Riviera Tool Company (RIVT)

[Travisg]

Lol if it doesn't sell it will be a year end write off anyway with a dead ticker. A few hundred is all it's worth so whatever happens happens

[minten]

Haha. That sounds more like it.

[Travisg]

2163 available at .10 now

[Travisg]

.10

[Aduke]

Only one trade at $0.01. 16,570 shares. Probably a fat finger who wanted $0.10.

[minten]

Yeah, I was just warning you this stock will soon run out of shorts. When the shorts have covered, there's nobody left who will bid, as the underlying is worth nothing. Today's volume was >600K. How many of those were new buyers do you think? I'd say about zero.

Anyway, I'm out, I don't care. Good luck.

[janice shell]

Now is that a nice thing to say?

[minten]

Good luck with that.

You do realize people long in this stock by definition vastly exceed people short, right? (especially after today)

[Travisg]

2163 shares available at .27

[Crazy Money]

Went to .01

[janice shell]

Yes. At least in this case there actually ARE some shorts left who'd like to close their positions, so with luck, everyone who's been stuck here since May will be able to get out.

I imagine the next move will be an administrative proceeding to revoke registration from the SEC, if they remember to put that on their to-do list. If they hadn't failed to do it much earlier, none of this would have happened.

[JayTee72]

Yep.

[minten]

Thanks. I'm out. Hopefully you are too.

[minten]

Uhmm why?

[Aduke]

WOW! This is the first time I have heard shorts cry out this loud. What goes around comes around!

[Aduke]

Ten cents, you can have the rest of mine

[Aduke]

But one can still sell RIVT. Depends on how desperate the shorts get, by the time they wake up and find out that this is now trading. A very quiet comeback indeed.

[Michael-Goode]

And it is trading! $0.05

[JayTee72]

Sold to you. I have placed a limit sell order for 10,000 shares of RIVT at .05 .


I have more if you want/need them fyi. LOL

[Crazy Money]

Grey = - 80% +

Re: janice shell post# 1911

[minten]

OK. Well, that settles it then. This will "trade" (or more likely: not trade) on the Grey Sheets until registration is revoked.

I've still got 10K shares short I'm willing to cover at 0.05 if anyone long still wants to get paid at least something for otherwise worthless and untradable shares.

[janice shell]

It's Grey, so no, there're no MM making a market. Nor will there be, ever.

[stockman0360]

Finally resumed trading. Now why is there zero volume? Does no one know that RIVT was unhalted? Or is because theres no Market Maker or no buyer? Hm... Anyones opinion? Its on the grey market now which means "OTC", "Other OTC" or "Grey Market" is a security that is not currently traded on the OTCQX, OTCQB or OTC Pink marketplaces. Broker-dealers are not willing or able to publicly quote OTC securities because of a lack of investor interest, company information availability or regulatory compliance. Does this mean anyone holding shares is screwed?

[janice shell]

I'd have thought the same, but perhaps most shorts managed to cover before now, or simply haven't yet noticed the halt was lifted.

[sidedraft]

I thought there might be a lot of volume today, short covering and all.

[janice shell]

Yes. The halt was quietly lifted today:



http://otce.finra.org/TradeHaltsHistorical

[sidedraft]

The big red H is missing today.
OK then, the greys it is.

[Xxmatty87xx]

I got 1480 shares, anyone willing to buy?

[Garyst]

Time will tell but as time goes on it gets bleaker that it will trade again.

[Garyst]

You're welcome. Hopefully someone is out there that you can help out and also be helped out yourself at the same time.

[Crazy Money]

I know ...

[minten]

From a short perspective, I understand some might not be willing to take .05 on their long, but it really is sort of my best offer at this time: obviously this will not trade again. It's costing me a little bit of money in borrow fees, and it's taking uo some margin; otherwise it's just a wait until the registration is revoked and longs get nothing. It just doesn't make a lot of sense for me to pay 10 cents or over instead of waiting it out.

Anyone willing to deal close to .05 do let me know and we'll arrange something.

[1brokejoke]

Wow thanks for this information Garyst. I am sitting on 22500 shares and would be very greatful to help any shortens out, of course terms would need negotiated as .10 is a tad low I got in late and have close to 8 grand invests. Recovering half of my investment is what I would hope for.

[Garyst]

See post 1890 on how I have done it with a few from the Board here. Hopefully someone will take you up on your offer.

[samturn]

I have 9000 shares....Any shorts out there? I will sell for 9 cents per share. How do we get this to happen?

[Michael-Goode]

Sorry but with so few shares it isn't worth the hassle.

[ming1234]

how to do this i have 350 shares left and sitting there :)

[Garyst]

Who knows. At this point I have no shares left as I transferred them over to two posters here on the board that had a short position.

[Crazy Money]

RIVT won't trade again...

[Garyst]

Thanks for the final payment and glad it worked out. Took about a week to transfer the shares to you just like the previous one I did. Pretty harmless process. Might be worth it to take someone else up here on the board on their offer here for the final 4167 shares you are short and close out your position. GLTU.

[Michael-Goode]

Pleasure doing business with you! I'm now down to only 4167 shares short so I'll probably just hold onto those -- it was nice to free $25,000 worth of buying power in my account.

[Travisg]

Anyone interested I have 2163 shares and the price is now .20 [e-mail]

[Garyst]

For the two transfers I have done now to others:

i being the holder of the shares write a letter to Etrade with my name and account # listed on it and request to transfer XXX shares of RIVT to the name of the individual and account # you are transferring them to. I also include a FOP printout sheet from the other individual I am transferring the shares to which they have emailed me on both occasions. The FOP sheet has their name and account # info on it which I include in my letter to Etrade. That's about it, just a couple line letter. Etrade requires the original letter signed and Notarized letter mailed to them at the Etrade Jersey City NJ address. No faxes or emails. It takes about 3 days mail time and then upon receipt they will send you an alert in your Etrade account that they have received it. From there their processing time is usually 3-5 days to complete it and transfer the shares.

Pretty harmless process. The main thing to find out is if the Broker you are transferring them to accepts shares of a halted stock. In my two cases the transfers went to Interactive Brokers which does accept the shares.

[Garyst]

I agree. IN a case like this, I think it is in the best interest of both the longs and shorts to work with each other and if a transfer is possible between each other then I'd do it.

[stockly6]

Garyst, would you be so kind as to make a checklist of the steps that you need to go through on the Etrade end to facilitate this? Thanks so much.

[minten]

I agree this is extremely likely to never trade again (why would it; there's nothing underlying to trade). Next step should be registration being revoked: after that shares are worthless and shorts cancelled; then everyone is off the hook. No idea how long that will take though.

I'm short and am offering anyone long 5 cents a share for anything up to 10.000 shares. If interested, contact me at [e-mail]. Otherwise I'll just wait it out; the fees aren't exactly killing me here; it's just annoying (for everyone involved obviously).

[stockly6]

Travisg please email me at [e-mail] thanks, I can't PM

[Garyst]

To those holding, you may want to negotiate a price with anyone here whom is holding a short position and transfer your shares over to them. I've done it twice now and my final shares are currently being transferred to another individual. Etrade allows it as long as the receiving broker accepts a "Halted" security which Interactive Brokers does. If is was "Suspended", then Etrade stated that they cannot transfer shares but in this case it can be done being it is a halt. I've done it where the other individual pays 1/2 up front via Paypal and then the remaining 1/2 after their shares arrive in their account. Kind of like a meet in the middle type of trust and so far it has worked out. Just an idea.

[Garyst]

Nope, still stagnant.

[janice shell]

No. it won't trade again publicly. But private transactions can be arranged.