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Author Topic: CMKX III New thread - We got it while we could
tradingpennys
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SEC OPENS A WINDOW


Although it may not always seem to be the case, some public filings are routinely reviewed by the SEC's Department of Corporate Finance before they become effective. In particular, most Registration Statements - with the glaring exclusion of those on Form S-8 - are subjected to a rigorous review process that includes comments from the SEC and responses and revisions from the company.


The SEC is about to open the window on those comments and cast light on a process that has been off limits to most investors. On June 25th the Commission announced that it would begin to make that information available to the public, albeit on a somewhat delayed basis.


The SEC's decision was in response to a surge of requests filed under the Freedom of Information Act. Investors who have shown sufficient initiative by filing FOIA requests, have received copies of comment letters and company responses after the SEC has completed its review. In order to increase transparency, and not limit information to a handful of proactive investors, the SEC will now make this information available to the general public, without the need for an FOIA filing. Comment letters and responses will be available to abroad audience no sooner than 45 days after completion of the Staff's review.


Some filings will, however, continue to be shielded from public view. Companies that request confidentiality for a portion of their response to comments will be permitted to submit the confidential materials in a separate letter, provided that requests for confidentiality are not overly broad. Individuals who wish to review these confidential submissions will still be required to file a request under the FOIA.


The SEC plans to institute its new policy beginning August 1, 2004. (6/30/2004)


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will
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Hear Hear! Simple and straight forward. After reading the board all weekend and today, seeing that a toothpik can be complicated it is refreshing to see the simple unvarnished truth. A goof spokesman, a flopping president, a lawyer with a secret agenda, and Diomands in the sky. Now that I can understand.
quote:
Originally posted by bill1352:
IMO it would be very nice to figure the buys verses the sells for 1 week...number of shares for each...i do not have level II's to find these numbers or I would....from reading this board it sure seems to me that the buys out number the sells but do the amounts or total shares sold come out close to equal to those bought...again i dont think so....although we do not have a confirmed o/s i think we do have to believe it is at least close to the 400 billion rumored....still with over 25 billion a week traded it doesn't take long to end up with the 400 billion shares. we have to know that a huge amount were sold during and as the pps hit the .001 mark a few weeks ago...the naked short thing only works for the mm's if a company goes bankrupt...looking at cmkx its really no wonder why they might think this is headed that way...a goof for a spokesperson a pres that has flopped around from one thing to the next for yrs, has more companies listed on the books then GM ...on our side the company has rights to land that might contain the motherload in diamonds but unless somebody gets busy and digs them up its just pie in the sky we have a very good lawyer but the truth is we don't know what he was brought in to do...it was UC not the lawyer that brought up becomeing a reporting company...again IMO this whole thing rests on somebody getting busy with a shovel and finding diamonds...the mm's will not go bankrupt they will somehow cover with UC's help or not but ubless we start truckin diamonds they don't have to worry about covering.....maybe we can all get shovels and instead of a party in Vegas a summer in Canada diggin diamonds will get the pps were we all want it to be


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HarryHar
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VAN

If a certain MM (NITE) has naked shorted 100 Billion shares, they are short that many, and need to purchase these shares to cover. If the dividend of a penny is announced, they are SHORT 100 Billion shares, meaning they OWE 100 Billion shares. Doesn't that mean that they have to purchase on the open market or from other MM's 100 Billion shares for the shares they owe? The won't have more to sell, in this case. They need to buy. At a 1 cent dividend, share price goes to at least 1 penny. I thought that they'd have to purchase those 100 Billion shares, at a penny, to cover their naked shares. Am I missing the whole point?


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Trader O
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I'm not sure if this has been posted yet. This is from the DeBeers Canada site. If DeBeers is digging around there, there must be something going on.
http://www.debeerscanada.com/files_2/fort_a_la_corne/factsheet.html

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VNGNTN1
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quote:
Originally posted by HarryHar:
VAN

If a certain MM (NITE) has naked shorted 100 Billion shares, they are short that many, and need to purchase these shares to cover. If the dividend of a penny is announced, they are SHORT 100 Billion shares, meaning they OWE 100 Billion shares. Doesn't that mean that they have to purchase on the open market or from other MM's 100 Billion shares for the shares they owe? The won't have more to sell, in this case. They need to buy. At a 1 cent dividend, share price goes to at least 1 penny. I thought that they'd have to purchase those 100 Billion shares, at a penny, to cover their naked shares. Am I missing the whole point?


