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I don't see them orchestrating such a fraud. The potential loss of their ENTIRE operation is not worth the payoff.
It looks as if Cornell Capital Partners/Yorkville Advisors LLC/YA Global was about to be hosed for approx $5 million. Poor babies. Renewal Fuels is broke. So why not orchestrate a scam? It would only hurt a few hundred (?) penny stock investors.
See Renewal Fuels, Inc.
10-Q September 30, 2008
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=6252734
This secured convertible indebtedness of Montgomery and YA Global (collectively, “Lenders”) had an aggregate principal balance, as of April 21, 2008, of approximately $4,249,720, and aggregate accrued unpaid interest of approximately $562,920.
Pursuant to the Agreement, the Company gave formal written notice to the Lenders of events constituting defaults under the notes and other documents evidencing and securing the Indebtedness (the “Loan Documents”), that are continuing, including the Company’s failure to repay a portion of the indebtedness that had matured.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=57003792
Anatomy of a scam.
Titan, long time involvement with YAGI
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=25858858
I've been watching the fireworks over at the RN*F board this weekend since picking up a small position when the merger rumor emerged. If the document that everyone is pointing to is real or not, who knows?
Now, onto what made it relevant to this board. I looked into the address on the "leaked" document (it matches Renewal's last address on Edgar) and it led me to the ownership for IVI Communictions:
http://www.sec.gov/cgi-bin/own-disp?action=getissuer&CIK=0001140878
You'll find that Marks is the link between IVI, Titan Holdings, and Renewal.
Then I found this:
http://findarticles.com/p/articles/mi_m0EIN/is_2008_Oct_1/ai_n29469908/
While it doesn't involve Renewal directly (although I think YA still holds shares), these guys are already in bed with YA Global. Mark Uram is in the mix here as well.
If the rumor is true, I don't think its as much of an issue as I can't see any involvement with the other company. If it's fabrication, this is going to be a bloodbath with YA dumping piles into the mix, if they haven't already.
Came upon this board after finding Cornell/YA Global down some dark alleys in pinkieland. I'm adding some names and CIK numbers to my own notes and figured I'd add them here if anyone needs them:
0001132874 CORNELL CAPITAL PARTNERS LP
(I guess they need no introduction)
0001357023 CORNELL CAPITAL PARTNERS OFFSHORE LTD
(This is one REGDEX filing. Cayman Island address. Mark Angelo, Mattthew Beckman, and Jerry Eike C/O Yorkville Advisers)
0001168718 CORNELL CAPITAL SECURITIES GROUP, LLC
(One BDCO, cancellation of registered brokers or dealers by commission order)
0001459886 YA GLOBAL INVESTMENTS (U.S.), LP
(Notice of sale of securities, notice of exempt offering of securities)
0001462269 YA GLOBAL INVESTMENTS II (U.S.), LP
(Two filings for notice of exempt offering of securities)
0001132874 YA GLOBAL INVESTMENTS
(Lots of stuff here)
0001463928 YA GLOBAL MASTER SPV LLC
(Two filings, both SC 13G)
0001271849 YORKVILLE ADVISORS LLC
(Lots of stuff here)
0001443690 YORKVILLE BHN SPA
(Lots of stuff here)
0001396359 YORKVILLE GLOBAL OPPORTUNITIES FUND LLC
(One REGDEX, Darren Schuringa and Marek Biestek)
0001359287 YORKVILLE MEDICAL 1031 LLC
(Two REGDEX filings, both paper, no PDF)
Hope this helps.
Nice neo, thanks.
YAGI ... what's in YOUR pocket?
(hint: otcbb hopefuls' money)
Thanks Neo ...
... very much.
Clawmann's tireless individual efforts in getting this done are unparalleled in my experience. I believe he has documented the salient facts. It must have been difficult to refrain from including other allegations based on the massive public touting by celebrity entities and organized individuals of what IMHO is and always has been a fraud perpetrated on common shareholders by YAGI and a willing succession of handsomely paid Neomedia management.
I can imagine that between cocktails YAGI and their lawyers are picking out the loopholes they will harp on to drag this out.
jonesie
Fyi:
http://www.mobilemarketer.com/cms/lib/8074.pdf
nuf said...
"It will change"... the only questions are how, why and when...
What Lehman, Bear Stearns, WAMU, and the rest mean... what the "financial crisis" means... is that we're past a tipping point where the problem can no longer be ignored... because the banks and governments now understand that they cannot trust themselves, much less each other.
Without that trust... which is still in the relatively early stages of dissolution... the markets won't work, or, will work less well over time as the result of corruption seen in the lack of trust becomes pervasive. It doesn't solve the problem to transfer the realized risks of frauds in the banks, to the sovereign accounts of the nations that enabled the frauds. What that does, instead, is set up the end game... where the "good faith and credit" is proven no more immune to the impact of fraud and corruption than anything else. Deficit spending is a monetary fraud... that is sustainable only as long as it remains within limits, and is not revealed as the fraud it is. Now, the facts seen in the markets mean we're clearly seeing the Emperor's clothes for what they are... and frauds aren't sustainable when they are that fully exposed.
So, inflation is coming... as that is the only possible way the fraudulently created debts can be largely eliminated... but, inflation in "normal" times is different than inflation imposed during a financial crisis in the middle of a deflationary depression.
"It will change" when the government enabling the experience of the frauds we've had forced on us is insolvent.
"It will change" when market participants increasingly refuse to continue playing the game in markets that are rigged, corrupted, and co-opted... with the power of government used in enforcing the "rights" of the criminals.
"It will change" when the nations that enable perpetrating these sorts of frauds fail... as they will...
Divorcing enforcement of fiduciary responsibilities by market participants from the markets... requires failure.
The objectivist anarcho-liberatarian market types are correct... the market will correct all errors, in time... including theirs. Of course, when the errors you (they) make are of the sort that has you imposing corrupt rule sets that don't work... the failure that results is the systemic failure of the corrupt system that enables corrupt rules. The market WILL correct the imposition of corrupt rule sets... but it will do so by destroying your country.
The United States will either re-impose a proper rule set (that we used to have, which enabled unique benefits as advantages of our superior market systems, as trust existed here, where corruption existed elsewhere) or else we will devolve to a system that is no different than others... as corrupt as any third world banana republic, or China, Europe, etc.
