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no word from management, yet. More than disappointed!
Not sure about the legitimacy of that text in the context of GENG, though. If you google the headline, the same text pops up for a number of other stocks on their respective businessweek sites. Looks to me as if this is a standard text template that businessweek issues whenever a stock is suspended. That would also explain how it can be dated 4th April, the day of the suspension.
If this is the case, management should be even more interested to release an official update report!
no it doesnt, could be 120 days maybe a year for this to trade again!
SEC Orders Hearing On Registration Suspension Or Revocation Against Global Energy Group
04/4/2011
In conjunction with April 4, 2011 trading suspension, the Securities and Exchange Commission (SEC) also instituted public administrative proceeding to determine whether to revoke or suspend for a period not exceeding twelve months the registration of each class of the securities of Global Energy Group, Inc. for failure to make required periodic filings with the Commission. In this Order, the Division of Enforcement (Division) alleges that the Company is delinquent in its required periodic filings with the Commission. In this proceeding, instituted pursuant to Exchange Act Section 12(j), a hearing will be scheduled before an Administrative Law Judge. At the hearing, the judge will hear evidence from the Division and the Company to determine whether the allegations of the Division contained in the Order, which the Division alleges constitute failures to comply with Exchange Act Section 13(a) and Rules 13a-1 and 13a-13 there under, are true. The judge in the proceeding will then determine whether the registrations pursuant to Exchange Act Section 12 of each class of the securities of the Company should be revoked or suspended for a period not exceeding twelve months. The Commission ordered that the Administrative Law Judge in this proceeding issue an initial decision not later than 120 days from the date of service of the order instituting proceeding.
http://investing.businessweek.com/research/stocks/snapshot/snapshot.asp?ticker=GENG:US
Haven't seen this so far despite the fact that it is dated 4th April already. Doesn't sound very encouraging. Need company to speak up!
Hope we will get an update soon!
i am with ya lets keep in touch regardless, my email address is lipppaul@yahoo.com
Very interesting. Yet, the difference being that SPQS did not turn current before losing its yield status. The new filings were issued after the tier change to caveat emptor.
In the case of GENG, investors were arguably mislead. If unresolved issues are still present, GENG should not have become pink current in the first place. So, I hope management takes action and a) will look for legal help elsewhere and b) will check all liability claims.
Go look at another company the atty represents - SPQS (sportsQuest inc). If you look at the pinksheet info page.
Reporting Status U.S. Registered & Reporting: SEC Filer
http://www.otcmarkets.com/stock/SPQS/company-info
His letter on April 7, 2011
Apr 07, 2011 Attorney Letter with Respect to Current Information
The Company is not a reporting issuer under the Securities Exchange Act of 1934
("Exchange Act'') and, therefore, does not file periodic reports with the SEC.
http://www.otcmarkets.com/otciq/ajax/showFinancialReportById.pdf?id=47550
There was never a form 15 filed....
Agree with you. But i think we have not another choice as wait to read some news.
MS
This is a rollercoaster ride even before we know what the new GENG is all about lol
Natural:
Give the Management some time to resolve the situation with their Attorney. After i checked some Information on OTC Website about GENG i have full confidence that they we will be traded again on 15th.
MS
I looked up the other companies on that list, but GENG stands out from the rest. Those other firms did not file anything in the last 10+ years whereas GENG filed a number of documents and past financials to regain transparency. Quite a mess to be in grey market. Get some word out, management! What are our chances to correct the situation?
this is showing as news on scottrade today. Global Energy Group Inc GENG:Pink OTC Markets Inc. TRADE.Last Change / % Change Dividend Yield Volume S&P Ranking
0.0290 0.00 0.00% 0.00% 0
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Education help is ON.
Market data is in Real-time....SummaryNewsChartsOptionsFundamentalsInsidersEarningsFinancialsSEC Filings..« Stock News Overview : Article.In the Matter of Circuit Systems, Inc., Global Energy Group, Inc., Integrated Medical Resources, Inc., iNTELEFILM Corp., and Lot$off Corp.; Order of Suspension of Trading
22 hours 2 minutes ago - FGI via Comtex
FIND Government Press ReleasesApril 4, 2011.
