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What ever happened to Michael Sheppard? Is he still alive?
I wonder if Michael Sheppard is still alive? Another dormant shell.
Southridge and Hicks are back in business. I guess he survived the fine the SEC slapped on him and the heart attack.
Home > Litigation > Litigation Releases > 2010
U.S. SECURITIES AND EXCHANGE COMMISSION
LITIGATION RELEASE NO. 21709 / October 25, 2010
SEC v. Southridge Capital Management LLC, Southridge Advisors LLC, and Stephen M. Hicks, Civ. Action No. 3:10-cv-1685
SEC CHARGES CONNECTICUT-BASED HEDGE FUND MANAGER WITH FRAUD IN VALUING PORTFOLIO ASSETS, MAKING MISREPRESENTATIONS TO INVESTORS, AND MISUSE OF INVESTOR ASSETS
The Securities and Exchange Commission announced today that it charged hedge fund manager Stephen M. Hicks and his investment advisory businesses with defrauding investors in funds managed by Southridge Capital Management LLC and Southridge Advisors LLC by overvaluing the largest position held by the funds. The SEC alleges that the hedge fund manager also made material misrepresentations to investors and misused investor money to pay legal and administrative expenses of other funds managed by Hicks and Southridge.
The SEC alleges that Hicks, of Ridgefield Connecticut, overvalued the largest position held by the funds by fraudulently misstating the acquisition price of the assets. According to the SEC's complaint, Hicks arranged a transaction in which a telecommunications company acquired by the Southridge funds when the company defaulted on a $769,000 note, was sold to Fonix Corporation in exchange for securities with a stated valued of $33 million in early 2004. The complaint further alleges that neither the asset sold nor the securities obtained in the transaction were accurately valued by Southridge and Hicks. Thereafter, the SEC alleges, the Fonix position was wrongfully valued at its acquisition cost, and the funds paid or accrued hundreds of thousands in management fees every year since 2004.
The SEC further alleges that beginning in late 2003, Hicks fraudulently solicited investors to put money in new funds by telling them that the majority of their investments would be placed in unrestricted, free-trading shares (meaning shares that were available to be sold), cash, or near cash. According to the complaint, Hicks raised $80 million for the new funds between 2004 and 2007. The complaint further alleges that, at year-end 2006, more than one-third of the assets in one new fund (and more than half of the assets in another new fund) were invested in relatively illiquid deals. By 2007, the SEC alleges, many investors in these funds were having difficulty redeeming their money because it had been invested in relatively illiquid securities.
The SEC also alleges that between 2005 and 2008, Southridge and Hicks caused certain of the funds that had available cash to pay approximately $5 million of legal and administrative expenses of older funds that were illiquid and had no available cash. The SEC's complaint alleges that investors in the funds from which money was taken were not told about this misappropriation of fund assets while it was taking place. According to the SEC's complaint, in February 2009, Hicks sent a letter to investors admitting that certain legal and administrative expenses had been improperly allocated between the funds. Rather than repaying the money to the funds, however, the SEC alleges that Southridge and Hicks transferred certain illiquid securities to the funds.
The SEC complaint charges defendants with violations of Section 17(a) of the Securities Act, Section 10(b) of the Securities Exchange Act and Rule 10b-5 thereunder, and Sections 206(1), 206(2) and 206(4) if the Investment Advisers Act and Rule 206(4)-8 thereunder. The Commission seeks injunctive relief, disgorgement of profits, prejudgment interest, and financial penalties.
The Commission acknowledges the assistance of the Connecticut Department of Banking, Securities and Business Investments Division in its investigation.
See Also: SEC Complaint
http://www.sec.gov/litigation/litreleases/2010/lr21709.htm
Hopefully, his a,ss sits in a cell the size of my hall closet.
Where is that LIAR scumbag CEO NOW? Scamming the next SUCKER in some other scheme? GBMR could have had a monster deal here!
Japan says it may take months to end radiation leaks
More bodies recovered from tsunami-hit coast
By Chizu Nomiyama and Yoko Nishikawa, Reuters April 3, 2011 4:14 PM
ReutersTOKYO, April 4 (Reuters) - Japan warned on Sunday it could take months to stop radiation leaking from a nuclear plant crippled by a huge earthquake and tsunami three weeks ago, while voters said a coalition would better handle the crisis and post-quake recovery effort.
