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hey, so did I!!!
I consider it an honor :)
I just gotta pass THAT on, Pat .... !!!
Wuhl you were a lil late in warning us...lol
That is a real good warning!!!!!!!!!!!!!!!!!!!!!!!!
You are a dead man. lol
Oh no Pat now you tell us, I just this morning sent Paulie your picture...lol
Here's a warning that no one has thought of:
Don't post your picture on Ihub - you will fall prey to the master, Paulie Cashews, if you do:
http://www.investorshub.com/boards/read_msg.asp?message_id=8970288
Now it's 100B? Did the price of Mary Hartman go up? lol
just want to reiterate the warning about QBID
the A/S was increased to 100 billion shares
Good point Pat and thnx
Well, the warning here would be to think twice about buying something that claims they are giving you restricted shares for a year if it is a pink sheet company.
cintrix, thanks for BPWW SEC info
Helpful post. Always knew that getting a restricted stock
out of a portfolio often needs expense of a lawyer but didn't
know about the 2 year issue whereby the 1 year status no longer applies.
For heck of it I'll post this in PRRM ihub board since a few
guys (like me) got the shares spun from prior PRRM. They'd
like the info too.
Noticing a few of these spin-restricted shares going around lately. Must be the POS mgt figures Santa holiday greed will
kick in. LOL
BPWW CMSI Ok, I just spoke with someone at the Chief Council's Office - Division of Finance at the SEC regarding the cmsi/bpww restricted shares. This is basically what he said and how I interpreted what he said (I really wished he would have emailed me the answer so I would have had it in writing instead of from memory):
- he thinks the company is not removing the restriction because they can't meet the 144 provisions - they are a pink so therefore they have not filed the necessary quarterlies and annuals, etc.
- he did say that although they may not be able to satisfy the 144 provisions they might be met through different types of other public information - this can be done through Rule 15C211.
- he also mentioned that the restriction could be removed via a private resale for the securities - something I really didn't understand.
I don't have many shares of this bpww (or csmi or whatever they are going by now) so I am about done wasting my time on this but if anyone out there does have an amount that they think is worth the effort, I suggest you try and contact the company and ask them about meeting these requirements through 15C211. Sounds like the company just doesn't want to unrestrict these shares because they know what will happen when the restriction is lifted, imo.
He directed me to this:
Rule 144: Selling Restricted and Control Securities
When you acquire restricted securities or hold control securities, you must find an exemption from the SEC's registration requirements to sell them in the marketplace. Rule 144 allows public resale of restricted and control securities if a number of conditions are met. This overview tells you what you need to know about selling your restricted or control securities. It also describes how to have a restrictive legend removed.
What Are Restricted and Control Securities?
Restricted securities are securities acquired in unregistered, private sales from the issuer or from an affiliate of the issuer. Investors typically receive restricted securities through private placement offerings, Regulation D offerings, employee stock benefit plans, as compensation for professional services, or in exchange for providing "seed money" or start-up capital to the company. Rule 144(a)(3) identifies what sales produce restricted securities.
Control securities are those held by an affiliate of the issuing company. An affiliate is a person, such as a director or large shareholder, in a relationship of control with the issuer. Control means the power to direct the management and policies of the company in question, whether through the ownership of voting securities, by contract, or otherwise. If you buy securities from a controlling person or "affiliate," you take restricted securities, even if they were not restricted in the affiliate's hands.
If you acquire restricted securities, you almost always will receive a certificate stamped with a "restricted" legend. The legend indicates that the securities may not be resold in the marketplace unless they are registered with the SEC or are exempt from the registration requirements. The certificates of control securities are usually not stamped with a legend.
What Are the Conditions of Rule 144?