The problem with that sort of leveling, that denies American exceptionalism by deliberately lowering us to the lowest common denominator... is that it IS a lowering... and is not consistent with our national expectations... and we will not abide it. We know who we are... and we are not that...
So... "it will change" as a result of REAL change in the next election... or, if that change is denied by the sorts of efforts in manipulation of election results we've seen in the last few cycles... it will change as a result of the failure of the United States as it is currently constituted.
Without REAL, and PROPER change... that takes us back to "the right rules"... I don't expect we'll last for more than another 5 or 10 years... maybe 15 with a bit of luck relative to others.
Meanwhile, our world has lost the great engine of the global economy, as our system of free markets has been fully co-opted by a system of managed trade... crony capitalism... merchantilism... which makes the entire globe into one giant banana republic.
Fixing it is easy... as all it requires is "doing the right thing"... which means not tolerating fraud, and not enabling frauds by changing rules to make frauds legal. With the right rules... we can restore trust. Without them... we're still heading toward real blood in the streets... in a pattern that is now showing patience in the "pause" with the bounce from the bottom is beginning to wear thin... and we are experiencing an acceleration in events, now, that might easily exceed any ability to control or contain the result.
Hopefully... we'll get REAL reform... and not the faux version the banks advocate that it seems we are being sold by Congress right now. We'll see if there are real teeth in the SEC enforcement effort re Goldman just begun... or if the design there is to take the "best" of the banks, have the enforcement effort fail, and use that failure to slip all of the various transgressions of all the other players past the crowd whose focus is diverted to Goldman.
I expect that IS the plan... I think that we'll be told we got the reform we need... when all we get is a sleight of hand in the form of meaningless "change" that has no real impact... and that the purpose of attacking Goldman now is to use the failure of the effort to enable avoiding addressing any of the other problems.
The illegal take down of WAMU ? Government officials actions clearly exceeding the powers the government has ?
Watch for the resurgence of the assertion of the power of states... as they begin to resist the exercise of unallocated powers the Federal government is usurping. IMO, Arizona insisting the laws there are must be enforced is only one hint of what is coming. Health care "reform"... given what it is, in the context in which we have it (another crony capitalist corporate fraud) is likely to form the fulcrum around which we either restore full and proper constitutional limits on federal power... or else, we will see the nation founder and fail... for lack of legitimacy.
The lack of any requirement that fiduciary responsibilities will be met, apparent in the markets and in our corporations, which we see more clearly now... is matched by a parallel lack of political legitimacy in our goverance...
We know government and the banks are corrupt, together... that government enabled the corruptions of the banks, for purpose...
There is not yet much public awareness that there are no boundaries between the corruption in the markets, and the corruption of money in politics. There are many who still think Republicans and Democrats are "different"... when both serve the same masters... who are not the voters, or the American people, or, the law, or "the right rules", or "the right thing".
Watch for change there... and you might recognize the Tea Party as a political parallel to the sort of recognition events we've seen begun in the markets already.
If government lived by the laws we wrote to restrain them... we'd not have the problems we have now. The corruption that matters most... is the fiction of the Constitution being a "living document"... which is the same thing as saying you'll allow those in power to say that "the law says whatever we want it to say".
The "living document" theory is a fraud. Much of the law we have imposed on us now is fraudulent... as it is based in knowing fraudulent interpretation of law.
Restore the Constitution... so that the only changes in fundamental law that are allowed are those that occur by amendment, rather than interpretation... and we might be able to restore trust...
Otherwise, the system is corrupt... and its corruption is pervasive and advanced to the degree that it is choking us.
I do believe there are those who WANT that result... who enable, pursue and defend the corruptions they do... in order to deliver that result.
I'm not one of those... I'd prefer we fix what is broken, adopt the right rules, have a government that lives within the law, that creates a reason to restore our trust... rather than see the nation self destruct.
jonesieatl, long time no see. Hope all is well. Cornell has a massive short on LCRE, see #msg-9656221
YA Global (yorkville) has shorted 3b shares of LCRE in the last 2 weeks
Posted by: up-down Member Level Date: Friday, April 30, 2010 12:48:34 PM
In reply to: riverandfold who wrote msg# 20620 Post # of 20978 Send a link via email Share on Facebook Tweet this post
2010-04-29 |LCRE| 280,072,702 | 829,405,449
http://regsho.finra.org/FORFshvol20100429.txt
another 280M sold short yesterday!
Yes...anyone that tries to deny that this stock has been shorted by ETMM with insane amounts can check out these #'s from FINRA list. (just change the date in the URL below)
http://regsho.finra.org/FORFshvol20100429.txt
Date Symbol ShortVolume TotalVolume % of Total
2010-04-01 LCRE 1,213,050 24,073,050 5%
2010-04-05 LCRE 1,170,700 16,590,000 7%
2010-04-06 LCRE 4,752,500 9,428,000 50%
2010-04-07 LCRE 1,550,000 7,590,000 20%
2010-04-08 LCRE 2,000,000 8,650,000 23%
2010-04-09 LCRE 11,350,000 14,125,000 80%
2010-04-12 LCRE 398,033,085 622,473,335 64%
2010-04-13 LCRE 57,910,273 345,095,644 17%
2010-04-14 LCRE 25,113,599 162,634,933 15%
2010-04-15 LCRE 235,343,555 319,980,621 74%
2010-04-16 LCRE 573,776,171 1,222,737,149 47%
2010-04-19 LCRE 225,069,212 919,139,396 24%
2010-04-20 LCRE 115,521,893 462,644,553 25%
2010-04-21 LCRE 73,406,915 457,355,027 16%
2010-04-22 LCRE 378,517,156 535,365,986 71%
2010-04-23 LCRE 209,291,646 477,333,821 44%
2010-04-26 LCRE 218,389,822 527,686,436 41%
2010-04-27 LCRE 181,539,400 594,488,381 31%
2010-04-28 LCRE 113,026,721 272,858,067 41%
Totals: 2,826,975,698 7,000,249,399 40.3%
Hey Jone Check out the MLXO board I found some great DD. $Brich$ also been helping out. Well anyway I may as well tell you.
