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ASII is 800 mil according to pinksheets , why is the o/s listed as 100 mil on the Board
Outstanding Shares
800,000,000 as of Apr 21, 2008
Authorized Shares
1,000,000,000 as of Apr 21, 2008
here is the pinksheets link
http://www.pinksheets.com/pink/quote/quote.jsp?symbol=ASII
why is the company dumping so many shares ?
Current Capital Change
shs decreased by 1 for 600 split
Pay Date: Sep 28, 2007
They say the company decreased shares 1/600 in Sept 2007.
was this company's o/s 600 billion or 600 million before
and the company has started to increase the A/S and O/s since Sept 2007.
I would appreciate any response, thanks.
SaltLife, I haven't sold and i have added since i orginally bought at .0033. I have 2 million now and will continue to add. Now what you feel , is your choice, its up to you, what you want to do. If others sold at higher levels and are doubling up at lower levels, would make the float disappear.
For thew share structure is confirmed.
dak77, what would you need to hold your stock. The company just built the building. Are assembling the Factory Five Cars. Have business with Honda, Have Business with Pontiac and also have business with Penske now.
Penske has severalo car dealereships also. So they are generating revenue. I guess you expected to company to jump up to .04 and you would sell . You weren't interested in investing but quickly dumping for a profit.
pronacyk, That is very interesting, for if it moves down and the shares are all bought up. How could the stock trade if no one is selling. 10 million shares is only S1,000. I easily have 5 times that invested and others have alot more.
I would easily add 20 million more. at .0001.
we know what the share structure is. If it is held by longs. How could it trade.
dak77, magic?. The company is doing what theyare suppose to do. They bought property, Built a building. Bought equipment. Hired employees. and started filling customer orders and are generating revenue. Took pictures of the customners vehicles and are visible to the public. What else you think they should do?
dak77 , i original bought at .0033 and continue to buy as the price has been dropping. and will continue to buy as the price drops. The thing that bothers me,is that i am a long and there are probably 15 share holders that have close to 1/2 the o/s in their total of shares.
and yet there are 489 share holders
that would average to 1.5 million per average share holder
i have 2 million and will add. making me equal to 2 share holders.
this is simple math
dak77 if it hits .0001 i will add 20 million more. But I seriously doubt that it would get that low.
Nice post, Only 489 Active shareholders? Average 3 mil per shareholder. Thats hard to believe. They are several people holding tens of millions. I hold 2 million and hoping to add
500,000 more if it hits .001 or less.
Also over 3 billion shares traded the last 3 months. I have been increasing my postion and i know we have had new investors and other longs have added. Seems like we should be very low on float.
Todays volume also very low since the posting of the share structure info. just 9 mil traded. hmmm
ZGoldies Over 3 Bil. Traded on RVGD last 3 months.
Consider how many shareholders that hold 30 million or more and yet the price has dropped down to .0013.
Let me guess. The closing volume numbers are not acurate over the last 3 months.
Or even though close to 50% plus is held by investors.
You are going to tell me Flipper is swimming around here.
Or is it that Share HJolders shares are held in street names.
Street names are Your Broker who holds your shares in their name since you don't have a physical stock certificate.
Which makes it eassy to mirror shares between brokers when shares are shorted.
Either way no one wants to admit to it and no one wants to know about it.
But 3 billion shares traded and the price fell 75% and the o?s is what 1.3 billion . With close to 500 million plus held by longs.
I guess math has changed over the years ???
3 Months Close Prices
Date Ex : Sym Open High Low Close Chg Vol #Tr Bid Ask
2008-04-15 Q : RVGD 0.0012 0.0013 0.0012 0.0013 0.0001 18,293,583 59 0.0012 0.0013
2008-04-14 Q : RVGD 0.0014 0.0015 0.0011 0.0012 -0.0001 47,970,862 138 0.0012 0.0013
2008-04-11 Q : RVGD 0.0014 0.0015 0.0012 0.0013 -0.0002 74,587,403 175 0.0012 0.0014
2008-04-10 Q : RVGD 0.0015 0.0017 0.0013 0.0015 0.00 49,365,393 121 0.0014 0.0015
2008-04-09 Q : RVGD 0.0019 0.0019 0.0014 0.0015 -0.0004 73,065,588 221 0.0015 0.0016
2008-04-08 Q : RVGD 0.0022 0.0022 0.0018 0.0019 -0.0002 42,684,143 145 0.0018 0.0019
2008-04-07 Q : RVGD 0.002 0.0023 0.002 0.0021 0.0002 51,455,067 221 0.0019 0.0022
