Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
you have to call Moudy on his cell
these might be of interest...
Good article about D&O obligations for Colorado corps:
http://www.abiworld.org/abidata/online/conference/03rmbc/Rider.html
The Newest auditor, at least for this week...:
http://www.richeymay.com/
An interesting civil case, tho there are 5 currently pending:
http://www.fcclk.org/judicialsearch/Scripts/UVlink.isa/fulton/WEBSERV/CivilSearch?action%253Dview%26...
Just selling today. I haven't seen one buy yet.
Lots and Lots of selling at .12
Anyone able to contact UCAP?
I've tried every number and every email address but nobody is getting back to me.
I called their main office in colorado and get transfered but I only get voice mail.
I'm not going anywhere. I'm just hoping they don't go out of business. If they keep on like this I can't see how they will make it much longer.
I think the change up was obviously necessary, now lets have some filings so we can see how they are really doing.
The prospects are outstanding...
for the industry and the strategy - management changes are needed - clean the books, clean the offices, get new fresh caring management and a profit oppty exists - otherwise, count your tax credits...
Obviously something is rotten here. It will soon come to light. Hopefully the company will survive.
I am sorry I do not know the name of the person that called me back.I will let you know when he calls back.
this has nothing to do with the accounting transition
the prior auditors resigned 30 days into the audit, on 7/28
then the company did not notify shareholders for 36 days despite SEC regs that say 5 days notice to shareholders required -
then they did not get a new auditor until Sept 15, even tho audit was due on 9/28 - then they took a 15 day extension - and STILL cant get it done - and may NEVER get it done
and 3 directors resigned in last 90 days - fact is that a director change is also a 5 day notice to shareholders, not 90 days - and I am pretty sure another director is history that they havent even told about yet...
its incompetent management full of insider trading and special purpose entities - across the board, and including the board - its a Colorado corporation - so check this link:
http://www.abiworld.org/abidata/online/conference/03rmbc/Rider.html
then decide what to do...
Who did you talk to? I just can't see ucap going much lower, since the market cap is only 5.1 million right now. I just hope they stay in business.
I really dont like the fact they aren't reporting. I know things can take time but they should have been on top of this with their accounting transition.
Any thoughts?
I Called Ucap today, just received a call back the person I spoke with could not answer my questions. He is to call back in a couple of days with some answers.I ask if Ucap was a stronge and powerful company as Mr. Farmer said in the press release on May 4,2003,also if the company's pass audits were correct.
Go right to the horse...
Was the CFO from 2001 until May 2003, now is again:
J L Bradley
101 W Main St
El Dorado, AR 71730-5638
(870)863-0722
Came into the deal with McCord in 2000, front for McCord, CEO and Chairman, and only board member at UCMC subsidiary:
Moudy, Dan E
3200 River Hts,
Benton, AR 72015-1857
(501)860-6402
Moudy, Dan E
5009 Colonial Ct,
Benton, AR 72015-6857
(501)316-0712
I have a position at .35 and am worried.
I am not so sure anymore that UCAP will surrvive. What in the world has this company been doing during the mortgage boom? Now they come out and say they will not meet results because of mortgage downturns....
And to top it off they miss their required SEC filings, and suddenly people begin to jump ship and leave their board.
I hope they make it because if they don't I'll lose my entire investment.
Anyone else have any thoughts or views? Sell Ucap now? or try to ride this thing out?
Looks like 5 out of 7 directors have bailed
out - since the 10K from January [they changed their fiscal year from 9/30 to 6/30 so this is a 9 month stub period]
So lets see - the auditors resign 30 days into the audit
5 out of 7 directors are out leaving only Hakala and Moudy
No one knows when the audit will be done
Moudy and Bradley are back in as CEO and CFO, presumably cause they are the only ones who will sign under Sarbanes - after all they signed 3 other times for what has turned out to be wrong info, why should today be different [manistana?]
And now, after 9 months, they decide the guidance they put out last spring is no good - and how much stock traded since then? over 30 million shares and you can bet a good portion of that is insider trading -
Can you spell UGLY and worse STUPID - this is a simple business - even guys from Arkansas should be able to run it!
by the way, what happened to the auction of the property in Atlanta due for 9.28.03? Try calling www.national-auction.com and ask for Russell Nixon - interesting stories from what I hear from ATL based sources...
Just out of curiosity, who is SEC counsel for this Company?