An aide to embattled Prime Minister Naoto Kan said the government’s priority was to stop radiation leaks which were scaring the public and hindering work on cooling overheated nuclear fuel rods.
“We have not escaped from a crisis situation, but it is somewhat stabilised,” said Goshi Hosono, a ruling party lawmaker and aide to Kan.
“How long will it take to achieve (the goal of stopping the radiation leakage)? I think several months would be one target,” Hosono said on a nationwide Fuji TV programme on Sunday.
In the face of the prolonged crisis, nearly two-thirds of Japanese voters believe the ruling Democratic Party should join hands with the opposition Liberal Democratic Party (LDP), a Yomiuri newspaper poll showed, potentially warming lawmakers in both camps to the scheme.
Kan last month invited Sadakazu Tanigaki, head of the LDP, to join the cabinet as deputy premier for disaster relief, but Tanigaki rejected the offer.
Plant operator Tokyo Electric Power Co (TEPCO) found a crack in a concrete pit at its No.2 reactor in the Fukushima Daiichi complex at the weekend, generating readings of 1,000 millisieverts of radiation per hour in the air inside.
The leaks did not stop after concrete was poured into the pit, and TEPCO turned to water-absorbent polymers to prevent any more contaminated water from flowing out.
The latest effort to stop radioactive water entering the Pacific started on Sunday afternoon.
“We were hoping the polymers would function like diapers but are yet to see a visible effect,” said Hidehiko Nishiyama, a deputy director general of the Nuclear and Industrial Safety Agency.
Officials believe the crack may be one source of the radiation leaks that have hobbled efforts to control the six-reactor complex and sent radiation levels in the sea to 4,000 times the legal limit.
Nishiyama said three of the six reactors were now generally stable. TEPCO has said it will scrap at least four reactors once they are under control, but this could take years or even decades.
Japan’s crisis has rocked the nuclear industry and the European Union said on Sunday it will affect the fight against climate change as energy policies are reviewed.
Germany and Switzerland have said they will shut older reactors or suspend approvals, China has suspended approvals for new plants, and Taiwan is studying cutting nuclear output.
PM UNDER PRESSURE
The 9.0 magnitude quake and tsunami on March 11 has left nearly 28,000 people dead or missing and Japan’s northeast coast a splintered wreck. The disaster has hit economic production and left a damages bill which may top $300 billion.
After a three day intensive air and sea search by thousands of U.S. and Japanese forces another 77 bodies were recovered, Kyodo news agency said on Sunday.
Prime Minister Kan is under intense pressure to steer Japan through its worst crisis since World War Two, but after three weeks many Japanese are angry that the humanitarian disaster seems to have taken a back seat to the nuclear crisis.
Unpopular and under pressure to quit or call a snap poll before the disaster, Kan has been criticised for his crisis management.
Voter support for the Kan’s government stood at 31 percent in the Yomiuri poll, up from 24 percent in the previous survey conducted before the quake.
Still, it also showed almost 70 percent of the respondents believe Kan is not exercising leadership, and 19 percent of them want him to step down soon.
More than 163,710 people are living in shelters, with more than 70,000 people evacuated from a 20 km (12 mile) no-go zone area the nuclear plant, and another 136,000 people living a further 10 km out have been told to leave or stay indoors.
MOVES TO STOP POWER BLACKOUTS
The government estimates damage from the earthquake and tsunami at 16 trillion to 25 trillion yen ($190 billion-$298 billion). The top estimate would make it the world’s costliest natural disaster.
Manufacturing in the world’s third largest economy has slumped to a two-year low as a result of power outages and quake damage hitting supply chains and production.
General Electric (GE.N), which helped build the Fukushima Daiichi nuclear power plant will help TEPCO supply electricity in the coming months when demand soars.
Demand for power jumps in Japan in summer due to heavy use of air conditioners. More than 168,500 households in the north are still without electricity after the tsunami.
The government has said it will restrict maximum power use by companies during the hotter months in an effort to avoid further blackouts.
Japan’s health ministry said on Sunday it had detected radioactive substances higher than legal limits in mushrooms from Iwaki in Fukushima, said Kyodo.