2008-04-04 Q : RVGD 0.0016 0.002 0.0014 0.0019 0.0003 50,336,602 133 0.0018 0.0019
2008-04-03 Q : RVGD 0.0019 0.0019 0.0016 0.0016 -0.0002 18,013,868 69 0.0015 0.0017
2008-04-02 Q : RVGD 0.0019 0.0021 0.0018 0.0018 0.00 28,188,832 113 0.0018 0.0019
2008-04-01 Q : RVGD 0.0016 0.0019 0.0016 0.0018 0.0001 24,288,624 109 0.0017 0.0019
2008-03-31 Q : RVGD 0.0015 0.0017 0.0014 0.0017 0.0001 18,102,234 74
2008-03-28 Q : RVGD 0.0017 0.0017 0.0014 0.0016 -0.0001 35,615,467 121
2008-03-27 Q : RVGD 0.0018 0.0019 0.0015 0.0017 -0.0001 14,414,293 81 0.0016 0.0018
2008-03-26 Q : RVGD 0.0017 0.0019 0.0015 0.0018 0.0001 26,652,975 130 0.0016 0.0018
2008-03-25 Q : RVGD 0.0014 0.0017 0.0012 0.0017 0.0002 53,671,744 208 0.0015 0.0017
2008-03-24 Q : RVGD 0.0019 0.002 0.0015 0.0015 -0.0004 60,233,805 188 0.0014 0.0015
2008-03-20 Q : RVGD 0.002 0.0021 0.0017 0.0019 0.0002 24,453,312 101 0.0018 0.0019
2008-03-19 Q : RVGD 0.002 0.0021 0.0017 0.0017 -0.0003 21,636,451 132 0.0017 0.002
2008-03-18 Q : RVGD 0.002 0.0022 0.0015 0.002 0.0001 71,802,114 311 0.0018 0.002
2008-03-17 Q : RVGD 0.0025 0.0025 0.0019 0.0019 -0.0005 49,953,143 216 0.0019 0.002
2008-03-14 Q : RVGD 0.0024 0.0031 0.0022 0.0024 0.0002 136,529,016 484 0.0023 0.0024
2008-03-13 Q : RVGD 0.0025 0.0025 0.0018 0.0022 -0.0003 72,221,306 263 0.002 0.0023
2008-03-12 Q : RVGD 0.0025 0.0027 0.0024 0.0025 -0.0001 33,118,106 163 0.0023 0.0025
2008-03-11 Q : RVGD 0.0029 0.003 0.0025 0.0026 -0.0004 60,269,496 171 0.0025 0.0026
2008-03-10 Q : RVGD 0.0028 0.003 0.0028 0.003 0.0001 8,117,506 64 0.0029 0.003
2008-03-07 Q : RVGD 0.0028 0.0032 0.0027 0.0029 -0.0001 41,475,180 172 0.0028 0.003
2008-03-06 Q : RVGD 0.0029 0.0034 0.0026 0.003 0.0002 69,736,617 274 0.0028 0.003
2008-03-05 Q : RVGD 0.0034 0.0035 0.0028 0.0028 -0.0006 101,001,510 362 0.0028 0.0029
2008-03-04 Q : RVGD 0.004 0.004 0.0032 0.0034 -0.0004 102,246,396 435 0.0033 0.0034
2008-03-03 Q : RVGD 0.0055 0.0055 0.0037 0.0038 -0.0009 167,437,837 1017 0.0037 0.0039
2008-02-29 Q : RVGD 0.0037 0.0055 0.0037 0.0047 0.001 122,350,086 713 0.0046 0.0047
2008-02-28 Q : RVGD 0.0032 0.0041 0.003 0.0037 0.0005 113,013,387 437 0.0035 0.0037
2008-02-27 Q : RVGD 0.0036 0.0042 0.0031 0.0032 -0.0006 76,437,166 361 0.0032 0.0033
2008-02-26 Q : RVGD 0.0055 0.0055 0.0036 0.0038 -0.0017 120,578,970 574 0.0037 0.0038
2008-02-25 Q : RVGD 0.0036 0.0055 0.0034 0.0055 0.002 113,106,895 603 0.005 0.0055
2008-02-22 Q : RVGD 0.0033 0.0038 0.003 0.0035 0.0002 89,730,865 362 0.0034 0.0036
2008-02-21 Q : RVGD 0.003 0.0034 0.0026 0.0033 0.0004 95,567,788 357 0.0032 0.0033
2008-02-20 Q : RVGD 0.0029 0.003 0.0026 0.0029 0.00 35,793,772 140 0.0027 0.0029
2008-02-19 Q : RVGD 0.0034 0.0034 0.0027 0.0029 -0.0002 72,791,640 295 0.0029 0.003
2008-02-15 Q : RVGD 0.0027 0.0033 0.0026 0.0031 0.0005 149,581,409 513 0.0031 0.0032
2008-02-14 Q : RVGD 0.0033 0.0034 0.0026 0.0026 -0.0008 59,793,792 307 0.0026 0.0029
2008-02-13 Q : RVGD 0.0042 0.0044 0.0034 0.0034 -0.0006 62,439,312 368 0.0033 0.0034
2008-02-12 Q : RVGD 0.0034 0.004 0.003 0.004 0.0006 88,332,930 389 0.0039 0.004
2008-02-11 Q : RVGD 0.0042 0.0042 0.0031 0.0034 -0.001 59,196,235 283 0.0034 0.0035
2008-02-08 Q : RVGD 0.0041 0.0047 0.0039 0.0044 -0.0001 43,541,565 316 0.0041 0.0043
2008-02-07 Q : RVGD 0.0065 0.0065 0.0041 0.0045 -0.0019 60,969,754 396 0.0044 0.0045
2008-02-06 Q : RVGD 0.006 0.0085 0.005 0.0064 -0.0001 106,857,312 845 0.006 0.0065
2008-02-05 Q : RVGD 0.006 0.007 0.0055 0.0065 -0.001 48,138,305 348 0.0055 0.0065
2008-02-04 Q : RVGD 0.007 0.008 0.006 0.0075 -0.001 29,152,538 332 0.0065 0.007
2008-02-01 Q : RVGD 0.012 0.012 0.0075 0.0085 -0.0021 29,991,160 430
2008-01-31 Q : RVGD 0.011 0.012 0.008 0.0106 -0.0009 49,046,767 626
2008-01-30 Q : RVGD 0.013 0.017 0.0115 0.0115 0.00 69,338,187 712
2008-01-29 Q : RVGD 0.007 0.012 0.0065 0.0115 0.004 76,066,188 775
2008-01-28 Q : RVGD 0.006 0.0085 0.0055 0.0075 0.0015 41,276,389 544 0.006 0.25
2008-01-25 Q : RVGD 0.0036 0.007 0.0033 0.006 0.0026 74,123,818 648 0.0038 0.009
2008-01-24 Q : RVGD 0.0033 0.0035 0.0028 0.0034 0.0001 27,436,586 150 0.0032 0.0035
2008-01-23 Q : RVGD 0.0021 0.0033 0.0016 0.0033 0.0011 36,015,432 188 0.003 0.0033
2008-01-22 Q : RVGD 0.0025 0.0034 0.0015 0.0022 -0.0005 67,812,478 414 0.0021 0.0024
2008-01-18 Q : RVGD 0.003 0.0032 0.0023 0.0027 -0.0003 35,706,662 241 0.0024 0.0027
2008-01-17 Q : RVGD 0.0031 0.0034 0.0023 0.003 0.0002 62,380,043 385 0.0026 0.003
2008-01-16 Q : RVGD 0.0012 0.0029 0.001 0.0028 0.0015 109,773,743 488 0.0007
zgoldies2 RVGD has Been On SHO LIST 120 days. It has been added since 12/17/07. It takes that long to pay off shares. Here is a better link.
