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Pink Sheets scams may give investors nightmares
By Matt Krantz, USA TODAY
Old scams never die. They just get new names and snare fresh victims.
That vicious cycle is powering a renaissance in pump-and-dump schemes on the Pink Sheets, the Wild West of Wall Street that is a breeding ground for penny-stock scams.
Pink Sheets used to literally be pink sheets of paper that brokers used to trade stocks that didn't meet the listing requirements of an exchange, such as the New York Stock Exchange. Now, it's the label for a computerized network that allows investors and brokers to buy and sell stocks without getting near an actual stock exchange.
The scant regulatory oversight that allowed penny-stock scams to rise in the first place is enabling their comeback. And they're surfacing with a vengeance because of technology that makes it easy to reach millions of investors via e-mail and instant messages on cellphones.
Five years of ho-hum returns from legitimate stocks such as Microsoft and General Electric are adding to the conducive atmosphere. People who want high-octane investments are more receptive to these get-rich-quick schemes pitching trendy investments ranging from fitness centers to alternative energy plays such as wind farms and biodiesel.
Last year, the number of companies listed on the Pink Sheets hit a record 4,570, and trading volume hit 820 billion shares — more than quadruple the level the year before, according to PinkSheets.com. This year is on track for another record, with 4,781 companies listed and a dollar volume of $47.4 billion through Nov. 9, on pace to beat last year's $50.7 billion volume.
Not all Pink Sheets-listed stocks are scams. But amid that flood of activity on the Pink Sheets is an increasing number of scamsters trying to lure fresh prey with promising pitches, say securities lawyers and watchdogs. "I've been seeing more of them," says Hartley Bernstein, of StockPatrol.com. "I get a dozen a day."
A typical pump-and-dump scheme involves somebody making falsely optimistic claims (the pump) via a press release or an e-mail about a shell company whose shares trade for a few cents. Unsuspecting investors buy the "penny stock," causing its price to double, triple or more. Then, scamsters sell shares (the dump) at a profit, leaving other investors holding what turns out to be nearly worthless stock.
Regulators shake their heads at the lengths some go to snare victims. "Some of these bad guys rig the Internet. You can rig the Internet to lure investors into a false sense of security," says Cameron Funkhouser, NASD's senior vice president of market regulation. For instance, some create a fake message board where it appears dozens of investors are gushing about a company's hot prospects.
Technological advances might have made the scams more effective, but many wouldn't work if it weren't for the Pink Sheets. Unlike stock exchanges such as the NYSE, the Pink Sheets system is an informal computerized network that allows brokers to trade stocks and compare quotes. When an investor wants to buy a stock on the Pink Sheets, they contact a broker, who can use a computer to see what the stock is trading for, then contact another broker who facilitates buying and selling in that stock.
Stocks on the Pink Sheets system fall between the cracks of regulation. The NASD regulates brokers, not the stocks they trade. The Securities and Exchange Commission, with few exceptions, regulates only companies with more than $10 million in assets and more than 500 shareholders. Virtually no stocks traded on the Pink Sheets clear that bar.
"As a practical matter, smaller companies tend to fall below the SEC's radar and state regulators'," says John Coffee, securities law professor at Columbia University. "They're too small."
That means a lot of latitude for anyone who wants to abuse the system. Only when a penny-stock scam runs blatantly afoul of the law or violates anti-fraud provisions can the SEC get involved.
The SEC has not released the number of penny-stock scams it has found on the Pink Sheets this year, which makes the boom hard to quantify. But a few of the SEC's recent enforcements show the range of tactics used to lure investors:
Questionable correspondences.
In July, the SEC charged Joshua Yafa, a stock promoter in Florida, with fabricating a fax that appeared to be a private letter from a broker urging a client to buy shares of Pink Sheets-listed stock AVL Global because it was poised to triple in value. The fax was transmitted to thousands in late 2004. The shares jumped 25% on heavy volume after the fax went out, and the SEC's lawsuit alleges that gave Yafa a chance to sell at a $300,000 profit. Yafa's attorney did not return calls for comment.
At the same time, the SEC charged Michael O'Brien Pickens, son of oil tycoon T. Boone Pickens, with using a version of Yafa's tactic to pitch three stocks, two of which traded on the Pink Sheets. The SEC claims the younger Pickens also pocketed $300,000 on the alleged scam. He might never have come to regulators' attention if the fax service he used hadn't unwittingly sent it to one of the SEC's California offices. Pickens' attorney did not return calls for comment.
Multimedia assaults.
In February, the SEC charged Donald Oehmke, Bryan Kos and five partners with putting out false press releases, faxes, e-mails, voice mails, websites and videos to promote two Pink Sheets-listed penny stocks. One claimed to be a Latin American staffing company and the other, a fitness center operator. The SEC said the press releases were false and that the president of the Latin American recruiting firm was in on the scam. The SEC also said the second company didn't own a single fitness center.
