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Interesting...
E-trade told me way back when, that After the RS, and Senate hooplah, that I could only sell shares online, wouldn't allow me to buy...
Hmmmm....
Dave
The buyers still like this one. I was getting worried when it went on the pinksheets but this was a nice finish for the day. All buys and one little sell at the end:
Price Size Time
0.07 5000 15:55:11
0.072 6000 15:53:37
0.072 5000 15:52:26
0.072 64000 15:49:23
0.072 5000 15:49:17
0.071 5000 15:48:51
0.07 964 15:48:38
0.07 5000 15:47:51
0.07 5000 15:46:02
0.07 20000 15:45:18
0.07 5000 15:44:43
0.07 5000 15:44:13
0.069 5000 15:44:13
0.068 5000 15:43:29
0.067 5000 15:42:31
0.066 5000 15:41:54
0.065 5000 15:41:15
0.064 5036 15:40:34
0.064 10000 15:40:10
0.064 10000 15:39:39
0.063 5000 15:38:57
0.062 5100 15:38:12
0.061 5000 15:36:55
0.06 5000 15:34:44
0.06 5000 15:34:17
0.059 5000 15:33:55
0.058 5000 15:33:27
0.058 20000 15:31:53
0.058 10000 15:30:59
0.057 5000 15:30:23
Damn...and now you go making me feel bad
lol...thnx!
Congradulations OC on making money here.
All the best
Its not a run on sentance ... but its sure a run on bash!
Enough already...
I really don't think anyone hear is "investing" in this POS. Its nothing more than a role of the dice. While your investment "advice" is appreciated it's really not necessary :/
Besides, I'm still up almost 700% on my "investment".
GLKC. A pink stock no longer on Sho list whose scumbag reputation has gagged their Transfer agent while suggesting their "loyal" stockholders pull their certs.
Sounds like a real solid "investment".
Is that a run on sentance?
All the best
GLKC not on sho list? Whats left but the merits of the company?
Their reputation is less than stellar.
All the best
Well, we've gone pink...
And this kind of pink doesn't excite me very much!
sevenstepper. Saw it. Thanks. eom
Lets hope this get's the ball rolling on this stock, bring on the naked short................
Anybody know how many shares you can now own before you have to file with the SEC, per 5 percent ownership rule?
Will someone notify you, like your broker or the DTCC..
hmmmmmmmmmmmmmmmmm...
Anyone notice what happenned before the close...bid was dropping without trades......any ideas from those who have access to L2?
regards
amrca
Hey, I even added....
I guess we are all holding. :)
Volume to day is very low.. Wow... not sellers no buyers. But i guess it's good since most are holding strong. MMs have to cover soon.
Those matching trades at bid, questionable... washed trades to pull price down and get sellers?
Here's a great read!!!!
http://www.ahandup.us/grand_overview.htm
I think it was tradsed about 140 millions plus in 4 days from R/S.
Easy explanation ... with 1.1 million shares, 100% got bought up and 15% more got bought up ... where are the shares coming from?
I think MMs were expecting the company to issue tons more shares from the option and flood the market with shares. But maybe this is the trap the company put out. Look at the filings since Jan and the R/S. It seemed the company is a little clean cut on shares out and what to follow etc. Giving fault expectation to the bad guy then slam them.
I think there are strategies to get shorts and pps up so their options will be worth LOTS of money that they don't have to work anymore.
I still think that price will keep going up as senate demands result with naked shorts and this GLKCE. MMs will cover now that GLKCE got on the list after the grandfather cause. MMs have no excuse.
Price will increase to extreamly high ... the company will decide to Forward Split (not Reverse Split) ... 150:1 or 200:1 That will be enough shares to cover the option (giving that now we have 4 million shares plus and only 5.4 A/s).
If the current pps go up to $150 and 150:1 F/S, each share of the option they have will be worth $1. Total option is like 500 million shares. So that is $500 million to split among those management. They can retire. WHY NOT? it seems like a great plan to me making MMs pay for it. At the same time the sharesholders who are still holding will get back their money and make some.
after all what is $600 millions or $1 billions to these crooks? just their cofee money.
Now think about these MMs have to cover at $1500 a share. Of course this is more of a dream but ...
I think this has been done to alot of other stocks with large amount of shares out, but this one only had a million shares in the float after the R/S and it traded around 50 million (no sure off hand on the amount) within the next few days.
Fast forward to 1:19:30 and you will see the senator grill Donaldson on this particular stock about the naked shorting.
http://banking.senate.gov/05_03hrg/030905/live.ram
GNET MM on the bid with a size of 94,500, any ideas why nite was selling so many shares in february? how many more stocks do they do this to?
MMs are crooks.. so that's why.
I can't wait till it's forced covering. It will happen.
No. The market doesn't work that way. Naked shorting and scumbags like GKLCE and Simpson game it. JMHO
All the best
Because i'm not very smart.....
But as it turns out, Simpson, the chief executive officer of a small Michigan company called Zann Corp. (ZANC), says he never took delivery of his Global Links shares. That means that stock was still available in the financial system for others to trade. Trades typically settle three days after purchase.
HUH ???
If you buy up all the OS, how can they still trade it?
Don't they have to buy it from him, at his price?
Isn't that how free markets work?
Hello???