YES & NO
YES is they will need to cover the new cost!
NO is HOW they will pay for it. My point earlier was The have already received money whe the sold shares the first time, plus they received money in the spread, plus they will receive more money in current spread ( I think you will see a separation between bid & ask soon because of this)as new buyers jump on board. Most of the posts I have seen describe this problem as black & white(us vs them) in a winner take all deal(putting mm out of business for thier conduct). I am trying to develope a scenario that shows why this might not be true.This process I am describing could leave (NITE) 100bn with those share turned over multiple times: ie
-100bn (paid .00015)$15000 income
Surge of trading sells of 20bn (income on spread $2000)
-80bn (
Surge of trading buys 20bn(new bal-100bn)with as pread income of $2000+(.001 income)$20000
-100bn new balance Cash in bank=$39000
They have been doing this daily for 9 mo@ very high volume.

VAN


[This message has been edited by VNGNTN1 (edited July 13, 2004).]

[This message has been edited by VNGNTN1 (edited July 13, 2004).]


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noahltl
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Heavy trading at the open. Jeff the only one standing in front of the .0004s
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WWJD-thru-me
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Van -Good post -a little difficult to follow but I think I get the drift of it. As far as paying a cash dividend the person who is naked short the shares would owe the dividend to the purchaser correct? So they would want to cover the short soon especially if it were a recurring dividend. What is your take on the daily movement in this stock? Do you think there is some covering going on? There was one purchase yesterday of 270 million shares at .0003. I thought that was a little unusual. I need to leave and will be back this PM.
DD-GLTA-IMO-Debi

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VNGNTN1
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NOAH
What is the average Bid & Ask ?
VAN

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FurrySound
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I just saw a 250 million order go through @ .0003 @ 9:39:55 that's $75k

------------------
FurrySound
-DD-GLTA-Unless I've quoted a source, I know not what I speak of.


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Garfield1981
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Someone got their pieces at 0.0002!
But I can't see the size of that piece of cake.

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FurrySound
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quote:
Originally posted by Garfield1981:
Someone got their pieces at 0.0002!
But I can't see the size of that piece of cake.

That was a sell for 100 shares @ .0002...

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FurrySound
-DD-GLTA-Unless I've quoted a source, I know not what I speak of.


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Garfield1981
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quote:
Originally posted by FurrySound:
That was a sell for 100 shares @ .0002...


lol



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noahltl
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quote:
Originally posted by Garfield1981:
lol



100 signal means I need shares @ .0002. Doesn't everybody. LOL


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FurrySound
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quote:
Originally posted by noahltl:

100 signal means I need shares @ .0002. Doesn't everybody. LOL


I need some at .0001 but I'll take .0002

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FurrySound
-DD-GLTA-Unless I've quoted a source, I know not what I speak of.


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Upside
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Just ran across this and figured I'd post it for all of you naked short theorists. This might have been posted before but I don't recall seeing it:

Naked shorting into $0.0001, or, **Cellar Boxing**
There’s a form of the securities fraud known as naked short selling that is becoming very popular and lucrative to the Market Makers that practice it. It is known as “Cellar boxing” and it has to do with the fact that the NASD and the SEC had to arbitrarily set a minimum level at which a stock can trade. This level was set at $.0001 or one-one hundredth of a penny. This level is appropriately referred to as “the cellar”. This $.0001 level can be used as a "backstop" for all kinds of market maker and naked short selling manipulations.