Even so, buzz created around the stocks drove them up and allowed the men to profit by more than $27 million, the SEC alleges. Oehmke's attorney declined to comment. Kos' attorney says his client was fooled by the company's management and believed the statements he made about the stock were correct.
Bogus "research reports."
Scamsters often enlist the help of firms that create bogus research reports designed to look like they're from legitimate brokerages. Other times, the fraudsters make the "reports" themselves and disguise that key fact from investors.
That's what the SEC in September charged two people with doing when they promoted what was described as a website construction company. The SEC accused George Bogle and Peter Emmanuel with putting out a report that appeared to be from an independent stock analyst and that said the stock was "our most aggressive stock buy recommendation." But it was based on false information, the SEC says. Nonetheless, the stock jumped 120%, and the two profited nearly $500,000 by selling the shares amid the good buzz, the SEC says.
Emmanuel thought he was just repeating reliable already public information on the stock, his attorney says. Bogle's attorney didn't return calls.
Anyone who isn't confident promoting a Pink Sheets-listed stock can get help. Take Jonathan Lebed, who was fined $285,000 in 2000 by the SEC for buying stocks mainly listed on the NASD's "Bulletin Board" market, spreading false messages to promote the stocks, then dumping them. Lebed paid the fine without admitting or denying guilt. Now, he concentrates his efforts on promoting Pink Sheets-listed stocks. He discloses on his website that he gets paid by companies, often $25,000 a month, for "investor relations" contracts to promote certain Pink Sheets-listed stocks. He often sends e-mails touting events at the company. Several e-mails sent to Lebed were not answered, and no phone number could be found for him or his offices.
Reverse mergers.
It's easy for anyone to "take their company public," thanks to the fact that there are hundreds of shell companies trading on the Pink Sheets that exist on paper but have no assets.
Consider Wind Farming, created when William Telander bought a Pink Sheets-listed company called Applied Research. Applied had no assets, just a Pink Sheets listing, according to an SEC complaint filed this year. After buying Applied, Telander changed the name to Wind Farming, which allowed him to avoid regulatory scrutiny because he took over another company rather than issuing new stock. Starting as far back as summer 2004, Telander began issuing trumped-up and "false" press releases extolling Applied's success, the SEC complaint says, including fabricated business contracts. Trading volume soared from basically nothing to more than a million shares a day, the SEC says, allowing Telander and a group of partners to make hundreds of thousands selling shares. The attorney representing Wind Farming declined to comment.
Problems don't occur only on the Pink Sheets. Enron traded on the NYSE. WorldCom was on the Nasdaq. But companies on the Pink Sheets get greater freedom because there are no listing requirements and there's no dedicated regulator. Companies don't have to meet any standards to be on the Pink Sheets and don't have to put out financial statements. Even Sarbanes-Oxley rules designed to clamp down on corporate games don't apply to Pink Sheets-listed companies.
The SEC usually gets involved only if scamsters get so greedy that they issue additional shares rather than just pumping and dumping existing shares, says Gidon Caine, securities lawyer at Dechert LLP.
Meanwhile, Pink Sheets stocks have the appearance of being like any other stock. Even mainstream websites, such as USATODAY.com and Yahoo Finance, provide quotes on Pink Sheets stocks that give them the appearance of being regular exchange-traded shares.
Some are hopeful that Pink Sheets scams can be curbed. The SEC has been moving to clean up the Pink Sheets where it can, especially by targeting dormant listings of shell companies. For instance, in July it suspended trading in three Pink Sheets-listed stocks, Asia4Sale.com, Vision Group and Idoleyez, saying they were not providing accurate financial data.
The SEC also tightened rules by forcing shell companies to release regulatory filings after being taken over.
These moves will help clamp down on these companies. But the spate of recent enforcement actions, for one, should serve as a reminder to investors to do their homework. "If you can't get a full picture of what a company is doing, you should stay away from it," says Cromwell Coulson, CEO of PinkSheets.com.
And you just need to come back to reality sir...
Posted by: scorpio70
In reply to: Jim Bishop who wrote msg# 233153 Date:1/2/2007 9:03:24 PM
Post #of 233174
Posted by: Jim Bishop
In reply to: Airys418 who wrote msg# 233030 Date:1/2/2007 8:44:06 PM
Post #of 233158
19. The trading directed by Vucicevich and De Vries and facilitated by Sulja Bros. and Kore have created a misleading appearance of trading activity and an artificial price for the shares of Sulja Nevada contrary to section 126.1 of the Act.
Should prove even more fascinating after this hearing how the MM's answer charges of creating a misleading appearance of their own trading activity and set the artificial price for shares in violation of SEC laws.