Anybody out there?
why isnt nite forced to buyback all the shares they sold in february? how many of those shares have failed delivery? whats the purpose of REGULATION SHO 13 DAY SETTLEMENT?
nite is on the BID
http://www.faulkingtruth.com/Articles/BlogFest/1034.html
America to Dateline: Tell the Truth Now!
By Mark Faulk
It's time to put the pressure on. I've had a number of emails from our activists suggesting ways to voice our displeasure with GE, Dateline, and NBC over the postponement of the Stockgate segment originally scheduled for this Sunday, April 10, and then cancelled by the "powers that be". Judging from producer Sharon Hoffman's statement to Dave Patch that the "revised schedule is in the hands of her superiors", I firmly believe that this is a corporate decision. This is politics as usual, plain and simple.
This clearly doesn't have a thing to do with the death of the Pope, Terry Schiavo, or Prince Ranier, in my opinion, and the fact that they would use the deaths of three individuals as an excuse for failing to do their moral duty is reprehensible. If it WAS about the so-called "very busy
news cycle" of the past week, then why air a fluff piece instead of a hard news story with international repercussions?
According to the synopsis of their ten-year anniversary show "A Decade of Dateline", the reason Dateline has been so successful is because "Dateline's format gives it the flexibility to air hour-long interviews and in-depth examinations of individual subjects, multi-part investigations and follow-ups that stretch over weeks or months". This is exactly what I suggested to them last June: run the story, and then give us "multi-part investigations and follow-ups that stretch over weeks or months". Now,
I'd be happy if they would just give us the truth!
This is a four-tiered attack on GE, Dateline, and NBC:
Bombard all three entities with emails voicing your opinion
(and flood NBC with phone calls at 212-664-4444, ask to be connected to Dateline), put it in YOUR WORDS, but feel free to include links to any of our articles. I have no problem with taking the heat from wherever it might come. Let them know that you will boycott NBC, Dateline, AND General
Electric if they do not respond to our concerns and re-schedule the cancelled Dateline Stockgate segment immediately!
Here are people who need to know how they've abandoned Americans everywhere:
Dateline@NBC.com
Bob.Wright@nbc.com
Kathy.Bayer@nbc.com
Jay.ireland@nbc.com
Anna.Perez@nbc.com
Sonia.Small@nbc.com
Randy.Falco@nbc.com
Jeff.Zucker@nbc.com
Jeffrey.Immelt@corporate.ge.com
Kathleen.Lorenz@corporate.ge.com
Sharon.Hoffman@nbc.com
Post this information EVERYWHERE, on stock message boards, chat rooms, emailouts, and always add: PASS IT ON! There is power in the internet, it's time to use it.
Boycott Dateline NOW, until they re-schedule the Stockgate
segment!
Flood your local NBC affiliates with phone calls and emails as soon as Dateline begins on Sunday at 7 pm ET, ridiculing them for airing a fluff interview with American Idol instead of a news story about the financialterrorism of tens of millions of people.
They have dropped the ball on this one, and it's time to make them pay. Time to get busy, and let them know who they truly represent. And that's the Faulking Truth. PASS IT ON!
____________________________________________________________________________
Here are three articles to link to message boards, add to emails, and send to everyone you know:
"America to Dateline: Tell the Truth Now!"
http://www.faulkingtruth.com/Articles/BlogFest/1034.html
"Dateline Stockgate Update: POSTPONED YET AGAIN!"
http://www.faulkingtruth.com/Articles/Investing101/1023.html
"Time to Boycott GE, Dateline, and NBC?"
http://www.faulkingtruth.com/Articles/CommentaryToo/1028.html
____________________________________________________________________________
Add your name to our "Stockgate activist list" at
info@faulkingtruth.com. We will email you only when we have new articles or information dealing with this issue. Please link the articles everywhere you can, post them on stock message boards, and send them to the appropriate public entities. To enact positive change requires positive action.
Mark Faulk
info@FaulkingTruth.com
www.FaulkingTruth.com
Maybe soon this could be us. It's no question about it. This Naked Short issue and involvements of DTC and SEC have been coming to the front line. It's going to blow any time. I saw Donalson on CNN or MSNBC the other day talking about Best Price tradings rules... new rule. Well, he looked nervous, powerless, and scared. I don't know that is how he usually is but I was surprised to see someone in his position to look that way.
Depository Trust And Clearing Corporation Ordered To Produce Trading Documents
http://biz.yahoo.com/prnews/050304/nyf114_1.html
Open Letter to Depository Trust and Clearing Corporation First Deputy General Counsel Larry Thompson on the Largest Breach of Public Trust in History
http://biz.yahoo.com/prnews/050406/nyw122.html?.v=4
nite market maker has traded 114+ million shares in feb alone, how many were naked shorted? notice their BID ACTIVITY?