If you want to sell your restricted or control securities to the public, you can follow the conditions set forth in Rule 144. The rule is not the exclusive means for selling restricted or control securities, but provides a "safe harbor" exemption to sellers. The rule's five conditions are summarized below:
1. Holding Period. Before you may sell restricted securities in the marketplace, you must hold them for at least one year. The one-year period holding period begins when the securities were bought and fully paid for. The holding period only applies to restricted securities. Because securities acquired in the public market are not restricted, there is no holding period for an affiliate who purchases securities of the issuer in the marketplace. But an affiliate's resale is subject to the other conditions of the rule.
Additional securities purchased from the issuer do not affect the holding period of previously purchased securities of the same class. If you purchased restricted securities from another non-affiliate, you can tack on that non-affiliate's holding period to your holding period. For gifts made by an affiliate, the holding period begins when the affiliate acquired the securities and not on the date of the gift. In the case of a stock option, such as one an employee receives, the holding period always begins as of the date the option is exercised and not the date it is granted.
2. Adequate Current Information. There must be adequate current information about the issuer of the securities before the sale can be made. This generally means the issuer has complied with the periodic reporting requirements of the Securities Exchange Act of 1934.
3. Trading Volume Formula. After the one-year holding period, the number of shares you may sell during any three-month period can't exceed the greater of 1% of the outstanding shares of the same class being sold, or if the class is listed on a stock exchange or quoted on Nasdaq, the greater of 1% or the average reported weekly trading volume during the four weeks preceding the filing a notice of the sale on Form 144. Over-the-counter stocks, including those quoted on the OTC Bulletin Board and the Pink Sheets, can only be sold using the 1% measurement.
4. Ordinary Brokerage Transactions. The sales must be handled in all respects as routine trading transactions, and brokers may not receive more than a normal commission. Neither the seller nor the broker can solicit orders to buy the securities.
5. Filing Notice With the SEC. At the time you place your order, you must file a notice with the SEC on Form 144 if the sale involves more than 500 shares or the aggregate dollar amount is greater than $10,000 in any three-month period. The sale must take place within three months of filing the Form and, if the securities have not been sold, you must file an amended notice.
If you are not an affiliate of the issuer and have held restricted securities for two years, you can sell them without regard to the above conditions.
Can the Securities Be Sold Publicly If the Conditions of Rule 144 Have Been Met?
Even if you have met the conditions of Rule 144, you can't sell your restricted securities to the public until you've gotten the legend removed from the certificate. Only a transfer agent can remove a restrictive legend. But the transfer agent won't remove the legend unless you've obtained the consent of the issuer—usually in the form of an opinion letter from the issuer's counsel—that the restricted legend can be removed. Unless this happens, the transfer agent doesn't have the authority to remove the legend and execute the trade in the marketplace.
To begin the process, an investor should contact the company that issued the securities, or the transfer agent of the company's securities, to ask about the procedures for removing a legend. Since removing the legend can be a complicated process, if you're considering buying or selling a restricted security, it would be wise for you to consult an attorney who specializes in securities law.
What If a Dispute Arises Over Whether I Can Remove the Legend?
If a dispute arises about whether a restricted legend can be removed, the SEC will not intervene. The removal of a legend is a matter solely in the discretion of the issuer of the securities. State law, not federal law, covers disputes about the removal of legends. Thus, the SEC will not take action in any decision or dispute about removing a restrictive legend.
http://www.sec.gov/investor/pubs/rule144.htm
We have provided this information as a service to investors. It is neither a legal interpretation nor a statement of SEC policy. If you have questions concerning the meaning or application of a particular law or rule, please consult with an attorney who specializes in securities law.
http://sec.gov/investor/pubs/rule144.htm
hello Matt. lol...one man's ceiling is another man's floor...im guessing the BUYER patiently waiting (CORRECTLY) with that 6.05-bid is not complaining.
the rule i follow is:
dicker w/the mm
or
prepare to be dickered with.
and within that trading rule, i do use market-orders, altho seldom.
email me at clayton@mynetwire.com and we will talk
How can I get the bankruptcy and criminal records?
