posted
I imagine that whatever *could* happen soon ... *has* happened. Be interesting to see how this plays out--great story: fake r/m with bogus company; hijacked shares; new NASD tool/penny halt; announced tender from "clean sister shell"; DTC confirmation of unreg shares...
quote:Originally posted by T e x: I imagine that whatever *could* happen soon ... *has* happened. Be interesting to see how this plays out--great story: fake r/m with bogus company; hijacked shares; new NASD tool/penny halt; announced tender from "clean sister shell"; DTC confirmation of unreg shares...
I just hope frozen funds get settled next...
Amen! Preach on brother Tex!
-------------------- Study before you buy, Sell before you think about it.... Posts: 3903 | From: Gulf Coast | Registered: Jun 2006
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I got the following email from an acquiantance who is very well versed in shells, and the seamy underbelly of the pink/otcbb market.
"BHUB's easy to fix. A simple court order (cancelling shares) followed with a dividend spin off (I can find a shell to burn for $60,000)...it forces a market cover. Florida law allows the cancellation of bogus shares via a court order. Seen it done a few times. Plus, the offending party would be crazy to contest in court as they could be arrested on the spot."
So the thought being, Yucatan could have their attorneys file a suit for a court order to cancel the billions of fraudulent shares sold by sparrow/wong/Select american. This would leave the brokers that sold the shares into the market completely underwater, and scrambling to make good on the shares they sold.
The Florida statutes relating to securities can be researched here. http://tinyurl.com/2dlpdq I just started looking, but if we can find a statute confirming this, it would be a great head start for yucatan's strategies. Perhaps they're already on the ball here on this, but as far as the market goes, this info would help effect the squeezing of the brokers..
From that link above..
The 2006 Florida Statutes
Title XXXIII REGULATION OF TRADE, COMMERCE, INVESTMENTS, AND SOLICITATIONS Chapter 517 SECURITIES TRANSACTIONS View Entire Chapter
CHAPTER 517
SECURITIES TRANSACTIONS
517.011 Short title.
517.021 Definitions.
517.03 Rulemaking; immunity for acts in conformity with rules.
517.051 Exempt securities.
517.061 Exempt transactions.
517.07 Registration of securities.
517.072 Viatical settlement investments.
517.075 Cuba, prospectus disclosure of doing business with, required.
517.081 Registration procedure.
517.082 Notification registration.
517.101 Consent to service.
517.111 Revocation or denial of registration of securities.
517.12 Registration of dealers, associated persons, investment advisers, and branch offices.
517.1201 Notice filing requirements for federal covered advisers.
517.1203 Allocation and disbursement of assessment fees.
517.1205 Registration of associated persons specific as to securities dealer, investment adviser, or federal covered adviser identified at time of registration approval.
517.121 Books and records requirements; examinations.
517.1215 Requirements, rules of conduct, and prohibited business practices for investment advisors and their associated persons.
517.1217 Rules of conduct and prohibited business practices for dealers and their associated persons.
517.122 Arbitration.
517.131 Securities Guaranty Fund.
517.141 Payment from the fund.
517.151 Investments of the fund.
517.161 Revocation, denial, or suspension of registration of dealer, investment adviser, associated person, or branch office.
posted
ya, I remember...interesting development today: apparently BCIT individual shareholders are receiving summons in notice of a suit seeking declaratory judgdment. Has some confused to be named as defendant, but a declaratory judgment is (bold, my emphasis) "[a] court decision in a civil case that tells the parties what their rights and responsibilities are, without awarding damages or ordering them to do anything. Unlike most court cases, where the plaintiff asks for damages or other court orders, the plaintiff in a declaratory judgment case simply wants the court to resolve an uncertainty so that it can avoid serious legal trouble in the future. Courts are usually reluctant to hear declaratory judgment cases, preferring to wait until there has been a measurable loss. But especially in cases involving important constitutional rights, courts will step in to clarify the legal landscape. For example, many cities regulate the right to assemble by requiring permits to hold a parade. A disappointed applicant who thinks the decision-making process is unconstitutional might hold his parade anyway and challenge the ordinance after he’s cited; or he might ask a court beforehand to rule on the constitutionality of the law. By going to court, the applicant may avoid a messy confrontation with the city -- and perhaps a citation, as well."
posted
Does anyone have an opinion on this-- Why would BHUB not file to cancel "fraud" shares? Why would TELA (who they have been in dealings with since "November '06") agree to assume those shares for the "right to sue" In most cases- of which restitution is ordered- it takes years to realize. I just don't understand why BHUB wouldn't want to clear all this up,and make the broker/dealer's cover at the same time? Very fishy that they would take the complicated way out, when they could have cleared this in District Court in about 1 hr. Also, didn't Darrell say he was going to pursue this without involving the SEC? But, in truth, it went through the SEC "FIRST", and "NOW" he is going to court. Just doesn't smell right in my opinion.
posted
Don't have AMTD so I can't confirm anything here FWIW. Can anyone else?
