Hello CMKX'r...Welcome to October. IGNORE the NEGATIVE sentiment no matter what! TRUST the TEAM. The TEAM will SPEAK asap between now and Oct. 20. Keep "eachother POSITIVE!"
Posts: 2375 | Registered: Nov 2004
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quote:Originally posted by legaleagle: SGGM up 900%. Go figure. And after revocation.
If SGGM is revoked how can the price rise? It's not traded.
-------------------- The opinions expressed here by myself and others should be taken for what they are: opinions. Beware, many express opinion as fact. Do your own research from reputable sources and never invest more than you can afford to loose. ~,-,-< GatorMan Posts: 752 | From: Springville, Utah | Registered: Jan 2004
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FinancialWire Monday - NASD Takes Control of OTC
-------------------------------------------------------------------------------- October 3, 2005 (FinancialWire) Today, the NASD takes control of the over-the-counter bulletin board from Nasdaq (NASDAQ: NDAQ), and Nasdaq’s SmallCap market has been renamed Nasdaq Capital Market, moving companies such as Beacon Power (NASDAQ: BCON) on the Regulation SHO threshold list to a new market, and such companies as First Montauk Financial (OTCBB: FMFK) directly under the purview of the NASD, which has recently launched a regulatory offensive against illegal and manipulative naked short selling.
At the same time, despite the efforts of data extractors such as Global Securities, a division of Thomson (NYSE: TOC), the U.S. Securities and Exchange Commission, which is the leading proponent of corporate transparency, has been identified at the same time as the leading opponent of government transparency.
The SEC has refused public information requests more often than almost every government agency and department, including the CIA and Pentagon, according to a survey.
Of 3,830 information petitions received from lawyers, investors and others under the Freedom of Information Act, the SEC has granted only 34%. The survey was conducted by the Coalition of Journalists for Open Government. The SEC’s year-end backlog of 8,635 requests was also larger than all except four agencies.
“The SEC has never applied the same standards to itself that it applies to the companies it regulates,” Edward Fleischman, a former SEC commissioner and now senior counsel at the Linklaters law firm, was quoted as saying.
“This is an agency that has never done very much disclosure about itself.'”
According to the survey, the CIA and the Department of Defense, by contract, fulfilled half of the information requests. The Pentagon had received 77,256 requests.
The SEC did not decide on 93% of over 9,000 requests received in its last fiscal year, and is totally jammed up now.
Global Securities Information said it had filed over 9,000 FOIAs and now has a backlog of over 6,000 pending.
SEC speakers have recently talked about corporate governance filtering throughout a public company according to the “tone at the top.” The secretive tone at the top appears to be filtering through two of its regulated SROs, NASD and the NYSE, to their co-owned Depository Trust & Clearing Corp.
The DTCC., reportedly itself under NASD scrutiny for its controversial stock lending program that some, including an 11 state state North American Securities Adminitrators Association task force headed by Connecticut’s chief securities officer, and former NASAA president, apparently believe facilitates the illegal naked shorting industry, has been very secretive about the status of shares for individual companies, stonewalling even companies’ efforts to determine their true ownerships and short positions.
Brokerage and clearing firms are apparently under intense NASD pressure to settle failed short trades in Regulation SHO threshold securities or have their clearance firms do it for them at possible substantive losses.
The NASD is in turn acting under political and regulatory pressure from the 11-state task force.
Lambiase had publicly asked the SEC to “fix” the DTCC “problem” as it was considering the adoption of Regulation SHO last year, but taking a page from numerous U.S. Senators, he and other state regulators have grown tired of waiting for Regulation SHO to do more than simply shine a magnification light on the massive fails-to-deliver problem.
DealFlow said NASD officials are concerned that stock loan programs are being used to settle failed short trades in Reg SHO threshold stocks, which must be closed out voluntarily or through forced buy-ins within 13 days. “The regulators are concerned that the stock loan are being used instead of market purchases to provide the shares needed for settlement, creating new transactions that will ultimately fail to settle as well.”
The state regulators, DealFlow said, have been “highly critical of the SEC's decision to ‘grandfather’ settlement failures resulting from naked short sales up to levels that trigger threshold status under Reg SHO.”
