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john1..are u on the east coast?
It's working out fine. I had no illusions when I became the monitor of this joint. This is a dead company, and I hope that people who lost money here try to recoup that money. IMO, Chas is/was a crook and I called it here. Unlike you, who sucked up to that corrupt regime.
You should also note that I tolerate personal attacks like the ones you have administered towards me. I will not kick a post of the board because it goes against my "agenda".
My hope is that all the people involved in this scam go to jail. That includes the enablers who posted on this board. While that is an immense reach, I can hope. The swine that caused this should not see the light of day for a lot of time. Goading me will not get you anywhere. Neither will the pings that come from you.
HEY SHERIFF HAS THAT WORKING OUT FOR YOU
HEY sheriff HOW IS THAT WORKING OUT FOR YOU
this stock is done this board is done we got the shaft here by chas
A new sheriff in town.
Though this is a dying board, as well as a dying company, the air around here will no longer smell like a fetid swamp. If someone has something to say, they can now say it without the fear of Big Brother lurking over their shoulders. I think that the actions of Chas & Co. are worthy of legal action. If this board is used to facilitate such action, that's what it will be.
Gone are the days that only pro-company sentiments are allowed. Also gone is the concept that a poster cannot citicize the postings/actions of another.
This board may already be dead. If it isn't, people who got screwed should use it. If anyone has any direct communications from the company that flew in the face of what transpired, let everyone see them here. Anecdotal conversations, though not as good, are also welcome. For example, I spoke wiith the moron who handles the PR for the company for awhile. When I questtionned him about Yakatan, he had the gall to tell me that Yak was well respected in the pharma community. Nothing could have been further from the truth.
Tap your heals together also helps
yes Kling-on amigo... we do believe in miracles,we do believe in miracles,we do believe in miracles
If you have enough losses for this calendar year, postponing the CLSC losses until next year is the right way to go.
I have the actual opposite, yet pleasant problem. I can't close out my short (not that I would want to realize my gains) so I'll "hold" onto this position to the day I die. A broker will not sell you a worthless stock just in case a miracle happens.
Lido,
Please update if you get an opinion from a tax expert. In the meantime, I am inclined to agree with Fatchix that it is best to wait until there is a final decree from the courts (which may never come) and/or you ask your broker to create a 1099 by tendering the shares (for $1).
I have decided that I have enough other losses in Biotechlandia that I will wait on claiming Cobalis until probably next year. I have to admit, I am clinging to the thread that all hope is not vanquished.
"would seem a broker statement of shares or actual shares and a copy of the chap 7 would prove the loss well enough for IRS "
Not good enough. Since you still own the shares, even if the company is currently in BK, you still have the ability to make money if the company ever comes out of BK. The IRS will not allow you to have it both ways. You either book your loss or you have a potential profit in the future, in the eyes of the IRS.
Once you have booked your loss via a sale, you no longer own the shares, and are not still playing the market in the eyes of the IRS. NOT booking a sale and still doing a right-off leads the IRS to believe (rightly or wrongly) that you want to book the loss, but still want to keep the "investment".
As I said before, you can't have it both ways.
would seem a broker statement of shares or actual shares and a copy of the chap 7 would prove the loss well enough for IRS I will ask my tax guy this year.. and let you know one opinion.
Should anyone learn of class action, if it will be possible, please post it. I am in, I have been purchasing quite a number of shares for some time now and I am greatly disappointed with how things turned out. I also hope karma returns favor upon Chaz.
http://online.wsj.com/article/SB10001424052748704204304574545803280777032.html
wish i would've done more research on chad..guarantee he was in bed with Pang and again he makes himself out to be a victim in the article..same way he blamed everybody but himself for CLSC ....he's a sociopath...and i'm sure he had a hand in Pang's antics and then had an easy alibi when he passed away
According to my accountant, reporting losses without a corresponding 1099 is a red flag to the IRS. That will cause the IRS to more closely scrutinize your return.If you have any funny stuff in your return, you do not want to waken the sleeping bear.
Take this from someone who poked the bear once, and will never do it again!!
Either way. Worthless deductions are common.
I think the IRS needs a 1099, which is generated by a sale. Obviously, there is no market for this catostrophe, but most brokers will generate you a sale ticket, which generates a 1099, if you ask. They will "buy" your whole position for a buck. That gives you the evidence you need to show the IRS that you had a loss.