“Cellar boxing” has been one of the security frauds du jour since 1999 when the market went to a “decimalization” basis. In the pre-decimalization days the minimum market spread for most stocks was set at 1/8th of a dollar and the market makers were guaranteed a healthy “spread”. Since decimalization came into effect, those one-eighth of a dollar spreads now are often only a penny as you can see in Microsoft’s quote throughout the day. Where did the unscrupulous MMs go to make up for all of this lost income? They headed "south" to the OTCBB and Pink Sheets where the protective effects from naked short selling like Rule 10-a, and NASD Rules 3350, 3360, and 3370 are nonexistent.

The unique aspect of needing an arbitrary “cellar” level is that the lowest possible incremental gain above this cellar level represents a 100% spread available to MMs making a market in these securities. When compared to the typical spread in Microsoft of perhaps four-tenths of 1%, this is pretty tempting territory. In fact, when the market is no bid to $.0001 offer there is theoretically an infinite spread.

In order to participate in “cellar boxing”, the MMs first need to pummel the price per share down to these levels. The lower they can force the share price, the larger are the percentage spreads to feed off of. This is easily done via garden variety naked short selling. In fact if the MM is large enough and has enough visibility of buy and sell orders as well as order flow, he can simultaneously be acting as the conduit for the sale of nonexistent shares through Canadian co-conspiring broker/dealers and their associates with his right hand at the same time that his left hand is naked short selling into every buy order that appears through its own proprietary accounts. The key here is to be a dominant enough of a MM to have visibility of these buy orders. This is referred to as "broker/dealer internalization" or naked short selling via "desking" which refers to the market makers trading desk. While the right hand is busy flooding the victim company's market with "counterfeit" shares that can be sold at any instant in time the left hand is nullifying any upward pressure in share price by neutralizing the demand for the securities. The net effect becomes no demonstrable demand for shares and a huge oversupply of shares which induces a downward spiral in share price.

In fact, until the "beefed up" version of Rule 3370 (Affirmative determination in writing of "borrowability" by settlement date) becomes effective, U.S. MMs have been "legally" processing naked short sale orders out of Canada and other offshore locations even though they and the clearing firms involved knew by history that these shares were in no way going to be delivered. The question that then begs to be asked is how "the system" can allow these obviously bogus sell orders to clear and settle. To find the answer to this one need look no further than to Addendum "C" to the Rules and Regulations of the NSCC subdivision of the DTCC. This gaping loophole allows the DTCC, which is basically the 11,000 b/ds and banks that we refer to as "Wall Street”, to borrow shares from those investors naive enough to hold these shares in "street name" at their brokerage firm. This amounts to about 95% of us. Theoretically, this “borrow” was designed to allow trades to clear and settle that involved LEGITIMATE 1 OR 2 DAY delays in delivery. This "borrow" is done unbeknownst to the investor that purchased the shares in question and amounts to probably the largest "conflict of interest" known to mankind. The question becomes would these investors knowingly loan, without compensation, their shares to those whose intent is to bankrupt their investment if they knew that the loan process was the key mechanism needed for the naked short sellers to effect their goal? Another question that arises is should the investor's b/d who just earned a commission and therefore owes its client a fiduciary duty of care, be acting as the intermediary in this loan process keeping in mind that this b/d is being paid the cash value of the shares being loaned as a means of collateralizing the loan, all unbeknownst to his client the purchaser.

An interesting phenomenon occurs at these "cellar" levels. Since NASD Rule 3370 allows MMs to legally naked short sell into markets characterized by a plethora of buy orders at a time when few sell orders are in existence, a MM can theoretically "legally" sit at the $.0001 level and sell nonexistent shares all day long because at no bid and $.0001 ask there is obviously a huge disparity between buy orders and sell orders. What tends to happen is that every time the share price tries to get off of the cellar floor and onto the first step of the stairway at $.0001 there is somebody there to step on the hands of the victim corporation's market.


Once a given micro cap corporation is “boxed in the cellar” it doesn’t have a whole lot of options to climb its way out of the cellar. One obvious option would be for it to reverse split its way out of the cellar but history has shown that these are counter-productive as the market capitalization typically gets hammered and the post split share price level starts heading back to its original pre-split level.

