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Thanks!
Thanks TB, I looked at the forms on the Ameritrade site. Do you recall if you used the Rule 144, 145 or 701 form? Also, did they charge you a fee?
I know this has been dealt with many times....Can someone tell me how they got their ORRV shares from Deep Blue Marine unrestricted? I am with TDAmeritrade. Thanks.
"shareholders have to continue to WAIT for a find...if a find.... if ever a find...."
as with any treasure salvage company
Hi TM. I respect your technical approach to these stocks. In fact, I would like to learn more about it. That said, I wonder if such rigorous analysis is applicable to undisciplined companies like DPBE and ORRV. But like I said, as far as I know, you’re the only one who has made any money on these and my hat’s off to you. ~J~
With the possible exception of TM, all of us are down on this stock. For a few, this has had devastating financial consequences and that is unfortunate. Obviously, statements made by WB have been overly optimistic, gross exaggerations and potentially intentionally manipulative. I have said it may times on this board; we all invested in an unproven, inexperienced, non-reporting, pink-sheet treasure salvage company. Really, what did ya'll expect? They either find gold or they don't. That is the only thing that will have any long-term effect the share price. No gold, lower price. Find gold, higher price. Wilf can say most anything, and it does not affect the direction of the stock (it may have a minimal short term effect). That said, I cannot agree with those who argue the company is just a scam and the diving is recreational. The company is working on a historically significant wreck in cooperation with a highly respected treasure hunter (Tracy Bowden) under careful government scrutiny. The wreck may or may not yield treasure -- nobody (I repeat, nobody) knows for sure. What we do know is that the company continues to dive, continues to recover historically significant artifacts, continues to improve its equipment, continues to gain experience and continues to do what it can to become a viable company. If this were a scam, Wilf would have been gone long ago. There is no point to making capital investments in a scam. It may be a bad investment, but it is not a scam.
On a side note, I have been amused at all the positive comments here regarding ORRV. It wasn't long ago that the same people were deriding the "Deep Scam" as another of Wilf's follies and telling us there was nothing at Women Key. Now, without any statements from the company, many here are convinced that they are onto something. One poster went so far as to suggest that the absence of Wilf and the presence of Ed K. spelled success for ORRV. Let's not forget, Wilf is a major investor in ORRV as a result of the share agreement. We don't really know what his role in ORRV is. And Ed...well where is Ed these days????
Working
It's both RM. I called him on several misstatements of fact as did many others. But these statements would be considered inconsequential if they were to come from an aggrieved stockholder. Many here have posted far more outrageous statements (like Wilf is the antichrist) and are not being sued. Ed’s statements and their truthfulness are of consequence here because he did sign a nondisclosure agreement (NDA) and a noncompete agreement as an employee of Deep Blue. In addition, Ed signed some sort of agreement to stop making public statements about the company in exchange for stockholder money that was used to buy back Ed's shares. I deal with NDA’s all the time and I can tell you they are not to be taken lightly. Failure to comply has significant consequences. A company would forfeit its contractual rights if it did not petition the courts for enforcement.
That said, it should also be noted that even Wilf has said that he does not believe that Ed had anything to do with the stock price.
LOL -- It is all wicked web, isn't it?
You may be right...time will tell.
"What that whole debacle taught me was that (IMO) WB wasn't interested in finding treasure."
There may be many things to criticize WB and DPBE about, but that statement is just plain ridiculous. There is factual evidence that the company is working a wreck. You may argue it's not the right one, but you cannot deny the fact. You may argue poor management, but that is a different issue. If this were a scam as you say, WB would have been gone a long time ago. But everyday the company is down there working a real wreck with at least historic value and the possibility of treasure…and everyday, you are here complaining because Wilf didn’t make you rich in the timeframe that you had hoped for.
Why do you desribe this as a garbage PR? I think it is one of the more interesting ones the company has put out. But then again, I am not blinded by hate for Wilf and knew what I was getting into when I invested in this company.
If you are right, then I would agree that it is frivolous litigation. But I think the John Does are just a warning to people who knowingly make false statements that the company will protect its rights. But I certainly understand those who are suspicious of Wilf...
There is huge a difference between making a report of possible wrongdoing to proper authorities and posting crap on a public blog. But, the short answer is yes, the terms of the agreement still apply.
Litigation isn't an investment for monetary gain. It is to redress wrongs..unless of course you are a scumbag trial lawyer.
