Cornell Yorkville Clients

[jacksira]

This is neom's future? Check out their stock price than? Same players just moving the deck chairs around. This has been all the crooks piggy bank for too long call the sheriff have him at the SHM!!!

[jacksira]

Is this Neomedias future George O'Leary at his best from a few years ago. YA point man?

[jacksira]

Old post says a lot what NEOM has to look forward to:

George O'Leary specialist in turning companies around. YA Plant????

[MPTIU82]

http://ginvestor.biz/sec-charges-yorkville-advisors-hedge-fund-with-fraud/

[TheFinalCD]

The Cold Truth

YA Global -Yorkville + Cornell- Many Names, Same Games
http://the-cold-truth.blogspot.com/

[TheFinalCD]

SEC v. Yorkville Advisors, LLC Litigation Release

U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 22510 / October 17, 2012
SEC v. Yorkville Advisors, LLC, Mark Angelo and Edward Schinik, Civil Action No. 12-CV-7728 (S.D.N.Y.) (GBD) (filed October 17, 2012)
SEC Charges Hedge Fund Adviser and Two Executives with Fraud
The Securities and Exchange Commission announced the filing today of a civil enforcement action in the United States District Court for the Southern District of New York, charging a former $1 billion hedge fund advisory firm and two executives with scheming to overvalue assets under management and exaggerate the reported returns of hedge funds they managed in order to hide losses and increase the fees collected from investors.

Today’s complaint alleges that New Jersey-based Yorkville Advisors LLC, founder and president Mark Angelo, and chief financial officer Edward Schinik enticed pension funds and other investors to invest in their hedge funds by falsely portraying Yorkville as a firm that managed a highly-collateralized investment portfolio and employed a robust valuation procedure. They misrepresented the safety and liquidity of the investments made by the hedge funds, and charged excessive fees to the funds based on the fraudulently inflated values of the investments.

According to the SEC’s complaint, Yorkville, Angelo, and Schinik defrauded investors in the YA Global Investments (U.S.) LP and YA Offshore Global Investments Ltd hedge funds. The SEC alleges that Yorkville and the two executives:

Failed to adhere to Yorkville’s stated valuation policies.
Ignored negative information about certain investments by the funds.
Withheld adverse information about fund investments from Yorkville’s auditor, which enabled Yorkville to carry some of its largest investments at inflated values.
Misled investors about the liquidity of the funds, collateral underlying the investments, and Yorkville’s use of a third-party valuation firm.
The SEC alleges that by fraudulently making Yorkville’s funds more attractive to potential investors, Angelo and Schinik enticed more than $280 million in investments from pension funds and funds of funds. This enabled Yorkville to charge the funds at least $10 million in excess fees based on the inflated values of Yorkville’s assets under management.

The SEC’s complaint charges Yorkville with violating Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934, and Rule 10b-5. Yorkville also is charged with violating Sections 206(1), (2) and (4) of the Investment Advisers Act of 1940 and Rule 206(4)-8. Angelo is charged with violating Section 17(a) of the Securities Act, Section 10(b) of the Exchange Act and Rule 10b-5, and Sections 206(1), (2) and (4) of the Advisers Act and Rule 206(4)-8. He also is charged with aiding and abetting Yorkville’s violations of the Exchange Act and Advisers Act. Schinik is charged with violating Section 17(a) of the Securities Act and Section 10(b) of the Exchange Act and Rule 10b-5, and with aiding and abetting Yorkville’s violations of the Exchange Act and Advisers Act. The complaint seeks a final judgment permanently enjoining the defendants from future violations of the above provisions of the federal securities laws, ordering them to disgorge their ill-gotten gains plus prejudgment interest, and ordering them to pay civil penalties.

The SEC’s investigation was conducted by Stephen B. Holden, Brian Fitzpatrick, and Kenneth Gottlieb, with the support of Frank Milewski, under the supervision of Valerie A. Szczepanik and Ken Joseph. The SEC’s litigation is being led by Todd Brody.

SEC Complaint


http://www.sec.gov/litigation/litreleases/2012/lr22510.htm

[sunnyskies13]

has anyone heard as to what is going on with the yorkville situation and the sec....tia

[sludgehound]

D.C. revolving door didn't protect hedge fund (Yorkville)
Al Lewis

Today 10:08 AM ET (MarketWatch)

DENVER (MarketWatch) -- Richard Y. Roberts served as a commissioner for the U.S. Securities and Exchange Commission from 1990 to 1995. Today, he sits on the board of a hedge-fund adviser that the SEC accuses of fraud.