Add in charges directed against MM's for conspiracy and collusion with paid agents on the internet orchastrating a continual campaign of lies, innuendos and libel and it should be one good old donnybrook.
Expect charges against Mr. Vucinevich to be dropped and a full apology to be issued at the hearing.
Where this story goes after this is to be seen. If they'd like to see my research findings on the tactics used to destroy share value and cover naked shorts in violation of securities laws they're welcome.
It'll keep them reading for months
peorge
I am glad to see a seasoned investor like jim keeping thing in check.
Posted by: Jim Bishop
In reply to: Airys418 who wrote msg# 233030 Date:1/2/2007 8:44:06 PM
Post #of 233171
I'm afraid dropping things on the 8th just won't happen Airys.
While the Statement of Allegations only lists 3 news releases I suspect the OSC is looking at them all.
Interesting to note that ones they do mention concern things which Gary and the Windsor Star proved to be false and misleading.
SLJB didn't put out their retraction news on Dec 5th because they are nice guys....they were given a choice. They chose right.
Conduct Contrary to Ontario Securities Law and Contrary to the Public Interest
17. The Respondents have issued false press releases contrary to section 126.2 of the Act that misrepresent the business of Sulja Bros. and its prospects.
18. At the same time, the Respondents have traded or have caused to be traded, large numbers of shares of Sulja Nevada to third parties in a manner which constituted distributions for which no preliminary prospectus or prospectus were filed nor a receipt issued by the Director, contrary to section 53 of the Act.
19. The trading directed by Vucicevich and De Vries and facilitated by Sulja Bros. and Kore have created a misleading appearance of trading activity and an artificial price for the shares of Sulja Nevada contrary to section 126.1 of the Act.
20. The Respondents’ conduct was contrary to the public interest and harmful to the integrity of the Ontario capital markets.
peorge
It looks that some are ready to ride this to the end, which imo will be soon....
Posted by: Airys418
In reply to: None Date:1/2/2007 5:36:04 PM
Post #of 233169
UPDATE:
The company is going to put out a PR tomorrow morning. I do not know the contents but I can only imagine that it is going to be a rebuttal PR to the OSC investigation.
At this point I think that the hearing on the 8th will be nothing more than the lawyers presenting the documentation on behalf of the parties involved. The OSC will probably look at the paperwork and call them in again to discuss what they have found.
On the other hand, if the company presents sufficient information to the OSC and the information is without a doubt legit and prooves their innocence, they could just drop everything right then and there. This would be the best case scenario for all. :)
Right now I feel that the best time to travel to Windsor would be when they call them to come back with what they have found. I have had some time to think about this and I think this is the best strategy because you can't really expect much to happen on the same day of the hearing, unless they drop the charges or at least some of them.
No matter how you slice it, if something happens good or bad, the media will jump on it right away.
I will be back on later. I have some things I need to take care of.
peorge
i am glad i got banned, now i dont waste so much time on that board. a new year and new plays. go 2007 ya cant be any worse then 06 LOL
peorge
Flipper, good day to you still waiting to see you back on the SLJB board.. Lord knows they probably need it. FYI, looks like Janniebgood is now the MOD there so maybe you can get a reprieve!! LOL
Anyway, sorry I can't PM you but I sold out friday on Sulja at a loss of course and was hoping you could send me a PM and give me your thoughts on PYPR if you would (I would not take it as advice, I just would like your take on it). I do have a hefty amount of shares in it and I appreciated your views on the other board.
They need you back there too for reality reasons and to balance the crowd.
Anyway, hope to hear from you soon. I would greatly appreciate your take on PYPR though if you dont mind. If you do, I understand too.
Thanks,
If you got removed, not you asking to be removed, than one of the three remaining, my bet GS and/or ruff is the actual mod but doesn't want blame. It was your board and MATT needed to respect that! I run my board my way.
SLJB seems to be a pumper only club, which now they have three, SLJB, "A"s newe site and PV's site!
thanks, just killin time before the
capital one bowl. life is too good to let little things bother me.
happy new year to you also. sorry to see they removed you as a mod but saw it comming. you were able to see both sides of the story and they dont like that. LOL
good luck, george
nice answer, happy new year
any company that does illegal trading or manipulation of the stocks it owns.
peorge
GTEM.PK - biggest scam of 2006?
It must be a contender. Started 2006 on the AMEX over $4 a share. Ending the year under 40 cents on the pink sheets.
Significant 2006 events:
No Contracts
Lawsuits
SEC investigation
delisting
massive dilution
on the flip side, longs are very pleased at this great buying opportunity and will gladly explain how this is what happened to msft and google.
How the crooks in hedge funds operate:
http://publish.vx.roo.com/thestreet/portal/?clipId=1373_10329438&channel=Cramer+On+Demand&pu....