GLKCE - GLOBAL LINKS CP NEW
Page of 1
March 2005 February 2005 Year-to-Date
Volume Rank % Volume Rank % Volume Rank %
--------------------------------------------------------------------------------
Total Share Volume 32,820,067
--------------------------------------------------------------------------------
NITE
KNIGHT EQUITY MARKETS, L.P. 15,965,392 1 48 114,055,059 1 54 232,779,620 1 29
SCHB
UBS CAPITAL MARKETS L.P. 4,364,434 2 13 13,612,289 4 6 197,226,733 2 24
ETRD
GVR COMPANY LLC 3,416,721 3 10 36,500 17 <1 3,453,221 12 <1
JEFF
JEFFERIES & COMPANY, INC. 1,857,800 4 5 100,000 15 <1 188,457,800 3 23
BAMM
BROKERAGEAMERICA, LLC 1,637,505 5 4 346,099 12 <1 58,331,304 5 7
VFIN
VFINANCE INVESTMENTS, INC 1,231,000 6 3 185,000 14 <1 2,891,000 13 <1
TDCM
TD WATERHOUSE CAPITAL MARKETS, INC. 919,327 7 2 1,545,412 8 <1 3,489,739 11 <1
VIEW
VIEWTRADE SECURITIES, INC. 783,200 8 2 - - - 783,200 16 <1
SACM
STERNE AGEE CAPITAL MARKETS, INC. 560,514 9 1 2,937,300 5 1 3,522,882 10 <1
HILL
HILL THOMPSON MAGID & CO., INC. 552,414 10 1 849,429 9 <1 1,401,843 15 <1
PERT
PERSHING TRADING COMPANY, L.P. 427,570 11 1 666,525 10 <1 4,352,095 8 <1
GNET
ARCHIPELAGO TRADING SERVICES, INC. 322,262 12 <1 12,000 18 <1 4,044,262 9 <1
PUGS
PUGLISI & CO. 187,000 13 <1 2,270,700 7 1 11,395,200 7 1
BEST
BEAR, STEARNS & CO. INC. 143,000 14 <1 95,000 16 <1 238,000 19 <1
MAXM
MAXIM GROUP LLC 121,428 15 <1 335,000 13 <1 456,428 17 <1
FLCR
FULCRUM GLOBAL PARTNERS LLC 85,000 16 <1 5,000 19 <1 100,000 20 <1
BRGE
NEWBRIDGE SECURITIES CORPORATION 70,500 17 <1 - - - 70,500 21 <1
DOMS
DOMESTIC SECURITIES, INC. 65,000 18 <1 2,664,064 6 1 2,729,064 14 <1
TEJS
TEJAS SECURITIES GROUP, INC. 60,000 19 <1 - - - 60,000 22 <1
PBLC
PUBLIC SECURITIES, INC. 30,000 20 <1 - - - 30,000 23 <1
HDSN
HUDSON SECURITIES,INC. 15,000 21 <1 5,000 19 <1 20,000 24 <1
FRAN
WM. V. FRANKEL & CO., INCORPORATED 5,000 22 <1 - - - 5,000 25 <1
--------------------------------------------------------------------------------
Page of 1
Han2004fl. Their history is self evident.
Make your position accordingly.
But have no illusions here. JMHO
All the best
As we all know since March 15 newsletter from the CEO about the shares increased, we do not know of the feature of the shares. Were they restricted in some shape of form?
It's clear that the company is trying to get the shorts to pay up. It also knows that it's at a center of a revolution in the market. It is under a spot light in financial and legal world. I believe that the management will be smart enough to make the move that will show how corrupt the current financial system is. At the same time, i will make a big sum of gain in the process.
Someone mentioned $1 a share. That is $5 million plus dollars. That is very low considering what is going on with this company as a posterchild. This company has few assets and projects going on. As far as valuation of those projects and properties, I don't know. But $1 a share, I think "sure why not?"
Now, around 150 millions traded in four days after R/S days while shares were 1.1 millinos through out FEB. Tell me that is not a bunch onf naked shorting going on. Now adding that one person bought all 1.1 million. I am sure there were many more people out there who bought 200K, 500K, 750K, 1 millions and have been quiet about it and still holding.
Giving that all shares out standing so far beyond 1.1 millions are not restricted and out in the market, Do I think all naked short shares are covered? I don't think so.
Now if the newly issue shares are restricted, this is the fun begins.
As I understand, those two guys filed with SEC. Their shares will be locked in for 1 year. Now you draw your conclusion.
Obviously, someone wants Dateline Stockgate delay and delay. This is to buy time to cover and soften the blow. It's sad that journalists are giving in. What happen to their profession?
In any case, the talk about Naked Shorting and DATELINE postponing has been spreading like wild fire. Relatives, Friends, Coworkers are now aware of STOCKGATE/NAKESHORT/DTCC/SEC. Many links to read up on the issues are sent out so they can get more knowledge about the issue. Soon enough, things will break out. Public will demand the answer.
I am sure that those law firm will make noise. USXP case is now will be heard. Politicians will be contracted day and night to look at the issue.
DATELINE is definately an disappointment of the year. But when you put a dog into a corner and they have nowhere out, they will fight back hard with everything they got. I believe that investors and small companies who are the victims are getting to that point.
IN THE MONEY: Global Links As 'Get Shorty' POSTER-CHILD
1 April 2005
Dow Jones News Service
English
(c) 2005 Dow Jones & Company, Inc.
By Carol S. Remond
A Dow Jones Newswires Column
NEW YORK (Dow Jones)---You've probably never heard of Global Links Corp. (GLKCE), a tiny real estate developer in Las Vegas.
But this little over-the-counter bulletin board company got some big attention recently when a powerful member of the Senate banking committee referred to the company as a potential victim of abusive short selling.
Sen. Robert Bennett, R-Utah, used the Global Links example to harangue Securities and Exchange Commission Chairman William Donaldson about the inefficacy of Regulation SHO, a new short selling rule put in place earlier this year.