The SEC filed a lawsuit Wednesday in Manhattan federal court against Jersey City, N.J.,-based Yorkville Advisors LLC. The lawsuit also named founder Mark Angelo, age 40, and chief financial officer Edward Schinik, age 47.

The regulator accuses the firm of lying about the values of its investments to attract more money from investors and bag ever-higher management fees.

Roberts isn't named in the action or accused of any wrongdoing.

I just found it interesting when I tripped across his name in a press release the company put out in 2007. "Rick's extensive regulatory and legislative experience is a significant asset," Angelo said in the release, "and his presence on the board will be extremely valuable to our firm."

I thought maybe his value had run its course, given the fraud allegations, but apparently not.

"I do still serve on the board," Roberts confirmed to me in an email on Wednesday, "but I do not have any comment on the SEC enforcement case."

His embattled colleagues, meanwhile, deny all the allegations and have offered up some brazen words for the regulator Roberts once served.

"We will not be victims of this free-money shakedown," Angelo said in a statement released to media, "and will vigorously defend against the SEC's baseless allegations."

Angelo went on to allege the SEC simply doesn't want to admit its costly investigation of Yorkville came up with zilch. "In many cases the SEC .. files lawsuits after fruitless investigations to justify the time and taxpayer money that it has wasted," he said.

As for the SEC, it counts Angelo as the seventh case to come from its "aberrational performance inquiry." If a hedge fund reports suspicious returns, the SEC runs the numbers and finds the fraud.

"The analytics put Yorkville front and center on our radar screen," said Bruce Karpati, chief of the SEC enforcement division's asset management unit, in a press release. "When we looked further we found lies to investors and the firm's auditors as well as a scheme to inflate fees by grossly overvaluing fund assets."

This is a complicated case for the lawyers to hash out. But generally, I find it difficult to identify an industry with a greater economic incentive to fudge the numbers than the hedge-fund industry.

Hedge-fund managers ask for fees as large as 2% of the value of the assets under their management. Then they want as much as 20% of any profits they make. Then they swear they'll outperform the investing world after taking all this loot off the top. It's a dubious claim on its face, and yet it's made industrywide.

For any hedge-fund adviser, the pressure is simply enormous to keep the assets from declining and the performance from slipping. And we all know that human nature is what it is, even if you are Lance Armstrong.

Yorkville's stated focus is "on providing alternative funding options for microcap and small-cap publicly traded companies." It purportedly managed about $1 billion at its peak.

The SEC alleges that by fraudulently inflating values, the firm lured more than $280 million from pension funds and other investment pools, resulting in at least $10 million in excess fees.

The lawsuit lists some interesting ways Yorkville allegedly did this.

Remember Levitz Furniture Inc.? "You'll love it at Levitz."

Even after Levitz liquidated in a 2007 bankruptcy, Yorkville continued to value the convertible securities it issued to the disappearing furniture store at more than $17 million, the SEC said in its complaint. In March 2008, Yorkville received a bankruptcy settlement of less than $1.3 million -- or as they say in the bankruptcy business, pennies on the dollar. But Yorkville did not take this significant writedown on its books, the SEC said.

So how does anyone trust that the numbers a hedge-fund adviser is reporting are true? Some investors may feel more at ease if there's a former SEC commissioner on board.

Roberts is a partner in a Washington-based lobbying and consulting firm, Roberts Raheb & Gradler LLC. He's achieved the Washington dream of passing through the proverbial revolving door and evolving from regulator to the regulated.

Lynn Turner, a former chief accountant for the SEC, described Roberts as "as straight shooter."

The unfortunate truth is that companies like to stack their boards with former regulators to bolster their credibility.

I've written about this before -- usually in more extreme cases. Take for example the tale of Bernerd Young, a former top executive at the Financial Industry Regulatory Authority. He became chief compliance officer for R. Allen Stanford, who was convicted in the second-largest Ponzi scheme in history. Stanford also managed to hire the legal services of Spencer Barasch, head of the SEC's Fort Worth regional office from 1998 to 2005.

"You still have to step back and remember that these people are human," Turner said. "Just because you have a former government regulator on board doesn't mean they are getting the job done."

My favorite revolving-door story is about a former SEC attorney named Eric Swanson marrying a woman named Shana Madoff, the niece and chief compliance officer of another famous Ponzi-schemer.

They say love is blind. Money is, too.