NAASA was particularly concerned about Regulation SHO, because it excluded the small cap market from any meaningful regulation. “NASAA said the proposal included replacing the so-called ‘tick test’ with a rule that would provide a uniform price test using the "consolidated best bid" as the reference point for permissible short sales. This, however, would not address problems relating to the naked short selling of smaller, less liquid securities, because , NASAA argued, the requirement of the consolidated best bids meant it could not be applied to securities that were not subject to real-time consolidated quotes. That included Nasdaq Small Cap, OTCBB, and Pink Sheet securities.
NASAA also questioned the wisdom of grandfathering settlement failures under the threshold level, asking why the SEC was willing to permit significant settlement failures at all.”
“While there are instances when settlement may be legitimately delayed, existing regulations provide for extensions for settlement. If the Commission continues to allow settlement failures, it may well facilitate the harm that the proposal is designed to remedy,” Lambiase warned the SEC.
According to DealFlow, Lambiase urged the SEC to reconsider its stance regarding the role of the stock borrow program operated by the Depository Trust Corp. (DTC). NASAA wrote that as a threshold matter, NASAA believes that the Commission should explicitly prohibit the DTC from lending more shares of a security than it actually holds. The utility of the overall proposed rule would be severely impaired unless the Commission undertakes to implement such a prohibition."
Brent Baker, an attorney with Woodbury Kesler in Salt Lake City and counsel to naked shorting target and eight-month old threshold list company Overstock.com, previously spent 14 years at the SEC, including time in the Division of Enforcement, was quoted as saying he believes that the SEC tried, with Regulation SHO, to put "their finger in the dike" but failed.
“Three or four years ago naked short selling was being perpetrated by promoters in the micro cap world," he says. "they would publish 'exposes' on the Internet... and they would bring pressure on these little companies."
“However, short selling has changed,” noted DealFlow. He believes the SEC does not realize that abusive short selling practices have been adopted by others and are now built into business models of large, mainstream hedge funds.
Meanwhile, the NY Post has reported that traders in Nasdaq stocks are racing to beat a rumored regulatory deadline to close out their positions — or take huge losses as clearing firms do it for them.
“Naked short sales are trades executed without borrowing stock beforehand. Naked short sellers can overwhelm an orderly trading market, since unlike traditional short sellers, there is technically no limit to how much stock can be sold short illegally, noted the Post.
The Post also reported recently that the NASD and numerous state securities regulators, led by Ralph Lambiase of Connecticut's Division of Securities and Business Investments, have vowed to increase scrutiny of naked short sales.
“A buy-in is the worst possible development for a short-seller, since he has to accept any price given,” it stated.
It seems that everytime the DTCC, which is also the target of numerous lawsuits brought by failed companies and a scorching expose in Investment Dealers Digest, gets under pressure, it begins striking out blindly in all directions. FinancialWire can often determine when the heat has been turned up because it is among the media, also thought to have included Dateline NBC, that begins to receive threats from the organization.
In February, the DTCC interfered with FinancialWire’s distribution to Investors Business Daily, and in the past week it sought once more to interfere with another distribution, saying that FinancialWire receives monies for its editorial coverage of the naked short selling issue.
Marshal Shichtman, Esq., attorney for FinancialWire, has been in touch with Proskauer Rose, the outside counsel for the DTCC, warning it of slander, tortuous interference with FinancialWire’s business and because the DTCC is owned by two SROs, the NASD and the NYSE, of First Amendment violations.
Shichtman will be similarly warning the SROs and the directors of the DTCC of what he terms their risks associated with the ruthless, reckless and irresponsible actions of their clearance entity.
In a letter to constituent investor advocate Dave Patch, whose persistence in criticizing Federal regulators over the past several years for shareholder losses at the hands of illegal manipulators was at times a lone quest, often covered only by FinancialWire, Connecticut Division of Securities Director Ralph A. Lambiase, the immediate past president of the North American Securities Administrators Association outlined for the first time the efforts a “working group” of state regulators have been undertaking to assail abusive market practices that Lambiase said has been directly responsible for “an unmistakable loss of investor confidence by the arguably millions of investors who have lost their monies.”