A close look at Global Links, however, makes one wonder why the senator held it up as a POSTER-CHILD for abusive short selling. There are questions about the accuracy of the story used by Sen. Bennett to show how Global Links was victimized by short sellers. And the company has hardly been a financial success over the past decade or so.
Sen. Bennett referred to a story published by an online service called FinancialWire to point out alleged naked shorting abuses. The article told the story of Robert Simpson, an investor who says he bought 100% of Global Links' common stock in early February in the open market, two days after that company had reduced its shares outstanding to about 1.1 million shares from more than 350 millions shares.
"There were no shares available to be borrowed and yet in two days there were over 50 million shares traded," Sen. Bennett told Chairman Donaldson during the exchange.
Short sellers typically borrow shares to sell them, hoping that they will be able to replace them with shares bought at a lower price later. Trading without a borrowing agreement is called naked short selling. It's illegal for most investors, but brokerage firms that make a market in stocks can legally sell short without a borrow to instill liquidity in the market.
The article used by Sen. Bennett was supposed to show how although one investor bought all the shares outstanding of one company and took delivery of them, phantom shares continued trading in the market.
But as it turns out, Simpson, the chief executive officer of a small Michigan company called Zann Corp. (ZANC), says he never took delivery of his Global Links shares. That means that stock was still available in the financial system for others to trade. Trades typically settle three days after purchase.
Zann and Global Links are very typical of the small companies that have for months now been complaining that their stock prices are being hurt by naked short selling. The two companies have little sales, big debts, and make generous use of stock issuance to pay for services that they can't otherwise afford. Both companies have gone through a number of corporate reincarnations. Global Links' most recent business development includes the acquisition of a handful of properties from Utah-based Diversified Financial Resources Corp. (DFLR), a company under Securities and Exchange Commission investigation for its participation in an offshore boiler room scheme.
Frank Dobrucki, Global Links' chief executive officer and major shareholder, said that Simpson never contacted him. "He is just trying to get himself at the front of this (naked short selling) battle," Dobrucki said, later calling Simpson's purchase "make believe".
Although seemingly unrelated, Global Links and Simpson share a corporate lawyer, Norman Reynolds, and an investment banking adviser, Alexander & Wade Inc.
Simpson believes that his company has been the target of naked shorting. He said he knew nothing about Global Links when he decided to purchase all of its oustanding shares after noticing heavy trading volume in the stock. Simpson said he was trying to make a point about the plight of Zann and other companies victimized by illegal short selling. Simpson also said he knew nothing about FinancialWire or its distributor, Investrend Communications Inc., and that he had no idea why the service wrote about his purchase. Investrend publishes research about its corporate clients.
FinancialWire didn't identify Simpson as CEO of Zann in its March 4th article. FinancialWire also failed to note that ATNG Inc., the previous corporate incarnation of Zann, became one of Investrend's corporate clients in July 2002. Investrend articles about ATNG or Zann indicate that coverage has been suspended because the company failed to provide access to Investrend's analyst. It's unclear when the suspension occurred. According to Zann's website, Simpson agreed to take over ATNG operations in October 2002.
As it turns out, Simpson wasn't the only investor eager to buy up shares of Global Links and try to make a point about alleged naked short selling.
SEC filings show that Paul Floto, an Oregon investor, bought 180,000 shares of Global Links stock in early March. Floto said in filing that he bought what he thought was 15.5% of Global Links' outstanding shares, "to point out the complete failure of government and exchange regulatory bodies to maintain honest, orderly markets, and the corrupt actions of market makers and securities clearing bodies, which facilitate the sale of unissued, unregistered, counterfeit, or simply nonexistent securities."
Like Simpson, Floto's plan was to show how millions of non-existent shares are traded every day when brokers fail to borrow shares before selling short shares.
Unfortunetly, likely unknown to Floto, Global Links had already issued 3 million shares by the first week of March, bringing its shares outstanding to about 4 million. That means that it's likely that Floto never held the 15.5% of Global Links that he claimed in his March 9 ownership filing with the SEC.
-By Carol S. Remond; Dow Jones Newswires; 201 938 2074; carol.remond@dowjones.com
lol “Stockgate is getting interestinger and interestinger.”
I'm just happy to be a part of it!
4/7/05 - Financialwire: StockGate: DATELINE NBC Cancelled And Attorney Accuses DTCC Of ‘Cheap Thuggery’
StockGate: DATELINE NBC Cancelled And Attorney Accuses DTCC Of ‘Cheap Thuggery’
April 7, 2005 (FinancialWire) It’s now zero days until the airing of the DATELINE NBC expose on illegal manipulative shortselling, which has suddenly been “indefinitely delayed” by the General Electric (NYSE: GE) network, and the Depository Trust and Clearing Corp. has received a letter from Marshal Shichtman, Esq., warning the DTCC not to destroy or tamper with evidence relating to its alleged successful plot to interfere with the media.
On February 7, Investors Business Daily asked MarketWatch, then co-owned by Viacom (NYSE: VIAb) but now owned by Dow Jones (NYSE: DJ) to shut off its FinancialWire feed that it also re-propogated to Yahoo (NASDAQ: YHOO). Is it possible that now, NBC has also fallen victim to a halt-the-media conspiracy that has outgrown even FinancialWire?
