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WM is a buy again because of FRE/FMN bailout. Get in under $4.75 if you can. Great link from Cramer:
http://www.thestreet.com/_yahoo/newsanalysis/investing/10436132.html?cm_ven=YAHOO&cm_cat=FREE&cm_ite=NA
AFL +4.5% $2.14
VUOC +40%
WM (Rut Ro)
Finkelstein & Krinsk, LLP Announces Class Action Lawsuit Against WM Group of Funds
SAN DIEGO, Aug. 26 /PRNewswire/ -- Notice is hereby given that a class
action lawsuit has commenced in the United States District Court for the
Western District of Washington, on behalf of a class all persons who
purchased or acquired shares of Washington Mutual's proprietary mutual
funds, the WM Group of Funds (the "Funds") between March 1, 2002, through
December 31, 2006, inclusive ("the Class").
If you wish to discuss this action or have any questions concerning
this notice or your rights or interests with respect to these matters,
please contact William Restis, Esq. toll free at 877.493.5366, by fax to
619.238.5425, by writing to Finkelstein & Krinsk, LLP, 501 West Broadway,
Suite 1250, San Diego, CA, 92101, or via email at wrr@classaction.com.
The complaint alleges that the Funds' relevant prospectuses failed to
disclose payments by the Funds' investment advisor to broker/dealers as
part of a "steering" program that compromised broker/dealers' objectivity
and created insurmountable, undisclosed conflicts of interest. The
complaint alleges that the undisclosed payments were made in addition to
and separate from the Funds' 12b-1 fee, and were wrongfully diverted from
other fees in violation of Section 12(b) of the Investment Company Act of
1940, Sections 11 and 12(a) of the Securities Act of 1933, Section 10(b) of
Securities Exchange Act of 1934, and S.E.C. rules 10b-5 and 10b-10.
Plaintiff seeks to recover damages on behalf of Class members and is
represented by the San Diego law firm of Finkelstein & Krinsk, LLP, which
prosecutes class actions in both state and federal courts throughout the
country. Finkelstein & Krinsk is a force behind numerous corporate reforms
and has recovered millions of dollars for institutional and individual
investors from the United States and around the world.
If you are a member of the Class described above, you may, no later
than October 27, 2008, move the Court to serve as lead plaintiff for the
Class. A lead plaintiff is a representative party that acts on behalf of
other class members in directing the litigation. In order to be appointed
lead plaintiff, the Court must determine that the class member's claim is
typical of the claims of other class members, and that the class member
will adequately represent the class. Under certain circumstances, one or
more class members may together serve as "lead plaintiff." Your ability to
share in any recovery is not, however, affected by the decision whether or
not to serve as a lead plaintiff. You may retain Finkelstein & Krinsk, to
serve as your counsel in this action.
SOURCE Finkelstein & Krinsk, LLP
AFL(One Great Stock)
Aflac pays Goldman Sachs $825M to buy back shares
COLUMBUS, Ga.
Aflac Inc. said Tuesday it is paying Goldman, Sachs & Co. $825 million to buy back Aflac's common shares as the health and disability insurer reaffirmed its profit outlook.
Goldman Sachs Group Inc. will deliver shares to Aflac in December and January, with a final settlement in February.
Aflac is acquiring the shares as a part of previously announced repurchase plans.
Aflac had 43.1 million shares available for purchase as of Tuesday's announcement. The buyback plan was funded with internal capital.
"Using internal capital to purchase our shares reflects our confidence in Aflac's overall financial position," Aflac Chairman and CEO Daniel P. Amos said in a statement.
The company also said it still expects operating earnings, or earnings excluding investment gains and losses, to grow 14 to 15 percent on a per-share basis this year, excluding the impact of foreign currency. For 2009, it expects operating earnings per share to increase 13 to 15 percent on the same basis.
Aflac, whose quacking duck television commercials have made it practically a household name, was founded in 1955 and sells insurance in the U.S. and Japan.
Analysts surveyed by Thomson Reuters forecast earnings of $3.98 per share this year and $4.51 per share next year, on average.
Aflac shares fell 56 cents to $53.60 in regular trading, then added $1.13, or 2.1 percent to $54.73 in the extended after-hours session. Its stock is down nearly 14 percent in the year to date.
VPHM +3.24% 14.63
Should set another 52 week hi by EOW
MYRA
New on Myriad's Web Site
Shareholder Update– August 2008
8/1/2008
Myriad is committed to providing its shareholders with updated information. As such, the Company would like to share the following information relating to the status of the Myriad Resort project:
On August 18, 2008, the Company disclosed that, pursuant to its land contract with Picture Window, LLC, a Mississippi Limited Liability Company, the Company has made the second option payment of $100,000. As previously disclosed, Myriad entered into an agreement to purchase approximately 250 acres of land in Tunica, Mississippi for cash and an ongoing rent amount and made the initial option payment of $100,000 per the land contract. The closing is scheduled on or before December 2, 2008; however, the Company can give no assurance that the closing will occur on schedule or at all.
This property is anticipated to serve as the location of the Company’s planned world-class destination resort featuring gaming, hotel, spa, golf and other attractions. The parcel is located on the former site of the Treasure Bay Casino; next to the MGM Gold Strike Hotel and Casino in Casino Strip Center. Myriad has also arranged an option on additional property contiguous to this site with acreage similar to Treasure Bay. It is intended that the first phase of development will consist of building out the site infrastructure and constructing the initial 100,000 square foot casino, a 750 room hotel; a 25,000 square foot health and wellness luxury spa, a 35,000 square foot conference and meeting space; and attractions including a water park and an 18-hole championship golf facility.
