quote:Originally posted by megahead34: My understanding is that it should be trading at .001. What just happened? I don't get get how 90% of my shares are in some garbage trading at 0. Can someone explain what just happened?
Welcome to the world of PAIM! This is the least profitable stock in all of pennyland. People continue to buy after the dozens of times they have diluted it. There are NO financials with the SEC and the owners are con artists. And you ask why. This is a rip off stock by rip off artists and for some unknown reason people continue to buy and continue to be shocked when they have nothing a short time later. They will continue to add shares as they need money. Pure and simple, they are a rip off. Pay a little attention to the 500 signs you've been given and run from this. Mark it as a loss already and move on.
I agree!! People be careful and make sure to do your DD. Always protect your capital and take a little profit when possible to keep you in the game.
Good luck trading.
-------------------- I buy fast and sell faster! Posts: 2018 | Registered: Jan 2006
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What the hell? On my Scottrade, PAIM is now showing as PAIM# with a N/A for price. Can someone please explain what is going on here? I have 3 things for PAIM
quote:Originally posted by megahead34: What the hell? On my Scottrade, PAIM is now showing as PAIM# with a N/A for price. Can someone please explain what is going on here? I have 3 things for PAIM
Yup you got to love how PAIM makes you trading account look. I wish I could just have it all removed, but maybe the constant reminder is better in the end.
-------------------- trashed and scattered again Posts: 629 | From: Boston | Registered: Jan 2006
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I really don't know, maybe they found another way to screw the investor. Not only did we take 90% of your shares... but we found a way to make the remaining 10% restricted!!!
-------------------- trashed and scattered again Posts: 629 | From: Boston | Registered: Jan 2006
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quote:Originally posted by mad tony: Has any gold ever been found in the Philippines in the past?
Yes, companies have done core samples in the past and found out that there is a large amount of gold and many other precious metals in a lot of the mountainous areas of the southern philippines (Mindanao). But that area is hostile, an ongoing muslim insurgency has plagued the area since the early 1970's. So many companies and foriegn investors stay out because they dont want their assests seized, damaged, or their workers killed or kidnapped.
-------------------- *I'm not a financial expert or advisor, everything stated is my opinion* Posts: 1680 | From: NC | Registered: Jan 2006
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quote:Originally posted by Max Shrap: If you don't understand averaging down, then you should go get educated. The people that bought at .0001, now break even at .001.(if they had shares "taken away," some people still have all their shares so this doesn't apply) They can bring their break even point down by buying as many shares as they feel comfortable with at .0001. This stock will run when they get the gold out of the ground and start producing revenues. If the O/S stays at 3 billion, and the revenues are as predicted, I think it will go above .001. BTW, I don't own any of this stock, nor do I plan on buying any 'til it shows signs of a run.
quote:Originally posted by amswap:
quote:Originally posted by Max Shrap: People feeling stuck and depressed have to average down and hold for the 4th quarter.
How can you average down from .0001? If you paid more than .0001 in the last 3 months, you should not be trading pennies. Bad enough you buy into such a scam stock, but then to say it will go up 10 times is beyond belief. Are you just pumping so some other naive buyer who hasn't done any investigation on the con artists running the show? This stock will not be more than .0001 in 5 years.
posted
Any other PAIM shareholders see strange stuff on their accounts. I still don't understand why its showing as PAIM# in my scottrade account, and how its not tradeable.
Posts: 1128 | From: Houston, TX | Registered: Feb 2006
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quote:Originally posted by megahead34: Any other PAIM shareholders see strange stuff on their accounts. I still don't understand why its showing as PAIM# in my scottrade account, and how its not tradeable.
I had 1,500,000 shares. Now have 150,000 tradable, 1,350,000 with a cusip #
Posts: 395 | From: algonquin,il,usa | Registered: Sep 2004
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Let me start off by thanking you for your insightful questions and suggestions. We likewise appreciate your posting of our answers.
