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I know you just hate that, but, yea, I think so. It'll give you something to do, go google yourself to orgasm. A boxer would have to toe the line, not tow the car.
-------------------- A million seconds is 13 days. A billion seconds is 31 years.
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"The specific sport referred to is foot-racing, where the competitors must keep their feet behind a "line" or on a "mark" at the start of the race--as in "On your mark, get set, go!"
I always associated it with boxing. After a knock down the boxer had to toe a mark so the match could continue or he was DQ'd.
Wonder how right your source is about the etymology "toe the line" ?
Anyone interested in the origins of words and phrases might find this web site interesting:
Joined: Aug 2004 Posts: 7,707 Location: Kelowna, British Columbia I need to give this board up. « Thread Started on Today at 12:41am »
-------------------------------------------------------------------------------- I dedicated over a year and a half of time away from other things in my life that are more important. I can no longer sit and watch all the nonsense and pretend that all is ok.
Folks, all is not ok. I know some want to hang on like Urban is some hero. Nothing I can do about that. IMO he used us and played us and now he is going to walk away with millions, with shareholders parading him on their shoulders.
I feel like I have been, in part, responsible for thousands of shareholders losing millions of dollars. I am a man of conscience and integrity and I can't live with that.
I believe Urban and his monkeys have raped us for millions and no one seems to care. He is still a hero in the eyes of many.
Yes we may be shorted and yes maybe we can catch them and hopefully play a small part in changing the corrupt US stock markets. Urban created the perfect company for that to happen. 700 billion shares. Way to go Urban!
I am no longer able to properly be a guiding force for this board. I have become too cynical. Every shred of evidence we have received points to the biggest dilution scam in history.
Now we have entourage. How much you want to bet urban is somehow involved. Let the cycle begin again.
I am sorry that I have let things go south. I put my heart and soul in this place. I cared, I cared a lot. And I still do care, which is why I must pass it on.
I am not quitting, it is just time to pass the torch. I wanted this place to be something for everyone.
I am proud of its history and what we accomplished. Braindamage, diamondogg, fishing4diamonds, and J, we were a great team. I think working with you folks at the admin level is what I will miss the most. We were awesome!
If someone wants this board PM me. I will give it to the person I feel can best keep it alive. It has history; it was a classroom, a social club, a gathering spot.
What will happen will happen whether I am here or not.
For those of you who hold me in high regard, I have to disappoint you. I am just a farm boy from Saskatchewan, a dropout from grade 10. I went on to become a software developer and a weekend warrior with the Mounties. I am no different then any one of you. I did not want to be a leader, just a facilitator. Now I am neither.
This stock and this board have taught me a lot about many things. I suppose that makes it all worthwhile. I have nothing left to take from it and nothing left to give.
It is not fair to any of you who still find value here. We need fresh blood, fresh leadership, and maybe a fresh start.
I know it is not all my fault but I did quit caring. And that is why our community collapsed and split.
I am going to spend more time enjoying the incredible riches I already have around me. And in their eyes, I am perfect.
-------------------- Invest with your brain not with your heart.
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thanks Ric...the guy that banned me for stating UC is a crook now agrees. even admits his rants caused ppl to buy more or even buy in the first place. they must have banned kool-aide in canada...lol
-------------------- "keep your stick on the ice & your cup firmly in place"
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Slowly, one by one, they are waking up and smelling the coffee. Eventually, only the insane will be left. Even the blind can see the scam starting all over again with a different company name.
-------------------- If I give you bad information, please feel free to sue me. I have nothing left anyway. Ed
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FRIZZELL LAW FIRM 305 S. Broadway, Suite 302 Tyler, Texas 75702 (903)595-1921 E-Mail jmartin*cmkxownersgroup.com
Greetings Group Members and CMKX Shareholders,
I am proud to be working on the task force with Bob, Urban and Don. I have shared with you many concerns that I have had with the company in the last year or two. I am glad to say we have a project now that allows us all to work together with a specific goal in mind. Bob Maheu said in the company PR on November 4th that we should concentrate our efforts on the future without dwelling on the past concerns.
The task force members have quite a responsibility to make all shareholders aware of this request for certificates. This means that ALL shareholders are entitled to notification, not just the ones reading the boards. I began discussing my concerns about the plan for notification with Urban, Don and Bob a couple of days ago. I am impressed with the company's attitude towards the work suggested by the task force. The company is fully aware of the task force's intention to contact all shareholders and using all resources necessary to do so. There have been discussions of using various forms of media as well as the sources normally called on for proxy type notices. The company understands the expense of undertaking a task of this size and has agreed to fund such expenses.
My experience in the stock market was like that of most investors. It was my understanding that I instruct my broker to take my money and locate someone who had the stock I wanted to purchase and purchase that stock for me.