Another option would be to organize a sustained buying effort and muscle your way out of the cellar but typically there will, as if by magic, be a naked short sell order there to meet each and every buy order. Sometimes the shareholder base can muster up enough buying pressure to put the market at $.0001 bid and $.0002 offer for a limited amount of time. Later the market makers will typically pound the $.0001 bids with a blitzkrieg of selling to wipe out all of the bids and the market goes back to no bid and $.0001 offer. When the weak-kneed shareholders see this a few times they usually make up their mind to sell their shares the next time that a $.0001 bid appears and to get the heck out of Dodge. This phenomenon is referred to as “shaking the tree” for weak-kneed investors and it is very effective.

At times the market will go to $.0001 bid and $.0003 offer. This sets up a juicy 200% spread for the MMs and tends to dissuade any buyers from reaching up to the "lofty" level of $.0003. If a $.0002 bid should appear from a MM not "playing ball" with the unscrupulous MMs, it will be hit so quickly that Level 2 will never reveal the existence of the bid. The $.0001 bid at $.0003 offer market sets up a "stalemate" wherein market makers can leisurely enjoy the huge spreads while the victim company slowly dilutes itself to death by paying the monthly bills with "real" shares sold at incredibly low levels. Since all of these development-stage corporations have to pay their monthly bills, time becomes on the side of the naked short sellers.

At times it almost seems that the unscrupulous market makers are not actively trying to kill the victim corporation but instead want to milk the situation for as long of a period of time as possible and let the corporation die a slow death by dilution. The reality is that it is extremely easy to strip away 99% of a victim company’s share price or market cap and to keep the victim corporation “boxed“ in the cellar, but it really is difficult to kill a corporation especially after management and the shareholder base have figured out the game that is being played at their expense.

As the weeks and months go by the market makers make a fortune with these huge percentage spreads but the net aggregate naked short positions become astronomical from all of this activity. This leads to some apprehension amongst the co-conspiring MMs. The predicament they find themselves in is that they can’t even stop naked short selling into every buy order that appears because if they do the share price will gap and this will put tremendous pressures on net capital reserves for the MMs and margin maintenance requirements for the co-conspiring hedge funds and others operating out of the more than 13,000 naked short selling margin accounts set up in Canada. And of course covering the naked short position is out of the question since they can’t even stop the day-to-day naked short selling in the first place and you can't be covering at the same time you continue to naked short sell.

What typically happens in these situations is that the victim company has to massively dilute its share structure from the constant paying of the monthly burn rate with money received from the selling of “real” shares at artificially low levels. Then the goal of the naked short sellers is to point out to the investors, usually via paid “Internet bashers”, that with the, let’s say, 50 billion shares currently issued and outstanding, that this lousy company is not worth the $5 million market cap it is trading at, especially if it is just a shell company whose primary business plan was wiped out by the naked short sellers’ tortuous interference earlier on.

The truth of the matter is that the single biggest asset of these victim companies often becomes the astronomically large aggregate naked short position that has accumulated throughout the initial “bear raid” and also during the “cellar boxing” phase. The goal of the victim company now becomes to avoid the 3 main goals of the naked short sellers, namely: bankruptcy, a reverse split, or the forced signing of a death spiral convertible debenture out of desperation. As long as the victim company can continue to pay the monthly burn rate, then the game plan becomes to make some of the strategic moves that hundreds of victim companies have been forced into doing which includes name changes, CUSIP # changes, cancel/reissue procedures, dividend distributions, amending of by-laws and Articles of Corporation, etc. Nevada domiciled companies usually cancel all of their shares in the system, both real and fake, and force shareholders and their b/ds to PROVE the ownership of the old “real” shares before they get a new “real” share. Many also file their civil suits at this time also. This indirect forcing of hundreds of U.S. micro cap corporations to go through all of these extraneous hoops and hurdles as a means to survive, whether it be due to regulatory apathy or lack of resources, is probably one of the biggest black eyes the U.S. financial systems have ever sustained. In a perfect world it would be the regulators that periodically audit the “C” and “D” sub-accounts at the DTCC, the proprietary accounts of the MMs, clearing firms, and Canadian b/ds, and force the buy-in of counterfeit shares, many of which are hiding behind altered CUSIP #s, that are detected above the Rule 11830 guidelines for allowable “failed deliveries” of one half of 1% of the shares issued. U.S. micro cap corporations should not have to periodically “purge” their share structure of counterfeit electronic book entries but if the regulators will not do it then management has a fiduciary duty to do it.