CTCX, GDKI
Two of the latest spams.
GDKI first suggested at .20 with target of $5 in 5days, adjusted to last close of .09, still with the famous 5-day target of $5.
Small rally,today. I presume, last chance to get out.
CTCX also promised a real great target in 5 days, quoted at$1.43.
It actually reached over $2.00 before gradually slipping back.
Currently trading inthe $1.38-1.40 range.
Both: Too many spams means -stay away-, imo.
No DD necessary here! lol
g.p.
Feds Rap Hedge Fund
Liz Moyer, 12.12.06, 7:10 PM ET
Another hedge fund is being taken to task for alleged naked short-selling and insider trading in dozens of unregistered securities.
Gryphon Partners, the $310 million Dallas hedge fund run by Edwin "Bucky" Lyon, is the target of a federal civil lawsuit filed Tuesday by the Securities and Exchange Commission, alleging securities fraud in trading of shares in 35 unregistered securities offerings.
The companies caught up in the alleged scheme are hardly household names: Medis Technologies, Generex Biotechnology, Immune Response and PhotoMedex, to name a few. But that is generally the pattern of many cases involving allegations of manipulative trading.
It is part of the SEC's crack-down on illegal trading in deals known as PIPEs, or private investments in public equities, a popular financing tool used by small companies. Regulators have alleged all kinds of abuses related to PIPE deals, including insider trading and naked short-selling.
In September, former New York hedge fund manager Hilary Shane was indicted on five counts of securities fraud for naked short-selling and insider trading in connection with a PIPE transaction for Maryland-based CompuDyne. Shane pleaded not guilty. She had already settled a civil case with the SEC in May and paid a $1.4 million fine.
The CompuDyne case is still active, as are regulatory probes into dozens of other PIPE transactions in the last six years.
In Gryphon's case, the SEC says the illegal trading between 2001 and 2004 resulted in $6.5 million in "ill-gotten" gains. The suit, filed in U.S. District Court in Manhattan, names Lyon, the firm, and several of its funds.
Christopher Clark, an attorney at LeBoeuf Lamb Greene & MacRae who represents Gryphon, says there are a number of factual errors in the complaint and that the claims aren't supported. "We look forward to addressing the allegations in court and being fully vindicated."
The type of PIPE transactions involved in the Gryphon case were pretty simple. Investors receive restricted shares, typically at a price that is below the current market price of the company. The shares can't be traded until the restriction is lifted, which comes after the issuer has an effective registration statement, a process that takes up to 120 days. The discount to the market price compensates the PIPE investors for waiting.
PIPE investors can hedge their investments by selling short the company's shares in the open market before the registration statement is effective. But to do a short sale, a trader has to properly borrow the shares before selling them, and the trader can't use the PIPE shares.
With very small companies that have limited shares issued and available to borrow, PIPE investors that want to fully hedge their investments have to limit their PIPE deals to share amounts they know can be covered with real borrowed shares. This puts a damper on the amount to be gained from PIPE investing, for those who play by the rules.
But, as the SEC has found increasingly lately, there are plenty of traders who seem willing to ignore those rules. Gryphon sold short shares of the companies in the PIPE deals, only it did so without borrowing them, a practice called naked short-selling, according to the SEC. The trading took place in Canada. Once the registration was effective, the fund used the shares issued to cover its short positions, which would also be illegal under federal securities laws.
What's more, the firm made these short sales even after agreeing not to sell, transfer or dispose of the PIPE shares, in essence lying to the companies involved in the PIPE deals as an inducement to get them to go ahead with them, the SEC says.
Gryphon allegedly used a number of deceptive trading tactics to carry out this scheme, including wash-sales, in which trades are made among affiliated parties but are designed to look like they are happening in the open market. The company is also accused of pre-arranged trades and matched orders, making it appear as though it was covering its short position with open market shares when they were not.
And it traded using non-public information about the deals, the SEC says, even though the firm's lawyers told it not to trade in advance of the public announcement.
Here's a front running scam in action....[LITL]
http://www.investorshub.com/boards/read_msg.asp?message_id=15507152
WATCH LITL ON WEDNESDAY DEC 13!
Company: L INTL COMPUTERS INC
.Symbol: LITL.PK
Current Price: $0,99
5-day Target: $5
CALL YOUR BROKER TO PLACE YOUR
ORDER NOW!!!
LITL WILL DEFINITELY RALLY UP W
THIS BULL MARKET! WATCH LITL TRADE
STARTING WEDNESDAY DEC 13!
Disclaimer Information with this email contains "Forward looking statements” withing the meaning of section 27a of the securities act of 1933 and Section 21B of the securities exchange act of 1934. The Publisher of this report was compensated by a unrelated third party twenty five thousand dollars for distribution of this report.