It was an unusual move by Lambiase to outline the states’ enforcement plans in a letter to Patch, who has been vilified and scorned by many top regulators and institutions for his efforts, which includes the maintenance of a website, http://www.investigatethesec.com .
Lambiase said that his efforts, and efforts of others, such as Tanya Solov, Director of the Illinois Securities Department, Tanya Durkee, Deputy Commissioner, Vermont Department of Securities, and Rex A. Staples, General Counsel for NASAA, was stimulated by Patch, and an ever-growing group of concerned citizens who have “continued to champion the issue of reform in the naked short selling area for so long,” and added that it has been those grassroots efforts that constitute the “primary reason we are beginning to see reform of any sort.” Lambiase was clear in stating that it is “your determination and persistence in seeing that this wrong is righted is in part responsible for my interest, as well as that of other state regulators.”
Lambiase, whose initial letter to the U.S. Securities and Exchange Commission stated that the SEC needs to look at the role of the Depository Trust and Clearing Corp. in allowing these abuse practices to continue, said that it seems “clear that had the SRO’s and the SEC exercised greater diligence in enforcing pre-existing rules, Reg SHO would likely have been unnecessary.”
He said his working group has begun meeting with SRO’s and issuers alike, and that it will “continue to exert substantial effort to remedy the remaining abusive practices in naked short selling until we are confident at the state level that the companines in our communities and citizens that invest in them will no longer be the possible targets of abusive naked short sellers.”
It had been previously rumored that the reason the NASD has been issuing subpoenas to a dozen or more brokerages over their “fails to deliver” and their failures to enforce buy-ins is due to those regulating at the Federal level not wanting to be trumped again by a state investigation such as occurred in several Spitzer reform efforts.
Lambiase so far appears to be taking the posture that the state group is ready to step in if the Federal regulators do not, thus “inspiring” the current efforts rumored to be occurring at the Federal level.
To make the point, he told Patch in the letter obtained by FinancialWire that “there remains a substantial distance between REG SHO and the ultimate goal of including substantive protections for small business issuers.”
It is these small businesses in our communities, Lambiase pointed out, “who take entrepreneurial risks to grow their companies through listings on the OTCBB and Pink Sheets. These small businesses not only provide employment for the residents of their communities, but also offer the general public the opportunity to invest in local businesses with promising products or services.
“While it may be true that a number of small companies lack the financial depth to succeed, they are nonetheless entitled to succeed or fail by their own honest business decisions and not as a result of the corrupt acts of abusive short sellers.
In what some believe is another swipe at the secretive DTCC, he said that “without transparency, we cannot, as yet, precisely identify each small business that failed as a direct result of abusinve naked short selling nor quantify the exact number of jobs lost to our local economies when these companies are forced to close their doors.”
In what is an unmistakable prod to the SEC, Lambiase said that institution is “moving slowly forward as Reg SHO in its current state is studied and debated seemingly ad infinitum. While slight modifications to the existing Rule may result from such an approach, a far more threatening pattern of abuse is certain to continue unless wholesale reforms are made to remedy the concerns of the small business community.”
He said that even Congress, whose members have also called the SEC on the carpet for the slow progress associated with Reg SHO may in fact be missing the point that “abusive short selling poses a direct threat to the economic well being of small business and the entire community.”
The 11-state task force reportedly was in serious strategy sessions a few weeks ago.
The New York Post quoted one regulator as saying there is “an epidemic” of naked shorting. Regulation SHO has made that evident for the world to see. Numerous U.S. Senators have called the Regulation fully ineffective, and have repeatedly called upon the SEC Commissioners to get the practice under control.
The Post said that an SEC official confirmed to it “that no complaints have been brought in the nine months since Regulation SHO went into effect.”
It quoted one state securities regulator, Bill Reilly of Florida, as saying he expects the increased effort will result in more voluntary compliance from dealers, as well as enforcement activity.
That may or may not resolve the DTCC “problem.” Recently a stock transfer agent, Transfer Online Inc., had asked then-SEC Chair William Donaldson to put a stop to the control the Depository Trust & Clearing Corp. and Automatic Data Processing (NYSE: ADP) are fast gaining over the transfer business, and to demand DTCC transparency.
