posted
Wallace, I will stand by my paraphrase without retyping the entire ruling. Most here are able to read and understand the link, and compare what I said with what she said.
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posted
I believe several things are happening behind the scenes.
1.I believe CMKX has found a way to prove NSS, this may not seem valuable but it puts someone on the hook legally. It gives us leverage. It sets up a future law suit against those who knew about it including the DTCC. Shareholders as well as the company could file suit. If they drove the price down defrauding us of capital then that is very material both for the company and shareholders.
Lets say CMKX is revoked and all investors lose their money. There will be a law suit against someone. If the reason for revokation is proven to be the DTC creating a situation where it is impossible for a company to file then they become liable not CMKM.
2. NSS do create a situation where it is impossible to file. The legal standard for OS is reasonable deviation. NSS of 2 times OS is an unreasonable deviation. So it is true every company could use the defense that we don't know to the share at this set time it is also true that they can know within a pct the daily outstanding. That would be reasonable deviation. 50% is not reasonable and would mislead future investors.
How many people would buy CMKX if OS was stated to be 3 trillion, or if thinking it was 700 billion but you felt valuation was high enough you might still buy, but it turns out there were 3 trillion investors all along.
Publicly stating the lower numbers as true OS would not be fair at all. Period. Thus the DTCC created the unfair environment not the company.
3.I think CMKX is fishing for info. I think we can prove a NSS but those daily records could be invaluable in many many ways. The way I see it CMKX would be satisfied with just having the records even if they were revoked because the records would name names.
4. The records could also be valuable in a criminal defense because it would help CMKX plan strategy.
5. Remember that after filing the form 15 we should have 60 days. If the NSS is proven and is a valid defense, then it is to be used to show what we couldn't do the last 60 days, it does not reflect what we couldn't do before that. Since we thought we were ok til the form 15, all we need is a valid defense for the last 2 months.
My question is this. If the judge says the NSS issue must be resolved so we can file properly, what kind of short squeeze would ensue. How would that be resolved?
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posted
All financial specifically state that the published o/s is issued shares. This makes them not liable for any shorts or other manipulation. All they had to do is stated that this was what the company issed and they would have been covered. Your contention is false and misleading. CMKX had no reason to not file with or without NSS because they don't have to prove all shares only issued shares.
Anyway even what you say was true (which it isn't) it didn't exclude them from filing S-8's or for the lies on the form 15. Also all other filings in such as 8-K's Form 4's and 3's. You are grasping at straws here. You can't rob a bank because you think they are crooked. What CMKX did was illegal and they will be revoked. Whether they think the SEC or DTCC did illegal activities against them or not. CMKX broke the rules.
Beside anyone who thinks 703 billion o/s has a valuation more then .0001 is crazy.
PRRM holders that think 60 billion o/s is worth more then .0001 are fooling themselves too.
-------------------- Invest with your brain not with your heart.
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posted
People this is a pump and dump to 703 billion shares worth. The SEC knows it and they are going to stop this scam. But you can't see it through those rose colored glasses. Geez it so obvious its silly to think others can't see it. You bought unregistered shares from CMKX because they broke the rules and never registered them. What grounds will you sue other then CMKX for not doing there job.
-------------------- Invest with your brain not with your heart.
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It is funny now that CMKX claims they can't file back filings now because of NSS but when they first responded to this it was because they had voids in there records. They never keep the records so they couldn't be sent to jail is what it is. But you people want it both ways. Even UC can't get his story straight. They knew they were busted and they are trying anything they can to keep from losing there money pit.
-------------------- Invest with your brain not with your heart.
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posted
If they don't file when issueing shares they are unregistered. Thats way the canada providence stopped them. But hear you go anyway. MAybe I should say illegal issued shares is that better.
"The Commission temporarily suspended trading in the securities of CMKM Diamonds because of questions that have been raised about the adequacy of publicly available information concerning, among other things, CMKM Diamonds’ assets and liabilities, mining and other business activities, share structure and stock issuances, and corporate management. Since the fiscal year ending December 31, 2002, CMKM Diamonds has been delinquent in its periodic filing obligations under Section 13(a) of the Exchange Act. The Commission is concerned that CMKM Diamonds may have unjustifiably relied on a Form S-8 to issue unrestricted securities. The Commission is also concerned that CMKM Diamonds and/or certain of its shareholders may have unjustifiably relied on Rule 144(k) of the Securities Act of 1933 (“Securities Act”) in conducting an unlawful distribution of its securities that failed to comply with the resale restrictions of Rules 144 and 145 of the Securities Act. "
-------------------- Invest with your brain not with your heart.