[nodummy]

While at Kirkpatrick & Lockhart LLP, Christopher K Davies coauthored several SEC filings with Clayton E Parker for Mark Angelo and his group of toxic financing companies - Cornell Capital Partners/Yorkshire Advisors LLC/YA Global

Those companies included:
Signature Leisure Inc (SGLS)
Renovo Holdings (RNVO) - now known as Bebida Beverage Company, Inc. (BBDA)
Medical Staffing Solutions, Inc (MSSI)
Elite Flight Solutions Inc (EFSL)
Instapay Systems, Inc (IPYS)
Bad Toys Inc (BTOI) - now known as Paladin Holdings, Inc (PLHI)
Health Express USA, Inc (HEXS) - now known as Apptech Corp (APCX)
Pop N Go, Inc (POPN)
TelePlus Enterprises, Inc (TLPE)
Roanoke Technology Corp (RNKE)
Donobi Inc (DNOB) - now known as Gottaplay Interactive Inc (GTAP)
Networth Technologies, Inc (NWRT) - now known as Solutions Technology International Inc (STNL)
Cord Blood America (CBAI)
Ecuity, Inc (ECUI) - now known as Y3K Secure Enterprises Software Inc (YTHK)
Airbee Wireless, Inc (ABEW)
NetFabric Holdings Inc (NFBH) - now known as Xcel Brands Inc (XELB)
Unicorp, Inc (UCPI) - now known as Striker Oil & Gas, Inc (SOIS)
TelePlus Enterprises, Inc (TLPE)
Aerotelesis Inc (AOTL)

Christopher Davies also did attorney work for an Edward Miers company - El Maniel International (EMLL)

And a Stephen Carnes/Larry Powalisz company run by James Watson - Guard Dog Inc (GRDO)

Christopher Davies also got involved with another Watson/Carnes/Powalisz company - Micro Mammoth Solutions Inc (MIMS). The company would later become Atlas Capital Partners (ALCL) and Davies the CEO. Following a massive reverse split, Atlas Partners (ALCL) recently did a name and symbol change to Home Health International Inc (HHII).

Atlas Capital Partners along with Tangiers Investors, LP would end up doing toxic financing with Adventure Energy Inc (ADVE) which became US Natural Gas Corp (UNGS) - Davies took care of much of the legal work for the SEC filings

Other shells that Davies helped author SEC filings for Tangiers LLP included Bergio International, Inc (BRGO) and North Bay Resources Inc (NBRI)

The list of other toxic public companies that Davies became involved with is very long and includes:

Skins Inc (SKNN)
Frozen Food Gift Group, Inc (FFGG)
Cyplasin Biomedical Ltd (CPBM) - now known as Compass Biotechnologies Inc (COBI)
Strategic Management & Opportunity Corp (SMPP)
Marquis Tech Holdings, Inc (MGRN)
AV1 Group, Inc (AVOP)
Plateau Mineral Development Inc (PDMP)
Empire Pizza Holdings, Inc (EMPZ)
Wisebuys, Inc (HCKI)
Greene Concepts (LKEN)
Shot Spirits Corp (SSPT)
Strategic Rare Earth (SREH)
Encounter Technologies (ENTI)
Banneker (BANI)
Bookkeeper International (BKPR)
Sunset Brands (SSBN)
Thedirectory.com (SEEK)
Elysium Internet, Inc (EYSM)
Seaway Valley Capital Corp (SEVA)
SportsQuest, Inc (SPQS)
Global Energy Group, Inc. (GENG)
Clean Energy Pathways, Inc (CPWY)
Cooper Holding Corp (COHO)
Sharp Holding Corp (SHAR)
Harbor Brewing Co, Inc (HBWO)
Atlas Technology Group, Inc (ATYG)
Light Media Holdings, Inc (LGMH)
Hybrid Fuels, Inc (HRID)
Green Processing Technologies, Inc (TMGR)

[sunspotter]

"Bruce Carton is a former SEC attorney. He's hosting that confie today."

I hear these SEC guys are quite hot on undeclared $IRPs on stock message board these days, too.

[Brigham Youngster]

A little more on the history of these people:

http://www.stockwatch.com

Thanks for posting link to Luis' speech today. Tomorrow there may be more on this conference:

http://securitiesdocket.com

Bruce Carton is a former SEC attorney. He's hosting that confie today.

[Cassandra]

As far as I know, they are. I more often see them called "Shelf Offerings." They seem to have dropped in popularity as they typically require an S-1 registration for the shelf shares.

SEDA = Standby Equity Distribution Agreement

PKs often abuse Rule 504 to do a private offering of free-trading shares. Fairhills Capital and TJ Management are both being sued by the SEC for that scheme.

