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That was a beautiful thing to see bb. Someone put up an ask wall and it crushed right at the bell.
Just give up and go home?
Persuant to Fed.R.Civ.P. 41(a)(1)(A)(ii), the parties in the above-captioned matter stipulate to the voluntary dismissal of all claims, counterclaims and third-party claims in this action with prejudice and without costs or fees to either party.
COURT DOCUMENT-LOOKS LIKE WE HAVE A SETTLEMENT! JOINT VOLUNTARY DISMISSAL WITH PREJUDICE. As I said before, when you see a joint dismissal especially with prejudice (meaning the plaintiff has agreed to never refile the case) it most always means a settlement has been reached. Add that to the fact that the judge had all documents to rule on the summary judgement as of 1/2. If the judge ruled on that they would no longer have been able to file this joint dismissal. Links to the 1/2 court docs are below.
https://drive.google.com/file/d/1MeUqtvZZv7gJDDDPBZhf_2BROeMwu3bK/view
https://drive.google.com/file/d/1rd2P_1XDVj6e5zoRN6IJBpTWs4M_Ht9o/view
Price says it all!!!!!!!!!! We go to .02 and beyond tomorrow and maybe higher.
I'm as happy as anyone that there is finally going to be closure,
but I am concerned that the "Friends of Glen" are not here right
now dancing in the streets!!
For all we know, it was a complete dismissal by both parties that
just decided to quit fighting..
I hope not, but until I see the documents, I'm a little concerned.
cbrad
Yes. Cool! there was 3M bought right after the close
PEPSI
Great analysis!
The question I have - do defendants even have these sums of money - 10,20, 50 mils ?
I think someone was crossing to each other, there was another 1mil traded at .0052 a minute and a half before the 3 mil...they brought the price down from .006 to do it.
there was 3M bought right after the close
Try this to see how much money might actually come into play at $CMGO.
1.Take whatever the settlement is, multiply it by .33 (let's guess the attorneys take a third, plus the other third Glenn already promised to the "financiers" in this 8-K.
2. Subtract out the $150K Glenn and his mother loaned CMGO.
3. Multiply $15,000 times the number of months that have passed since April of 2014 (right now that total is 57 months X $15,000 = $855,000) and add another $400,000 for Alexis (estimate), since both will want their pay. Subtract the pay amount from the initial total.
4. Pending the appeal, subtract out another $774,000 for the Ron Burkhardt judgement.
5. Divide what is finally left over by 490,000,000.
So, a monetary award for various amounts would look, approximately, like this:
A $5,000,000.00 award means CMGO has even more debt.
A $10,000,000.00 award is equivalent to $0.00286 per share.
A $20,000,000.00 award is equivalent to $0.00980 per share.
A $50,000,000.00 award is equivalent to $0.03061 per share.
A $100,000,000.00 award is equivalent to $0.06531 per share.
A $200,000,000.00 award is equivalent to $0.13470 per share.
The full $280,000,000.00 award is equivalent to $0.19021 per share.
*Note, these values do not take into account the arrangement made with the two Irish Pension Funds that promises them a chunk of any settlement, since that percentage/amount was never disclosed by Glenn. See: Page 14 of the 10-Q for quarter ended September 30, 2015.
Also, note the $400K for Alexis is just a conservative guess for what Glenn would want to pay his daughter (that has done very little the last four years, except travel with the company AMEX and party).
WOW congratulations.
3M wall got taken eod. Can’t wait for tomorrow
I wonder what’s going to happen tomorrow? $$$$$$$
Nice man, congrats to you as well. Should be a nice couple of days ahead.
Thank you and nice work...
I am holding 6 mil in my cash account and 5 mil in my IRA
Mike, if you're truly holding almost 10m shares, congrats man.
Here is the estimated formula I have in mind - take the settlement amount , divide by 3 ( 1/3 to lawyers , 1/3 to investors who paid for this law suit to go on ( i don't remember the names ) ). The remaining 1/3 divide by 450 million shares. that's a rough cash per share estimate company will get. the share price of course will correlate but will also depend on a lot of investor sentiment factors.
GLTA
Love this co. and CEO!!!!!!!!!!!!!!
Well that was a nice end to my day and hopefully the beginning of an even better one tomorrow.