Excerpts from the letter, posted at http://www.faulkingtruth.com/Articles/LettersToEditor/1012.html , states: “Over the years as the amount of shares held at DTC has increased it has become more and more difficult to determine who owns the shares, who is trading them and if the trading is proper. This trend, and the resulting problems I will detail below, continues to increase because a minority of the total number of shareholders are reflected on the books and records of the corporation, most activity takes place behind the wall of ownership that is designated as Cede & Co. and neither the company nor the transfer agent has any access to the underlying information.
“Furthermore, DTC recently managed to put through a rule change (Release No. 34-50758A; File No.S7-24-04) that prohibits a transfer agent from representing any company who seeks to withdraw from the DTC system. This change effectively leaves companies with no voice or choice in the management of their stock and their ability to have any transparency as to what is actually taking place in the market in regard to their stock.
“I receive calls from companies seeking information as they watch millions of shares trade in a single day, who watch their share price decrease in value and who have no access to information regarding who is behind the trading of these shares, or if in fact the trades are at all legitimate. As the system now operates, most companies have a large percentage of shares on their books registered to Cede & Co.
“Given the importance of shareholder voting and communication one would assume that the same requirements placed on transfer agents as to accuracy and reporting would be placed on ADP and Cede & Co. as they usually hold or service the majority of the shares owned in any given company.
“I have found; however, that when presented with the tabulation reports from ADP the share totals they report sometimes exceed the total number of shares outstanding for the company. Let me restate this because it is a very important part of my concern about a system that is more and more headed in the direction of increased control by DTC. The shares presented by ADP, that are the shares voted by the brokers on behalf of the shareholders for whom they hold accounts, EXCEED when added to the shareholders of record the total number of shares outstanding.
“Where are these extra shares coming from? Why are there no controls on the number of shares held in the nominee name Cede & Co. vs. the ownership on the books and records of the brokers and why is the company not privy to any information unless it pays whatever fees it is told it must pay by the organizations that control the data?
“In fact, as the system is evolving, DTC is de facto becoming the largest transfer agent in the industry even though it is an organization formed by and working for the interests of the brokerage community. If, ultimately, the S.E.C. is in place to protect investors then this issue can not be ignored because in the end when the market is completely under the control of the brokers and the organizations that represent them then the market can neither be transparent nor fair.”
The DTCC actions in the StockGate mire are the most serious, if not notorious since the agent of two SROs, the New York Stock Exchange and NASD is also peopled by some 21 directors whose companies, such as Merrill Lynch & Co. (NYSE: MER), State Street Corporation (NYSE: STT) and Goldman Sachs (NYSE: GS), are unlikely to support the DTCC in its media censorship.
DTCC board members include Michael C. Bodson, Managing Director, Morgan Stanley (NYSE: MWD); Gary Bullock, Global Head of Logistics, Infrastructure, UBS Investment Bank (NYSE: UBS); Stephen P. Casper, Managing Director and Chief Operating Officer, Fischer Francis Trees & Watts, Inc.; Jill M. Considine,Chairman, President & Chief Executive Officer, The Depository Trust & Clearing Corporation (DTCC);
Also, Paul F. Costello, President, Business Services Group, Wachovia Securities (NYSE: WB); John W. Cummings, Senior Vice President & Head of Global Technology & Services, Merrill Lynch & Co. (NYSE: MER); Donald F. Donahue, Chief Operating Officer, The Depository Trust & Clearing Corporation (DTCC); Norman Eaker, General Partner, Edward Jones; George Hrabovsky, President, Alliance Global Investors Service; Catherine R. Kinney, President and Co-Chief Operating Officer, New York Stock Exchange; Thomas J. McCrossan, Executive Vice President, State Street Corporation (NYSE: STT); Bradley Abelow, Managing Director, Goldman Sachs (NYSE: GS); Jonathan E. Beyman, Chief Information Officer, Lehman Brothers (NYSE: LEH); and Frank J. Bisignano, Chief Administrative Officer and Senior Executive Vice President, Citigroup / Solomon Smith Barney's Corporate Investment Bank (NYSE: C), Eileen K. Murray, Managing Director, Credit Suisse First Boston (NYSE: CSR); James P. Palermo, Vice Chairman, Mellon Financial Corporation (NYSE: MEL); Thomas J. Perna, Senior Executive Vice President, Financial Companies Services Sector of The Bank of New York (NYSE: BNY); Ronald Purpora, Chief Executive Officer, Garban LLC; Douglas Shulman, President, Regulatory Services and Operations, NASD; and Thompson M. Swayne, Executive Vice President, JPMorgan Chase (NYSE: JPM).