[IPO$]

Top SEC official proposes program to check repeat offenders

10/18/2012

By Sarah N. Lynch

http://newsandinsight.thomsonreuters.com/Legal/News/2012/10_-_October/Top_SEC_official_proposes_program_to_check_repeat_offenders/

WASHINGTON, Oct 18 (Reuters) - The U.S. Securities and Exchange Commission should consider creating a program to monitor fraudsters who repeatedly break the law, one of the regulator's top officials said on Thursday.

SEC Commissioner Luis Aguilar, a Democrat, proposed that a potential program for recidivists could entail home and office visits, and giving regulators access to phone, bank and tax records.

"Many offenders, particularly Ponzi scheme offenders, have long track records," Aguilar said in a speech at the Securities Enforcement Forum in Washington.

"That tells me that the first time many of these defendants were prosecuted, the remedies and penalties did not effectively deter them from engaging in egregious fraud again."

Aguilar acknowledged that there would be costs involved in running the program but he said that "a limited and targeted regime on the most dangerous recidivists" could help deter fraud.

Whether such a program could ever come to fruition, however, is unclear.

The agenda for the SEC is set by the chairman, and the agency also faces an uphill battle in its efforts to convince skeptical Republicans in Congress not to slash its funding.

Aguilar said the SEC should be self-funded through the fees it imposes on the industry, a mechanism used by some other financial regulators such as the Federal Deposit Insurance Corporation.

SEC Chairman Mary Schapiro had tried to get a self-funding provision included in the 2010 Dodd-Frank Wall Street reform law, but at the last minute, her efforts fell short.

Instead, lawmakers decided to retain control of the SEC's budget through the appropriations process, and included a new provision in the law directing the agency to match its annual budget with the fees it charges the industry.

On Thursday, Aguilar also advocated other ways to strengthen the SEC's enforcement program, including tougher penalties.

He said he supports legislation introduced earlier this year which would boost the penalties that the SEC can seek from firms and individuals accused of wrongdoing and triple the cap on funds the agency can seek from repeat offenders. The legislation was proposed by U.S. Senators Jack Reed, a Democrat from Rhode Island, and Charles Grassley, a Republican from Iowa.

Follow us on Twitter @ReutersLegal | Like us on Facebook

http://newsandinsight.thomsonreuters.com/Legal/News/2012/10_-_October/Top_SEC_official_proposes_program_to_check_repeat_offenders

[IPO$]

For a firm like Cornell to have to change its name, means they are doing something wrong and/or have a bad reputatation. The gov't show bar its officers/leaders from masking the issue and parading around doing the sdame criminal acts.

[IPO$]

Is the SEC still allowing SEDA's?

[Cassandra]

The iBox explains it.

[IPO$]

What's the connection between yorkville and Cornell?

[Brigham Youngster]

Maybe even 2004, as there was a Matt Goldstein piece on Cornell back then when Matt was with TheStreet.com.

Same game as NIR Group (and several others).

Nice cat (profile pic).

Thanks for the link and Jonesie, nice summary.

[DCTA]

http://www.reuters.com/article/2010/09/22/us-visioncapital-hedgefunds-exclusive-idUSTRE68L4KO20100922

I wonder if Vision Capital will be next?

[Cassandra]

They were under investigation for two years.
http://www.forbes.com/sites/nathanvardi/2010/09/27/penny-stock-hedge-fund-firm-got-government-rescue-loans/

I agree this is an excellent forum but I had nothing to do with it. Jonesie did it all. The data in the iBox is awesome.

[Brigham Youngster]

Thanks.

One of those issuers (ISON) mentioned in the complaint was written up at least 10 times by Roger Fillon and David Milstead (back when the Rocky Mountain News was still in biz). Long story on that one. Perf-Go-Green's guy (Michael Caridi) was involved with it. Max Abelson wrote him and colleagues up a few years ago in a story called Penny Stock Pataki.

There were undertones of organized crime involvement (bada bing, bada boom kind of guys).

This is a good board, by the way.

[Cassandra]

SEC Charges Hedge Fund Adviser and Two Executives With Fraud in Continuing Probe of Suspicious Fund Performance
FOR IMMEDIATE RELEASE
2012-209

Washington, D.C., Oct. 17, 2012 – The Securities and Exchange Commission today charged a former $1 billion hedge fund advisory firm and two executives with scheming to overvalue assets under management and exaggerate the reported returns of hedge funds they managed in order to hide losses and increase the fees collected from investors.

