Joined: May 2005 Posts: 532 The ammo is mounting. « Thread Started on Jun 1, 2005, 5:30pm »
-------------------------------------------------------------------------------- When you look at the list of things that have happened recently, it is all starting to add up. IMO get ready for the biggest shock to the financial markets to ever hit. HedgeGate '05 (or '06 maybe) I believe will make all other financial scandals pale in comparison.
Bennett grills Donaldson. 5 Senators (and more to join?) begin a vocal inquiry into counterfeited shares. SEC's Cutler steps down. SEC's Donaldson to step down. SEC authorizes a limit of liability on all wilfull misconduct and federal securities law violations by the NSCC (subsidiary of DTC). DTC awkwardly puts out 2 back-to-back defensive PRs claiming there is no illegal naked short selling through it Overstock.com president puts out scathing letter re: counterfeit shares. O'Quinn lawsuits continue. Eagletech judge orders DTC to produce trading records. Pink Sheets president puts out scathing letter re: counterfeit shares. Transfer Online President puts out scathing letter condemning the DTC for its failed system. SHO continues to fail comprehensively. SEC nailed for failing to complete its OWN financials and for failed oversight methods in its responsibility (congressional probe to begin). Dateline episode on NSS postponed indefinitely. DTC ignores the First Amendment and shuts Financialwire's publishing avenues down.
Start adding it up. The biggest scandal of all-time on Wall Street is about to hit imo. The hedge funds have taken advantage of every loophole in the book to make trillions imo and the sec and dtc have sat idly by while the hedge fund industry has exploded in growth. I only hope that when this is all said and done that there is not a global meltdown from this. I hope that there will be a cushion of some sort to help the markets absorb the changes that MUST take place:
1. Get rid of the DTC. 2. Give SHO teeth. 3. Eliminate the MM system and move to an all-electronic trading system with certain controls in place. 4. Let the heads roll at the SEC. 5. Take down the guilty hedge funds. 6. Move to eliminate all pink sheet companies over time (there simply should NOT be a market for securities this unregulated). 7. Pray the financial markets survive the fallout.
How will CMKX play into this? I don't know. I do know that Maheu is probably capable of "conditioning atmospheres" as they say and, given his history, I highly doubt if any of us would EVER know what he knows or where his next moves will be. I'm just glad he's on our side of the chessboard.
Donaldson's resignation should come as no surprise. A storm is a-brewin' imo and those that see it on the radar are preparing for it. Remember how insider selling can often reveal problems well in advance of market knowledge. Well, take a gander at the exodus going on at the SEC ... I do think this is an excellent opportunity for one party to seize the day and be the ones to "help america by exposing and fixing this horrible scandal." Someone will take this on proactively (the Bush camp imo) and instead of being an administration that "got burned by this scandal" it will be the administration that "rooted out this evil". It sort of reminds me of that Whattaburger commercial where the guy is running late to the office, so he picks up some Whattaburger breakfast taquitos and the narrator says "Now you're no longer the guy that showed up late. You're the guy that brought breakfast!" LOL
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posted
No news. No PR. No speculation. No nothing.
I think this will just fade off into the sunset with no fanfare at all. July comes around, CMKX gets delisted, and we never even get a word from the company. Nobody sez "Gee, we're sorry." Nothing.
IMDO (that's In My DISGUSTED Opinion)
-------------------- If I give you bad information, please feel free to sue me. I have nothing left anyway. Ed
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posted
If I remember correctly that Goldak report included more companies than just CMKX. That may be why some portion was not included. Possibly the only portion relating to the 8K was the 16 anomalies....and the rest to other companies including USCA. Might just explain the missing info. Otherwise, it had to be Urban Casavant's doing that incomplete information was filed. Frankly, that would be no surprise.
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"I do think this is an excellent opportunity for one party to seize the day and be the ones to "help america by exposing and fixing this horrible scandal." Someone will take this on proactively (the Bush camp imo) and instead of being an administration that "got burned by this scandal" it will be the administration that "rooted out this evil". -------------------
legal, that guy PB 32 is living in dreamland with the CMKXers living in la la land with the statement about the Bush camp cleaning things up. Just the opposite will be the case with the Bush camp in league with big business.