1. I never imagined that a broker could take my money and pay his commission, the commission of the market makers, the fees of the SEC and the fees of the DTCC and never obtain my stock.
2. I did not know about Cede and Company.
3. I did not know about a "Stock Borrow Program".
4. I had never heard of a "fail to deliver".
Then, I find that "fails to deliver" is such a problem that it was necessary to pass a law called Regulation SHO which made the market report these fails to the SEC on a daily basis. On top of this, Regulation SHO does not appear to be working for anyone but the market manipulators that perpetuated this problem in the first place! When I learned that short sellers could amass these fails and drive a stock price into the ground, I became convinced there was a HUGE wrong in the stock market that needed to be corrected.
CMKX stock seemed to be a poster child for this illegal trading technique. Now how does this trading technique catch up to the wrongdoers. I have heard that occasionally short sellers get caught with fails on their books and they have to go into the market and buy stock to close out their position. Since it works to the short sellers advantage by causing the stock to go down when they naked short a stock, it should work in the opposite direction to cause a stock price to go up when the stock is hard to find because of their short selling techniques. Many people bought this stock because of this possibility.
How does the market correct itself? First, it must become apparent that a naked short exists. We must prove beyond a "shadow of doubt" that more shares have been sold into the stock market than was issued by the company.
Although the SEC, the DTCC, the NASD, and most Broker/Dealers know the daily positions on this stock, current law does not provide for the company to acquire this information through simple requests. Company stock comes from the transfer agent. Legitimate shares are all backed by certificates issued by the transfer agent. We know the stock market allows brokers to sell stock even if they do not own it.
Now, we must solve the mystery of how much real stock has been sold and how much stock has been sold that was not based on certs issued by the transfer agent.
The company wants to divide the Entourage stock among its shareholders. We must now force the market participants to tell us who has positions in this stock. Unfortunately, we can't rely on the broker statements because we know that many brokerage transactions occur ex-clearing (remember the Jefferies letter) and we know that our shareholder's statements do not say "this transaction is currently in a fail to deliver category". Even though your broker has a fiduciary (this means they are required by law to tell you of bad things that might be going on in your account) relationship to you, you are not told that your stock is not actually being held for you. (in the case of a fails to deliver). I am NOT amused when I read a response from a broker dealer that says you should tell the company that you are a shareholder because we have sent you a statement that says you own stock.
This summer, we tallied 12,000 shareholder statements and documented 400 billion shares of stock. This did not include cert holders. We know there are approximately 60,000 shareholders based only on the figures given to us by ADP and the transfer agent. There appears to be many more! Combined, the NOBO/OBO list plus the cert list even proved a short in and of themselves of over 50 billion shares, and this did not include the billions of shares traded that were not reported through the DTCC and it did not include most Canadian brokerage holdings or other foreign accounts.
The company would be derelict in dividing the stock based on brokerage statements, we must require certs of your holdings. This may be one big inconvenience for you as shareholders, I know I hated to write my check out to my broker for my cert. I would imagine it will also be a big inconvenience for some market makers and brokerage firms to have any "fails to deliver" become a public problem. Our stock is not trading at the moment, so the shorts can't simply send some bashers to the boards and buy the stock at a discount to close out their positions.
As a UNITED FRONT, this loyal group of shareholders has a chance to not only make history, but to start rebuilding the financial integrity of our U.S. markets for the sake of our children and grandchildren!
My job is to present to the company a list that represents all CMKX shareholders that own stock. All CMKX shareholders should all participate in this distribution. Due directly to the Stock Borrow Program and a market system which allows "fails to deliver" to exist, a shareholder list that is made from broker statements cannot be relied upon to make this Entourage distribution. The entities that are helplessly short would love for shareholders to lose interest or to justify non participation because of the cost of doing so. If enough shareholders are apathetic or simply don't have the resources to get their certs, the shorts benefit. 50,000 to 60,000 motivated shareholders can make great changes in the market place. Give serious thought to any reasons you have for not pulling your certs. I would also suggest you read the article at http://www.cmkmtaskforce.com/dtcc.php about the DTCC and Cede if you are still not sure if you need to be holding certificates for your stocks.
I must ask all of you to please be patient as we record the certificates you send us. We have devised a system that requires to you to send only your certs and a cover page. Do not send other pages even if you think it is necessary to explain something. Use the task force web site to offer your comments or convey your problems. We have people that will be working long hours entering your information into a database. There will be times when you will experience a busy signal. We are using multiple lines connected to one fax number but there will still be delays. Do not panic. This is not an attempt to avoid including any shareholder. Quite to the contrary, it is an effort to make sure that everyone is included.
We have been told that Schwab and Etrade are beginning the process of automatically sending all CMKX shareholders their certs without request. These companies should be commended if in fact they follow through with such a course of action. Every brokerage company that claims to be holding your stock should be able to do likewise. We expect many other companies will follow suit. This will allow us to quickly and accurately compile a list of all shareholders and their positions in this stock.
