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Thanks Sheezy ! I'm glad you and your flowers are on the EPCG board tonight, it brightens everything up. Thank you for all you've done !!! I appreciate it !
I think there have been a few that worked out well after being suspended and for worse reasons. SPNG being one of them.
Never said it was to single Gelmon out. Just coincidence but yeah, the E stocks were targeted it seems. F next?! lol
People were asking questions. Answers were given. Some maybe stuck with shares and I'm sorry to hear that but that's what happens here in pinky land especially on CE stocks. We all know the consequences of them.
The SEC wants to make sure that these companies aren't using the status to lure in unsuspecting newbies.
I'm done here anyways so good luck all but I'm not seeing this coming out of this in a good situation.
Sorry all.
Cheers
Crazy stuff right!?!
Notice that this suspension today wasn't to single out just Gelmon... Other companies that start w/ the letter "E" also got halted. Must of been the magic letter on the SEC dartboard today!
I have become a pest on Gelmon's phone... Glad to know that others were able to speak with him... Must have been a horrible day for him...
I think it's ok to mention:
1. He will be traveling to new york to "sort things out."
2. I expressed my worry about missing market makers and he said not to worry, that "We will have market makers." They have their lawyers on this...
Nothing else can be done right now... It's not in our hands right now! Posing and reposting the same opinions is a waste of time. I'll talk to you all when we have something more to talk about!
Take care.
No, he most likely said Form 15, sorry about that I can blame that one on Verizon phone service or lack of.
I suppose they should have been filed by the former CEO. Gelmon took over a month ago and has been working on getting them current.If that's the case there's a good chance he will finish within the 10 day time frame. Everyone knows (including him) that this was gearing up for a run so I dont see them letting the fall.
stop being repetitive. I know they are required. you're missing my point but nevermind, you aren't grasping what I'm saying. GLTY
If...they key word there..IF..Gelmon can get financial statements all current in 10 days they would need to have an MM to file a 15c-211 form to begin making bids again. Other MM's can piggy back off of that filing.
I believe FINRA needs to be involved in that as well and I don't know if that will satisfy them.
Most likely this will remain on the gray market until Gelmon can correct the situation.
Will be interesting to see if he can as I don't think any company has truly come out of this predicament.
My first answer is yes, but a better question, not sure financials can be completed in that time frame, tough deadline to hit
It seems to me that the SEC is going to clean up the PS market more and more, C/E is actually a good place to start.
I am curious to see what happens myself, will track all the ones they went after today.
Here is the reality of what happens to a stock that is halted, down to greys and ugly, lets hope not, we will see what happens with this group the sec went after.
If Michael produces current financials in 10 days, what would happen? Will it be a simple thing to become quoted again? I'm wondering what the process back to trading would be if and only if EPCG does become current.
(Wipes sweat from brow) Hahaha.
They are all stocks with the C/E on them, with current NEW rules, financials will need to be caught up to date, PERIOD!
That form 415 that someone talked about, forget it, and I think they meant a form 15, that will not work, current financials in 10 days or nothing!
I've been scrutinizing this and other securities halts as of recently and I'm noticing a common theme. Unfortunately for us, if Mr. Gelmon was indeed working on bringing the filings up to date, the SEC went after stocks that started with the letter E this week. The fact that Gelmon or NIR was involved was of no significance from what I've been able to tell. We were just simply unlucky. If you hold other stocks in your portfolio, you and all would be wise to understand what and why these stocks are being suspended. There will be more.
I hope honest to God that Michael gets those filings done. I think that we really do have a chance given the relative inactivity for the past couple years.
You can't get rid of filing requirements just by taking over a bad shell. If they were required before, they are required now.
Look at the SEC filings of SEVA.pk, 135 filings with the SEC explaining every single thing they did since they bought that shell. Watch and learn.
http://yahoo.brand.edgar-online.com/default.aspx?cik=884380
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i'm not saying he isn't responsible for filing to keep current, but he JUST tookover. to launch this on him when he has just recently taken over the company is ridiculous IMO.
i'm not saying he isn't responsible for filing to keep current, but he JUST tookover. to launch this on him when he has just recently taken over the company is ridiculous IMO.
We can sit here for 10 days and discuss what should or shouldn't be done here or what makes sense. The reality is that as shareholders, we're basically at the mercy of what Michael does and how serious he is about making EPCG trade respectably. I hope that he gets the filings in order within the 10 days so that he satisfies SEC requirements, and, that EPCG trades well yet again. Since it has basically had no operations until very recently, getting it all together should not be too overwhelming. If this had been a operating company for the past 3 years, I would say that we are f'd. However, all things considered, I wouldn't turn out the lights yet. If he manages to get everything in line and have everything properly filed so that the SEC is satisfied, we could actually be better off. Whether he will or not, idk. Hope he does.
Epcg win or lose, it's fate is in his hands. I wish him well and may he succeed!
If the shell had reporting requirements before they were acquired by another entity, the still have them now. You can't get rid of those by just selling the shell to someone else. Take it up with the SEC as they are the ones that make the rules.