CMGO: Can't wait for another pop tmrw!!!
Is Christmas coming early this year? Did Indiana Joe finally see the light? The Piper must be paid for taking out the rats! Well done Glenn Laken! Well done! $CMGO
Looks like right on the mark my friend! Spoke too soon. Someone painted it down.
PEPSI
Lawsuit settlement. No figures yet but the maximum possible was 280 million based on punitive damages.
Share price surge? What's the buzz?
breaking 006 should be setting up for a move tomorrow given it came late in the day
What's the share price estimates for the settlement ?
Multiple pennies coming huge morning galore coming wow wow wow!!!!!!!
Looks like this case that has a Joint Voluntary Dismissal Ruling with Prejudice means $$$$$$$$$$$$$ coming for $CMGO!!!
PEPSI
Very strong dip buying. This one is just getting started for sure.
It's likely that the defendants knew they weren't going to win after reading CMGO's response on 1/2 and decided to settle before the judge ruled on it and it was too late.
Now this has been the best document to read in awhile. Finish line...........
I agree with this.
No that is not true. He was ruling on the entire motion which includes motion to dismiss defendants 2nd defense!
No. If he made a ruling, it would have been uploaded to Pacer.
FYI "with prejudice" means that the plaintiff can never refile this lawsuit. This is significant because if a plaintiff was to just a drop a complaint they would do it without prejudice. When they motion for dismissal with prejudice it most always means they have come to a settlement agreement which requires them to dismiss with prejudice.
So is it likely he ruled negatively on HG's counter case and that precipitated them realizing they needed to settle?
People getting in now before close are getting a steal. After news spreads this will open over .01 tomorrow.
That's not entirely true. A Joint Voluntary Dismissal could have been filed after a ruling, not matter which way he ruled. He was ruling on HG's counter suit,not the original case.
We should see the judges order on this motion shortly. Maybe even tomorrow. That should give some details.
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About CMG Holdings Group, Inc.
CMG Holdings Group, Inc. (https://www.cmgholdingsinc.com/) is a Chicago holding company whose primary operating subsidiary is XA – The Experiential Agency, Inc. (http://www.experientialagency.com) - which engages in the alternative advertising, digital media, experiential and interactive marketing, and entertainment sectors. XA is involved in production and promotion, event design, sponsorship evaluation, negotiation and activation, talent buying, show production, stage and set design, and data analysis and management activities. The business also offers branding and design services, including graphic, industrial and package designs across traditional and new media, public relations, social media, media development and relations, and interactive marketing platforms to provide its clients with customary private digital media networks to design and develop individual broadcasting digital media channels to sell, promote, and enhance their digital media video content through mobile, online, and social mediums. XA serves clients across the marketing communication industry. Separately, CMG Holdings Group owns Lincoln Acquisition Corp., a subsidiary formed to manage its portfolio investments.
Glenn Laken grew up in Valley Stream N.Y. He graduated high school in 3 years. He went to C.W. Post College and graduated in 1975. He met his wife of 37 years Barbara while at college. The have 2 children Alexis, and Glenn Laken II. Alexis is a clothing designer in N.Y. with 2 of her own lines Contrarian and Prodigal Sons. His son is a attorney in Chicago with the international firm of Kirkland and Ellis. Glenn is an avid weightlifter and exercise fanatic, and has been lifting for 45 years, and routinely logs an hour a day on the exercise bike.
Glenn started in the financial industry in 1979 began on the floor of the NYFE. From there he became a partner at Conklin Cahill a NY stock exchange specialist firm, he spent 5 years there and had a commodity trading division that became very successful. From there Glenn went on to work for a legend in the business John Mulhearn of Jamie Securities a hedge fund with almost a billion dollars under management in 1984. Mr. Laken was the head commodity trader for the fund. In 1985 Mr. Laken moved to Chicago he set up a very large floor brokerage operation on the floor of the Chicago Mercantile Exchange. and shortly after he was approached by a Saudi investor to start a clearing firm. Under Mr. Laken’s guidance the firm had over 600 floor traders and 100 offices around the country. After almost 3 years Mr. Laken sold his share of the firm and went back to trading for himself. For the next decade Mr. Laken advised many companies and strategies for beating the markets.