http://www.wabalaba.com/sholist.cfm?sort=8
also RVGD is listed at
http://www.nasdaqtrader.com/Trader.aspx?id=RegSHOThreshold
Wabalaba.com has posted this list, maintained by the U.S. Government, so you may find what stocks are known to be "naked shorted."
"Naked short selling" happens when someone sells a share of stock, and then fails to deliver it.
However, there is such a thing as the legitimate short sale. Here, the seller first legally borrows a share of stock, then sells it. The seller hopes to buy it back at a lower price before returning it to the lender. The shorter's profit is the difference between the sale price, and his later buy price. The seller is counting on a decline in price. Sell high, buy low. Short selling is legal as described.
A naked short sale is a manipulative trading technique. It takes advantage of a structural deficiency in the system that allows a transaction to occur, and all moneys to be paid, before delivery occurs.
Our list calculates the date a stock has been added to the list and how many days the stock has been removed from the list. Current stocks on this list are typically depressed. While stock recently removed from the list have a better chance of recovering. Some stocks never recover after being on the list.
zgoldies2, I hope you are right. I just transfered more money to my ETRADE account. I first started buying at .0033 and have averaged down to .0023. I have 1.5 million shares. Granted not as large as some of the other share holders but. I will be buying at the .0011-.0012. So my average will be down at .0016. I personally don't believe the company is selling shares. I belive market makers are pushing it down. Yes i am aware that RVGD is on the Sho list. I also hope the market makers are aware that longs are adding and will continue to average down. RVGD is a growing Company, they have paid for the property , Building and Equipment needed. They are getting more Contracts and are Busy with orders. So they will grow and their PPS will grow, Once market makers will quit short selling the stock.
The company PPS sould be at least .004, add the mutiplier to it. I say at least 10. That will be around .04 PPS.
It will take a little longer. But the shares are slowly being bought up by long share holders , Who are waiting for the .02- .04 PPS.
So PLEASE KEEP THE PPS DOWN, IT TAKES 5 DAYS FOR ETRADE TO CLEAR FUNDS. SO I CAN ADD MORE SHARES. THANKS
got my fill Tue Apr 08 15:25:12 2008 Buy 400000 RVGD Executed @ $0.0022 through etrade
well yes. I have already 1.6 mil trying to make it 2 mil.
thats all i have left is for 400,000. hoping it to fill
list of buys going through at .0022
04/08/08 15:12:35 0.0022 0.0018 0.002 300000
04/08/08 15:13:43 0.0022 0.0018 0.002 696818
04/08/08 15:14:15 0.0022 0.0018 0.002 225000
04/08/08 15:15:54 0.0022 0.0018 0.002 200000
04/08/08 15:16:11 0.0022 0.0018 0.002 5000
04/08/08 15:16:13 0.0022 0.0018 0.002 200000
04/08/08 15:16:15 0.0022 0.0018 0.002 281910
04/08/08 15:16:15 0.0022 0.0018 0.002 518090
04/08/08 15:16:55 0.0022 0.0018 0.002 500000
04/08/08 15:17:35 0.0022 0.0018 0.002 300000
04/08/08 15:17:58 0.0022 0.0018 0.002 500000
04/08/08 15:17:58 0.0022 0.0018 0.002 200000
04/08/08 15:19:26 0.0022 0.0018 0.002 162000
04/08/08 15:19:46 0.0022 0.0018 0.002 50000
04/08/08 15:20:21 0.0022 0.0018 0.002 500000
04/08/08 15:20:56 0.0022 0.0018 0.002 500000
04/08/08 15:21:52 0.0022 0.0018 0.002 500000
04/08/08 15:23:02 0.0022 0.0018 0.002 1000000
04/08/08 15:23:17 0.0022 0.0018 0.002 1500000
04/08/08 15:23:43 0.0022 0.0018 0.002 110000
04/08/08 15:24:33 0.0022 0.0018 0.002 1000000
i Have 400,000 buy in for .0022 not filling
mainly 500,000 fills
will the $80 Million Contract will be revield next week
this was released Jan 29,2008 6-8 weeks for contract to be released. so it will be next week . It will be the 8th week
January 29, 2008 - 3:14 PM EST
Revenge Designs, Inc. Processing Preliminary 4-Year, $80M Production Contract
Revenge Designs, Inc. (PINKSHEETS: RVGD), a specialty car designer and production assembler, announced today that the recent business trip was an extreme success and a preliminary 4-year contract valued at $80M is currently being processed. At the request of the signing party, details on the preliminary contract will be withheld from the public for a period of 6 to 8 weeks. This is to allow marketing materials to be completed and to prepare for an official unveiling ceremony for the general public. The Company will provide updates on this very exciting contract as they develop.
The contract being processed today will generate approximately $5M in quarterly revenues with forecasted margins of at least 15%. Taking into full account the conversion of any outstanding promissory notes and preferred shares on a fully diluted basis, our quarterly Pro Forma numbers support an estimated .001 earnings per share per quarter, or .004 per share on an annual basis.
