Yeah, so, I was wondering, when are the shares coming? LOL

I am curious, too. Have you are any other common shareholders received a check for your worthless common shares yet? LOL!

Got your new shares yet? Still watching and waiting to learn from the pros!

Um, old post bro...keep up

So, how's that workin' out for ya?

Thanks. I hope some people listened and reviewed the facts and SEC filings that clearly, and without any doubt, showed the common stock was worthless and they were going to lose - guaranteed.

This situation reinforces that people need to read the SEC filings before you buy. Don't listen to paid pumpers and posters, or believe anything in the almost always bogus and fraudulent Pink Sheets OTCMarkets "filings" - do your own DD, and that means SEC filings. No SEC filings, no investment. Period.

Thanks for all of the effort you went to in explaining the situation here over many weeks.

LOL...demand payment? Good luck with that. Shares are effectively worthless.

A class action suit won't get far at all, as all of this was fully disclosed in the SEC filings. The courts are highly unlikely to pay much attention to a group of disgruntled common shareholders who were too lazy to read the fully disclosed facts that were available to all to see.

It all played out EXACTLY as the SEC filings told them it would.

Class action filing is all you have. Shareholders don't have the voting power. Commons are screwed.

Sorry, but it is true. Common shareholders can dissent all they want, but they will get nothing. The terms of the preferred stock always take precedence over the rights of the common shareholders - that is why it is known as "preferred". And since the preferred holders were owed north of $150 million, the buyout won't even come close to meeting that obligation, much less leaving a penny for common shareholders.

And that is the law.

Fact - one has the right to dissent to the merger and demand payment for the fair value of their common shares. Saying the common was and is completely worthless is not true.

ACTT...now delisted. Guess it blew up on the launch pad.

Yes, this was a complicated series of transactions, and is not like any other I have seen, either. The huge annual increase in the value of the preferred stock was a new one to me, too.

"However simply deregistering a stock does not make it a private company -- it simply means that the company is no longer required to file periodic reports with the SEC like most PK stocks."

Not true. By definition, what ACTT did is a "going private" transaction.

http://www.sec.gov/answers/gopriv.htm

"A publicly held company generally means a company that has a class of securities that is registered with the Commission because those securities are widely held or traded on a national securities exchange. When a public company is eligible to deregister a class of its equity securities, either because those securities are no longer widely held or because they are delisted from an exchange, this is known as “going private.”"

ACTT was beginning to struggle - the paid teleconferencing business was falling off. Quickly. They needed a cash infusion fast, and the only way they could get it was through a complicated preferred stock transaction which completely shut out the common shareholders. In order to go private, the investor group needed to get the number of shareholders under 300 in order to deregister which also served the purpose of allowing the common shareholders an opportunity to sell their shares before they became worthless. The investor group acquired just over 50% of the voting common because they Colorado law does not allow convertible holders to vote. Those common holders that did not heed the warnings and read the SEC filings about what was to happen got caught holding he bag and lost out.

The preferred shares controlled the Company through the unusual terms of the stock. They were convertible into common shares, but the primary clause was that the liquidating dividends. The preferred shareholders received a 9.55% increase in the value of their preferred shares every quarter forever. That liquidating preference ensured the common shareholders would never receive anything from the company. If they continued to operate, the preferred holders could pay themselves a portion of the liquidating amount due as a dividends whenever they wanted. And, in a takeover or sale, they would be due the entire amount paid. In this case, we know they paid themselves some dividends several years ago, which means the liquidation preference at the time of the takeover was somewhere between $150-200 million.

Once ACTT went private, the common stock was completely worthless.

The way the ACTT "going private" transaction happened intrigues me as I have not previously encountered such a situation in my years of doing DD research on penny stocks.

I started reviewing the ACTT SEC filings to gain an understanding but since you've obviously done a lot of DD research on this, I'm hoping you can cut down the amount of time it would take me to go through the filings as well as learn about the statutes used. Can you provide summary of what happened?

ACT Teleconferencing filed a Schedule 13E-3 on 6/7/2007 that started the "going private" process:
http://www.sec.gov/Archives/edgar/data/918709/000119312507134906/0001193125-07-134906-index.htm

That filing offered to buy the stock only from shareholders who held less than 99 shares and offered a cash price of $5/share when the stock was trading at only $.07 or so. The goal was to get the number of shareholders below 300 and then to deregister the stock. About 4000 shares were tendered and the stock was subsequently deregistered, but the remaining common shares continued to be tradeable, even though the company then apparently considered itself to be a private entity.

However simply deregistering a stock does not make it a private company -- it simply means that the company is no longer required to file periodic reports with the SEC like most PK stocks.

All SEC filings for ACTT:
http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000918709&type=&dateb=&owner=exclude&start=0&count=40

Just remember there were those touting this a "sure thing". Don't listen to those folks ever again...

1man..spot on ...you schooled a lot of folks here..did not play this, but thanks for education.