In 1999 Mr. Laken purchased the fabled Cigarette Racing Team boat company which had fallen on hard times, in a 3 year turn around play a purchase for 6.25 million was turned into a almost 22 million dollar sale. Mr. Laken has been advising small public companies and startups for the last 5 years and is involved currently with CMG Holdings Inc.
SEC Charges 18 Defendants in International Scheme to Manipulate Stocks Using Hacked US Brokerage Accounts
https://www.sec.gov/news/press-release/2022-145
Washington D.C., Aug. 15, 2022 -
The Securities and Exchange Commission today charged 18 individuals and entities for their roles in a fraudulent scheme in which dozens of online retail brokerage accounts were hacked and improperly used to purchase microcap stocks to manipulate the price and trading volume of those stocks. Those charged include Rahim Mohamed of Alberta, Canada, who is alleged to have coordinated the hacking attacks, and several others in and outside the U.S. who allegedly benefited from or participated in the scheme.
According to the SEC’s complaint, in late 2017 and early 2018, hackers accessed at least 31 U.S. retail brokerage accounts and used them to purchase the securities of Lotus Bio-Technology Development Corp. and Good Gaming, Inc. The unauthorized purchases allegedly enabled fraudsters, who already controlled large blocks of Lotus Bio-Tech and Good Gaming stock, to sell their holdings at artificially high prices and reap more than $1 million in illicit proceeds. According to the complaint, Davies Wong of British Columbia, Canada, and Glenn B. Laken of Illinois, respectively, controlled the majority of the Lotus Bio-Tech and Good Gaming stock that was sold while the hacking attacks were being carried out, and Mohamed coordinated with Wong, Laken, and others to orchestrate the attacks. The complaint also alleges that Richard Tang of British Columbia, Canada, was involved with both the Lotus Bio-Tech and Good Gaming schemes.
“This case illustrates the critical importance of cybersecurity and of our ongoing efforts to protect retail investors from cyber fraud,” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement. “The SEC remains committed to rooting out this type of wrongdoing. Investors should also take precautions, including choosing strong passwords, using different passwords for different accounts, and using two-factor authentication when available.”
“Our complaint details a brazen and sophisticated scheme, with hackers using international accounts and dummy accountholders to hide their tracks,” said Nekia Hackworth Jones, Director of the SEC’s Atlanta Regional Office. “As this case demonstrates, the Division can uncover misconduct even when it crosses borders and is concealed behind multiple layers of obfuscation.”
The SEC’s complaint charges violations of the antifraud and beneficial ownership reporting provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934 and names two relief defendants who received proceeds from the hacks. The SEC seeks the return of ill-gotten gains plus interest, penalties, bars, and other equitable relief. The SEC’s investigation is continuing.
The SEC’s investigation has been conducted by Joshua Dickman and Lucy Graetz of the Atlanta Regional Office, Andrew McFall of the Washington, D.C. Office, and Patrick McCluskey of the Philadelphia Regional Office, with the assistance of Marlee Miller and Owen Granke of the SEC’s Office of International Affairs. The case is being supervised by Acting Chief of the Crypto Assets and Cyber Unit Carolyn Welshhans, Market Abuse Unit Chief Joseph Sansone, Justin Jeffries and Natalie Brunson of the Atlanta Regional Office, and Amy Flaherty Hartman of the Chicago Regional Office. Robert Gordon and William Hicks of the Atlanta Regional Office will lead the SEC’s litigation, supervised by M. Graham Loomis.
The SEC appreciates the assistance of the Financial Industry Regulatory Authority, the Alberta Securities Commission, the Australia Securities and Investments Commission, the British Columbia Securities Commission, the Calgary Police Service, the Cayman Islands Monetary Authority, the Dubai Financial Services Authority, the French Autorité des Marchés Financiers, the Hong Kong Securities and Futures Commission, the Mauritius Financial Services Commission, the Ontario Securities Commission, the Quebec Autorité des Marchés Financiers, the Royal Canadian Mounted Police, the Securities Commission of the Bahamas, the Sûreté du Québec, the Superintendencia del Mercado de Valores de la República Dominicana, the Swiss Financial Market Supervisory Authority, and the United Kingdom Financial Conduct Authority.
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