Power Sports Factory (fka PSPF)

[LOVE*PINK]

Hi Design -

I lost my PM feature. Could I get your e * ma il id -

Mine is plkdinvestor at g mal com

[Brad S]

...we know Bank of America owns 5% so some day they will want to cash out.

Actually, we don't. Since BAC has to report all the holding of their clients, it could simply be one of their clients who has the shares and not BAC themselves.

[Renee]

Had Power Sports Factory appeared at the Admin Law Judge's Hearing and had the company co-operatively agreed to the revocation of the company's stock registration the process is to file a FORM 10 to apply for a new stock registration. Only two companies out of 1361 that had their stock registrations revoked were successful at regaining a new stock registration.

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=114783035

Power Sports Factory chose to not appear at the Admin Law Judge Hearing and the Admin Law Judge revoked the company's stock registration by DEFAULT.
As such the SEC would not likely ever approve a Form 10 even if the company submitted one.

http://www.sec.gov/litigation/admin/2013/34-69705.pdf

[12thman]

What's the process for getting a company relisted after this type of suspension? I assume Bank of America is capable of getting it done. Do you know what they would need to do exactly? Andretti's must own lots of this stock as well by now and we know Bank of America owns 5% so some day they will want to cash out.

[Brad S]

Considering it's no longer a public shell, I'd have to say no. I haven't looked, but I'd be willing to bet it's no longer a going concern in the private world either.

[12thman]

Do you think Bank of America found a company to push into this shell yet?

[12thman]

PSPF looks primed for a breakout! lol

[12thman]

Bank of America, and other significant PSPF shareholders please contact me. I have a business plan for the PSPF shell that will make us all a lot of money. You just need to file the forms...

[Renee]

The DTCC notice of reinstatement simply means the SEC 10 day Suspension had ended and each stock could trade again. Most stocks like PSPF that are suspended with an Administrative Proceeding ordering the company to immediately file Financials never trade again because revocation of stock registration is imminent.

On June 6th, 8 calendar days after the SEC Suspension had ended the SEC Admin Law Judge revoked PSPF's stock registration. Power Sports Factory did not comply with filing Financials as ordered below.

From the Admin Proceeding: Whether it is necessary and appropriate for the protection of investors to suspend for a period not exceeding twelve months, or revoke the registration of each class of securities registered pursuant to Section 12 of the Exchange Act of the Respondents identified in Section II hereof, and any successor under Exchange Act Rules 12b-2 or 12g-3, and any new corporate names of any Respondents.

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

http://www.sec.gov/litigation/admin/2013/34-69582.pdf

In the SEC Admin Law Judge's Order of stock registration: As a result of the foregoing, Respondents have failed to comply with Section 13(a) of the Exchange Act and Rules 13a-1 and 13a-13 thereunder. Considering these delinquencies, it is necessary and appropriate for the protection of investors to revoke the registration of each class of registered securities of Respondents.

http://www.sec.gov/litigation/admin/2013/34-69705.pdf

[12thman]

What's this mean for PSPF? Thanks in advance for any input you might have...
http://www.dtcc.com/downloads/legal/imp_notices/2013/nscc/otc/OTC-103.pdf

[Renee]

PSPF revoked:

http://www.sec.gov/litigation/admin/2013/34-69705.pdf

[Renee]

Most of those 379 shells that were suspended are not SEC Filers and as such they do not have any registered stock. So there is no stock registration to revoke. Most of those 379 shells will just languish on the Grey Sheets forever until / unless FINRA deletes their trading symbol.

For the hundreds of OTC stocks that do not report to the SEC but get Suspended by the SEC for allegations of securities violations those stocks will remain on the Grey Sheets until the SEC files charges against those companies. The SEC Admin Law Judge cannot revoke those stocks, again because those companies have no registered stock to revoke, but FINRA can delete the symbol from trading.

SEC Filers have registered stock. Non SEC Filers that only report Financials to OTC Markets do not have registered stock. The SEC Admin Law Judge can only revoke registered stock. See the difference?

PSPF is an SEC Filer where the company's registered stock can and will be revoked unless they immediately file all delinquent Financials. The company would then be a private company.