No one is talking, but DATELINE is reportedly blaming the Pope’s death, the Prince Ranier death, and the Prince Charles wedding and other events as causing the delay.
However, a desk person at the network revealed that the story is actually being replaced by an Al Roker interview with Ruben Studdard of American Idol fame, and not by pieces on either the Pope or Ranier or Prince Charles. When asked how Studdard was more important than a major financial expose, she stuttered that “this is the answer I’ve been told to give.”
An investigation by FinancialWire revealed that the newsfeed was shut down at the request of an official of the DTCC, who had complained to Investors Business Daily that FinancialWire publishes “opinions and not news.” FinancialWire learned that this is contained in emails sent by Investors Business Daily to the Dow Jones publication.
Despite the purported efforts by the DTCC, however, FinancialWire has since been provided to another 300 outlets.
The producers of DATELINE NBC, which suddenly became unresponsive to FinancialWire inquiries after multiple communications over the past few months, is thought by some to have some possibly concerned reporters and producers.
On April 1, In what may or may not be a coordinated offensive to further disparage a competitor, a Dow Jones Newswire reporter published statements about FinancialWire’s coverage, claiming that facts were omitted in a series of FinancialWire articles about SEC filings related to Global Links (OTCBB: GLKCE) that were widely quoted in various media and cited by U.S. Senator Robert Bennett (R-UT) in an exchange with SEC Chair William Donaldson.
Not only were the facts and events cited by the Dow Jones Newswire as missing contained in the series, but FinancialWire had actually scooped the Dow Jones in publishing almost all of them by nearly a month, in follow-up articles March 12, 14, 18 and 21.
Since these articles were so readily available using the simple “Site Search” feature at FinancialWire (http://www.financialwire.net) or referencing them a hundreds of news portals under the Global Links stock symbol, it is not yet known if the effort by Dow Jones reporter Carol Remond was simply “sloppy journalism,” to borrow a phrase from the DTCC’s Thomson when he was referring to EuroMoney, published by Institutional Investor and presumably the then-upcoming DATELINE NBC expose, or if there was further collusion with the DTCC related to the February 7 events.
Informed legal sources have volunteered to FinancialWire that Remond published a court’s order related to Jag Media Holdings (OTC:JAGH) before it was available in the legal data system while claiming that was where she had obtained it, and that she is very close to short sellers, having used Anthony Elgindy as a source regularly before he was charged and convicted. Informed sources have also said that Remond, an avid biker, was seen laughing in the court room at the sight of Elgindy crying after he broke down, which was seen as odd given Elgindy had reportedly been a “trusted, informed source” for the Dow Jones Newswires. Thus it is not unreasonable to suspect murky motivations may have resulted in the factually erroneous article.
For hardened conspiracy buffs, there is also the fact that 47-year-old Floyd Schneider, a Fredon Township, NJ mortgage broker who dabbles in online message boards as “TheTruthseeker,” or as his protagonists call him, “TheGossipSeeker,” and a self-acknowledged source for the Dow Jones Newswires, has, with precipitous timing, suddenly undertaken an online crusade “revealing” that the CEO of FinancialWire’s parent company had once been the target of a lawsuit aimed at a Nasdaq company where Investrend’s CEO served as Chairman of the Board of Directors, and all of its officers and directors, including the partner of Ted Turner, who was then the major shareholder in Time Warner (NASDAQ: TWX), and who also was, perhaps ironically, former president of CBS and CNN.
The lawsuit had been summarily dismissed as lacking merit just over two years ago, but the timing of the posts by a purported Remond confidante, within a day of FinancialWire’s article about Remond’s erroneous column, was termed suspicious by more than one observer who forwarded the posts to FinancialWire.
Schneider is already under court orders barring him from posting “false or defamatory” statements on the internet, has by his own admission had to pay over $60,000 in court costs, and has been the subject of at least three suits, one for as much as $1 million. “TheTruthseeker” was featured in a book by John Emshwiller, national correspondent for the Wall Street Journal, “Scam Dogs and Mo-Mo Mamas.”
The ribbon on the conspiracy package is that court transcripts purportedly show that Schneider’s legal bills were eventually paid directly to his attorney by members of the Elgindy website. Elgindy was also one of those named in the EagleTech Communications (OTC: EATC) court proceedings as a major naked shortseller, along with Jonathan Curshen, who was charged by the SEC for fraud and corruption for a deal developed by Timothy Miles, the proprietor of the discredited Our-Street.com, and another participant in “bashing” FinancialWire, who court proceedings last week revealed has apparently fled to Slovenia ahead of the SEC trial. Curshen is also reportedly out of the country.
One observer said that from all the scrambling and disinformation by so many purportedly reputable and disreputable individuals under the same blanket, something momentous must be afoot.
In his letter to Larry E. Thompson, counsel for the DTCC, Shichtman told the organization that its actions and those of its potential co-conspirators are of “grave concern to my client in a myriad of aspects, including but not limited to, my client’s reputation, my client’s business relationshsips, and First Amendment Principles as your organization operates under the auspices of a Self Regulatory Organization, or a subsidiary thereof.”
The principal trustees for the DTCC are the New York Stock Exchange and the NASD, which owns Nasdaq (NASDAQ: NDAQ).
