of another to the use of the taker, or of some other person than the owner; or the unlawful destroying or altering their nature.
quote:Originally posted by betting babe: any way that they could come out of this with a different merger/symbol/structure while the stock has been suspended? as part of a deal or something?
then a new valuation on the new company shares blah blah we do it all again?
point im making is that it would screw outstanding shorts, and invoke that rule 386. we didnt discuss it too much, but i mentioned way back that theres a requirement for 386 that there needs to be a merger then a submerger. i always assumed that was fronthaul to furia then to conversion... but technically fronthaul/furia wasnt the submerger because it came before the reverse merge not after.
so theyre missing a required submerger if 386 was in their plans.
and if you think about the name - conversion solutions. doesn't sound permanent.
CONVERSION: Noun * (n) conversion, transition, changeover (an event that results in a transformation) * (n) conversion, rebirth, spiritual rebirth (a spiritual enlightenment causing a person to lead a new life) * (n) conversion (act of exchanging one type of money or security for another) * (n) conversion (the act of changing from one use or function or purpose to another)
Anyway, I've alluded to this all along, but it's just an opinion.
I really don't think Rufus and company needed to go to all this detail to scam us. Face it, we get scammed by boiler room companies every day. It isn't this complicated.
~BB
Actually i never saw you elude to that, i wish i had actually. So, what is the actual definition of submerger? Ill look it up after i post this but help me out if ya can heh. Anyway, im told that Fronthaul into Furia was actually a reverse merger as well. Im not sure if thats documented anywhere however. Of course that probably doesnt matter because im sure Rufus hadnt looked into Fronthaul that far back.....well im kinda sure
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quote:Originally posted by driver4t4: WOW, what happened???? yeah what a shame we are put through this but this is big (huge) of rufus to step down so we can move forward.... when we merged and mike alexander was the exiting officer, that was sad, for me anyway, after all the DD i put into fhal. yeah this seems sad but man, what did some of you people do?? buy into the man or buy into the company, sh1t, this is still huge, i just care about the book price, so does rufus, remember he still owns 9 million shares. excellent strategy on rufus part.
driver how long you been in since wattle or fhal, I alway's see yur name coming up since way back when
bank, been in since fhal, liked the log deal now, what a bonus, we have bonds too.. thanks to rufus, this is still huge, no one see's it.
Driver you are stuck on rufy, you gotta look at this cowboy as a dollar sign or symbol, Damn sure he is solid, but where do you stand at buying at .08 to .12 and yet you spent no more than 1G and yu still complain, are you a basher? why don't you sell asap, you still make your $$$$$$$$$ big time
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quote:Originally posted by driver4t4: WOW, what happened???? yeah what a shame we are put through this but this is big (huge) of rufus to step down so we can move forward.... when we merged and mike alexander was the exiting officer, that was sad, for me anyway, after all the DD i put into fhal. yeah this seems sad but man, what did some of you people do?? buy into the man or buy into the company, sh1t, this is still huge, i just care about the book price, so does rufus, remember he still owns 9 million shares. excellent strategy on rufus part.
driver how long you been in since wattle or fhal, I alway's see yur name coming up since way back when
bank, been in since fhal, liked the log deal now, what a bonus, we have bonds too.. thanks to rufus, this is still huge, no one see's it.
Driver you are stuck on rufy, you gotta look at this cowboy as a dollar sign or symbol, Damn sure he is solid, but where do you stand at buying at .08 to .12 and yet you spent no more than 1G and yu still complain, are you a basher? why don't you sell asap, you still make your $$$$$$$$$ big time
no bank, what i am saying is, when i invested i bought a logging company, well, through ecowood, i still have a logging company and a bunch of bonds... all is good . IMO
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Ahhh 10....you mean no more fun? Come on mom...just five more minutes on the computer.
BTW, folks...I was not really posting for TheSource's Benefit.
BTW...the DTCC will not allow a Cert pull during a suspension.
Oh, Lee Webb articles are funny. That guy has flair...I feel the need for a double skinny latte even saying his name.
Funny thing is Shorty is in even more trouble now. They thought they would get receivership and this all goes away....First the judge denies receivership in the TRO...in fact denies most of the TRO.
No recievership is bad for Shorty. You folks need to read more Con Carne (HSM). He might be a little overstepping in one post tonight....but that is one cookie who knows his or her stuff.
-------------------- - "Pay it Forward"
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BB, so it looks like a Mother company merges one of its smaller subisidiaries with another small company and the new small company get shares to the Mother company, or along those lines.
So, CSHD could be Momma and Ecowood the sub....there would just need to be another small company. But, would this particular path work for 368?
Or CSHD is the "other" small company and needs to find a subsidiary with a big mother company.
I could go on all night folks
edit : no wait, the "other" small subsidiary gives out the shares once merged in? Its really too late for this....im getting sleepy
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"collar or color?, no offense, I wanna see dollar, lol "
lololol...I suspect we're cross-wired...
I'm *not* asking about the former CEO going to the hearing without an attorney, following the suspension. I thought Glass was referring to a *subsequent* event, such as confinment on contempt charges...
So...as far as we know, Mr. Harris is still a "free man," although no longer the CEO? yes?
-------------------- Nashoba Holba Chepulechi Adventures in microcapitalism...
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Glass...you kinda gave him(Tex) that impression LOL...I saw the 2 of you posting and neither of you were catching the drift of what the other was saying...Kinda funny... Tex...to our knowledge Rufus has alot of "color" but no "collar"...
-------------------- #1 Rule: Protect your capital! #2 Rule: Never fall for the BS on the boards!
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bb i was just keeping it brief and pointing out the irony in the name that they chose. did not think that anyone wanted to read all of it. thanks for the clarification.
-------------------- I'm from Missouri - Show Me!
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