Hmmm SYMBOL DELETED and no news as to new shares. Looks like the truth has hit the fan.

ACTT: Acquired by Premiere Global Services, Inc. The holders of outstanding shares of the Common Stock shall be entitled to receive in such conversion such residual portion of the Aggregate Merger Consideration, if any, as may be determined in accordance with the provisions of the Amended and Restated Articles of Incorporation of the Company and subject to Section 7 of Annex I of the Amended and Restated Articles of Incorporation of the Company.

FINRA deleted symbol:

http://www.otcbb.com/asp/dailylist_detail.asp?d=09/09/2013&mkt_ctg=NON-OTCBB

Yes, he is. The common gets nothing. The only reason he owned that much common was due to a specific Colorado State Law which excluded the convertible holders from voting on a change to the articles. He needed that many common to ram through the resolution which ultimately made the common shares worthless and enriched the preferred holders (which he controls a much greater percentage of than the common).

Salas is not stupid, nor is he a charity. The preferred shares are mostly (but not all) owned by the fund which he manages. Those preferred shares are owed far more than the $44 million paid for the company. If he were to divert the funds rightfully owned to the preferred holders to the 16 million common, he would not only be sued by the other preferred holders as diverting funds owed to them to his pocket, he would also likely be breaking several laws in that regard.

This isn't a charity. It is business. Common shareholders are not entitled to anything, and it is not conceivable that Salas will decide to become a charity and screw over the preferred holders in order to give the common holders a gift to which they are not entitled.

who said anything about converting? Peter owns over 80% of common and preferred. or are you telling me that Peter is going to throw away he's common. don't bother replying back to me, just reply to none....tia

That is absolutely meaningless, as this merger classifies as a "liquidation event". They will not be converting the preferred stock to common.

Read the merger agreement. The entire process is discussed in detail there.

BENEFICIAL OWNERSHIP OF OUR VOTING SECURITIES

As of the record date, Dolphin Management Inc. beneficially owned 68,945,928 shares of our common stock, which represents
approximately 80.7% of the vote of the Combined Voting Class. The percentage is based on 17,211,632 shares of common stock and
160,000 outstanding shares of Series AA convertible preferred stock as of the close of business on the record date. The 68,945,928 shares
beneficially owned include: 56,680,678 shares issuable upon conversion of the Series AA convertible preferred stock and warrants
beneficially owned by Dolphin Direct Equity Partners, LP ("Dolphin Direct") and 980,250 shares beneficially owned directly by Dolphin
Direct; 10,834,750 shares issuable upon conversion of the Series AA convertible preferred stock beneficially owned directly by Dolphin
Offshore Partners, LP ("Dolphin Offshore") and 50,250 shares beneficially owned directly by Dolphin Offshore; and 400,000 shares
owned directly by Dolphin Advisors, LLC. Each of the Dolphin entities reports shared voting and investment power over the shares
reported with Mr. Peter E. Salas, and each discloses its address to be c/o Dolphin Management Inc., PO Box 16867, Fernandina Beach,
Florida 32035. Mr. Salas is the President and sole shareholder of Dolphin Management Inc., and Mr. Salas discloses his address to be c/o
Dolphin Management Inc., PO Box 16867, Fernandina Beach, Florida 32035. Mr. Salas disclaims beneficial ownership of such shares
except to the extent of his pecuniary interest therein.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=58648410
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=60614968

LOL! It does not get any clearer than that. People believe whatever they want to believe.

residual portion of the Aggregate Merger Consideration, if any

"IF ANY" Catch that part?

And the explanation is that the amount from the deal is FAR LESS than the amount due to PREFERRED shareholders so there will be nothing left for the commons.

Acquired by Premiere Global Services, Inc. The holders of outstanding shares of the Common Stock shall be entitled to receive in such conversion such residual portion of the Aggregate Merger Consideration, if any, as may be determined in accordance with the provisions of the Amended and Restated Articles of Incorporation of the Company and subject to Section 7 of Annex I of the Amended and Restated Articles of Incorporation of the Company.

We KNOW what happens tomorrow. We don't have to wait and see. The stock will not trade anymore forever. It is gone. Permanently.

And why are they being deleted? Because they have been cancelled per the merger agreement!

Ok, well lets see what happens tomorrow. I don't understand all the glee and excitement some of you express over a stock that could be dissolving tommorrow. Why are you some of guys happy about it?

It doesn't say shares are cancelled, it says the security is deleted.

What does that mean?

The shares ARE cancelled and it IS on the Daily List.

Look again. The common is deleted effected tomorrow before the open.

Good luck with that. The problem is that the merger agreement did not include any vote by the Board of Directors to include the common shareholders in any distribution. Instead, it goes strictly by the liquidation preference calculation.

Common shareholders will not be included.