Thanks for reminding everyone that this is about breach of contract. It is not about the company going after some hapless stockholder who makes negative posts about the company. Enforcing confidentiality agreements, NDAs and non-competes is important, even if there is no monetary gain from the litigation. A company must enforce it rights to preserve them. In addition, let's not forget that stockholder money was spent to buy back shares that were granted to Ed K. as an employee. That repurchase also involved Ed signing an additional agreement in which he agreed to stop making public posts about the company. This agreement was in addition to those which he signed as an employee of Deep Blue. It is unfortunate that Ed. K. is in poor health and broke. Nonetheless, the company has an obligation to protect its interests against those who seek to harm it.
Distribution of profits is obviously a dividend, but it is not the only form of dividend. If you had read on you would have learned:
In addition to regular dividends, there are times a company may pay a special one-time dividend. These are rare and can occur for a variety of reasons such as a major litigation win, the sale of a business or liquidation of a investment. They can take the form of cash, stock or property dividends.
Before you call Wilf a liar, you should get your facts straight. Perhaps this will help: http://beginnersinvest.about.com/od/dividendsdrips1/a/aa040904.htm
Pay particular attention to the discussion of special one-time dividends.
You may not like the restriction, but as I understand it, this is required by law. Here is Wilf's explanation: "With regards to the ORRV dividend, It will be free trade June 3 2009, not until then. It is a pink sheet issue under rule 144. IT is not Deep Blues deteremination that sets that rule it is the SEC they make the rules, we just live by them."
Perhaps this will help: http://www.sec.gov/investor/pubs/rule144.htm
Good luck with all your DD.
Any distribution of a company's assets to its shareholders is a dividend. DPBE could have retained the ORRV stock in its treasury and not distributed it to its shareholders. All dividends are, in effect, the distribution of shareholder equity. Restricted or not, it's a dividend just the same.
http://www.citmedialaw.org/threats/deep-blue-marine-v-krajewski#description
Deep Blue Marine, its CEO Wilf Blum, and Alexander Lindale LLC sued former Deep Blue operations manager Edward Krajewski after Krajewski criticized the plaintiffs and allegedly disclosed Deep Blue proprietary information on several online investor forums. The plaintiffs sought an injunction in Utah federal court against Krajewski to prevent him from posting any further criticism or materials. They also brought claims for defamation, false light, intentional interference with economic advantage, breach of contract (including publication of trade secrets), and breach of convenant of good faith.
In May 2008, Deep Blue moved for a temporary restraining order and preliminary injunction against Krajewski. The court decided the motion ex parte after satisfying itself that Krajewski had received notice of the hearing. It granted the motion, issuing an order prohibiting Krajewski from
publishing statements concerning trade secrets, confidential, and/or proprietary information of Deep Blue . . . , including but not limited to methods, processes, discussions, plans, techniques, equipment, locations, discoveries, recovered materials, research projects, sources of supplies, financial data and marketing, contract amounts and/or salaries, corporate income, disbursements, expenditures, and/or merchandising systems or plans of Deep Blue; and
publishing false and/or defamatory statements regarding Deep Blue Marine, Wilf Blum, and/or Alexander Lindale, and/or their agents, employees or affiliates.
In July 2008, Krajewski, acting pro se, filed a motion for an extension of time to file a brief. He also submitted an affidavit explaining that he lacked sufficient financial resources to litigate the case in Utah and requesting that the court transfer the case to Pennsylvania, his home state. On July 22, the court denied the motion for an extension of time to file a brief, noting that Krajewski did not identify what motion he would be addressing and that no motions were currently pending. The court added that Krajewski could inititiate a motion and file a brief in accordance with the Federal Rules of Civil Procedure and the local rules.
Good grief. Complaining about Wilf is like losing all your money in the slot machines and complaining that the casino cheated you because all their ads show people winning. As I have said many times on this board, this is not an investment. It is a risky gamble. If you have a little extra money, it's fun to play. I have held when I should have traded and I take responsibility for my mistake. (I guess we can all learn from TM.) Nothing about DPBE has changed since day one; It is startup, inexperienced, unproven, non-reporting, pink sheet treasure-salvage company run by a dreamer. Frankly, I am impressed that the company is working a significant historical wreck, is doing so in a professional manner and may yet find something that will turn a profit -- what more could one ask for? If you are looking for a secure investment, try investment grade securities.
No divy for me yet at Ameritrade...soon I'm sure
Hey CAPT, just wondering (I mean you being the expert and all)...How would you fund DPBE operations? You know, make payroll, fuel the boats, that sort of thing.