MLXO Here is a start:
Well The Woman at the Transfer Agent wouldnt tell me the SS but it definatly is under 1billion still but she said it is not the same in the IBOX
When YAGI is gone... then you can post they're gone without a quibble from me. Here, they are not gone yet.
The problem I see in yours is with the "again"...
They haven't lost their foothold here, yet, to have a need to regain it. There is a big pile of $ and 4 million shares a month to be sold by YAGI that are still there... still to be overcome.
They've reset the deal... restarted it... but the deal there is now is still an all new, all YAGI deal.
Good luck in digging out from under it... but, you aren't out from under it until you are.
I disagree, but technicaly you are right. They were held hostage since the first agreement a year ago for the same reasons the other companies here have struggled. Loan to own type of crap.
2.75 mil in 6 months or convertibles with a restricted 9.9% ownership, I'd say the cat is in the bag.
With all technology rights and patents preserved and an agreed upon amount. You can bet the 2.75 won't be difficult to deliver ahead of time. I will step in before Ya ever gets a foothold again.
Best of luck to you if your on this board, only a few have come this far and survived.
My posts are opinion only, your DD is always advised.
MKBY not even close to clean bill of health:
http://www.marketwire.com/press-release/McKenzie-Bay-International-Ltd-MKBY-Settles-With-YA-Global-1153823.htm
MKBY gets a clean bill of health
http://ih.advfn.com/p.php?pid=nmona&cb=1272311430&article=42535193&symbol=NO%5EMKBY
Change within institutions is almost always incremental and slow... the more when the needed improvement isn't obviously one that is in the specific short term interest of those who most need to accept it or have it imposed.
Enabling profit from the destruction of businesses and the destruction of their capital and limiting the capital formation functions of the market... rather than from enabling free market competition between competing pools of capital that are channeled to compete in a free market... is still the dominant mode operable on Wall Street... at least among the robber baron bankers driving the flawed model of crony capitalism we have.
The defective rule sets and those who apply them will fail... because markets do work. The question is whether you really want to wait around for your institutions or your country to crash and burn, failing along with the flawed rule set, because it has adopted the wrong rule set... only in order to have that flawed, stupid, choice be corrected by long term market forces rather than reason properly applied. The Soviet Union failed, too... because of market forces... which still isn't a proper endorsement of their flawed choices in adopting the wrong rules and embracing failure... only because "the market will work", eventually ???
It really isn't that hard... the right rules, properly enforced, enable more efficient markets. Markets don't exist in a vacuum. They are what they are because of the rules you have. You don't HAVE a free market without the right rules... and without enforcement, you don't have rules.
Errors will be corrected more rapidly with less waste and destruction when your systems drive competition that is based on the right rules, which drive change by enabling the FREE MARKET CHOICE of superior alternatives. Crony capitalism instead uses rules to force all transactions into narrow channels with a layer of control acting as a tax on efficiency, obstructing market function, by requiring every deal include fixed "profits" for a select set of good ole boys. That is the system we have... which is why bankers make massive bonuses while their companies fail to perform well enough to enable them to survive... without our being forced to pay them from tax revenues.
The U.S. no longer HAS a free market... and has instead become just as corrupt as every other crony capitalist nation. We no longer have any unique competitive advantage as a benefit that results from our having the right rules, a free market with rules that are "more right" relative to others.
That is just a fact. If you want to operate in a system with "the right rules" you need to go to Singapore or Hong Kong...
China still isn't better than the U.S. now... but China is building momentum while at least moving the right way. The U.S. is still living off past glory... the remnant in the residuals from having had the right idea once... while moving the wrong way, failing to address the problem, and accelerating in making more of the wrong choices...
The free market here has been destroyed... and the failures resulting from the destruction of proper function... are blamed on the free market... rather than on the dysfunction resulting from having broken it.
Health care ? The "free market" failed ? There IS no free market for health care now. Insurers don't compete... instead of operating monopolies that institutionalize waste and fraud. The "reform" we just got doesn't attempt to fix that... but instead uses government power to apply the force necessary to require everyone who is unwilling to participate in that market scam... to patronize those existing businesses.
If you want to lower health care costs... require competition... and attack costs in inefficiencies that are enabled by subverting the market competition rather than enabling it.
downsideup, thanks for the explanation of cross filings.
And thanks for your always thorough, logical and astute comments on this cancer which pervades the market.
I have to admit I generally get pretty depressed reading them.
One wonders if it will ever change or simply continue to get worse.
And if it is to change ... who will actually force the change?
Best regards,
jonesie
If you look at the links from the YAGI page you'll see when you clink on the links that each of the separate company filings was reported to the SEC twice... once as it is tied to the original company filing, and once to fulfill the requirement to report the relationship and its impact on YAGI. Follow the SEC reporting of those cross filings from the YAGI side and you'll see the various companies YAGI is into deeply enough that they have to post cross filings for them, so you can at least keep track of their reportable moves.
To keep closer track of the individual companies, you still need to follow the rest of the filings for the individual companies, reading them in the context that you know YAGI is lurking there in the background...
Still doesn't help illuminate those companies that YAGI has begun getting their hooks into where the hooks haven't yet been set deeply enough to require cross filing. Also an issue apparent in some of those that appear to have "escaped"... where the "escape" constitutes a transfer of the YAGI position to some other that gains a similar degree of control. Some of those will be YAGI subsidiary or associate companies, some will be YAGI wannabes, and some few will be actual survival stories. Where you see company management buying out the YAGI position... you still need to ensure that the result is "escape" in fact, and not just a management having learned from the YAGI experience how to capture and control the company and its investors with convertibles themselves.
The reality of the problem with toxic financing is that it subverts the market function generally by transferring the use of capital raised in the market by/from the companies who own the right to issue shares, to others who aren't using the capital for any proper purpose, as a fiduciary. That proper purpose within fiduciary limits is the only reason that companies are allowed access to the market... and the transfer to others of that "right" to tap the markets, where the fiduciary interest is subverted, is improper.
The primary problem with the toxic financing scam in the longer term is that it tends to subvert the legitimacy of corporate governance in broad terms... lowering standards of accountability across the market... further divorcing management interest from investors interest... and subverting the legitimacy of corporate governance and investment, generally.
