posted
i-hub, Jenna...a mod of the BHUB thread started a thread devoted to discussion of Select American, and the *** guy didn't know about it, yet... dunno what the "big deal" is/was...not really following, for awhile...
posted
Yeah, it eas IHUB jenna. I have been trying to follow along but it's such a cluster F I have no clue whats going on, and I consider myself pretty informed on the situation. I would sure like to know what Saul meant by "something very big." Select American is the same TA that PMCL has and their shares have been sold WAY over the float for along time, everyone assumed shorting but in light of this situation, one has to wonder. I hate to speculate but that's all it;s going to be for now so I can't help it. Plus, I am holding a pretty big bag so I have nothing better to do I thought for sure it would keep trading for one more day so I got caught. My fault, all I can do is wait for stuff to resolve now.
-------------------- If ignorance is bliss, why aren't more people happy? Posts: 2647 | From: MN | Registered: Feb 2006
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quote:Originally posted by cottonjim: Yeah, it eas IHUB jenna. I have been trying to follow along but it's such a cluster F I have no clue whats going on, and I consider myself pretty informed on the situation. I would sure like to know what Saul meant by "something very big." Select American is the same TA that PMCL has and their shares have been sold WAY over the float for along time, everyone assumed shorting but in light of this situation, one has to wonder. I hate to speculate but that's all it;s going to be for now so I can't help it. Plus, I am holding a pretty big bag so I have nothing better to do I thought for sure it would keep trading for one more day so I got caught. My fault, all I can do is wait for stuff to resolve now.
Cotton-
can you get anything out of your "buddy"- about SAT agent? Have got confirmation on a couple of items concerning them- but haven't got confirmation of the confirmation- it just sort of "clammed" up. Have come up with the following names in ref. to BHUB investigation- Jason Wong, Pat Schneider, Clarence Knapp, Ada Knapp, David Watson. Sources "vague"...which is unlike them. Thanks dude!
quote:Originally posted by cottonjim: Yeah, it eas IHUB jenna. I have been trying to follow along but it's such a cluster F I have no clue whats going on, and I consider myself pretty informed on the situation. I would sure like to know what Saul meant by "something very big." Select American is the same TA that PMCL has and their shares have been sold WAY over the float for along time, everyone assumed shorting but in light of this situation, one has to wonder. I hate to speculate but that's all it;s going to be for now so I can't help it. Plus, I am holding a pretty big bag so I have nothing better to do I thought for sure it would keep trading for one more day so I got caught. My fault, all I can do is wait for stuff to resolve now.
Cotton-
can you get anything out of your "buddy"- about SAT agent? Have got confirmation on a couple of items concerning them- but haven't got confirmation of the confirmation- it just sort of "clammed" up. Have come up with the following names in ref. to BHUB investigation- Jason Wong, Pat Schneider, Clarence Knapp, Ada Knapp, David Watson. Sources "vague"...which is unlike them. Thanks dude!
I have only talked to him once since the last time, Both he and my other friend were headed for Guantamo today. I don't ask, they don't tell, thats how it is. On a side note, apparently there is some pretty decent fishing around there, and i'll take their word for it. One cool thing, One of them, Dale, got another close friend of ours a flag that has been flown over the base there, certified and all with a really nice display case. He is supposed to be working on getting me one this time around. I am going to check in with him in two weeks when he gets back into Minneapolis.
-------------------- If ignorance is bliss, why aren't more people happy? Posts: 2647 | From: MN | Registered: Feb 2006
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posted
Just sent a follow up e-mail Sherri. I'll let you know if I hear back from them.
Posts: 5508 | From: Southeastern PA | Registered: Jan 2006
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"Dear Customer, Due to the Global Lock Status placed on the BHUB by the DTC, transactions occurring in this symbol are unable to be settled. Assuming the BHUB transaction can ultimately be settled by the DTC, the proceeds will be credited to your account. We do not have an estimated time amount for this. Thank you."