[12thman]

They MUST care, it's the financial responsibility to their shareholders. I think they may have offered advise to the new owners of PSPF in order to perform a legitimate reverse merger down the road. Of course I could be wrong and lose my investment, but I trust BAC knows how to make money in the stock market much better than I do... This is a long term buy and hold for me. Only time will tell how it turns out.

[12thman]

PSPF is a shell, and management said as much as they were going out of business. Bank of America will likely do what it takes to keep this afloat on the grey sheets until such time as they find a business to merge into the shell, if they haven't already. Your post also discusses shell stocks, and the venue change which has already occured for PSPF.

Plus 379 shell companies Suspended and sent to the Grey Sheets so that the shells could not be hijacked by fraudsters to set up a scam stock. As of April 3rd, 2013 the SEC has revoked over a dozen registrations from this group.

[Brad S]

LOL! It's estimated that BAC will have around 91 billion dollars in revenues this year. Do you really think they care about the $5,000 worth of stock they have in this company? They most likely forget they even owned shares of this mess.

[Renee]

Of the 774 stocks since January 1st, 2010 to March 31st, 2013 that were suspended for failure to file Financials as an SEC Filer all 774 stocks were revoked within weeks of the SEC Suspension.

PSPF will likely be no different and will likely be revoked within a few weeks (or less) after the Suspension ends.

Readers may refer to the 774 examples in this linked post:

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=86425208

[12thman]

This is a SHELL, PSPF is toast, long gone, and Bank of America who aquired 5.78% of PSPF after they went out of business is trying to shake out weak hands in this low float formerly fully reporting company in my opinion. The REAL question is, who is the owner of the other 94.22% of PSPF and WHEN will they file the necessary paperwork for PSPF to become fully reporting again and get off the grey sheets??? Bank of America does NOT own this stock for NOTHING, just my opinion but they are a MAJOR player and can't afford to play games with their shareholders. Their presence in this penny stock should NOT be overlooked...

[Renee]

PSPF is a public company and an SEC Filer that hasn't filed one cotton pickin' Financials statement for 3 years.

Why would it be the meany Market Makers' fault?

Shouldn't it be entirely, absolutely and unequivocally Power Sports Factory's fault for being derelict in filing zippidy-do-dah nothing for three years?

Admin Proceeding excerpt (red hilites mine):

2. Power Sports Factory, Inc. (CIK No. 1001065) is a dissolved Minnesota corporation located in Philadelphia, Pennsylvania with a class of securities registered with the Commission pursuant to Exchange Act Section 12(g). Power Sports Factory is delinquent in its periodic filings with the Commission, having not filed any periodic reports since it filed a Form 10-Q for the period ended March 31, 2010, which reported a net loss of over $253,000 for the prior three months. As of May 9, 2013, the company’s stock (symbol “PSPF”) was quoted on OTC Link, had seven market makers, and was eligible for the “piggyback” exception of Exchange Act Rule 15c2-11(f)(3).

[12thman]

My opening bid on the grey market will be for 5000 shares of PSPF at a penny. Let's see if there are any sellers!

[12thman]

So, if the market makers can't take the heat, they get the SEC to close the kitchen? COWARDS! Holding SO tight, long, and STRONG to my grey market shares of PSPF!

[12thman]

I think this may actually be helpful to spur PSPF owners into action. I doubt Bank of America would want their 5.78% owned shell to receive negative action. I would think they have a fiduciary responsibility for all Bank of America shareholders to act to resolve this litigation in a positive way. And they certainly have the power and money to do so. We shall see...

[mick]

i am reading some; i see this; Power Sports Factory (PSPF)
0.0015 ? 0.0 (0.00%)
Volume: 0 @- ET

Bid Ask Day's Range
- - - - -

PSPF Detailed Quote Wiki

http://investorshub.advfn.com/boards/getboards.aspx?searchstr=pspf

reading forum;
not good;
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=87935618
PSPF: SEC Suspension:

http://www.sec.gov/litigation/suspensions/2013/34-69581.pdf

Order:

http://www.sec.gov/litigation/suspensions/2013/34-69581-o.pdf

Admin Proceeding:

http://www.sec.gov/litigation/admin/2013/34-69582.pdf

[Renee]

PSPF: SEC Suspension:

http://www.sec.gov/litigation/suspensions/2013/34-69581.pdf

Order:

http://www.sec.gov/litigation/suspensions/2013/34-69581-o.pdf

Admin Proceeding:

http://www.sec.gov/litigation/admin/2013/34-69582.pdf

[12thman]

Hi mick! Are you seeing what I'm seeing, bid .001, ask .125 on PSPF?