Having said all of that, a word of caution, do NOT become complacent and assume your certs will appear. Remain diligent in following up often with your broker!!
On a final note, we have received many notices from shareholders about difficulties in obtaining their certs from their brokers. Some have problems with stock being in an IRA account, 401K account and many shareholders that have brokers that are just plain refusing to obtain certificates for them. As a task force member, I can only recommend that those persons continue to call their brokers often. Be assured that the Task Force is discussing ways to address these issues. We have been told by some shareholders that many banks provide a securities attorney to their customers for advice and that many times these services are free.
This group of shareholders can make a difference if we stay united!
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CMKM Diamonds, Inc. - Tapped Out and Taps Investigative Reports October 25 2005 CMKM Diamonds, Inc. (Pink Sheets: CMKX) is ready to give up the ghost. The Company declared "No Mas" this week, abandoning its fight against the Securities and Exchange Commission and asking an Administrative Law Judge to revoke registration of all CMKM securities "immediately." CMKM's public act is done. The Company, which previously has kept its financial status a closely guarded secret, now concedes that it lacks money to operate.
CMKM's ignominious end has management running for the door. Robert Maheu, the former Howard Hughes aide who joined CMKM Board of Directors earlier this year, has resigned – apparently willing to walk away from any money still owed to him by the Company. CMKM Diamonds, Inc. – Do New Directors Mean a New Direction? Maheu, who purportedly was brought aboard to bring CMKM into compliance with federal securities laws – and perhaps avoid the inevitable revocation of registration - demonstrated little knowledge of CMKM's history or operations when he testified in the SEC proceedings.
Maheu, who joined the Company with considerable fanfare in January 2005, departed quietly on October 10. Soon, he will be followed by Urban Casavant, the Company's sole remaining director and officer, who says he plans to resign for unspecified "health concerns."
CMKM leaves in its wake a host of unfulfilled promises. The Company has been scrambling to dispose of assets, hastened by its default on these key agreements:
• CMKM agreed to spend $500,000 on exploration of certain property at Hachet Lake in Canada under the terms of an October 23, 2004 agreement with United Carina Resources Corp. CMKM failed to make required payments because it lacked necessary funds; • Pursuant to the terms of an agreement with 101047025 Saskatchewan Ltd., CMKM was required to provide necessary capital for the maintenance of claims in the Smeaton Forte a la Corne area of Saskatchewan, Canada, as well as drilling and exploration expenses. CMKM defaulted on the agreement because it lacked funds to meet these obligations. • CMKM also defaulted on two separate agreements with Nevada Minerals, Inc. The Company had agreed to provide funding for maintenance, drilling and exploration of property at Forte Diamond in Saskatchewan, Canada. It was unable to do so because it lacked funds. CMKM also failed to meet its obligations to Nevada Minerals regarding "the American Shaft" project in Ecuador.
According to a Form 8-K filed by CMKM on October 24, 2005, the Company has now transferred its remaining rights and obligations under these various agreements to yet another obscure Canadian mining company, Entourage Mining Ltd. (OTCBB: ETGMF). On October 20, 2005, CMKM assigned its 50% interest in United Carina Resources' Hatchet Lake claims; its 36% interest in the Forte Diamond property; and its portion of the Forte a La Corne claims, to Entourage. In exchange, CMKM will receive 50 million shares of Entourage stock.
CMKM says that it plans to distribute the Entourage shares to existing CMKM shareholders – presumably including Casavant. Considering the number of CMKM shares presently outstanding – more than 700 billion shares as of March 2005, according to the Company – CMKM's public shareholders can expect to receive an infinitesimal interest in Entourage. In any event, the deal will collapse unless Entourage raises a minimum of $1,050,000 in equity financing by October 28, 2005.
CMKM says that a task force consisting of Mr. Maheu and two attorneys who have been involved with the pending SEC litigation – Bill Frizell and Donald Stocklein – will assist with the distribution of the Entourage shares to CMKM's shareholders.
And what of Entourage? The Canadian company is based in Vancouver, Canada and, like CMKM, has no revenues. What do investors know about Entourage and what are the prospects for that Company? That is another story for another day.
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CMKM massive short story debunked, fantasy continues
2005-11-11 20:52 ET - Street Wire
See Street Wire (U-CMKX) CMKM Diamonds Inc
by Lee M. Webb
CMKM Diamonds Inc.'s liquidating "task force" is actively perpetuating the notion of a massive naked short position in the recently revoked pink sheet promotion headed by Saskatchewan native Urban Casavant. That tale plays well among CMKM's cult-like followers, but trading data debunks the story.
