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Guess this is no longer
GACFQ made the Daily List yesterday:
12/05/2011 13:01:38|D||GACFQ||Global Aircraft Solutions, Inc. Common Stock|12/05/2011|12(j) Registration Revoked by SEC|||u|Y|100|Y
With the speed in which the SEC shut down trading in GACFQ I think the SEC should pursue the fraudster(s).
Next I'd like to see someone indicted for that false PACER document.
GACFQ Revoked:
http://www.sec.gov/litigation/admin/2011/34-65881.pdf
No, I'm not sure what post you're referring to. Basically, though, most revoked stocks just go away, and the company goes away too.
Was it you that posted a very nicely done explanation about what happens to a shareholder of a revoked stock, or de-listed company, etc. As the poster said no big deal they still owned shares in the private company... if not, do you recall a post like that... I don't have search so I've been looking a post at a time....
thanks ...
Very likely its registration will be revoked soon, and it'll go away forever.
Gee, I am going to miss it...Will it visit once in awile, hopefuly with the poster that forged the Federal Judges document.
No, it does not appear that anyone is "working behind the scenes".
Very likely its registration will be revoked soon, and it'll go away forever.
What no?
although OTCMarkets still has it labeled Caveat Emptor. Wonder how soon they'll change it.
They won't.
That merely means the suspension is over. Now it can trade on the Greys till its registration is revoked, if anyone wants to do that.
I would leave the Skull and Crossbones up, Global Aircraft Solutions doesn't really exist.
http://nvsos.gov/sosentitysearch/CorpDetails.aspx?lx8nvq=MceM3slP3hmIFO6GDTGKfQ%253d%253d&nt7=0
Revoked, Registered Agent resigned.....
Does reinstatement mean that somebody is still working on this behind the scenes?
Nice...although OTCMarkets still has it labeled Caveat Emptor. Wonder how soon they'll change it.
That's what it says:
12K SEC REINSTATEMENT
378964100
GACFQ
GLOBAL AIRCRAFT SOLUTIONS INC
11/10/2011
There really isn't one.
What possible excuse could a company use after not filing for 5 or 6+ years?
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The faster the better. Hardly any try to fight it.
The faster the better. Hardly any try to fight it.
IMO the company and Trustee want the stock revoked since they liquidated ALL assets.
~!~ So they can start the crap all over again....!
Going by late last years suspensions of non filers, it looks like under a month is the new norm.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=68470142
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Thanks Renee, looks like the earliest for revocation to occure is 130 days
No, that's the latest possible date.
IT IS FURTHER ORDERED that the Administrative Law Judge shall issue an initial decision no later than 120 days from the date of service of this Order...
In the past, they usually took the full four+ months, but lately some tickers disappear in six weeks to two months.
The sooner ................ :) Thanks for pointing my mistake out again LOL
click me click me I will stay after school and write looks like the latest for revocation to occur is 130 days
looks like the latest for revocation to occur is 130 days
looks like the latest for revocation to occur is 130 days
looks like the latest for revocation to occur is 130 days
looks like the latest for revocation to occur is 130 days
looks like the latest for revocation to occur is 130 days
looks like the latest for revocation to occur is 130 days
looks like the latest for revocation to occur is 130 days
looks like the latest for revocation to occur is 130 days
looks like the latest for revocation to occur is 130 days
looks like the latest for revocation to occur is 130 days
looks like the latest for revocation to occur is 130 days
looks like the latest for revocation to occur is 130 days
looks like the latest for revocation to occur is 130 days
looks like the latest for revocation to occur is 130 days
looks like the latest for revocation to occur is 130 days
looks like the latest for revocation to occur is 130 days
looks like the latest for revocation to occur is 130 days
looks like the latest for revocation to occur is 130 days
looks like the latest for revocation to occur is 130 days
looks like the latest for revocation to occur is 130 days
Thanks Renee, looks like the earliest for revocation to occure is 130 days
No, that's the latest possible date.
IT IS FURTHER ORDERED that the Administrative Law Judge shall issue an initial decision no later than 120 days from the date of service of this Order...
In the past, they usually took the full four+ months, but lately some tickers disappear in six weeks to two months.
(You also saw this kind of crude regard for company formation rates being expressed in the recent microcap fraud roundtable session.)
Yes. Oddly, only the DTCC people seemed to realize just how nasty these companies are. Cromwell Coulson seems like a nice guy, but when people think "OTCMarkets" or "Pinks", they are not thinking about ADRs or regional banks.
Obviously it should be the other way around - eg if you fail to file for however many quarters, a computer automatically sends you a revocation notice; you can request a hearing if you want within 21 days or whatever, but if you don't then your stock goes phhht, automatically.
I agree. They really ought simply to take out all of the delinquent filers at one whack. It's not exactly rocket science: either you've made the required filings, or you haven't. It could be something like FINRA's removal of 51,000 dead tickers a couple of years ago.