You might want to take a look at my new Spam and Scam front runner buster board.. I have a huge list of Spam and Scam stocks and the list grow by the day!
http://www.investorshub.com/boards/board.asp?board_id=7707
i didn't support anything
dont think you should of been banned in the first place.
dont even know the players from the zoo over there. so much like a novella on ch. 23.
LOL...I just got home from the gym and saw about 23 PMs in my box.
Thanks for all the support from so many people!!!
Angela, you are now off of the ban list for SLJB.
SLJB PR
REBUILD LEBANON
SLJB -- Synergy Between Former CEO and New Team Is Formidable Against Criticisms
Sulja Bros. Building Supplies Ltd. (PINKSHEETS: SLJB) today is responding to recent events and shareholder concerns. What follows is a statement from the CEO of SLJB, Mr. Steve Sulja
we have still not heard from Steve Sulja since his PR November 21st. He said he would be addressing shareholders shortly....
and the current management team
who is the current management "team"?
now set in place to carry on with
the vision of the corporation:
that last statement, "vision of the corporation" is followed by ":"...so what is the vision? forwarding documents???? WHEN? From WHERE? To WHOM?]
As previously set forth for public scrutiny, this company is currently forwarding all relevant documents and authorizations for streamlined distribution of pertinent public information to our accountants and attorneys, who will serve as the sole source of information deemed necessary and completely accurate for the public.
what are the relevant documents? What do they mean by "streamlined" distribution of pertinent public information? since when has SLJB "streamlined" anything? OK...so who are the accountants and attorneys who will serve as the sole source of information? We just heard yesterday that the accountants Petar cited last Monday when we met with him have not as of yet agreed to take SLJB on as clients....I am still waiting to hear who the attorneys are who are supposed to have set up phone lines to answer questions.
The Officers and Directors of SLJB want to express their steadfast alliance with the vision and goals of its former CEO
What were the vision and goals of the former CEO? As of yet, he has met met any goals
and vow to continue in the same light to achieve these objectives in the near future and in the long-run of our operations.
so no goals will EVER be met?
Basically, SLJB is aimed still toward new levels of shareholder value and a presence on broader, more prominent exchanges, goals directly relayed from former CEO Petar Vucicevich and taken on as both solid business objectives and as support for the former company leader.
"basically....???"
SLJB Management also re-stated that the current onslaught of negative press and its deleterious effects on every aspect of our day-to-day business and, we believe, the injurious downturn on our current share-price is nothing more than pointed sensationalism and an unprovoked tirade serving none but the names of those who would set them forth.
SLJB was given a letter from Gary Rennie in which he agreed to retract his allegations if SLJB could produce documentation to back up their claims. SLJB has not yet sent said documentation...but are treating this letter from Gary as if it were the retraction itself! "Look at this letter! We must be innocent!"
As ever, Petar Vucicevich has ensured the Company that he stands behind SLJB to lend support and guidance for the new team and the Company. His purpose is to promote a smooth transition for the newly inundated management team and to ensure the continued success of the Company, both publicly and internally.
Apparantly he and Andrew are still running it as no one has seen Steve Sulja
The Company believes that in five short months, an operation has been built that anyone would be proud of, something for our children to know that our team helped to build, and no one here feels at all different, despite the poorly organized drivel of envious onlookers. These onlookers will become even more diffused as the public observes how stringently the Company adheres to upcoming stricter guidelines and compliance issues set forth on the Pink Sheets and larger exchanges in the near future. We will exceed the minimum requirements of these regulations.
OK..where are the audited financials that the BOD has twice reviewed yet BOD members claim to never have seen them
In conclusion, the Company announced that it has secured a position at a globally renowned exposition, and to date they are in fact the only North American delegate attending:
As of 12/09/2006, USA and CA were listed on the floor plan as attendees. Sulja still is not listed. And if they are suddenly listed, how is it that if they WEREN'T listed as of the writing of this PR, that the US and CA managed to get listed and have tables before them?
Project Lebanon 2007 will be held 2/27-3/3 2007 at the Beirut International Exhibition and Leisure Center. This expo represents a market that expects to exceed $3 billion over the next three years. SLJB has positioned itself to garner as much of that market share as is possible. The expo coincides with the Company's completion of all of the service requirements and licensing procedures to open an office in the country operating as SLJB and subsequent offices in the region that will also conduct business under the SLJB title, a move that will make transparent the true ownership and management of the Company's operations overseas.
It will only cost SLJB $4,000 to get on the list. It doesn't mean they will show up selling doorknobs and crown moldings.
This may contain forward-looking information within the meaning of The Private Securities Litigation Act of 1995. Forward-looking statements may be identified through the use of words such as "expects," "will," "anticipates," "estimates," "believes," or statements indicating certain actions: "may," "could," "should" or "might occur." Such forward-looking statements involve certain risks and uncertainties. The actual result may differ materially from such forward-looking statements. The company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results (expressed or implied) will not be realized.