The Company continues to negotiate with the principal of the collateral and loan term sheet approved by the Company’s Board of Directors earlier this year. As previously disclosed, the Company anticipates this deal, if consummated, providing up to $675 million in financing for Phase One of the Company’s planned Myriad Resort in Tunica, Mississippi. This term sheet also provides for the funding of all phases of Myriad’s planned development in Tunica, up to $2.5 billion. In the meantime, negotiations continue with several other potential funding sources.
Myriad will continue to post updates on this website and, if necessary, will make all appropriate filings with the Securities and Exchange Commission.
VUOC Breaking out
SOBM News +15%
Sinobiomed Retains CB Capital Partners as Financial Advisor to Maximize Shareholder Value
Investment Banking Firm Has Strong Background in Biotechnology
August 26, 2008: 01:15 PM EST
Sinobiomed Inc. ("Sinobiomed", or "the Company") (OTCBB: SOBM) is pleased to announce that it has retained CB Capital Partners, Inc. as its financial advisor to evaluate strategic alternatives to maximize shareholder value.
"While we are extremely pleased with the results obtained from the work undertaken to date on our three marketed and seven pipeline drugs, four of which are moving towards commercial release, we feel this success is not yet represented in shareholder value," said Banjun Yang, Company President and CEO. "We have invested heavily in the respective successful development of our products; now we need assistance in developing our Company's share valuation."
These product developments include:
- The patented recombinant malaria vaccine candidate (PfCP2.9), for which Sinobiomed is now in discussions to initiate Phase IIb clinical trials.
- The Phase IIb clinical trials of the Company's patented anti-bleeding agent, recombinant Batroxobin (rBAT). Should the product proceed to Phase III clinical trials, it is expected that international governments and organizations would show significant interest. The Company has already received indications of interest from global pharmaceutical companies for joint development, marketing and production.
- Recent applications for a Chinese and an international patent for recombinant human kallikrein-1 (rhK1), and for a Chinese patent for an innovative recombinant multivalent tuberculosis vaccine.
- Continuing penetration of Chinese market of Sinobiomed's commercialized products, which treat a wide range of diseases including hepatitis B and hepatitis C. China is home to nearly one third of the world's hepatitis carriers.
"Collectively, these developments have substantially increased the value of Sinobiomed, which has seen a dramatic corresponding increase in market capitalization of nearly 200%. The Company believes, however, that its valuation remains well below the market capitalization and corresponding share price of above $3.00 per share. We further believe that our share price has been impacted by the overall decline in the Chinese capital markets."
"We have therefore retained CB Capital Partners as our financial advisor to assist in reviewing our strategic alternatives with the objective of maximizing shareholder value, and we look forward to working with them to ensure that all alternatives available to the Company are considered and evaluated to achieve that objective."
These alternatives may range from strategic alliances to assist in the development of its pipeline drugs to financing opportunities such as mergers, acquisitions, a sale of all or part of the business, or other initiatives considered to be in the best interests of the Company and its shareholders.
ABOUT CB CAPITAL PARTNERS
CB Capital Partners is a specialized investment banking firm, which focuses on creating value through customized financial advisory assignments including capital raises, debt placements, strategic and financial partnerships, and mergers and acquisitions transactions. The firm was founded in 2001 in order to bring innovative and value-added solutions to our clientele through a conservative and disciplined application of our diverse professional institutional investment banking talents. www.cbcapital.com.
ABOUT SINOBIOMED INC.
Sinobiomed Inc. is a leading Chinese developer of genetically engineered recombinant protein drugs and vaccines. Based in Shanghai, Sinobiomed currently has 10 products approved or in development: three on the market, four in clinical trials and three in research and development. The Company's products respond to a wide range of diseases and conditions, including: malaria, hepatitis, surgical bleeding, cancer, rheumatoid arthritis, diabetic ulcers and burns, and blood cell regeneration.
SINOBIOMED INC.
LANE 4705, NO. 58, NORTH YANG GAO RD.
PUDONG, NEW AREA SHANGHAI, 201206 CHINA
PHONE: 86-58993708 / FAX: 86-58993709
FORWARD LOOKING STATEMENTS This news release may include "forward-looking
statements" regarding Sinobiomed, and its subsidiaries, business and project plans. Such forward looking statements are within the meaning of Section 27A of the Securities Act of 1933, as amended, and section 21E of the United States Securities and Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor created by such sections. Where Sinobiomed expresses or implies an expectation or belief as to future events or results, such expectation or belief is believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Sinobiomed does not undertake any obligation to update any forward looking statement, except as required under applicable law.
Contacts:
Sinobiomed Inc.
Investor Relations
(718) 502-8801 or Toll Free: 1-866-588-0829
Email: info@sinobiomed.com
Website: www.sinobiomed.com
WWE News
WWE(R) SmackDown(R) vs. Raw(R) 2008 Reaches "Greatest Hits" Sales Milestone for the PlayStation(R)2 Computer Entertainment System and PSP(R) (PlayStation(R)Portable) System
By BusinessWire
AGOURA HILLS, Calif., BUSINESS WIRE -- THQ Inc. (NASDAQ:THQI) and JAKKS Pacific, Inc. (NASDAQ:JAKK) today announced that WWE(R) SmackDown(R) vs. Raw(R) 2008, the ninth release from the leading fighting videogame franchise, has joined Sony's "Greatest Hits" collection for the PlayStation(R)2 computer entertainment system and PSP(R) (PlayStation(R)Portable) system. Both versions of the videogame originally launched in November 2007 and are now available for the suggested retail price of $19.99.