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posted
well wallace i think we found a point of disagreement...i'll bet Bush has no clue nor even heard of NSS...its mostly OTCBB stocks not NYSE. reading this Cox guys history i'd think once he finds out the depth of the problem & with the mounting pressure by investors he'll find out fast, i bet at least something will get done. i sure wish they would use better companies then some of the poster children they are using, of course they can claim they issued so many shares because the pps was destroyed by counterfit shares...cmkx of course would have needed money for mining activitys & since none was going on there is no excuse.
-------------------- "keep your stick on the ice & your cup firmly in place"
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posted
bill, what do you mean "we found a point of disagreement"? Look at this part: "i'll bet Bush has no clue..." See, WE DO AGREE!!! LOL I have been a Republican most of my life (including having been a Republican County Committeeman, but am very disappointed with Bush and the Republican party during "the Shrub's" terms of office. Further, I cannot stand the idea that the Senate, Congress and Executive are controlled by one political party. Sorry, my friend.
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posted
For those who haven't seen it yet the SEC's "Post-Hearing Brief and Statement of Postition" is posted on the CMKX Owners Group site: www dot cmkxownersgroup dot com/documents.php
This should make some interesting discussion
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posted
FRIZZELL LAW FIRM 305 S. Broadway, Suite 302 Tyler, Texas 75702 (903)595-1921 E-Mail jmartin@cmkxownersgroup.com
June 3, 2005
Dear Group Members,
I have posted the Post Hearing Brief written by the SEC on the owners' group web site. www.cmkxownersgroup.com I believe this document was filed with the Court this morning. A response brief is due from the company on or before June 17, 2005. The Court has agreed to accept a brief from the shareholders addressing the issues raised by the SEC brief. We will file our response on or before June 17, 2005.
I have been in discussion with Mr. Stoecklein's office this morning regarding the matters raised in the brief. Mr. Stoecklein has begun preparation of the company response. It is my understanding that preparation of the financials is continuing. A new auditing firm has been retained to replace Neil Levine. I will provide you with the new auditor's name when I am so advised.
posted
Wow, what a punch. But it is what we said all alone. It is all about the filings and lies on form 15 period. All the other stuff was just proof that UC would lie to cover his tracks about deals and reporting. Were did all that money go???? Well, we know that answer and thats why there will never be a filing. Revoked July 15th.
-------------------- Invest with your brain not with your heart.
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posted
Legal, just for 60 seconds, forget you know anything about NSS. NSS doesnt exist, there is no such thing. Okay? Now, you are a judge. You have read the charges and heard the testimony.
Okay? Now....is CMKX guilty or not guilty of the charges brought against them?
Read it carefully......carefully..... Guilty or not guilty? Be honest now....NSS testimony was disallowed.
Guilty or not guilty?
-------------------- If I give you bad information, please feel free to sue me. I have nothing left anyway. Ed
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posted
Not sure about recap except for charges. I think they really hit hard on the misgivings that have been given by CMKX. Especially from 2004 and they really haven't made charges this hard before. Of course they probably did at the hearing but we already knew we were getting only the cults version of that hearing. I would love to see those transcripts. Looked to me from some statements that there could be fraud charges leveled, jmho. Talking about reporting soon over and over again with no attempt to get it done. Certain business dealing, especially the jade deal, that money seemed to disappear. Why would the SEC make these charges if they weren't pretty sure they were true. If they are cmkx is DOA and maybe jail time for someone.
-------------------- Invest with your brain not with your heart.
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posted
Just got done reading the entire brief. The SEC has spelled out everything we have been saying here for the last year or so, and we're the bad guys. As Legal said, I look forward to their response but in my opinion, the writing was on the wall long ago but somehow the obvious truth got all twisted around and now the bell is tolling. Anyone with any appreciable investment in this stock should get out while they still can, there's not much time left.