There is the possibility, though IMO not a great one, that the IRS would take your "explanation" in lieu of a 1099. However, if the sum is lumpy, that might put you on the IRS's radar, which might not be a good thing, depending how "honest" you are. With the 1099, you have evidence of a sale, and the IRS could match the date of your reported purchase with a quick look-up.
My advice, and I'm no tax consultant, is to call your broker, explain the situation, and see what they can do to help.
Much smoother, IMO, that way.
Claiming a complete loss
I am going to save my dollar and not sell clsc paper to my broker. It looks clear that 2011 is the official year in which clsc shares became "worthless" which is all I need to claim tax losses over the next few years.
Does anyone else have experience with complete losses and documentation needed for IRS? I was planning to just claim the loss like you suggest. Would the fact that the company is bankrupt and no shares have traded for 6 months be enough documentation, or is there some reason the broker needs to officially remove (buy back) my shares to make it copesthetic with the IRS?
Yes, Biogentic was there but even before that was Gene Pharma.
Bobser--I got the same handshake and promise back when cobalis was biogentec---i guess it's the old buyer beware thing
News? The company is dead. There is no more product, no office, no people "going to work." The only court business remaining is between Chas and the judge - will he officially become a vexatious litigant or not... that's all the excitement that is left. There are no "shareholder" issues before the court.
I am going to save my dollar and not sell clsc paper to my broker. It looks clear that 2011 is the official year in which clsc shares became "worthless" which is all I need to claim tax losses over the next few years.
Thanks CLSC! Way to blow!
What is the latest with the courts or any news at all?
I am now ready to join the conversation. I have been a big (big for me) invester with Cobalis...even before they had the name, For about 8 years and have been waiting patiently like many of you for the product to come to the market. It is now here but we still lose.
Count me in on any class-action lawsuit. When I first met Chaz he shook my hand , looked me in the eye and told me he would personally pay me back if the company did not become successful. Now and for quite a while he won't even take my call...So now what?
sad thing is i called chas around 50 times until he finally picked up and i went off on him how he ruined the company etc....he blamed everyone but himself for this debacle.....typical sociopathic behavior which further shows me he doesn't care how much anybody lost....he is just blowing smoke and making more false promises to save himself from a class action law suit...this guy is just as bad as madoff just on a smaller level....it's a shame..shame on him...shame on me for not doing substantial D and D!! and u wonder why there is 1/10 the volume in the mkt overall as 5 yrs ago...the avg joe doesn't even have a fair shot at the american dream
Sad thing there is a shortage of vitamin b12 injectables. Could be flying off shelves at even 30 a box
Days of our lifes lasted for quite some time on television.
Court business looks to be about preventing cobalis particularly Chaz from either selling company property or opening new litigation without court approval.
If anyone learns of any decisions from court today, please post.
Thanks.
I'm with Zeus here. I'd give the buck to hold the currently worthless paper too. Personally, I know the odds are about like a lottery ticket at this point (don't need any further explanation fatchix), but I'm not dumping my shares for the tax loss just yet. Chaim Stern lost a ton here. They are trying to figure out some way to recover.
I would love to arrange to buy all your shares for 1 dollar would be a much better investment of what I have done here. I will gladly take the loss of a dollar in 2-3 years or 20 years from now with the luggage I am carrying on this one.
I could only hope so. Lot's of time involved with marketing this one.
I'd be interested in the collective wisdom here about whether it is time to send in the form to my broker to remove CLSC shares from my account. There is still no final legal decree or event that tells me it is over, even though I know it is all but done deal. But even if there is some turn of events that makes shares worth a penny, it would be worth waiting. My only impatience is that I'd like to claim the tax loss this year.
Urche
chas still belives he is gonna win this LOL
I SWEAR TO GOD HE IS TELLING PEOPLE THIS
Does anybody know if company is sold and to whom?
its simple all post will stay up as long as u dont talk about other posters follow the rules and post will stay up
Thank you IHUB,
For the re-instatemnent of my post. It is necessary for the good of a message board that all opinions are heard.
Remember that 5 year deal last year with Bespharma, LLC out of Jupiter Florida? Turns out the owner was a Fraud and a Felon, wish I would have looked him up sooner. http://www.sec.gov/litigation/litreleases/2010/lr21791.htm
Give me a break!
Chas is lucky he wasn't tossed in jail for contempt of court based on his behaviour during the court proceedings. He lied t the judge about the prospects for sales for his over priced vitamin supplement. He tried doing end arounds the judge, who was no dummy. I think this is an action to help his defense in any class action lawsuits if they are brought against him and the company.