"Reaching 'Greatest Hits' status is a huge honor that speaks to the tremendous SmackDown vs. Raw fan base," said Scott Guthrie, executive vice president, publishing, THQ. "We look forward to delivering WWE SmackDown vs. Raw 2009 on seven platforms this fall, including the Xbox 360(R) video game and entertainment system from Microsoft, PLAYSTATION(R)3 computer entertainment system, PlayStation(R)2 computer entertainment system, PSP(R) (PlayStation(R)Portable) system, Wii(TM) videogame console, Nintendo DS(TM) and mobile devices."
"The WWE SmackDown vs. Raw legacy continues on through the incredibly loyal fans that master each new version," said Nelo Lucich, senior vice president of interactive, JAKKS Pacific. "With its 'Greatest Hits' status and through a reduced price point, we can share this virtual sports entertainment experience with an even more expansive audience."
About WWE SmackDown vs. Raw 2008
WWE SmackDown vs. Raw 2008 for the PlayStation 2 system and PSP system lets players take the fight into their own hands with the debut of eight Superstar Fighting Styles. Each fighting style has its own unique strategy with exclusive moves and abilities. A brand new Struggle Submission System gives players intuitive and natural control over their WWE Superstars using the analog sticks. Realism and strategy are at the forefront, as players can now control the amount of pressure they apply. WWE 24/7 Mode, which combines the popular Season and General Manager modes, embraces the intensity of the Superstar lifestyle. Multiple character development options, stat tracking and career goals guide players toward the ultimate achievement of becoming a WWE Legend. In addition, WWE SmackDown vs. Raw 2008 includes numerous fan-requested updates, including new rosters, more environmental hotspots, improved out-of-ring action and much more.
More information about WWE SmackDown vs. Raw 2008 can be found at www.smackdownvsraw.com and www.thq.com.
About World Wrestling Entertainment, Inc.
Additional information on World Wrestling Entertainment Inc. (NYSE:WWE) can be found at wwe.com and corporate.wwe.com. For information on our global activities, go to http://www.wwe.com/worldwide/.
About THQ Inc.
THQ Inc. (NASDAQ:THQI) is a leading worldwide developer and publisher of interactive entertainment software. The company develops its products for all popular game systems, personal computers and wireless devices. Headquartered in Los Angeles County, California, THQ sells product through its global network of offices located throughout North America, Europe and Asia Pacific. More information about THQ and its products may be found at www.thq.com. THQ and the THQ logo are trademarks and/or registered trademarks of THQ Inc.
About JAKKS Pacific, Inc.
JAKKS Pacific, Inc. (NASDAQ:JAKK) is a multi-brand company that designs and markets a broad range of toys and consumer products. The product categories include: Action Figures, Art Activity Kits, Stationery, Writing Instruments, Performance Kites, Water Toys, Sports Activity Toys, Vehicles, Infant/Pre-School, Plush, Construction Toys, Electronics, Dolls, Dress-Up, Role Play, and Pet Toys and Accessories. The products are sold under various brand names including JAKKS Pacific(R), Play Along(R), Flying Colors(R), Creative Designs International(TM), Road Champs(R), Child Guidance(R), Pentech(R), Trendmasters(R), Toymax(R), Funnoodle(R), Go Fly a Kite(R), Color Workshop(R), JAKKS Pets(TM) and Plug It In & Play TV Games(TM). JAKKS and THQ Inc. participate in a joint venture that has worldwide rights to publish and market World Wrestling Entertainment video games. For further information, visit www.jakks.com.
Trademarks: All WWE programming, talent names, images, likenesses, slogans, wrestling moves, trademarks, copyrights and logos are the exclusive property of World Wrestling Entertainment, Inc. and its subsidiaries. All other trademarks, logos and copyrights are the property of their respective owners.
Microsoft, Xbox, Xbox 360, Xbox Live, the Xbox logos, and the Xbox Live logo are either registered trademarks or trademarks of Microsoft Corporation in the U.S. and/or other countries.
"PlayStation," "PLAYSTATION," "PS" Family logo and "PSP" are registered trademarks of Sony Computer Entertainment Inc. PSP(R) system - Memory Stick Duo(TM) may be required (sold separately).
Wii and Nintendo DS are trademarks of Nintendo.
The statements contained in this press release that are not historical facts may be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections about the business of THQ Inc. and its subsidiaries (collectively referred to as "THQ"), including, but not limited to, expectations and projections related to the WWE SmackDown vs. Raw 2008 video game, and are based upon management's current beliefs and certain assumptions made by management. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including, but not limited to, business, competitive, economic, legal, political and technological factors affecting our industry, operations, markets, products or pricing. Readers should carefully review the risk factors and the information that could materially affect THQ's financial results, described in other documents that THQ files from time to time with the Securities and Exchange Commission, including its Quarterly Reports on Form 10-Q and Annual Report on Form 10-K for the fiscal period ended March 31, 2008, and particularly the discussion of risk factors set forth therein. Unless otherwise required by law, THQ disclaims any obligation to update its view on any such risks or uncertainties or to revise or publicly release the results of any revision to these forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
This press release may contain forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) that are based on current expectations, estimates and projections about JAKKS Pacific's business based partly on assumptions made by its management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such statements due to numerous factors, including, but not limited to, those described above, changes in demand for JAKKS' products, product mix, the timing of customer orders and deliveries, the impact of competitive products and pricing, and difficulties with integrating acquired businesses. The forward-looking statements contained herein speak only as of the date on which they are made, and JAKKS undertakes no obligation to update any of them to reflect events or circumstances after the date of this release.