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posted
Yugsnioc please follow these few steps with me it may calm you down step 1 read this;"according to 12-g rules "a class of securities registered under the exchange act can be deregistered if (1) the shareholders of record in the appropriate class fall below 300, or(2) if the issuer has fewer than 500 sharholders of record(but more than 300) in the appropriate class and its total assets did not exceed $10 million on the last day of each of its three most recent fiscal years"
step 2 reread the last sentence of the reg: "on the last day of each of its three most recent fiscal years"
step 3 remember the fiscal year end for cmkx is dec 31
step 4: re read the last sentence of the reg:"on the last day of each of its three most recent fiscal years"
step 5: find where the sec or cmkx has addressed the shareholders of record on Dec 31 2002 as of yet.
step 6 re read the last sentence of the reg:"on the last day of each of its three most recent fiscal years"
step 7: think about january of 03 360 people got certed shares from the company for work.
step 8: reread that 692 shareholders of record on 22 july
step 9: reread the last sentence of the reg: "on the last day of each of its three most recent fiscal years"
step 10: ask yourself if between jan and july if only 32 people became shareholders of record or if we were under 300 shareholders of record "on the last day of each of its three most recent fiscal years"
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quote:Originally posted by BCmouser: PROBABLY FIND CMKX GUILTY??? So you arent really a legal eagle.
BCmouser, in our judicial system we hear both sides.
The first thing I will point out about the SEC response is the the "manipulation" of the evidence, or "lying by omission" on the Jade deal. Here the SEC implies that Urban bought a multi million dollar jade collection, and has now somehow "run off" with the assets.
The entire jade collection deal was spelled out in PR's, which were subpoenaed by the SEC, and in their hands.
The jade collection was to be a lease deal, not a puchase, and was to be a profit making deal for CMKX because it had lined up casinos that wished to sublet the collection for display in the casinos. A very forthright and good business deal.
The deal fell through and all was PR'd and those PR's are in the hands of the SEC. Yet they attempt to cast aspersions on the company to make them sound like they had stolen millions from the company. Yet they know the opposite is the truth.
So, based on some of the information, I "might" find them guilty. But what I have posted here, demonstrates why you have to hear the opposite side. The entire opposite side.
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posted
legal, I suggest you give up the ghost....CMKX. I just finished reading that report and as Upside suggested, dump your shares at whatever you can get for them.
Even the SEC stated that they "suspected the filing of Form 15 may have been fraudulent" The FACTS certainly point in that specific direction. That means Frizzy is going to have to go after CMKX, Urban Casavant et al. That is and will your only hope. The problem there is that Frizzy has you all in the palm of one hand. I saw that coming too and told you so. Now, with a class action suit, he and his law firm will clean up and the public shareholders will get practically nothing. So sad!!
$24 million worth of stock issued to whom and why?
A jade collection reported to be worth $56 million may not have been reversed and the collection appears to have vanished?
No accounting of what happened to the $3 million from USCA?
No accounting of what happened to the $10 million from St.George Metals?
If the above plus all the misleading PRs does not indicate a case for FRAUD, I don't know what might!!!
As to the revocation, almost all of those accusations the SEC made are exactly what we have been trying to beat into unlistening heads for months on end.
You may also be interested to know that each and every one of the charges and the bit about protecting "future investors" (if you and the SEC wish to call them that) from harm and to "prevent future violations" are precisely the things I mentioned in my earlier email to the SEC in connection with CMKX, Urban Casavant et al. And, yes, I also pointed out the questionable backgrounds (giving sources to the SEC) of such as Dhonau, Desormeau and others.
Upside is 100% correct! Anyone reading this thread better get rid of all their CMKX shares right now if you are the least bit intelligent. You will probably get much more by selling now than you will get in any class action suit!
SO VERY, VERY SAD!!! WHY IN HELL DIDN'T YOU PEOPLE LISTEN???? WHY?????
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posted
legal, is the jade collection the only thing you can point out? We all know they never told us what happened in that deal. Come on, man, give up the ghost!
Just realized it's after midnight. Must be up early so, Good Night and Good Luck.