Source: Market Wire (November 29, 2006 - 9:15 AM EST)
News by QuoteMedia
www.quotemedia.com
FGFC!! Absolutely nothing is real on this one.
Ed Hayter, Richard Arstrom invented it.
Problem is people still trade into it.
Go away boy your not welcome here
certainly does;look in the mirror
You know what sucks about the whole thing? For a while there, you had me fooled. I will live with that. But your attitude towards me is just wrong. I was not a bad person to you. We had our laughs and got to meet for the first time just a week ago after speaking for a while on IHUB. We even made money in the casino. Why you have turned on me the way you have is beyond me. I only want the best for you in whatever desicion you make. I'm sorry you feel the way that you do. Take care.
MY mistake.
One of many you will one day regret.
Threat- A statement of intention to inflict pain, damage or other hostile action on someone in retribution for something done or not done.
Where is the threat? I do not see any threat.
Is that a threat?
MY mistake.
One of many you will one day regret.
OK, at least you know that it wasn't me that asked for it. That's all. I am not going to get into it anymore. I'm sorry I even showed up in here to begin with. MY mistake. Bye!
My ban speaks volumes.
Where in the above referenced text does it say, "Airys banned me"? TIA
I am stating this clearly. I DID NOT BAN YOU NOR DID I REQUEST IT!!! Why can't you believe that?
Airys418
My ban speaks volumes.
I would like to qualify that statement. That was made in an effort to just report the facts. No opinions about the company whatsoever.
I want it to be cyrstal clear that I am in no way a part of the pumping going on on the SLJB board.
The letter to PV and SS is an embarrassment to the US Public School system. I would be mortified that my intelligence might be measured by a letter written with so many rudimentary errors. You have demonstrated just how important the statement was to you by not even taking the time to use spell check,. BTW, let me be the first to congratulate you on your graduation into the insane world of playing text message tango with Petar. What you mistakenly think is a privilege, will turn out to be your curse. Don't say you weren't warned.
Nickulliana/Angela
Why do I pick on her? How in the heck did I pick on her? I will not I've said that before and I'll say it again. We have our differences but she is a good person at heart and even though we are not speaking, I will not bash Angela. I wish her the best that life can offer her. I sincerely mean that.
Airys418
Airys, why not give Nickulliana a chance to reply. After all, you have nothing to hide. Why pick on her when she can't respond? That seems a bit unfair, no?
Of all the things Nickulliana has posted about the trip, this one sums it up best.
Airys418
Posted on SLJB board
Pine Crest and CGHS, class of '82. SLJB is a POS. One would have to be retarded to not see what I saw last week and not come to the same conclusions. Obviously, I overestimated the intelligence of my fellow travelers to Windsor last week.
Here is what I would post to Airys regarding that silly letter to PV.
The letter to PV and SS is an embarrassment to the US Public School system. I would be mortified that my intelligence might be measured by a letter written with so many rudimentary errors. You have demonstrated just how important the statement was to you by not even taking the time to use spell check,. BTW, let me be the first to congratulate you on your graduation into the insane world of playing text message tango with Petar. What you mistakenly think is a priviledge, will turn out to be your curse. Don't say you weren't warned.
when the mods see my reply
I'll probably join you on the list. not only does it look improper to have the lies up there as facts, i'm wondering if Ihub can be held lie-a-bull(brain fart, forgot how to spel). i'm sure the mods know most, if not all of the info they have posted is a lie.
the ihub site is 10x better than sulja.coms own website.
who works for who?
have you given any thought that the mods might be just a little, little bit bias?
i moved from sofla 4 years ago, born and raised s.broward HS class of 75.
enough of my babbling, good luck. back to the fins game. we're winning for once!
re: SLJB AFs
http://www.investorshub.com/boards/read_msg.asp?message_id=15423814
Posted by: nickulliana
In reply to: Stock H.O.G. who wrote msg# 210460 Date:12/9/2006 2:03:46 PM
Post #of 211010
Stock HOG, you posted that Leslie, who is on the BOD said she has never seen the AFs, yet she does accounting work for the company
http://www.investorshub.com/boards/read_msg.asp?Message_id=15283775&txt2find=leslie
10) Leslie never saw any “audited” financials, as previously reported by someone.
But the PRs say otherwise.
October 25, 2006 - 10:56 AM EST
Sulja Bros. Building Supplies Ltd. (PINKSHEETS: SLJB) today announces that the Board of Directors have received the financials and reviewed them over the weekend. The financials have not been made public because there were some issues with the wording because of problems in translation. CEO Vucicevich stated today, "Due to the end of Ramadan and the celebration of Eid this week, we have not been able to make necessary changes with our auditors in the Middle East. Releasing the financials without giving them prior notice and making the changes would not be a good idea. I would like to state again, that we are in possession of the financials at the moment, but we do need to make these changes before we release them. If not corrected it would lead to a lot of confusion among our shareholders and we definitely do not want that."