For any newbies out there reading this board.When trading always and I mean always take some of your stock off the table if ya are riding a winner.As a example,if ya have a .10 cent stock and it goes to .20 take some profit.Or sell 50% of your position and recoup your initial investment and now you will be riding free shares and ya have lived to trade another day.Or sell all and double your money..there is not a broker,bank,fund,etc..that can give you that kind of return on your money.If ya have sold before the top dont worry about it,Greed can be a killer too and instead be thankful that it was a profitable trade.There is always lots of runners somewhere everyday.
When it comes to trading it is all about makin profit..Always try and maximize profit and minimize losses....when it comes to taking a loss...no matter how good of a trader you are...you will inevitably lose on some trades and when ya see that happening minimize that loss...Stay cool and don't try and convince yourself that it will go back up....For the most part,as a rule for myself I will not lose more than 8-10% max on any stock..If i see it headed for that 10% I dont get upset or let it go to 20%,30%..etc I sell because I know that each and everyday there is hundreds/thousands of stocks out there running or getting ready to run that are calling me to buy them.It took me some serious cash to learn this,cause when I first started trading I was the king of bagholders.It dont take to many bags for some people and your outta of this game for good...but by minimizing your losses and taking your profits and chipping away at it..in time you will be surprised at what your account looks like...If I hit 5 trades outta 10 I consider myself fortunate...Now that don't sound like a very good average does it...but when ya are trying to maximize profits and minimizing losses ya will be surprise how your account grows.I also suggest that ya learn how to read a chart and what all those indicators mean and diffinately educate yourself on how to read a companies filings and what all the different filings mean.....I know a lot of folks just want to make money and dont want to do nuttin but buy stock and watch it go to the moon.I wish it was that easy,but the reality is ya have to do your homework in order to make money playing this game.There are alot of free sites on the web that will teach all of this and investopedia.com is a good place to start....I cannot emphasize enough to new folks how important it is to know as much as ya can about this racket,cause we are at such a disadvantage to what is going on with everything that takes place in the market...but it is 100 times better than what it was just 8-10 years ago as far as having access too and knowing what is going on...it is just up to us to educate ourselves as much as possible to the filings,charts..etc of trading stock....Ok time for a cheap analogy...In the movie "Patton" He had beat Rommel in a tank battle and he said "You German Son of a Bitch,I read your book"...cause see before the war Rommel had wrote a book on tank battle strategy and ol' Patton had read it before there battle and whooped him....I know the Market is not as serious as war ...But to me it is my Battlefield and I don't want to give the Son of a bitchin powers that be anymore advantage over me than I have to.
I believe researching,reading and learning is key to success in the market.I by no means am saying I know it all,cause my wife would be the first to tell ya I don't...lol But by Minimizing losses,maximizing profits and lots of boring reading I have been able to make a pretty nice living at this and after using my back the first 18 years in the work force...I am loving every minute of it.I am now to the point that i don't have to trade anymore if I don't want to.I tell ya this...not to brag(I hate braggards)I tell ya this to let ya know that if ya work at it,this racket can be rewarding if ya put in some time to learn to use the tools that are freely available to ya.Ok newbies if ya have managed to read this far, then a 10-q will be like reading a interesting short story...lol Ok I am done rambling.Go make a bundle and I wish y'all the best.