Contacts:
THQ/Media Relations Jaime Jensen,
818-871-5111 jaime.jensen@thq.com or THQ/Investor Relations Julie MacMedan,
818-871-5125 investor@thq.com or JAKKS Pacific/Media Relations Genna Rosenberg,
310-455-6235 gennar@jakks.net or World Wrestling Entertainment,
Inc. Kevin Hennessy,
203-352-8657 kevin.hennessy@wwecorp.com
Copyright Business Wire 2008. All Rights Reserved
BSTI......................looks interesting
WM I'd say wait til it hits that July 14 low
Please do not make investment or trading decisions based on what you read from a stock board. Do your due diligence before buying any stock especially a penny stock. The stock market is where money is transferred from the impatient to the patient
APII News
Action Products International, Inc. Acquires B.E. Overseas Investment Group LLC
Chairman/CEO to Step Aside, Names Successor; Companywide Focus on Growth in Current and New Consumer Product Industries
Last update: 10:24 a.m. EDT Aug. 25, 2008
ORLANDO, FL, Aug 25, 2008 (MARKET WIRE via COMTEX) -- Action Products International, Inc. (the "Company") (APII:Action Products Intl Inc
News, chart, profile, more
Last: 2.33+0.10+4.55%
10:29am 08/25/2008
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APII 2.33, +0.10, +4.6%) announced today it has finalized the acquisition of B.E. Overseas Investment Group LLC, and directors have approved Mr. Neil Swartz as the Company's next CEO and Chairman.
B.E. Overseas is a merchant bank and consulting company that provides foreign companies capital and intellectual property for access to United States markets. At the time of acquisition two primary companies are included in B.E. Overseas' investment portfolio, B.E. Home Medical Products Group and Bunch of Expressions. Through the B.E. Home Medical Products Group, B.E. has agreements to release several electronic home health products from overseas companies. Bunch of Expressions is a uniquely modeled import and distribution company selling fresh flowers from South and Central America in the United States.
With the acquisition of B.E. Overseas and its investments, on September 2nd Ronald Kaplan will be succeeded as APII Chairman/CEO by Neil Swartz, CEO and Founder of B.E. Overseas. Mr. Kaplan will take the position of President/COO. Mr. Swartz combines extensive entrepreneurial and capital recruitment experience with a firsthand knowledge of a variety of established and growth business sectors. Mr. Swartz is a CPA and earned a BS degree from Northeastern University in accounting. He started his career as a Certified Public Accountant for a prestigious top four accounting firm and was a member of the American Institute of Certified Public Accountants and the Pennsylvania Institute of Certified Public Accountants. Mr. Swartz's additional business experience includes terms as Managing Director of a Mergers & Acquisition firm. Prior to that he ran an investment-banking company that worked with high growth companies preparing to go public, as well as initially providing them capital. He was Chairperson and CEO of a NASDAQ listed software company. Mr. Swartz served on the Company's Board of Directors from 2002 to 2006. Other current employees of B.E. will be employed in APII's wholly owned subsidiary, Action Healthcare Products, Inc.
In presenting to directors of APII, Mr. Kaplan stated that, consistent with plans he previously laid forth to shareholders, the acquisition of B.E. adds two important ingredients to APII:
First, the addition of the B.E. Home Medical Products Group will allow the Company to utilize the infrastructure developed in Action Products. The Company maintains strong relationships with many ISO certified manufacturers based in China, has best of breed software, efficient supply and distribution logistics management and access to capital that growth industry consumer product companies will find highly beneficial.
Secondly, the Company's incoming Chairman & CEO brings business development and investment banking skills to help grow and finance APII based on the Company's new direction. Mr. Kaplan will remain to focus on recruiting and integrating new products and corporations into a growing APII family of consumer companies.
Mr. Swartz comments, "By becoming part of APII we will be better able to give B.E.'s clients the infrastructure backbone to introduce product lines to US markets much faster and less costly. APII has wisely invested a tremendous amount in building a strong distribution infrastructure as well as creating and maintaining a solid capital structure. We will have the products and capital to realize returns on those investments."
Mr. Swartz further stated, "Our goal is to bring growth and profitability to the company as quickly as possible. We are in the process of turning around our children's business towards profitability and entering new markets that will utilize the structure and infrastructure Action has put in place. From the analysis of Action we feel that there is an underlying value in the company that is ready to be maximized. We are determined and focused on turning the company back to growth and profitability. Our mission is to give good returns to our shareholders. We feel we have the human resources, and capital resources are available for us to carry out our plan."
Ensuring good near term cash flow the Company has received a commitment from Sizer Capital Fund, LLC (a B.E. Overseas investor) to receive an equity investment of $500,000 (five hundred thousand). The Company is selling to Sizer Capital 500,000 shares of newly-authorized convertible preferred stock, each share of preferred stock is convertible into one share of the Company's common stock.
Mr. Kaplan's closing comments: "I am pleased and thank the employees, customers, and shareholders of APII. I believe the company is better than it was when we started the transformative period in 1997 since overcoming more than a few tumultuous times and events, and I believe APII will achieve unprecedented performance. I believe our children's business can get back to operational profitability in 2009 and will directly benefit from the divisionalizing of corporate and public company related matters. While our children's business returns to growth, as a shareholder I look forward to the Company entering high-growth sectors. I thank Mr. Swartz and our Directors for joining and taking these steps at this time and allowing me to focus on those aspects for which I am best suited."
About Action Products International, Inc.
Action Products International, Inc. is a global manufacturer and distributor of brand-focused educational and non-violent children's products. In business for over thirty years, the Company's products are distributed and sold by more than two thousand retail stores in the US, Canada and Internationally. For more information about Action Products International, Inc., please visit our website at www.apii.com. APII has transformed itself from a toy company to a holding management company that builds value in profitable and growth stage consumer product companies by providing capital as well as a range of strategic, operational, and management resources. Our expertise and leadership helps accelerate growth, build long term value and enable business transformation for each of our companies.