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reporting at some time, but not in the last few years eh
It does not make sense, this will be kicked to the Greys when it reopens after the suspension with no market makers. How will they be allowed to circumvent the SEC suspension by filing that now.
GFGU filed one yesterday, but of course, they were not suspended beforehand.
http://finance.yahoo.com/news/Getfugu-Announces-Voluntary-iw-2705641240.html?x=0&.v=1
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I'm sure you'll get the...too little too late...answer
Doesn't make sense as that would only raise more red flags to the SEC IMO
reporting at some time, but not in the last few years eh
I'm sure you'll get the...too little too late...answer
Doesn't make sense as that would only raise more red flags to the SEC IMO
I doubt it, but not sure. I'll ask some that may know, but I
think I already know the answer I'll get.
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Will filing to become a non reporting company at this point do anything for this stock?
Will filing to become a non reporting company at this point do anything for this stock?
Are you sure he said a 415, and not form 15?
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I talked to Michael Gelmon. He said he has been working on getting the co. current on filings and was upset this happened now. He is going to file a 415 now. He will be working to rectify this over the next ten days and seems hopeful to be trading on the Pinksheets again. He sounded sincere and I was pleased with our conversation.
I don't know much about the company, but they had to have been a reporting company sometime in the past. If a company begins as
a Pink stock, they don't have those requirements.
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it was a shell...who was supposed to be filing these reports in your opinion?
Well, he's not going to tell you that he's going to just walk away now, is he? lol
He's going to tell you exactly what you want to hear.
Gelmon is most likely going to resign and NIR will count this one off as a loss IMO
a 415?
thx for posting. nice to know he is responding to calls about what is going on. we shall see how this plays out I guess. GLTA
I talked to Michael Gelmon. He said he has been working on getting the co. current on filings and was upset this happened now. He is going to file a 415 now. He will be working to rectify this over the next ten days and seems hopeful to be trading on the Pinksheets again. He sounded sincere and I was pleased with our conversation.
it was a shell...who was supposed to be filing these reports in your opinion?
The only way to save the situation is to file as a non reporting company for starters.
I don't think he knew after reading this. This is a SEC release about the revocation of CYSG and others released today.
http://www.sec.gov/litigation/admin/2010/34-63298.pdf
The Commission initiated this proceeding on October 19, 2010, with an Order Instituting Proceedings (OIP), pursuant to Section 12(j) of the Securities Exchange Act of 1934 (Exchange Act). The OIP alleges that each Respondent is a corporation with a class of securities registered with the Commission pursuant to Section 12(g) of the Exchange Act and that each has repeatedly failed to file with the Commission annual and quarterly reports in compliance with the Exchange Act. Each was served with the OIP in accordance with 17 C.F.R. § 201.141(a)(2)(ii) by October 22, 2010.1 To date, none has filed an Answer to the OIP, due ten days after service. See OIP at 4; 17 C.F.R. §
1 Each Respondent was served with the OIP by USPS Express Mail delivery or attempted delivery at “the most recent address shown on [its] most recent filing with the Commission.” 17 C.F.R. § 201.141(a)(2)(ii).
I'm not familiar with the process but they do contact the company about the past filings before they suspend? Wow, so Gelmon actually had a chance to do something about it and didn't?
Shady, real shady.
I don't know if you guys saw this
# SEC to Form New Teams to Focus on Penny Stock Fraud
http://pipes.dealflowmedia.com/reports/archive.cfm?nd=110210
I saw the same type of posts on that board.
The only money these crooks will lose is the ability to sell shares. Also curious why he didn't answer the SEC when they
first notified him about this little problem, and now claims
he will resolve everything in 10 days. Since they haven't filed in 3 years, what makes anyone think they can in 10 days?
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What money of his is at risk?
Quote:
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Gelmon has a lot of $$$ at risk here
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The management at CYSG was claiming the same thing...THE FINANCIALS ARE COMING.....Today it was revoked.
What money of his is at risk?
I understand that Gelmon is pissed but, hopefully he'll sound very contrite to the SEC, plus be very sweet and cooperative with the them, it never hurts
He has approx 10 days to make the appropriate filings... Which he plans on doing in the timeframe allotted by the SEC. I guess we'll see if he follows though.
There are approx 230 shareholders on the books in EPCG.
Try his phone, but chances are he's been slammed w/ calls today, and you'll have to leave a message. (This is my way of saying that I've contacted him first thing this a.m.)
Might be a different ball game here rather than the P & D I was planning on playing... Gelmon has a lot of $$$ at risk here, and I'm sure he plans on getting a return on investment. Time will tell.
Interesting trading suspensions happening today with some other stocks that start w/ the letter "E." - all stocks that don't have current filings... It's getting tough in pinkie land these days!
What a bummer, but the waiting game is on.
Take care.
thx for sharing.
I called Gelmon,got his VM. It says he will return all calls the same day. We shall see. I'll post when I get a response.
