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Nice price move today...
law thang must have been BS
FM
Kind of entertaining though. She stood her ground and all eventually apologized. lol
Yes MBHC has a shady past but new mgmt IMO is first rate.(Time will tell on that one) Since I don't have much in the pennies, I can ride out both of mine.
Hopefully the new SEC regs on the OTC will clean up most of the scams. AHHHH the risks we take.
Yes, symbol changed from MBHC. There was an article in a Pittsburgh newspaper on Friday about the lawsuit that someone posted on RB. New poster that got very attacked for it!
You know what....
Is NICM..did it used to be MBHC on the OTC?
I remember long ago an email somebody sent me..I was researching MBHC..and someone sent me a whole profile about how this criminal was linked to MBHC....and issuing tons of shares....you know what I would do? I would research the company and see if this guy on RB is rewording and re-surfacing an old law suit..>Wouldn't surprise me.
I think that was the ticker. I am pretty sure..
Let me know if I am getting old and my memory is fading..Wish I had the email..but that was like 9-10 months ago...
FM
Thanks Matt..of course, the RB bashers had fun with it!
I typically use this site to find everything law related..
http://www.brbpub.com/pubrecsites.asp
I'm not sure what part of PA this company is in, so it does me no good to reserach...
About 6 months ago, I got sick of researching penny stocks, and is part of what led to this site...I just found too much..umm..crap! in them...way too many scams, fraud...
But, in relevance to your issue, the Lawsuit (if in fact real), should have no relation to the company...plus, it shouldn't cause any kind of panic, because it probably won't hit the wires...
FM
Congrats!!!!! I hope relisting comes without a hitch. With the merger of Oxford coming up, this shouldn't be trading at these levels for much longer. A lot of people did lose confidence here with some missed deadlines so filing withen the time frame they specified should be the first step in regaining some of that confidence!!!!!
Thanks, I did just a little digging and couldn't find anything. I even went to the Tribunes website (the source) and couldn't find any articles. I don't put a lot of weight on BB posts that I can't verify but one of the posters (bruceski) found on RB and Silicon Investor, has been one of the biggest supporters of this stock from day one so there could be something there. Let me know if you find anything.
Alaman
Hi Alaman - Timing... I had a large order in at 1/8 Friday morning and got a nice partial fill before the announcement about the refiling. Nice to see the stock bounce on that announcement (obviously a lot of people didn't believe the company would refile). I pulled the order and put the remaining money elsewhere.
Now to just wait for relisting :)
YOU should be able to do a search for it on the public records site for the state...
or it should appear within days, in the SEC filings for NICM...
I'll see if I can dig anything.
FM
It was in a local paper (PA Tribune Review) on Friday. I havent found it anywhere else and don't live in PA so all that is copied and pasted from another board. (Take it with a grain of salt) but two seperate people (including one who is a huge supportor of this stock) posted the article. Again, suit targets former management not those in power now.
I hope the company will release a PR to explain exactly what the ramifications will be to them. Hopefully none or very little.
When was this lawsuit brought to the table?
FM
Well finally!!!!! NICM filed and withen the time they said they would. Now if we can just get the approval from the SEC!!!! Of coarse now we are looking at a law suit. This, however is directed at previous management and not current so it'll be interesting to see how that effects the shareprice. Heres the article retyped:
REGULATORS SUE MORTAGE BANKING FIRM, (UNREGISTERED SECUTIES, MISAPPROPRIATION OF FUNDS ALLEGED IN FEDERAL FILING) by Thomas Olson "Tribune Review" "Federal regulators sued a Pittsburgh-area mortgage banking firm and five of its principals, includinga Crafton attorney, for allegedly selling $2.3 million in unregisted securities to about 250 local investors and pocketing more than a half-million dollars themselves. The complaint names Washington, Pa based National Institute Companies of America, or NICA, which until March 199 was known as Mortgage Bankers Holding Corp. based in Carnegie. It acquired NICA in 1998. Many of the investors in money-losing Morgage Bankers were "relatively unsophisticataed, had little or no investment experience and were elderly, retired and of limited means," according to the complaint. The lawsuit was filed in US District Court for Western Pennsylvania on Thursday by the U.S. Securities and Exchange Commission. The action also names the following figures and their alleged misappropriation from securities proceeds: *Former Chairman Raymond Sobierlaski of Clairton ($198,000);Attorney John D'Onofrio of Crafton, a former director and president of a subsidiary ($287,000, including $115,000 to buy a lakefront vacation home); Robert Walters of Jeannette ($105,000);Dennis Oslosky of Delmont ($38,875); Jason Riley of Pittsburgh ($23,000) All but Riley also were accused of acting as unregistered broker-dealers. The other four made numerous misrepresentations when selling Mortage Bankers securities, the lawsuit claims. They allegedly told investors the company would tripe in value in a year and that it was "safer than the average investment," the complaint said. Mortgage Bankers actually had a "negataive net worth and was losing increasinly larger amounts of money," said the agency's complaint. Yesterday's SEC lawsuit mirrors one filed in October 1998 against Sobieralski by former officers including D'Onofrio. Sobieralski and the other four defendants in the SEC lawsuit could not be reached yesterday. Telephone messages left at NICA's office were not answered. When queried by the Tribune-Review about the 1998 complaint, Sobieralski at the time responded. "There's no money missing. There's no money in my pocket." He also claimed company shares had been properly registered prior to their sale. In one instance D'Onofrio incorporated a company listing more than $500,000 in fictitious assets that he sold to Mortgage Bankers, the SEC claims. The five defendants raised the$l.5 million in subordinated debt, assuring investors the notes were "insured, like a bank," the lawsuit said. In addition, D'Onofrio allegedly prepared the offering prospectus containing an independent auditor's report by someone who was not a certified public accountant and was unqualified to perform and audit, according to the complaint. When some investors who bought Mortgage Bankers stock at $2 complained as shares slid to less than 50 cents, the company refused to pay them any cash. Instead, the lawsuite says, the defendants offered the investors more shares and a chance to examine company books - but then never opened and financial records. The remainder of the $2.3 million raised from illegal securities sales, the SEC complaint alleges, went toward operating expenses to keep Mortgage Bankers afloat. The commission seeks a court injunction forcing the five individuals to return the gains and enjoining a publicly traded company, along with civil penalties." I retyped this directly from the newpaper sorry for typos.
That was copied from the "other board" so active on this stock
Told myself I had enough of this one but I may reconsider and buy more at this level.
Decisions decisions
More today (first pink day) at 1/8. Surprised to get them, guessing bottom is close.
Bought 10,000 shares at .135 this morning. Maybe more later..
so I've heard. That got me on EGRO last week. Not on pinks but the spread is ridiculous.
I haven't added, expect I'll do so if shares can be had for 1/8 or so. Small window here, in that spread will widen on pinks. So, even though bid may drop, ask would be higher!
Steve
I hope so or there is going to be a lot more confidence lost in management than there has been so far. From what I understand, the problem was not with the filing itself but with the auditors comments, the format they used. I don't know what that means and it's from another poster but if true then refiling should be withen the 7-10 day period the last PR stated.
Did you add to your position? Mentioned you might just before pinks. I'm not sure if I will or not. Suppose I will if the price drops much further except if the co. releases a statement that they refiled (they will still go to the pinks) there would likely be a pop in the price.
Fun game isn't it?
alaman
Check out this mgmt team
It's hard to believe men of this caliber will allow NICM to stay on the pinks or even the otc for very long.
Each of the nominees for the board will receive 250,000 shares once elected. Think they would settle for a .14 stock price?
Dennis Rushovich - CEO Dennis C. Rushovich was a founder, and formerly the chief operating officer and chief financial officer, of Independent Financial Marketing Group, the second largest U.S. third-party marketers of annuities and mutual funds to consumers, banks and financial institutions. Founded in 1989, Independent Financial grew to $2.4 billion in revenues before it was sold to Liberty Financial Companies in 1996. Mr. Rushovich's past experience also includes serving as chief financial officer of the marketing division of Sage Holdings, a large South African mutual fund and insurance group.
Kevin Maloney- President Kevin P. Maloney comes to MBHC from Asset Protection Trust Company, one of the first companies in the U.S. to market foreign situs trusts. Mr. Maloney has also served as an investment banker for a number of financial organizations, including Spencer Trask Securities, Inc., Balis and Zorn Securities, Inc. and Nutmeg Securities. Mr. Maloney also led successful merchant banking business ventures in Europe and the Middle East.