CMKM's vaunted task force consists of the company's former trophy co-chairman, 87-year-old Robert Maheu, its legal counsel, Donald Stoecklein and Texas lawyer Bill Frizzell, who represents approximately 2,500 shareholders.
As disclosed in an Oct. 24 filing with the U.S. Securities and Exchange Commission (SEC), the task force will oversee a liquidating distribution of CMKM's assets as Mr. Casavant winds up the company. CMKM has tens of thousands of shareholders and a staggering 703.5 billion shares outstanding.
According to the Oct. 24 SEC filing, CMKM's assets consist of 50 million shares of Vancouver-based Entourage Mining Ltd., a financially challenged OTC Bulletin Board company flagged with a going concern warning. The Entourage shares are reportedly being swapped for CMKM's Saskatchewan mining interests.
Interestingly, Mr. Casavant's business associate Emerson Koch of Tuxford, Sask., is rather magnanimously contributing 30 million of the 50 million Entourage shares slated for distribution to CMKM shareholders.
The 50 million Entourage shares have not yet been issued and the Vancouver company has not even announced that the deals involving CMKM have been consummated. Nonetheless, the task force is already pressing ahead with the dubious liquidation plan.
Setting aside the matter of the 50 million Entourage shares that have not yet been issued, the plan to wind up CMKM with a liquidating distribution of assets raises a number of other issues.
For example, it is far from clear that CMKM, a Nevada-incorporated company with thousands of shareholders, can be wound up without the majority consent of its shareholders. CMKM has not bothered seeking shareholder approval.
Moreover, it is far from clear whether a liquidating distribution of assets can be conducted in the absence of financial records. CMKM has neither an auditor nor auditable financial records.
Given that CMKM's last auditor, Brad Beckstead, was fired after he raised concerns with the company and the SEC over possible illegal acts by Mr. Casavant and company insiders, the lack of financial records is no small matter.
Among other things, Mr. Beckstead reported that he had discovered information indicating that CMKM made improper loans to its officers and directors. According to the fired auditor, those loans may represent recoverable assets.
In a rather more specific disclosure regarding possible illegal acts and recoverable assets, Mr. Beckstead reported that it appeared that Mr. Casavant had improperly "caused CMKM to advance $4-million to CMKXtreme Inc.," a company that he owned. (All amounts are in U.S. dollars.)
Quite apart from those rather significant matters, the task force's proposed liquidating distribution scheme raises additional legal and practical issues.
According to the task force, only shareholders who produce copies of physical CMKM share certificates will participate in the liquidating distribution of Entourage shares.
Some observers question whether CMKM's task force can legally restrict the liquidating distribution of assets to shareholders who produce share certificates, thereby excluding investors who, for one reason or another, leave their shares in street name.
According to a March 4 news release, an unknown number of shareholders held more than 407 billion shares of CMKM in street name. While that number may have fluctuated somewhat before the SEC finally yanked CMKM's stock registration at the end of October, a staggering number of shares are undoubtedly still held in that form by many shareholders.
Under the task force's scheme, the shareholders who want to participate in the liquidating distribution will have to foot the bill to obtain certificates. The cost varies among brokerage firms, but could range from approximately $50 to several hundred dollars.
It is perhaps telling that some of the company's shareholders claim that they will find it difficult to ante up the cash to obtain the share certificates. Some others suggest that converting their holdings of a few million shares into certificate form may not be worth the cost.
Questions have also been raised with respect to whether a news release and claims published on a website slapped together on Nov. 4 constitute adequate notice of the plan to wind up the company and distribute its assets.
Notwithstanding the many questions, it appears that the majority of CMKM's cult-like followers endorse the task force's scheme.
That endorsement turns not so much on the possible value of the liquidating distribution of restricted Entourage shares, but on the widely held belief that the scheme will reveal a massive naked short position in CMKM.
The CMKM liquidating task force is aggressively promoting that belief on its website.
Incredible information
While the task force is still working out the mechanics of its liquidating distribution scheme, the notion of a massive naked short position in CMKM is getting full play on its website.
According to the task force, one of the principal reasons for demanding a "certificate pull" is to determine the actual number of CMKM shares held by all shareholders.
"If the total number of CMKX shares exceeds CMKX's outstanding share count, this may be due to the existence of Naked Short Shares in the Market," the task force states, identifying the company by its former trading symbol.
Tossing off rallying remarks like "helping to right a monumental wrong that permeates our entire market system" and "an opportunity to participate in a history-making event," the task force urges CMKM shareholders to obtain their share certificates and await further instructions.
"Credible information indicates the number of naked short shares is potentially as high as 2 trillion shares," the task force claims.
Stockwatch has asked for the exact nature and source of this purportedly "credible information," but has not received a reply.
A review of CMKM's trading data, however, debunks the task force's incredible "credible information."
