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WELL?, just remember, all is not quite lost! you can always write off your losses on the 1099 form.
you may not get all of it back, but at least you'll get a good portion of it back.
Since this stock is no longer trading, Don’t for get to have your broker to sell this security out of your portfolio, for you.
The sell-off total value of all the combined shares of a lost-security is usually at "one cent".
Now your losses is considered "Realized" and can then be claimed as a capital loss on your 1099 tax form.
The Government/IRS will now be "REFUNDING" you back a good portion of your capital losses in this stock.
Had you've acquired profits from this stock, then you'd instead "OWE" the IRS a portion of your capital Gains.
What's totally Brain-Dead?, if the SEC, (A government entity), was doing the job they were created to do, then SCAM, Shysters, PR-Manipulators and all the rest of the companies that operates fraudulently, would not exist in the quantity that they do, to cause harm to very investors the "Government/IRS" will be "PAYING" for.
There's a difference between suffering losses invested in legitimate companies that were in dire-straits due to conditions not in their control and Suffering losses invested in companies that are "Fronting" as being legitimate e while operating strictly to scam investor out of their money.
Deadline around the corner!!
-Wink-Wink!
This class action lawsuit will be long remembered.
These things take time. If Aug 18th is the deadline we probably won't hear anything for a while.
I too have signed up and was growing concerned since I did not receive any acknowledgment of my addition to the class so I emailed the Walden Law Firm but to date have not received any reply. There may still be hope since the lead plaintiff deadline is August 18th.
I haven't....just waiting for something to happen...I signed up.
Awesome. Did you sign up at the law firm's website? Please let them know what you got whenever you sign up. Take care.
I have numerous direct emails from Michael Barron full of lies that I am willing to share. I also have bogus press releases the company posted going back 3 years. I have saved this file for just this day.
Well stated, but doesn't clear them from what occurred, in the manor of occurrence.
Although they'll likely use that SEC Claus as a scapegoat.
But I doubt the SEC formed that Claus with scapegoat excuses mind.
They still should have disclosed the cancellation proceedings in their SEC filings and PR's. -But they didn't.
Instead, they disclosed a "Successful emergence from Bankruptcy" as to imply the company's freedom for growth, confirmed by announcing the opening as a NEW company.
Who would sell all their shares with statements like that?
So the argument goes both ways.
Unfortunately, with the right lawyer, the SEC clause might even work in their favor.
However, they're still wrong regarding how they went about it.
Besides, all the Government done in that clause was take money out their right pocket of debt and put it into their left pocket of debt.
Because they'll be footing the refund of the incurred capital losses by next tax season.
Which is governmentally stupid, -with all their talks of cutting unnecessary spending, but then allows "unnecessary" crap like this to occur to throw money at.
SHSNQ/SHSN may get away with their scheme but the government will lose in the end.
Rest assured, there are mow more people who are aware of claiming capital losses on their 1099 tax forms than ever before.
This is the posting that prompted me to unload my shares;
Posted on May 11
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=37704006
IMO company will not be held liable in court. Take your lumps and move on
From the SEC doc;
A company's securities may continue to trade even after the company has filed for bankruptcy under Chapter 11. In most instances, companies that file under Chapter 11 of the Bankruptcy Code are generally unable to meet the listing standards to continue to trade on Nasdaq or the New York Stock Exchange. However, even when a company is delisted from one of these major stock exchanges, their shares may continue to trade on either the OTCBB or the Pink Sheets. There is no federal law that prohibits trading of securities of companies in bankruptcy.
Note: Investors should be cautious when buying common stock of companies in Chapter 11 bankruptcy. It is extremely risky and is likely to lead to financial loss. Although a company may emerge from bankruptcy as a viable entity, generally, the creditors and the bondholders become the new owners of the shares. In most instances, the company's plan of reorganization will cancel the existing equity shares.
I'm not saying what they did was right. I'm not sure now how I even found out that the shares were being cancelled and I think is was after the PR that they were coming out of BK. But as soon as I found out the shares were getting cancelled I unloaded all my shares. That's all I'm saying. Some people didn't want to take a small loss and held out. They lost all, where they could have saved a portion of their capital. That's what these boards are supposed to be for. No one is going to recoup their lost capital in a law suit. Get out when you can, take your lumps and move on. I'm sorry if I offended anyone but I've been around pinkies long enough to have seen this happen before. Class action law suits are a waste of time. The lawyers make money. Investors will be lucky if they get a check for $40 or $50.
What legal ramifications are you ramming about?
If a class action gets going here, then the attorneys will probably "join" the Barrons in the legal ramifications, which, imo would be the place to put the blame... JMHO ...this would give the new owners of the company "an out" ....IMO
Thanks for all the good info 'Generic'.