Safe Harbor Forward-Looking Statements
Statements contained in this release that are not strictly historical are "forward-looking statements." Such forward-looking statements are sometimes identified by words such as "will," "intends," "anticipates," "believes," and "expects." The forward-looking statements are made based on information available as of the date hereof, and Action Products International, Inc. assumes no obligation to update such forward-looking statements. Editors and investors are cautioned that such forward-looking statements involve risks and uncertainties that could cause Action Products International, Inc.'s actual results to differ materially from those in these forward-looking statements. Such risks and uncertainties include but are not limited to demand for Action Products International, Inc.'s products and services, our ability to continue to develop markets, general economic conditions, our ability to secure additional financing for Action Products International, Inc. and other factors that may be more fully described in reports to shareholders and periodic filings with the Securities and Exchange Commission.
Contact:
Action Products, Int'l, Inc.
Ronald Kaplan
CEO
407-660-7200
Rkaplan@apii.com
Robert L. Burrows
CFO
407-660-7200
Rburrows@apii.com
B.E. Overseas Investment Group, LLC
WSTL news
Westell Technologies Repurchases Stock
Sunday, August 24, 2008; Posted: 02:32 AM
Westell Technologies, a provider of broadband products, gateways and conferencing services, announced that since the end of the blackout period on July 28, the company has repurchased 963,481 shares on the open market.
Following these purchases, the company still has $9.2 million dollars remaining under its current authorization.
CEO Bernard Sergesketter purchased an additional 40,000 shares on August 19, bringing his total purchases since the end of the blackout period to 100,000 shares.
For all those who call people over 50 'old farts', look what this guy did to the IRS
Lone accountant takes on IRS and wins By CHRISTOPHER S. RUGABER, AP Business Writer
2 hours, 19 minutes ago
WASHINGTON - It took seven years, but Charles Ulrich did something many people dream about, but few succeed at: He beat the IRS in a tax dispute.
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Not only that, but tax experts say potentially millions of other taxpayers could benefit from his victory.
The accountant from Baxter, Minn., challenged the method the IRS has used for more than 20 years to tax shares and cash distributed by mutual life insurance firms to their policyholders when they reorganize as public companies.
A federal court recently agreed with his interpretation.
"There's a tremendous amount of money at stake," said Robert Willens, a New York City-based tax analyst at Robert Willens LLC. "Tens of thousands of people could be in line for a refund."
Don Alexander, an IRS commissioner in the 1970s and now a tax attorney in Washington, said while it's not unusual for individuals to take on the agency, "most of them lose."
Alexander called it "quite a significant case."
The dispute arose when more than 30 mutual life insurance companies became publicly traded corporations in the late 1990s and earlier this decade, in a process known as "demutualization."
Mutual companies are owned by their policyholders, so the companies provided stock and cash to compensate them for the loss of their ownership interests when they went public.
All told, roughly 30 million policyholders received distributions, Ulrich estimates. MetLife Inc. provided over $7 billion of stock to about 11 million policyholders when it went public in 2000, while Prudential distributed $12.5 billion in stock to another 11 million.
The IRS held that the recipients hadn't paid anything for the shares and owed taxes on the full amount when the shares were sold. Cash distributions also were fully taxable, the IRS said.
That didn't sound right to Ulrich, 72, an accountant for 49 years. He began researching the issue in 2001, when he received shares from two companies, Prudential and Indianapolis Life.
Ulrich concluded that policyholders had paid for their ownership rights through their premiums so the distributions should have been tax-free.
That could make a significant difference in what a taxpayer owes. If a company distributed shares worth $30 and a recipient subsequently sold them at $32, under the IRS' view they would pay taxes on all $32. Under Ulrich's interpretation, they would owe taxes only on the $2 per share gain.
In 2003, Ulrich publicized his views by contacting tax and insurance experts and setting up a Web site.
"Largely I was regarded as a lunatic," he said, who "would never prevail against the IRS."
Still, some people who'd paid taxes contacted Ulrich and asked him to file refund requests, which he did, for a fee. Some of those refunds were granted, he said. Tax experts say the IRS doesn't always closely scrutinize small refunds.
One of his clients, Jean Prevost and her husband, Jim, who live near Minneapolis, received a refund of almost $1,500 in federal and state taxes in 2003.
"It wasn't a huge amount of money, but it was ours," she said.
But the IRS wasn't pleased with Ulrich, accusing him of promoting abusive tax shelters and demanding the names of his clients, which he said he refused to provide.
The agency backed off in 2004 with help from the IRS's Taxpayer Advocate office, Ulrich said.
IRS spokesman Bruce Friedland said the agency is prohibited from commenting on its interactions with taxpayers.
One of Ulrich's clients, Eugene Fisher, a trustee for a Baltimore, Md.-based trust, sued the IRS in February 2004 after being denied a refund.
Judge Francis Allegra of the Court of Federal Claims in Washington sided with Fisher and called the IRS' view "illogical" in an Aug. 6 decision. He ordered the agency to refund $5,725 in taxes plus interest to the trust overseen by Fisher.
It's not clear how many people could benefit from the ruling. Many of the 30 million policyholders are probably too late to seek refunds, since claims must be filed within three years of the April 15 tax deadline. That means the statute of limitations for taxes paid for 2004 ran out April 15, 2008.
Many individual taxpayers may not have enough at stake to go to the trouble, said Burgess Raby, a Tempe, Ariz.-based attorney who represented Fisher. Still, millions of policyholders could benefit from the court's ruling, he said.