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Rate Member posted May 03, 2005 23:58 -------------------------------------------------------------------------------- I believe several things are happening behind the scenes.
1.I believe CMKX has found a way to prove NSS, this may not seem valuable but it puts someone on the hook legally. It gives us leverage. It sets up a future law suit against those who knew about it including the DTCC. Shareholders as well as the company could file suit. If they drove the price down defrauding us of capital then that is very material both for the company and shareholders.
Lets say CMKX is revoked and all investors lose their money. There will be a law suit against someone. If the reason for revokation is proven to be the DTC creating a situation where it is impossible for a company to file then they become liable not CMKM.
2. NSS do create a situation where it is impossible to file. The legal standard for OS is reasonable deviation. NSS of 2 times OS is an unreasonable deviation. So it is true every company could use the defense that we don't know to the share at this set time it is also true that they can know within a pct the daily outstanding. That would be reasonable deviation. 50% is not reasonable and would mislead future investors.
How many people would buy CMKX if OS was stated to be 3 trillion, or if thinking it was 700 billion but you felt valuation was high enough you might still buy, but it turns out there were 3 trillion investors all along.
Publicly stating the lower numbers as true OS would not be fair at all. Period. Thus the DTCC created the unfair environment not the company.
all i can say is Legel, your posts make more sence then this guys...johnny, put the kool-aide glass down & back away. i want to say your post had me laughing so hard it hurt my sides but i can't. its just too sad to realize just how lost some of the cult is. 1) the DTC allows n/s to go on, they dont sell the shares. brokers do. you'd have to sue them, they are the one doing illegel acts. 2) n/s'ing hurt the pps but dumping 703 billion shares into the market doesn't? cmkx might have enough value to increase 703 billion shares from .0001? ppl might buy a stock with a 703 billion o/s without cult kool-aide on the brain? i dont think there is any rational way to respond to such extreme foolishness. the kool-aide your drinking make's crack & heroin look like over the counter drugs, something you'd find at a candy store.
legel if anyone in here says your thinking is crazy, just bring up johnny's stuff to show what crazy really is...lol
-------------------- "keep your stick on the ice & your cup firmly in place"
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posted
Actually, I think Johnny has a pretty good grasp on what is going on behind the scenes. It might be different flavors, but apparently we are drinking the same Kool-Aid. But I understand your concern that someone would come in here, that has actually been thinking and researching. So, Johnny get ready for the ridicule. That's what they do when they can't refute your posts.
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quote:Originally posted by bill1352: legel, you never answered my question from yesterday...if the float ends up 600 billion or more what will your opinion of cmkx be then?
Probably the same as your's would be if the float was 30 billion or less.
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posted
ridicule??? thinking that normal everyday ppl looking to buy a penny stock might think a stock with a 703 billion o/s is a good thing? i think you got the shoe on the wrong foot. they say there is a sucker born everyday & the cult proves that to be true & in pennyland almost everyone gets sucked into 1 or 2, dardadog had mlon. but to say a company, a mining company no less might have enough value that normal ppl might think a 703 billion o/s is ok is ridiculing almost the entire penny world population.
-------------------- "keep your stick on the ice & your cup firmly in place"
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posted
We know its over 397 billion legal because CMKX already told us that. We just don't know how much over. Because he stated it clearly that 407 billion was all that was on the shareholders list. He didn't say restricted, he said shareholders of record. So no restricted shares are unknown making a minimum float of 397 billion. What we don't know is how much of the 407 billion is of float because shareholders of record could be part of float to.
This is too easy to figure out Legal if you only read instead of twist.
-------------------- Invest with your brain not with your heart.
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posted
well legel, i guess your right there. if the float is 30 billion or less i would be the first to say i was wrong in selling. because with the hype, the cult & the then outragous n/s the pps would have to fly.
-------------------- "keep your stick on the ice & your cup firmly in place"
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posted
Stoecklein response to SEC's "in limine" motion:
"CMKM understands that evidence of naked shorting does not excuse extended filing deficiencies but will prove that such outstanding share numbers are very material to having correctly filed financial reports."
"but will PROVE"
Just shooting his mouth off, pre-hearing? Probably didn't get where he is doing that.
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posted
first step is filing something. you can not be faulted or called unfair if you file what should be correct info. if brokers are n/s'ing & the DTC is allowing it you can not be held responsible & you have then proven the problem. i can almost see waiting till the SEC calls you into court if you have solid proof thus forcing the issue as others are having a hard time getting results but first your books have to be perfect & second as soon as the SEC says "to court you go" you file. then you ask the judge to include the n/s proof & the judge has to include it. cmkx has said books are not only not right but stuff is missing let alone file anything.