That's total BS 'ada'!
It may have been mentioned in the actual bankruptcy plan, but it was NOT mentioned anywhere else.
In fact, even their latest SEC Filing stated numerous times that the whole purpose of the bankruptcy was "to protect the company and shareholders".
That filing was after the bankruptcy plan had been accepted.
You tell me, how are you protecting shareholder if you plan on secretly DELETING all of their shares?
The bankruptcy plan is not near as easy to come by as SEC Filings or Press Releases either.
Blantant misleading statements and outright FRAUD....
That's not the investor's fault and just because these are the pinksheets you must think there shouldn't be any accountability.
I totally disagree with you as well....
Make NO mistake pascal30,
just because you wouldn't act so prudent in your stock purchases, does not make it the fault of the investor if the company lies......
Furthermore, Shearson might have been out of money, but I can guarentee that the owners/operators that are responsible for the company ARE LOADED......
That is where we will get our re-imbursement from.
Show me one single person that plays the pinks that isn't taking a big risk.
We fully understand that. However, we are banking many times on the information provided BY THE COMPANY.........
The the company blantantly steals from share holders by releasing false and misleading press releases, are you saying that we should just accept that because thats the beast of the pink sheets?
If so, I totally disagree...
This is why the Government should get involved with companies that perform in such manor.
It costs the government unnecessarily loads of money.
Think about it..
When Companies like these makes such actions, the government and/or their entities remains uninvolved but PAYS for it when comes tax season, millions of 1099 TAX forms are smacked in their Governmental faces.
Each form is filing for "Capital losses" i'e, TAX REFUND! and who's paying that refund? -The government...A-duh?
If the government is so into seeking means of cutting "unnecessary spending" across the board, why aren’t they including cracking down on companies that wrongfully costs shareholders losses that the "GOVERNMENT" will foot the bill for.
Nevermind. I get it. This was just a sound-alike company.
LOL
NAME/SYMBOL CHANGES
DL Date Date Old Symbol/Name New Symbol/Name
7/5/2006 7/6/2006 CSUA Consumer Direct of America Common Stock SFNN Shearson Financial Networks, Inc. Common Stock
Symbol
--------------------------------------------------------------------------------
Symbol Name Expiration Date
SHSNQ Shearson Financial Networks, Inc. Common Stock < DELETED 5/11/2009
SHSN Shearson Financial Networks, Inc
SFNN Shearson Financial Networks, Inc. (Common) 08/24/2007
CSUA Consumer Direct of America (Common) 07/06/2006
CSUAE Consumer Direct of America (Common) 05/24/2006
CSUA Consumer Direct of America New Common Stock 04/24/2006
CSUAE Consumer Direct of America New Common Stock 05/19/2005
CSUA Consumer Direct of America New Common Stock 04/26/2005
CDIT Consumer Direct of America Com ($0.001) 02/17/2004
CDITE Consumer Direct of America Com ($0.001) 06/11/2003
CDIT Consumer Direct of America Com ($0.001) 06/09/2003
CDITE Consumer Direct of America Com ($0.001) 09/24/2002
CDIT Consumer Direct of America Com ($0.001) 08/26/2002
CDAE Consumer Direct of America 04/04/2002
BSCF BLUE STAR COFFEE INC 04/03/2002
13:29 BSCF Blue Star Coffee Inc 10/5/2001
Posted by: shsnisbad Date: Tuesday, April 01, 2008 10:16:04 AM
In reply to: None Post # of 17062
Of course I'd be willing to tell the FBI. Both Barrons need to go to jail for stealing from investors. There strings of lies to the public has gone unchallenged for years. If you ever meet Mike Barron in person you'll figure out he's a liar quickly. He's lied so much to other people that he has started believing his own grandious claims such as being the original founder of the computerized multiple listing service, being the founder of TRW, and being the creator of the McDonald's golden arches. By the way did you know the Barrons live in the most exclusive neighborhood in Las Vegas' suburbabs. Check out Mike Barron's house, http://redrock.co.clark.nv.us/assrrealprop/pclDetail.aspx?hdnParcel=19007514017&hdnInstance=pcl7 and Joe c-B's house, http://redrock.co.clark.nv.us/assrrealprop/pclDetail.aspx?hdnParcel=19008314026&hdnInstance=pcl7 Joe C-B just bought his house a few weeks ago; probably with investor money. Joe C-B is a big liar also. He claims he's an attorney and corporate counsel, however, no state bar association including Nevada and California's have ever heard of him. They are both NOT scared of FBI, they have done this to investors in the past without any reprocussions. If anybody has more questions I can probably answer them, I am close friends to an insider that was ousted by M. Barron when my friend started questioning shady business practices.