Shichtman demanded that the DTCC “preserve” all communications regarding the media’s disruption, since these are evidence that is “part of an ongoing investigation into the culpable conduct” related to the events.
“Lastly,” concluded Shichtman, “I am shocked and appalled that your organization, one of the cornerstones of an orderly market, that has done such tacit yeoman’s job, could engage in such cheap thuggery as utilizing strong-arm tactics more suitable to organized crime than an SRO. I would have thought that as a pre-eminent organization, and what should be a model to the world, the DTC would be above such acts.”
The DTCC has been accused by many of acting with impunity, and is hardly a role model for unconflicted governance. Its 21 directors include Bradley Abelow, Managing Director, Goldman Sachs (NYSE: GS); Jonathan E. Beyman, Chief Information Officer, Lehman Brothers (NYSE: LEH); and Frank J. Bisignano, Chief Administrative Officer and Senior Executive Vice President, Citigroup / Solomon Smith Barney's Corporate Investment Bank (NYSE: C).
The largely unregulated DTC has become something of a defacto Czar presiding over the entire U.S. markets system, wielding more day-to-day influence and control than the SEC, the NASD and NASDAQ combined. Transparency is not of the DTCC’s strong suits. In the past it has stonewalled all requests for full and complete trading records.
The DTCC’s two preferred shareholders are the New York Stock Exchange and the NASD, a regulatory agency that also owns the Nasdaq and until recently, the American Stock Exchange.
Eagletech was represented in a recent winning motion to require the DTCC to produce trading records by the law firms of Christian Smith & Jewell of Houston, Texas and Koerner Silberberg & Weiner, LLP, of New York City.
Eagletech is a plaintiff in a stock manipulation action pending in the state of Florida.
Attorney Wes Christian commented: "This is a significant victory in our on going battle to bring restitution to our clients for the brazen manipulations that were perpetrated against them. Our ability to obtain these records is essential. The judge's clear ruling takes us further down that road."
Other DTCC board members include Michael C. Bodson, Managing Director, Morgan Stanley (NYSE: MWD); Gary Bullock, Global Head of Logistics, Infrastructure, UBS Investment Bank (NYSE: UBS); Stephen P. Casper, Managing Director and Chief Operating Officer, Fischer Francis Trees & Watts, Inc.; Jill M. Considine,Chairman, President & Chief Executive Officer, The Depository Trust & Clearing Corporation (DTCC);
Also, Paul F. Costello, President, Business Services Group, Wachovia Securities (NYSE: WB); John W. Cummings, Senior Vice President & Head of Global Technology & Services, Merrill Lynch & Co. (NYSE: MER); Donald F. Donahue, Chief Operating Officer, The Depository Trust & Clearing Corporation (DTCC); Norman Eaker, General Partner, Edward Jones; George Hrabovsky, President, Alliance Global Investors Service; Catherine R. Kinney, President and Co-Chief Operating Officer, New York Stock Exchange; Thomas J. McCrossan, Executive Vice President, State Street Corporation (NYSE: STT); Eileen K. Murray, Managing Director, Credit Suisse First Boston (NYSE: CSR); James P. Palermo, Vice Chairman, Mellon Financial Corporation (NYSE: MEL); Thomas J. Perna, Senior Executive Vice President, Financial Companies Services Sector of The Bank of New York (NYSE: BNY); Ronald Purpora, Chief Executive Officer, Garban LLC; Douglas Shulman, President, Regulatory Services and Operations, NASD; and Thompson M. Swayne, Executive Vice President, JPMorgan Chase (NYSE: JPM).
In their comments to the U.S. Securities and Exchange Commission regarding Regulation SHO in January, the 50 state regulators, through their association, the North American Association of Securities Administrators (NASAA) issued what many consider to be a strong warning that if the DTCC is not dealt with in the final regulations, state regulators such as New York State Attorney General Eliot Spitzer may step to the plate.
In what many considered to have been explosive comments, Ralph Lambiase, NASAA president and Director of the Connecticut Division of Securities, warned "NASAA urges the Commission to reconsider its stance regarding the role of the Depository Trust and Clearing Corporation (the DTC). As a threshold matter, NASAA believes that the Commission should explicitly prohibit the DTC from lending more shares of a security than it actually holds. The ability of the overall proposed rule would be severely impared unless the Commission undertakes to implement such a prohibition.”
This is one of dozens of lawsuits filed by the same law firm. Many of the pleadings allege that the DTCC operates a “stock lending” program that aids and abets illegal naked short selling, and in doing so, admittedly takes in $1.67 million annually.
In a further rare display of transparency, however, while framing it in terms of a small percentage of daily transactions, Thompson has admitted in an interview posted at http://www.dtcc.com that some $4.9 billion, involving an estimated 20,000 daily transactions remain unresolved “fails to deliver and receive.”
“The markets check to see if the amount of fails to deliver is more than 1/2 of 1% of the total outstanding shares in that security,” said Thompson.
“If it is, then it goes on a ‘Threshold List.’ If it is then on the Threshold List for 13 consecutive settlement days, restrictions on short selling then apply. The “close-out” requirement forces a participant of a registered clearing agency to close out any “fail to deliver” position in a threshold security that has remained for 13 consecutive settlement days by purchasing securities of like kind and quantity. If the participant does not take action to close out the open fail to deliver position, the participant is prohibited from making further short sales in that security without first borrowing or arranging to borrow the security. Even market makers are not exempt from this requirement.”