-------------------- "keep your stick on the ice & your cup firmly in place"
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quote:Originally posted by legaleagle: Wallace, I will stand by my paraphrase without retyping the entire ruling. Most here are able to read and understand the link, and compare what I said with what she said.
That is exactly my point, legal!! There is no misunderstanding as to what Judge Murray stated. It was extremely clear. Your post distorted it into something completely different. You truly do amaze me!!!
You also previously stated that CMKX made no mention of NSS in their subpoena. I suggest you read Items 1 and 2 of Judge Murray's denial of allowing those subpoenas as well as Stoecklein's response following her ruling....all relating to NSS.
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I do not see anywhere in the judge's order from today, where she ruled on the SEC's In Limon motion to prohibit CMKX from introducing NSS at the hearing.
In the judge's order, the SEC's Notice of in In Limine Motion to exclude naked shorting evidence is not included under either the "Pending Motions" section or the "Rulings" section.
The subpeonas to the Nazareth and the DTCC (for specific trading records, and lots of them) were denied because the judge deemed the requests "unreasonable and excessive in scope". The SEC Notice of In Limine does not mention the subpeonas to the DTCC or Nazareth. It only contents that any/all evidence of naked short selling is "unrelated to reporting obligations" and "irrelevant and immaterial", and that such evidence should be exluded.
Additionally, in the judge's order on motions, no mention is made suggesting that the OBO/NOBO, Leslie Boni's report, or Finnerty's report (evidence already submitted) would be excluded. Nor does the motion reference the exclusion of any future evidence which may be submitted, pertaining to naked shorting.
It is true that the judge states in her motion that CMKX has failed to file, and "Therefore, the only issue is what action is necessary and appropriate for the protection of investors." But I would proffer that excluding evidence of naked shorting and settlement failures could never be deemed to be "appropriate for the protection of investors".
Also, I'm very pleased with our response to that motion, as we have finally made the following argument:
1) The 10KSB requires us to report "outstanding shares"
2) The term "outstanding shares" is ambiguous. Is it shares issued by the corporation, or shares held by all its investors? (implying that we have two sets of O/S numbers, one equaling the number issued, the other equaling the number held).
3) Sarbanes-Oxley and its auditing requirement would demand certainty of the number presented on a 10KSB as representing the "outstanding shares"
4) CMKX "will prove that such outstanding share numbers are very material to having correctly filed financial reports". (again, looks like we are arguing that at least one of the reasons we have not filed is because naked shorting and settlement failures have created more shares held, than there are shares issued).
I'm no attorney, but it appears to me that, even if the judge agrees to the SEC's in limine motion, that we are building one hell of a case for appeal to a higher court.
Stoecklein et al have taken a case about failure to file and MADE it into a referendum against naked shorting. It's funny, when you read the motions, it sometimes difficult to discern who the plaintiff is.
posted
By: abadgoodgirl 04 May 2005, 10:40 AM EDT Msg. 927297 of 927334 Jump to msg. # May 4, 2005
Honorable Brenda P. Murray Administrative Law Judge 450 5th Street Northwest Washington, DC 20549 By facsimile
As a CPA, formerly with Price Waterhouse in Washington, DC, I am aghast and mortified that the court would entertain such an absurd request from the Division regarding the “irrelevancy” of a possible NSS in the matter of CMKM Diamonds as it may relate to its inability to file accurate financial statements.
It is my personal opinion, that unless, you are a CPA and trained in the preparation and understanding of financial statements, you do not possess the knowledge and or the qualifications to preside over an administrative hearing for a failure to make periodic filings of financial statements.
The very idea that the share structure of a company is not part of the financial statements and is irrelevant is preposterous. One cannot possibly file completed financial statements and omit the section of the Balance Sheet titled “Liabilities and Stockholders’ Equity”. The very idea of such nonsense is gross negligence at the very minimum.
A basic accounting formula is Assets = Liabilities + Stockholders’ Equity. That is accounting 101 and preparation of financial statements 101. To ignore that the stockholders’ equity section is an integral part of the Balance Sheet and thus part of the financial statements is to be beyond ignorant in the knowledge of properly constructed financial statements.
Any attorney in the enforcement division working for the SEC who would entertain that idea let alone officially argue that the very share structure of a company’s financial statements is irrelevant should not only be sanctioned but should have their law license revoked and his/her brain examined.