Raby credits Ulrich with being the driving force behind the issue.
"The genesis for this was Chuck's real feeling that this was an unfair position" by the IRS, Raby said.
The government could appeal the ruling and likely will fight future refund claims, perhaps hoping for a different outcome in a separate court, tax experts said.
Charles Miller, a spokesman for the Justice Department, said the government hasn't yet decided whether to appeal.
Still, taxpayers should request refunds if they're eligible, the tax experts said, because even if the IRS rejects the claim, doing so extends the deadline for a potential refund for two more years.
Ulrich will prepare refund requests for interested taxpayers, for a fee, and has posted additional information at his Web site, http://www.demutualization.biz. But he said the principle is more important to him.
"I think it's important that taxpayers' rights be protected," he said. "We should have had a Boston Tea Party over this."
VPHM short interest drastically reduced
ViroPharma Inc. $ 14.20
VPHM 0.37
Short Interest (Shares Short) 10,218,900
Days To Cover (Short Interest Ratio) 5.2
Short Percent of Float 14.79 %
Short Interest - Prior 12,149,700
Short % Increase / Decrease -15.89 %
Short Squeeze Ranking™ 38
% From 52-Wk High ($ 14.70 ) -3.52 %
% From 52-Wk Low ($ 7.11 ) 49.93 %
% From 200-Day MA ($ 10.10 ) 28.87 %
% From 50-Day MA ($ 11.99 ) 15.56 %
Price % Change (52-Week) 49.40 %
Shares Float 69,100,000
Total Shares Outstanding 69,960,218
% Owned by Insiders 1.21 %
% Owned by Institutions 93.10 %
Market Cap. $ 993,435,096
Trading Volume - Today 1,019,243
Trading Volume - Average 1,948,700
Trading Volume - Today vs. Average 52.30 %
Earnings Per Share 1.03
PE Ratio 13.40
Record Date 2008-AugA
Sector Healthcare
Industry Biotechnology
Please do not make investment or trading decisions based on what you read from a stock board. Do your due diligence before buying any stock especially a penny stock. The stock market is where money is transferred from the impatient to the patient
KANA
Web Address:
http://www.kana.com
KANA Software, Inc. (KANA) develops, markets and supports customer communications software products. KANA solutions automate the processes needed to serve its clients' customers. KANA provides an integrated solution, which enables organizations to deliver service across all channels, including e-mail, chat, call centers, and Web self-service. The Company's solutions include products, such as Kana IQ, KANA Response, KANA ResponseIQ, and KANA Contact Center. The Company maintains direct sales personnel across the United States, and internationally in the United Kingdom, Ireland, Continental Europe, Asia Pacific, Japan and Canada. In June 2007, KANA completed the acquisition of eVergance Partners, LLC.
Please do not make investment or trading decisions based on what you read from a stock board. Do your due diligence before buying any stock especially a penny stock. The stock market is where money is transferred from the impatient to the patient
MDVX News
Modavox technology to be used at Sustainability Summit
Friday, August 22, 2008; Posted: 12:04 PM
7 Stocks You Need To Know For Tomorrow -- Free Newsletter
Aug 22, 2008 (TELECOMWORLDWIRE via COMTEX) -- MDVX | Quote | Chart | News | PowerRating -- Modavox Inc (OTCBB:MDVX), a customised communications company, has confirmed an agreement with Arizona State University to host the Sustainability Summit at the Columbus Club in Washington DC on 17 September 2008.
Under the agreement, Madovox will be providing the summit with web-casting services using the company's patented streaming audio and visual technology, enabling live delivery of the events.
Panellists at the summit will be addressing issues such as vehicle fuel efficiency and alternative energy sources, waste reduction, water quality, global carbon emissions and the role that can be played by the government, industries and individuals in these issues
APII as I predicted attacked by shorts
BUYINS.NET: RPF, VIT, ATX, SA, WGW, APII Have Also Been Added To Naked Short List Today
Friday, August 22, 2008; Posted: 09:15 AM
7 Stocks You Need To Know For Tomorrow -- Free Newsletter
Aug 22, 2008 (M2 PRESSWIRE via COMTEX) -- WGW | Quote | Chart | News | PowerRating -- BUYINS.NET, www.buyins.net, announced today that these select companies have been added to the NASDAQ, AMEX and NYSE naked short threshold list: Cohen & Steers Premium Income Realty Fund Inc. (NYSE: RPF), VanceInfo Techonlogies Inc. (NYSE: VIT), Cross Co (AMEX: ATX), Seabridge Gold Inc (AMEX: SA), Western Goldfields Inc. (AMEX: WGW), Action Products International Inc. (NASDAQ: APII). For a complete list of companies on the naked short list please visit our web site. To find the SqueezeTrigger Price before a short squeeze starts in any stock, go to www.buyins.net.
SOBM getting coverage
Pinnacle Digest: Sinobiomed Named Company Of Interest By Leading Online Investment Magazine
Friday, August 22, 2008; Posted: 04:03 AM
7 Stocks You Need To Know For Tomorrow -- Free Newsletter
Aug 22, 2008 (M2 PRESSWIRE via COMTEX) -- SOBM | Quote | Chart | News | After yesterday's news from Sinobiomed, Inc (OTCBB: SOBM | Quote | Chart | News | PowerRating) announcing that it has applied for two Chinese patents and one international patent, our team has launched their exclusive investor controlled forum.