“Grown in Fukushima” has become a warning label for those nervous of radiation which has already been found in some vegetables close to the nuclear plant.
“There is no way we will be able to sell anything,” said 73-year-old farmer Akio Abiko. “People in Tokyo are just too sensitive about this kind of thing.”
Milk and other foods such as mushrooms and berries in parts of Ukraine are still contaminated by radioactive fallout from Chernobyl, 25 years after the world’s worst nuclear disaster, Greenpeace said on Sunday.
© Copyright (c) Reuters
How are we going to ever see a dime back from the GBMR scam?
Thats but a tip of the iceberg according to reco.
Southridge Hedgie Hicks Shurgs Off Regulators Investor Fraud Suits
Oct. 26 2010 - 4:55 pm
By TERI BUHL
Stephen Hicks and his Ridgefield, CT hedge fund, Southridge Capital, were sued yesterday for multiple securities violations by the SEC and the Connecticut Banking Commissioner in Connecticut state and federal courts. Howard Pitkin, head of the CT Department of Banking, has been after Hicks for investor fraud and abuse in its broker dealer business since 2007. Hicks is fight back- after being ordered to comply with a subpoena from the Banking Commission, Southridge then appealed to the Connecticut Supreme Court but Pitken eventually won the right to review the funds internal records. Pitkin had originally filed a cease and desist order against the broker dealer side of the hedge funds business. Now he wants to shut the whole Southridge opperation down.
Obviously, the SEC and the CT Department of Banking were cooperating in the investigation which was filed on the same day. But this seasoned hedgie, who started his fund in 1996, is telling fund employees he’s not worried.
According to a portfolio manager who’s currently working for Southridge, Hicks told staffers ‘the charges won’t stick’. He says these are old complaints and not indicative of current actions. People involved in the Banking investigation say Hicks came to the negotiation table in the last year but didn’t offer anything the Commissioner thought was acceptable. So he choose to go after the fund with serious civil charges that detail years of securities violations
Pitkin’s lawsuit is aggressive, asking for the courts to grant immediate receivership of the hedge funds so an independent person can take over and make sure investors finally get their money back. The complaint alleges the assets Hicks has been taking fees (1% management 2% expenses) on are not worth the amount he’s reporting to investors or listed in public filings. Pitkin also wants to ban Hicks from working on ANY investment related activities for 10 years. On top of removing him from his livelihood, they expect him to pay some hefty fees, which Pitkin told me could be in the millions, for breaking the law and lying to investors.
Pitkin told me in a phone interview today the investigation is ongoing and while he wouldn’t say who else in the fund, besides Hicks, they are looking to charge – he did note there could be more.
Interestingly, we saw Conn. Attorney General, Richard Blumenthal, try to grab headlines for catching what he called an “investment firm who told lucrative lies by fraudulently overvaluing assets.” But to clear the record here the CT AG, who is in a tight race for Chris Dodd’s U.S. Senate seat, isn’t the plaintiff on the state hedge fund fraud. This lawsuit was lead by a Banking Department investigation – not from the Attorney General’s office. Under Connecticut law, the AG represents the Banking Department in the lawsuit (just as Southridge has brought in an outside lawyer. Blumenthal’s office, not even the AG himself, is only the lawyer on the state court case against Hicks and Southridge). According to Pitkin, he’s been trying for a year and half to get Southridge to turn over trading documents so his team could prove their concerns- the AG’s office was brought in only a few months ago. A fact the AG’s press office didn’t clearly explain in their release yesterday. When I asked if they would clarify that on the record they said NO. Some might even say the AG (who has a reputation for grandstanding in some corners) is “piling on” to get credit during an election race for the hard work from the Connecticut Banking Department and the SEC.
While Hicks plans to fight these suits with the SEC or the CT Banking, there is also a criminal investigation in the works. As Forbes’ Nathan Vardi first reported last year, the Manhattan D.A., Robert Morgenthau, has been investigating Southridge for criminal charges similar to those lobbed by the SEC yesterday. In fact, more people involved in some of the allegedly- shady Southridge financing deals to public micro-cap companies have told me, as of this month, they also have been interviewed by the Manhattan D.A.’s office.