While CMKM has recorded phenomenal trading volumes, including a staggering 40 billion shares notched in a single trading session last December, the claim of a potential naked short position of two trillion shares in a company with more than 703.5 billion shares outstanding does not stand up to scrutiny.
To put it rather simply, from the time Mr. Casavant took control of CMKM's predecessor in November of 2002 until the SEC revoked the company's stock registration on Oct. 28 of this year, approximately 1.77 trillion shares have changed hands.
That figure includes approximately 112 billion CMKM shares that were unloaded on an ex-clearing basis and not reported to the tape by Jeffries & Company Inc. in 2004 on behalf of two unidentified customers. Those trades settled without incident.
While "only" may be an odd word to use in the context of such staggering numbers, it should be clear to all but the most obtuse that it is impossible to have a naked short position of two trillion shares when only approximately 1.77 trillion shares have been traded.
The impossible notion of a possible naked short position of two trillion shares is also debunked by information regarding delivery failures that was recently provided to task force member Mr. Frizzell by the SEC.
It is not clear whether Mr. Frizzell, who has long been a champion of the naked short fantasy, understands the significance of that information.
Texas champion
As previously reported by Stockwatch, Mr. Frizzell, who also sank money into CMKM, was hired by fellow Texan and CMKM shareholder John Martin last year to represent him in matters relating to his investment in the pink sheet promotion.
Mr. Frizzell is not a securities lawyer and, in fact, is still a relative novice when it comes to stocks and the securities industry.
When the SEC launched its administrative proceeding against CMKM in March of this year, Mr. Frizzell offered to represent other shareholders at a cost of $25 per person. Approximately 5,000 shareholders known as the Owners Group took the Texas lawyer up on his offer.
Mr. Frizzell was granted limited third party participation in the administrative proceeding on behalf of the Owners Group and managed to slip at least an oblique reference to a massive short position into his impromptu opening statement in a May 10 evidentiary hearing, notwithstanding a prehearing ruling that short selling was irrelevant to the matters at hand.
"The SEC counsel has said there are 700 billion shares that have been issued by this company," Mr. Frizzell said. "I'm going to suggest to the court that there are trillions of these shares that are in shareholders' hands."
It is not clear whether Mr. Frizzell's suggestion turned on the same purportedly "credible information" now touted by the task force of which he is a member or, for that matter, whether the Texas lawyer is the source of that patently inaccurate information.
In any event, Mr. Frizzell subsequently tapped the shareholders for another $25 per person for a second phase of representation, but only about 2,500 people reportedly signed on for that agreement.
Under the terms of the representation agreements, Mr. Martin would be on the hook for any costs not covered by the contributions anted up by the Owners Group.
Mr. Frizzell, who reportedly wrapped up his other legal business to concentrate on the Owners Group as his only client, has provided only a very rough accounting of his expenses, so it unclear whether Mr. Martin has had to shell out any cash at all.
Mr. Martin, another ardent proponent of the massive naked short position, has reportedly been working assiduously on behalf of the Owners Group, logging nearly as many hours as Mr. Frizzell.
Stockwatch has twice asked Mr. Frizzell whether Mr. Martin is being compensated for his efforts and, if so, to identify the source of that compensation. The Texas lawyer has not yet offered a response.
In any event, by Mr. Frizzell's very rough accounting, it is clear that a significant portion of the money he collected from the Owners Group was spent in an effort to establish proof of a short position in CMKM.
As part of that effort earlier this year, the Texas lawyer asked CMKM shareholders to fax copies of their brokerage statements to him. Reportedly, more than 10,000 account statements flooded in.
Again disregarding the prehearing ruling excluding any evidence of short selling, Mr. Frizzell attempted to submit the information gleaned from the brokerage statement accounts as evidence of a naked short position.
That submission was not accepted and a rather lengthy section of Mr. Frizzell's posthearing brief dealing with claims of a naked short position was ordered struck from the brief.
Notwithstanding that setback, in a number of e-mail updates to the Owners Group, Mr. Frizzell continued to indicate that he had established proof of a massive naked short position in CMKM.
It may be worth at least passing mention to note that while Mr. Frizzell persistently tried to pass off information culled from CMKM shareholders' brokerage statements as "proof" of a naked short position, the task force of which he is now a member is adamant that brokerage statements will not be accepted proof of ownership.
In any event, the Texas lawyer's calculations and purported proof have never been offered up for public scrutiny.
Moreover, according to SEC lawyer Leslie Hakala, Mr. Frizzell has not even bothered to provide the enforcement division with his purported evidence.
"Mr. Frizzell has been specifically invited to provide the Division with any evidence of violations that he has, including his alleged evidence of naked short selling," Ms. Hakala wrote in an Oct. 27 e-mail to Janice Shell. "He has opted not to provide the Division with any such materials."