[12thman]

PSPF golden cross soon, should spark interest in our Bank of America 5.78% owned shell penny stock!

[mick]

50ma 200ma macd volume

[12thman]

I collected another 22,000 shares on the bid today from weak hands. Our day with PSPF will come, and it will be AWESOME!

[12thman]

PSPF Due Diligence - What's the holdup of reverse merger? Andretti IV v. Power Sports Factory, No. 110103276. Once this case is settled, if it isn't already, PSPF can move forward with a new business plan.
http://www.dealernews.com/dealernews/article/andrettis-sue-power-sports-factory

This link suggests that there were 100 million shares outstanding when PSPF was purchased by Purchase Point Media, but the Bank of America filing suggests almost 17 million shares have been retired. I calculated this by taking the 4.8 million shares Bank of America owns which was a stated 5.78% as of December 31, 2011. See the filing here:
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8410435

One can only wonder if they've retired more shares since then... And as of April 30th, 2013, the short interest has increased significantly.
http://www.otcmarkets.com/stock/PSPF/short-sales

PSPF was a fully reporting company, and in my opinion with it's low share structure and relatively clean shell status(other than the Andretti suit) would be a VERY attractive reverse merger candidate.
http://yahoo.brand.edgar-online.com/default.aspx?companyid=58822

PSPF daily chart:

www.stockcharts.com

PSPF weekly chart:

www.stockcharts.com

[12thman]

PSPF is ULTRA super thin now!

[mick]

interesting chat/ agree why?


ihub daily

[12thman]

Bank of America owns 5.78% of PSPF per SEC filing. Why would they own a penny stock? Reverse merger prospects down the line are the only reason I can see. PSPF was also fully reporting, so they could easily get filings up to date with minimal reports.

[12thman]

PSPF at .0022, up 46.67%!!! Just curious, where did you come up with the 58 million outstanding shares for PSPF? I may need to do some paperwork.

[12thman]

If anyone else wants out of PSPF I'm a buyer. Throw them up on the ask when the market makers realize how big of a hole they are in and stop shorting shares. It's a hole they are NOT getting out of...

[12thman]

I have some legitimate business ideas for our company (PSPF) if anyone who matters is interested in hearing them... Send me a PM.

[12thman]

Shares under .002 are getting thin on PSPF...

[12thman]

PSPF higher highs, higher lows & golden cross coming up quick...

[12thman]

Unregulated markets. They apparently don't have to disclose to the little guy that they own 5.78% of PSPF, but the SEC disagrees...

[12thman]

I'm still waiting to hear back from my broker as to why they don't have Bank of America listed as a 5.78% large block owner or institutional investor in PSPF. Is it a big secret?!?

[12thman]

PSPF is heating up on relatively little volume. Don't fear the market maker with the big block, I think they are just playing with my shares.

[PPS]

Nice Close

[12thman]

PSPF ask @ .0019 x 200K, .0022 x 122K, .003 x 10K, .004 x 10K, .0183 x 10K

[12thman]

Maybe a good time to come back to PSPF?

[12thman]

PSPF bid is creeping up. Whoever made the market with all those shares I bought up must be getting desperate that I plan to keep them...

[12thman]

If any PSPF volume hits maybe we can force Bank of America's hand and get them to fire up the reverse merger machine?

[12thman]

Alright, who slapped that .0019 ask for 100K PSPF!?!

[12thman]

I took out the .0018's, anyone want some .0019's or may I have those as well?

[12thman]

PSPF charts at stockcharts.com
Daily chart:

Weekly chart:

[12thman]

I don't think so just yet, but I plan to be in position when something does happen. I don't really care if it's tomorrow or in 10 years. Eventually, something will happen to this shell, and it will be EPIC in my opinion due to the players involved!

[12thman]

Best of luck to you, but I guarantee you will regret that sale.

[SOUTHGAS]

I havent been here in over a year.