While it’s great to see government regulators pursue hedge fund fraud which Pitkin says “illustrates [the] department’s dedication to ferret out activities by companies and individuals whom, for ill-gotten gains, defraud investors” – let’s be clear – the State of Connecticut, known as the hedge fund capital, still doesn’t have an Attorney General with a record of leading investigations that attempt to curb this type of market and investor abuse. But hey-at least the good people of Connecticut have a banking commissioner who isn’t afraid to take on the problems.
Hypers going back after the crew according to Reco
http://caselaw.findlaw.com/ga-court-of-appeals/1531686.html
I just stumbled across this forum and would like more information about what is going on with Global Matrechs, Inc. I have just a few shares, dating back to the Homecom days. I was about to dispose of them as worthless but now am wondering what might be going on behind the scenes. I thought the company was liquidated years ago. Thanks.
LOL...ok. Hopefully they all end up in Jail
AMA
This might help you a bit,
Registrant:
Domain Support (Domains@southridgetech.com)
90 Grove Street
Ridgefield, CT 06877
US
203-431-8324
Domain Name: globalmatrechs.com
Administrative, Technical, Billing Contact:
Domain Support (Domains@southridgetech.com)
90 Grove Street
Ridgefield, CT 06877
US
203-431-8324
Record created on Jun 5 2003.
Record expires on Jun 5 2012.
Domain servers:
ns1-hosts.srsplus.com
ns2-hosts.srsplus.com
Domain Service Provider:
Southridge Technology Group
203-431-8324
domains@southridgetech.com
http://www.southridgetech.com
AMA
its for more than just paying the bill , it went down for a reason.
Looks like Mikey forgot to pay the webmaster.
www.globalmatrechs.com
batscam, you get scammed here?
Scammed so you post on other boards to take out your frustrations?
Guessing you have many, many, many yrs. to grow.
The school bus will be coming 7:30 AM tomorrow.
Good to know because Sheppard will do Jail time when we are done here
He wasnt lieing when he said stay tuned read on
http://www.nasdaq.com/aspx/stock-market-news-story.aspx?storyid=200911101400dowjonesdjonline000421&title=dodd-bill-would-allow-investors-to-sue-people-who-aid-in-fraud
Dodd Bill Would Allow Investors To Sue People Who Aid In Fraud
By Fawn Johnson, Of DOW JONES NEWSWIRES
WASHINGTON -(Dow Jones)- Senate Banking Committee Chairman Christopher Dodd's (D., Conn.) broad financial overhaul bill, unveiled Tuesday, includes several investor protection devices, including investors' ability to sue people who help commit securities fraud.
The provision would permit private civil actions for any person who "knowingly or recklessly provides substantial assistance" to securities fraudsters.
The "aiding and abetting provisions" in Dodd's bill could be seen as something of a change for the veteran senator, who also sponsored the controversial 1995 Securities Litigation Reform Act, which limited individual investors' ability to sue securities and accounting firms in class-action stock fraud cases.
Dodd's bill also would empower the Securities and Exchange Commission to ban brokers from requiring customers to sign pre-dispute mandatory arbitration clauses, allowing the customers to take their complaints to court.
The Senate legislation also mandates uniform standards for anyone providing customers with investment advice, eliminating the current law's different standards for broker-dealers and investment advisers.
The House Financial Services Committee approved its own investor protections bill last week with similar provisions on mandatory arbitration and a harmonized standard for broker-dealers and investment advisers.
Lawmakers in both the House and Senate also have proposed an investment advisory committee that will advise the SEC on its policies.
In addition, Dodd's bill also would create an Office of Investor Advocate within the SEC, "to identify areas where investors have significant problems dealing with the SEC and [the Financial Industry Regulatory Authority, or Finra] and provide them assistance," according to a bill summary.
-By Fawn Johnson, Dow Jones Newswires; 202-862-9263; fawn.johnson@dowjones.com
(END) Dow Jones Newswires
11-10-091400ET
Copyright (c) 2009 Dow Jones & Company, Inc.
Not much to do since they shut down trading.
I wonder if hicks will get torpedoed before he can rape and pillage technest?