1. Yes, we have made this clear to the DTC.
2. I do not know the answer to this, probably best answered by either DTC or Ameritrade
As mentioned in one of the last PRs, our Chairperson has had several meetings with NASD, DTC, and the transfer agent on the mechanics of the buyback, and all official documents required have been submitted to these entities. However, there were brokers that didn't move 90 % of their clients' shares into the contra cusip, as instructed by DTC, as a result of which some shareholders sold their shares short, which has artificially held PAIM price down and caused all of this confusion.
Allow me to attach this reply by our Chairperson to another shareholder with a similar query, which contains a lot of information that would help clear up the current situation:
The DTC - Depository Trust Company is the agency that is processing the smooth transition of the 90% Buy Back and CD Exchange between the Issuer or the Company- Pearl Asian and its shareholders.
Your Broker will submit to the DTC the list of all its clients' name and the amount of PAIM shares to be bought back.. Then DTC will submit that to the Transfer Agent to make up all the CD's for all PAIM's shareholders. The TA will send back all the 90% of Common Shares to Pearl Asian in exchange for the CD. As soon as these are received and accomplished by the Transfer Agent (TA).. the TA will send this back to the DTC, then the DTC will release these CD's to the brokers..Your broker in turn will send or deliver the certificates CD to its clients.
The method is similar to the Stock exchanges.. Patience is important..as this has to be done correctly and effectively. everyone is working hard to make this process run efficiently.
I would appreciate that very much, considering I still have a lot to learn about short selling, naked short selling, etc.
Once again, many thanks for posting my email. You may post this, as well, if you wish.
Warm regards,
Gary Gotanco
VP-BD & IR
Pearl Asian Mining Industries, Inc.
On 7/6/06, xxxxxxx*xxxxx.com <xxxxxxx*xxxxx.com> wrote: Hi Gary,
Thank you for the specific and clear answers to previous questions I have sent.
As you probably know, TDAmeritrade still has the trading of PAIM's stock frozen in its customers' accounts, including mine (They won't even let me buy more). When I spoke with TDAmeritrade's Reorg division this morning, they said that they are awaiting the "official word" on the buyback date from DTC. They've been giving me this explanation for a few days. I told them that the PRs from PAIM all say that the last date of ownership for the buyback is June 15. The TDAmeritrade Reorg representative said that the DTC thinks it is June 21. This threw me off as you assured us that June 15 will be the enforced cutoff date and I hope that this is still the case.
I do not doubt you or PAIM.
I am concerned that some of the brokerage firms (including TDAmeritrade) may be trying to alter the cutoff date or stall this process as is suggested by one of the posters on IHUB. I read a couple months ago in a prestigious article that most of the big brokerage firms don't actually acquire all of the shares that their clients "buy". Therefore, they are short. If this is true, your buyback may have put some of them in an awkward position and they stalling to cover their shorts at a low price or they may be trying to figure out what to do. If it looks like some brokerage firms are being uncooperative, this may be the reason.
With your far greater information on the topic, if you agree, I suggest that you have a discussion with NASDAQ and the SEC regarding these brokerage firms. I might start asking around at NASD or NASDAQ. I live close to them and my wife used to work there, in Market Watch and Insider Trading.
As I requested in an earlier email, please give DTC "the specific instructions to have the cutoff date for June 15 enforced. It is important to stay with the original PR for PAIM's credibility. Confused PAIM owners whose brokers allowed them to sell buyback-subject stock can deem that sale as a short and require them to buy back what their broker should not have let them sell. While those affected may complain, enforcing this will convince investors that PAIM does what PAIM says. In my opinion, this will greatly help the PPS."
As one poster on IHUB posted today (message 9706), "Trading should have been halted on the 16th stopping any future selling. This has worsened the problem. The entire buyback should have occured on the 15th. I don't know what may happen but I know what should. Anyone who sold after the 15th should be accountable for those shares. It was selling after the cut off date. If the brokers allowed this then they should be accountable for retrieving the shares they allowed to be sold. Everyone had plenty of time to sell prior to the 15th. The brokers and the MM's do have an obligation to account for 27bn shares. If anyone is making money its the brokers and the MM's not Paim. Everyone wants to see the share price go up when they work against it happening ."