Ms. Shell, who has quite a nose for sniffing out stinky stocks, probably needs no introduction to CMKM's cult-like Internet followers. Indeed most of them evidently consider the art historian, who delights in exposing overblown penny stock promotions and outright scams, an evil pariah whose very name is anathema to true believers in the revoked pink sheet promotion.
In any case, while Mr. Frizzell reportedly did not take up the SEC's invitation to provide his alleged evidence of naked short selling, the U.S. regulator recently provided the Texas lawyer with information that clearly refutes his claim of a massive short position and, even more so, the task force's so-called credible information of a potential naked short position of two trillion shares.
The information provided to Mr. Frizzell after a request under the U.S. Freedom of Information Act is a report of delivery failures relating to CMKM trading during April of this year.
Whether the Texas lawyer, who has only recently encountered terms such as "convertible debenture," "fail to deliver," "Cede & Co." and so on, actually understands the data is an open question.
Indeed, since Nov. 3, Stockwatch has twice asked Mr. Frizzell to comment on the implications of the April fails-to-deliver data for his claim of a massive naked short position in CMKM. The Texas lawyer has not yet offered a response.
However, Mr. Frizzell did provide the data and his fun-with-numbers calculations in an e-mail to members of the Owners Group.
"It appears that approximately 800 Million shares of CMKX stock were reported to the DTCC (Depository Trust and Clearing Corp.) as delivery failures in the month of April of 2005," Mr. Frizzell advised the Owners Group members.
At best, that indicates that Mr. Frizzell has some proficiency in adding and rounding, but it does not indicate that he has a clue about the significance of the delivery failure data provided by the SEC.
Setting aside the observation that not all delivery failures necessarily represent naked short sales, simply adding up running totals of the delivery failures for a month to arrive at approximately 800 million shares while disregarding any intervening settlements of those transient failures does not really provide any meaningful information.
What is meaningful and certainly significant with respect to any claim about naked shorting is that the delivery failures topped out at approximately 186 million shares on April 22, a trifling amount for a company with 703.5 billion shares outstanding. Further, even that insignificant number of fails was settled by April 26.
Moreover, the delivery failures only amounted to approximately 3.07 million shares worth a picayune $300 at the end of April.
Once again, it should be clear to all but the most obtuse that claims of a short position of several hundred billion shares, let alone two trillion shares, do not bear scrutiny.
Indeed, several of Mr. Frizzell's claims, which frequently bear more than a passing resemblance to the wild imaginings of CMKM's cult-like Internet followers, do not stand up to scrutiny.
For example, in their quest to extend the culpability for CMKM's woes, some of the company's faithful followers suggested that Mr. Casavant had innocently fallen in with a bad lot early on and had fallen prey to sharp operators. Among the names bandied about in connection with that quest was John Edwards of Las Vegas.
Interestingly, during the May 10 evidentiary hearing in the administrative proceeding against CMKM, Mr. Frizzell hammered away at Neil Levine, then the company's auditor, who was called as an SEC witness. Mr. Frizzell rather pointedly suggested that Mr. Levine had turned on the company at the bidding of Mr. Edwards.
While Mr. Frizzell did not make much headway on the subject of Mr. Edwards during the hearing, the search was soon on to uncover more information about the Las Vegas businessman. Indeed, Mr. Frizzell invited CMKM shareholders to forward any pertinent information about Mr. Edwards to his office.
Among the nuggets uncovered about Mr. Edwards was the fact that he had acquired a stake in Crown Financial Holdings Inc., a former market maker that shuttered its operations in February.
In the hands of some of CMKM's imaginative, if mathematically challenged, followers, that nugget turned into a fantasy gold mine.
By some fuzzy calculations, Mr. Edwards's rather ill-fated $1-million investment in Crown Financial, now worth approximately $20,000, was transformed into a $2-billion stake in the beleaguered company.
Perhaps Mr. Frizzell uses the same fuzzy math.
On Sept. 6, the Texas lawyer sent a letter to CMKM's attorney Mr. Stoecklein, with whom Mr. Frizzell is now honoured to serve as a member of the task force, demanding that the company pursue third party claims against a number of individuals including Mr. Edwards.
"Recently it was learned that Mr. Edwards had amassed $2-billion worth of Crown Financial stock," Mr. Frizzell claimed in his Sept. 6 demand letter. "Crown Financial was one of the most active market makers of CMKX stock when hundreds of billions of shares of stock were suddenly dumped on the market."
Stockwatch has twice asked Mr. Frizzell to provide the basis for his claim that Mr. Edwards amassed $2-billion worth of Crown Financial stock. The Texas lawyer has not yet replied.
Another example of at least some convergence between the wild fantasies of many of CMKM's Internet followers and Mr. Frizzell's apparent beliefs concerns the mistaken notion that the company's Saskatchewan mining interests included valuable oil and gas rights.
