posted
expect more news in a day or two with an update and more clarification of the issue we face here.
Posts: 58 | From: houston,tx | Registered: Dec 2004
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posted
This should definitely bounce back. Today gives those who missed the first huge run the opportunity to participate in the next one. I got out at 0.0022 for a loss due to skepticism. You can imagine how I felt when right after I sold the BCIT story started becoming fact rather than fiction.
200 million shares traded in the 4's and 5's in the last week, and today it comes down on 12 million volume. It just got to go back there. And to think the float is only about 1.3 million; man what an opportunity!
Posts: 1468 | Registered: Jul 2005
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posted
ya, but it's gonna take awhile to get brokers to allow trades again...imo...not one to sit and watch
what I don't get? have seen one mention that DTC alerted Ameritrade a coupla weeks ago, yet they waited till the squeeze looked real before bailing...course we saw how they treated their own clients in the gvrp play. Some made a bundle, but they had to overcome AT's communiques that went from cocky to clueless to confused/confusing then threatening...
Also heard today Scottie's CEO is on the board at NITE--looking into that, too...
posted
It is very likely the problems with AT and Scot are system problems, and do not necessarily imply anything about this stock. BTW I was able to buy fine with my platform (don't bother asking, I won't tell you what it is.)
Posts: 1468 | Registered: Jul 2005
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posted
nope, not system problems. verified brokerages' restrictions, for reasons already posted. started yesterday with AT, spread to others, and by last night Scottie was on-board, too.
well, come to think of it, they are *system* problems in a sense--but not software or trading platforms, but systemic corruption of the market, and the DTCC nexus is at the black-heart center...
lol, don't bother not telling, I'm well aware of who is still trading...
By: Arkait 30 Aug 2005, 09:25 PM EDT Msg. 5995 of 5998 Jump to msg. # Here, after my second prodding, in writing, is Scottrade lame (for safety ----as in whose safety, mine or Scottrade's, give me a break!) excuse:
Subj: RE: halted trading Date: 8/30/2005 8:44:12 PM Eastern Daylight Time From: support@scottrade.com To: Arkait@aol.com Sent from the Internet (Details)
Dear Marty XXX [ COULDN'T EVEN SPELL MY NAME, DESPITE I HAVE TRADED A LOT WITH THEM THIS PAST YEAR..LIKE THAT PERSONAL TOUCH, YUK YUK ] Thank you for your email. We have been informed by the SEC that there may be settlement issues for this stock. Currently, trading has been halted on this stock at Scottrade and all open orders have been canceled. DTC (the company who handles the settlement and balancing of stock) will be in contact with us once the settlement issues have been resolved and we can begin trading it again.
The issue stems from some counterfeit BCIT certificates floating around, and at this point we have determined that we cannot safely settle trades in this stock.
If you have any further questions please feel free to contact us.
Awarded "Highest in Investor Satisfaction With Online Trading Services Five Times in a Row" by J.D. Power and Associates. For award information, visit www.jdpower.com .
Posts: 1468 | Registered: Jul 2005
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posted
BCIT is looking very good down here. Again I restate 200 million traded in 4's and 5's, and we went down on only 13 million volume.
Posts: 1468 | Registered: Jul 2005
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They just figured out the counterfeit/attempted hijacking...even though it's been public knowledge for weeks...wonder if it was when "MM cohorts" starting screaming?
posted
Can't wait until those popular brokerages start trading BCIT again. Very little downside IMO. I recommend to those who can get it to get it, but I wouldn't bet the house on it.
Posts: 1468 | Registered: Jul 2005
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posted
i held onto bcit just b/c I knew about the ongiong situation, and problems like this will always work out themselves out. The wrong doer will always be punished which will benefit us someway or somehow. I will be amazed if the current holders get hurt by this.
Posts: 13 | From: huron | Registered: Aug 2005
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posted
It doesn't seem like the MM's can do anything while no one can trade it. Maybe this problem is not that bad after all. In fact it may help us because it will ensure the integrity of the system.
