posted
Nashville Records, Inc. Announces Rescission of Private Offering
Business Wire "US Press Releases "
NASHVILLE, Tenn.--(BUSINESS WIRE)--
Nashville Records, Inc. (PINK SHEETS: NSHV) investor relations has recently received calls from investors regarding decline in share price and apparent shares sold onto the market. In response, the company has examined all possible selling sources and has identified a breach of contract regarding a previously arranged 504-D issuance of shares. All shares issued from this transaction have been recalled and "Stop Transfer" orders have been issued to the Company's transfer agent.
While the shares were legitimately owned by the 504-D purchaser, they were never intended to become free trading and Nashville Records(TM) engaged attorneys to deem the entire contract null and void, and force the return of all shares back to the company. 504-D shares not yet sold into the market are to be returned immediately to the company treasury - all sold shares will have to be re-purchased on the open market and returned to the company treasury.
Between April 12, 2007 and May 1, 2007 the company entered the 504-D offering encompassing two issuances of shares and one transaction that had not resulted in funds being received by the Company.
Upon further review by the Company's securities attorney, an opinion letter was issued and sent to the various parties involved, their legal counsels, and the brokers or market makers who seemed to be trading in the shares.
The offering itself, which was conducted as an exempt intra-state offering in the state of Minnesota, was credible and legally sufficient and was handled by specialized securities attorneys, but it was the opinion of Nashville Records and its securities counsel that the follow-up redistribution of the shares to holders in another State was an unregistered underwriting that not only violated the spirit of the exemption, but State and Federal Securities laws as well.
While the opinion of counsel letter is far too voluminous to publish via a press release, it can be viewed as text on the Company's website, http://www.nashvillerecords.com.
A Minnesota securities attorney will be retained to seek a permanent injunction to halt trading of the tainted shares, possibly with the aid of the Minnesota Securities Department.
Although the company regrets this issuance, it is acting aggressively to find a swift resolution. It is important to company management that transparency with shareholders is maintained regarding evolutionary steps in our development. While the company was founded on expert talent from the music industry, the unique risks associated with being traded on the public market will be minimized in the future by engagement of legal and investment banking advise before actions of this nature are undertaken.
The company's reaction to the contractual breach will eventually result in the forced buyback and return of 25,226,189 shares to the Company treasury. One purchaser in the 504-D offering has voluntarily returned 2,083,333 shares that have been cancelled. The Company assumes that a large portion of the remaining shares may have been sold into market.
Source: Nashville Records, Inc.
Posts: 210 | Registered: Aug 2006
| IP: Logged |
posted
.019(1) x .022(2) .022 is a key 2 MMs on ask (DOMS & HDSN) - both are known dilutors - really strange for short squeeze...
Posts: 1580 | From: World | Registered: Jul 2006
| IP: Logged |
posted
Still in and holding! 23M shares to go, yeah I'm still here. Legal float is around 50M shares, and 23M have been illegally sold, and now have to be legally bought back, and it's in a PR. This isn't just one of those things where an investor says the MMs are short, this is the real deal, IMO. Volume today 9M and it's up 177%, and that's with alot of flipping. Wait until tomorrow, that's when the action really gets going in my opinion, it's just now coming up on a lot of peoples radars with the huge volume and huge price increase.IMO
Posts: 210 | Registered: Aug 2006
| IP: Logged |
posted
NSHV-Read below, another posters talk w/ IR Looks like the brokerages are in deep doodoo
Posted by: 53chevy In reply to: None Date:6/19/2007 2:11:00 PM Post #of 2277
"To the Board, FWIW:
I just called David to get his impression on why the trading on NSHV has dramatically slowed this afternoon. After the flurry this AM, with 6M+ shares traded, very little activity has occurred in the past two hours. The following was his response, and is strictly David's opinion.............
David's opinion is that the information stipulated in this morning's PR is valid. In fact, Scottrade has contacted IR asking about two certificates, one for 500,000 shares, the other for 1M, that they are unable to return after having traded them at their client's request. IR has advised ST that those certs are part of the invalid 504D trades, and it is ST's responsibility to get them replaced with legitimate shares.
It is also interesting to note that TD Ameritrade was restricting online trading shortly after the PR was released, and the stock had only traded 1M shares at that time. David confirmed that 5M of the 504D shares are in Ameritrade's name, being held on their clients' behalf, and will need to be addressed.
I do not know at this time if Ameritrade is still restricting online trading. Can someone with a TD account let me know?
Also of note, David told me that another shareholder with a Scottrade account has called him, noting that ST has issued a margin call on the shareholder for his NSHV shares........more bogus 504D shares that he bought on margin?