And this...
November 3, 2006 - 12:50 PM EST
Sulja Bros. Building Supplies Ltd. (PINKSHEETS: SLJB) today announced that the Board of Directors has completed the in-house review of their financial audit, and they have set a "date-certain" to release the information. CEO Petar Vucicevich stated today, "We have collectively agreed that on November 15, the audit will be posted for public inspection on www.suljabros.com. We also agreed that we would make every effort to post the document sooner than the 15th (November) if at all possible."
re: hotel on Al Rheem Island
http://www.investorshub.com/boards/read_msg.asp?message_id=15390020
http://www.investorshub.com/boards/read_msg.asp?message_id=15391039
Posted by: nickulliana
In reply to: pmunch who wrote msg# 209050 Date:12/8/2006 9:08:37 AM
Post #of 211005
that is not my point. He told us on Monday:
1. the hotel on Al Rheem Island that SLJB is involved with is an MGM
2. MGM is a sister hotel of Windsor Casino
3. He has a gaming license and the MGM will be the first with gaming in Dubai
4. When I looked up the MGM hotel being built there is says "non-gaming"
Posted by: nickulliana
In reply to: pmunch who wrote msg# 209037 Date:12/8/2006 8:55:34 AM
Post #of 211006
MGM MIRAGE Announces Agreement With Mubadala Development Company
LAS VEGAS, Dec. 6 /PRNewswire-FirstCall
MGM MIRAGE (NYSE: MGM) announced today that it and Mubadala Development Company of Abu Dhabi, U.A.E., have signed a memorandum of understanding with the aim of creating a strategic relationship to pursue non-gaming related business opportunities The intention is to create a joint venture with the principal purpose of developing luxury non-gaming hotels and resorts globally, but initially targeting locations in Abu Dhabi,
http://phx.corporate-ir.net/phoenix.zhtml?c=101502&p=IROL-NewsText&t=Regular&id=939627&a....
my thoughts after returning from Windsor
http://www.investorshub.com/boards/read_msg.asp?message_id=15288164
Posted by: nickulliana
In reply to: asus who wrote msg# 203688 Date:12/5/2006 9:25:05 AM
Post #of 211003
My trip to Windsor was worth it, for me.
Stock and Airys knew that I was trying to get there. Because I fly standby and the flights looked pretty full on the way up, we were not sure that I would get there. In fact, we were all pretty doubtful, so they were surprised when I was able to make it.
We did meet up in the DTW airport Westin Hotel. I made it just in time to catch them. we rented a Jeep at Budget and proceeded to the Canadian border.
We were practically strip searched by Canadian Border Patrol. For the life of me, I can't understand WHY they flagged us for further inspection. What was so suspect of three people, Two men and one woman that fly from Miami, Ft Lauderdale and New York who met on the internet to go Gambling at the Windsor Casino Hotel for one night?? We didn't tell them we were coming up to see a Lumberyard in Harrow.
We had to get out of the car, leave our cell phones OFF on the dashboard and keep our hands out of our pockets. It was FREEZING...
they went thru our bags and pulled me aside to question me twice. I think they thought that Stock Hog and Airys were abducting me. Either that or they saw our passports as Miami, Miami and NY. and mine with stamps from Bogota, Columbia all over it. They probably thought we were drug dealors. They kept asking me "How long have you known those two men? You have never seen them before? You say you met on the internet?" I told them that I knew it sounded wierd, but it was true.
We went to the Hotel and checked in. Two rooms. They shared one and I had the other. Mrdrammar met us at 6:00PM or so and we ate burgers in the restaurant.
We set up the order of places to see by the furthest point first, ending at the beginning.
We had decided to say that I was not there, as soon as Dave Williamson set up the meeting with Petar. I told them my name with Allison Black and Airys was my boyfriend. I was just along for the ride. We thought that if Petar knew I was there, he may not want to meet with us, because last time I spoke to Petar onn thhe 15th, I had hung up on him...we weren't sure. But, as it turned out, Petar was very gracious and answered all their questions. I told you guys that he did not look like the pictures in the paper, now I have Stock and Airys to back me up. Petar looked nice.
I visited everywhere. People were nice. I couldn't handle the outside tour of the Harrow location b/c it was cold and stayed inside the store while the guys went with Dave. I spoke to Christine, who I have to say, is a VERY SWEET girl. People that are calling there, leaving harrassing messages should STOP immediately. I can tell you that it is wrong and will get you no where. Leslie was very nice and obviously extreemely upset and scared about some of the threats she rec'd.