Peter Collorafi, Revenge Designs President and CEO, stated, "This is just the first of three pending contracts we have previously stated that we will seek to deliver to our shareholders in 2008. While our merger was a difficult transition for Revenge Designs, these contracts should dispel any doubt as to the direction the Company is headed. I understand that news was released by one of our current shareholders that caused some panic among investors. The 240M shares will be issued under rule 144 and would be restricted for at least 6 months. I regret the loss anyone may have suffered by the news issued by Signature Leisure."
tumbleweed1, thats great, by some of the postings, I have a small share total. Do you think that we have a good chance of
going to .05- .10
tumbleweed1, I picked another 500,000 today @ .0018. Putting me over 2 million now. I buy in smaller lots. But you think they would walk it up. I will keep pecking at it. The float has to be getting smaller.
Cahalane99, thats an idea. For if i sould in October. I could have had 30 million in november. Then sold in December. I would have 60 million today. Then my magice number would be
.02 to be a millionaire.
Claytrader. we peaked October, then drifted down. in december we peaked and drifted back down. So if we peak and drift back down again. What is thought then.
ClayTrader , Very Nice. One Question, everytime we hit .0005,
a major sell off occurs and hcpc goes to .0001-.0002, then slowly rises back up. Each time it occurs, the o/s and float increases. Any tyhoughts on that. Thanks
rcsundevil, I have 15 million, .07 makes me a millionaire
$5.00 with Etrade
bonehead, why spend 5.00 for a .23 trade tell someone you are present.
and do it 25 times in one day
03/20/08 15:58:17 0.0004 0.0002 0.0003 777
03/20/08 15:54:38 0.0004 0.0002 0.0003 777
03/20/08 15:44:29 0.0004 0.0002 0.0003 777
03/20/08 15:39:35 0.0003 0.0002 0.0003 777
03/20/08 15:37:03 0.0003 0.0002 0.0003 777
03/20/08 13:21:38 0.0003 0.0002 0.0003 777
03/20/08 13:25:00 0.0003 0.0002 0.0003 777
03/20/08 13:29:38 0.0003 0.0002 0.0003 777
03/20/08 13:34:41 0.0003 0.0002 0.0003 777
03/20/08 13:39:03 0.0003 0.0002 0.0003 777
03/20/08 13:47:32 0.0003 0.0002 0.0003 777
03/20/08 12:52:50 0.0003 0.0002 0.0003 777
03/20/08 12:54:41 0.0003 0.0002 0.0003 777
03/20/08 12:55:58 0.0003 0.0002 0.0003 777
03/20/08 12:57:38 0.0003 0.0002 0.0003 777
03/20/08 12:58:49 0.0003 0.0002 0.0003 777
03/20/08 13:00:25 0.0003 0.0002 0.0003 777
03/20/08 13:02:23 0.0003 0.0002 0.0003 777
03/20/08 13:04:17 0.0003 0.0002 0.0003 777
03/20/08 13:06:14 0.0003 0.0002 0.0003 777
03/20/08 13:07:57 0.0003 0.0002 0.0003 777
03/20/08 13:10:26 0.0003 0.0002 0.0003 777
03/20/08 13:13:12 0.0003 0.0002 0.0003 777
03/20/08 13:16:38 0.0003 0.0002 0.0003 777
03/20/08 13:19:13 0.0003 0.0002 0.0003 777
What is with the .23 cent 777 trades ??listed
i just got in and check the trades and i see all these
777 trades. Makes no sense. 777 x .0003 = .23 trade
03/20/08 15:58:17 0.0004 0.0002 0.0003 777
03/20/08 15:54:38 0.0004 0.0002 0.0003 777
03/20/08 15:44:29 0.0004 0.0002 0.0003 777
03/20/08 15:39:35 0.0003 0.0002 0.0003 777
03/20/08 15:37:03 0.0003 0.0002 0.0003 777
03/20/08 13:21:38 0.0003 0.0002 0.0003 777
03/20/08 13:25:00 0.0003 0.0002 0.0003 777
03/20/08 13:29:38 0.0003 0.0002 0.0003 777
03/20/08 13:34:41 0.0003 0.0002 0.0003 777
03/20/08 13:39:03 0.0003 0.0002 0.0003 777
03/20/08 13:47:32 0.0003 0.0002 0.0003 777
03/20/08 12:52:50 0.0003 0.0002 0.0003 777
03/20/08 12:54:41 0.0003 0.0002 0.0003 777
03/20/08 12:55:58 0.0003 0.0002 0.0003 777
03/20/08 12:57:38 0.0003 0.0002 0.0003 777
03/20/08 12:58:49 0.0003 0.0002 0.0003 777
03/20/08 13:00:25 0.0003 0.0002 0.0003 777
03/20/08 13:02:23 0.0003 0.0002 0.0003 777
03/20/08 13:04:17 0.0003 0.0002 0.0003 777
03/20/08 13:06:14 0.0003 0.0002 0.0003 777
03/20/08 13:07:57 0.0003 0.0002 0.0003 777
03/20/08 13:10:26 0.0003 0.0002 0.0003 777
03/20/08 13:13:12 0.0003 0.0002 0.0003 777
03/20/08 13:16:38 0.0003 0.0002 0.0003 777
03/20/08 13:19:13 0.0003 0.0002 0.0003 777
'Cahalane99' I have 15 million shares. $3000 would put me at break even. But if we don't start see some buybacks from the Company and some positive financials. You would buy them cheaper on the open market.
I like to see the .04 and higher PPS as Promised BY MS Johnson , not the constant sell off of shares as being done by the Company every Quarter, But i will bookmark you and will see what may will bring us.
You are right Bonehead, I didn't notice anything wrong, until
i noticed RELM move from .001 -.04. Then i did some deep DD.
I have also contacted Tom Schrade
President of Grand Sierra Resort Corporation
Mr. Schrade is the President of Grand Sierra Resort Corporation and is President of Schrade
Entertainment and Development Corporation, with a corporate office in Fort Lauderdale, Florida.
He has over 35 years of experience in real estate and business development and has envisioned,
built and financed multi-million dollar projects in the casino, resort, hotel, restaurant,
entertainment and amusement park industries.
