CodeSmart Holdings Inc (fka ITEN)

[tundra1]

I am calling the FBI. In my opinion it's not what SEC did, it's how SEC did it, and how they showed no concern for the common. Perhaps it comes down to: "I am just collateral damage."

[janice shell]

It's not the paying paying investors fault that the CodeSmart officers took advantage of some.

It's their fault that they didn't have the sense to leave. Here's something to remember for the future: When the CEO is arrested and indicted, it's time to say goodbye.

[1manband]

There must be another option than SEC screwing the stock holders out of their money

The SEC is not to blame. The individuals that bought this stock when they knew, or should have known, they were delinquent in their SEC filing obligations and would, at some point, be suspended and ultimately revoked are the ones that screwed themselves out of their own money. The common shareholders have no one to blame but themselves.

The SEC is only doing their job. They are not treating ITEN any differently or in any special manner. Rules are rules, and ITEN did not follow those rules, so now they are being punished. That is how things work, and the common shareholders have absolutely no excuse for not understanding the rules before they put down their money and played the game.

It is the "paying investors" fault that they ignored the obvious. People need to take responsibility for their own actions and the well known consequences which result from those actions.

[tundra1]

Right or wrong to buy, SEC is collapsing the company including the paying stock holders. There must be another option than SEC screwing the stock holders out of their money. It's not the paying paying investors fault that the CodeSmart officers took advantage of some.

[janice shell]

Yes. In these circumstances, there was absolutely NO reason to buy ITEN.

[1manband]

An excellent point. All part of the basic DD that any investor needs to do before buying anything, including a penny stock.

Considering the delinquency and the arrest of the control person for stock manipulation, there is absolutely no excuse for any common shareholder to not have sold out a LONG time before the SEC suspension came down. Shareholders have no one but themselves to blame for their loss at this point.

[janice shell]

Common shareholders have to take responsibility for their own actions, and if they held on to this stock even though they knew (or should have known) the company was delinquent, it is their own fault.

They also knew, or should have known, that the company's only control person, Ira Shapiro, has been arrested for stock manipulation and is awaiting trial.

[1manband]

It's just wrong SEC kills the value and closes out.

No, it isn't.

The Company is an SEC registrant. The reason why SEC registrants have a significantly higher market cap and valuation than Non-SEC registered and reporting pink sheet companies is that the initial registration statement has been reviewed by the SEC, and the Company is required to adhere to strict reporting requirements, including quarterly reports and audited financial statements within a specific time period.

If a Company violates those requirements, they have broken the law they agreed to follow. They are subject to an SEC suspension, and revocation, at any time. Doing what you suggest would simply reward those persons who broke the rules, namely the insiders, which typically control the vast majority of the stock. There would not be any penalty for breaking the law. Also, who would pay for the trustee? Certainly not the delinquent company, as almost all them are insolvent and flat broke.

There is really no reason these delinquent companies should be allowed to survive. They are dead long before the SEC suspended them, as most of them at this point in their lives have absolutely no business operations and are (or are likely to be) pump and dumps and insider enrichment schemes taking whatever they can from the common shareholders. And there is absolutely no excuse for common shareholders to complain they were deprived of their investment. They should absolutely know the company is delinquent in their SEC filing obligations and can be suspended at any time, and their investment would become worthless. All that information is available free of charge to the public on EDGAR at www.sec.gov. Common shareholders have to take responsibility for their own actions, and if they held on to this stock even though they knew (or should have known) the company was delinquent, it is their own fault. Harsh words, I know, but people have to stop blaming others for their mistakes.

[tundra1]

Good lead, thanks.

Still not sure about SEC actions here.

Thoughts
Strip the thieves of their stocks, keep alive the stock where there was actual money paid, place a trustee in control. Leave it up the investors who paid. Keep the value alive.

It's just wrong SEC kills the value and closes out.

[TenKay]

Well it is probably too late for this one since they never deregistered the stock and it will be revoked. That isn't going to change...and thus it is worthless.

If you are just interested in a shell there are many that can be bought.

This guy can probably hook you up

http://jehuhand.com/

[tundra1]

Yes, TenKay, Now, I am trying to find a way to buy the shell. Got any ideas?
TIA

[TenKay]

Shell? It will be grey when it comes off of suspension which makes it worthless and the SEC has already start revocation procedures which means it will be gone. Stockholders still own the company (although what that is exactly is a question)...its just private.

the company should have filed a Form 15 a year ago if they didn't want to give the SEC the option to revoke.

But the company didn't do that.

[tundra1]

Missing point, stock holders could take over the shell.

[TenKay]

"...the SEC will screw all the stock holders"

I am sorry...did the SEC suggest anyone buy this POS?

They are protecting future investors from getting sucked into scam.

[janice shell]

Yes. That will definitely happen.

[tundra1]

So in you opinion, SEC will shut this shell down and the SEC will screw all the stock holders.

[janice shell]

There is still value in a shell.

Not in this case. The SEC has begun an administrative proceeding to revoke registration. The shell has been abandoned, so no one will challenge that action. In a few months, registration will be revoked and ITEN will stop trading. It will no longer be a public shell.

So, shareholders would own stock in a private company, except that that company appears no longer to exist.

[tundra1]

Yes, Janice, thanking you for making my point. I do not see any SEC hold on the company (issued stock). Just the characters who openly ran a viable concept into the ground. There is still value in a shell.

I am still amazed how well the scheme-idea could have been ran, it"s not faux to the concept, if ran like it was projected.