Information Ucap filed with SEC,read my post before this one.The only good news if it is good news is that McAdams,who served on the audit committee is still with the company.Hopely that means last quarter's earnings report can be believe and this company does have shareholders value.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): October 17, 2003
UCAP Incorporated
Colorado 0-27480 84-1325695
---------------------------- ------------------------ -------------------
(State or other jurisdiction (Commission File ID No.) (IRS Employer No.)
of incorporation)
Suite 700, 14001 E. Iliff Avenue
Denver, CO 80014
(Address of principal executive offices)
(303) 696-1700
(Registrant's telephone number, including area code)
(Former name or former address, if changed since last report)
Item 5. Other Events
On October 15, 2003, The Company failed to timely file its Transition
Report on Form 10-KSB for the year ended June 30, 2003, and the Company is
currently unable to estimate when its 10-KSB will be filed. As previously
disclosed, the Company recently engaged Richey, May & Co. ("RMC") as its
independent auditors to perform the audit of the Company's financial statements
for the nine-month transition period ended June 30, 2003. In the process of
performing their audit work, RMC has determined that additional working paper
verification and involvement of the prior auditors will be required due to the
transition and change in year end.
Management believes that the earnings guidance previously furnished by
the Company will not be met as a result of certain events, including but not
limited to, the appointment of a Receiver from March 2003 through May 2003, as
previously reported by the Company in current reports on Form 8-K, filed with
the Securities and Exchange Commission on March 13, 2003 and May 2, 2003, and a
general economic downturn in the mortgage banking industry.
<PAGE>
The Company's Board of Directors has appointed Dan Moudy as the interim
Chief Executive Officer and Lynn Bradley as the interim Chief Financial Officer,
both who have previously served in such positions with the Company, to replace
Jim Farmer and Keith Miller, respectively, who were terminated by the Board of
Directors on October 15, 2003. The Board of Directors has not determined whether
to seek new candidates to replace the interim CEO and CFO or to appoint the
interim CEO and CFO on a non-interim basis.
Three members of the Board of Directors of the Company, Robert E.
Altenbach, Lee Hastings and Joseph McAdams, have resigned from the Board during
the last ninety days. In addition, Jim Farmer was removed from the Board of
Directors on October 15, 2003. Only Mr. McAdams, who served on the Audit
Committee, served as a member of any of the Committees of the Board. To date,
the Company has not replaced any of the directors who have resigned, and is
currently seeking candidates for the Board of Directors and the Audit Committee
to replace the members that have resigned.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
None
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereto duly authorized.
an 'E' is NOT good
Where is the 10K and what do these idiots think they are doing by deliberately delaying a federally required report?
10/20/2003 UCAP -> UCAPE UCAP, Inc. Common Stock
effective this Monday
http://www.otcbb.com/asp/dailylist_detail.asp?mkt_ctg=OTCBB&d=10/16/2003
What is going with this company. It appears to be generating good buisness but no new reports or PR. Any comments would be great.
the rule is 15 days from the perscribed reporting date
which was 9/28 - so they are now out of compliance with this regulation, Regulation 12B – Registration and Reporting as well as Regulation 16A
so now what?
hey "goingforittoday" and "drday":
looks like the 10K is due by the 15th, see the NT 10-K at
http://www.sec.gov/cgi-bin/browse-edgar?company=ucap&CIK=&filenum=&State=&SIC=&o...
"The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K or Form N-SAR, or portion thereof will be filed on or before the 15th calendar day following the prescribed due date; or the subject quarterly report or transition report on Form 10-Q, or portion thereof will be filed on or before the fifth calendar day following the prescribed due date; and..."
"Because of (i) delays in transferring parent company and real estate records
from Arkansas to Colorado, (ii) the recent change in independent accountants
from a firm located in Arkansas to a firm located in Colorado, and (iii) the
thorough review of company records as a result of a recent change in management,
the transition report on form 10-KSB was unable to be filed on time without
unreasonable effort or expense."
Still, the excessive and relentless selling since the beginning of August doesn't bode well for the future.
My price is .36, and it looks like I'll probably have to sell
at the end of the year as a write-down on gains.
best regards,
sf
bum stock
I've owned this stock for years. Average cost 1.33 and I've watched head south ever since. The company seems to be doing well yet the stock keeps approaching 0. Why?
hey Slow - where is the 10K?
looks like its due today - any insight here?
Addendum
http://biz.yahoo.com/e/030916/ucap.ob8-k.html
16-Sep-2003
Changes in Certifying Accountant
Item 4. Changes in Registrant's Certifying Accountant
The registrant has engaged Richey, May & Co., LLP as its principal accountant as of September 12, 2003. The registrant's former accountant, Moore Stephens Frost declined to stand for re-election as of July 29, 2003, as reported on the registrant's current report on Form 8-K filed on September 3, 2003. The decision to engage Richey, May & Co., LLP was approved by the Audit Committee of the registrant's Board of Directors.
During the two most recent fiscal years of the registrant ended June 30, 2003 and the subsequent interim period to date hereof, the registrant did not consult with Richey, May & Co., LLP regarding any of the matters or events set forth in Item 304(a)(2)(i) and (ii) of Regulation S-B.
My thoughts?