It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of Circuit Systems, Inc. because it has not filed any periodic reports since the period ended January 31, 2000.
It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of Global Energy Group, Inc. because it has not filed any periodic reports since the period ended September 30, 2006.
It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of Integrated Medical Resources, Inc. because it has not filed any periodic reports since the period ended September 30, 1998.
It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of iNTELEFILM Corp. because it has not filed any periodic reports since the period ended March 31, 2002.
It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of Lot$off Corp. because it has not filed any periodic reports since the period ended October 30, 1998.
The Commission is of the opinion that the public interest and the protection of investors require a suspension of trading in the securities of the above-listed companies. Therefore, it is ordered, pursuant to Section 12(k) of the Securities Exchange Act of 1934, that trading in the securities of the above-listed companies is suspended for the period from 9:30 a.m. EDT on April 4, 2011, through 11:59 p.m. EDT on April 15, 2011.
By the Commission.
Jill M. Peterson,
Assistant Secretary.
Citation: "76 FR 19174"
Document Number: "File No. 500-1"
Federal Register Page Number: "19174"
"Notices"
Hope for a clarifying PR tomorrow, including information on how to correct the situation...glta
In order to avail itself of the suspension provided by Rule 12h-3, the issuer must also file a certification of termination on Form 15. If the certification of termination on Form 15 is subsequently withdrawn or denied, the company must file all reports that would have been required if the Form 15 had not been filed.6 Similarly, if in the future the issuer no longer satisfies the requirements under which it was able to cease reporting under Section 15(d), the suspension ends and the reporting obligation returns without any action by the issuer.7
They did exactly what was required. Form 15 did not get denied, so I do not see the need to file past filings from 2007-2010.
Inside Guy:
I contact the office today and was told that a PR is on way to explain actually situation but need to be backed by their Attorney.
MS
we should find a way to contact the company pinks has an old number any help?
I encourage everyone to use the link at the bottom and read all of it!
II. The Operation of Section 15(d) and Rule 12h-3
When an issuer's registration statement under the Securities Act of 1933 becomes effective, Section 15(d) requires the issuer to file the reports required by Section 13(a) of the Exchange Act with respect to each class of securities covered by the registration statement. As the Commission has explained, the purpose of periodic reporting under Section 15(d) is "to assure a stream of current information about an issuer for the benefit of purchasers in the registered offering, and for the public, in situations where Section 13 of the Exchange Act would not otherwise apply."2 The issuer must continue to file these reports until the Section 15(d) reporting obligation for each class of securities is suspended.
The Section 15(d) reporting obligation is suspended while a class of securities is registered under Section 12 of the Exchange Act. In addition, there are two other ways in which a Section 15(d) reporting obligation may be suspended. First, Section 15(d) provides for an automatic statutory suspension of this reporting obligation if, on the first day of any fiscal year other than the fiscal year in which a Securities Act registration statement became effective, there are fewer than 300 record holders of the class of securities offered under the Securities Act registration statement. Second, an issuer may seek to avail itself of the suspension provided by Rule 12h-3 at any time during the issuer's fiscal year if it meets the conditions of the rule.
In order to rely on Rule 12h-3, the issuer:
must be current in its Exchange Act reporting obligations;3
must have (1) fewer than 300 record holders of the class of securities offered under the Securities Act registration statement; or (2) fewer than 500 record holders and its assets must not have exceeded $10 million on the last day of each of the issuer's three most recent fiscal years;4 and
must not have had a Securities Act registration statement relating to that class of securities become effective in the fiscal year for which the issuer seeks to suspend reporting, or have had a registration statement that was required to be updated by Section 10(a)(3) of the Securities Act during the fiscal year for which the issuer seeks to suspend reporting, and, if the issuer is relying on the fewer than 500 record holder and $10 million in assets threshold noted above, during the two preceding fiscal years.
It is this last requirement, contained in Rule 12h-3(c), that has prompted issuers to seek no-action relief from the staff.5
In order to avail itself of the suspension provided by Rule 12h-3, the issuer must also file a certification of termination on Form 15. If the certification of termination on Form 15 is subsequently withdrawn or denied, the company must file all reports that would have been required if the Form 15 had not been filed.6 Similarly, if in the future the issuer no longer satisfies the requirements under which it was able to cease reporting under Section 15(d), the suspension ends and the reporting obligation returns without any action by the issuer.7
III. Two Common Situations That Give Rise to Favorable No-Action Responses Under Rule 12h-3
In the following two situations, the Division has repeatedly expressed the view that Rule 12h-3(c) does not preclude an issuer from filing a Form 15 to suspend its Section 15(d) reporting obligation with respect to a class of securities, even though a Securities Act registration statement relating to that class became effective or was required to be updated by Section 10(a)(3) during the time period specified in Rule 12h-3(c).
Abandoned Initial Public Offering: An issuer with no Exchange Act reporting obligations has a Securities Act registration statement become effective, but does not sell any securities pursuant to the registration statement. The issuer files an application to withdraw the registration statement pursuant to Securities Act Rule 477, and the staff consents to the withdrawal.8
Acquired Issuer: An issuer has been acquired by another entity, resulting in the class or classes of securities for which the issuer has a Section 15(d) reporting obligation being either: (1) extinguished; or (2) held or assumed by only one recordholder, the acquiring entity.9
http://www.sec.gov/interps/legal/cfslb18.htm
past 2 days sec suspendet over 23 comp.. I dont get it either
something is up in pennyland
Can someone explain why the stock was not suspended in 2007, 2008, 2009 or 2010 if missing past filings are the issue here?
im just as blown away as u are. i hope they r preparing the pr n filings.
What I do not understand about this situation is that more than one safeguarding measures can fail concurrently.
Even if management was unaware or ignorant about past filings, how is it possible that current information status can be obtained if material information are missing or inaccurate? How can an opinion letter from a registered securities lawyer not voice concern, but certify good standings?
Right. It's very costly to do. Almost all stocks suspended for lack of reports get revoked. I hope the company really has more than $2000.
OK, but there was no active business during the years in question. Shouldn't be too hard to audit.
Because they were a reporting company up until they filed a 15-12G on Feb 28, 2011.
No those don't count. Those statements aren't audited. Annual reports have to undergo an audit quarterly reports do not.
the 2009 and 2010 are filed
For the remaining filings, I am not sure. Why would they have to fully comply with SEC regulations in retrospect when they are a non-reporting company. suspension should have happened in 2006 or 2007 under old management. Current management took over ownership in 2010.
It's going to get revoked unless the company files the periodic reports for 2006,2007,2008,2009,& 2010. I believe 12 quarterly 10Q's and 5 audited 10K's are currently due. That is impossible to complete in 2 weeks. The 15-12G is irrelevant because it was filed 4 years too late.
I would think your right and that they are hard at it they worked hard to get it to Current a great achievement in its self
I would think we will see news from the new management saying what they are doing to get things straight
Hopefully the company puts news out regarding the hault
Agreed and i am 100% sure that Management is working to solve this problem soonest.
I think this situation comes just as a surprise to management as it comes to us shareholders. Company put in great effort to achieve pink current information status over the last few weeks. Still have my benefit of doubt to correct this situation. Nonetheless, annoying!
Good info to know , NBI . Clearly I should have checked the OTC site .
Global Energy should contact the SEC right away .
I was going off of I-HUB's news releases and I didn't check OTC Markets . No offence intended .
I have no agenda .
The SEC does have an agenda .
Toodles .
http://www.otcmarkets.com/stock/GENG/financials
http://www.otcmarkets.com/stock/GENG/news
TORRANCE, Calif., Feb 22, 2011 (GlobeNewswire via COMTEX) -- Global Energy Group, Inc. (Pink Sheets:GENG) announces today that it has filed necessary information to OTC Markets to effect Limited Information Reporting Tier for the publicly traded company. Global Energy Group, Inc. is currently under negotiations for new ownership as a holdings company with a business model focused on alternative and renewable energy development, production and distribution.