It is also David's opinion that the recent slowdown in activity is the uncertainty by the MMs on how to address the PR, and are experiencing difficulties in matching up trades so that a fluid market, either up or down, can commence. It is obviously David's expectation that the proper direction for trades would be north-bound.
Posts: 210 | Registered: Aug 2006
| IP: Logged |
posted
yep expect a huge run here. this crazy news. i bought in yesterday at 17 and .02 gonna ride out the shakes too lol
Posts: 2794 | From: nyc | Registered: Aug 2005
| IP: Logged |
posted
.05x.06 this is blowing up, just sold some at 5 ride the freebies now. i don't think the buyback hasn't even started imo, all retailers so far. wait till 100k blocks hit like crazy on ask lol
Posts: 2794 | From: nyc | Registered: Aug 2005
| IP: Logged |
posted
this is insane....Got in yesterday at .02 and this thing just keeps going and going..Where do you see it stopping?
Posts: 122 | Registered: Aug 2005
| IP: Logged |
Hard to tell when it'll stop. Short Squeezes are insane and are so unpredictable! Best thing to do is take profits (when you are happy) and ride the freebies!
Posts: 3026 | From: Chicago | Registered: Oct 2005
| IP: Logged |
posted
mann you got me, i had a bid in for .0451 also. got nothing then... nice that'll look good when 6's start hitting again
Posts: 2794 | From: nyc | Registered: Aug 2005
| IP: Logged |
quote:Originally posted by juice: mann you got me, i had a bid in for .0451 also. got nothing then... nice that'll look good when 6's start hitting again
Weird they didn't show either of our bids!! Some of the folks were lucky to get some at 044 when we were bidding at 0451!! Either way, this is looking sweet!
046x055
Posts: 3026 | From: Chicago | Registered: Oct 2005
| IP: Logged |
posted
Jumped in on that last pull back. Not a lot, but I think this will go higher.
Posts: 807 | From: Upstate NY | Registered: Dec 2005
| IP: Logged |
posted
I think this one will run like paiv did. Every day just keep going higher till it hits a top. My guess is .15 to .20.... thats just my opinion though
-------------------- "The greatest risk is to take no risk at all" Posts: 54 | Registered: Apr 2006
| IP: Logged |
quote:Originally posted by Stockeyes22: I think this one will run like paiv did. Every day just keep going higher till it hits a top. My guess is .15 to .20.... thats just my opinion though
With 15m in the float and 23m to buy back, i agree!!!
Posts: 3026 | From: Chicago | Registered: Oct 2005
| IP: Logged |
posted
lots of buzz on the net about this... maybe just the start. rumors of a few big p/r's coming too. could get real interesting tomorrow & friday if they hit us with news on top of this
Posts: 2794 | From: nyc | Registered: Aug 2005
| IP: Logged |
posted
looks like a .05 close comin... thats great. one more 100% day and we are in .10 land lol... wishful thinking:)
Posts: 2794 | From: nyc | Registered: Aug 2005
| IP: Logged |
posted
My guess is the buyback hasn't even started yet. I think this may very well be only retail. A couple of good PR's and some buyback action should put this much higher IMO.
Posts: 807 | From: Upstate NY | Registered: Dec 2005
| IP: Logged |
posted
yeah can't blame them though good profit here. just think its going higher tho... can't wait to see if this p/r hits that im hearing about. man o man excited! have a goodnight everyone!
Posts: 2794 | From: nyc | Registered: Aug 2005
| IP: Logged |
posted
Ya I accidently sold wasnt paying attention I was trying to buy more. Good thing in the end of the day though I sold at .05....Did get back in though at.045. I think this is going a lot higher to. I hope there are some good pr's that come during this as well....We could really see it fly. Summer Lotto Ticket? very well could be and worth throwing a few bucks at it.
Posts: 122 | Registered: Aug 2005
| IP: Logged |
quote:Originally posted by wildweb: Ya I accidently sold wasnt paying attention I was trying to buy more. Good thing in the end of the day though I sold at .05....Did get back in though at.045. I think this is going a lot higher to. I hope there are some good pr's that come during this as well....We could really see it fly. Summer Lotto Ticket? very well could be and worth throwing a few bucks at it.
At least you sold at the ASK!
Hearing rumors of a PR for tomorrow. Let's see if it's true....
PS: I'm having an awful trading week, so don't expect too much from this stock...lol
Posts: 3026 | From: Chicago | Registered: Oct 2005
| IP: Logged |
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
![[Smile]](smile.gif)
