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Clark County District Court – Nevada
SHAREHOLDER ADVOCATES, LLC VS. CLEAR CHOICE FINANCIAL, INC.
Anyone else hear the rumors that CLRC have plans to relaunch the company with another aquistion/merger? I heard that they were about to roll out a cashflowing company that is in the lead generation space? can anyone confirm??
Wow! I had 100,000 shares of this and bought the majority of it at .05 cents. Biggest miss of my life.
It does look like shorts are covering the way it's moving up.
You haven't seen the move yet!
This is just warming up, watch the shorts apply some green fuel to this puppy when it starts having .05 to .10 cent increments a day.
What's up besides the share price every day?
Nice buy lol.eom
Nice close on the week. Nice after hour trades on Friday too.
We could have a run next week as the shorts run for cover.
This can have some good moves to the upside as shorts try to cover. Saw a tad of a taste today.
I bought 40,000 at .05
Why this could see a nice bounce....
Their in default to their former CEO and major shareholder and two other former owners and major shareholders. If these major shareholders don't work with the company they won't see any of their money or stock. Catch my drift!
TEMPE, Ariz., Jan. 12, 2007 (PRIME NEWSWIRE) -- Clear Choice Financial, Inc. (``Clear Choice'') (OTC BB:CLRC.OB - News), a Nevada corporation, announced that it is insolvent and in default on numerous obligations. Clear Choice has officially closed the mortgage lending offices of its wholly owned subsidiary, Bay Capital, located in Owings Mills, Maryland and Irvine, California. Out of an original workforce of over 150 people, 120 have been released. The Company is in default of its lease of its corporate headquarters located in Tempe, Arizona and has been locked out of its facility and is in default of a note with its former CEO and major shareholder Stephen G. Luke, and is in default of a note due to the two former owners of Bay Capital, Inc. Its operating company, Bay Capital, has been forced to shut down various warehouse lines of credit
What the $%^& !!
Alert news about what?
Alert News today
not too good
MK
Keep them coming. I was doing a little dd on Naug.ob
Seems like they are under 25M o/s ...or even under 20M.
and PROFITABLE
MKBY seems to have been good to you .
Every local at the company has a voice box that is full. I think the employees are either all gone, not showing up or something is very un kosher. Is the company closed?
lol That would be nice.
Hopefully this 'given moment' will come knocking at the door soon and bring 1$ with him
Don't know, but watch this stock
blast through .25 and be trading in the .30 cent range at any given moment.
What ever happened with the investigation mentioned in the June 9th release?
Doesn't it though!
I traded it from the .50 cent level to the .90 cent level twice in December after seeing it get nuked from the $3+ish level, so getting back to at least the .50 cent level doesn't seem to be far out of the realm. Then again if it get's there what's stopping it from getting back to the .90 cent level again. Time will tell, but we have definitely seen the bottom.
Don't know but it looks like it's getting better.
we're all trying to figure that one out, lol
In the meantime the pps is creeping up. I keep scratching my head that this 21M OS stock is trading less than a quarter.
>
What cause clear choice to drop off a cliff in December? I see the first big drop was after the board addressed the insider trading by employees and ceo.
Any further input would be appreciated, thanks.
I'm still waiting for 1$
Think so?
Didn't act like it today, I think it could leave the teens and traded through the .20's to the .30+ level pretty quickly on any given day.
I think we double bottom @ .11 again...
Hope it hold...
Fill my bid!
There's gotta be a few more weak hands?
Hopefully we can see green by tomorrow
up-down...I'm not great at math but even I can see that you have your equation backwards. The POS crook is being paid .33 cents per share, not $3
Not that it matters...he's really done a number on this one! Geez! The damage is done.
That line is in every penny stock 10Q. Pick anyone and you'll see that verbatim.
Why don't you take five seconds and find out?
Read back a few posts.
Not much of a change then. What's the recent share count? o/s?
I see .23
Anyone else reading this companies filings to try and get a handle why this stock fell of the cliff ??
If that's the reason for the sell off and the selling was magnified because of year end, we could be in for a nice bounce here.
It's 33 cents a share.
CLRC is paying $2 million dollars to the ex-CEO Mr. Stephen Luke's for his 6M shares and his resignation at 500k per quarter.
That's $3/share and the pps is now .23, OUCH. Can the company get the pps back up???