Austin
I believe that guy is still living,I believe the Indonesian(or was it Cambodia) government higher ups helped him fake his death.That is all pure speculation on my part.One of the news shows did a story on it a few months back...it was pretty interesting how he pulled that stock scam off...lol They left a lot of questionable evidence unanswered about his death.. I will give him brownie points for creativity..lol Always remember if it seems to good to be true...have a fast finger...lol Folks can make money off some of these scams at times if ya trade with extreme caution and never hold these Pos stocks very long.If folks hold these penny and sub-pennys long and lose...They can only blame themselves...But blaming yourself is a tough pill to swallow and then when ya have to wash that pill down with "admitted ignorance" it definately will humble ya.I know when I first started trading I thought the SEC would never let companies get away with scamming people...what a expensive lesson that was...lol I recommend if new folks to the trading world want to trade pennies and sub's or any stock for that matter...They should start paper trading them for about a year first,just to get a feel for them and always read the filings..I know reading filings is about as much fun as hangin out with your drunk Uncle at Christmas.But it must be done and if ya don't understand what you are reading in them filings or what the different filings mean.. then do yourself a favor and educate yourself so you do understand them.There are a lot of sites on the internet that will help you learn what all that stuff means...I admit there are a lot of times I dont read over the filings.I just check to see if there are s8's,sb2's or any other diluting filing,I also check share count...but those are the times that I am daytrading a stock and just riding the momentum and/or chart...But if I am gonna take a long position in a company you can believe I have been doing some serious reading/researching about that particular company before taking a position...I don't know anymore who I was replying too...lol I kinda wondered off that path about that geologists suicide and will shutup now...lol I wish y'all the best and I like the board
Austin
good info all the way around.
Well, the intent of the lawsuits is not to recover damages but to intimidate and identify. Many states have lawsuits against SLAPP (Strategic Lawsuits Against Public Participation), but you have to file a motion to quash. If you don't want your name in public records, you have to hire a lawyer because you can't file a motion as a John Doe pro se.
Thanks for the link. Been reading Jeff for years.
Actually I think most brokerages are not even allowing market orders on otc's and pinks anymore.
LOL My last market order was like 5 years ago.. FASC.. It climbed into the low .20's and then started to pull back.. I put a sell in at market.. just as I did there was a fast and furious rundown.. It hit .13 and thats where my sell went off and it ran back into the low .20's.. Man I was soooooo pissed!!
indeed. 'market order' is NOT in my trading vocabulary.
Indeed..
Freedom of Speech is indeed a powerful thing. And the anonymity of these BBS' can only protect you so much. Slander and liable cases are very hard to prove, and damages have to be proven.
However, if one's posts are based on FACT and public records (lawsuits, and filings at a Secretary of States office, for example), there is no dispute. Facts are facts.
Here's a wonderful board on SI on that subject. Some very, very interesting reading.
http://www.siliconinvestor.com/subject.aspx?subjectid=28509
I refuse to trade AMEX now because of that. Somebody gave me an AMEX play today and I could care less if it tripled...no way I'm playing it. Worse fills than BB/pinks.
Same thing happened to me a few years ago on a buy order for a NYSE (yes, we're talking specialists here)stock - used a market order and they filled me at about .25 higher than the ask. It ended up going up over a buck, so I made money but still they should have filled me lower.
Speaking of warnings, always remember to use limit orders, even on NAZ stocks.
I put in a market sell on a decently-traded NAZ stock at 6.40 and it took the price down to 6.05. No reason it should have done that...the liquidity was there...and it bounced back almost instantly to 6.35-6.40.
Stupid mistake on my part.
Yes, generally it is not worth the hassle.
Just a word of warning to those that take on scammy penny stocks and their CEO's. Making enemies of these guys can be expensive. They usually have a pet lawyer to remove 144 restrictions and it costs like 200 bucks to file a lawsuit against "bashers". They can then subpoena your ip address from a message board's server log.
It can cost 5 figures to defend yourself and protect your identity. so, danger WILL ROBINSON.
lol - good example
Very true trixie!
people that work for Frank Olsen say he's a great guy too.
that's why QBID has 60 BILLION a/s and a pps of .0002 and and SEVENTY lawsuits filed against it in ONE California county alone.
Freakin Ed lied his ass off..
OK, I actually did well on this one but the story needs to be told because many lost their ass big time..
I can attest to that! Well, not big time, but a loss nonetheless.