As a CPA I am aghast at the Divisions in Limine Motion to exclude anything that would go directly to the preparation of the stockholders’ equity section of the balance sheet. The balance sheet is a required financial statement and is often accompanied by a separate breakdown of the stockholders’ equity section thereof. This separate statement is known as the Shareholders’ Equity Statement.
For your information, the Shareholders’ Equity Statement is designed as follows:
Balance, beginning of period [shares o/s x pps] Common stock issued [naked, legal or otherwise it’s out there] Common stock repurchased Stock-based compensation expense Stock-option income tax benefits/deficiencies Other, net Balance end of period
From the stockholders’ equity section of the basic balance sheet, primary f/s: Stockholders’ equity: Common stock and paid-in capital- shares authorized _____; outstanding ____ Retained earnings (deficit) Total stockholders’ equity Total liabilities and stockholders’ equity
Page 2 of 2
No words come to the mind of this CPA after reading the Division’s ridiculous and absurd position that anything having to do with the proper and accurate construction of the shareholders’ equity section of the balance sheet would be anything other than relevant.
In fact and of course all shares are relevant to the shareholders’ equity section of the balance sheet, naked or otherwise. If they’re out there, they must be included in the total shares outstanding field of the balance sheet.
I predict complete negligence and perhaps disbarment in your future if you do not possess the proper credentials and knowledge to understand the matter before you. Whatever school you went to for your education should be brought to trial if you cannot see that the shareholders’ equity section of the balance sheet is an integral component of properly constructed financial statements and is impossible to construct without the known share structure.
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posted
Legal, I am sure that the letter you posted will make the judge very happy, and most sympathetic to the cause of CMKX. "NOT" this person has insulted the judge, a great way to make enemies but sure as hell not friends.
IMO you should keep those correspondences to a minimum, no doubt insulting the judge is not going to help your case
Do yourself a favor, stop this persons letter writing. and tell them to lay off the kool aid, it will surely cause them to get Alzheimers Disease. Actually, it sounds like it may already be to late.
-------------------- Be Careful Of The Toes We Step On Today, They Could Be Attached To The Butt We Have To Kiss Tomorrow
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quote:For your information, the Shareholders’ Equity Statement is designed as follows:
Balance, beginning of period [shares o/s x pps] Common stock issued [naked, legal or otherwise it’s out there] Common stock repurchased Stock-based compensation expense Stock-option income tax benefits/deficiencies Other, net Balance end of period
The flaw here is in the "Common stock issued" section. They didn't issue naked shorted shares and they are not required to investigate the matter and report it on their financials. I agree with Doc, if this letter makes it to the judge it is not going to help their cause and could harm it.
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posted
Write enough letters like that, and the judge wont have to destroy CMKX. The shareholders will do it for her. And whoever this gal is, she needs Prozac with her Koolaid. We have already been told not to communicate with the parties involved, that's what the lawyers do. Letters like this can only hurt.
-------------------- If I give you bad information, please feel free to sue me. I have nothing left anyway. Ed
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LAS VEGAS--(BUSINESS WIRE)--May 4, 2005-- CMKM Diamonds Inc. (Pink Sheets: CMKX) wishes to update all stockholders on the status of the upcoming administrative hearing set for Tuesday, May 10, 2005, as CMKX is preparing to present their case via a public hearing as ordered by the commission. CMKX has been diligently preparing for the administrative hearing by gathering and coordinating the compilation of documentation necessary to provide the administrative law judge with a status report on its accounting and 12g reporting efforts. "We have been working to assimilate a tremendous amount of documentation and gathering the necessary witnesses to prove our case at the public hearing," stated Urban Casavant, president of CMKX.
-------------------- Don't envy the happiness of those who live in a fool's paradise.
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CMKX believes it is in the best interest of its stockholders to be informed about the securities in which its stockholders invest and CMKX acknowledges that all of its stockholders have a right to access public information
**What a crock of crap, if CMKX believed in giving information to the shareholders, then they would not be in this mess.**
Urban and CMKX are "mushroom farmers" keeping the shareholders in the dark and feeding them crap.
CMKX shares nothing with its shareholders period That is why we need the SEC to get us the information that we want.
More power to the SEC in helping to expose this scam and shutting it down.
-------------------- Be Careful Of The Toes We Step On Today, They Could Be Attached To The Butt We Have To Kiss Tomorrow
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posted
LAS VEGAS--(BUSINESS WIRE)--May 4, 2005--CMKM Diamonds Inc. (Pink Sheets: CMKX - News) wishes to update all stockholders on the status of the upcoming administrative hearing set for Tuesday, May 10, 2005, as CMKX is preparing to present their case via a public hearing as ordered by the commission. ADVERTISEMENT
CMKX has been diligently preparing for the administrative hearing by gathering and coordinating the compilation of documentation necessary to provide the administrative law judge with a status report on its accounting and 12g reporting efforts. "We have been working to assimilate a tremendous amount of documentation and gathering the necessary witnesses to prove our case at the public hearing," stated Urban Casavant, president of CMKX.