Please do not make investment or trading decisions based on what you read from a stock board. Do your due diligence before buying any stock especially a penny stock. The stock market is where money is transferred from the impatient to the patient
Time to jump in this one
Sinobiomed Applies for Two Chinese Patents and One International Patent
Patent Applications for Treatment of Stroke and for New Tuberculosis Vaccine
Last update: 9:31 a.m. EDT Aug. 21, 2008
SHANGHAI, CHINA, Aug 21, 2008 (MARKET WIRE via COMTEX) -- Sinobiomed, Inc. ("Sinobiomed", or "the Company") (SOBM:sinobiomed inc com
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Last: 0.75+0.03+4.17%
9:52am 08/21/2008
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SOBM 0.75, +0.03, +4.2%) is pleased to announce that it has applied for a Chinese and an international patent for recombinant human kallikrein-1 (rhK1), and for a Chinese patent for an innovative recombinant multivalent tuberculosis vaccine.
rhK1
rhK1 is a product Sinobiomed is developing for the treatment of stroke and peripheral vascular disorders, and for the prevention of blood clots and thrombosis. The patent applications are for the method of preparation and for the aqueous formulation used for injecting the treatment.
Human Kallikreins are enzymes involved in multiple physiological processes in the body, including blood clotting and inflammation. Currently, commercial drugs containing kallikrein-1 in China and Japan are extracted from human urine or animal pancreas. Sinobiomed has succeeded in developing world's first recombinant human kallikrein-1 in the yeast, Pichia pastoris, with a purity of not less than 98% and low production costs.
The Company has submitted its international patent application (PCT/CN2007/070800; "Human kallikrein-1 and its preparative methods") to the Patent Cooperation Treaty (PCT). It has also applied to China's State Intellectual Property Office (SIPO) for a Chinese patent for the aqueous formulation for injection (Application Number 2008100384222; "Stable pharmaceutical formulation for injection").
Recombinant multivalent tuberculosis vaccine
The second Chinese patent application is for an innovative recombinant multivalent tuberculosis vaccine. Sinobiomed is developing this vaccine in response to the significant recent rise in the incidence of tuberculosis around the world and the lack of a vaccine to protect all ages and those living in areas where tuberculosis is prevalent.
Bacille Calmette Guerin (BCG) is the world's most widely used vaccination for tuberculosis. Made of a live, weakened strain of a cousin of the TB bacteria and developed in the 1930's, it remains the only vaccination available against tuberculosis today. It is used because it is effective in reducing the likelihood and severity of TB in infants and young children.
BCG, however, appears to be less effective on adults and provides almost no protection for people in areas where tuberculosis is prevalent. Sinobiomed's
patent application is for a recombinant multivalent vaccine comprising four major antigens of bacillus tuberculosis expressed in Pichia Pastoris. The recombinant multivalent vaccine is prepared using different ratios of four components, with assistance from different adjuvants. Preliminary animal tests indicate that this vaccine can generate good immunogenicity.
The Company has submitted its application to SIPO for a Chinese patent for the multivalent tuberculosis (200710173372.4; "The preparation of a recombinant multivalent tuberculosis vaccine").
ABOUT SINOBIOMED INC.
Sinobiomed Inc. is a leading Chinese developer of genetically engineered recombinant protein drugs and vaccines. Based in Shanghai, Sinobiomed currently has 10 products approved or in development: three on the market, four in clinical trials and three in research and development. The Company's products respond to a wide range of diseases and conditions, including: malaria, hepatitis, surgical bleeding, cancer, rheumatoid arthritis, diabetic ulcers and burns, and blood cell regeneration.
SINOBIOMED INC.
LANE 4705, NO. 58, NORTH YANG GAO RD.
PUDONG, NEW AREA SHANGHAI, 201206 CHINA
PHONE: 86-58993708 / FAX: 86-58993709
FORWARD LOOKING STATEMENTS: This news release may include "forward-looking statements" regarding Sinobiomed, and its subsidiaries, business and project plans. Such forward looking statements are within the meaning of Section 27A of the Securities Act of 1933, as amended, and section 21E of the United States Securities and Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor created by such sections. Where Sinobiomed expresses or implies an expectation or belief as to future events or results, such expectation or belief is believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Sinobiomed does not undertake any obligation to update any forward looking statement, except as required under applicable law.
Contacts:
Sinobiomed Inc.
Investor Relations
(718) 502-8801 or Toll Free: 1-866-588-0829
Email: info@sinobiomed.com
Website: www.sinobiomed.com
SOURCE: Sinobiomed Inc.
mailto:info@sinobiomed.com
http://www.sinobiomed.com
Copyright 2008 Market Wire, All rights reserved.
http://www.sinobiomed.com/
Sinobiomed Inc. is engaged in research, development and commercialization activities in China's biopharmaceutical industry. The initial business plan of the Company was to develop United States patent No. 5,074,073 (the Patent) for a Car Door Safety Feature Device, which it owns. Sinobiomed, however, determined to change its business plan from the development of the Patent and began focusing on the Chinese biopharmaceutical market. In January 2007, the Company completed a share purchase agreement entered into with Wanxin Bio-Technology Limited (Wanxin), whereby Sinobiomed acquired 100% of Wanxin. Through Wanxin, Sinobiomed indirectly owns interest in Shanghai Wanxing Bio-pharmaceuticals Co., Ltd. (Shanghai Wanxing), a Chinese developer of genetically engineered recombinant protein drugs and vaccines.