The SEC alleges that New Jersey-based Yorkville Advisors LLC, founder and president Mark Angelo, and chief financial officer Edward Schinik enticed pension funds and other investors to invest in their hedge funds by falsely portraying Yorkville as a firm that managed a highly-collateralized investment portfolio and employed a robust valuation procedure. They misrepresented the safety and liquidity of the investments made by the hedge funds, and charged excessive fees to the funds based on the fraudulently inflated values of the investments.

This is the seventh case arising from the SEC’s Aberrational Performance Inquiry, an initiative by the Enforcement Division’s Asset Management Unit that uses proprietary risk analytics to identify hedge funds with suspicious returns. Performance that is flagged as inconsistent with a fund’s investment strategy or other benchmarks forms a basis for further investigation and scrutiny.

“The analytics put Yorkville front and center on our radar screen,” said Bruce Karpati, Chief of the SEC Enforcement Division’s Asset Management Unit. “When we looked further we found lies to investors and the firm’s auditors as well as a scheme to inflate fees by grossly overvaluing fund assets. We will continue to pursue hedge fund managers whose success is based on fiction rather than fact.”

According to the SEC’s complaint filed in U.S. District Court for the Southern District of New York, Yorkville, Angelo, and Schinik defrauded investors in the YA Global Investments (U.S.) LP and YA Offshore Global Investments Ltd hedge funds.

The SEC alleges that Yorkville and the two executives:

* Failed to adhere to Yorkville’s stated valuation policies.
* Ignored negative information about certain investments by the funds.
* Withheld adverse information about fund investments from Yorkville’s auditor, which enabled Yorkville to carry some of its largest investments at inflated values.
* Misled investors about the liquidity of the funds, collateral underlying the investments, and Yorkville’s use of a third-party valuation firm.

The SEC alleges that by fraudulently making Yorkville’s funds more attractive to potential investors, Angelo and Schinik enticed more than $280 million in investments from pension funds and funds of funds. This enabled Yorkville to charge the funds at least $10 million in excess fees based on the inflated values of Yorkville’s assets under management.

The SEC’s complaint charges Yorkville with violating Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934, and Rule 10b-5. Yorkville also is charged with violating Sections 206(1), (2) and (4) of the Investment Advisers Act of 1940 and Rule 206(4)-8. Angelo is charged with violating Section 17(a) of the Securities Act, Section 10(b) of the Exchange Act and Rule 10b-5, and Sections 206(1), (2) and (4) of the Advisers Act and Rule 206(4)-8. He also is charged with aiding and abetting Yorkville’s violations of the Exchange Act and Advisers Act. Schinik is charged with violating Section 17(a) of the Securities Act and Section 10(b) of the Exchange Act and Rule 10b-5, and with aiding and abetting Yorkville’s violations of the Exchange Act and Advisers Act.

The SEC’s Aberrational Performance Inquiry is a joint effort among staff in its Division of Enforcement, Office of Compliance, Inspections and Examinations, and Division of Risk, Strategy and Financial Innovation. The SEC’s investigation was conducted by Stephen B. Holden, Brian Fitzpatrick, and Kenneth Gottlieb with the support of Frank Milewski under the supervision of Valerie A. Szczepanik and Ken Joseph. The SEC’s litigation is being led by Todd Brody.

http://www.sec.gov/news/press/2012/2012-209.htm

http://www.sec.gov/litigation/complaints/2012/comp-pr2012-209.pdf

[Brigham Youngster]

We got them today:

http://www.sec.gov

(see litigation section)

[IPO$]

Is Cornell still around? David Kopf left them years ago.

[Eliot109]

Hi everyone,

I'm new to this group. I wonder how does Ya Global make money.

I see that they end up owning shares and I see that these shares loose 38% on average over 12 months.

Do they buy shares ahead of the SEDA ? once the SEDA is signed, Shares go up 10, 20%.. then.. they sell...ok, they could make 20% on what they bought.

Do we see shares go up in the months ahead of the SEDA ?

One question.. how do they unwind/close the SEDA ? I mean.. what's the trigger and what do they do with the shares in hands ?

All comments welcome.

[MWM]

Yep

[jonesieatl]

Doesn't appear to be ....

The company you mention:

Yorkville Capital Management LLC
950 Third Avenue, 23rd Floor
New York, New York 10022
[phone]
[e-mail]

The subject of this thread:

Yorkville Advisors, LLC
101 Hudson Street
Suite 3700
Jersey City, NJ 07302
Tel: [phone]
Fax: [phone]

A cursory look does not indicate personnel crossover.

jonesie

[petermic]

Employee of Yorkville Capital Management now CEO of DOMK, a currently promoted bb stock. Is this the same Yorkville as the subject of this thread?