Questions:
1. Have you made it clear to DTC that the cutoff date for the buyback is June 15?
2. Has the DTC made it clear to TDAmeritrade that the cutoff date is June 15?
3. Is TDAmeritrade misleading their clients when they state that they are awaiting "official word" on the cutoff date?
4. Are you interested in getting a copy of the article on brokerage firms' practice of not buying all of the stocks their clients buy? I will have to dig around to find it again. My brother-in-law, a broker, has verified it.
As before,
1. I know I do not need to tell you this, but in my communications with companies I always ask that you do not give me any info that might be construed as insider information.
2. I will not publish my questions or response without your explicit written permission.
quote:Originally posted by megahead34: Any other PAIM shareholders see strange stuff on their accounts. I still don't understand why its showing as PAIM# in my scottrade account, and how its not tradeable.
because they ripped you off?
-------------------- *I'm not a financial expert or advisor, everything stated is my opinion* Posts: 1680 | From: NC | Registered: Jan 2006
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To: Megahead34 and any others. I too use Scottrade and have my PAIM position in limbo. Here is what my question to Scottrade's help desk returned:
"Thank you for your email. The company that settles trades for PAIM is not settling trades for PAIM at this time. They are currently in the process of reviewing shareholder of record dates relating to the recent reorganization. Until they begin settling trades again, Scottrade will not trade this security. Unfortunately, at this time, we do not know how long this might take. We ask that you contact your local Scottrade office if you have more questions regarding this matter. Please let us know if there are other matters with which we may assist."
And the local branch manager of Scottrade informs me that Scottrade has a hold on all buy and sells until such time (an unknown) the transfer agent (DTC I think) begins settling this issue again.
So, does anyone have additional information, and has anyone contacted PAIM's investor relations person/department for a clarification or illumination about this matter? I have yet to understand how it appears that this issue is trading (price yesterday fluctuated between .0001 and .0003) if the transfer agent is not settling trades?
All feedback is greatly appreciated.
-------------------- "No nation was ever ruined by trade." Benjamin Franklin Posts: 533 | From: Dooville, Indiana | Registered: Jul 2006
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Thats so wierd that Scottrade did that. How bout other online brokers? Is PAIM still tradeable?
Posts: 1128 | From: Houston, TX | Registered: Feb 2006
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Whats up with Scottrade? This thing starts moving and i can't trade any of my shares. What is going on here?
Posts: 1128 | From: Houston, TX | Registered: Feb 2006
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Where are these shares being traded? 400 million plus today and touched .0005?
I sent an e-mail to Gary Gotanco - Vice President / BDO (Business Development Officer) this morning. At this point have not received a response, as well as realize the time difference with the Phillipines. Text of my query: "I am inquiring about your company's understanding of the status of shareholder's inability to trade PAIM common stock at this time.
Specifically, the brokerage house I use is Scottrade, and they have place a "hold" on all buy or sell orders on PAIM's stock until such time that the transfer agent (i believe DTC) will again settle trades on PAIM. This circumstance has been in effect now for approximately 4 business days. Essentially, the position that I hold in PAIM common shares is in limbo, while it appears that there is active trading occurring on the common stock by some parties somewhere, i.e. the price has been ranging between .0001 and .0003, with sizable volume each day.
Is PAIM working with your transfer agent (or agents) to resolve this matter and if so, how? Is there a time frame that can be counted on for the resumption of the transfer agent support in trading your company's stock?
I would appreciate feedback on PAIM's stance and actions on the company's and transfer agent activities to resolve and rectify these conditions and to help shareholders regain access our positions and investment.
Sincerely,"
I'll post any response that I get, when I see it.
-------------------- "No nation was ever ruined by trade." Benjamin Franklin Posts: 533 | From: Dooville, Indiana | Registered: Jul 2006
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I tried to buy some on Scottrade, and I got a message saying "its not available for ONLINE trading"
Posts: 93 | From: Dallas | Registered: May 2006
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This press release appears to have been issued around 2:30 PM EST today. I still have not received any direct responses to my earlier questions, though.