Posted by: shsnisbad
Date: Monday, April 14, 2008 10:36:45 PM
In reply to: None Post # of 17061
Here is where the Barrons moved SHSN's assets. www.cdbanc.com dba Liberty Capital. Notice all the real estate assets they claim they own. Notice their address Liberty Capital 2470 St. Rose Parkway Suite 314 Henderson, Nevada 89074 NEW PHONE NUMBER 702-914-4300. Notice the Loan Resolution Network that Mike Barron touted while at SHSN. It seems that they are using SHSN's credit warehouse lines to fund loans in a retail branch network that looks suspicously similar to SHSN's retail branches. If this isn't evidence of theft and fraud, I don't know what is!
Posted by: jonmichael
Date: Tuesday, November 11, 2008 9:38:15 PM
#msg-33500136
99 Fountainhead Circle, Henderson, NV 89052
Owner: Wayne Bailey
Are you the current owner? Claim this property!
sales history (1992-present)
$429,000 on May 6, 2008
B: Wanda Witoslawski = LIBERTY CAPITAL ????????
S: Wayne Bailey
$615,000 on September 28, 2004
B: Wayne Bailey
S: Bruce Perry and Gayle Perry
$258,900 on March 19, 1999 / New Construction
B: Bruce Perry and Gayle Perry
S: Terravita Home Construction Co
about the property
This property includes a pool.
Year built: 1999
Square footage (land): 11,326 sq. ft.
Square footage (living): 1,942 sq. ft.
Beds: 2
Baths: 2.0
Stories: 1
2007 property taxes: $6,884.81
http://lasvegas.blockshopper.com/property/19006813008/99_fountainhead_circle/
Wanda Witoslawski
1.1.91. Wanda Witoslawski Collateral. The Wanda Witoslawski Collateral means all assets of the Debtor pledged on a pre-petition basis to Wanda Witoslawski.
Wanda Witoslawski
Controller at Liberty Capital
Las Vegas, Nevada Area
Summary of Classification.
Class Description Treatment Estimated Amount of Claims
Class 1 NIR Group Debentures Claim Impaired.
Solicitation required. $ 1,586,698.54
Class 2 Other Secured Claims
Class 2(a) Baker Secured Claims Impaired.
Solicitation required. $ 1,021,566.38
Class 2(b) Michael Barron Secured Claim Unimpaired.
No solicitation required. $ 400,195.00
Class 2(c) Joseph Cosio-Barron Secured Claim Unimpaired.
No solicitation required. $ 102,009.70
Class 2(d) Wanda Witoslawski Secured Claim Unimpaired.
No solicitation required. $ 173,385.85
Class 2(e) Eclipse Secured Claim Unimpaired.
No solicitation required. $ 639,987.00
Class 2(f) Countrywide Secured Claim Unimpaired.
No solicitation required. $ 5,113,852.62
Class 2(g) Robert Kayl Secured Claim Unimpaired.
No solicitation required. $ 3,860.00
Class 2(h) Club Vista Holdings, Inc. Unimpaired.
No solicitation required. $ 12,273,961.91
Class 2(i) AMS Servicing, LLC
(Claim No. 62) Unimpaired.
No solicitation required. $ 589,198.04
Class 2(j) AMS Servicing, LLC
(Claim No. 63) Unimpaired.
No solicitation required. $ 164,623.94
Class 2(k)
BT Venture Fund I, L.P. and/or BT Consulting Services, LLC Unimpaired.
No solicitation required. $ 400,000.00
Class 3 IRS Priority Claims Impaired.
Solicitation required. $ 144,947.52
Class 4 Secured Tax Claims Unimpaired.
No solicitation required. N/A
Class 5 General Unsecured Claims Impaired.
Solicitation required. $ 18,065,485.14
Class 6 Subordinated Unsecured Claims Impaired.
Solicitation required. N/A
Class 7 Equity Securities Impaired.
Deemed rejected.
No solicitation required. N/A
http://www.sec.gov/Archives/edgar/data/1138173/000114036109012588/ex99_1.htm
Well I hope what they're rolling don’t include Bones.
-Wink-Wink!
>6^}
I think what it's telling you is that NIR hold stock in a private company. Stock that's not publicly traded.
I'm sure they will take it public when there's a reason for them to cash out by selling something of value to new suckers.
That's the way they roll.
'Generic' you are correct again! and notice the DATE of the SEC Filing, and the DATE the share cancellations occurred.
Nice "TIMING" they have, ay?
ROFLAMO!