It would be nice to see his 24M shares get shredded in favor of the retail holders 21M.
hot damn he works quick
http://brokercheck.finra.org/Support/ReportViewer.aspx?FirmCRD=45531
i know for fact he mentioned all the hicks shells in his report and then some, this is but the beginning!
Bat
stay tuned its gonna get interesting
LOL...POS Sheppard better wake up fast.
Where have you been?
Hmmmmm we may need a bigger cell..............
being sentenced to "running a gauntlet of former shareholders that just happen to be holding tasers" has its merits.
Sheppard will go down with Hicks as well.
Recos on a rampage...
Id hate to be anyone affiliated with these guys! Hes gonna get us our pound of flesh!
http://www.ct.gov/dob/cwp/view.asp?a=2246&q=449228
SEC and Manhattan District Attorney investigate Southridge Capital here
Written by Kate Czaplinski, Press Staff
Friday, 09 October 2009 05:54
Authorities from New York appeared to be removing records from the offices of Southridge LLC, a financial services and hedge fund management company, last week.
Ridgefield Police were at the investment firm’s Grove Street offices Friday morning.
“We are assisting the NYPD and the Manhattan district attorney’s office,” Ridgefield Police Capt. Stephen Brown said outside the Executive Pavilion office complex at 90 Grove Street, where Southridge Capital is one of the tenants. “That’s all we can say.”
Forbes is reporting that The Securities and Exchange Commission has opened an investigation into Southridge, according to two subpoenas the SEC sent in late July to companies that had received financing from the firm's hedge funds.
Bloomberg reports that a search warrant was obtained for last Friday’s visit to 90 Grove Street.
A company spokesperson said this week that no charges have been made against the company or company employees.
“We are cooperating fully with authorities and can provide no further information at this time,” the spokesperson said.
The company is still open and operating.
“Southridge LLC was founded 13 years ago and now has several divisions in Ridgefield and New York City, including an investment advisory business, a broker dealer and a variety of managed funds,” the spokesperson said. “The company is committed to growth and our individual business units continue to focus on our clients.”
Ridgefielder Stephen Hicks, a principal of the company, is active in the community. He served on the Fountain Committee and as a board member for the Community Center.
Mr. Hicks released his own statement, saying that the company has done nothing wrong.
“We are cooperating fully with authorities and were very surprised by their inquiry,” Mr. Hicks said. “Our business is sound and our team members, many of whom live in the Ridgefield community, are committed to the ongoing success of the company.”
A spokesperson at the Manhattan district attorney’s office declined to comment about the visit to the Ridgefield office, saying the office does not comment on investigations.
You can reach Rae at
Rae@unitedtechnique.com
Important news
Go to raging bull, they got southridge...Rae's not playing games
TY Rae
How do we get in touch with you?
Very Important post for GBMR share holders
Posted by: Unitedreco Date: Monday, October 05, 2009 3:55:01 PM
In reply to: None Post # of 1841
Dear Shareholders
As Many of you know my name is Rae Nimeh. First off let me say I am not in charge of anything nor have I given myself a title to what I am doing, ive been doing what I have for the benefit of the common holders of Global Matrechs. For quite some time now I and a few others have been working behind the scenes to salvage what little we have left here in Global Matrechs (GBMR) and make sure that all parties affiliated with this company are or will be held accountable for the actions that have transpired with this company. I cannot go into details as of yet as to what has been or is being done but let me assure each and every common shareholder that there are people that will be paying for their actions and events that have transpired with this company in 1 or many forms as deemed fit by the proper authorities.
I have been in contact with a few regulatory offices and im not just talking stock market wise. Every one has lended their ear and has received a bulk of information as to what has transpired both here and at other entities under the hands of the current ceo Michael Sheppard and or the lender Southridge Partners and Stephen Hicks as well as other people and entities either affiliated or associated with the afore mentioned. The information has not landed on a deaf ear yet.
I am not here posting to raise anyones hopes but I am here to let you all know that there are people behind the scenes here working to try and resolve all the issues at hand. I know many of you have good honest hard earned money invested in this company and it is my personal goal to make sure that each and every common holder gets that money back and hopefully more.
