GLUV Corp (fka GVRP)

[Mr. Bill]

and why are they not explicitly named in the lawsuit and sued as well?

[Art2Gecko]

yes, my point...

[Mr. Bill]

Right, I read your post wrong. I thought you were wondering who sold Monday 5/23.

Seems to me the 20 other people as well as MMs shorting come in to play for the remaining shares sold Tue thru Thur

[janice shell]

The complaint does say that Kirschner distributed some of his stock to others. Maybe they were the earlier sellers.

[Mr. Bill]

Check the lawsuit. It only claims Peter sold 19,500 shares. It also indicates that he directed many shares to be sent to 20 annonymous people

* Has the SEC verified that Peter has 417,635 shares in his account and that the only transaction he ever had was to sell 19,500 of his 437,135 shares?
* How about the other 2,562,686 shares Peter sent out to 20 other friends? Which of them sold and when? Who were these people? Why are they not listed as well? If they sold why are their gains not listed as well?

[EvilTweety]

Kirschner sold 19,500 of these prematurely issued shares into the uninformed market"

But it doesn't say he sold all of his shares at that time.....???

[Art2Gecko]

no the complaint says Kirschner sold his 19+K shares on 5/20 minutes before the market closed.

http://www.investorshub.com/boards/read_msg.asp?message_id=12522432 (compliant is the pdf at bottom in that link)

As this ibox shows, http://www.investorshub.com/boards/board.asp?board_id=3925 it started trading post R/S but before F/S on tuesday 5/17

If Kirschner sold his on Friday, what the heck was trading the 3 previous days, and why wasn't whomever sold those shares into the market named in this complaint?

[Mr. Bill]

Why dont they just require no changes whatsoever in the share structure and require any of the shares sold in excess of the 11 shares to be repuchased from the market place by a fixed date at whatever price they go for. If it is $1,000,000,000,000 so what. You (Peter and friends) sold it and you (Peter, friends, and BROKERS) are responsible for removing the shares from the market place!

[matrix]

There wasn't enough publicly traded stock back then to do this. They came up w/ a funky plan to get around the problem.

Hopefully, we see a suit from Florida soon addressing the rest of the story here.

[Stock]

you already know the answer. It was on your level 2 montage who the MMs were.

[janice shell]

lol, and without help from Jim and SSP and others, it probably never would have been filed at all.

[Mr. Bill]

Isn't Peter short 58 BILLION shares?

[matrix]

Yeah, punitive damages would be nice. Plus there's also prejudgement interest.

On the bright side, it "only" took the feds 15 months to file this lawsuit.

[Mr. Bill]

You must mean Monday 5/23 when about 19 BILLION shares traded, then tappering off on Tuesday, Wednesday with around 3B each day or so and then the suspension on Thursday.

Well, HateMMs sold 5B to get $500K. I had a friend sell 1.5B to get $150K. There is 6.5B shares.

Assumming 19B + 6B for an estimate on trades one gets 25B total.

Assumming 50% buys and sells one gets say 12.5B to be accounted for.

The two big sellers took up 50% of the 12.5B so therer is around 6B left to be accounted for.

Another BIG question is who was BUYING the shares? Who bought about $1,000,000 worth of the stock?

[Art2Gecko]

got the first few days preserved pretty well here in this ibox

http://www.investorshub.com/boards/board.asp?board_id=3925

[Art2Gecko]

again.. if Kirschner sold his shares on Friday..... WHO the F sold them into the market starting on Tuesday!!

[janice shell]

So the complaint says Kirschner sold his shares on Friday minutes before the market closed.. uh.... then who the F sold the shares that traded all week leading up to that?!?

Yeah, I was wondering about that too. Maybe we should write to the SEC attorneys. Or call them.

[Mr. Bill]

Since these 19500 shares were sold early should not the seller and his broker be held liable for covering the FS and made to buy the 58.5 BILLION shares of a stock with an OS of 33M back out of the market place? Is the broker not liable as well?

[janice shell]

lol, we want DAMAGES!!

[janice shell]

So no mention at all of addressing the shares sold short, and the bogus, backdated FLA corp documents rearranging the share structure.

We may yet hear about that. This is a newly-filed lawsuit. The SEC doesn't normally do that unless the defendant(s) refuse to settle. So I imagine Kirschner plans to duke it out, which is very stupid of him.

[Art2Gecko]

the brokers are too busy "protecting their clients" by restricting trading on any penny stock that starts to move lately.