6.1.4. On the Effective Date, the NIR Debentures and the accompanying registration rights agreement shall be reinstated, pursuant to the terms of the NIR Debenture Documents, as may be modified by any post-Effective Date amendments by the NIR Group and Reorganized Shearson. The NIR Group shall retain, and to the extent necessary be granted, a lien upon the NIR Group Collateral and a lien on the collateral securing the liens of the holders of Allowed Secured Claims, described in Section 4.2 of the Plan, until the Allowed NIR Group Debentures Claims are paid in full. Additionally, the NIR Group shall be allowed to exercise any conversion rights it has in the NIR Debenture Documents as to Reorganized Shearson and the shares of stock in Reorganized Shearson.
Ribotsky was here? Same NIR Group?
Free Zone | User's Groups | NIR Group
#board-11792
'Generic' you are CORRECT! I can't edit my post to the correct dates but you are absolutely right!
Class 7 — Equity Securities: On the Effective Date, other than the NIR Debentures, the Equity Securities of the Debtor shall be cancelled and holders of Equity Securities shall receive nothing.
1 SHEARSON FINANCIAL NETWORK, INC. 8-K/A 5-12-2009 form8ka.htm 8-K/A 48110
http://www.sec.gov/Archives/edgar/data/1138173/000114036109012588/form8ka.htm
SHSNQ shares were DELETED on May 11, 2009.
SECURITY DELETIONS
Dl Date Symbol Company Name Effective Date/Comments
5/11/2009 SHSNQ Shearson Financial Networks, Inc. Common Stock 5/12/2009 Plan of bankruptcy effective May 7, 2009. **
http://www.otcbb.com/asp/dailylist_search.asp?DirectSymbol=SHSNQ&OTCBB=ALL
Feeling "CLEAR" by a hunch is not the same as having it stated in writing.
The company made NO mention of the shares being cancelled until "AFTER" the fact.
"Inside" knowledge of the shares being cancelled were known as early as febuary/2009.
But that was not made available to investors until June/11/2009 "Last day of trading" before being delisted june/12/2009.
The statements given from SHSNQ/SHSN, be it in PR's or Sec filings made absolutely NO mention of share cancellation until the last day of trading before being delisted.
Investors didn't have a chance.
By the way;
Remember this PR?
Shearson Financial Network Inc. Emerges From Bankruptcy,
SAN FRANCISCO, May 7, 2009 /PRNewswire-FirstCall via COMTEX/ -- SHSNQ | Quote | Chart | News | PowerRating -- Shearson Financial Network Inc., a financial services holding company that conducted diversified mortgage banking and brokering operations (Pink Sheets: SHSNQ), announced today that it successfully emerged from bankruptcy on May 7, 2009. On February 25, 2009 the United States Bankruptcy Court "Confirmed" Shearson's First Amended Joint Plan of Reorganization.
now ask yourself, does the above sounds like they're canceling shares? -Does it even SAY IT?
Check their SEC filings, you wont find it there either.
"get over it" is all you can come up with?
It wasn't mentioned until AFTER the cancellation commenced.
So at what point was it "CLEAR TO YOU"?
Besides, people say all kinds of things in forums and chat rooms, whether true of false.
But the above is in "PRINT", respectfully. Rather than by some typer who's just passing through.
Only a fool would run from post to post buying and selling to keep up with all the "opinions", "hearsays", thoughts and emotions mucked from everybody who's anybody.
If SHSNQ/SHSN had disclosed their "Canceling of shares" in a timely manor DURING or immediately AFTER bankruptcy and investors held on through that period, then your point need not be made as there would be NO arguments, for the BLAME would land squarely in the laps of those who didn’t sell after being forewarned BY THE SOURCES in question.
But such didn't happen, therefore your rebuttal is mute.
Well, for now I guess. Dumb question: When did Lehman and Shearson split?
Is there a timeline of the history that focuses on Shearson?
Lehman has a big wikipedia page, but I must have missed the Shearson part...
if you know...
TIA
I believe they went private. You won't see any shares IMO.
Still no new shares yet? Must be a private company. I thought they were going to issue new shares?
I don't know, it seemed pretty clear to me. The shares were getting cancelled. It was in the filing and posted on this board. You sell, get what you can and get out. Bag holders didn't do their DD or wouldn't listen to the posters here. Even if the company were held liable it will take years for a judgement, the lawyers will get paid and the share holders will get nothing. People need to get over it and move on.
Hello there, 'pascal30' I've read your reply to ' lovinlife1216', but I think you're missing the point of the argument.
The amount he invested, alleged $7000, is a mute point in this case.