Chrf has requested those willing to send in share count information to him do so. Let me say this, No information about holders has been sent to anyone else. There is a reason that request was made and again you will be informed of that reason soon enough. Many of you have willingly supplied him with a count but im sure there are many more that havnt either because they don’t want to or they don’t know about this board. Hopefully we will be able to contact each and every holder on record in the near future in the proper legal way.
There are many goals with what is going on behind the scenes, the main goal is to attempt to make common holders whole again be it in the way of reviving the company or thru suit against the wrong doers. Though some may think this may sound like an impossible feat I say if a man creates a problem or an issue then another man can solve or resolve it, I am but one man amongst many here, it would amaze you all how much power we have aside from how much we can have working on this together. I still believe in integrity honesty and truth and that one doesn’t need to lie cheat or steal to be wealthy. We have a company here that has proven technologies that are in current demand, it would sicken and anger many of you to know the truth about what has been transpiring and transpired, that again I will save for another day.
I would like to go into detail about another goal but I would like to do it the proper way and with full public disclosure, you may say the company is no longer public, true in a way but how it became private was not by the choice of the common holders and it was no where near the legal way. God willing and im sure with the help of a few others working on this we can turn this around for the good of all and in a timely fashion. There are many steps involved in this and my aim is to get the blessing of all the common holders the sec and a few other firms to get this company back on its feet trading and making money again for the benefit of all. With that being said I ask that you not lose faith in the system and not blame yourselves for what has transpired to date here.
Sincerely
Rae Nimeh
Bat,
"Yes, I got on Wed afternoon, thank you." 60 days and running.
Dear Shareholders
As Many of you know my name is Rae Nimeh. First off let me say I am not in charge of anything nor have I given myself a title to what I am doing, ive been doing what I have for the benefit of the common holders of Global Matrechs. For quite some time now I and a few others have been working behind the scenes to salvage what little we have left here in Global Matrechs (GBMR) and make sure that all parties affiliated with this company are or will be held accountable for the actions that have transpired with this company. I cannot go into details as of yet as to what has been or is being done but let me assure each and every common shareholder that there are people that will be paying for their actions and events that have transpired with this company in 1 or many forms as deemed fit by the proper authorities.
I have been in contact with a few regulatory offices and im not just talking stock market wise. Every one has lended their ear and has received a bulk of information as to what has transpired both here and at other entities under the hands of the current ceo Michael Sheppard and or the lender Southridge Partners and Stephen Hicks as well as other people and entities either affiliated or associated with the afore mentioned. The information has not landed on a deaf ear yet.
I am not here posting to raise anyones hopes but I am here to let you all know that there are people behind the scenes here working to try and resolve all the issues at hand. I know many of you have good honest hard earned money invested in this company and it is my personal goal to make sure that each and every common holder gets that money back and hopefully more.
Chrf has requested those willing to send in share count information to him do so. Let me say this, No information about holders has been sent to anyone else. There is a reason that request was made and again you will be informed of that reason soon enough. Many of you have willingly supplied him with a count but im sure there are many more that havnt either because they don’t want to or they don’t know about this board. Hopefully we will be able to contact each and every holder on record in the near future in the proper legal way.
There are many goals with what is going on behind the scenes, the main goal is to attempt to make common holders whole again be it in the way of reviving the company or thru suit against the wrong doers. Though some may think this may sound like an impossible feat I say if a man creates a problem or an issue then another man can solve or resolve it, I am but one man amongst many here, it would amaze you all how much power we have aside from how much we can have working on this together. I still believe in integrity honesty and truth and that one doesn’t need to lie cheat or steal to be wealthy. We have a company here that has proven technologies that are in current demand, it would sicken and anger many of you to know the truth about what has been transpiring and transpired, that again I will save for another day.
I would like to go into detail about another goal but I would like to do it the proper way and with full public disclosure, you may say the company is no longer public, true in a way but how it became private was not by the choice of the common holders and it was no where near the legal way. God willing and im sure with the help of a few others working on this we can turn this around for the good of all and in a timely fashion. There are many steps involved in this and my aim is to get the blessing of all the common holders the sec and a few other firms to get this company back on its feet trading and making money again for the benefit of all. With that being said I ask that you not lose faith in the system and not blame yourselves for what has transpired to date here.
Sincerely
Rae Nimeh
AMA,
Who cares about that symbol. In one year, the current Global common certs will have less value than they did before the revocation.