FinancialWire is an independent, proprietary news service of Investrend Information, a division of Investrend Communications, Inc. It is not a press release service and receives no compensation for its news or opinions. Other divisions of Investrend, however, provide shareholder empowerment platforms such as forums, independent research and webcasting. For more information or to receive the FirstAlert daily summary of news, commentary, research reports, webcasts, events and conference calls, click on http://www.investrend.com/contact.asp
-------------------- It isn't so much that liberals are ignorant. It's just that they know so many things that aren't so. Posts: 6949 | Registered: Apr 2004
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quote:Originally posted by legaleagle: SGGM up 900%. Go figure. And after revocation.
If SGGM is revoked how can the price rise? It's not traded.
It trades until a final order is issued.
Ah, so it's not yet revoked. Anyway, I'll bet that .001 was a fat fingered .0001.
-------------------- The opinions expressed here by myself and others should be taken for what they are: opinions. Beware, many express opinion as fact. Do your own research from reputable sources and never invest more than you can afford to loose. ~,-,-< GatorMan Posts: 752 | From: Springville, Utah | Registered: Jan 2004
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posted
Yes it is revoked but they have 21 days to appeal just like all companies that get revoked. CMKX is revoked but they are appealing and still get to trade until the appeal is over.
This is just procedure. But both are REVOKED.
Think of it as you go to trail and get convicted so you appeal the verdict. Unless you are a threat to society then you get to stay out of jail until your appeal is ruled on. Your still convicted just out waiting on appeal.
-------------------- Invest with your brain not with your heart. Posts: 4405 | From: Bristol, Tn, USA | Registered: Aug 2004
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great article cashcow....lets hope public pressure finally gets things righted. one thing that has to be put in place with it is every company that is publiclly traded be it pinks otc, green, grey or candy striped must report its share structure 4 times a yr & every time more then 5% is added to the o/s or float period. this report must be backed by transfer agent records. too many pink sheets scream naked sahort & later you find out they diluted the piss out of the stock...like cmkx for example. some of this dilution may be because of naked shorting & the drop in pps it causes but not 100's of billions of shares worth. i would not be very suprised if cmkx had a naked short out there but 703 billion in the o/s sort of makes a short meaningless if even possible. UC did just what naked shorting does, he dumped billions of shares into the market without anyone knowing.
-------------------- "keep your stick on the ice & your cup firmly in place" Posts: 3651 | From: Algonac, MI. 48001 | Registered: Jun 2004
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Ric...i'm suprised at you...you should know by now cmkx is not revoked. the DOJ is letting this happen to catch bad guys. why any day now the head oof the FBI, the CIA, Homeland Security, why even Pre. Bush will be breaking into nightly TV to announce the huge sting operation & pat UC & his faithful shareholders on the back for they great & brave work in catching these crooks. why the Fed's will be buying every share for $1 just as their way of thanking those brave shareholders.
-------------------- "keep your stick on the ice & your cup firmly in place" Posts: 3651 | From: Algonac, MI. 48001 | Registered: Jun 2004
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oh boy .. can we do some bush bashing too ?? yeehaw
-------------------- Eagles may soar, but weasels don't get sucked into jet engines.... Posts: 400 | From: Jupiter, somewhere out there | Registered: Jun 2005
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quote:Originally posted by legaleagle: ANDY'S LATEST MESSAGE
Hello CMKX'r...Welcome to October. IGNORE the NEGATIVE sentiment no matter what! TRUST the TEAM. The TEAM will SPEAK asap between now and Oct. 20. Keep "eachother POSITIVE!"