Whether it was by greed or ignorance bares no weight to the misrepresentations experienced here.
Although investments comes with losses, such losses are unfair if the roulette wheel, (for example), has a bias that favors the house and not the players.
But in this case, the house knew of the bias and kept quiet about it. Then after they closed the roulette table, someone discovered the house knew of the roulette wheel’s imbalance spin and players now want their money back or they're going for a class action lawsuit.
This is paraphrasing what went on with this stock and there inlies the arguments leading to a class action lawsuit.
Losses aren’t being argued here but rather wrongfully stated or an undisclosed "problem in lieu" press release that implied progress "in due process" that lead to buying shares.
it is respectable what you are trying to do against this company
but i can't believe you put 7k in this, and not even researched the history of this company, which has bene a bundle of lies, deceit, dishonesty
did you honestly expect at a price of 3c which was like 300 times the price of the previous week, that it would keep going up ?
you wanted to get rich fast, and follow the hype, so you got burned, i don't think the company can be blamed for greed of their shareholders, and not doing their DD.
come on !
this company was/is in the sub prime business. SUB PRIME, does this ring a bell ? It is how this whole economic mess started 2 years ago, do you honestly think they would come out of a bankrupcy, with cash in hands ? a business plan ? a loan portfolio ??
It was public knowledge that this company was pretty much a 1 man operation now, with one guy handling the restructuring. To think that they would do it in a way to benefit shareholders, it is a bit naive.
nothing against you personally,
but i find launching such a class action suit laughable, given the past of this company and the business they were in. As if you could still squeeze any money out of a lemon which has been lying in a desert for 2 years.
Although I am excited that the Walden Law firm is representing us, I am not very hopeful of getting anything out of this based on past experience with class action suits. Lost $7k in this deal when I bought at .0325 on May 8. With only 3 employees (Harry Kraatz told me that when I called on May 11 to inquire about the company) I tend to believe that this is a mickey mouse outfit with no money... but I am crossing my fingers like everyone else affected and hoping that Walden Law can ferret out info leading to how much SHSN pocketed during the initial press release on May 7 to the stock symbol being taken out on May 12 get us some percentage on the dollar back. Wishing everyone the best of luck!
Go to the link posted and sign up --u deserve what ever is coming to us all
Question: Does the class action suit cover, by definition, everyone who bought shares during that three day period, or do we all need to get our names attached to the suit somehow. [I've only started trading my lucrative graduate student salary on stocks for the past few months and lost just $160 on Shearson. Sorry I can't contribute more right now.]
WOW! Just read the entire complaint, PDF'ed at >>
http://www.waldenlawfirm.com/Cases/Shearson/Complaint.pdf
The part that I think raises the hair on their backs-side, is where it mentions the number of plaintiffs likely involved in this Class Action Lawsuit.
LOL!
SHSNQ (or SHSN) will being doing a hell of a lot of account shuffling on this one.
Either they respond by inheriting all those cancelled shares into the NEW (or soon to be) company, or REFUND the "at the time of purchase" market value of all shares bought within the "Class Action" period.
OR
Settle the suit with an amount that when divided by the number of plaintiffs equals about $40.00 bucks -ROFLMAO!
(After the Law firm filing the claim gets theirs skimmed off the top first)
SHSNQ/SHSN will likely find (seek) the most cheapest, easiest ways out of this mess they’ve got themselves in.
And I can almost guarantee SHSNQ/SHSN will likely counter the class action lawsuit against them by Reinstating the alleged cancelled shares into the pending NEW SHSN company.
Legally, this could REPAIR damages and most certainly would be the alternative to shareholders believing they’ll be getting absolutely nothing from shares purchased during the “Class” period.
But even with that, there’ll still likely be a snake on the branch.
The A/S and or O/S may be grossly increased to record-breaking quantities.
That way, upon inheriting or reinstating cancelled shares of SHSNQ into the new SHSN company, the likely massive panic sellers of biblical proportions wont cause the company’s bottom line to fall out from under itself.
OR, they’ll assume those cancelled shares with (punishing) restrictions.
–Wink-Wink!
Now, you may ask, where the hell am I getting this BS about “Reinstating Cancelled Shares”
I’ll sum it up with one word…..MONEY!
Fast Cash settlements for the number of plaintiffs involved would likely be astronomical.
Even the research involving counting the number of shares bought by each shareholder during the “class” period, to figure upon a “NUMBER” to use for the calculation, would be so time-consumingly costly that it would be impractical.
Not to mention, SHSNQ/SHSN may be so tied up in resolving this matter that they’ll likely delay the opening of their new company.
Can anyone take a guess as to how much potential money/capital they’ll likely lose for each and every day that passes with their NEW DOORS –still closed?