IHUB Posted by: inman11 In reply to: None Post #of 41032
JUST FYI Dont know if anyone has posted this or can confirm this, but i just got off the phone with amtd and they said that there was a restriction on anyones account that had a bhub position in it. that restriction will be lifted in 10-15 minutes as everything has been resolved. I asked when it would resume trading. He stated that it could be as early as tomorrow but was still hesitant on giving me a date. Hopefully someone else has some more info
-------------------- If ignorance is bliss, why aren't more people happy? Posts: 2647 | From: MN | Registered: Feb 2006
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posted
I have a pretty hard time believing that AMTD would know any better than us, when BHUB resumes trading. THey may have just cleared up their mess with peoples settled funds or something, but not lifting the trade halt. IMO
-------------------- 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 ZeroCool: Does anyone have an opinion on this-- Why would BHUB not file to cancel "fraud" shares? Why would TELA (who they have been in dealings with since "November '06") agree to assume those shares for the "right to sue" In most cases- of which restitution is ordered- it takes years to realize. I just don't understand why BHUB wouldn't want to clear all this up,and make the broker/dealer's cover at the same time? Very fishy that they would take the complicated way out, when they could have cleared this in District Court in about 1 hr. Also, didn't Darrell say he was going to pursue this without involving the SEC? But, in truth, it went through the SEC "FIRST", and "NOW" he is going to court. Just doesn't smell right in my opinion.
who says they're not filing? They've now got DTC recognition of unreg shares...
TELA/BHUB same management; TELA trades BB: the spin there is throw a bone to stuckholders with freebies in "clean" BB with rumors of acquisitions. Any CEO can say whatever they want about SEC getting involved or not getting involved...won't matter to the SEC, so this CEO is at least consistent in that regard...
Anyway, the development in my book is the BCIT case...see above.
quote:Originally posted by cottonjim: I have a pretty hard time believing that AMTD would know any better than us, when BHUB resumes trading. THey may have just cleared up their mess with peoples settled funds or something, but not lifting the trade halt. IMO
talent at most brokerages is spotty...if that person *does* know something about thawing funds, no reason to believe he/she would know anything concrete about NASD halt lifting...might easily be simply something to say to an agitated client...
posted
Tex, I agree this will probably end up like BCIT...in the end. Also, I never stated "they weren't filing" What I am trying to understand- is why they would incumber TELA with this mess, if they were already in "talks" with BHUB---REGARDLESS of the "sister" relationship?
posted
If they would have lifted the hault shortly after todays PR there may have been alot of buying and a rise in PPS. BUT, if and when this does start trading again, the selloff is going to be legendary IMO and it will let the short positions cover at the lowest of low prices. .000's are on the horizon IMO, but i hope not, I like my money.
-------------------- If ignorance is bliss, why aren't more people happy? Posts: 2647 | From: MN | Registered: Feb 2006
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posted
"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."
Looks like a carefully worded PR saying they claim not to have any idea who the "party" is that is responsible for the unreg shares. BHUB from this pr does NOT hold SAT responsible. Possibly this "party" is John Sparrow. I would have expected a better job of pointing the finger. TELA did what I thought it would do by bringing their pps down and is keeping pretty quiet now. I do hope that all works out but there are some major red flags waving all over the place. jmho.
-------------------- All post are my opinion. Do your own DD. Who's clicking your buy/sell button!? Posts: 7800 | From: Virginia | Registered: May 2006
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posted
Boo, that statement looks lawyered up to me. It was careful not to say anything specific, but that doesn't mean they don't have specific ideas of who is responsible or who they will go after.
-------------------- Me Trade Pretty One Day. Posts: 815 | From: NYC | Registered: May 2006
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posted
IF, notice the emphasis, if this has parallels to BCIT beyond the obvious, I imagine whoever's closest to letting those unreg shares into the market is already contemplating pitching a deal to cover. For sure, somebody's wearing a crosshairs-shirt; the Wong/Sparrow IDs may hard to ascertain, but prolly the authorities have already determined the market-entry point.
posted
Should be some inerestin fireworks Tex. Fer sure.
-------------------- All post are my opinion. Do your own DD. Who's clicking your buy/sell button!? Posts: 7800 | From: Virginia | Registered: May 2006
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quote:Originally posted by T e x: "if they were already in "talks" with BHUB---REGARDLESS of the "sister" relationship?
who is "they" ?