[janice shell]

They can't shut down a company for delinquent filings until a certain amount of time has passed. ITEN's last financial report was for the period ended 30 June 2014; it was filed in October 2014.

So the SEC waited a year.

[tundra1]

Amazing how SEC let it trade, and knew they where going to take it down.

[janice shell]

No. There will never be any good news for ITEN.

[tundra1]

OTC's still the wild wild west. Someone knew what was happening a few days go.

[CashCassone]

Is there any good news coming?

[Aduke]

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=118242654

[janice shell]

And the SEC has taken other actions in connection with the ITEN case today:

http://www.sec.gov/news/pressrelease/2015-251.html

[janice shell]

Yes. After that, it will trade on the Grey Market until registration is revoked. And then it won't trade at all.

[janice shell]

it was bound to happen...

[tundra1]

ITEN under "Temporary stop trading status". I have seen these come alive from time to time. Rarely though.
GLTA

[waterchaser]

ITEN has been suspended by the SEC... have ITEN's "peers" been suspended as well?

[theguy110]

glad I out I didn't like the fact that the website was not running anymore or no updates at all

[The-REAL-KING-of-pennies]

Was only a matter of time

[TAFAZI69]

And after is death

[lucky, mydog]

when it will open on the grey market.

[TAFAZI69]

Till 17 novembee

[Renee]

ITEN SEC Suspension for Financials / Filings delinquencies and suspicious market activity.

http://www.sec.gov/litigation/suspensions/2015/34-76336.pdf

Order:

http://www.sec.gov/litigation/suspensions/2015/34-76336-o.pdf

Admin Proceeding:

http://www.sec.gov/litigation/admin/2015/34-76337.pdf

[CashCassone]

Waiting for the day of rich profits.

[Aduke]

That's the only reason I am watching it for now.

[BluSkies]

Is this alive and why are people buying? Those that accumulated at .0002 and .0003

[BadgerRed]

Value Investor: Thanks for your feedback. It certainly would be nice if ITEN could replicate as you suggested. Will be watching closely this coming week. br

[janice shell]

Just bear in mind that it's a delinquent filer, and what that means.

[Aduke]

Hi, Janice.

Someone has been loading ITEN for months. Take a look at the charts. When the price went up, and they got to where they were happy with the profit they were making, they unloaded some shares. Shares are not created in vacuum. Where there is a buyer, there must have been a seller, even if they were "air shares", as in "naked shorting", which is allowed. We will not know for sure for several days if that high ShortVolume last Friday was as a result of those who bought shares in the last three days and sold them that day. Some new buyers could also have been those who sold the shares short and were covering.

Got my eyes on this one.

Have a nice week ahead.

[janice shell]

ITEN has no "peers". It's a defunct company.

[Value_Investor]

If those 36,039,835 shares of 0.0002s buyers (since 03/24/2015) could hold their bottom shares firmly then we might see ITEN hit the new high 0.0009 or even 0.0022 like the two non-reporting peers (with 504M/600M and 499M/500M shares OS/AS respectively) did recently!

[BadgerRed]

trader53: ITEN: Thanks for your feedback... I see there is some disagreement re what is happening... Will find out more Mon and hope you can post add'l msgs then.
Thanks again for your prompt replies....
'till later... have a great weekend. br

[janice shell]

What part of "there is negligible short interest in this worthless stock" don't you get?

[trader53]

ITEN price increase triggered rush of buying by shorts sellers.

ITEN - "Short Squeeze"

A Short Squeeze is a situation in which
a stock's price increase triggers a rush of buying activity
among short sellers.

A "Short Squeeze" occurs,
when the stock's price doesn't decline as anticipated.

Short sellers must buy stock
to close out their short positions
and cut their losses, which results in a further increase
in stock prices, which compel still more short sellers
to cover their positions.

Short Squeeze - What it is:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=113157377

http://www.investinganswers.com/financial-dictionary/real-estate/short-squeeze-2045


Alerted
Sunday, 10/18/15
ITEN 0.00025
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=117804782&txt2find=ITEN


Oct 30, 2015 3:53 PM EDT

$ 0.0005 0.0003 (+150.00%) Volume: 12.9m


Time & Sales

Price Size Mkt Time

$0.0005 475,000 OTO 15:53:39
$0.0005 110,000 OTO 15:24:06 <--- Shorts Buying to Cover
$0.0004 250,433 OTO 15:12:07
$0.0004 731,000 OTO 15:11:57
$0.0004 480,567 OTO 15:11:56 <--- Shorts Buying to Cover
$0.0005 31,000 OTO 15:10:45
$0.0005 369,000 OTO 15:10:45
$0.0005 100,000 OTO 15:09:48 <--- Shorts Buying to Cover
$0.0004 1,519,433 OTO 15:05:40
$0.0004 6,805 OTO 15:00:09
$0.0004 2,493,195 OTO 15:00:09
$0.0004 500,000 OTO 15:00:07
$0.0004 500,000 OTO 15:00:06 <--- Shorts Buying to Cover
$0.0003 107,430 OTO 14:45:49
$0.0003 2,213,430 OTO 14:37:09
$0.0003 1,994,000 OTO 14:37:06
$0.0003 792,570 OTO 14:37:05
$0.0003 166,000 OTO 14:01:37 <--- Shorts Buying to Cover
$0.0002 30,000 OTO 11:27:40
$0.0002 34,502 OTO 11:26:09

Embedded Chart





Live! Charts

[janice shell]

Nah. It's just random buying by people trying to run a cheap stock.