Especially at a time when the economy is turning from BEAR to BULL?
(The ship has docked, but, the clock is ticking.)
Putting it all together, reinstating the alleged cancelled shares bought during the “class” period would be the most cost-effective way to resolve the pending class action before it gets a hearing.
SHSNQ/SHSN stands to make out even more for every disgruntled shareholder who’d sell their shares out of anger.
(at .0001 or .0002) –LOL!
Then after a few weeks of mostly “Anger Sells” in the 000’s, another PR comes out and the NEW Company goes platinum.
But most of all, SHSNQ,, or the-then, SHSN, will look like heroes in the market place in the eyes of current and potential investors, for showing that they “CARE” about their shareholder’s intrests.. –Wink-Wink!
And then all will be forgiven and forgotten.
(Shareholder’s Capital Gains tends to do that) –Wink-Wink!
“Would be” investors will be watching them and how SHSNQ/SHSN proceeds further will also determine their overall success among investors who may increasingly decide not to buy their stock if the word gets around.
I do expect the SHSN symbol to be changed, as those call letter sequences may likely be tarnished.
Nonetheless, according to the PDF of the pending Class Actions Lawsuit, there’s a grace period of 60 days to sign up as a plaintiff if you’re among the injured and likely another 30+ days for the hearing.
It’s fair to say SHSNQ/SHSN will likely not open their NEW COMPANY until this matter is settled.
Does SHSNQ/SHSN mind waiting that long?
You must go to the Walden Law firm website to be a part of this...............
Class action filed...............www.earthtimes.org/.../walden-law-firm-pllc-files,866786.shtml - 17 hours ago - Similar
Check out this site someone has filed a law suit..........dockets.justia.com/docket/court-aredce/case_no-4.../case_id-78707/
Anyone got any news on this?
I got that email too.
Received this today from Bonnie Daily
Thank you for your e-mail about the difficulties you are having with your investment in Shearson Financial Network, Inc. that you purchased through TD Ameritrade. We take investor complaints very seriously and try, whenever possible, to provide some form of assistance.
Since your e-mail raises issues that others at the SEC should see, we have referred it to the appropriate parties here at the SEC. In addition, we have forwarded your complaint to TD Ameritrade for their response. We have sent your complaint to the firm’s compliance department and asked them to respond directly to you. We also asked the firm to send us a copy of their response to you. Please understand that this process may take two to three weeks.
Our efforts to facilitate informal resolutions of complaints often succeed. But, in some cases, it remains unclear whether any wrongdoing occurred, or the dispute boils down to one person’s word against another’s. If that happens, we cannot act as your personal representative or attorney, and you will then have to decide whether you want to pursue legal action on your own. The following portion of this email outlines the steps you may wish to take if you choose that option, and includes information on arbitration, mediation, and sources of potential legal assistance. Please read this information carefully. It describes your rights and important deadlines.
Please do not hesitate to contact me if you have any questions.
Sincerely,
BONNIE C DAILEY
Senior Counsel
Office of Investor Education and Advocacy U.S. Securities and Exchange Commission 100 F St, NE Washington, DC 20549-0213
(202)551-6364
STEPS FOR PURSUING A COMPLAINT
Know your legal rights
You should know your legal rights and be prepared to take action on your own, even while waiting for the firm’s response. Federal and state securities laws allow you to start legal proceedings against those who may be engaged in wrongdoing. If you believe the firm’s response inaccurate or incomplete, consider writing a second letter to the firm, laying out the problems with the firm’s response and including copies of documents that support your views.
Act promptly
Time restrictions, called “statutes of limitations,” require you to begin legal action promptly. For example, the federal securities laws require you to bring action within two years of the date you reasonably should have discovered the wrongdoing, but no later than five years from the date it occurred. If you sue any later, you may lose the right to recover. Limitations vary from state to state and may differ depending on whether you claim a violation of state law or federal law.
Use arbitration, if agreed to
When you opened your brokerage account, you probably agreed to use arbitration (and only arbitration) to settle all disputes with your broker or the firm. But even if you did not, you may choose to use arbitration to settle disputes. If you use arbitration, arbitrators will apply either a federal or state statute of limitations, depending on the nature of your claim. You generally cannot pursue an issue through arbitration if it is more than six years old. For older cases, you will probably want to consult with an attorney. When deciding whether to arbitrate — or, if it is a choice, to sue in court — bear in mind that if your broker or brokerage firm goes out of business or declares bankruptcy, you might not be able to recover your money — even if the arbitrator or court rules in your favor.