"News for 'PAIM' - (Pearl Asian Mining Industries (PAIM) Issues Clarification on 90% Buyback of Its Common Shares and Conversion of Debentures to Common Stock; Also Announces a Visit by USA Shareholder to the 'Operation Cagayan De Oro' Gold Minesite)
MANILA, Philippines, Jul 12, 2006 (BUSINESS WIRE) -- Pearl Asian Mining Industries, Inc. (OTC: PAIM) announced that it is close to completing the buyback of approximately 27,000,000,000 or 90% of its issued and outstanding common shares using a convertible debenture (CD). PAIM has transferred to DTCC CD notes with a face value of approximately US$27,000,000.00 which DTCC received approximately June 21, 2006. However, PAIM has not received any of the 27,000,000,000 common shares subject of the buyback.
DTCC should be in the process of sending to PAIM 90% of the common and outstanding shares in exchange for the CDs. Although PAIM has set the buyback/exchange date for June 15, 2006, some confusion has occurred as the brokerages seem to have not been sufficiently informed by their clearing houses via DTCC to segregate 90% of all common shares held. As a result, some brokerages have erroneously included in the buyback shares purchased after the buyback/exchange date of June 15, 2006. In view of this, PAIM is advising all shareholders to check their accounts and immediately bring to their brokers' attention any discrepancies or errors.
Any shares bought and sold in the market now should only be the remaining 10%, although some of DTCC's participants, i.e. brokers, have failed to notify their clients, which has resulted in many shareholders selling shares short, which they thought were still available from the 90%. Pearl Asian advises shareholders who may have unintentionally sold short on PAIM shares to immediately contact their brokers to work out a way to cover their positions. These shares sold short will be fully known once the first report after the new NASD SHO Regulation, which includes Pink Sheet stocks and took effect July 3, is released within the month. The remaining 10% of common shares in shareholders' accounts should be available for trading at any time.
To reiterate, the buyback rate is that for every common share surrendered, Pearl Asian will pay $0.001, the par value of the common shares in the form of convertible debentures, when held to the maturity of five years. The CD is to be paid on the fifth year without interest. The debentures can be converted back to common shares at a fixed rate of $0.01 per share at any time on or before maturity, upon surrender of the original CD note to the company or its transfer agent. Shareholders' accounts should indicate the value of the CD, with the proviso that said value will mature after five years.
We expect the CD to begin trading OTC on the Yellow Sheets in the near future and there should be no restrictions on selling or trading CDs after the exchange is completed.
In an unrelated development, Pearl Asian announced the availability of photos involving the visit of a shareholder to the Binasan Minesite. Visit the website at www.PearlAsianMining.com for updates and photos on Operation Cagayan de Oro including the visiting shareholder.
Forward-Looking Statements
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements in this release include statements regarding the company's projections regarding gold production in future periods. The factors that could cause actual results to differ materially from anticipated results include risks relating to estimates of reserves, mineral deposits and production costs; mining and development risks; the risk of commodity price fluctuations; political and regulatory risks; risks of obtaining required operating permits and other risks and uncertainties. Penny Stocks are very highly speculative and may be unsuitable for all but very aggressive investors. The company disclaims any intention or obligation to update or revise any forward-looking statements, whether as the result of new information, future events or otherwise.
SOURCE: Pearl Asian Mining Industries, Inc.
CONTACT: Pearl Asian Mining Industries, Inc.Gary Gotanco, 866-732-7888 or 650-814-3268 or +63-2-490-0140 Fax: 877-317-4430 IR*PearlAsianMining.comwww.PearlAsianMining.com
Copyright Business Wire 2006"
-------------------- "No nation was ever ruined by trade." Benjamin Franklin Posts: 533 | From: Dooville, Indiana | Registered: Jul 2006
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quote:Originally posted by rocktrader: guys can someone explain on what the hell is going on here?
I am not able to sell my PAIM stock through ameritrade...
Out of 10 million i can only able to sell 1 million..
what the hell is going on here?
Thats because PAIM took back 90% of all shares, which means 90% of your shares. 90% of your 10 million is 9 million, that leaves you with 1 million shares.
If you read the PRs you would know that and you would have known to sell your PAIM shares before they took 90% back. Then rebuy in afterwards.
-------------------- *I'm not a financial expert or advisor, everything stated is my opinion* Posts: 1680 | From: NC | Registered: Jan 2006
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