TELA- who do you think?!? Did you not know TELA was in talks with BHUB since Nov. '06 per there PR? I thought you kept up with all that.(sarcasm)
TEX-- are you here to converse and share ideas and information with people?? Or are you here to let everybody know you have been here the longest, and you are the smartest, and you are the coolest, and you are the only person who knows exactly evrything?
Ya know what man, I apologize for asking you anything. It won't happen again. Please don't respond to my posts, and I will not respond to yours.
posted
OK folks...we tried this with CSHD, and it at least brought some attention on it. Anyone for writing letters to Congressmen and Senators? We have a leg to stand on 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 T e x: "if they were already in "talks" with BHUB---REGARDLESS of the "sister" relationship?
who is "they" ?
TELA- who do you think?!? Did you not know TELA was in talks with BHUB since Nov. '06 per there PR? I thought you kept up with all that.(sarcasm)
TEX-- are you here to converse and share ideas and information with people?? Or are you here to let everybody know you have been here the longest, and you are the smartest, and you are the coolest, and you are the only person who knows exactly evrything?
Ya know what man, I apologize for asking you anything. It won't happen again. Please don't respond to my posts, and I will not respond to yours.
lol, who bit yer apple?
I simply didn't understand the pronoun reference.
and, no, btw--haven't been here the longest, for sure don't "know everything" ...but ya, I *am* the coolest
posted
I'm illiterate. Can you write it for me, and I'll sign an "X" at the bottom?
quote:Originally posted by SherriT: OK folks...we tried this with CSHD, and it at least brought some attention on it. Anyone for writing letters to Congressmen and Senators? We have a leg to stand on here....
Posts: 5508 | From: Southeastern PA | Registered: Jan 2006
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quote:Originally posted by T e x: "if they were already in "talks" with BHUB---REGARDLESS of the "sister" relationship?
who is "they" ?
TELA- who do you think?!? Did you not know TELA was in talks with BHUB since Nov. '06 per there PR? I thought you kept up with all that.(sarcasm)
TEX-- are you here to converse and share ideas and information with people?? Or are you here to let everybody know you have been here the longest, and you are the smartest, and you are the coolest, and you are the only person who knows exactly evrything?
Ya know what man, I apologize for asking you anything. It won't happen again. Please don't respond to my posts, and I will not respond to yours.
lol, who bit yer apple?
I simply didn't understand the pronoun reference.
and, no, btw--haven't been here the longest, for sure don't "know everything" ...but ya, I *am* the coolest
TEX--REDEEMED!!! Humor heals all for me, forgive my "rant". Mis-understood ya. Can't wait for VoIp on this board. Nuances hard to recognize.
My connect. is indisposed. Do ya think you can verify something with your Fed. buddy? That- Select under criminal investigation, and Sparrow listed as alias on warrant??
That damn Darrell Peterson returned my call and I had my phone turned off. Tagged him back, and should hear from him in a couple of days.
So, anybody have any questions to ask him- I'll relay, and post answers.
I don't think it needs to be said, but I will- no questions that you know he can't answer specifically.
quote:Originally posted by PCola77: I'm illiterate. Can you write it for me, and I'll sign an "X" at the bottom?
quote:Originally posted by SherriT: OK folks...we tried this with CSHD, and it at least brought some attention on it. Anyone for writing letters to Congressmen and Senators? We have a leg to stand on here....
WAAHAHAHAHAHA!!! i'm in with the X too. chit like this gives my other scam pinks a bad rap!
-------------------- All post are my opinion. Do your own DD. Who's clicking your buy/sell button!? Posts: 7800 | From: Virginia | Registered: May 2006
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posted
GOt an e-mail back from him this morning. I was trying to press him for more info and he told me he can't tell me anything more without risking getting himself into trouble. I have to respect that. He did tell me to go with my gut because it's "probably" right. Now i gotta figure out what my gut thinks.
quote:Originally posted by ZeroCool: COTTON- where are ya, buddy?
My connect. is indisposed. Do ya think you can verify something with your Fed. buddy? That- Select under criminal investigation, and Sparrow listed as alias on warrant??
That damn Darrell Peterson returned my call and I had my phone turned off. Tagged him back, and should hear from him in a couple of days.
So, anybody have any questions to ask him- I'll relay, and post answers.
I don't think it needs to be said, but I will- no questions that you know he can't answer specifically.
-------------------- 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 SherriT: OK folks...we tried this with CSHD, and it at least brought some attention on it. Anyone for writing letters to Congressmen and Senators? We have a leg to stand on here....
Sherri, I think to document everything, be best to "follow the trail," ie, get a written response from broker(s), then whomever they mention, if any, then from NASD, and so on...Then you have a record of being polite, going through the proper steps, etc... make sense?