The broad impact is to subvert market function generally by substituting a structured and destructive self interest in lieu of larger fiduciary responsibility... undermining trust generally... by enabling parasitic profiteering from fostering purposeful destruction rather than enabling profit from shared success and shared risk.
The market requires trust to function... and that trust needs to be enabled because it is legitimately deserved... because fiduciaries meet their responsibilities to those whose interest they keep in trust, rather than enabling them in taking profits in self interest gained at those others expense.
YAGI isn't the sole source of the systemic problem with the cancer that is infecting the markets now... but it does present a single locus where there is a significant and quite obvious tumor...
The larger problem is the fact that fiduciary responsibility has been allowed to be made a fiction...
Most obviously that same brand of corruption is seen in brokers enabling short sales based on forcibly "borrowing" your shares rent free to rent them out to others to have them be shorted... collecting rents on properties they don't own while using the property against their fiduciary responsibility... which has your broker using your "good faith" investment to hurt you for their own benefit by violating their fiduciary obligation to protect your interest rather than harm you for their own profit.
While the SEC action against YAGI is worth watching... the problem that exists is more fundamental and much larger in scope than that which results in an instance where some too clearly cross the lines in the law.
The larger problem is in what it seems the law now allows... and in what the regulators allow in their interpretation of the laws. The problem that exists broadly subverts capital formation by enabling greater profit from capital destruction than capital formation, and it is enabled by allowing the violation of fiduciary responsibilities as fiduciaries trade their own accounts in lieu of meeting responsibilities to the public, to the markets and the investors.
Fix YAGI...
Fix the SEC and FINRA...
Fix the law...
Fiduciaries must put others interest first... and be permanently terminated when they do not.
Without fixing ALL of that... continuing the long term decline we've begun is inevitable.
Hi guy, thanks.
When you say cross filings, exactly what does that mean?
jonesie
Short list of those with YAGI cross filings this year:
http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001132874&owner=exclude&count=40
now includes:
CardioGenics Holdings Inc CGNH
http://www.sec.gov/cgi-bin/browse-edgar?CIK=0001089029&action=getcompany
LITHIUM TECHNOLOGY CORP LTHU
http://www.sec.gov/cgi-bin/browse-edgar?CIK=0000804154&action=getcompany
APPLIED SOLAR, INC APSOQ
http://www.sec.gov/cgi-bin/browse-edgar?CIK=0001176193&action=getcompany
SOLUTION TECHNOLOGY INTERNATIONAL RSRN
http://www.sec.gov/cgi-bin/browse-edgar?CIK=0001000285&action=getcompany
NEOMEDIA TECHNOLOGIES INC NEOM
http://www.sec.gov/cgi-bin/browse-edgar?CIK=0001022701&action=getcompany
NEOM finally doing it.
http://www.sec.gov/Archives/edgar/data/1022701/000114420410001444/v170704_8-k.htm
Finishing giving the farm to Yorkville.
THE CORNELL CONNECTION
Connecting the Companies
by CHRIS CAREY
Two more companies that recently announced technology deals with UTEK Corp. have been identified as vehicles for securities fraud, this time in a federal criminal case in New Jersey.
The case involves a stock manipulation scheme that began in the 1990s and cost investors more than $15 million. Eight defendants have pleaded guilty and a ninth was found guilty by a jury.
A plea agreement signed by one of the defendants says that prosecutors would not initiate further charges regarding his admitted participation in securities and wire frauds involving the shares of some 30 additional companies.
The companies include Avalon Oil and Gas Inc., which last month completed its third technology transfer with UTEK, and ChampionLyte Holdings Inc., now called Cargo Connection Logistics Holdings Inc. It did a technology deal with UTEK in December.
The court filing did not allege any wrongdoing by Avalon (OTCBB: AOGN) or Cargo Connection (OTCBB: CRGO).
But Sharesleuth.com found the document in the course of its own investigation into Avalon, Cargo Connection and other companies with ties to a common network of executives, directors, consultants and promoters.
A closer look at that network revealed at least three people who did prison time in connection with previous fraud schemes and three others who either settled civil fraud charges with the Securities and Exchange Commission or were found guilty by a jury.
The network also included several more people who previously were suspended or barred by the National Association of Securities Dealers for violating brokerage industry rules.
Companies linked to the network have done numerous deals with Cornell Capital Partners LP, one of the top hedge funds providing PIPE (Private Investment in Public Equity) financing to penny stock companies.
Read more at:
http://sharesleuth.com/2007/05/29/connecting_the_companies/
YORKVILLE ADVISORS SUED in 5 Count Complaint ...
... from article date November 2009: From April 2007 to July 2007, Cobalis Corp.’s share price went from approximately $1.20 per share to 10 cents per share, significantly impacting the ability of Cobalis to launch PreHistin to worldwide markets as a nutraceutical allergy relief alternative to antihistamines or to secure funding for another Phase III FDA clinical trial. The resulting drop in Cobalis share price amounted to a loss of approximately $60 million in shareholder equity.
On Aug. 1, 2007, less than seven months after execution of the PIPE transaction, YAGI involuntarily filed to convert Cobalis to Chapter 7 liquidation. It has been alleged that this was done ahead of the allowable cure periods for the alleged default to prevent Cobalis from honoring its obligations pursuant to the PIPE transaction.
In the lawsuit, Cobalis asserts claims for two counts of breach of contract and allegations of “equitable fraud,” breach of contract and accumulating greater than 4.99 percent of Cobalis shares at one time, securities fraud for violation of SEC Rule 10-b-5 relating to short selling without proper representation and equitable fraud and breach of fiduciary obligations by YAGI in collecting $415,000 in fees paid by Cobalis for execution of this PIPE transaction.
More at:
http://law.lexisnexis.com/practiceareas/New-Lawsuit-Filings/LitigationResourceCenter/Cobalis-Corp-Confirms-Filing-Of-5-Count-Lawsuit-Against-Yorkville-AdvisorsYA-Global-Investments
Yorkville Possible Subject of SEC Investigation
http://the-cold-truth.blogspot.com/2009/11/yorkville-possible-subject-of-sec.html
[reposted from NEOM board, thanks huppo and jcg0176]
Yorkville Advisors, LLC- which has operated a PIPE (Private Investment in Public Equity) fund since 2001 -may be in hot water with the Securities and Exchange Commission. Sources indicate that the SEC may have already or is about to launch a formal investigation of this fund and its managers. Our sources confirm the commission has been contacted by several concerned Yorkville investors, though SEC representatives have not made any comment regarding the inquiry.