Learn about low-cost arbitration
If you use Financial Industry Regulatory Authority and your claim is $25,000 or less, you generally will not have to appear in person at a hearing and an arbitrator will make a decision on your case by reviewing documents and written descriptions of what happened from you and your broker. You should carefully review the rules governing simplified arbitration before filing a claim. To obtain information about arbitration procedures, please go to: http://www.finra.org/. Again, you should weigh the costs of arbitrating against the likelihood of being able to collect any award, especially if the brokerage firm has left the industry or gone bankrupt. Firms that stay in business typically pay the arbitration awards levied against them, but defunct firms may not.
Consider Mediation
Mediation is also an option you should consider before going to arbitration. Mediation allows you to save time and money because it is quicker than arbitration and voluntary. If you can’t reach an agreement through mediation, you can still go to arbitration. To learn about mediation, please go to: http://www.finra.org/.
If you decide to hire a lawyer and need help in finding one, please go to: http://www.sec.gov/answers/lawref.htm. Remember you do not have to have a lawyer to file an arbitration claim.
thankfully, iHub is not Yahoo Finance.
cool... thank you.... I just didn't know if Shearson had any control over this board being open or what iHub uses to decide when a board is to be shut down. I know the yahoo board was shut down immediately after the delisting.
Take care.
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****Shearson Financial Network Inc. Emerges From Bankruptcy****
SAN FRANCISCO, May 7, 2009 /PRNewswire-FirstCall via COMTEX/ -- Shearson Financial Network Inc., a financial services holding company that conducted diversified mortgage banking and brokering operations (Pink Sheets: SHSNQ), announced today that it successfully emerged from bankruptcy on May 7, 2009. On February 25, 2009 the United States Bankruptcy Court "Confirmed" Shearson's First Amended Joint Plan of Reorganization.
Mr. Harry R. Kraatz, the newly appointed Chairman and Chief Executive
Greg Garman, bankruptcy counsel with the law firm of Gordon Silver said, "In these challenging times it was encouraging to work with Shearson and its creditors to get the company restructured and out of bankruptcy within a matter of months."
Shearson Financial Network Inc. is a financial services holding company that conducted diversified mortgage banking and brokering operations and is a provider of both traditional and online mortgage services to a diversified customer base consisting of mortgage lenders, mortgage brokers, real estate agents and consumers.
Profile
Shearson Financial Network, Inc.
2470 St Rose Parkway
Suite 314
Henderson, NV 89074
United States - Map
Phone: 702-868-7900
Company Web Site: http://www.shearsonfinancialnetwork.com/
Investor Relations: None
Transfer Agent: Continental Stock Transfer & Trust Company
Shareholders seeking information or assistance may contact Continental at 212.509.4000 ext. 206, or by e-mail at cstmail@continentalstock.com.
DETAILS
Index Membership: N/A
Sector: Financial
Industry: Mortgage
BUSINESS SUMMARY
Shearson Financial Network, Inc. operates as a direct-to-consumer mortgage broker and banker. The company originates mortgage loans and home equity loans in the United States. Its mortgage loan products include conforming mortgage products, which are adjustable and fixed rate loan programs; alternative A/sub prime mortgage products; fixed rate amortizing and fixed rate with a balloon payment programs; JUMBO loans, which are adjustable and fixed rate loan program; and fixed-rate first mortgage loans. As of December 31, 2005, Shearson Financial Network operated through 28 retail branches in 12 states. The company was founded in 2000. It was formerly known as Blue Star Coffee, Inc. and changed its name to Consumer Direct of America in 2002. Further, the company changed its name to Shearson Financial Network, Inc. in June 2006. Shearson Financial Network is headquartered in Las Vegas, Nevada.
Shearson Home Loans has grown overnight to be the leading consolidator of mortgage brokerage businesses across the country. The Company currently employs over 500 people, and operates branch locations in over 33 states. Shearson has acquired five companies over the last two years and leases in excess of 54,000 sq. ft. of administrative and branch office space throughout the nation. Emerging as a national leader in mortgage brokerage and ancillary services, the Company plans to continue to expand its regional hubs via acquisition or via joint venture. The Company is aggressively looking for regional representation throughout the United States.
[chart]www.realtyclipart.com/mainpageimages/freeclipart/for_sale_01171.gif>
Authorized 300,000,000
4,689,988 shares of Common Stock outstanding as of September 30, 2007.