I'll be counting the days til this next non-event. Just another delay tactic with a puff of smoke at the end, IMO
-------------------- If I give you bad information, please feel free to sue me. I have nothing left anyway. Ed Posts: 1772 | From: Oxford, PA, USA | Registered: Oct 2004
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By the way, has anybody figured out who is on this "team"? If its just UC and Mahoo, with Andy as mouthpiece, we are in deep doo-doo.
-------------------- If I give you bad information, please feel free to sue me. I have nothing left anyway. Ed Posts: 1772 | From: Oxford, PA, USA | Registered: Oct 2004
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You ARE in "deep doo-doo"! No bout adoubt it. All CMKX shareholders are in "deep doo-doo".
Posts: 3607 | From: NJ - Outside Phila. | Registered: Mar 2004
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De Beers, Peregrine Hunt for Diamonds in the Canadian Arctic 2005-09-29 02:11 (New York) . . . "Only 15 percent of the 7,000 kimberlites discovered worldwide bear diamonds, says Bruce Kjarsgaard, a minerals research scientist at the Geological Survey of Canada in Ottawa. Fewer than 1 percent have yielded enough stones to merit a mine.
Canada, where many of the kimberlites are in the remote Arctic, is a case in point. After four decades of exploration, the country has two mines, Ekati and Diavik, 20 miles apart in the Northwest Territories.
John Kaiser, a Moraga, California-based analyst who has a Web site about stocks called Kaiser Bottom-Fish Online, which many in the diamond industry consider required reading."
Of CMKX he says:
``They printed paper and sold it,'' Kaiser says. ``As far as I can tell, they found nothing.''
By Anthony Effinger and Christopher Donville Sept. 29 (Bloomberg)
-------------------- Invest with your brain not with your heart. Posts: 4405 | From: Bristol, Tn, USA | Registered: Aug 2004
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So much for all those acres of barren land.
-------------------- If I give you bad information, please feel free to sue me. I have nothing left anyway. Ed Posts: 1772 | From: Oxford, PA, USA | Registered: Oct 2004
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quote:Originally posted by Ric: Yes it is revoked but they have 21 days to appeal just like all companies that get revoked. CMKX is revoked but they are appealing and still get to trade until the appeal is over.
This is just procedure. But both are REVOKED.
Think of it as you go to trail and get convicted so you appeal the verdict. Unless you are a threat to society then you get to stay out of jail until your appeal is ruled on. Your still convicted just out waiting on appeal.
You can split hairs here if you like. How about "revoked pending appeal"? I just think it's misleading to state a stock that is trading is simly "revoked".
-------------------- The opinions expressed here by myself and others should be taken for what they are: opinions. Beware, many express opinion as fact. Do your own research from reputable sources and never invest more than you can afford to loose. ~,-,-< GatorMan Posts: 752 | From: Springville, Utah | Registered: Jan 2004
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To Bill1352 ..."UC did just what naked shorting does, he dumped billions of shares into the market without anyone knowing." .... um, Sec, Dtc, mining idustries ... 10's of thousands of penny stock traders ... NO-ONE saw this happening.... whoa... everyone all saw this, and still wanted a piece of the action. That's what day trading and GREED are all about. If people weren't giving money to the over sea's bank give-a-way scams, they wouldn't keep email them out.! Enron, Kmart ... they only got caught because the ceo's started ripping off their own shareholders who turned on them. The shareholders are fine as long as they get their cash. It's all bottom line, anything goes as long as it's going your way. Read some of the natural gas companies shareholder meetings to get real depressed, Ceo's say to the shareholders, "if we could call our gas 'Gucci Gas' we could charge a higher price, so we have to market our product like it's as expensive as oil." he goes on to say, even though we sell 70% less product than oil, we should be priced to make the same volume of income as oil anyways.... sheesh, how the hell do we survive in a market place that companies raise prices just because they can and not on real supply and demand or other true market pressures. S5
-------------------- Eagles may soar, but weasels don't get sucked into jet engines.... Posts: 400 | From: Jupiter, somewhere out there | Registered: Jun 2005
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It's not really splitting hairs. I didn't say it the SEC and the Administrative judge did. I guess if it makes you feel better then thats alright. I was just stating what the court ruled on.