Wrote a long letter and waiting a response. I have took beatings in Penny land
CMKM, PBLS, CKYS are just a few where companys pocketed money. I hope that my $3000.00 here won't be another TAX write OFF.
chefdujour', I am a shareholder, but we never go anywhere on PPS. Our volume is High and we never see any buybacks by the company as promised. OUR PPS hasn't risen above .0004. Isn't that odd. Also the company keeps raising the O/S and Float. WHY?
if they are making money. Why are they selling stock every quarter' Look at the financials.
Look at the Stock Report on RELM
MERL Holdings, Inc.com does not have any significant operations. It is a holding company for FirstAccess Partners, Inc.; MERL School Stores, Inc.; and JULICO, Inc. FirstAccess seeks to offers a Web-based software that would allow FirstAccess to automate the origination, management, and packaging process for various loan products. JULICO intends to apply for its insurance license. Merl Industries of Tennessee, Inc. changed its name to MERL Holdings on April 5, 1999. MERL Holdings was organized on May 3, 1994 and has its principal executive office in Wilmington, Delaware.
Detailed Description...
Founded in 1994Top Compensated Officers
No compensation data is available at this time for the top officers at this company.
Executives, Board Directors
http://investing.businessweek.com/research/stocks/snapshot/snapshot.asp?capId=2455401
here is another article also
U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 18716 / May 18, 2004
Accounting and Auditing Enforcement
Release No. 2017 / May 18, 2004
Securities and Exchange Commission v. Ed Johnson and Merl Holdings, Inc.Com, Civil Action No. 02-5490 (D.N.J.)(GEB)(filed November 18, 2002).
MERL HOLDINGS INC.COM FOUND IN CIVIL CONTEMPT FOR VIOLATION OF A PRIOR ANTIFRAUD INJUNCTION
On April 16, 2004, the Honorable Garrett E. Brown, Jr. of the U.S. District Court for the District of New Jersey entered a consent order ("Order") regarding the SEC's application to hold New Jersey-based MERL Holdings Inc.com ("MERL") in civil contempt ("Contempt Motion"). The Contempt Motion alleged that MERL violated the final judgment of permanent injunction ("Final Judgment"), entered by the Court against MERL on April 3, 2003, which permanently enjoined MERL from violating the anti-fraud provisions of the federal securities laws. The SEC alleged that MERL violated the Final Judgment by issuing three materially false and misleading press releases.
MERL, without admitting or denying the allegations against it, consented to the entry of the Order, which found that three of MERL's press releases contained materially false and misleading statements and omissions. The first press release, issued by MERL on August 1, 2003, announced that MERL had entered into a software licensing agreement with Heritage Capital Credit Corporation. According to the Contempt Motion, the August 1 press release omitted to state that Heritage was a wholly-owned subsidiary of MERL Financial Group, Inc. which, in turn, was controlled by the same individuals who held a controlling interest in MERL. The second press release, issued by MERL on September 5, 2003, announced that MERL had received a $50 million financing proposal from a private equity fund. In fact, according to the Contempt Motion, the private equity fund had withdrawn the financing proposal on August 28, 2003, prior to the issuance of the press release. Finally, the third press release, issued by MERL on November 10, 2003, announced that the company had signed a $50 million letter of interest. In fact, according to the Contempt Motion, the investment banking firm that issued the letter of interest had not yet begun its formal due diligence of MERL, and the letter of interest was subject to a number of significant conditions in addition to extensive due diligence. The November 10 press release described the investment banking firm as "an investor," but in fact, according to the Contempt Motion, the firm's role was going to be to attempt to raise $50 million among its investors. This was a "best efforts" proposal only, meaning that there was no assurance that the investment banking firm could raise all or any portion of the $50 million for MERL.
In addition, the Order directed MERL to issue a corrective press release within ten days of entry of the Order or it would be subject to a prospective fine of $10,000 for each day that it does not issue the corrective press release. Further information regarding the Final Judgment may be found at Litigation Release No. 18085 (April 14, 2003).
http://www.sec.gov/litigation/litreleases/lr18716.htm
Did you realize ED Johnson was CEO of Merl Holdings
U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 18618 / March 10, 2004
Accounting And Auditing Enforcement
Release No. 1974 / March 10, 2004
Securities and Exchange Commission v. Ed Johnson and MERL Holdings Inc.com, Civ. No. 02-5490 (D.N.J.)(Brown, J.).
JURY FINDS ED JOHNSON, A CONVICTED FELON AND FORMER CEO OF MERL HOLDINGS INC.COM, LIABLE FOR ACCOUNTING FRAUD AND INSIDER TRADING.
On March 8, 2004, following a two-week trial, a federal jury in Trenton, New Jersey found for the Commission on all counts in an accounting fraud, insider trading and false filing case against Ed Johnson, the former Chief Executive Officer, Chairman of the Board, and President of MERL Holdings Inc.com. In its complaint, the Commission had alleged that Johnson inflated the assets and financial results of MERL in two registration statements filed by the company with the Commission and disseminated to the public. The jury found that Johnson violated Section 17(a) of the Securities Act of 1933 ("Securities Act"), Section 10(b) of the Securities Exchange Act of 1934 ("Exchange Act"), and Rule 10b-5 promulgated thereunder, in connection with a multi-faceted fraud designed to raise $25 million in the public securities markets.
According to the complaint, Johnson, age 54, orchestrated the fraudulent scheme in four ways. First, Johnson improperly consolidated Essex Industries, Inc. ("Essex") in MERL's 1997 and 1998 financial statements, which accounted for all of the company's revenues recorded in the income statements for those years. Essex also comprised virtually all of MERL's assets in 1997 and for 363 days in 1998. The complaint alleged that MERL's consolidation of Essex was improper because, among other things, Johnson and MERL had been specifically enjoined by a Virginia state court from exerting any control over Essex. On July 24, 1998, Johnson entered into a Settlement and Security Agreement with Essex's owner which continued the severe restrictions on MERL's ability to control Essex. Because of the injunction and the Security Agreement, Johnson's consolidation of Essex's operating results in its financial statements violated Generally Accepted Accounting Principles ("GAAP").