Good points...I forgot about Sarbox. DBPE just doesn't have the resources nor the discipline to do all that is required.
IMO the company needs to continue to focus on treasure salvage. If DPBE finds something, great. If not, well it was a play that didn't pay -- nothing more. As I have said many times, this isn't an investment and our expectations should be in line with that reality.
Moving to OTC/BB will improve DPBE’s credibility but I would rather the company wait until the stock is in better shape. No senior board will list a sub-penny stock, so moving up would require another R/S. In addition, listing and reporting requirements are extensive (read expensive) and I think the company’s limited resources are best focused on salvage operations.
I think it is merely poorly written (as DPBE PRs often are). Wilf has said numerous times that it is 1 share of ORRV for 1 share of DPBE. I beleive that is still the case.
Par value($.001)has nothing to do with market price. ORRV doesn't trade much but last traded at $.035.
Yes, much better information. Thanks. A reason for hope in the otherwise gloomy DPBE world.
Nice find in the Keys
http://www.foxnews.com/story/0,2933,371287,00.html
Hmmm joyous...your word not mine. But I suppose in your dark world any remotely positive statement comes off as joyous. I don't think anyone is joyous about $.03. The point I made was that the stock is trading above its R/S price, the price is relatively stable and this is happening without news from the DR. Without dilution and manipulation the stock seems to have found its market value and with good news it could go up from here. Those are all positive things.
As always, eyes wide open and cautiously optimistic.
Hi TM -- Good luck to you as well. With the stock continuing to hold at $.03 with no news is a good sign -- although let's be honest, with DPBE there is as much unknown above the water as below. I continue to be eyes wide open and cautiously optimistic.
Well technially you are correct. A company sets the record date. Once the company sets the record date, the stock exchanges or the National Association of Securities Dealers, Inc. fix the ex-dividend date. The ex-dividend date is normally set for stocks two business days before the record date. Being a pinkie, it may not work the same. I don't know.
You may also be correct that DPBE has not registered a record date. My understanding was the record date was June 1 and the x date was June 3. If that is not true it would be very disappointing.
For the past few weeks, DPBE appears to be moving with the market. Prior to the RS, all movement was driven by dilution and MM manipulation. I think it is great the stock has held close to $.03 on no news. The market appears to have set a value for the company and any good news should move it in a positive direction.
June 3rd is the ex div date. The shares are coming but take time to work through the system. The treasure is hidden by the ocean and finding it is not a sure thing.
Today's the day!
http://www.foxnews.com/story/0,2933,364383,00.html
Nice to see DPBE holding close to .03 ex-div. The low volume is almost a good thing. No huge rush to the door. With people holding, a little good news could send the stock up nicely.
Time on the site is a function of the time that the DR navy security escort is available to DPBE.
Yea, I'd have to agree with you on that one Capted...
Wilf posted on GB that the new shares are based on the DPBE (post r/s) shares. An ex-date has not been set. It will be based on the day the transaction between the two companies closes. It is unclear to me if the new shares are 1 for 1 or based on a dollar figure and ganted based on the current market price of the new company. If the new company is indeed ORRV, it was parked recently at $0.60.
Nice post Linda. The company is what it is and will be what it will be. By now everyone should know what it is. All of its problems and failings have been hashed out here. Some still see potential, some can only see a crook and a con job. What will be noboday knows.
I certainly agree there are more important things in life and feel sad for those who have made this their life's obsession.
I may make some money or I may lose it all. And if I do lose it all, I only have myself to blame.
Eyes wide open and cautiously optimistic.
Just for the record Ed....
wrote msg# 16658 Date:4/7/2008 11:29:09 AM
MAXJDA, Once again. I am not the one that has taken investors money. So it doesn't matter if I'm diving in the DR or not. You should worry about who is using the money that was invested and how it is being used.
Yes Tracy B. made out like a bandit. He sold Wilf the Scipion, 20 years after he found it. He sold him the rights to 2 Spanish Ships that are in an Underwater Nature Preserve, which probably means that those wrecks can never be salvaged. Now if those wrecks can't be salvaged and someone took money for them. I would call that at the very least bad business practices for Tracy B. as well as the person that runs the Company and never looked into the fact that he could never salvage 2 wrecks, that he paid several hundred thousand dollars for. I might even call that criminal.
The only one that is sure to make money on this deal is Tracy Bowden. $300K for the salvage rights to 3 wrecks. 2 of which probably can't even be salvaged. $3K a day for the lease of Tracy's boat. Yes, Tracy made out very well.