A lot of management teams become overwhelmed with grief and guilt in regards to the huge increase in the number of shares issued and outstanding that have accumulated during their “watch”. The truth however is that as long as management made the proper corporate governance moves throughout this ordeal then a huge number of resultant shares issued and outstanding is unavoidable and often indicative of an astronomically high naked short position and is nothing to be ashamed of. These massive naked short positions need to be looked upon as huge assets that need to be developed. Hopefully the regulators will come to grips with the reality of naked short selling and tactics like "Cellar boxing" and quickly address this fraud that has decimated thousands of U.S. micro cap corporations and the tens of millions of U.S. investors therein.



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tradingpennys
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I found this on the NASDAQ web site:

CMKX
CMKM DIAMONDS INC
Holdings Summary
Institutional Holdings

Company Details
Total Shares Out Standing (millions): 684

Market Capitalization ($ millions): $0

Institutional Ownership: 0.3%

Price (as of 7/12/2004) 0

..................................
Ownership Analysis # Of Holders Shares
Total Shares Held: 1 2,000,000

New Positions: 1 2,000,000

Increased Positions: 1 2,000,000

Decreased Positions: 0 0

Holders With Activity: 1 2,000,000

Sold Out Positions: 0 0

Owner Name NIAGARA INVESTMENT A... http://holdings.nasdaq.com/asp/Portfolio.asp?FormType=Portfolio&CIK=0001061304&HolderName=NIAGARA+INVESTMENT+ADVISORS+INC%2FNY&strFilter=T&sHead=t&coname=CMKM+DIAMONDS+INC&market=O ther+OTC&PageName=Holdings+Summary&selected=CMKX&symbol=CMKX&symbol=&symbol=&symbol=&symbol=&symbol=&symbol=&symbol=&symbol=&symbol=
Date 6/30/2004 SharesHeld Change(Shares)
2,000,000 2,000,000
% Change(Shares) - New
Value($1000) - $0



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WWJD-thru-me
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Wallace this link is for you and for anyone who is interested in reading up on UC and Petro Plus. It is on the unofficial CMKX home page and when I read it earlier this AM it was mostly positive. I tend to think this thread is worth reading since it links E & A and Deloitte and partners as involved with UC and Petro. This could be why there are so many rumors about this being a sting for the MM's. If they had previously stung a company that didn't deserve it they may get stung themselves this time around.
IMO-DD-GLTA-Debi
http://cmkx.proboards35.com/index.cgi?board=general&action=display&num=1089711814

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WWJD-thru-me
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Here is a link on the intrinsic value of our mineral rights (claims). This is important because it would give us a fairly high value per share. Even using the 500 Billion number which I doubt is true we should be at a much higher pps. This is not trading freely yet-hopefully it will soon. But if not I do think that when we file there will be an announcement and the MM's game will be over at least here. They will need to cover at actual value or more. I am trying to be patient until then. IMO-Debi
http://cmkx.proboards35.com/index.cgi?board=general&action=display&num=1089709077

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Brad
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This is the same info I posted in another CMKX message board so if you're looking at both please accept my apologies but the same info applies.

If you consider owning CMKX for about a month now then you can consider me new. Actually began buying when it was at .0007 and accumulated a little more here and there as it got down to .0003. I'm now 7 mil shares and wouldn't mind adding more if it continues to drop. I'm averaged out about .0005 now.

I'm also new to the message boards as far as a participant but I guess I'm what you folks would consider a "lurker". I've been reading several CMKX message boards everyday for the past month. Some of it interesting, some disappointing (name calling, etc), some entertaining but mostly pretty educational. Hard to walk by my PC without looking at the latest posts. I've never traded Pink Sheets before but have traded off and on over the past few years with my Ameritrade (formerly Datek) account.