And it should be extended to exchange-listed stocks. If you're on the NYSE or Nasdaq and miss a K, they'll give you 18 months or more to get it in.
I think they should be held to a higher standard.
That was the first 386 "end run" where there were 2 GM stocks trading at the same time. The old gutted (assets sold out of)GM and the new GM stock selling at the same time. These "orphan stocks" are misused all the time, just like 'Global Aircraft Solutions (GACFQ)' was. They are either touted as being one and the same or as a reverse merger is imminent. Which never happens.
check out the stickies on the Old GM board
http://investorshub.advfn.com/boards/board.aspx?board_id=6122
The SEC Roundtable alluded to suspending some BK stocks that appear to be targets of illegal stock manipulation. They mentioned General Motors stock that had been manipulated.
The sooner the better! I think I read or heard somewhere that the SEC is considering suspending all trading of companies in BK. That would end a lot of "mischief", putting it kindly :)
Jed ( )...130 days is the outside time frame. I have observed SEC filings for revocation within a few days after the Suspension expires on other Suspended stocks that also had ADMIN Proceedings and Orders to respond within ten days. The timing to co-incide with the end of the Suspension is not co-incidental in most instances.
I have a hunch the Trustee and former company executives want the stock revoked ASAP since the stock is now an empty shell.
Thanks Renee, looks like the earliest for revocation to occure is 130 days
IT IS HEREBY FURTHER ORDERED that Respondents shall file an Answer to the allegations contained in this Order within ten (10) days after service of this Order, as provided by Rule 220(b) of the Commission’s Rules of Practice [17 C.F.R. § 201.220(b)].
If Respondents fail to file the directed Answers, or fail to appear at a hearing after being duly notified, the Respondents, and any successor under Exchange Act Rules 12b-2 or 12g-3, and any new corporate names of any Respondents, may be deemed in default and the proceedings may be determined against it upon consideration of this Order, the allegations of which may be deemed to be true as provided by Rules 155(a), 220(f), 221(f), and 310 of the Commission’s Rules of Practice [17 C.F.R. §§ 201.155(a), 201.220(f), 201.221(f), and 201.310].
This Order shall be served forthwith upon Respondents personally or by certified, registered, or Express Mail, or by other means permitted by the Commission Rules of Practice.
IT IS FURTHER ORDERED that the Administrative Law Judge shall issue an initial decision no later than 120 days from the date of service of this Order, pursuant
I guess the need for an admin hearing is a big bottleneck - lots of overhead involved.
Obviously it should be the other way around - eg if you fail to file for however many quarters, a computer automatically sends you a revocation notice; you can request a hearing if you want within 21 days or whatever, but if you don't then your stock goes phhht, automatically.
But you just know that anything like that would draw howls from the wide range of people - not all self-interested - concerned about rate of company formation and believing it is crucial for economic development.
This belief in rate of company formation is very widespread and embedded amongst those who are vocal on development issues - without real regard for all the evidence supporting the commonsense intuition that it's the rate of *good* company formation that matters, or for the very large proportion of scams amongst new companies in many regions.
(You also saw this kind of crude regard for company formation rates being expressed in the recent microcap fraud roundtable session.)
As an example: The Milken Institute publishes an interesting annual set of indices ranking US states on various innovation measures: http://www.milkeninstitute.org/publications/publications.taf?cat=ResRep&function=detail&ID=38801259
Nevada ranks a lowly 43 on the combined index and down around there on most of the many sub-indices. But one of the sub-indices is rate of business formation per 100,000 population - included because people in this kind of area always look at it as one of the key stats. And for this, Nevada is at 19th place - no doubt bolstered by the large number of scams which are starting up there all the time.
Most of the sub-indices correlate strongly with state median household incomes. More innovation stuff tends to mean richer people (and/or vice evrsa, of course). The business formation sub-index doesn't correlate with MHI at all. It's meaningless, because it includes lots & lots of scams.
Usually, that seems to be the guideline...
b]"recurring and egregious
violations."Thought I knew how to understand the English language. Wonder what time frame they consider that statement...5 years 10 years? Absurd.
I don't know why they don't just clean 'em all up at once. Wouldn't be difficult.
According to this regulation they can go for admin after missing a filing Didn't know this however:
Violation of the Exchange Act; SEC Enforcement
The failure to file a required SEC report on time constitutes a violation of Section 13(a) of the
Exchange Act and the SEC could institute an administrative proceeding against the late filer,
among other things, seeking revocation of the company’s registration under the Exchange Act.
These proceedings by the SEC are uncommon and are typically aimed at recurring and egregious
violations.
A company has to have failed to file for a certain number of quarters--I forget how many--before the SEC can move to revoke.
wonder why our other favorite hasn't been revoked. Haven't an adim order for that one. SAE*