Here is my latest reply:
"Are you saying that even though I bought and sold a security during a time period when there were no restrictions, and no indication of any forthcoming restrictions, I could potentially just forfeit $6,500? My shares are gone AND my money is gone? Where did the shares go if this is the case? Are they being held also? I'd assume that there is no way that whoever bought my shares would get to keep them AND get their money back, correct?"
I'll post if/when I get a response.
Posts: 5508 | From: Southeastern PA | Registered: Jan 2006
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posted
I got the same e-mail at the top - word for word...prompted by a chat session I had with them yesterday morning.
I replied with similar questions except I didn't ask about the shares. I told them you have a record that I bought and sold this security on this date, when there were no restrictions, for $X, and I expect to see $X very soon.
I have also tried to call the DTC, but since I don't have a member number, I couldn't get very far. Wonder if the SEC or other governing body could assist us here?
-------------------- Study before you buy, Sell before you think about it.... Posts: 3903 | From: Gulf Coast | Registered: Jun 2006
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quote:Originally posted by PCola77: I don't like the sound of this.
"Dear Customer, Due to the Global Lock Status placed on the BHUB by the DTC, transactions occurring in this symbol are unable to be settled. Assuming the BHUB transaction can ultimately be settled by the DTC, the proceeds will be credited to your account. We do not have an estimated time amount for this. Thank you."
Here is my latest reply:
"Are you saying that even though I bought and sold a security during a time period when there were no restrictions, and no indication of any forthcoming restrictions, I could potentially just forfeit $6,500? My shares are gone AND my money is gone? Where did the shares go if this is the case? Are they being held also? I'd assume that there is no way that whoever bought my shares would get to keep them AND get their money back, correct?"
posted
Yes. I am on chat now. They said the DTC is the problem, and until they release the lock, we can't process anything. I pointed out that I understand all of the confusion and legality of some of the shares, but that if the security was traded legally, then it should be settled legally and THEN sort out the mess.
-------------------- Study before you buy, Sell before you think about it.... Posts: 3903 | From: Gulf Coast | Registered: Jun 2006
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posted
I got someone that seemed to know the scoop. I reiterated that the trades were the day before the lock, so those should be legally settled if they were allowed to be traded. The rep is going to contact the MM about the trades from the 11th and prior to see what is going on. Will post e-mail when I get it...
-------------------- Study before you buy, Sell before you think about it.... Posts: 3903 | From: Gulf Coast | Registered: Jun 2006
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posted
add this to the comments from CT...much the same as PC's response...
Dear Customer,
The XZ just represents a restricted symbol. Due to the Global Lock Status placed on the BHUB by the DTC, transactions occurring in this symbol are unable to be settled. Assuming the BHUB transaction can ultimately be settled by the DTC, the proceeds will be credited to your account. We do not have an estimated time amount for this. Thank you.
posted
UUUUUUGGGGGHHHHHHHHH, I hate it, I hate it, I hate it. A guy tries to get a sane word in edge wise there and it gets totaly ignored because people are to busy yelling about deleted posts and what may or may not be, in their opinion. I think y'all know what I'm talking about. I feel bad for the inexperienced trader who is trying to find any VALUABLE, RELIABLE information about this situation. OK, I feel better now, I will return to my self imposed exile
-------------------- If ignorance is bliss, why aren't more people happy? Posts: 2647 | From: MN | Registered: Feb 2006
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We are still investigating the BHUB transactions that took place on 4/11/2007. We appreciate you patience as we work through the problem with our clearing firm.
Thank you.
-------------------- Study before you buy, Sell before you think about it.... Posts: 3903 | From: Gulf Coast | Registered: Jun 2006
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posted
By the time you get settling the halt will be over. Not really but it should start trading again next week.
Posts: 2498 | Registered: Mar 2006
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We are still investigating the BHUB transactions that took place on 4/11/2007. We appreciate you patience as we work through the problem with our clearing firm.