That notion has received considerable play on some chat sites frequented by CMKM's cult-like followers.
Among the most outlandish fantasies that have been advanced is that, during a trip to China, Mr. Casavant inked a deal with the Chinese government regarding the purported Saskatchewan oil and gas rights.
Hal Engel, a stock tout and former securities violator who has been beating the drum for CMKM for more than year, has also been keen on the value of the company's purported oil and gas prospects. According to Mr. Engel, those rights could carry a value of $500-billion or more.
While Mr. Frizzell has not specifically endorsed any of those outrageous fantasies, he clearly shared the belief that CMKM held significant oil and gas rights.
Indeed, in an e-mail message to members of the Owners Group, Mr. Frizzell advised that he had told CMKM's lawyer Mr. Stoecklein that he had acquaintances in the oil business who might be interested in the company's oil and gas rights.
Moreover, in a chat session on an Internet site called PalTalk in early September, Mr. Frizzell claimed that CMKM's mineral rights included oil and gas rights that could hold significant value.
Stockwatch has twice asked Mr. Frizzell to offer comments regarding the foundation for that claim. The Texas lawyer has not yet offered a response.
In any event, perhaps unknown to Mr. Frizzell and CMKM's cult-like followers, the ballyhooed Saskatchewan mineral rights to which CMKM held some claim are defined under the Mineral Disposition Regulations of 1986 and specifically exclude oil and gas.
Not to put too fine a point on it, CMKM's mineral claims, which are apparently in the process of being shunted off to Entourage, did not include any oil and gas rights.
It remains to be seen whether Mr. Frizzell, who is undoubtedly busy with his dual role of representing approximately 2,500 CMKM shareholders and helping the task force work out the wrinkles in the liquidating distribution scheme, will respond to Stockwatch's requests for comments on these matters and other issues raised in a dozen questions to the Texas lawyer.
Among the unanswered questions that Stockwatch put to Mr. Frizzell is whether he is being compensated as a member of the task force overseeing CMKM's liquidating distribution and, if so, the amount and source of that compensation.
Mr. Frizzell may also be busy in his capacity as a director and legal counsel for a recent venture headed by his associate, client and Owners Group founder Mr. Martin, which is coincidentally named The Owners Group Inc.
The motivation and philosophy reportedly underpinning that new venture, "owned by shareholders and dedicated to honesty, integrity and transparency," is served up on the company's website.
"Over the past year or so we have been appalled to learn the extent of just how much fraud and manipulation is costing real Americans investing in small public companies," the website explains. "Then, we had an idea of how to help combat the bad guys and try to make a difference.
"The idea is to form a company that finds other company's (sic) trying to run a legitimate business that is free of fraud, intentional manipulation, massive dilution, etc., then tell everyone about those companies.
"From this rose The Owners Group Inc. whose goal is to provide information on small companies managed with Honesty, Integrity and Transparency (HIT) so our member's risk of losing money through dishonest practices is reduced."
Evidently The Owners Group, which boasts another CMKM shareholder, Kevin West, as vice-president, is reportedly in the process of completing a private offering and has plans to become a fully reporting public company.
People can sign on to receive news and e-mail updates regarding The Owners Group's picks, currently consisting of two OTC-BB companies that have reportedly passed muster with the venture's "initial due diligence check."
In a boilerplate disclaimer similar to what can be found on other stock touting sites, The Owners Group discloses that it has received one million restricted shares from American Resources Corp. and two million restricted shares from its other pick, Diamond I Inc.
Meanwhile, Mr. Frizzell and the other two members of the CMKM liquidating task force are making some progress with respect to the "cert pull" fax campaign.
A downloadable fax cover sheet and instructions are now available on the task force website and two fax lines are being set up.
The saga continues.
-------------------- Invest with your brain not with your heart.
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posted
I always thought it was funny that the cult use lawyers, namely Roger Glenn, but the other lawyers here, to prove that CMKX is legit. But they never seem to realize that great lawyers mainly represent crooks all the time. Thats were the money is. A lawyer can't make money off a honest upright person. Look at the best lawyers in the nation and who are there client list. OJ, Michael Jackson, and the like. You want to know who the biggest crook is then look to see how good their lawyer is.
-------------------- Invest with your brain not with your heart.
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posted
He may be a windbag but what he says is actually true. It is just the cult refuses to believe the truth even when the facts are in writing and not his, I mean supporting documents that back up his statements. I always said that Frizzell used fuzzy frizzy math and its the truth.
-------------------- Invest with your brain not with your heart.