I saw the filing in the AM and called Gelmon immediately. He was pissed too. He said this is a Litmus test and he is working on some filings within the 10 day filing. He said we should resume trading when the filing is done. Whether he is for real or not we are yet to see.
I think the pump was just about to begin actually...anyhoo, we shall see. maybe Gelmon will respond to someone about this at some point to let people know what he plans to do
GLTA
As far as I can tell, it hasn't been P&D'd at all. Gelmon is probably in as deep as anyone, idk, maybe not. But, where has the P&D been? Hasn't been any. If these guys want to stay operating pinksheet companies, they had better get them current, because, they won't be having any luck otherwise. And, since they should know that, EPCG should be one that they get current for their own good. Because, with the direction the SEC is taking, it's not a matter of simply dropping a company and picking up another one. They are either finished or, they have to get things in proper shape, it's that simple.
No more companies, nothing. The SEC is out in force at the moment and, you can't just forget about one company for the next anymore if your NIR group or Gelmon.
EPCG should be one of the easiest to get current than most any other pinksheet company, whether they will or not, idk.
The SEC has been creating uncertainty across the board in all major markets this year. IMO, while I understand their mandate, they are overreaching it and, sooner or later, they may be forced to back off a bit. Political winds are on their side at the moment, will it continue to blow their way, I doubt it.
The crazy thing of all, the biggest ponzi scheme(p&d also if you consider Fed manipulation in the tbill market) in the world, is currently the U.S. Government itself. Lol, it's a funny irony if you think about it. Diluting dollars, excessive borrowing, pulling from trust fund money being paid in to fund liabilities that cannot be afforded, it all, is one heck of a ponzi scheme. Lol, it's all rather funny.
I understand the Gelmon situation, I just don't understand why the SEC suddenly has authority to suspend trading in stocks on the OTC where it's widely accepted that many if not most, are not current because they're too small to keep up with all of the regulatory requirements. That's why they trade OTC in the first place. I just don't understand, has something changed as of recently, where did this broad heavyhanded power suddenly come from that gives the SEC the right to suspend trading on the OTC for not being current? Have they had this ability all along and just didn't exercise it til as of late? It seems strange.
I wouldn't think it would be difficult at all, there's not much to tell really...shouldn't be hard to file the paperwork.
and does anyone really care if Gelmon p&d it? it's all about making a profit. anyone investing in pinksheet stocks should know what goes on in most of them. very few are legitimate IMO. it doesn't mean you can't make money.
I don't know what to tell you other than to understand why these companies are down here in the first place. If a company can't keep their filings up to date then there's a reason for it.
I would hope that nobody tries to make a living off of these companies as they are very risky to begin with and most are always scams and that's what the SEC does, protects the investors by shutting down and warning them about the scams.
If you understand the Gelmon NIR connection you'd understand this was to fleece shareholders only.
Good luck but I think there are more people for the SEC stepping in and doing what they do.
Considering the fact that EPCG has operated as basically a shell for the last few years, would becoming current really be all that difficult? It would require some fast moving but, it shouldn't be impossible to do, especially since they've really not had operations for the past few years.
I'm surprised that PinkSheets isn't putting up a big fuss over all of these companies getting suspended as of late for not being current. I did not realize that the SEC had the ability to suspend a OTC security for that reason, they certainly are cutting it close on their jurisdictional capabilities imo. Until recently, I never heard of it happening. It's ridiculous, and, needs to be stopped. Makes trading in the pinks, higher risk than it already is. It's the OTC, they shouldn't be allowed to suspend trading for not having current information. They're going to decimate the pink market if something doesn't change or if they don't let up.
anybody have an email addy for Gelmon?
The SEC obviously contacted them before suspending, but they didn't answer to their satisfaction. Now they will have the
10 day suspension period to answer, or be revoked also.
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Wow...now that's taking action. Can't say I've followed a stock that has been revoked that quickly
You can see all the stocks suspended on Oct 19 are on the list of all stocks revoked today.
http://www.sec.gov/litigation/suspensions.shtml
http://www.dtcc.com/downloads/legal/imp_notices/2010/nscc/otc/OTC-217.pdf
Was that CYSG another NIR funded company suspended a few weeks ago?
Some are saying it's revoked now.
http://investorshub.advfn.com/boards/board.aspx?board_id=6492
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Last update October 2010 by CelsiusHoldings
EPCG -- October, 2010
Authorized Shares: 1,000,000,000
Outstanding Shares: 495,000,000
Do not use the info posted on OTC markets, as this is dated and inaccurate...
http://www.otcmarkets.com/stock/EPCG/company-info
EPCG Security Details
Share Structure
Shares Outstanding 228,774,164 a/o Jan 11, 2008
Authorized Shares 1,000,000,000 a/o Oct 26, 2006
Executive Registrar & Transfer Agent, Inc.
Transfer Agent
3615 S. Huron St.
Englewood, CO, 80110
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10/28/2010 @ 9:30 am
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