[janice shell]

lol, the brokerages should get in touch with the SEC attorneys handling the case (I note with interest that John Reed Stark, head of enforcement for penny stocks, is one of them) and try to get some "relief" for their clients.

Fat chance.

[matrix]

Don't know. Perhaps confused MMs or one(s) working w/ Kirschner?

The feds normally don't file all possible charges. Seems like they only pursue what they feel they have enough evidence on to win.

You could always ask Attorney Stark (202-551-4892). He probably won't give out any info but at least will know investors are watching.

[Art2Gecko]

GVRP – the saga begins.

http://www.investorshub.com/boards/read_msg.asp?message_id=6368562
Posted by: SSP
In reply to: None

Date:5/17/2005 9:38:02 AM
Post # of 85343

[Art2Gecko]

If I recall this started trading post R/S on May 17th last year. If not Kirschner, then who was selling from Tuesday the 17th through Friday the 20th?

[matrix]

Backdating docs and rearranging share structure falls under state law. Florida seems to move as fast as the feds.

[Art2Gecko]

So the complaint says Kirschner sold his shares on Friday minutes before the market closed.. uh.... then who the F sold the shares that traded all week leading up to that?!?


16. With the knowledge that the shares had been issued prematurely, and just prior to 4:00 p.m. on May 20-the time at which the official dividend was to occur-Kirschner sold 19,500 of these post-dividend shares to unwitting market participants at prices ranging from $5.50 to $7.95 per share. These prevailing market prices were based upon the market's assumption that the dividend had not yet been issued.

[Mike2112]

small details Art..LOL

[matrix]

Not necessarily. If the SEC collects at least $1 in civil penalities, then the entire amount collected ($55K + $109.4K) will be distributed to all defrauded investors. It may take several years though to see a check should they fight this out in court. If your entire loss is not covered (chances are high it probably won't), you could take this case's evidence and sue the jokers yourself.

[jobynimble]

I'll make a call when I get a chance...

[Art2Gecko]

So no mention at all of addressing the shares sold short, and the bogus, backdated FLA corp documents rearranging the share structure.

[Jim Bishop]

I'd love to see that.

[Art2Gecko]

How about "Hard Time" then, for the MOFO.

[Jim Bishop]

Ya now watch him claim hardship and not even pay that.

[Art2Gecko]

yeah, now what about the management here, and the bogus share restructuring, and transferring assets to bidville?

[Art2Gecko]

oh, ok, not familiar with him

[Mike2112]

Seems to me 55k in civil penalities means we are screwed..

[Susie924]

Now THAT I can do!!!

[Jim Bishop]

LOL yes, in your neck of the woods that would be appropriate.

[jobynimble]

Well, at least you know they didn't get away with anything, let's see what happens from here...

[Jim Bishop]

LBJinAruba, very notorious RB "basher" from years past..not sure what name he's using now, kinda lost track. He was VERY good with solid info.

[EvilTweety]

VOODOO CANDLES !!!!!!!!!!!!!!!!!!!!!!

[EvilTweety]

poster whose alias had aruba in it

[Jim Bishop]

Don't pray Susie. Make an offering to the stock gods....perhaps burn some worthless certs.

[Art2Gecko]

LBJ?

[Susie924]

The last time I prayed, the person died.

I don't think you want me praying!!

[Jim Bishop]

Good question, no idea Art.

Hey Arrrrrrrrrrrruuuuuba. Have fun, say Hi to LBJ if he's back there now....LOL

[Art2Gecko]

Yes, what happens to the shares now?

[Jim Bishop]

Our only hope is the last line here"...LOL start praying.

PRAYER FOR RELIEF

WHEREFORE, Plaintiff the Securities and Exchange Commission, respectfully requests that this Court enter a judgment:

(1)
permanently enjoining Peter D. Kirschner from violating Section 10(b) of the Exchange Act and Rule lob-5 thereunder, and Sections 5(a), 5(c) and 17(a) and of the Securities Act, directing him to disgorge $109,400 in ill-gotten gains plus prejudgment interest, and ordering him to pay a $55,000 civil money penalty pursuant to Section 20(d) of the Securities Act and Section 21 (d)(3) of the Exchange Act; and

(2)
permanently enjoining Media Magic, Inc., formerly GLUV Corp., from violating Sections 5(a) and 5(c) of the Securities Act, and ordering it to pay a $55,000 civil money penalty pursuant to Section 20(d) of the Securities Act; and

(3) granting such other relief as the Court deems just and appropriate.

http://www.sec.gov/litigation/complaints/2006/comp19795.pdf

[Susie924]

Wow.....the SEC was still working on it.