Furthermore, in MERL's second registration statement, a Report on Form 10-SB filed with the Commission on May 31, 2000, Johnson represented that Essex was still a subsidiary and business segment of MERL when, in reality, MERL no longer owned Essex.
Second, Johnson artificially inflated the value of assets that MERL had acquired from Hanold Bookstores, Inc. and Hanold Schoolwear, Inc. ("Hanold"), in exchange for shares of MERL's preferred stock (with a par value of $10.00 per share). Among other things, Johnson valued a Hanold customer list at $1.6 million when he knew that his valuation was not substantiated by any documentary or evidentiary support. The complaint alleged that Johnson's treatment of the customer list and other Hanold assets was improper and violated GAAP.
Third, the complaint alleged that the textual portions of both registration statements materially mischaracterized the financial health of MERL. An objective view of the company was that it was in dire financial straits because of severe liquidity problems, drastically declining sales, disappearing customers and numerous legal problems. For example, one of MERL's subsidiaries, MERL School Stores, Inc., had closed all of its stores and laid off all of its employees one month prior to the filing of the Form 10-SB. Yet the Form 10-SB represented that MERL intended to hire "additional employees" to accommodate an alleged growth in MERL School Stores' business.
The complaint alleged that Johnson had a clear understanding of MERL's bleak financial position and future prospects but, in the textual portions of the registration statements, improperly painted a falsely prosperous and optimistic picture of the company and did not disclose the liquidity problems, negative sales trends, and adverse developments that had battered the company.
Fourth, the complaint alleged that Johnson committed a fraudulent act in the Form 10-SB by representing that MERL did not believe that any of its officers or directors had been involved in any legal proceedings material to an evaluation of their ability or integrity when, in fact, Johnson himself had been criminally convicted in 1990 for willful misapplication of funds when he had been the CEO of Magnolia Federal Savings & Loan Association in Knoxville, Tennessee.
Finally, the complaint alleged that Johnson benefited from his fraudulent scheme by avoiding losses or becoming unjustly enriched by selling MERL stock and using material nonpublic information concerning MERL's accounting irregularities and true financial condition.
Although he resigned as Chief Executive Officer, Chairman of the Board and President of MERL shortly after this civil enforcement action commenced, Johnson continues with the company as a "consultant" and an "advisor" to the board of directors. His wife, G. Carol Johnson, is the acting President of MERL.
The Court will hold further proceedings concerning remedies. The Commission seeks to enjoin Johnson permanently from violating Section 17(a) of the Securities Act, Section 10(b) of the Exchange Act, and Rule 10b-5 promulgated thereunder, and seeks civil monetary penalties against Johnson. The Commission further seeks to bar Johnson permanently from serving as an officer or director of any public company and also seeks under section 603 of the Sarbanes-Oxley Act of 2002 to bar him permanently from any future participation in the offering of any penny stock. Finally, the Commission seeks disgorgement, prejudgment interest and penalties from Johnson for his insider trading.
http://www.sec.gov/litigation/litreleases/lr18618.htm
chefdujour, I just got puzzled. For Relm buys a Hotel that is
27 story tall same as the Grand Sierra and also 1995 rooms same as sierra. Seemed odd. Did you look at relm stock price. went from .001 last week after symbol change to .04 this week.
their old symbol was MRLE, NOW RELM ?????
FROM .001 TO .04 with now proof of financials or proof of ownership.
Dotronix, Inc. Enters Agreement with Grand Sierra Resort Corporation.
Dotronix, Inc. Enters Agreement with Grand Sierra Resort Corporation.
Publication: Business Wire
Date: Friday, September 8 2006
Subject: Electronic components industry, Resorts
Company: Dotronix Inc.
Product: Electronic Components and Accessories
Location: United States
You are viewing page 1
MINNEAPOLIS -- Dotronix, Inc. (OTCBB:DOTX) announced today that it's newly formed wholly owned subsidiary Grand Realty Holdings Inc. has entered an agreement to become a condominium marketing partner for Grand Sierra Resort Corporation ("Grand Sierra").
Grand Sierra owns and operates the Grand Sierra Resort and Casino, formerly the Reno Hilton, a 2000 room hotel, casino
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and entertainment complex situated on approximately 145 acres in Reno Nevada, that is being repositioned as the Grand Sierra Resort.
As a part of its transformation, 825 rooms located on the top eleven floors of the twenty seven story hotel, known as "The Summit," are being converted into condominium hotel units and will be sold separately.
A world renowned design firm has supplied the creative vision for the entire project, including the condominium design. To view the condominium redesign, please log on to www.grandsierracondos.com.
"We are excited to be involved with the marketing of these premium condo hotel units. We think Reno is a rising star and that the Grand Sierra is going to be the place to be when you're there. This is the first of what we believe could be other opportunities to be involved in the redevelopment of the Grand Sierra Resort and Casino into a world-class destination resort," said Russell W. Mitchell, Chairman and CEO of Dotronix, Inc.
This news release contains forward-looking statements that are based on management's expectations, estimates, projections and assumptions. Words such as "expects," "anticipates," "plans," "believes," "intends," "proposed," "estimates," and variations of these words and similar expressions are intended to identify forward-looking statements which include but are not limited to projections of revenues, earnings, trends, proposed transactions and redevelopment. Forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results may differ materially from what is forecast in forward-looking statements due to a variety of factors.
link for this
http://www.allbusiness.com/company-activities-management/company-structures-ownership/5355935-1.html
chefdujour,Dotronix, Inc Purchased 5 milllion shares of
5,000,000 shares of Grand Sierra Resort Corporation ("Grand Sierra") common stock. 16-MAY-06
link on this
http://goliath.ecnext.com/coms2/gi_0199-5538356/Dotronix-Inc-to-Purchase-up.html#abstract
chefdujour , here is the grand sierra resort corp.