Posts: 1468 | Registered: Jul 2005
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posted
Bancorp International Halted on Counterfeit Shares
The Securities and Exchange Commission announced the temporary suspension, pursuant to Section 12(k) of the Securities Exchange Act of 1934 (the "Exchange Act"), of trading of the securities of Bancorp International Group, Inc. ("BCIT"), a Nevada corporation, at 9:30 a.m. on August 31, 2005, and terminating at 11:59 p.m. on September 14, 2005. The Commission temporarily suspended trading in the securities of BCIT because it appears that all of the securities currently trading in the name of Bancorp International Group, Inc. ("BCIT") and purportedly signed by Thomas Megas as President and M. Puig as Secretary are counterfeit. BCIT is quoted on the Pink Sheets LLC. This is the first time the Securities and Exchange Commission has directly took action on counterfeit shares that have flooded the market. More to follow is expected in the coming days.
-------------------- Sometimes the poorest man leaves his children the richest inheritance. Posts: 804 | From: Woodbridge, Va | Registered: Aug 2005
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You wrote on 8/29 "I tried selling today at 5 cents and .045, but couldn't get my order filled. This one is a bitch when it comes to buying and selling.
then you wrote on 8/31 "i held onto bcit just b/c I knew about the ongiong situation..."
I am confused ! would you please explain what you mean by each.
-------------------- What do you think ? Posts: 167 | Registered: Aug 2005
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posted
Sounds promising, but these things take forever to trade again. I have 3 f'cking stocks not trading because they were suspended, and I'm so f'cked up the ass right now. f'ck f'ck f'ck!!!
Posts: 1468 | Registered: Jul 2005
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I emailed, today, Cindy at the Transfer Agent; that is what she responded "I have been instructed that the only questions I can answer are to give you the share structure and to tell you if you are a shareholder of record. For any other questions, please refer them to Thomas Megas at tpm14@hotmail.com. Thank you!!
Cindy Sylvester
500 E Warm Springs Road, Suite 240
Las Vegas, NV. 89119
(702) 361-3033
(702) 433-1979 fax
cindy@pacificstocktransfer.com
-------------------- What do you think ? Posts: 167 | Registered: Aug 2005
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quote:Originally posted by ggreg7869: i held onto bcit just b/c I knew about the ongiong situation, and problems like this will always work out themselves out. The wrong doer will always be punished which will benefit us someway or somehow. I will be amazed if the current holders get hurt by this.
Hate to tell you this, but that's just not true.
GLUV/Media Magic recent prime example...
HOWEVER, the difference there is that company was in on the scam. In this case, the CEO is driving the solution instead of the getaway car...So, I'm hopeful but still hate having capital tied up during a suspension. I figured if they were gonna halt, it would've happened over a week ago; that's why I didn't get in super early.
posted
saw the SEC halt & thought i'd drop in here for a look....if share owners are lucky they will get any money spent put back in their accounts in a yr or 2. they can not let this trade if there are no real shares to trade. if every share traded was fake then every share ppl hold is fake & they cant let those shares be traded because then new ppl would be buying fake shares. i have a feeling this 1 is going to get very ugly but it should open a few eyes to the NSS problem us penny traders suffer every trading day.
-------------------- "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
Well, this is a little different from the norm, as CEO has been in touch with SEC since shortly after learning of the counterfeit shares...ie, if they were going to suspend, they shoulda done it weeks ago, when first contacted. Obviously, they know Pino from MLON, if nothing else.