Thank you.
-------------------- #1 Rule: Protect your capital! #2 Rule: Never fall for the BS on the boards! Posts: 8890 | Registered: Jan 2006
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We are still investigating the BHUB transactions that took place on 4/11/2007. We appreciate you patience as we work through the problem with our clearing firm.
Thank you.
Actually, I take that as not too bad...sometimes you just get the same wording over and over...acknowledging there is a problem, that is being addressed is good, imo...
posted
Well, I did my morning chat session with CT, and I quote:
"Today's update is that there is no update"
I told the rep I appreciated his honesty, and laughed. I did get a sense of security from his behavior though, and he said that they were confident it would be resolved very soon. I am becoming a fan of the word "very"
FWIW....
-------------------- Study before you buy, Sell before you think about it.... Posts: 3903 | From: Gulf Coast | Registered: Jun 2006
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posted
The BigHub.com, Inc. receives position reports from Depository Trust Company
PR Newswire "US Press Releases "
JENSEN BEACH, Fla., April 18 /PRNewswire-FirstCall/ -- The BigHub.com, Inc. (Pink Sheets: BHUB) received position reports from the Depository Trust Company confirming the "uncertified" share position provided by Select American Transfer Company. "This third party confirmation comes directly from the Company that facilitates the clearing of 100% of the share transactions between brokers. Additionally, they are the custodian of all of the BHUB shares held in 'street name,'" stated Darrell Peterson, interim President. He went on to further state, "Any illusion created by Select by virtue of their previous press releases that we were misleading or false in our reporting to shareholders should now be put to rest."
Additionally Mr. Peterson reported that, "We are now working quickly to file actions against parties whom we believe have acted in a reckless and illegal manner, depriving BHUB and its 'shareholders' the ability to conduct business at this exact time." Mr. Peterson continued, "Based on the information received and investigated by the Company we are proceeding with our goal to file an action in Federal Court against all parties involved in the scheme."
As previously announced, The BigHub.com, Inc. was informed by Select American Transfer Company that there were currently 1,580,847,798 shares issued by them and that those shares issued were 1.53 billion shares in excess of the legal authorized shares of the Company. The Company states that these shares are unauthorized shares and unregistered with the Securities and Exchange Commission as required under the Act.
The Company previously announced that it has engaged Olde Monmouth Stock Transfer, Inc. to handle its authorized stock transfers.
The Big Hub.com, Inc. (Pink Sheets: BHUB) will continue to review potential business ventures or acquisitions during this process.
SOURCE The BigHub.com, Inc.
-------------------- If ignorance is bliss, why aren't more people happy? Posts: 2647 | From: MN | Registered: Feb 2006
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posted
So, does this imply that Select American is on the hook for "covering" the un-authorized shares? And if so, is it going to take a judges ruling to get them to cover or can the SEC step in and suspend their activities until they do?
As previously announced, The BigHub.com, Inc. was informed by Select American Transfer Company that there were currently 1,580,847,798 shares issued by them and that those shares issued were 1.53 billion shares in excess of the legal authorized shares of the Company. The Company states that these shares are unauthorized shares and unregistered with the Securities and Exchange Commission as required under the Act.
-------------------- If ignorance is bliss, why aren't more people happy? Posts: 2647 | From: MN | Registered: Feb 2006
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posted
dunno SEC's authority/oversight role with TAs; TAs *do* have to register/fingerprint, etc with SEC, as I recall--but according to this, the DTC has merely acknowledged the unregistered shares. They don't have any regulatory authority to "lay blame." They *should* assist NASD/SEC in backtracking the shares' entry into the market, though... At this point, my guess is *some* court gets involved, although perhaps SEC could hold an administrative hearing.
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I thought for sure it would keep trading for one more day so I got caught. My fault, all I can do is wait for stuff to resolve now.
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