There appears to an infinite number of shares for sale--the selling is daily and never lets up.
Why? I'll be the last to know.
With the latest news, i.e. the Audit Committee, coming out, it's possible that they will not have their financials in time.
http://biz.yahoo.com/e/030903/ucap.ob8-k.html
best regards,
sf
I read ucap last filing with the SEC on Sept.3,2003.I e-mail the company yesterday and asked if the 10-KSB will be filed on or before Sept.29,2003.If I do not receive a response I will e-mail again.Slow feet if you read the filing will you share your thoughts.
PR: 8/26/2003 11:28 AM, UCAP Fiscal Year Change
==========================
UCAP Fiscal Year Change
DENVER, Aug 26, 2003 (BUSINESS WIRE) -- On August 22, 2003, an "E" was placed on the Company's stock symbol, UCAP.OB.
The reason for this action was that based on the Company's old fiscal year end of September 30, a Form 10-QSB for the quarter ended June 30, 2003, was due on August 14, 2003. However, as reported by the Company in Item 5 of its Form 10-QSB for the quarter ended December 31, 2002, the Company changed its fiscal year end to June 30 in order to conform its year end to that of its principal subsidiary, United Capital Mortgage Corporation. Therefore, a transition report on Form 10-KSB is due on September 29, 2003, instead of a quarterly report in August. The Company has notified the OTCBB Filings Department of this change and will update the information on EDGAR.
SOURCE: UCAP, Inc.
CONTACT: UCAP, Inc.
Keith Miller, 720-579-9436
URL: www.businesswire.com
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
Copyright (C) 2003 Business Wire. All rights reserved.
==============================
Thanks for responding ,I continue to read the Feb.24,2003 press release and hoping for the best. Not sure if I should pick up more shares before or after the earnings report has been released. Seems the insiders are buying and not selling. UCAP Forecasts 90%+ Increase in Revenues for Calendar 2003
MONDAY, FEBRUARY 24, 2003 12:10 PM
- PR Newswire
DENVER, Feb 24, 2003 /PRNewswire-FirstCall via COMTEX/ -- UCAP, Inc. (OTC Bulletin Board: UCAP), a leading national mortgage lender committed to setting the next generation standard in mortgage banking, announced its guidance today for calendar 2003, representing Q2 and Q3 of Fiscal 2003 ending June 30, 2003 and Q1 and Q2 of Fiscal 2004 ending December 31, 2003. The Company's Board of Directors recently voted to change the Company's fiscal year end to June 30, thereby creating a stub period. The announcement was made by Dan Moudy, UCAP Chairman and CEO.
The guidance being issued has been iterated on a quarterly basis by Loan Originations, Revenues, Pretax Income, Net Income and EPS.
Q2 Q3 Q1 Q2
Mar. 31, June 30, Sept. 30, Dec. 31, Total
'03 '03 '03 '03
Originations $400 mm $653 mm $811 mm $807 mm $2.67 b
Revenues $6.5 mm $10.4 mm $13.8 mm $14.6 mm $45.2 mm
Pretax Income $.384 mm $2.2 mm $3.5 mm $4.2 mm $10.3 mm
Net Income $.238 mm $1.4 mm $2.2 mm $2.6 mm $6.4 mm
EPS (fully
diluted) $0.01 $0.04 $0.06 $0.07 $0.18
Mr. Moudy noted, "Our significant quarterly revenue increases are almost exclusively the result of organic growth. While many other companies have been impacted by the slowing economy, our business and growth continues unabated with UCAP forecasting a remarkable 90% increase in revenues and an EPS of $0.18 versus a loss of $0.11 for the comparable period. We believe that our future results will continue to reflect the strength in our underlying business and our unwavering commitment to growth in both the top line and bottom line."
About UCAP
vt,
should be any minute now...
http://www.pinksheets.com/quote/filings.jsp?symbol=UCAP
not that anyone cares...
mortgage brokers have been whacked since the rates on 15 and
30 yr. have popped up:
http://finance.yahoo.com/q?s=EELN+DFC+INV+AHMH+LEND+IMH+HCM&d=t
http://www.bankrate.com/brm/graphs/graph_trend.asp?product=1&prodtype=M&ad=mtg&nav=mtg30...
best regards,
sf
No PR -- caution.
it took ~1M shares to move this from .34 to .40, and
only 60k shares to move it back from .40 to .34.
not buying/selling until i figure out if the MMs want the
paper at +1.00 or .0001
sf
7/18/03
volume: over 500k ~5x avg.
added another 7.5k shares.
No doubt a PR is in the works.
7/17/03 -- a little buying pressure today
Volume picking up, perhaps there's a PR on the way.
I'm going to nibble on a little more, 2.5k @ .36
sf
Followers
|
0
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
84
|
Created
|
07/03/03
|
Type
|
Free
|
Moderators |
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |