posted
PRESS RELEASE Oct. 6, 2009, 7:15 p.m. EDT · Recommend · Post: Energy Source Inc. Announces New Action for Investors
LONDON, Oct 6, 2009 (GlobeNewswire via COMTEX) -- Over the last four years the company (Other OTC:BCIT) has made every effort for the resumption of trading of its stock by complying with all requests made to it by all pertinent agencies. It has done this at great expense and effort but as it has complied; it has found its efforts to be unfairly obstructed. Even with the findings of various government agencies showing Energy Source to be innocent of any wrong doing one private organization continues to block the rights of the company, the Depository Trust & Clearing Corporation (DTCC).
The DTCC its officials and lawyers lead the company to understand that on the completion of all the normal regulatory requirements it would clear its stock for normal trading. This position was reached by mid 2007 after an exhaustive and costly process. The DTCC despite the company being fully filed, having possession of an 15c211 as required by FINRA, consent from NASDAQ to trade the DTCC refused to clear the company's shares unless the company supplied sufficient shares to the DTCC to cover the counterfeit shares it had allowed to enter the market by its gross negligence as well as supporting a tide of naked short selling by its client owners and brokers. The company out of disgust and frustration, had stopped their corporate filings and contemplated what else they could possibly do after spending over $800,000 to that point. The company had complied with all requests, was accused of no wrong doings, yet was not permitted the rights it deserves, to do business.
Energy Source would like to announce that it is, once again, becoming fully compliant in all corporate matters. Empire Stock Transfer Inc. continues to act as the company's stock transfer agent, and the company will update its filings shortly. Any and all other corporate matters found to be delinquent will be addressed and remedied as well.
The company is resolved on behalf of its shareholders and those others who have fallen victim to the ongoing fraud perpetrated in the marketplace to continue in business despite the failure of regulatory agencies to protect the most basic rights of the capital of the company, and the rights of its investors, which has now created a climate of distrust and frustration that needs to be addressed.
The company, after talking with the main investigator of Senator Grassley's office, who has intervened as a moderator for all concerned, feels that it is time to make this effort. Without the effort put forth by Senator Grassley's office and the determination of certain shareholders, who only ever wanted what they paid for - their shares, the company would have had to consider other alternatives.
It is unfortunate that a private monopoly like the Depository Trust & Clearing Corporation and its financial institutional owners, exercises decisive influence over such government agencies such as the SEC and can dictate policy with impunity to the market place to the extent that the owners of a public company are no longer in control of their own capital structure and there is no redress for outright fraud perpetrated by brokers on the company's shareholders. Energy Source is most thankful for Senator Grassley's office demonstrating integrity and concern by stepping in and attempting to moderate in this situation where investors have been fleeced by their brokers and the DTCC.
Additionally the company announces retaining the services of Kellogg, Huber, Hansen, Todd, Evans & Figel, P.L.L.C. to assist it with future legal proceedings. An independent effort by our shareholders to help with these expenses has been initiated and the company supports and welcomes their efforts.
quote:Originally posted by T e x: huh...no mention of the revocation proceedings?
Glass, I suppose the new law firm has been checked out--are they heavy hitters, or run-of-the-mill?
my info is that Megs was already preparing all the filings before the revocation notice...
the new law firm is a security litigator- Megas was already planning to take it to court again.
the SFC has been looking into this for several months now and they are definitely the ones that had the SEC looking into it, which triggered the no filings hearing...
not one thing has changed since the filings were up to date, so the filings are basically just a rehash of the last filings...
this is going to be fixed one way or another
the DTC told the SFC that BCIT didn't have a transfer agent... well they did, i spoke to them the same day that the SFC sent us the email saying they didn't...
i think the DTC is running out of "tricks".
assuming Megas is telling the truth, and the filings will be prepared in the next few weeks? the SEC will formally not revoke them and the DTC will be left having to explain why they won't clear trades...
it looks like achess match from here with the SFC being the referee...
-------------------- Don't envy the happiness of those who live in a fool's paradise.
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posted
Not real familiar with this one. Have skimmed over a little info a year or so ago so I have a question for those more knowledgable.
Do you think the DTC was complicit in the NSS or do you think they are attempting to strong arm BCIT into giving them the shares to cover in order to continue business as usual?
Of course the other question would be, Is BCIT just blowing a lot of hot air?
posted
Gosh, I've forgotten more about this than I recall. Glass can correct me, fill in, etc, but my take is DTCC had a duty to verify the shares, injected into the system by TA impostor (who may've been in collusion with Mario Pino).
Anyway, it was the DTCC who actually caused the brokerages to *finally* stop allowing trades, even though most traders had gotten the idea no official action would be taken following a CEO PR about the counterfeit shares.
Then, later, after BCIT was passed its suspension and had a new MM/Form 211 lined up, it was the DTCC again that refused to lift its "global lock"--even though the SEC had cleared it for trade.
Basically, DTCC far exceeds its mandate. It's a private company that throws its weight around like a powerful but secret government agency.
-------------------- Nashoba Holba Chepulechi Adventures in microcapitalism...