On August 14, 2006, Clear Choice Financial, Inc. (the “Company”) entered into a Stock Purchase Agreement with its President, Mr. Stephen Luke, for the purchase by the Company of 5,952,245 shares of the Company’s common stock held by Mr. Luke (the “Shares”). The purchase price for the Shares is $2 million, which is payable to Mr. Luke as follows: (a) $500,000 upon the initial closing, which is scheduled for September 1, 2006 or earlier, and (b) three successive $500,000 payments to be paid by the Company to Mr. Luke every 90 days thereafter (so 500k was due Dec 1st). In connection with the Stock Purchase Agreement, Mr. Luke tendered his resignation from the Company, effective immediately, and the Company and Mr. Luke delivered mutual releases of any and all claims by either party against the other.
Concurrent with the execution of the Stock Purchase Agreement, the Company also entered into a Stock Pledge Agreement between the Company and Mr. Luke, which granted to Mr. Luke a security interest in the Shares in order to secure the Company’s payment obligations under the Stock Purchase Agreement. The Stock Pledge Agreement contained standard terms and conditions for an agreement of its kind.
Item 1.02 Termination of a Material Definitive Agreement
Pursuant to the terms of the Stock Purchase Agreement, described under Item 1.01 above, Mr. Luke will cause that certain Lease Agreement, dated April 1, 2004, as amended, between Shalimar Offices, LLC and the Company, with respect to the premises located in Tempe, Arizona, to be terminated as of December 31, 2006, thereby releasing the Company from any future obligations thereunder, including payment obligations. Mr. Luke is the manager of Shalimar Offices, LLC and owns all of its outstanding interests. There are no penalties for early termination.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
The discussion set forth under Item 1.01 is incorporated herein by reference. As part of the terms and conditions of the Stock Purchase Agreement, the Company is obligated to pay Mr. Luke as follows: (a) $500,000 upon the initial closing, which is scheduled for September 1, 2006 or earlier, and (b) three successive $500,000 payments to be paid by the Company to Mr. Luke every 90 days thereafter. The company’s payment obligations are secured by a pledge of the Shares but Mr. Luke is not limited to this as a remedy and may seek specific performance. (lets hope they are paying this guy)
Nov tax loss selling so they could re-enter lower in early Jan from the Dec tax loss sellers??? amd/or did they miss the 12/1/06 500g payment to the ex-CEO ???
12/4 is monday. 12/1 was friday, so the sell-off was began before the payment date.
Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
The discussion set forth under Item 1.01 is incorporated herein by reference. As part of the terms and conditions of the Stock Purchase Agreement, Mr. Luke tendered his resignation as President of the Company, effective August 14, 2006. Mr. Luke is no longer an officer, director or employee of the Company.
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Clear Choice Financial, Inc. (OTCBB:CLRC - News), a financial services company specializing in mortgage refinancings and new home loans, announced today that it has made significant progress in its early development and is now pursuing additional acquisition and consolidation targets to fulfill its long-term growth strategy. Following the Company's acquisition of Bay Capital Corp., an established mortgage broker based out of Owings Mills, Maryland, and the subsequent consolidation of Irvine, California-based Allstate Home Loans into Bay Capital, Clear Choice Financial has just recently completed all of the necessary restructuring of its primary operating subsidiary, as well as addressed issues related to the previous board and its capital structure, enabling the Company to move forward with its updated business plan and growth objectives.
According to the Company's newly appointed Chief Executive Officer, Mr. Chad Mooney, "With all issues related to and resulting from decisions made by the previous management and board now addressed, we can move forward with our revised business plan and rather aggressive growth strategy, and develop this Company into an established, nationwide mortgage broker and mortgage bank that services the soon to be thriving refinancing sector of the mortgage industry." With Clear Choice's consolidation of Bay Capital and Allstate Home Loans, its operating subsidiary, which has assumed the Bay Capital name for the time being, Clear Choice now has locations on both coasts in what are essentially the key markets, and is now licensed to do business in 44 states.
Mr. Mooney continued, "With most of the Company's essential components now in place, and the fact that Clear Choice now operates on both coasts through Company-owned and Company-affiliated branch offices, all under the Bay Capital name, we felt that the timing was right to release this update on recent activities and highlight our ongoing growth strategy via the following Letter to Shareholders, and subsequent "bullet point" summary:
OCTOBER 6, 2006
Dear all Shareholders of Clear Choice Financial, Inc.,
The past few months at Clear Choice have been challenging but rewarding. Your new Board of Directors and Management, comprised of Andrew Formato and Larry Eiteljorg as Directors and myself as President, CEO and a Director, felt it was appropriate to apprise you of our recent accomplishments and explain where Clear Choice stands currently, and where we are headed.
The individuals involved in the day-to-day operations, as well as a core group of investors that have continued to support us throughout our restructuring, have expressed their continued support for the long-term and have pledged to commit their respective expertise and industry-specific experiences to assist the Company in executing successfully on its growth plan. In addition, these individuals have also committed the necessary funding to buttress our capital base, which in turn affords us an opportunity to undertake an aggressive acquisition and consolidation posture over the next 6 to 12 months.