IMO, calling there, is a waste of time, as they are trying to run a businesss and the phone is being tied up with people yelling at them. I observed that they do in fact have a business. Christine was answering the phone and printing a lot of orders.
Mrdrammar, whom navigated us through Windsor and Harrow, was very nice to have taken the day off. He told us he was also an investor. He said he bought it recently b/c the price was so low, it could only go up.
What I noticed about SAMs is that it is on a lot of land in a good location. But, as of yet, SLJB has not purchased it. Just the business. Ron was friendly, but not one of the owners, so he was not able to give out as much info as the guys wanted, but he was able to clear things up a bit.
We went to Shahid Khan's office. He did come out to briefly speak with us, but did not have much to say, as I am sure that he could not.
We went to the hotel to wait for Petar, but I had checked my flight back, and the 5:00 pm was cancelled, so I was very busy on Stock HOG's lap top trying to find other flights with seats. My priority at that time was making sure that I got home last night. I do have to go to Caracas today, this time, for real.
It was during this time that Petar arrived. I did not even see him come in. When I finished booking my new flights, I called Stock's cell to see where they were. They were in the restaurant and then I went in to join them. Stock and Airys had pretty much asked him almost all the questions, so I did not hear most of that interview.
I did speak to Petar, who was surprised to see me. He made a good recovery and continued answering the rest of their questions. I saw him show his passport with all the stamps. I heard him say no short sellers and a couple of other things, but Stock and Airys took notes and I am also looking forward to seeing what they post.
We had to rush to the airport to catch our flights. It was snowing and freezing cold. We were all too exhausted to say much, but no one had any regrets about taking the trip.
Stock HOG and Airys were super guys and it was nice to finally meet them in person. Thanks to Mrdrammar for his hospitality.
I can't contribute much to the Petar interview, because I was not there for most of it. That whole part of the information gather on the trip belongs to Stock and Airys. Mrdrammar sat through the entire interview, too.
Airys took tons of pics and I am sure will post them for everyone to see.
Now I have to get ready to go back to the airport. I will catch up later.
Angela
Hi everybody. I was banned from the SLJB board, along with EnergymanNJ. I was posting information and inconsistencies and energy was about to post new information, but was checking with an attorney about legalities and what he could post.
I can start by reposting what I had posted upon my return from Windsor. I went there with Stock HOG and Airys.
Nick/Angela
Here is the article in it's original print, the one you all are looking at is typed in by the original poster...it was not copy and pasted directly from windsor star...
Sulja faces $1.5-million claim
Merger partner’s court judgment unpaid, lender says
BY GARY RENNIE STAR STAFF REPORTER
A Harrow-based lumber yard which has come under the gaze of the RCMP and nervous shareholders is on the hook for a $1.5-million civil judgment in the United States, the president of a U.S. mortgage company said Wednesday.
John Chandler, president of Progressive Mortgage Inc., said the judgment, awarded in Wayne County Circuit Court, should have been paid when Harrow-based Sulja Bros. Building Materials Ltd. merged with Loftwerks Inc. earlier this year.
“Sulja is now responsible for the debt,” Chandler said from Richmond, Va. “Sulja and Loftwerks are the same company.”
Windsor lawyer Shahid Khan, who has told The Star he worked on the merger of Sulja with Loftwerks, wouldn’t answer questions about whether he knew of Chandler’s lawsuit and eventual judgment at the time of the incorporation in Nevada.
“Everything is between lawyer and client,” Khan said Wednesday.
Khan is also president of the Sulja board of directors. A call to Steve Sulja, CEO of Sulja Bros., was not returned. Former Loftwerks CEO Dennis Ammerman couldn’t be reached Wednesday.
Chandler said his company loaned US $988,000 million in two mortgages to Loftwerks Inc. and Ammerman to carry out a condominium development at 447 East Milwaukee St. in Detroit. But money that should have gone into the renovations was diverted and the project eventually came to a halt with the empty building still unfinished, Chandler said.
Chandler said he’s asked his Michigan lawyer, Jay Abramson, to pursue collection of the Michigan court judgment against Sulja Bros. He also asked the Richmond FBI to investigate where the money loaned for the condominium project ended up.
Detroit FBI agent Pam Matson confirmed Wednesday that Chandler had filed a complaint. She could not comment further.
Chandler said his lawyers have had difficulty tracing Ammerman to collect the judgment against him. The building on East Milwaukee that was the subject of the lawsuit is expected to be sold at a sheriff’s auction in the next few months and the money will go to pay down the judgment.
Sulja, recently one of the most hotly trades stocks on the North American penny stock market, has been under pressure from shareholders to make good on promises that it would release audited financial statements. The company’s former CEO, Petar Vucicevich, has been questioned by the RCMP about the stock.
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