Clients may have been prompted to go to the SEC by what some could consider questionable investments, in addition to the onerous fees collected by Yorkville (YA Global Investments). Yorkville deal documents and their audit show the following:
* Yorkville and its funds take fees on all sides of their transactions- including structuring.
* They take their management fee as well as a healthy portion of the profits from their funds and then write-off all their costs against these fees. In simple terms – it would appear they have no costs of their own.
* 'Double Dipping' - Investors being charged twice.
Sources close to the SEC allege that Mark A. Angelo and Matthew Beckman – key people at Yorkville's PIPE fund– may soon be hit with inquires. Yorkville also operates under the name YA Global Investments. It is a complex structure many theorize is utilized to circumvent taxes, among other reasons. It is possible that there may be some irregularities on a deal announced October 19, 2009 with Finnish drug developer Biotie Therapies Oyj (HEL: BTH1V)
What is wrong here? The deal is as follows:
Oct 23, 2009 (M2 EQUITYBITES via COMTEX) -- 23 October 2009 - Finnish drug developer Biotie Therapies Oyj (HEL: BTH1V) said today the fund YA Global Master SPV Ltd committed to subscribe and pay up to EUR20m for ordinary no-par Biotie shares in the next 36 months, under a stand-by equity distribution agreement. The deal aims to secure the financing of Biotie's working capital in the short and medium-term. YA Global is entitled to a one-time commitment fee of EUR200,000 in shares and has already received customary structuring and due diligence fees. At any time during the 36 months Biotie may request YA Global to purchase shares. The maximum portion of the commitment amount to be used at a time is EUR50,000 for the first tranche, EUR100,000 for the second tranche and EUR300,000 for the subsequent tranches. The pricing of the shares will be determined as 95% of the lowest daily volume-weighted average price of the five days after the date on which Biotie shall have sent YA Global a notice to buy shares, but will be at least 85% of the volume-weighted average price of Biotie shares on OMX Nordic Exchange in Helsinki on the last trading day preceding the notice.
Maple Energy could be another target of the eagle eyes at the SEC as some believe that Yorkville Advisors artificially inflated the funds value with the goal of tidying up its balance sheet so its PIPE fund looked stronger to attract new investors.
November 05 2005- Maple Energy secures $30m funding facility for new opportunities
Peru-based oil and gas group Maple Energy has secured a US$30 million financing facility with American investment group Yorkville Advisors, which manages YA Global Master SPV Ltd.
As is usual with Yorkville – which funds numerous small cap natural resources companies – the package has been structured as a standby equity distribution agreement (SEDA). This means that Yorkville has agreed to subscribe for up to US$30 million of Maple’s shares as and when the company needs the cash over the next 30 months. Maple will use the proceeds from the SEDA as a means of raising additional working capital, including for its Ethanol Project, and for general corporate purposes.
Rex Canon, Maple’s chief executive, said the facility gave Maple certainty and flexibility of funding. “The capital can be accessed quickly and at attractive pricing enabling Maple to respond to new opportunities and funding requirements as and when they appear,” he said.
In addition some industry experts are speculating that the SEC may be looking at cases of possible manipulation by Yorkville in SEDAs or Standby Equity Distribution Agreements.
Also at issue is- Richard Y. Roberts - his activities believed to include influence peddling, on behalf of Yorkville, behind closed doors. Roberts served as a Commissioner of the U.S. Securities and Exchange Commission (SEC) 1990-1995. In addition to his service at the SEC, from 2002 to 2004 Mr. Roberts served as a member of the District 10 Regional Consultative Committee of the National Association of Securities Dealers, Inc., and from 1999 to 2001, he served as a member of the Market Regulation Advisory Board of the NASD and from 1996 to 1998 he served as a member of the Legal Advisory Board of the NASD. Currently Mr. Roberts is a partner at Roberts, Raheb and Gradler, a regulatory and legislative consulting firm he co-founded in March 2006, where he provides legal, consulting and advisory services to clients on issues relating to financial institution regulation and legislation. He is closely linked to Yorkville.
Lastly, on the Yorkville table at the may be a question of special inside knowledge utilized in the following deals:
www.secform4.com/insider-trading/1271849.htm
How ya gonna get to heaven when you sell yer soul to the devil... because he'll give you a little more $ upfront now ?
The exchange gets the company $ now for less and less from more and more shares over time, even while detaching the MEANING of a share that is sold from anything the company does ?
When I buy a share sold by "the bank"... and none of that $ for new shares does anything to enable the success of the company... there is no longer a reason to HAVE shares for sale... or, from a regulatory perspective, to allow them to be sold.
The most obvious fix would be to allow the companies to more easily sell those shares themselves that the bank is going to sell anyway... The TRAP that is there is CREATED by the rules... with the regulators avoiding their responsibility in allowing it... which makes the banks and regulators opposed to free markets... and in favor of managed markets that transfer powers of decision to them... in error.
Free markets are not a product of the LACK of rules. Free markets are a function of the RIGHT rules... properly enforced.
Well stated - I had never thought of the fact that they were selling the right to mint shares.
Now having said that, the problem is that the gathering of capital is a tricky business and many times, this is the only time that the company can gather capital.
A first reply is that it is a scam that functions only with the tacit approval of the authorities to NOT find that what they do in posturing bottomless pit of dilution through convertibles constitutes a defacto illegal creation and issuance of unregistered stock...
What they do is, in my opinion, fraudulent... illegal under existing law.... and consists, basically, of the company selling their right to issue shares to an entity that is not connected to the business... in a way that disconnects the sale of shares from the capital formation functions the market exists to enable... to allow banks to posture shells as legitimate businesses, and transfer the utility of the capital available from selling shares in them from the benefit of share holders, to the benefit of the bank.