ORDER Based on the findings and conclusions set forth above:
IT IS ORDERED THAT, pursuant to Section 12(j) of the Securities Exchange Act of 1934, the registration of each class of securities of CMKM Diamonds, Inc., is hereby REVOKED.
CONCLUSIONS OF LAW Section 13(a) of the Exchange Act and the rules promulgated thereunder require issuers of securities registered pursuant to Section 12 of the Exchange Act to file periodic and other 2 The registration of CMKM’s stock was revoked for failing to file periodic reports on July 12, 2005. CMKM Diamonds, Inc., Initial Decision Release No. 291 (July 12, 2005). The Commission has yet to decide CMKM’s appeal of that decision.
Judge Mahony's ruling on SGGM,
ORDER Based on the findings and conclusions set forth above:
IT IS ORDERED that the Division of Enforcement’s Motion for Summary Disposition is GRANTED; and
IT IS FURTHER ORDERED that, pursuant to Section 12(j) of the Securities Exchange Act of 1934, the registration of each class of securities of St. George Metals, Inc., is hereby REVOKED.
-------------------- Invest with your brain not with your heart. Posts: 4405 | From: Bristol, Tn, USA | Registered: Aug 2004
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-------------------- The opinions expressed here by myself and others should be taken for what they are: opinions. Beware, many express opinion as fact. Do your own research from reputable sources and never invest more than you can afford to loose. ~,-,-< GatorMan Posts: 752 | From: Springville, Utah | Registered: Jan 2004
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Joined: Feb 2005 Posts: 909 Needdiamonds INC? « Thread Started on Today at 1:05pm »
-------------------------------------------------------------------------------- I decided since everyone and their mother is going public. Why don't I?
1) What do I have to sell? A) Do I really need a product? No one else seems too?
2) What Can I expect from this new company if formed? A) Lots of shares in the market, Plus a free T-shirt
3) When will you be able to trade? A) When the T-shirts are ready
I guess you can see my point. Everyone is going public and using CMKX as stepping stone. I guess Sterling is next. He can sell advice/posts.
-------------------- Invest with your brain not with your heart. Posts: 4405 | From: Bristol, Tn, USA | Registered: Aug 2004
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posted
All you need is access to a printing press.
-------------------- If I give you bad information, please feel free to sue me. I have nothing left anyway. Ed Posts: 1772 | From: Oxford, PA, USA | Registered: Oct 2004
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``They printed paper and sold it,'' Kaiser says. ``As far as I can tell, they found nothing.''
paper????....hell with what UC printed he could have built a new forest. instead of a new subdivision or 2 we got truckloads of shares. the cost of printing those shares is more then the value of any mineral find since they have gotten squat from the gold deal & still owe the company running it.
-------------------- "keep your stick on the ice & your cup firmly in place" Posts: 3651 | From: Algonac, MI. 48001 | Registered: Jun 2004
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posted
Want to talk paper? If each of the 800 billion CMKX shares are 8" x 8", laid end to end they would circle the globe 12,742 times. Assuming a paper thickness of .006", there would be a ring of CMKX certificates circling earth almost 6-1/2 feet thick. How's that for dd?
Posts: 5729 | From: Wisconsin | Registered: Sep 2003
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Up...i think you hit on the real hidden value of cmkx...the levy's in new orleans...everyone send in their certs for cmkx & we could build a levy that no flood could break & with the left over certs we could raise the land versus sea level of NO to an above sea level point. they could build a new city on cmkx certs. it would be a city built on chit but that wouldn't be a new thing.