ACTT is FINISHED...LINK

http://www.otcbb.com/asp/dailylist_detail.asp?d=09/09/2013&mkt_ctg=ALL

Updated Symbol Company Name Effective Date Unit of
Trade Comments
17:34 ACTT ACT Teleconferencing, Inc. Common Stock 9/10/2013 100 Acquired by Premiere Global Services, Inc. The holders of outstanding shares of the Common Stock shall be entitled to receive in such conversion such residual portion of the Aggregate Merger Consideration, if any, as may be determined in accordance with the provisions of the Amended and Restated Articles of Incorporation of the Company and subject to Section 7 of Annex I of the Amended and Restated Articles of Incorporation of the Company. **

Let us know what you get outta the deal

If the shares were going to be cancelled, it would have been stated on the daily list-but it wasn't.

There appears to have been an amendment to the preferred shareholders-after March 31, 2007:

VOTE. A VOTE OF THE REMAINING SHAREHOLDERS IS NOT NECESSARY.
This Information Statement is being furnished to the shareholders of record of ACT Teleconferencing, Inc. as of June 6, 2007, the record date, to advise them that our board of directors and shareholders have approved an amendment to our Amended and Restated Articles of Incorporation. A conformed copy of the amendment to Amended and Restated Articles of Incorporation is attached to this Information Statement as Exhibit A . The amendment, when filed with the Colorado Secretary of State, will enable our board of directors to declare, and the corporation to make, distributions to our common shareholders in compliance with applicable Colorado law without regard to the amount necessary, if the corporation were to be dissolved at the time of the distribution, to satisfy the preferential rights of holders of the corporation’s Series AA convertible preferred stock. Notwithstanding the amendment, no distributions may be made to the holders of our common stock without the prior written consent of the holders of our Series AA convertible preferred stock representing at least a majority of the aggregate shares of Series AA convertible preferred stock outstanding. This Information Statement is being mailed to our shareholders of record as of June 6, 2007, the record date, on or about June 27, 2007.
Our board of directors approved the amendment, subject to shareholder approval, at a meeting duly called and held on May 16, 2007. Under applicable Colorado law and our Amended and Restated Articles of Incorporation, the amendment may be approved by our shareholders by written consent if the shareholders holding shares having not less than the minimum number of votes that would be necessary to authorize the action at a meeting at which all of the shares entitled to vote thereon were present and voted consent to such action in writing. For purposes of the amendment, the shares of common stock and shares of Series AA convertible preferred stock would at a meeting be entitled to vote together as a single voting group or class (with the Series AA convertible preferred stock voting on an as-converted to common stock basis). At the close of business on the record date, there were 17,055,325 shares of our common stock issued and outstanding and entitled to vote on the amendment, and there were 160,000 shares of our Series AA convertible preferred stock issued and outstanding and entitled to vote on the amendment. Each share of common stock is entitled to one vote per share. The 160,000 shares of our Series AA convertible preferred stock were entitled to cast in the aggregate, on an as-converted basis, 28,249,496 votes on the amendment. Thus, the written consent of shareholders holding approximately 22,652,411 shares (including shares of common stock and Series AA convertible preferred stock voting on an as-converted to common stock basis) were required to approve the amendment. On the record date, the corporation had received the written consent of shareholders entitled to vote holding 26,072,094 shares (including shares of common stock and Series AA convertible preferred stock voting on an as-converted to common stock basis). The written consent obtained was valid and effective and has not been revoked.


http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=5266372


http://www.sos.state.co.us/biz/ViewImage.do?fileId=20071335295&masterFileId=19891112372

I told you it was different.

It is deleted effective September 10. No more trading.

It is on today's Daily List as deleted effective tomorrow.

Close the book on this one. It's over.

Whoever bought that 500 shares at the close just lost all their money overnight.

Do you have a link stating this won't be trading tomorrow?

It is OVER! The common stock will trade no more. It is being deleted before the open tomorrow.

I told you so.

Show ain't over here.

I think the trading action the past 2 days demonstrates that people are actually reading the filings and realize the common stock is worthless.

Best to not argue about the petty stuff. It just runs up the post count and helps the push for higher breakout board position.

Let the garbage build up them debunk it with a single post. lol

I am holding ACTT so I remain hopeful.

But they do. No pay, no tier. Unlike the SEC, OTCMarkets is not a regulator. They are just a for-profit PR company.

The "tiers" are completely meaningless. Just paid stock promotion.

My point is, they don't "pay for a tier" like you said-it's all based on how much info they provide to otc. I know it's 99% bogus, they're just about all frauds.

No, you have it backwards. A company has to PAY first. They can't "file" with the for-profit OTCMarkets without paying them the subscription fee first. And then they can "file" anything as there are absolutely no standards whatsoever. Even obviously bogus and incomplete financial statements. OTCMarkets does not review them in any way, shape or form. As long as their check clears, they are fine in OTCMarket's eyes. Which is why much of what is "filed" there is completely fraudulent.