Totally criminal... and destructive not just of trust in the markets, trust in the system, and the specific shareholders interest... but of fundamental market function.
Dear Community,
Thanks for this board, it is very useful. I have read through most of the posts and understand the general "toxic" nature of companies that engage with Yorkville/Cornell (i.e., stock price goes down), but can anyone give a comprehensive overview of how they do this, and how their operations work?
NTNI just sold Interactive Nutrition back to YA Global for debts owed.
Another YA Global financed company going down...TXPO
http://www.pinksheets.com/edgar/GetFilingHtml?FilingID=6667400
NXCO is delivering a bright note from a YAGI survivor...
They brought in new investors and paid off the convertibles last year... and now seem to be making the business work...
Noted a bit of an uptick from IGPG this week...
They apparently failed to pay off convertible notes that were due in January, filed a 15-12G in April and wend dark right after filing an NT-10Q...
This is a particularly egregious example, as the company has a more or less hardwired source of future value tied into a successful producing oil and gas field in the Barnett Shale, that WILL most likely pay out, eventually.... but, as that primary success in the business happens, there will be no benefit left for shareholders only as a function of the convertibles...
OCNF penny bulk shipper play? $1.41 Yorkville
http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=6343496
Bit of buzz about this Nas play tho Yorkville has a shady rep.
Last Qtr was lower but a beat of estimate. Careful.
OCNF: Q1 EPS 13c vs 44c Beats 1c Est
Tuesday , May 19, 2009 16:06ET
QUARTER RESULTS
OceanFreight Inc (OCNF) reported Q1 results ended March 2009. Q1 Revenues were $31.62M; -11.65% vs yr-ago; BEATING revenue consensus by +0.48%. Q1 EPS was 13c; -70.45% vs yr-ago; BEATING earnings consensus by +1,200.00
OCEANFREIGHT INC. ANNOUNCES THE TERMINATION
OF THE STANDBY EQUITY PURCHASE AGREEMENT
PROGRAM
May 21, 2009 - Athens, Greece - OceanFreight Inc., (NASDAQ:OCNF) a global provider of seaborne transportation services today announced that it has agreed with YA Global Master SPV Ltd., an affiliate of Yorkville Advisors LLC, to terminate the Standby Equity Purchase Agreement (SEPA) , pursuant to which the Company had the option to issue and sell shares worth up to approximately $147.9 million. As of today , the Company has raised approximately $111.6 million of gross proceeds and the total number of shares outstanding is 90,394,493.
Anthony Kandylidis, Chief Executive Officer of the Company commented:
“Our actions so far have proven our ability to successfully tap the equity markets despite the status of the global economy. Raising approximately $112 million of primary equity has significantly improved our balance sheet and will enable us to take advantage of future growth opportunities. We would like to thank Yorkville Advisors for their assistance.”
About OceanFreight Inc.
OceanFreight Inc., is an owner and operator of both drybulk and tanker vessels that operate worldwide. As of the day of this release, OceanFreight owns a fleet of 13 vessels comprising of 9 drybulk vessels (1 Capesize, 8 Panamaxes) and 4 crude carrier tankers (1 Suezmax, 3 Aframaxes) with a combined deadweight tonnage of about 1.2 million tons.
OceanFreight Inc.'s common stock is listed on the NASDAQ Global Market where it trades under the symbol "OCNF".
Visit our website at www.oceanfreightinc.com
Quite a while ago.
I ran out of time for keeping up with all of the losses suffered by shareholders in YAGI clients. I doubt the trend has changed.
when was the iBox last updated here?
MOBL in default with YA Global:
http://biz.yahoo.com/e/090505/mobl.ob8-k.html
Trying to find out about PCFGE . The debt is supposibly paid off but they still owe $240k in interest. I've called the guy at Yorkville in charge of the acct,(David Fine) but he just avoids my calls. Such BS !!!
The only way to check is the SEC filings. However, those are sooooo delayed. Another area that needs to be addressed. 90% of a company's books, especially a public company should be online for the investor to view in real time. At least the balance sheet. They have three months to hide numbers and the investor never knows what the condition of a company's balance sheet is as of today. We saw over the past year how critical it was to get yesterday's news today.
Best bet is to check with the Transfer Agent. That has more of bearing on your investment. If you see another 50 million shares added to the float, you know the well has not run dry. Just my opinion.
Anyways to check how much a client still owes Yorkville ? How 'bout PCFG ?
ADVR another one bites the dust
http://biz.yahoo.com/e/090206/advr.ob8-k.html
Idaho-based alt-energy company Intrepid, ticker ITRP, essentially shut up shop earlier this week:
"The present Board and Management have long struggled to preserve value for all Intrepid stakeholders. In spite of our efforts, the Company has become insolvent and operations have ceased.
The Board and Management have been unsuccessful in securing and paying for directors & officers liability coverage past February 7, 2009. The Board and Management now recognize that the senior secured lenders are the major stakeholders in Intrepid Technology & Resources, Inc. and its subsidiaries. Consequently, these stakeholders should determine the future governance and management of the Company and its assets.
As a result, Intrepid Technology & Resources, Inc. announces today that all the directors and officers of the Company have resigned, effective 5:00 pm MST, Saturday, February 7, 2009, with the exception of Jacob Dustin who will continue as President in order to provide continuity and signature authority and to facilitate such future actions as may be required.
Such resignations are not a result of any disagreement between directors and officers."
ITRP was one of YA Global's victims/willing accomplices/partners-in-crime* and experienced the usual 99.9% fall in pps while in the tender embrace of their Cornell/YA partners and making regular monthly payments in cash and shares.
ITRP, as seems to be customary in many of these cases, were keen to jump into bed with YA, and loth to leave the carnal mattress, even when it became clear that it would result in the total extinction of the company.
Shame SEC is 1) busy with Madoff and 2) utterly ineffectual.
*delete where applicable
Anyone want to guess WHO bought and will be leasing the trucks, and what was exchanged with who for the effort enabling it ?
If I had a guess I would so I'll just ask what was exchanged and with who?
Not believing too much in coincidence...
PCFG just sold off a bunch of articulated dumps which was "almost" but not quite enough to pay off the debt...