Market Cap 94.6 M
Shares Outstanding 131.4 M
Number of Floating Shares 78.0 M
Short Interest as % of Float --
Financial Strength (MRQ)
Quick Ratio 0.04x
Current Ratio 0.10x
Debt/Equity --
Debt/Assets 1.23x
Headquarters Lane 4705, No. 58
North Tang Gao Road
201206 Pudong New Area
CHN
Phone 215-854-6923
Fax 215-899-3709
Web Address
http://www.sinobiomed.com/
Please do not make investment or trading decisions based on what you read from a stock board. Do your due diligence before buying any stock especially a penny stock. The stock market is where money is transferred from the impatient to the patient
SOBM...been watchin this one for a month now....lookin good...gotta do some DD
Please do not make investment or trading decisions based on what you read from a stock board. Do your due diligence before buying any stock especially a penny stock. The stock market is where money is transferred from the impatient to the patient
sounds like options....i don't do options
I haven't checked the short interest lately but i'm willing to bet it's down from 12 million
BTW-- always looking to learn something... what's this mean (assume it's option related): "If you are looking for a hedged play on VPHM the stock seems like it could be a candidate for a November out-of-the-money bull-put credit spread below the 10 range."
At $3.50 it's a buy again for a flip over $4. Long term, WM will survive and by 2010 could be a $20 stock, in the meantime it's an easy flipper because of the high liquidity!
Beautiful TraderRick47-- congrats
ViroPharma (NasdaqNM: VPHM) NewsBite - VPHM Hits 52-Week High
Posted on Wednesday, August 20, 2008 1:31 PM
ViroPharma (NasdaqNM: VPHM) hit a new 52-Week high of $14.33 so far today. Currently the stock is up $0.58 (4.23%) to $14.18 on 1,165,283 shares traded. Today's high is up $7.07 from a 52-Week Low of $7.11. ViroPharma stock has been showing support around $13.31 and resistance in the $13.91 range. Technical indicators for the stock are bullish and S&P does not currently have a STARS rating for VPHM. If you are looking for a hedged play on VPHM the stock seems like it could be a candidate for a November out-of-the-money bull-put credit spread below the 10 range.
Good call on the WM sell Doc
I had a feeling this would happen why I saw the original news was not put out by the company itself.
New York, 20 August 2008 - Food distribution outfit Sysco Corp denied that it had agreed to launch a food business venture with Dezina Marketing – directly contradicting a statement made by Dezina earlier this week.
UDHC NEWS
Nice follow thru by the CEO
SecureNetView Clarifies Shareholders Confusion of U.S. Navy Rear Admiral Paul J. Mulloy (Ret.) and Certain Other Concerns
Last update: 9:03 a.m. EDT Aug. 20, 2008
JACKSONVILLE, NY, Aug 20, 2008 (MARKET WIRE via COMTEX) -- SecureNetView, a wholly owned subsidiary of Ulysses Diversified Holdings Corporation (PINKSHEETS: UDHC), today issued a clarification in response to many queries regarding the appointment of RADM Paul J. Mulloy USN (Ret.) as Director of Governmental Affairs.
The company has received many queries regarding two Rear Admirals with the same last names, in particular RADM Joseph P. Mulloy USN (active) and RADM Paul J. Mulloy USN (Ret.); the latter is the Uncle.
The company has also received an extraordinary amount of calls and e-mails regarding the ongoing contract negotiations regarding the previously announced deal to supply 1000 day care centers with security surveillance, at this time the company can only say that negotiations are ongoing and the company anticipates a positive result.
The company would also like to address numerous correspondences regarding its web presence and its products technology, currently the company is in the process of revamping all of its websites through a major vendor nationally and internationally. The company is also upgrading all of its patents and product technology via newly hired technology experts with the assistance of outsourcing to some of the biggest names in technology.
"We are working diligently to upgrade and expand all areas of the company's operations, we believe that we are on course with the new personnel we have brought on board and the outsourcing resources we have contracted with that major progress and profits are imminent for the company and its shareholders," said Clayton Young, President & CEO.
This press release does not constitute an offer of any securities for sale. This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ, including, without limitation, the company's limited operating history and history of losses, the inability to successfully obtain further funding, the inability to raise capital on terms acceptable to the company, the inability to compete effectively in the marketplace, the inability to complete the proposed acquisition and such other risks that could cause the actual results to differ materially from those contained in the company's projections or forward-looking statements. All forward-looking statements in this press release are based on information available to the company as of the date hereof, and the company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.
Contact:
Ulysses Diversified Holdings Corp.
Investor Relations
Tel: 1-607-387-7353
Website: www.ulyssesholding.com
SOURCE: Ulysses Diversified Holdings Corporation
http://www.ulyssesholding.com
WEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE
approaching my $15 target
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Some stocks being followed:
SOBM http://www.sinobiomed.com/ (NEW AS OF AUG 21)
APII http://www.apii.com/ (NEW AS OF AUG 9)
MDVX http://www.modavox.com/ (NEW AS OF AUG 9)
VUOC http://www.vu1.com/ (NEW AS OF AUG 9)
SRSR www.sarissaresources.com/
SKPN http://www.skypostal.com/ (FORMERLY OMGA)
MYRA www.myriadentertainmentandresorts.com/location.htm
DKSC http://www.dakshidin.com/
UDHC www.ulyssesholding.com/default.htm
CELI www.celebdirect.tv
VPHM http://www.viropharma.com/
AFL http://aflac.com/us/en/Default.aspx
RVTI http://www.rvti.com/
Trader Rick has to like the stock below for two reasons: The name and the girls!!!!
RICK http://www.rickscabaret.com/
WATCHLIST
APAC, ASFX,BSTI, BTIM CVSC, ERHE, KANA, LLEG, SMAN TMR, WSTL
Disclaimer: At times I hold positions in the stocks discussed on the board.
Please do not make investment or trading decisions based on what you read from a stock board. Do your due diligence before buying any stock especially a penny stock. The stock market is where money is transferred from the impatient to the patient
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