Here is the partial list of mega-dilutors:
CNES
CMKX (now delisted)
QBID
PRRM
QANT
ITWJ
DNAG
SVXP/CALI
AFART
GWDB
GFYD (Eddie's company)
PCCN (Pacel, need I say more)
NNOS
GWGO
GLBT
DDSI
WHLI
FCDH
...and so many more
T/A was gagged.. hello!!!
Well there you have it!
And one great lesson on that story - just because you call a ceo and he sounds like a nice guy and he is telling you what you want to hear, don't believe him. How many stories are out there where people would call the ceo's and get all this wealth of information and these guys were just outright lying. I never call ceo's - anytime I want info from a company I choose to email so I have their response in writing.
* * ICAN
OK, I actually did well on this one but the story needs to be told because many lost their ass big time.. Last year around this time I spoke to this CEO.. He said all was great and lots of good things in the works, plus the float was only 200 million.. PR's were flowing with big rev numbers and acquisitions.. heck, the CEO even said they were cash flow positive with no burn rate.. The stock was well under .001.. No brainer right? Well the volume was poring in and the stock was drooping.. the CEO said he wasn't selling and had no idea what was going on.. He sent me many emails along with many many other traders.. at one pint he even said he had a 504 and wasn't using it.. this dragged on and the stock hit .0002 with volume in the 100's of millions.. one thing that happened along the way was the T/A was gagged.. hello!!!! LOL Red flag.. We still hung in there because we ere like this guy is saying he's not dumping the stock and controlled all the shares.. Well push came to shove and he finally posted the numbers.. the O/S jumped to 6 billion and the float went to 1.3 billion.. Holy crap!!!!!!! Then the guy admitted to another poster that the CEO said he made a mistake and sold 504 shares.. LOL WTF???? This was a tough one.. I guess the mistake here was not using the golden rule.. If it smells like shit, looks like shit and taste like shit, it must be ICAN.. hahahahaha In other words, seeing is believing and screw what the CEO is saying because most of these POS's lie and lie bad!! Stock is at .0000 x .0001 unreal.. so much for the millions in revs and being cash flow positive..
Loads of people in that one from last week - that was a JB post:
http://www.investorshub.com/boards/read_msg.asp?message_id=8917746
FCDH is the next Warning Warning Stock
http://ragingbull.lycos.com/mboard/boards.cgi?board=FCDH&read=1985
Cool, let me know.. All I know is if I came across that fat bastard I beat him senseless..
I'd like his fat azz in the big house also,maybe Janice Shell would know the latest on 'im--I'll ask her later today--she's been hangin' on the CMKX and BCIT boards as of late----btw,GOOOOOOO GIANTS!!
U-WHOO! ) My next story is ICAN.. Its short but good! Off to the gym.. later!
Wuzzup dude! That was a tough one... I was in a transition of becoming a full time trader at the time and the freaking thing R/s'ed on my ass and that sure was a crappy way to start off.. Ummmmmmmmm boss? can I have my old job back?? LOLOL Never looked back though and made it through the shittiest OTCBB market we ever seen.. Everything tanked..
If you can find any records of Fat Dan going to jail post it.. I heard stories but never seen it in writing..
thank you sir.
i am marking you to show you no hard feelings. it is obvious you are more experienced than me in the field of pink sheets. you called it from jump street.
your posts have some value. good luck to you in life and trading.
safe and happy holidays to you and yours.
ok lobo--good luck to you in the future
okay, yes, i can admit you were right about your comments.
however, it was the way you delivered those comments. in fact, so bad that Matt banned you. i can admit when i was wrong, and i was. i won't laugh at the QBID longs, they were deceived by the company. most of those people you are laughing at have no daytrading knowledge, they are strictly holding QBID.
so in truth, for the most part, you're laughing at good, honest people who were clueless to the pink sheet market. maybe they shouldn't have been investing there, but i refuse to make fun of them for that.
bottom line, many inexperienced people are going to be fleeced by another crooked CEO.
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