Chase is a serial liar, and IMO, a crook who got caught and beaten at his own game. people like him, IMO, belong in jail, not a corner office.
And there are several other individuals that are known here who deserve adjoining cells.
cause its not completly over they hired another attorney to go after the judge now
"saying he wasnt fair"
chas loves attorneys
Why is this site still up?
Perhaps he was part of a plan by Chas to take the company private. Chas probably thought he was bullet-proof, not expecting the courts to come down so hard. Stern's past seems to be a bit iffy, IMO.
There were many games being played here. Retail shareholders had little chance to read the cards, because the deck kept being shuffled.
I would love to see Chas on a stand in a courtroom. If any of you guys get involved in a lawsuit against this slime, make sure they drag Stern to the stand as well.
My question remains about the motives for Chaim Stern and how he will be treated when all is settled.
His purchases always piqued my interest.
I am sorry for certain people who basically were defrauded out of their money by an unethical piece of crap like Chas. That being said, there are others who deserve what they got. Too bad this board did not allow freedom of expression. Maybe. if a free dialogue took place, some may have seen the light before it was too late.
I am more than curious to know of the motives for major shareholder Chaim taking so many bites of Cobalis and where he stands now as the company is apparently bankrupt and at the end of the road.
Urche
i lost alot of friends and creditabilty and family memebers are pissed at me cause of this stock CHAS WILL NOT GET AWAY WITH THIS
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Headquartered in Irvine, California, Cobalis Corp. is an over-the-counter, specialty pharmaceutical company. Its flagship product, PreHistin(TM) is currently in Phase III clinical trials and initial marketing in the U.S. will commence upon final FDA marketing approval. The U.S. anti-allergy medication market was $7.2 billion in 2003 and is expected to exceed $10 billion by 2010. PreHistin(TM), The World's First Pre-Histamine(TM), is currently in Phase III Clinical Trials in preparation for submission to the FDA to gain OTC approval for the allergy indication.
How to Contact Cobalis Corp.
Cobalis Corp. may be easily reached (PST):
Phone
(949) 260-0123
Toll Free
(877) 476-5536
Fax
(949) 260-0011
Mailing Address
16795 Von Karman, Suite 200
USA
Websites
http://www.cobalis.com & http://www.PreHistin.com
In 1992, Cobalis acquired the US patent for the use of cyanocobalamin as an effective method of reducing immunoglobulin (IgE) levels in humans. The Company also, in 2001, received patent approval for using cyanocobalamin for the treatment of allergic disease (allergies, asthma, etc.), via a wide variety of delivery mechanisms. The patents on PreHistin™ describe research which demonstrated reductions in allergy symptoms such as sneezing, nasal congestion and runny nose.
Patents
Cobalis’ US Patent #6,255,294 covers patient-friendly ways to treat IgE-mediated allergic diseases, which include seasonal allergies, year-round allergies, food allergies and asthma using various cobalamin analogues, including cyanocobalamin and methylcobalamin.
PreHistin™ is Protected by the Following US and International Patents:
•US Patent #6,255,294 “Cyanocobalamin Treatment in Allergic Disease&lrquo;
•US Patent #5,135,918 “Method for Decreasing Reaginic Antibody Levels&lrquo;
•European Union Patent # EP1128835
•Australian Patent #771728
•Japanese Patent P2002-533399A
•Canadian Patent 2,358,054
•Mexican Patent 2001-006297
Trademarks
The following are claimed trademarks of Cobalis Corp.:
•PreHistin, PreHistin, Pre-Histin
•PreHistamine, Pre-Histamine
•The World’s First PreHistamine, The World’s First Pre-Histamine
•Prevahist
•Alleratin
•Cobalis
•Smart Scienc
Cyanocobalamin is a synthetic and inexpensive form of vitamin B12 that is easily converted in the body to its bioactive forms, methylcobalamin and cobamamide.
Cobalis’ US Patent #6,255,294 covers patient-friendly ways to treat IgE-mediated allergic diseases, which include seasonal allergies, year-round allergies, food allergies and asthma using various cobalamin analogues, including cyanocobalamin and methylcobalamin.
Cobalis' Mexican Patent #2001-006297, titled "Cyanocobalamin Treatment in Allergic Disease". The patent protects the method of treatment underlying Cobalis' PreHistin(TM) anti-allergy medication in Mexico.
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