In his questioning of SEC Chair Donaldson, Senator Bennett suggested, however, that a loophole in the regulation allows market makers to “pass along” these “fails to deliver” from one to the other, leaving them “unclosed out” indefinitely. A video of that exchange is posted at http://www.investrendinformation.com While in the overall scheme of the U.S. markets system, the fails to deliver of that magnitude represents the entire market caps of upwards of 500 smaller public companies every trading day, which if victimized in this admitted fashion, can find their survivals and the safety of the entire investments of their shareholders questionable indeed.
This comes hard on the heels of an ad in the New York Times (NYSE: NYT) from The Washington Legal Foundation, located at http://www.wlf.org, which has considerable clout in the Bush administration, with ten of its board members now serving in various capacities, including three, headed by U.S. Attorney General John Ashcroft, in the Bush cabinet. Its “In All Fairness” advertorial, “What’s Up With The SEC?” may be seen at http://www.wlf.org/upload/032805IAFSEC.pdf
The advertorial alleges that class action lawyers are colluding with short sellers “right under the noses of SEC investigators,” whose abuses cause “investors, employees, pensioners and companies” to “lose millions of dollars in stock value each year.”
The WLF said that the SEC has been “sitting on several complaints of misconduct” that it and the U.S. Chamber of Commerce have filed that detail “examples of questionable stock manipulation by short sellers and class action attorneys.”
The group says that the SEC is “looking the other way while class action attorneys enjoy a free-for-all, reaping millions in windfall fees to the detriment of shareholders,” and asks “why isn’t the SEC taking legal and regulatory action to prevent stock manipulation and to protect investors from the looting by plaintiffs’ lawyers? Shouldn’t there be rules and oversight to deter these trial lawyer abuses?”
It concludes that “the SEC must show America that it can get tough with more sinister villains than Martha Stewart.” Stewart’s firm, Martha Stewart Living Omnimedia (NYSE: MSO), ironically is one of those on the NYSE’s “Threshhold List.”
Recently also, Motley Fool lambasted regulators for letting what it called “71-year-old laws” against naked short selling go unenforced.
The article is at http://www.fool.com/news/commentary/2005/commentary05032407.htm?source=eptyholnk303100&logvisit=....
One thing is certain, said an observer, tongue-in-cheek: “Stockgate is getting interestinger and interestinger.”
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http://www.investrend.com/articles/article.asp?analystId=0&id=14493&topicId=160&level=16....
Holy Crap! A buck? I try not the think too big but boy-O-boy a buck sure would be nice!
What's the Dateline thing? I haven't heard this one yet.
That's what I'm thinking, I've been watching this stock like a hawk and the MM are going to get burned on this one. I'm waiting for a buck a share!
very quiet today. I think that postpone of DATELINE thing did it.
They have more times to cover and make it look not as bad. Still they have to cover and shorted shares are more than real shares. Those who filed can't sell for a year. This is going to be interesting. It would be nice to close green today... maybe a run at the end of the day?
it seems MMs tried to pull down in the morning... two days in the row they did that. But only few buys price went back up and higher.
I was hoping we were breaking .16 today but it didn't happen. Maybe tomorrow?
There seemed to be a wall at .18 I think when we break it we can be in .20 easy.
I'm holding long on this one, I've been in since .001
I think we're definately hanging tough and if we can get this thing through .16 for more than just one buy we should easily make the low .20's IMO
NO SELLING! NO BIDWACKING! The MM's will have to pay for my shares. I'm holding from .0137 and I dont think its done at .15
Of course I could be wrong and it will all be gone before I know it. At least, that's how it usually happens :/
Gosh that would be the talk of the year. I for one want to see it.
It seems MMs tried to pull it down at the beginning and end of the day , tues and wed. But we keep coming up floatig around .14 to .15's again.
Maybe tomorrow .20's?
Friday .50's?
You mean this company has a CEO? ;)
I've never really looked at the fundamentals of this POS. I bought in only because of the R/S fiasco a few months ago and am glad I did. I have no idea how far or how long this ride will last but I'm surely glad I've hung on so far.
Only recently I started looking at the chart and doing my own version of T/A (I'm no millionaire so don't believe my T/A) but if this thing breaks .15ish today it might break a small accending triagle and there is a chance of a solid run to the low .20's IMO.
No matter what happens today or tomorrow, I don't think the ride is over so hold strong longs.
has anyone gotten any email back from the CEO? i sent awhile back asking about the NET thing that suppose to come this April. No answer yet
also the current O/S ... if it has increased more than 5.4 million on March 15?
Anyone?
I really cannot believe all this time being spent on disproving naked shorting. It is blatantly obvious and has now ripped over $2 trillion dollars from the American people.
As a Professional Trader, I see it every day. In fact, this past week alone, a new candidate hit the list. Eltek(ELTK) posted great quarterly numbers about 10 days ago. A smaller float company, it took off to the upside and set a new 52 week high. It came down on profit taking to $3.88, then this past Monday, it broke out from $4.12 to another new high at $6.40. Since that $6.40 on Monday, CIBC World Markets showed up with "the refreshing ask from hell". CIBC had no previous position in ELTK. The stock has 5.49 mil O/S and a flaot of 2.8 mil shares. No insiders have sold any shares nor have they filed to sell any shares. On Monday, the stock traded over 12 million shares...almost 5 times the float.