R. Brentwood Strasler
http://www.yorkvillecapital.com/Team.html

[MWM]

YA Global for those who don't know, this is the board...

NEOM shareholders need to pay attention...

[jonesieatl]

Thanks sunspotter!

[sunspotter]

With a TOTH to Jurisper over at the DD Support Board and Fraud Research Team MB:

"Investors apply to wind-up Cayman Islands fund controlled by US-based Mark Angelo, allege fraud


December 22, 2011 by David Marchant HIGHLIGHTS

Investors in YA Offshore Global Investments Ltd., f.k.a. Cornell Capital, allege fraud, stock manipulation and self-dealing by insiders, who include controversial New Jersey-based former stock broker Mark Angelo.

Alleged misconduct involves several penny stocks that are publicly-traded in the USA. Fund directors identified as Mark Angelo, Matthew Beckman, and Gerald Eicke. Fund specializes in "death spiral" financing for U.S. penny stocks, alleging fraud, stock manipulation and self-dealing "

http://www.offshorealert.com/petition-to-wind-up-ya-offshore-global-investments-cornell-capital-mark-angelo-death-spiral-financing.aspx

[Ninja 200]

Cassandra,

Nice work!

Thank you for sharing!

Ninja

[Cassandra]

Yorkville Advisors, the Jersey City, N.J. hedge fund firm that recently disclosed it was under Securities & Exchange Commission scrutiny, received large non-recourse loans to purchase assets under one of the federal government’s financial markets rescue programs.

http://www.forbes.com/sites/nathanvardi/2010/09/27/penny-stock-hedge-fund-firm-got-government-rescue-loans/

This article is dated 9/27/2010 but it may not have been posted here.

[peewee]

Great work jonesieatl..
How could i ever had been that silly throwing any money into their throats...
Its a long time ago but i still feel the hatred deep inside of me !
Those CEO's working with them and signing those CD's ("financing deals"..LMAO) are criminals in my opinion...still posting pump PR's in the know the stock can only go down down down with all the dilution signed...
This all should be illegalized ! ASAP !
the problem is...still nobody cares about that bunch of Loophole dealing BS'ers !

IMO

[jonesieatl]

See the earliest dates on the spreadsheets in the info box?

YA was killing NEOM long before those dates, along with hundreds of other companies.

I grew weary of documenting all the red.

[luvinit172000]

Just found this board and haven't read enough to know that but thanks for filling me in. YA is killing neom and a lot of us want the chance to spit in their faces.

[jonesieatl]

That's been the point of this board since inception, did you ever think otherwise?

[luvinit172000]

YA is a pos bunch of thieves. see you in hell.

[DFW]

Form 8-K---YA Global Investments, L.P.--SAVICORP

http://www.secinfo.com/d1ztfh.q2Zm.htm#1stPage

Cornell is hard to deal with but you can deal with them...

[DFW]

SaviCorp Finalizes Settlement Agreement With Existing and Outstanding Security Holders; Removes Substantial Debt From Balance...

Date : 08/02/2011 @ 9:30AM
Source : MarketWire
Stock : SaVi Media Group, Inc. (SVMI)



Savi Media Group (PN CE) (USOTC:SVMI)
Intraday Stock Chart
Today : Tuesday 2 August 2011

SaviCorp (PINKSHEETS: SVMI) (the "Company"), an innovative automotive technology company that licenses, manufactures, distributes and services an array of patented technologies and products that reduce harmful emissions and improve fuel efficiency, is pleased to announce that it has finalized an agreement (the "Repayment Agreement") with YA Global Investments, L.P., f/k/a Cornell Capital Partners, L.P. ("YA Global"), settling over $2.4M in previously outstanding debt and securities.

Pursuant to the terms of the Repayment Agreement, the Company and YA Global have agreed to settle and cancel certain securities previously issued to YA Global, including approximately $2,485,000 in secured convertible debentures and warrants to purchase approximately 2,900,000,000 shares of Company common stock ("Common Stock").

In connection with the settlement, the Company made a one-time cash payment of $550,000 and issued YA Global new warrants to purchase up to 25,000,000 shares of Common Stock at an exercise price of $0.0119. These warrants are set to expire in July of 2014.