MAJOR DIRECT HOLDERS
Michael A. Barron - Chairman & CEO
From March 1995-1998, Mr. Barron pioneered the first nationwide commercially deployed video conference mortgage financing platform for Intel Corporation which as a licensed mortgage banker and broker in 20 states funded over $1 billion in closed loans. In November 1988, he founded and served as President, until 1992, of Finet Holdings Corporation (NASDAQ:FNCM), a publicly traded mortgage broker and banking business specializing in e-mortgage financing on site in real estate offices and remote loan origination via the Internet (www.finet.com). In June 1979, TRW hired Mr. Barron to develop its real estate information services division (TRW/REIS) that acquired 11 companies in the field and eventually became the world’s largest repository of real estate property information - Experian. Mr. Barron was a founder of Citidata, the first electronic provider of computerized real estate multiple listing services (MLS) in the nation from 1975 to 1979. Mr. Barron was the Senior Planner for the City of Monterey where he was the HUD liaison for the City’s downtown redevelopment project. He master planned the city’s redevelopment of famous Cannery Row, Fisherman’s Wharf, and was Secretary of the Architectural Review Committee. Mr. Barron holds a B.S. degree from California Polytechnic University and has completed courses in the MBA program at UCLA.
Mortgage rates rise a bunch
For a lot of homeowners, there's still an opportunity to refinance. Even if they missed an even better chance last week.
The benchmark 30-year fixed-rate mortgage rose 31 basis points, to 5.88 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week's survey had an average total of 0.38 discount and origination points. One year ago, the mortgage index was 6.42 percent; four weeks ago, it was 6.14 percent.
The benchmark 15-year fixed-rate mortgage rose 27 basis points, to 5.38 percent. The benchmark 5/1 adjustable-rate mortgage rose 31 basis points, to 5.66 percent. And the benchmark jumbo 30-year fixed, for loans greater than $417,000, went up 18 basis points, to 7.03 percent.
An increase of 31 basis points is well over a quarter of a percentage point, and that's a big jump in just one week. But much of that increase is a matter of timing. Bankrate collects rate information on Wednesdays, mostly in the morning. On Jan. 23, mortgage rates skyrocketed more than a quarter of a percentage point, just a few hours after Bankrate had gathered its weekly rate data.
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http://www.hsh.com/trends.html
Technical Indicator Definitions.
The Williams %R produces values from 0 to -100, a reading over 80 usually indicates a stock is oversold, while readings below 20 suggests a stock is overbought.
The MACD is calculated by subtracting the 26-day exponential moving average (EMA) from the 12-day EMA. A nine-day EMA of the MACD, called the "signal line", is then plotted on top of the MACD, functioning as a trigger for buy and sell signals.
Chaikin Money Flow (CMF) An oscillator that helps signal if a stock is undergoing accumulation or distribution.
RSI ranges from 0 to 100. An asset is deemed to be overbought once the RSI approaches the 70 level, meaning that it may be getting overvalued and is a good candidate for a pullback. Likewise, if the RSI approaches 30, it is an indication that the asset may be getting oversold and therefore likely to become undervalued.
ChiOsc Chaikin Oscillator monitors the flow of money in and out of the market - comparing money flow to price action helps to identify tops and bottoms in short and intermediate cycles. He suggests that it be used in conjunction with a 21 day price envelope and an overbought/oversold indicator (such as Momentum or RSI).
Parabolic SAR allows the investor to follow the dots in either an upward or downward trend until SAR is reached and the trend reverses. It is primarily used in trending markets and is based on always having a position in the market. The indicator may also be used to determine stop points and to estimate when to reverse a position and take a trade in the opposite direction.
ACCUM/DIST At nearly all times the oscillator will track market movements. When it is rising, the underlying market will be rising, as more and more stock is purchased and volumes increase ( Accumulation ). When it starts to head downwards the underlying market will be heading down an stock is sold off and volume decreases ( Distribution ). When a divergence in the market occurs,e.g. the Oscillator is rising but the market isn't, then this is an indicator that a change in trend is imminent
To form a Golden Cross, the 50 day moving average must cross from below the 200 day MA to above the 200 day MA, whilst the
200 day MA must also be rising".
Free Trading Shares/Float
3,117,800
As per Filing July 23rd 2007 (calculated post split)
Holder Shares Reported:
Greg Shanberg 520,000 11.4%
Keith Fink 389,250 8.5%
La Jolla Cove Investments 300,000 6.6%
Michael Barron
CEO & Chairman 151,509 3.3%
mbarron@shearsonhomeloans.com
Mariners Capital INC 240,000 5.3%
Joseph Cosio-Barron
President 190,000 4.2%
jcosio-barron@shearsonhomeloans.com
Lee Shorey
Executive Vice President,
Secretary, Treasurer and
Director 85,679 1.9%
lshorey@shearsonhomeloans.com
Theresa Carlise
CFO 85,000 1.9%
tcarlise@shearsonhomeloans.com
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