Pilgrim Petroleum Corp. (PGPM): Let me explain. It's not that simple....

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janice shell

Re: Chartmaster post# 60912

Monday, 07/17/2017 5:40:27 PM

Monday, July 17, 2017 5:40:27 PM

Let me explain. It's not that simple. The best case scenario is the one that played out with EMGE. It was suspended in September 2009 because it had been used as the vehicle for a pump and dump operation. The SEC suspected it had been involved in the promo; that's usually the case. It protested it had not been. Eventually it was able to prove that to the agency's satisfaction. The SEC sued the promoters, and in July 2010 sent EMGE a letter indicating the investigation had been closed, and they'd be recommending no further action against the company.

EMGE was then able to find a sponsoring MM, who filed a Form 211 with FINRA in August 2010. After several rounds of comment, the stock returned to trading on the Pinks in early 2011.

The letter:

https://www.otcmarkets.com/financialReportViewer?symbol=EMGE&id=55467

The filing in which EMGE explains what happened:

https://www.otcmarkets.com/financialReportViewer?symbol=EMGE&id=41651

For a company in this situation, EMGE had an optimal outcome. Very, very few have managed to do the same. Even so, they spent the better part of a year dealing with the SEC investigation, and didn't return to trading until nearly a year and a half after they'd been suspended.

EMGE currently has a stop sign at OTCMarkets. It seems to have given up.

MIKP tried a different route. It was suspended in September 2012. Determined to get back to "normal" trading, in October 2014 it filed a Form 10 to become an SEC registrant. It amended the filing several times, in response to SEC comments:

https://www.sec.gov/cgi-bin/browse-edgar?company=Mike+the+Pike&owner=exclude&action=getcompany

For awhile, it kept current with its required financial filings. Meanwhile, it had found a sponsoring market maker who submitted a Form 211 to FINRA. FINRA asked many questions, and demanded more and more documentation. It did not approve the Form 211, and the MM advised the company to give it up.

And so the company filed a Form 15 to deregister, and continued to trade in the Greys.