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posted
ya think anyone left in the cult can understand what lee webb said there??? probably not. just as i posted right after the list frizzy added up...its not an add together list its a rolling number. each day is the total FTD. some days the total is up & others its down because of covering the FTD's. they just don't get it. total shares ever traded equal 1.77 billion, even less the Ric & i came up with. that number includes buys & sells. no rights to oil & gas even if there was any, another point of DD missed by the cult. the SEC asked frizzy for his proof & he didn't send it. ya think maybe frizzy & martin have been in this with UC from the get go??? acts tough with cmkx a few times to set the scam up. what ever happened to those lawsuits frizzy wanted brought against ppl of the master list??? never did post a reply from stocklien. guess that was revoked too. my only question is...did UC get paid on the side for his scam & his cult by entourage???
-------------------- "keep your stick on the ice & your cup firmly in place"
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Hey, has anyone heard from Wallace? I noticed he hasn't posted since Oct 24th. Just wonder if he got booted because of QBID. When I checked his lastest post there was no Qbid posts and I thought he was writing some on that thread. But still almost 3 weeks. I hope everything is alright.
-------------------- Invest with your brain not with your heart.
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posted
I seen your post on 66. I stopped looking at 57. The post over there is so out of hand it is hard to read and not want to call someone a moron especially Tramp.
-------------------- Invest with your brain not with your heart.
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He is a windbag only because his facts do not jibe with your conjectures. The truth always was hard for you to swallow. When the eventual lawsuits come out against all the people involved, my only hope is that you will be included. IMO, your posts over the past couple months should be construed as part of the massive pump and dump scheme that was CMKX. My wish for you is the cell right next to Urban Casavant's. There are more FACTS in that one post than you have been able to deliver in two years.
-------------------- If I give you bad information, please feel free to sue me. I have nothing left anyway. Ed
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thats 66???...thought it was 57...lol.........as for legal...i think once everything we have been saying about cmkx & UC is fact the embarassment & loss of money will be enough punishment. these second teir pumpers, as Will calls them, only run with the chit the main pumping staff come up with. the oil gas stuff is a good example. with all the great DD legal & his pals at CT say they have done, nobody bothered to look at canadian claim laws & rules concerning claim rights. it was started by the main pumpers & the second teir puppets ran with it without ever actually looking at the facts, all the facts. lets hope none of the ppl legal arrested needed all the facts looked at to prove guilt or innocence.
-------------------- "keep your stick on the ice & your cup firmly in place"
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posted
Wallace isn't/wasn't banned for good. A misunderstanding, but he can post if/when he chooses to. Probably figures not much more to be said about this dead dog. He's around, just lurking is all.
quote:Originally posted by bill1352: wallace was banned for good. wont be back.
-------------------- A million seconds is 13 days. A billion seconds is 31 years.
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quote:Originally posted by bill1352: by the way...they lifted my ban at pb57. i just posted about the lee webb article....should be banned again by morning...lol
bill, are you sure you meant 57? You can't join there without an invite. And no offense, I don't think anyone there wants you. LOL
However I do see you as a registered member at the basher board, 66 (formerly 32) Now there I can see why, they are running out of negative posters. Even GB has fallen on hard times and digging up old lawsuits to bash with.
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quote:Originally posted by will: Wallace isn't/wasn't banned for good. A misunderstanding, but he can post if/when he chooses to. Probably figures not much more to be said about this dead dog. He's around, just lurking is all.
quote:Originally posted by bill1352: wallace was banned for good. wont be back.
LOL, just gives him a good excuse for not apologizing.
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posted
You don't intend to apologize no matter how obvious a disasterous scam this turns out to be. "turns out to be", what am I saying, I should say, no matter how obvious a disaster this HAS turned out to be. You will always have some cockamamie trivial reason or theory to believe in this nothing stcok. Oh wait, it isn't a stock anymore, it's nothing. If you truly want to apologize I am sure he will read it here, or I will be more than happy to give you his private email address. Maybe he will be gracious enough to give you his phone number, so you can apologize on a more personal level.
-------------------- A million seconds is 13 days. A billion seconds is 31 years.
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"I just wonder how long Legal will hold on to this cash, NSS settlement, or whatever. How long will it take for him to see the light."
Probably when Urban is dead, and Mahue cannot sit up or control his bodily functions. Then he might start thinking "it" isn't going to happen. However, Urban was a son of the famous pipe organ magnet, maybe one of his filthy offspring has the scam gene.
[ November 12, 2005, 13:48: Message edited by: will ]
-------------------- A million seconds is 13 days. A billion seconds is 31 years.
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quote:Originally posted by will: "I just wonder how long Legal will hold on to this cash, NSS settlement, or whatever. How long will it take for him to see the light."
Probably when Urban is dead, and Mahue cannot sit up or control his bodily functions. Then he might start thinking "it" isn't going to happen. However, Urban was a son of the famous pipe organ magnet, maybe one of his filthy offspring has the scam gene.
Is he really a son of the pipe organ Casavant? In certain circles that name is held in high regard. Urban's going to foul that up too.
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