From that point on Monday, the stock traded over 14 million shares and CIBC shorted and/or sold 6.683 million shares.
How is this possible? It's very possible. And it is very real. It is naked shorting.
After their earning's release on 3/21, ELTK showed up on 3 German exchanges as a listed company WITHOUT THE COMPANY'S CONSENT.
This Friday, they appeared on the Reg SHO FTD list.
I have personally witnessed it myself. I see it all day long. It is not hard to find it.
Take a stock that is trading maybe 500K-1mil shares a day. Take the slow time from 11:30am-1:00pm EST. The MM's are kiting shares on an immediate basis. I will enter an order to buy an obscure amount of shares...like 1423 or 2137 shares. I buy them on the ask. Somebody just sold that many shares that I bought. That sell, and of course my buy, will settle in 3 days. But, the sell is what we are concerned with from the person I bought from.
As I said, the MMs will kite those shares that were sold to me and sell them again. Just watch the tape. Sure enough, a few minutes later at the ask or a penny or two above the ask, here comes the identical same number of shares crossing the tape. If you don't see it in the tape because that ask was bought in partials, you will see it as the best ask lot if and when the price gets there.
The MM's will do it all day long. Tomorrow they will do it again. Four days from now, they will kite shares to replace all the nakeds from today that are settling. Then, they will pass the entire lot off to a hedge for a fee to skirt any FTD's.
Not just in theory, but in provable practice, it takes twice as many shares to make a stock go higher as it does lower.
This is the MAIN reason the MMs are fighting so hard to keep Level 3 out of the hands of the investing public. They scream we should not have access to their complete book. This is so they can hide this illegal practice, and so we can't see their intent to steal the stop-loss shares of so many stocks on their slam campaign.
There are now 9000 hedge funds out there. Plus, the off shore factions that are involved. You can rest assured they have every security on the board covered. It's a little more than one per hedge.
Say what you will to "make us all crazies". It is happening...every stock...every minute...every day.
The American people will call for immediate reform and DEMAND no less than the following:
1). Donaldson...gone
2). 300 attorneys at the SEC...gone.
3). DTCC reform and present officials...gone. No more protection of their illegal $50
bil. a year income.
4). A newly formed SEC comprised of private investors. An SEC formed solely for the purpose of which the Securities Act of 1934 called for...protection of the private
investor.
5). No security prospectus anywhere warns any investor of the perils of naked short selling. Therefore, the SEC by its own admonition has created a securities market
where they have openly committed fraud on the individual investor by allowing any
practice of naked short selling as a part of bonafide market making. By grand-
fathering all previous naked shorting previous to Jan. 2005, they are committing
a second fraud on the American investor. Therefore, the SEC shall immediately be
called to answer some 40000+ charges of fraud and market manipulation.
6). An immediate call of all outstanding short shares. The SEC does know exactly who is
naked short selling our securities. All companies will then re-issue their "auth-
orized" number of short shares. Since "the sum of the parts cannot be more than the
whole", then all the parts are deemed null and void. A private agency will then be
formed to administer the short shares of every US listed company. Seven days notice
will be required to locate the short shares of any US listed security.
7). There will be no more pools of short shares created on a daily basis as naked shares to
counteract the effect of buying on margin. This is called "kiting" shares. It is illegal anywhere else in the world with a check, and illegal in the markets. There is no accountability in this practice and no justification for it. It forces every stock on the board to have twice as
many buyers as sellers for it to appreciate in price.
8). Immediate enforcement of the uptick rule. No more shorting into the bid.
9). Immediate access to Level 3 for all investors. It is not a level playing field until it is a level playing field.
10). No more trading off the board by market makers. All trades must cross the tape
during market hours.
11). No more painting the tape by specialists. The 4pm close is the 4pm close.
12). Immediate reform and disclosure for all hedge funds. They changed the rules with-
out telling anybody. They won't mind if we demand changing the rules for the benefit of the private investor.
13). No get out of jail free cards. No deals. This is the largest crime in World History
and they all need to be made an example of. The practice of shorting should be a
scary endeavor where even the slightest news will cause panic. That was the way it
was designed. For years now, it has been the other way and anybody long a stock
cannot even sleep at nite because the criminals never sleep.
14). An immediate daily publication of all open short interest on a stock, with name or entity and number of shares.
15). Immediate delisting of all companies listed on foreign exchanges without the companies consent.
16). Immediate investigation of all media, reporters, and newswriters who have received funds for writing articles about any company. All payola payments will be found, off-shore accounts will be seized, and those involved immediately thrown in jail. I'm sure a good place to start is CNBC with their off-shore accounts and their blatant attack against Taser. There are a few thousand others. CNBC doesn't report news. They create news. There is no first amendment right to freedom of speech when you harm a stock price through a news story. Even airing a commercial for which you were paid is in fact receiving $$$ for airing slam stories against a company. News is news. Repeating the same news over and over is slamming. And CNBC is guilty as charged.
http://www.blogmaverick.com/entry/1234000823035399/#c184701
Looks like the bidwackers gave up early today...at least I hope so. I'd love to see this thing continue up! Everyone hold! Let's make sure we shove this one up the MM's A$$.
NO BIDWACKING!!!!
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