All I care about now is making some sales of GoGreenWorldProducts offers in my area. I'll make more on commission than Shep settled for on the sub-license to NTI.
Who now holds the primary license providing the techs to Global? Shep got away with never paying Eurotech anything but the new Licensor may be looking for those royalty payments. Should the new Licensor receive royalty payments, guess who will come looking for compensation?
I don't think these share sellers ever expected to be placed in a position to be concerned about royalties to anyone. Who knew they would ever sell a nickle's worth????
Check the new info on NTI's website re Green Poly. Exciting stuff. Huh?
AMA,
NO.
I don't think you know anything either. They will do something with Global but we know not what. Maybe TCNH will do an acquisition on the cheap before Global ever achieves any revenue on the techs license to NTI. Common holders get squated on once more. Anyone still holding shares of an obscure, non-trading, quasi private company have no rights anyway. Dang. that includes me!
Sell your Global shares if you can(There must be a mrkt for some TP somewhere.) and buy TCNH.
Some trading on MRKL
worked for me early but then I became stupid again and became a holder of too many for far too long.
DF yesterday posted info on Gryphon PIPEs on MRKL board. The twist in 04 was naked shorting before a loan was made to the company when the company had no need the loan. Six months later, the company had cash to pay back the unneeded loan but purposely allowed the default. The lender was then able to convert the defaulted loan into unrestricted common to use to cover the short positions. The shorting began when the sp peaked above $4.00 early Apr, 04. Loan default occured 3/15/05 with sp at .43. (The company was not even given a grace period to cover the default. How unusual is that?) Coverage shares were obtained at below market down to less than ten cents, perhaps even lower. Nothing illegal there and no requirement for the lender to hold PIPE issues for registration approval. There was no upfront PIPE shares issued just a convertible loan.
I was reading filings and PRs and felt absolutely certain the company would not default on the loan. How wrong I was!
I still hold some TCNH. With those convertibles coming fast it may be time to jump out of that one as well. Watching for a little more upside pump.
CHRF4, You know something?
No GBMR for you! Come back one year! Next!
rah, rah, rah, was cured by a dose of reality
it's now 2009 and all of those companies are gone
like I said, I lost money too.
fortunately that experince allowed me to see the scams TCNH and NNRI coming so I didn't repeat the mistake
Bat,
"$100,000.00 to be paid out on a quarterly basis over 24 months coming out of cash flow to start at twelve months after the signing of the deal. Payment to be approximately 5-10% of gross sales of HNIPU. Refer to proforma submitted"
This is not extracted from a fluff PR being made to influence share sales or a tainted research report.
According to Time, it was a specific regarding a payment of $100K to Hicks in the buyout plan. Maybe it was meaningless or maybe it wasn't. Why would Sheppard ever entertain such a proposal to be made to Hicks if there was no chance of any HNIPU revenues? Before Hicks would accept, don't you think he would have to be convinced on the possibiity? It could, however, be just a planted statement to influence share buying of the restructured company. In that case, you may be 100% correct.
I do not think the negotiations are closed. I also think the upfront $15K mentioned by Time, and refused by proposed lenders, was Earnest Money which would not be an unreasonable request by the "seller".
A certainty, however, is that Hicks stood to make several million in the deal on the 45M shares of the restructured company. This would, or maybe still will, come after a RS and reinstatement of Global securities. If there were HNIPU sales to cause a good level for the share price, Hicks would benefit with every uptick.
As usual, the current common holders take the big hit with the RS.
AMA. If you are in a position to ride along with Hicks and Co as the company is revived to trading status, then you must be one of the insiders that would not be affected by a RS. Can that be true?
BTW, Bat, what happened to your rah,rah,rah for EUOT,MKLD, and HCOM you were expressing on the EUO board back in Sep, 2003?
Exactly, expected which was a lie....Sheppard never intended to let GBMR run. He left a dirty trail Bat that is being cleaned up by a large group that will see this to the end.
They've been "expecting" those sales for over ten years.
Remember the "research report" about nucap sales? It was $7,000,000,000 annualy wasn't it? No that was over 5 years I think.
it's the quality of research that counts
remember that....
Dow makes products that compete with nucap.