Board Nominees to be appointed when Audited Financials are complete:
Royce N. Flippin, Jr., the board nominee who is also nominated to be Chairman, is President of Flippin Associates: A consulting firm that focuseson the development of resources, programs, new markets and human resource management for career planning, communication and leadership skills. He is also a network partner of The Sullivan Group, a division of Smith Barney. A Princeton graduate with a Harvard MBA, Flippin was a Professor and Director of Athletics at Massachusetts Institute of Technology from 1980 to 1992, andcurrently serves as Director of Program Advancement at MIT, providing consulting services to the MIT Office of Individual Giving --Resource Development. Mr. Flippin is a trustee or board member of numerous organizations, including Ariel Capital Management Mutual Funds (since 1986), Educational Video Conferencing, Radkowsky Thorium Power Corp., Kinematic, Inc., Newark Boys Chorus, Asphalt Green Aqua Center and the Princeton Club of New York City.
Stephen H. Hamrick is Chairman of Carey Financial Corp., a subsidiary of W.P. Carey & Co. He formerly was CEO of Wall Street Investor Services; was a Senior Vice President for PaineWebber, Inc, where he served on the firm's Management Council; and also was National Director of Private Placements for E.F. Hutton & Co. A graduate of Duke University, he is on the board of Orbitex Mutual Funds USA, has served as Chairman of the Securities Industry Association's Direct Investment Committee and as Chairman of the Investment Program Association, and also is a voting member of the Committee on Securities which approves companies to be listed or de-listed on the AMEX.
Christopher D. Illick is a Senior Officer of the New York investment bank Brean Murry & Co. and a General Partner of Illick Brothers, a family real estate and management business. He formerly was a founder and the President of the U.S. subsidiary of Robert Fleming Holdings, Ltd., of London, England. An attorney with a law degree from the University of Virginia, he also formerly was a Director, Chief Administrative Officer and General Counsel of CG America Corp., and has been a member of the boards of numerous corporations, including Aliginis, Intersil, Loehmann's, National Transaction Network, Bio-Technology General, Biomune Systems and The Mercantile & General Reinsurance Company of America.
Hilliard A. Zola is President of Dierman Wortley and Zola, Inc. He previously served as the Co-Managing Partner of Denman & Partners, he founded the International Consulting Group, Ltd., and he was Vice President of Alexander & Alexander. An attorney, he was named by President Ford to serve as Vice President of Insurance of the Overseas Private Investment Corp., and he served as Legal Adviser for the Economic Development Administration of the U.S. Department of Commerce. A former Special Assistant to the U.S. Secretary of Transportation for Policy Development and International Affairs, Mr. Zola has lectured on international events and political risk, including appearances before the International Conference on Construction in the Middle East, which was sponsored by the Financial Times of London; the Ministry of Public Works of Bahrain; the U.S. Chamber of Commerce; and the Fletcher School of Law and Diplomacy. He founded and served as the executive director of the Homebuilders Ad Hoc Policy Group; founded the Friends of Hungary Foundation; and served as counsel to the first post-Communist Ambassador of Hungary, Peter Zwack.
Stephen Bradley - Managing Director of Fortrend International LLC, an investment bank in NY. He is also founder and principal of Salem Partners in NY, a consulting firm for global business development in North America, South Africa, Spain, Austria, Greece, Croatia, Mexico and Brazil. He was Executive VP for Daiwa America Securities. He was managing director for Merril Lynch Capital Markets and the equities division. He was VP at Paine Webber also
Hard to tell where the bottom will be on this one. This is one of 2 otc stocks I'm in. Both have great potential in the long term but both are currently under fire. (EGRO) being the other is also at a great entry point.
Investor confidence is being tested here but hopefully the company will refile withen the next few days as stated in the last PR and the ball will roll once again. I'm glad to see an alternative board to Raging Bull as nonsense has taken over there. I welcome debate and opposing views but posts over there have gotten completely out of hand.
I will post a summary of the management team here shortly for those that stumble on this board to view. If you havent seen it, it's quite impressive.
Welcome Alaman! I've got a relatively small stake in this one (getting smaller by the day), but agree with you it will be back. One of my friends suggested best time to add would be within a few days of delisting.
Having pulled the SEC filing, we are headed for a short term on the pinks. The co. will refile any day now and any time delisted should be short. If you believe in this management team, this presents only a short term setback and a great buying opportunity. The background of the people running this show is just too good to pass up getting in or adding to positions at this price!!!! Do your own DD and good luck.
NICME has filed with the SEC, and is likely to avoid delisting. Recent price (23 cents) is well off of highs.
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