Tom Schrade
President of Grand Sierra Resort Corporation
Mr. Schrade is the President of Grand Sierra Resort Corporation and is President of Schrade Entertainment and Development Corporation, with a corporate office in Fort Lauderdale, Florida. He has over 35 years of experience in real estate and business development and has envisioned, built and financed multi-million dollar projects in the casino, resort, hotel, restaurant, entertainment and amusement park industries.
Terry J. Ramaker
Vice President of Engineering and Design/Director
Mr. Ramaker is the founder and CEO of Ramaker & Associates, a Wisconsin-based full-service consulting and engineering firm and national leader in aquatic facility design. The firm’s portfolio includes having designed over 50 indoor/outdoor water parks, including two of the largest water parks currently operating in the United States. In addition to water park development, Ramaker & Associates assists in university, hospital and community recreation facility development in therapy and activity pools. Ramaker & Associates has received the “Engineering Excellence Achievement Award” from the Wisconsin Association of Consulting Engineers and the Michigan Association of Builders and Contractors “Project of the Year” award.
Bob Pace
Executive Vice President of Grand Sierra Corporation
Mr. Pace is the President and Chief Executive Officer of the Central Group Companies. Mr. Pace formed Central Group Companies in 1990. The company’s mission is to provide consulting services and development expertise and management services on hospitality projects throughout the United States. The companies currently employ approximately 350 people and are headquartered in Minnesota.
Scott Bayless
Executive Vice President at Schrade Entertainment and Development Corporation
A seasoned entrepreneurial executive with 17 years expertise in corporate development and strategic planning. Scott Bayless currently serves as Executive Vice President at Schrade Entertainment and Development Corporation (SEDC), where he is responsible for strategy, corporate development and finance. SEDC is a real estate, resort casino, and financial services development company.
Key Executives
Tom Patin
General Legal Council for Grand Sierra Corporation
Mr. Patin is an entrepreneur who has extensive experience in corporate law, finance and in mergers and acquisitions. He has served as General Counsel for a number of publicly held companies. Mr. Patin was formerly a partner in the Minneapolis, Minnesota law firm of Gray, Plant, Mooty, Mooty & Bennett. In 1977, Mr. Patin received his law degree from William Mitchell College of Law in St. Paul, Minnesota. He received his Bachelors Degree and a Masters Degree in Business Administration from the University of Michigan in 1968 and 1971, respectively.
Richard (Rick) Bayless
Chief Technology Officer & Vice President & Director of Development
Mr. Bayless has been helping clients reach their business, technology and real estate development goals for the past 19 years. He managed the development of many residential, commercial and government developments including an exclusive development community with homes starting over $1.0 million and a private charter high school.
As the president and COO of Ulysses NetSolutions, Inc. (Minneapolis, Minnesota), Mr. Bayless designed and implemented enterprise-based e-commerce, merchant transaction and publishing systems for many Fortune 500 customers, including Musicland Group, Target Corp., FedEx, Vendquest/Conti Corp., Web Street Securities, Playboy Enterprises, MJK Stockwalk, Redtag Outlet and Carlson Companies. Mr. Bayless also assisted in the business and technology development for Samgoodie.com, SunCoast, OnQue and Media Play. As president and COO, Mr. Bayless expanded Ulysses NetSolutions into a company that generated over $9.0 million in sale, expanding operations to include an International Development Center in Vietnam with 50 software engineers and systems integration engineers.
Daryl Schliem
Vice President of Government Relations
Mr. Schliem has over 18 years of experience in administrative, marketing and sales to include strategic and marketing plan development, community and economic development, senior management consulting, budget planning, visioning, media relations, governmental affairs, program development, among others.
Mr. Schliem is currently highly involved in the North Central Texas Council of Governments and is on the Corsicana Tax Increment Finance Board (Corsicana, Texas), Texas Association of Business and Chamber of Commerce, Corsicana Housing Development Organization, YMCA Board of Directors and YMCA Youth Football. Mr. Schliem is also the executive director and CEO of the Corsicana Aurora Chamber of Commerce in Corsicana, Texas (April 1998-present).
Richard Langlois
Executive Vice President of Marketing
Mr. Langlois joined Grand Sierra Resort in December 2006 as executive vice president of sales and marketing. In his current capacity, Langlois supervises both property sales effort and marketing initiatives. Prior to joining Grand Sierra Resort, Mr. Langlois was senior vice president for Hooters, Inc. and was responsible for the successful grand opening and positioning the world famous brand into the Las Vegas market. Mr. Langlois is a seasoned hotel and gaming executive with 25 years of experience. In his career, Mr. Langlois has held senior level positions at Ceasars Entertainment, JQ Hammon Hotels, The Trump Organization and Merv Griffins Resorts.
A native of Southern California, Mr. Langlois holds a Bachelor of Art degree in Business Administration from San Diego State University. Now a resident in Las Vegas and Reno, Mr. Langlois has been actively involved in Nevada’s tourism and was chairman of the Laughlin New Business Committee in 1997-1999; president of the Springfield/Brandson, Missouri Hotel/Motel Association in 1991-1992 and Out State Director of the New Jersey Hotel Association in 1990.
Summit Executives
Rick Dumas
Vice President of Condominium Sales
Mr. Dumas’ career spans 30 years in various domestic and international luxury hospitality operations ranging from city and resort hotels to private clubs and condominium developments. Mr. Dumas has worked on numerous luxury condominium developments in South Florida to include: Turnberry Associates developments at Oceania, Fountainbleau II, Turnberry Towers in Las Vegas and Turnberry on the Green. He has served in senior management positions in Williams Island luxury waterfront residential condominium development, Grove Isle Resort/Club and Condominiums in Coconut Grove, Florida and Ocean Reef Club, an ultra luxury residential/condominium club development in Key Largo, Florida.