OTC Markets has implemented a strict information reporting system for non-reporting companies and rates them in accordance to transparency elements from Caveat Emptor to Current Information for OTC/pinksheet companies (http://www.otcmarkets.com/otcguide/investors_market_tiers.jsp), the Current Info tier being the highest with requirements including Initial Disclosure and Information statements, current share structure, current financials and an attorney letter verifying financial information submitted.
OTC Markets Inc is a privately owned company based in New York that provides a suite of products and services for the U.S. OTC securities market. The company operates electronic quotations, trading, messaging, and information platforms.
The company expects the new Tier status to effect in the next 1-2 days and company execs state that "this is the first step toward Current Information the company is making for overall collective benefit. We plan to make announcements regarding the overall business model toward acquisitions, revenue streams and overall business outlay in the coming days."
Safe Harbor: This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approvals for anticipated actions.
Global Energy Group, Inc CONTACT:
THE NUEMARK GROUP, LLC
Telephone: 503-512-9446
Facsimile 503-512-8556
Email: GENG@NuemarkGroup.com
the last pr was feb. 22th 2011, now i see yur agenda im done talking to u. good luck with yur endeavors.
Feb 22, 2011 Global Energy Group, Inc. Files Increased Transparency to OTC Markets Toward New Corporate Agenda
from otcmarkets.com
Are there any particular reasons you feel the company will comply ?
The company's last news release was June 14 , 2006 , nearly 5 years ago , and on Feb 28th , 2011 the company filed a Termination of Registration of a Class of Security under Section 12(g) (15-12G)
http://ih.advfn.com/p.php?pid=news&symbol=GENG
ok renee we will see how it plays out however, i highly doubt with the recent activity that the company doesnt immediately comply. you would have too agree with me there.
Although OTC Pink Sheet stocks are not required to File Fins to EDGAR they are still required to periodically file unaudited Fins to the accepted venue of OTC Pink Sheets .
The SEC regulates ALL Securities , even those that do not file to the SEC via EDGAR .
Inside Guy : The SEC can only suspend for ten trading days unless there is a new reason to extend or renew a suspension .
This is a very BIG deal for GENG and the company had better file their delinquent Fins to OTC Pink Sheets or the SEC WILL litigate to revoke their registration . Twust me on this .
Concerned shareholders should contact the company to persuade them to file Fins ASAP .
So why is that happening to a non-reporting company? I thought they don't have SEC obligations in the first place?
NBI : If GENG does not file Fins the next step will be the SEC litigating to revoke GENG's registration .
After the Suspension GENG will go to the unsolicited Gray Sheets until the SEC escalates their demand for GENG to file Fins .
Excerpt : *** red hi-lites mine
Brokers and dealers should be alert to the fact that, pursuant to Exchange Act Rule 15c2-11, at the termination of the trading suspensions, no quotation may be entered relating to the securities of the subject companies unless and until the broker or dealer has strictly complied with all of the provisions of the rule.
well keep in mind it states it is in fact an 11 day suspension (temporary) if it was a big issue there would not have been a date in which it is scheduled to resume trading already. I have seen alot worse look at MWI$ its under investigation n will probably take forever to resume trading. I think we are fine n this should spark a pr from the company.
That's my interpretation as well. To my know there wasn't any active business during the years in question. So, doesn't sound like a big issue, unless there are some problems of obtaining details from past owners. Just the timing of this is extremely cumbersome!
yeah i read that ,doesnt sound like a big deal the suspension is listed as temporary till april 15th 2011. just need some filings.
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Global Energy Group, Inc. is a holdings company with a focus in renewable and alternative energies and solutions. We are an OTC publicly traded company (GENG) with wholly-owned subsidiaries and ventures focused in green energy projects worldwide with a mission toward cost-efficiency, economic development and minimizing overall carbon outlay for a clean, green and industrious planet.
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