Here is a bulleted list of what has transpired and what the Company has accomplished over approximately the previous 6 months:
As of October-2006, Clear Choice Financial now has...
An exceptionally competent management team and board of directors in place, each bringing to the Company their respective expertise in Sales Management, Marketing, the Capital Markets, and Human Resources, in addition to extensive knowledge of the Financial Services Industry;
Nearly 120 talented individuals that makeup the total resulting personnel of Clear Choice's wholly-owned operating subsidiary, known for the time being as Bay Capital;
Built up a core support group comprised of a number of prominent investors who are supporting the Company through two key measures, which are:
a. Enhancing Clear Choice's stature and corporate visibility
among institutional groups in the U.S. and within the
capital markets as a whole;
b. Sustaining Clear Choice's working capital needs for the
next 6 to 12 months, so the Company can effectively
execute on an aggressive acquisition/consolidation
campaign;
Completed its primary acquisitions of both Bay Capital and subsequently Allstate Home Loans, resulting in the establishment of an operating business strategically positioned nationwide with headquarters in key markets on both coasts;
Restructured and re-aligned this primary operating business so it now offers wholesale and retail mortgage products and services through its growing number of company-owned as well as company-affiliated branch offices;
Through these initial acquisitions has gained accreditation and is licensed to perform mortgage brokering activities in 44 of 48 states nationwide;
Reported unofficially for September-2006 a loan volume of $25 million to $35 million.
In addition to what has been accomplished, Clear Choice Financial is currently implementing the following activities and expectations for the Company:
Through the recent streamlining and restructuring of its operating business, Clear Choice has begun a new era for the Company and its talented mortgage brokers and support staff, one that will involve:
a. Growing its sales force to bring in increased business as
well as resurrect business that may have gone astray;
b. Improving the Company's offices and facilities as a whole
in order to attract a higher caliber of personnel as well
as client, enhance Clear Choice's corporate visibility,
and create an environment that is conducive to positive
word-of-mouth and an enhanced reputation in the industry;
c. Changing the mindset and upgrading the expectations of
everyone now participating as part of the Clear Choice
family.
Through the many changes and renovations implemented recently, Clear Choice has laid the foundation for this "upgrade in mindset", transforming the attitudes of all within the Company as well as those that comprise the retail and institutional investment audience following Clear Choice's growth and development, resulting in a much-enhanced, public image of Clear Choice -- both the mortgage company and the publicly traded CLRC stock;
Continue to execute on an aggressive acquisition plan over the next 6 to 12 months, a campaign that Clear Choice feels it can not afford to lose pace on due to the nature of the mortgage industry right now, and the estimated $3 trillion worth of loans that will be up for refinancing in the next 3 to 5 years. Clear Choice is currently looking at acquisition targets that are -- as a whole -- responsible for nearly a billion dollars worth in loan volume every month;
Remain open-minded in the area of expansion down the road, especially into synergistic activities that may present themselves by the way of Clear Choice's involvement and presence in the greater financial services space.
In conclusion, I would like to personally thank all of those individuals that have participated positively in the restructuring process here at Clear Choice, as well as those investors that have stuck with the Company through its transition, and welcome aboard all those new investors now holding shares in and supporting the emerging Clear Choice Financial.
Sincerely,
Mr. Chad Mooney, President and C.E.O.
It's not on the naked short sellers list either
http://www.buyins.net/tools/short_list.php?ssd=20061229
I don't think he got more than a 2 weeks pay.Don't worry about Partenkirchen.He bashes every stock I own , recommend, or make positive comments about.
Did Darren Dierich get any kind of departure package when he was left go? I see no dilution going on here in the filings and the number of shares has not changed from Q TO Q. I just ran across this stock today and would appreciate anyones input on it, anyones but the guy that slams every stock he is not in and pumps the crap he is in.
TIA
Budget
Another scam stock imo
Falls 75% in three trading days...and down 99% since this past summer. Why? Maybe because of this line in latest 10Q:
"In their audit report for the fiscal year ended June 30, 2006, our auditors indicated that there was substantial doubt as to our ability to continue as a going concern and that our ability to continue as a going concern was dependent upon our obtaining additional financing for our operations or reaching profitability. We cannot assure that we will be able to do either."
Just a good old penny scam with plenty of dilution.
A dead cat can only bounce so much. I fully expect this to go to sub-pennies before long...
--- CLRC's OS is only 21.3M ---
As of November 10, 2006, there were 21,343,516 shares of our Common Stock.
http://sec.gov/cgi-bin/browse-edgar?company=&CIK=0001307431&action=getcompany
Looks like the new CFO, Michael Schifsky
is a standup guy. Here's a piece he wrote...