Meanwhile, HMIT just stopped making progress toward production in order to increase their planned production rate, which their NY based financier came to look over, then also arranging for a "supplementary" line of credit with ANOTHER bank, so they could LEASE a bunch of articulated dumps... ???
Anyone want to guess WHO bought and will be leasing the trucks, and what was exchanged with who for the effort enabling it ?
What happened, BSWB?
Oh, I see, I read a recent 8-K just now. YAGI/Xentenial sold SMTR to Bendix CVS.
And "All or substantially all the proceeds of the sale will go to pay secured creditors"
Let me guess. Xentenial might have been the largest secured creditor? And the unsecured shareholders finished getting wiped out?
From the 8-K:
"On December 11, 2008, SmarTire Systems, Inc. and its wholly owned subsidiaries SmarTire Technologies, Inc. and SmarTire USA, Inc. (collectively, the “Company”) completed the sale of substantially all of its business and assets, and certain of its liabilities to Bendix CVS Canada, Inc. and Bendix Commercial Vehicle Systems LLC (collectively, the “Buyer”).
On December 4, 2008, the Company and the Buyer had executed an Asset Purchase Agreement with respect to the asset sale. The sale price was USD $2,500,000 cash at closing, plus an earn-out on future sales over a five year period following the closing, with minimum earn-out of USD $500,000. All or substantially all the proceeds of the sale will go to pay secured creditors."
Another one bites the dust...
http://ih.advfn.com/p.php?pid=nmona&article=34867352&symbol=NO%5ESMTR
ZVUE has Nas non-comply 10/13
Of course Nas has since suspended its delist rule for <$1 bid
but could still delist for other reasons. Delist letter always
a bear weight 95% time. ZVUE been fairly active lately so has
some bagholders ready to dump first chance.
ZVUE Receives Letters of Non-Compliance from NASDAQ
Monday, October 13, 2008 17:13ET
SAN FRANCISCO, Oct 13, 2008 (BUSINESS WIRE) -- ZVUE Corporation (NASDAQ:ZVUE), a global digital entertainment company, today announced that it had received several letters from the NASDAQ Stock Market ("NASDAQ") regarding the Company's non-compliance with various Marketplace Rules.
On October 7, 2008, the Company received a letter from the NASDAQ notifying the Company that the terms of Amendment No. 1, dated as of July 20, 2008, to the Asset Purchase Agreement ("APA"), dated as of August 1, 2007, between the Company, its wholly owned subsidiary and Eric's Universe, Inc ("EU") could result in the issuance of certain shares of the Company's common stock without stockholder approval. NASDAQ indicated in such letter that Eric and Neil Bauman, who control EU, were employees of the Company when the Amendment was entered into, thus triggering the shareholder approval requirement of Marketplace Rule 4350(i)(1)(A). Furthermore, NASDAQ's letter stated that Amendment No. 1 to the APA provides for the potential issuances of future priced securities, which may result in nearly unlimited potential issuances of the Company's common stock at a discount to the market price of the Company's common stock on the date of Amendment No. 1. As a result, NASDAQ asserted that Amendment No. 1 also required shareholder approval under Marketplace Rules 4350(i)(1)(C) and 4350(i)(1)(D).
As the Company previously disclosed, the Company and EU entered into a letter agreement, dated as of October 6, 2008, modifying the terms of Amendment No. 1 to the APA. Under the letter agreement, the parties agreed that the Company shall not issue EU any common stock unless, and until, the Company has obtained stockholder approval for such issuance in accordance with Marketplace Rule 4350(i) that would not have been required to be issued by the Company to EU by the APA without giving effect to Amendment No. 1. The NASDAQ has determined that the Company has regained compliance with the Marketplace Rules identified in its letter of October 7, 2008.
In addition, the Company recently received two other letters from the NASDAQ regarding non-compliance with Marketplace Rules 4350(c)(1) and 4350(d)(2), respectively. One such letter notified the Company that, because it has just two independent directors on its five member Board, it does not meet the independent director requirements for continued listing on the Nasdaq Stock Market. The NASDAQ has advised the Company that it is reviewing the Company's eligibility for continued listing on the Nasdaq Stock Market, and has asked that the Company provide the NASDAQ with a specific plan and timetable to achieve compliance with the Rule by October 21, 2008. The other such letter notified the Company that, as a result of Mr. Curry's recent resignation from the Company's audit committee, the Company no longer complies with Nasdaq's audit committee requirements. However, consistent with Marketplace Rule 4350(d)(4), NASDAQ will provide the Company with a cure period until the Company's next annual shareholders' meeting in order to regain compliance with Nasdaq's audit committee requirements.
About ZVUE Corporation
ZVUE Corporation (NASDAQ:ZVUE) is a global digital entertainment company. Its ZVUE Network (comprised of eBaumsWorld.com, Putfile.com, Holylemon.com, UnOriginal.co.uk, YourDailyMedia.com, Dorks.com, FunMansion.com and ZVUE.com) is consistently among the top-five companies providing user-generated video online and ranked in the top 50 online entertainment companies overall by comScore. ZVUE(TM) personal media players are mass-market priced and currently available for purchase online and in Wal-Mart stores throughout the U.S. For more information, visit www.zvue.com.
ZVUE, HandHeld Entertainment, eBaum's World, ZVUE Networks, eBaumsWorld.com, Putfile.com, Holylemon.com, UnOriginal.co.uk, YourDailyMedia.com, Dorks.com, FunMansion.com, ZVUE.com and ZVUE are trademarks of ZVUE Corporation. All other trademarks are property of their respective owners.
"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995
Statements made in this release that are not historical in nature constitute forward-looking statements within the meaning of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of words such as "expects," "plans" "will," "may," "anticipates," "believes," "should," "intends," "estimates," and other words of similar meaning. These statements are subject to risks and uncertainties that cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with: (i) future financial results and financing requirements; (ii) development of new products and service offerings; (iii) the Company's ability to monetize, grow users and obtain synergies from acquired user-generated content providers; (iv) the Company's ability to integrate acquisitions; (v) the effectiveness, profitability, and marketability of the Company's current and prospective products and services; (vi), the impact of current, pending, or future legislation and regulation on the Company's industry; and (vii) the impact of competitive products, services, pricing or technological changes. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-KSB filed with the SEC for the fiscal year ended December 31, 2007. Investors and security holders are urged to read these documents free of charge on the SEC's web site at www.sec.gov. The Company does not undertake to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.