By removing the prior debt with YA Global through the settlement, the Company believes it is now better positioned to execute its aggressive sales growth initiatives into 2012 with less concern of such substantial debt and the associated potential dilution which the Company believes could have previously held it back from potential revenue and profitability growth.

"Our strategic initiative to finalize the Settlement Agreement with YA Global and remove over $2.4M in previous debt from our financial statements was a critical step in moving the Company forward, and is in line with our overall business plan, revenue growth, and operating profit objectives into the 2012 to 2015 time frame," stated Serge Monros, the Company's CEO. "We believe the removal of this debt now provides the Company much more financial stability, not only in pursuing specific business contracts and goals, but also in allowing us the ability to obtain future funding for regional and national marketing campaigns, financial support for our distribution pipeline, and additional capital for future product development and innovation on terms much more beneficial to the Company. For the Company and our shareholders alike, the short and long-term benefits of this settlement are incalculable. I would like to offer a sincere, heart-felt thank you to those who have faithfully stood by us through this entire process. We have much to look forward to as we move toward 2012 and beyond."

About SaviCorp

SaviCorp (www.savicorp.com) is an innovative automotive technology company that licenses, manufactures, distributes and services an array of patented technologies and products that reduce harmful emissions and improve fuel efficiency. The Company, an evolution of more than twenty years of automotive engine emissions testing, materials research and development, was formed to create, support and license our patented supplementary vehicle Emissions Reduction Technologies (ERT) to reduce emissions and improve efficiency. Using proprietary methods and processes, the Company's flagship DynoValve system protects the environment, lessens an engine's carbon offsets, increases gas mileage, and improves engine performance resulting in dramatic savings in both fuel and oil.

Forward-Looking Statement Disclosure

Statements contained herein that are not historical facts may be forward-looking statements within the meaning of the Securities Act of 1933, as amended. Although we believe that the expectations and assumptions upon which they are based are reasonable, we can give no assurance that such expectations and assumptions will prove to have been correct. Some of these uncertainties include, without limitation, the company's ability to perform under existing contracts, to procure future contracts, to acquire certain assets, or to finalize funding for the purchase of certain assets. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties, including without limitation, successful implementation of our business strategy and competition, any of which may cause actual results to differ materially from those described in the statements. We undertake no obligation and do not intend to update, revise or otherwise publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of any unanticipated events. Although we believe that our expectations are based on reasonable assumptions, we can give no assurance that our expectations will materialize. Many factors could cause actual results to differ materially from our forward-looking statements.

[SuperSquirrel]

GEYI.OB status with YA has changed with debt transferred to "member of 10% owner group"...

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=7735794

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=7735793

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=7735790

[jonesieatl]

NEOM Shareholder vs YA Global

(re-posted here from the IHUB NEOM board)


Case Update in Derivative Suit Against YA Global


Ammended Complaint (January 20, 2011)
http://www.mediafire.com/?0207djox1woj202


------------------------------------------------------------------------------------------------------------------


YA's Motion to dismiss - GRANTED (December 6, 2010)


------------------------------------------------------------------------------------------------------------------


YA's Reply to Opposition to Motion to Dismiss (August 16, 2010)
http://www.mediafire.com/?q36y1os4doh91p1


------------------------------------------------------------------------------------------------------------------


Opposition to Motion to Dismiss (July 30, 2010)
http://www.mediafire.com/?2cxtrv9aetjas1w


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YA Global Motion to Dismiss (June 30, 2010)
http://www.mediafire.com/?s3mvi3w04tdbk22


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NEOM Case Entry (June 28, 2010)
http://www.mediafire.com/?vehhvq3vmhge2ev


Plaintiff William Klawonn and Defendant NeoMedia Technologies upon notice to Defendant YA Global submit the following stipulation and consent order:


* NeoMedia has no liability in the case.

* NeoMedia remains a nominal party.

* NeoMedia is not required to participate in the litigation.

* NeoMedia will be subject to all discovery rights.

* NeoMedia will not be excluded from any possible action in the future.


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Derivative Suit Filed Against Yorkville Advisors (April 30, 2010)

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=49630369
http://streetstylz.blogspot.com/2010/05/derivative-suit-filed-against-yorkville.html


NeoMedia majority debt holder sued for unlawful short-swing trading (May 6, 2010)

http://www.mobilemarketer.com/cms/news/legal-privacy/6177.html
http://www.mobilemarketer.com/cms/lib/8074.pdf


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http://www.smh.com.au/business/clough-biding-time-with-targeted-twinza-20100614-ya81.html

"Now YA Global's involvement in another deal has been highlighted. A shareholder in the US technology firm NeoMedia recently launched legal action against YA Global for allegedly engaging in a 'manipulative scheme' over an original $10 million convertible note facility provided in 2002. It is claimed YA Global failed to make proper disclosures and that it engaged in 'short-swing trading' of the stock before converting its debt into shares.