CFO: Magazine for Senior Financial Executives, Sept, 2004 by Michael Schifsky
Find More Results for: ""Michael Schifsky" "
Clear Choice Financial...
I READ "DIRECTOR'S CUT" (TECHWATCH, July) with amazement. The last thing board members need to fulfill their job is another gizmo. What they do need is training and a better understanding of what their roles and responsibilities are. Ask any board member you know the last time he or she read his or her respective company's bylaws, shareholders' rights agreement, or its articles of incorporation. These "solutions" provide nothing that can't already be accomplished via phone, E-mail, and a half-decent secure Website.
Good governance requires active and independent-minded board members who understand their responsibilities and who are willing to challenge management when necessary and support them when appropriate.
Technology is not the solution--a little common sense and integrity will go a long way to solving this deep-rooted problem.
Advertisement
Michael Schifsky
Scottsdale, Arizona
COPYRIGHT 2004 CFO Publishing Corp.
COPYRIGHT 2004 Gale Group
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The AS is 70M....
CLEAR CHOICE FINANCIAL, INC.
Business Entity Information
Status: Active on 10/25/2006 File Date: 9/19/2001
Type: Domestic Corporation Corp Number: C25582-2001
Qualifying State: NV List of Officers Due: 9/30/2007
Managed By: Expiration Date:
Additional Information
Central Index Key: 0001307431
Resident Agent Information
Name: CORPORATION TRUST COMPANY OF NEVADA Address 1: 6100 NEIL ROAD
Address 2: STE 500 City: RENO
State: NV Zip Code: 89511
Phone: Fax:
Email: Mailing Address 1:
Mailing Address 2: Mailing City:
Mailing State: Mailing Zip Code:
View all business entities under this resident agent
Financial Information
No Par Share Count: 0 Capital Amount: $ 7,000.00
Par Share Count: 70,000,000.00 Par Share Value: $ 0.0001
Officers Include Inactive Officers
Director - LARRY EITELJORG
Address 1: 3231 S COUNTRY CLUB WAY Address 2: SUITE 102
City: TEMPE State: AZ
Zip Code: 85282 Country:
Status: Active Email:
Director - ANDREW J FORMATO
Address 1: 3231 S. COUNTRY CLUB WAY Address 2: SUITE 102
City: TEMPE State: AZ
Zip Code: 85282 Country:
Status: Active Email:
President - CHAD MOONEY
Address 1: 3231 S. COUNTRY CLUB WAY Address 2: SUITE 102
City: TEMPE State: AZ
Zip Code: 85282 Country:
Status: Active Email:
Director - CHAD MOONEY
Address 1: 3231 S. COUNTRY CLUB WAY Address 2: SUITE 102
City: TEMPE State: AZ
Zip Code: 85282 Country:
Status: Active Email:
Secretary - MICHAEL SCHIFSKY
Address 1: 3231 S. COUNTRY CLUB WAY Address 2: SUITE 102
City: TEMPE State: AZ
Zip Code: 85282 Country: USA
Status: Active Email:
Treasurer - MICHAEL SCHIFSKY
Address 1: 3231 S COUNTRY CLUB WAY Address 2: SUITE 102
City: TEMPE State: AZ
Zip Code: 85282 Country: USA
Status: Active Email:
https://esos.state.nv.us/SOSServices/AnonymousAccess/CorpSearch/CorpSearch.aspx
----
Transfer Agent:
Corporate Stock Transfer, Inc., Denver, CO 80209
www.corporatestock.com
Telephone (303) 282-4800
Fax (303) 282-5800
Email: info@corporatestock.com
This company was registerd in 2001 in Nevada and has never upped their AS! How's that for a breath of fresh air in penny land.
Forced tax loss decimated this stock imo. I'm holding for more than a flip!
Let your winners ride but cut your losses short. I held too many losers (and averaged down) in 'o6 in hopes of a comeback. I'm done with that strategy as it basically wiped out all my gains for the year. This year I'll be averaging up (with the trend), lol.
Here's to happy and prosperous year for all in 'o7
Here we go!
If this breaks the .20 cent barrier it will go a lot higher cause there was big volume at .20 cents the other day.
It's do for a bounce and a close in the green
Looks like bottom is in now hope we see a good bounce.
added more at .125
Thanks UBSS
USSS was fighting ARCA for the best offer. I wonder if UBSS is a seller as well or some flipper looking for an exit ??
ARCA is back at .16, hence the bounce stalled.
Mind you i'm seeing 20 minute delay and 100,000 shares ago.
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