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posted
Tex has the basics down, and that's the most succinct review i've seen yet.
a few extry details:
the brokers can still trade it if they want to go ex-clearing. the DTCC only refuses to offer clearing services, which (according to them) is their right. since they are the only provider of this particular service? that is a serious question.
why won't they clear? they claim that there's still "counterfeit" shares in the market because the share count tallies too high.
this is the "sticking point" and it is important because this "problem" occurred back when naked shorting was considered to be a myth.
in 2005 the DTC was still claiming that no naked shorting was happening at all. the CEO requested a buy-in to force the counterfeiters to buy back thier shares on the open market.
the NYSE and the NASD (now FINRA) requested the SEC OK a suspension of the buy-in rule and got the suspension... the SEC never announced teh supension on their website tho... the only notice of suspension of the buy-in came from FINRA
this seems to have triggered a shortselling orgy.
who was able to short-sell hundreds of millions of shares of stock that was never higher than 8 cents, and as low as (about).0005? and whose share structure showed 25 million shares authorised?
that remains to be seen... the people that don't want it to trade again would be the most logical guess....
so you have to look and see who controls the DTC...
the DTC is controlled by it member participants...
the CEO of the company has apparently spent 3/4 million dollars of what amounts to his own money to try to bring the company back to trading...
-------------------- Don't envy the happiness of those who live in a fool's paradise.
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quote:Originally posted by glassman: GVRP traded, scotty allowed me to buy when they wouldn't allow me to sell...
sorry, wasn't very clear.
'member when "they" waived the buy-in provision on GVRP? Not talking about scotty, cuz that's a different item; scotty was taking the moral-hazard-high-road ===> even though Ameritrade delivered...lolyikeswhee
After that, in the suspension, NASD (as I recall) issued a waiver for the (203?) buy-in provision. Had they not done that? The solution in the market would've been a market phenomenon.
I guess, one thing I'm saying? Any time such provisions are waived, we've got co-ordinates that define/describe not only market manipulation but also point to whose ox is getting gored.
To make a leap...
"Joe Retail ain't supposed to be this good."
eh?
-------------------- Nashoba Holba Chepulechi Adventures in microcapitalism...
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quote:Originally posted by glassman: PRESS RELEASE Oct. 6, 2009, 7:15 p.m. EDT · Recommend · Post: Energy Source Inc. Announces New Action for Investors
LONDON, Oct 6, 2009 (GlobeNewswire via COMTEX) -- Over the last four years the company (Other OTC:BCIT) has made every effort for the resumption of trading of its stock by complying with all requests made to it by all pertinent agencies. It has done this at great expense and effort but as it has complied; it has found its efforts to be unfairly obstructed. Even with the findings of various government agencies showing Energy Source to be innocent of any wrong doing one private organization continues to block the rights of the company, the Depository Trust & Clearing Corporation (DTCC).
The DTCC its officials and lawyers lead the company to understand that on the completion of all the normal regulatory requirements it would clear its stock for normal trading. This position was reached by mid 2007 after an exhaustive and costly process. The DTCC despite the company being fully filed, having possession of an 15c211 as required by FINRA, consent from NASDAQ to trade the DTCC refused to clear the company's shares unless the company supplied sufficient shares to the DTCC to cover the counterfeit shares it had allowed to enter the market by its gross negligence as well as supporting a tide of naked short selling by its client owners and brokers. The company out of disgust and frustration, had stopped their corporate filings and contemplated what else they could possibly do after spending over $800,000 to that point. The company had complied with all requests, was accused of no wrong doings, yet was not permitted the rights it deserves, to do business.
Energy Source would like to announce that it is, once again, becoming fully compliant in all corporate matters. Empire Stock Transfer Inc. continues to act as the company's stock transfer agent, and the company will update its filings shortly. Any and all other corporate matters found to be delinquent will be addressed and remedied as well.
The company is resolved on behalf of its shareholders and those others who have fallen victim to the ongoing fraud perpetrated in the marketplace to continue in business despite the failure of regulatory agencies to protect the most basic rights of the capital of the company, and the rights of its investors, which has now created a climate of distrust and frustration that needs to be addressed.
The company, after talking with the main investigator of Senator Grassley's office, who has intervened as a moderator for all concerned, feels that it is time to make this effort. Without the effort put forth by Senator Grassley's office and the determination of certain shareholders, who only ever wanted what they paid for - their shares, the company would have had to consider other alternatives.
It is unfortunate that a private monopoly like the Depository Trust & Clearing Corporation and its financial institutional owners, exercises decisive influence over such government agencies such as the SEC and can dictate policy with impunity to the market place to the extent that the owners of a public company are no longer in control of their own capital structure and there is no redress for outright fraud perpetrated by brokers on the company's shareholders. Energy Source is most thankful for Senator Grassley's office demonstrating integrity and concern by stepping in and attempting to moderate in this situation where investors have been fleeced by their brokers and the DTCC.
Additionally the company announces retaining the services of Kellogg, Huber, Hansen, Todd, Evans & Figel, P.L.L.C. to assist it with future legal proceedings. An independent effort by our shareholders to help with these expenses has been initiated and the company supports and welcomes their efforts.
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