YA Global has fared quite well from its 'investment' in NeoMedia, having purchased over $50 million in NeoMedia securities and made untold millions in profits, said the investor, William Klawoon, in a filing to a New Jersey court last month."

[jonesieatl]

Woody, do you know where peewee can download that zip file at this time?

jonesie

[peewee]

can i have a copy ?

[jonesieatl]

You/they were right.

They got this website taken down.

http://www.yagiscam.com/

I was able to download the entire website.

jonesie

[jonesieatl]

Awesome Woody, thanks for posting.

I tried downloading the zip file, got half way through and received an error, will try again.

[Woody Woodpecker]

The Crack Legal Team at Baker Bott's has tossed the FIRST AMENDMENT out the window and filed a Emergency Motion to suppress THIS website and modify the First Amendment of the US Constitution. That is funny!

Motion For Hearing To change the First Amendment of the US Constitution:
http://www.yagiscam.com/RequestForOrderOnFirstAmendmentIssue/motionfororder.pdf

Declaration In Support of motion to modify the US constitution in a Bankruptcy Court proceding: Lucky McD:
http://www.yagiscam.com/RequestForOrderOnFirstAmendmentIssue/KindOfWhackyLookingDeclerationForOrder2.pdf

Declaration In Support David (No Middle Name) Gonzalez In Support of motion to modify the US constitution in a Bankruptcy Court proceding:
http://www.yagiscam.com/RequestForOrderOnFirstAmendmentIssue/dgonzDecForOrder.pdf


Please download the ENTIRE SITE ARCHIVE YagiScamSiteArchive.zip 1.7 Gig 1/10/2010
http://www.yagiscam.com/YagiScamSiteArchive.zip

Have a great day!

[jonesieatl]

NEOM shareholder vs Yorkville

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=52924092

NEOM has been a poster child for YAGI victims over the last few years and a NEOM shareholder decided to push back.

I think there are additional updates in this case, I will post them as available.

jonesie

[Woody Woodpecker]

Cobalis v Yorkville Advisors charged with R I C O
THIRD AMENDED COMPLAINT FOR Violation of 18 U.S.C. § 1961(a) – [R.I.C.O.]
Contributor: Law Offices of Gregory Grantham SUMMARY: This 10 count complaint filed upon Hedge fund YORKVILLE Capital (YAGI)provides great detail on market manipulation that Cobalis Corp claims in a $100,000,000.00 dollar damage complaint for:

1. Breach of Securities Purchase Agreement

2. Breach of Debenture Agreement

3. Violation of Rule 10-b-5

4. Violation of Section 17(a)(1) of the Exchange Act

5. Violation of 18 U.S.C. § 1961(a) – [R.I.C.O.]

6. Unjust Enrichment & Restitution

7. Declaratory & Injunctive Relief

8. Unfair Business Practices

9. Intentional Interference with Prospective Economic Relations

http://www.jdsupra.com/post/documentViewer.aspx?fid=41cc3ff9-9b16-43db-b885-5c9bc2577677

[breezin_chs]

You're thinking logically. Search legal proceedings, past and present for the various entities.

http://the-cold-truth.blogspot.com/2009/11/yorkville-possible-subject-of-sec.html
Yorkville Possible Subject of SEC Investigation

http://www.sec.gov/litigation/aljdec/2010/id407cff.pdf
SEC/Cobalis case: Cobalis argues that it should not be penalized for failing to file the periodic reports, stating that it has been the victim of a nefarious creditor and stockholder, YA Global Investments, LP (f/k/a Cornell Capital Partners LP), and related entities (collectively, YA Global). Cobalis states that YA Global has forced it into bankruptcy, such that it will be unable to raise capital, through dubious financial maneuvers and isrepresentations, in part intended to drive Cobalis’s stock price to zero and to enable YA Global to steal Cobalis’s intellectual property.

Forcing Cobalis into bankruptcy was one of YA Global’s several iniquitous actions, including manipulative short sales by which YA Global profited, as well as other tactics employed to steal Cobalis’s intellectual property.

Judge: Yea, but how do you prove it?

Decision: This Initial Decision revokes the registration of the registered securities of Cobalis Corp. (Cobalis).