On your side of the equation: ya, they may be *so corrupt,* that they waited till the squeeze was no longer able to be put off...
posted
maybe this will bring about 2 needed changes...first every company reporting or not must file a/s, o/s & float every quarter. no exceptions, pink included. maybe they dont file fully audited reports but share structure does not need to be costly. just a short easy form backed by the companies t/a. this gives SHO correct numbers to catch NSS & it protects us penny traders from companies like CMKX that put 703 billion shares into the market.
second...every sale of a share must be covered in 5 trading days. in penny land runs can make it impossible to borrow shares in time thus halting trading in a stock. it can't always be covered that day & the market needs to be liquid or it grinds to a halt. but in 5 or even 10 trading days all sells can be covered as profit taking & normal penny bounces will cover all sales...maybe the bid needs to be bumped up. spreads will be smaller but naked shares will disappear. dont cover & the mm gets halted till they cover. these 2 changes would put the market on a more level playing field, allow a liqyid market, allow mm's to make money & expose scumbag dilution companies.
but since the goverment is in charge & this would be logical we know it won't happen...lol
-------------------- "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
I agree bill, as long as these companies hide there o/s and float they make easy targets for these scam artist and shorters. If the company keeps its shareholders in the dark then these people see easy money. It is so easy to short a stock when you have no clue if a company is diluting or not. Same with this scam.
-------------------- Invest with your brain not with your heart. Posts: 4405 | From: Bristol, Tn, USA | Registered: Aug 2004
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posted
Megas had the shares transferred back to Pacific, and they were--after some initial confusion--quite willing to quote AS & OS...
What concerns me most is SEC's allegation that the Megas shares are counterfeit...if they hold that position, there's no play here even it ever resumes trading...
I have contacted Megas (who seems to be in a foreign country. I knew this my the extension on the his email address by which he responded) in ref to the shares structure. That is what I go. He mentioned that he will be talking to the sec for 'answer' today.
The following is his reply to my email...
official share structure authorised: 25,000,000 outstanding: 4,030,078 restricted : 2932,446 float 1,097632 share will be talking to sec later today for answers hopefully. thomas megas
End of Email. So, I am hoping when we resume trading we can get some nice profit.
-------------------- What do you think ? Posts: 167 | Registered: Aug 2005
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posted
nice guy...if that email is correct then they can not resume trading. the SEC can not allow counterfiet shares to be knowingly traded on the market. since the SEC has reason to believe all the shares traded were counterfiet i wouldn't hold my breath waiting to trade again. if you sell that means a new person buys those fake shares & they never get out of the market. they will have to remove every fake share from the market before trading can resume if proven all but 2 million shares are fake.
-------------------- "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
Guys, my bad: shoulda updated my earlier post. The counterfeit shares the SEC is concerned about are exactly those identified in a PR from Megas, I think dated Aug 11. In other words, the SEC has NOT done a turnabout on Megas: they seem to be in agreement about which are fake.
bill, the play all along has been the removal of the counterfeit shares, either through squeeze whereby MMs buy em back and remove em or via a share exchange. Either way, shareholders before a certain date (part of which is to be determined, as I understand it) stand to do OK. There are precedents for both routes. One thing the suspension does is stop trading until Megas can get in-country to talk with SEC.
In other words, the share structure quoted in that e-mail (appr 4mm OS) is the actual shares *before* the counterfeiting took place. This was released only days ago, and probably fueled the broker panic. Had I a brain cell working I would've recognized that TA press release as the "trigger event," but got lulled to sleep watching it climb every week, lol.
One way or another the counterfeit shares will be removed. I *am* fairly confident of that. There's a new attorney working on it, according to e-mails from Megas to other traders, and he has stated several times his intention to get filings up to date and clean up the shares in order to make his real estate biz a publicly traded corporation.
What it means to traders will be revealed as it unfolds, but this is not like MAMG, whose intention all along was to deceive...
posted
Totally agree BuyTex. Also interesting how SACM left the scene so soon! He probably unloaded the fakes and allowed the other MMs to cover for him. I imagine he has a nice debt to pay those scums!
Posts: 58 | From: houston,tx | Registered: Dec 2004
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posted
Any updates on BCIT? Still going to resume trading on Sept. 15th? If my shares are not counterfeit??
Posts: 113 | From: New England | Registered: Jul 2005
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