SOURCE: ZVUE Corporation
American Capital Ventures (for ZVUE Corporation)
Howard Gostfrand, 305-918-7000 (Investors)
hg@amcapventures.com
Copyright Business Wire 2008
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Cornell Capital Partners recently changed its name, taking on the name of its Parent Company, Yorkville Advisors.
http://www.yorkvilleadvisors.com
"YA Global, a Cayman Islands exempt limited partnership, whose business address is 101 Hudson Street, Suite 3700, Jersey City, New Jersey 07302, is a private equity fund that is primarily engaged in the business of investing in securities and other investment opportunities.
Yorkville, a Delaware LLC, whose business address is 101 Hudson Street, Suite 3700, Jersey City, New Jersey 07302, is the Investment Manager of YA Global.
(Mark) Angelo, whose business address is 101 Hudson Street, Suite 3700, Jersey City, New Jersey 07302, is the Portfolio Manager of YA Global and President and Managing Member of Yorkville. Angelo is a citizen of the United States."
(Above quoted from various filings, e.g., http://www.sec.gov/Archives/edgar/data/1167764/000114420408003347/v100213_sc13d.htm)
--------------------------------------------------------
FINANCIERS TO BE AWARE OF:
YA Global & connections:
Yorkville Advisors (f/k/a Cornell Capital Partners)
101 Hudson Street
Suite 3700
Jersey City, NJ 07302
Certain Wealth, Ltd
Highgate House Funds, Ltd.
Montgomery Equity Partners, Ltd
exempt company of the Cayman Islands
Staraim Enterprises Limited
Athalassas, 47
2nd Floor, Flat/Office 202
Strovolos, P.C. 2012
Nicosia, Cyprus
Starome Investments Limited
Athalassas, 47
2nd Floor, Flat/Office 202
Strovolos, P.C. 2012
Nicosia, Cyprus
TAIB Bank, B.S.C
Xentenial Holdings Limited
Athalassas, 47
2nd Floor, Flat/Office 202
Strovolos, P.C. 2012
Nicosia, Cyprus
http://www.secinfo.com/$/SEC/Name.asp?X=yorkville+advisors%2C+llc&List=S#Signatory
OTHERS:
Big Apple
Dutchess Private Equities
GOLDEN GATE INVESTORS
Javelin Advisory (Steven Peacock)
http://investorshub.advfn.com/boards/board.asp?board_id=11048
Laurus Capital Management, LLC
New Millennium Capital Partners -Corey S. Ribotsky
N/I/R Group -Corey S. Ribotsky
http://investorshub.advfn.com/boards/board.asp?board_id=11792
Ajw Partners LLC -Corey S. Ribotsky
http://www.secinfo.com/$/SEC/Name.asp?M=corey+s.+ribotsky
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INTERESTING ARTICLES
Death Spiral Convertible Just Refuses to Die 5/11/06
http://www.thestreet.com/pf/stocks/brokerages/10284937.html
Sewer Pipes
http://www.rgm.com/articles/forbes6.html
------------------------------------------------------------
TABLE A
Table A is a partial listing (approximately half) of publicly traded companies who have entered into financing transactions with Yorkville Advisors, LLC (f/k/a Cornell Capital Partners)
This list of clients has been taken in part from Yorkville/Cornell's website ....
http://www.yorkvilleadvisors.com/portfolio/Domestic_Transactions/index.asp?Section=3,0,0
.... and in part from other research and information sharing.
The table shows the names of a few people who have had roles in more than one of the companies.
The table illustrates a pattern of the stocks rising in price shortly after the financings.
The table illustrates a pattern of a decrease in the stocks' values over time.
TABLE B:
-- Tracks PPS gains or losses for a period of 8 weeks after the date upon which a company enters into its initial financial transaction with YA Global or an affiliate.
-- Tracks companies which have recently eliminated their indebtedness to YA Global. Tracking is for a period of 8 weeks after the date YA Global debt is eliminated.
-- Incorporates intraday high price data to recognize gains to be had by faster traders.
Simple Charts for Current NEW YA Global Clients:
Coming back soon, quotemedia didn't like me pulling in charts from their servers.
Simple Charts for YA Global Clients who recently PAID off YA Global:
Coming back soon, quotemedia didn't like me pulling in charts from their servers.
TABLE C:
-- Illustrates connections within a Sample Subset of YA Global clients.
ALPHABETICAL LIST OF STOCK SYMBOLS MENTIONED HEREIN
ACCP ADBN ADVC ADXS AHN AMWW AOTL AVTI BSIO CAAS CBAI CBMX
CCAJ (PAID) CICS CIRC CKRU CLSC CNR COPI (PAID) CSCE CSN CTIB CTUM now CTGI(PAID)
CWTD CYOS DPFD EBOF
ECUI EMED.L EPCT ESHE ESYM EVSNF EYII FDEI FMDA FNGC
FPRN FUFW GCOG GERS GEYI GSEN GSGF HDY HLEG HOMS HRUM HRVE
IDGG IESV IGPG INRA IRBO ISON ITOU IVME IVOI JAGH KNOS KWBT LBSU
LNGT (PAID) MGOA MKBY MOBL MSSI MYMX NANS NEOM NFBH NGNM
NSEO NTNI NWGN NXCN NXNO OCHT OEGY PSED PVCT PWTC RENG RMLX
ROBO RRPH SFXC SGN SMTR SNRN (PAID) SNT SPEX SSWC STHK SVMI SWHC SWME SWVC SYDI
TPLM TREN TRNP TTGL TTP TYRIA UCPI USHP VSPC WFYW WGAT WNWG WNYN
XHUA XSNX ZNNC ZVUE
Other boards to visit for relevant information in this area are:
TOXIC FILINGS
http://investorshub.advfn.com/boards/board.asp?board_id=4318)
NIR GROUP
http://investorshub.advfn.com/boards/board.asp?board_id=11792
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LINK TO INFO TEMPLATE FOR STOCK ADD REQUEST
http://investorshub.advfn.com/boards/read_msg.asp?message_id=26050381
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