-------------------- "keep your stick on the ice & your cup firmly in place" Posts: 3651 | From: Algonac, MI. 48001 | Registered: Jun 2004
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John Edwards feeling a little "pinch" on his CROWN HOLDINGS. Creditors = Brokers holding NS
Crown Financial Assigns All of Its Assets for the Benefit of Creditors
Crown Financial Assigns All of Its Assets for the Benefit of Creditors Tuesday October 4, 7:34 pm ET
JERSEY CITY, N.J., Oct. 4 /PRNewswire-FirstCall/ -- Crown Financial Holdings, Inc. (the "Company", Pink Sheets: CFGI.PK) today announced that on October 4, 2005, the Company executed an Assignment for the Benefit of Creditors under the New Jersey Business Corporation Act. The Company's Board of Directors resolved to proceed with the Assignment in light of the Company's inability to reach the level of financing necessary to restructure its business operations. A similar Assignment was executed by the Company's wholly-owned subsidiary, Crown Financial Group, Inc., which has ceased its operations as a broker-dealer and on September 30, 2005 filed a Uniform Request for Withdrawal from Broker-Dealer Registration with the Securities and Exchange Commission, the National Association of Securities Dealers, Inc. and various jurisdictions.
The Assignment is a legally prescribed business liquidation mechanism under the New Jersey law that is an alternative to a formal bankruptcy proceeding. A designated assignee will serve in a fiduciary capacity in connection with the foregoing Assignment and will assume his duties effective immediately. The Assignment proceeding is effected by the execution of a Deed of Assignment for the Benefit of Creditors, which transfers all of the Company's assets to the Assignee to hold custodia legis for the benefit of creditors. The Company anticipates that the Deed will be filed and recorded in and with the Register of Hudson County and the Surrogate of Hudson County shortly. The case will be administered under the jurisdiction of the Superior Court of New Jersey, Chancery Division, Probate Part, Hudson County.
Under the terms of the Assignment, the Company transferred to the Assignee, in trust for the benefit of the Company's creditors, all of its property, including (but not limited to) the Company's assets, accounts receivable, list of creditors, books and records, etc. The Assignee is further required to give public notice by advertising in a New Jersey newspaper and circulating a notice in the neighborhood where the creditors reside. Such notice will inform the creditors that the Assignment has been made and that all creditor claims must be presented under oath to the Assignee within 3 months from the date of the Assignment, or be barred.
Under the New Jersey law, the Assignee has the full power and authority to dispose of all of the Company's property, sue for and recover in his own name everything belonging to the Company, compromise and settle all claims, disputes and litigations of the Company, and review any transfers of the Company's property within 4 months of the assignment for potential preferential payments.
The Company's Quarterly Reports on Form 10-Q for the periods ended April 30, 2005 and July 31, 2005 are past due and the Company plans to file such reports as soon as possible.
About Crown Financial Holdings, Inc.
Crown Financial Holdings, Inc. is the parent of its wholly owned subsidiary, Crown Financial Group, Inc., a registered broker-dealer with the United States Securities and Exchange Commission and the National Association of Securities Dealers, Inc.
Forward-looking statements
Certain statements contained herein constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections about the Company's industry, management's beliefs and certain assumptions made by management. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Because such statements involve risks and uncertainties, the actual results and performance of the Company may differ materially from the results expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Unless otherwise required by law, the Company also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made here; however, readers should review carefully reports or documents the Company files periodically with the Securities and Exchange Commission.
-------------------------------------------------------------------------------- Source: Crown Financial Holdings, Inc.
Posts: 2375 | Registered: Nov 2004
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quote:Originally posted by Upside: Want to talk paper? If each of the 800 billion CMKX shares are 8" x 8", laid end to end they would circle the globe 12,742 times. Assuming a paper thickness of .006", there would be a ring of CMKX certificates circling earth almost 6-1/2 feet thick. How's that for dd?
That's a bigger waste of time than what legal does and calls it DD.
Posts: 3607 | From: NJ - Outside Phila. | Registered: Mar 2004
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quote:Originally posted by Upside: Want to talk paper? If each of the 800 billion CMKX shares are 8" x 8", laid end to end they would circle the globe 12,742 times. Assuming a paper thickness of .006", there would be a ring of CMKX certificates circling earth almost 6-1/2 feet thick. How's that for dd?
That's a bigger waste of time than what legal does and calls it DD.
posted
"Solving problems has been my occupation for many years," said Maheu. He continued, "Tough assignments are not solved by wishful thinking, but rather by tough action."
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