Why didn't DOW just aquire nucap?
For the same reason they aren't going to acquire hnipu.
it's an also ran product, no big deal
Batscam,
What does this mean in Time's post:
"Payment to be approximately 5-10% of gross sales of HNIPU. Refer to proforma submitted."
Nothing or something? It could infer someone is expecting sales in the area of $500. to $1M.
LOL,
alot us do!!!
Personally, I blame the BBC.
I lost alot of money too.
(but, don't tell my wife.....)
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UNITED STATES OF AMERICA Before the SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934 Release No. 60142/June 19, 2009
ADMINISTRATIVE PROCEEDING File No. 3-13420 ___________________________________ | ||
In the Matter of GLOBAL MATRECHS, INC. | : : : : : | ORDER MAKING FINDINGS AND REVOKING REGISTRATION BYDEFAULT |
___________________________________ |
The Securities and Exchange Commission (Commission) issued its Order Instituting Proceedings (OIP) on March 30, 2009, pursuant to Section 12(j) of the Securities Exchange Act of 1934 (Exchange Act). The Commission delivered the OIP to Respondent Global Matrechs, Inc. (Global), on April 2, 2009, and Global filed an untimely Answer on April 17, 2009. The Division of Enforcement (Division) made its investigative file available to Global, as required.
Following a telephonic prehearing conference, I granted the parties leave to file cross-motions for summary disposition. The Division filed its motion for summary disposition on May 11, 2009. Global’s opposition to the Division’s motion and its cross-motion for summary disposition were due on June 15, 2009. By letter dated June 12, 2009, Global advised that it will not be filing an opposition to the Division’s motion for summary disposition, or, alternatively, its deficient periodic reports. Accordingly, Global is in default for failing to respond to a dispositive motion. See Rule 155(a)(2) of the Commission’s Rules of Practice. As permitted by Rule 155(a), the following allegations of the OIP are deemed to be true.
Global (CIK No. 1021226) is a Delaware corporation with its principal place of business in Ridgefield, Connecticut. Its business purportedly consists of providing safety and storage solutions for the nuclear, environmental, and chemical industries and also serving the nuclear waste, green, and homeland security sectors. Global has a class of equity securities registered with the Commission pursuant to Section 12(g) of the Exchange Act. The company is nearly two years delinquent in its periodic filings with the Commission. The company’s Form 10-K for the period ended December 31, 2006, reported a net loss of approximately $1.7 million for the prior nine months and an accumulated deficit of over $38 million. A "going concern" opinion was included in the independent auditor’s report in the Form 10-K for the fiscal year ended December 31, 2006, and management also disclosed "substantial doubt about the Company’s
ability to continue as a going concern" in its Form 10-QSB for the quarter ended September 30, 2006. According to Commission records, Global has filed notifications of inability to timely file an annual or quarterly report for the period ended December 31, 2006, and for the period ended March 31, 2007. Global filed its Form 10-K for the period ended December 31, 2006, on January 20, 2009. Its securities are currently quoted on Pink Sheets OTC Markets, Inc., under the symbol GBMR.
Global is nearly two years delinquent in its periodic filings with the Commission. Global received a delinquency letter from the Division of Corporation Finance, requesting compliance with its periodic filing obligations. Global responded to the letter by stating that it would cure its delinquent filings. On January 20, 2009, Global filed its Form 10-K for the period ended December 31, 2006. The company has failed to file its seven periodic reports, including one annual report and six quarterly reports after being sent the delinquency letter.
Section 13(a) of the Exchange Act and the rules promulgated thereunder require issuers of securities registered pursuant to Section 12 of the Exchange Act to file with the Commission current and accurate information in periodic reports. Specifically, Rule 13a-1 requires issuers to file annual reports (Forms 10-K or 10-KSB), and Rule 13a-13 requires issuers to file quarterly reports (Forms 10-Q or 10-QSB).
Based on the foregoing, Global has failed to comply with Section 13(a) of the Exchange Act and Rules 13a-1 and 13a-13 thereunder.
IT IS ORDERED THAT, pursuant to Section 12(j) of the Securities Exchange Act of 1934, each class of the registered securities of Global Matrechs, Inc., is revoked.
_______________________ James T. Kelly Administrative Law Judge
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