The Division of Enforcement has requested a ruling from Judge Murray in advance of the hearing to prevent CMKX from discussing or providing any evidence of naked shorting in the common stock of CMKX. The Division of Enforcement contends that evidence of naked shorting is immaterial and irrelevant, but CMKX considers it very relevant.
CMKX believes it is in the best interest of its stockholders to be informed about the securities in which its stockholders invest and CMKX acknowledges that all of its stockholders have a right to access public information.
CMKX has been working with Bill Frizzell, counsel to the CMKX Owners Group. CMKX and Frizzell have been working diligently together in an attempt to achieve the best possible outcome for CMKX stockholders at the hearing. Frizzell's assistance in this important matter has been instrumental in moving CMKX closer in its goal of investigating and resolving all possible issues relative to the trading in CMKX's stock.
Additionally, CMKX management sincerely appreciates and acknowledges the CMKX Owners Group for its efforts in demonstrating loyal stockholder support for CMKX management's ongoing effort to build stockholder value. Information about the owners group and their current numbers can be obtained at their Web site (www.cmkxownersgroup.com).
CMKX reminds its stockholders and the investing public that all corporate updates will be made solely through press releases and/or current reports on Form 8-K as and when they become available.
Forward-Looking Statements
This press release may contain statements that constitute "forward-looking statements" as defined under U.S. federal securities laws. Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "establish," "project" and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are based on current expectations and assumptions that are subject to certain risks and uncertainties that could cause actual results to differ materially from CMKX's historical experience and its projections. Such forward-looking statements are inherently uncertain, and actual results may differ from those expressed or implied in the forward-looking statements. Consequently, readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date they are made.
CMKX's actual results could differ materially from such forward-looking statements because of factors such as: impact of the results of the administrative hearing on CMKX's stock price; impact of the hearing on CMKX's operations; CMKX's ability to continue to trade on any platform; uncertain further regulatory scrutiny; the current state of CMKX's operations; unavailability of documentation and corporate records; the impact of potential naked short selling on CMKX's stock price and its ability to prepare its 12g reports; the impact of failing to meet 12g reporting requirements; the ability to rebuild financial records; any actual or perceived benefits derived from CMKX's cooperation with Frizzell and the CMKX Owners Group; timing necessary to comply with reporting requirements; lack of adequate internal controls; unforeseen capital deficiencies; changes in the mining and metals environment, including actions of competitors; the effectiveness of CMKX's development and drilling programs; regulatory and legal changes; and other risks associated with companies in similar industries. CMKX undertakes no obligation to publicly update or revise any forward-looking statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
-------------------------------------------------------------------------------- Contact: CMKM Diamonds Inc., Las Vegas Andrew Hill, 306-752-3755 or 877-752-3755 cmkxir@mail.casavantmining.com
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SEC please expose these people for what they are and SHUT IT DOWN, Please SEC shut CMKX down, they never believed in giving the shareholder the truth.
SEC Hearing ==== Bye Bye CMKX
Hey Melvin you had better watch out Mount SEC is about to explode and the falling rocks will hurt you and the gang Urban et al.
-------------------- Be Careful Of The Toes We Step On Today, They Could Be Attached To The Butt We Have To Kiss Tomorrow
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posted
As to the re-posting of the abadgoodgirl letter goes: First let me say that I do not agree with the personal attacks on the judge, but the accounting and ruling information was important.
But as to the personal part of it. Kind of "ugly" isn't it? And definitely has no business on a board like this, where "seldom is heard". LOL
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quote:Originally posted by legaleagle: DOC, GLASS, AT LEAST THEY PUT OUT THE FULL PR. WHAT'S WITH EXCLUDING THE PART ABOUT THE SHAREHOLDER GROUP?
Legal the shareholders group has nothing to do with the lies that CMKX has been putting out there. If CMKX had been truthful and given the information about its assets, stocks they would not be in the position of being investigated by the SEC.
There should never have been an need for a shareholders group, just plain simple honesty on the part of Urban et al would have been fine.
SEC Investigation = CMKX going Bye Bye
-------------------- Be Careful Of The Toes We Step On Today, They Could Be Attached To The Butt We Have To Kiss Tomorrow
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