As some of you have indicated, dreaming large is a good thing but I'm a pessimist by nature when it comes to something being "too good to be true". I'm one of those that will believe it when I see it but all of the information at hand seems to indicate that the gamble is on our side.

Looking forward to participating in the discussions.
Brad


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WWJD-thru-me
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Hi Brad-Welcome to Allstocks. I agree that this stock is a gamble in the sense that it is very high risk and there are many unknowns; but it does appear to be on our side. Everyone is tired of waiting for the share count and full disclosure on this stock but I do think we will be in good shape when everything is laid out on the table. I also keep coming back to the computer to see if news is out yet.
GLTY-DD-IMO-Debi

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crashoverride
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If you own shares of CMKX do yourself and everyone else a favor by requesting delivery of said shares from your broker.


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Whetstone
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quote:
Originally posted by crashoverride:
If you own shares of CMKX do yourself and everyone else a favor by requesting delivery of said shares from your broker.


Careful with that advice. Cashing in a certificate is MUCH slower and more expensive than doing electronic stuff with a broker. Many of the brokers are holding certificates and won't trade CMKX without them so let them keep them and you'll be ready to sell when the time comes.


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WWJD-thru-me
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A good way to do the certificates is to request half or whatever number you truly feel confortable being long with. It is absolutely correct that you will be giving up a lot of liquidity for the security of having your share certificates and possibly applying a little pressure to the shorts. I still haven't requested mine but it is on my to do list. IMO-Debi
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tradingpennys
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Anyone see the spike @ 0.0028?
The MM's are still shaking the tree! (hope they get knocked in the head by a coconut) lol
Alot of odd lots sold today has been increasing everyday.

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WinsumLosesum
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DeBeers Pleads Guilty in Price Fixing case!!!
Ha Ha!

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VNGNTN1
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DEBI
I don't know what to look for in covering, but I think that the larger the spread the concern plus it makes a huge profit as the go.
VAN

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Brad
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quote:
Originally posted by crashoverride:
If you own shares of CMKX do yourself and everyone else a favor by requesting delivery of said shares from your broker.


I appreciate the advice. I've considered requesting the certificates but like others have said, it lengthens the time to take action if the stock jumps. However, as Debi said, half of them in hand wouldn't be a bad idea. I'm in it long so maybe that would keep me from acting hastily if the pps gets actractive.

Just have to force myself to hang in there.


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WinsumLosesum
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De Beers Pleads Guilty to Price-Fixing

5 minutes ago

Add U.S. National - Reuters to My Yahoo!


COLUMBUS, Ohio (Reuters) - De Beers pleaded guilty on Tuesday in federal court to a decade-old price-fixing charge, freeing the world's top diamond producer to compete directly in the U.S. luxury goods market.

 
De Beers, the South African diamond concern that is 45 percent owned by mining conglomerate Anglo American Plc, was fined the maximum $10 million by U.S. District Court Judge George Smith under the terms of the plea agreement


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HarryHar
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Are all .0003 orders getting filled for buying? Anyone buy today?
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Brad
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So is this good news, bad news or just news about DeBeers? Does anyone think it has implications on CMKX?
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thinkmoney
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Brings free pr to cmkx.
possibly good because seen as competition.

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VNGNTN1
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BRAD
My understanding was the "guilty" plea would allow them direct access in US.
VAN

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WWJD-thru-me
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It also fuels the DeBeers wants CMKX rumor. I haven't given that much credence but anything is possible I suppose. IMO-Debi
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Wallace#1
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Upside,

Now it is my turn to be impressed. Your post at 10:59 is one of the best posts I have ever read.

Debi,

Just got back home. Will read that site you referenced later.

[This message has been edited by Wallace#1 (edited July 13, 2004).]


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Upside
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originally posted by Wallace#1:
quote:
Upside,
Now it is my turn to be impressed. Your post at 10:59 is one of the best posts I have ever read.

Wish I could take credit for writing it but it's just something I copied from a website somewhere. Thanks anyway though!


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