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The judge stated that she will not allow NSS to be used as a defense for the charges brought. Ergo and therefore, there IS no defense, and she has no choice but to revoke CMKX.
No matter what defense the lawyers try to use, CMKX and UC are guilty....they have ADMITTED they are guilty. The judge doesnt care why, only that they're guilty.
As they say, ignorance is no excuse for breaking the law. Neither is NSS a defense for not filing.
PERIOD
-------------------- If I give you bad information, please feel free to sue me. I have nothing left anyway. Ed
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quote:Originally posted by ed19363: One more time, legal, then I give up.
The judge stated that she will not allow NSS to be used as a defense for the charges brought. Ergo and therefore, there IS no defense, and she has no choice but to revoke CMKX.
No matter what defense the lawyers try to use, CMKX and UC are guilty....they have ADMITTED they are guilty. The judge doesnt care why, only that they're guilty.
As they say, ignorance is no excuse for breaking the law. Neither is NSS a defense for not filing.
PERIOD
Please note ed that the judge said that NSS would not be permitted as a defense. This was during the pre trial conference. Then at the hearing she did permit NSS evidence in. Re: the Jeffries letter, and allowing Frizzell to enter his NSS evidence until the 29th. So it is in evidence and being considered.
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posted
Couldn't sleep because kept thinking of something else.
Anyone who bought into all or any of those JVs associated with CMKX or UC had better give some thought to what will happen to them with the court's decision as well. Forewarned is forearmed. If I held any, which I never did, I would have already sold them. GLTYA
posted
Wallace there is much more that I could point out as erroneous in the SEC reply. However, I will wait and allow Stoecklein the privilege. But here is something for you to consider:
An attorney with good credentials, Stoecklein, modified the 15g, knowing that he could not complete the filing procedure. Why would he do that? Didn't he know that the company would likely be subject to revocation? Of course he did. Would the company want to be revoked? Well there may be a good answer to that.
If you remember, I reposted some phxgold DD a few weeks ago concerning the "sellers" listed in the 14C. I believe it was glossed over with some innane comments about him. The 14C spells out a "forebearance" agreement between CMKX and the "sellers" who were creditors of the company in the purchase of land rights.
These "sellers" or some of them are suspect of using their restricted shares in the Jeff deal, and used as collateral in that deal for the shorting of the stock, in an attempt to bankrupt CMKX. If they had been successful, a bankruptcy would have turned everything over to them. In effect an "insider" hostile takeover of CMKX.
However, that forebearance agreement has a clause that terminates the agreement in the event of a revocation of the company. Are YOU listening Wallace?
That agreement also has a "privacy" clause that prevents Urban from speaking about the principals who we call the "sellers". He is forbidden from discussing terms of that agreement publically without some very certain requirements by a court or Federal investigative agency subpoena, which has not been done. A revocation hearing does not qualify under the laws concerning such confidentiality agreements. Hence, the fifth amendment. If Urban had spoken about these "sellers" and the attempted takeover, that would have been a different violation of the agreement and would have resulted in the loss of the company to these "sellers".
What I am telling you, is the "obvious" direction of this case are really not so "obvious" at all. That's why I am waiting for the whole story to be told. You, Wallace, are going to learn things you never learned on Wall Street, now.
And BTW, the going rate for selling our shares is about $60-70 per million. I don't know anyone who is silly enough to sell their "lottery ticket" for that amount until the numbers have been read.
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posted
With that post, I will be taking my leave from this board for a few days, as I go to Washington to hopefully be heard about the NS issues. But if you miss me, and I know some of you will, (LOL) you can catch me on CFRN radio, reporting from the rally.
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quote:Originally posted by Wallace#1: Couldn't sleep because kept thinking of something else.
Anyone who bought into all or any of those JVs associated with CMKX or UC had better give some thought to what will happen to them with the court's decision as well. Forewarned is forearmed. If I held any, which I never did, I would have already sold them. GLTYA
Now I can sleep.
So, missed opportunities to bash, keep you awake? That's dedication.
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posted
Legal, good luck speaking out on the naked shorting issues. Unfortunately it's not going to have an impact on CMKX. This thing is done.
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