Prior to joining Grand Sierra Resort Corporation, Mr. Dumas served as director of destination management companies for Abercrombie and Kent Destination Clubs. His responsibilities included the management of 29 separate destination management companies providing property management, leasing and acquisition and member services for over 150 luxury residences throughout North America and the Caribbean.
Bruce Mueller-Hickler
Director of Residences
Mr. Mueller has over 25 years of customer service and operational management experience in the luxury travel market, primarily in the cruise line, hospitality and destination club industry. His primary expertise includes Call Center Management, Emergency & Concierge Travel Assistance, Customer Relations, Quality Assurance and Training and implementation of service and product enhancement initiatives. As Director of Residences for The Summit at Grand Sierra Resort his responsibilities include overall management of the rental program and Summit Owner satisfaction. Bruce is a Vassar graduate, speaks 5 languages and is currently writing a historical novel.
Douglas Remington
Director of VIP Concierge and Adventure Services
Mr. Remington has over 30 years of business and management experience. A Graduate of San Jose State University with a degree in Business, Mr. Remington has held Executive positions within the Aviation, Education, Health Care and Hotel industries. After graduating from the University, Douglas became an on-air radio personality in Washington & California before starting his career in the Aviation Industry spanning over 20 years as the Executive Vice President of Sales and Operations. In the mid 1990’s was recruited to the Education Field becoming the Director of Admissions for California’s largest and oldest non-profit private college - Heald Colleges of California located in the San Francisco Bay Area. After five years with Heald, Douglas was invited to join the largest automotive training school in the USA - Sequoia Institute as the Vice President of Admissions and Advertising. A change in locations brought new career opportunities in early 2000, Mr. Remington joined the Health Care field becoming a Regional Director, supervising and managing 14 long term care facilities for Alztimers patients in the Oregon and Washington State area. This position lead to his appointment as the Executive Director for the organization.
Mr. Remington moved from Oregon to Reno Nevada in 2006 where he began his career with Grand Sierra Resort & Casino. Hired initially as the Customer Care manager for the Summit Condo group, Mr. Remington was promoted to the Director of Administration and later to the position of Director of Customer Service. A recent promotion has lead to a newly created position within the Hotel of Director of Concierge and Adventure Services, to create a host of outdoor adventure options for the guests to experience and enjoy the Northern Nevada area.
here is the link to the web page. i don't understand why they would sell, to Relm Holdings . Makes no sense>
link
http://www.grandsierracondos.com/team
Important DD on Grand Sierra Resort Hotel
Reno Hilton sold for $150 million Back in May 2005 . To a company called Grand Sierra Resort Corp. Which is headed by a Gentlemen named Tom Schrade. Who is the Current President of
of Grand Sierra Resort Corporation and is President of Schrade Entertainment and Development Corporation, with a corporate office in Fort Lauderdale, Florida.
here is the article and link will be on bottom of page.
Reno Hilton sold for $150 million
Ryan Randazzo
RENO GAZETTE-JOURNAL
5/12/2005 12:20 am
Provided by Grand Sierra ResortProvided by Grand Sierra Resort
This architect’s rendering shows what a second tower with 1,000 new condo-hotel rooms at the Reno Hilton would look like as part of the Grand Sierra Resort project.
WHAT'S NEXT
* An agreement between Grand Sierra and Caesars Entertainment could close this year, after which construction on the water park would begin.
* The Nevada Gaming Control Board must approve the lease of the casino at the property to the Navegante Group and its CEO, Larry Woolf. The company already is licensed in Nevada, and runs Casino Fandango in Carson City.
At a Glance
Phase One plans call for:
* An indoor, 150,000-square-foot water park to open in 2007.
* 90,000 square feet of new retail space.
* A new spa.
* Expanded arcade.
Following phases include:
* A new condo-hotel tower with 1,000 or more luxury condos.
* 300,000 or more square feet of additional retail space around the current lake.
* Condos around the lake and along the Truckee River.
To learn more
The telephone numbers to reach a representative of the Grand Sierra Resort Corp. are (775) 823-2900 or (702) 292-5615.
The largest indoor water park in the U.S. will make waves at the Reno Hilton when new owners take over the hotel-casino and rename it Grand Sierra Resort, officials said Wednesday.
Caesars Entertainment agreed to sell the property for $150 million to a group of investors known as Grand Sierra Resort Corp., according to a joint announcement.
The deal could close by the end of the year, allowing construction to begin and the 150,000-square-foot indoor water park to open in 2007.
“We see an area that is ripe for continued development and we like how Reno is repositioning itself as America’s Adventure Place — we fit right in with that,” Grand Sierra President Thomas J. Schrade said Wednesday from Las Vegas.
The water park would include slides, a wave pool, a lazy river for floating in inner tubes and an artificial, stationary wave for surfing, officials said.
Further plans include a second tower on the property with an additional 250,000 square feet of indoor/outdoor water park, Schrade said.
Under Grand Sierra’s plans, condominiums and extensive retail would surround the small lake at the property used for a golf driving range.
The announcement made a big splash with young people in the area.
“It’d be awesome,” said Mike Chheth, 19, who was bowling at the Hilton on Wednesday on a Reno High School field trip. “I love to swim.”
Others agreed.
“Dude, turn the Hilton into a water park — it would bring people here and we have nothing besides casinos,” said Chelsea Lysne, 17.
“I like it indoors because even in winter you could come in here,” added Raja Ahuja, 18.
The second tower would consist of 1,000 to 1,200 condominium-hotel rooms, used by their owners a few weeks a year and rented out by Grand Sierra the rest of the time, Schrade said.
“We plan to expand the property, not contract it,” Schrade said.
“The multiple phases will increase the size of the property and number of jobs. We will be on a five-year building program.”
The project would create 1,000 jobs and attract 1 million visitors annually, officials said.
The various proposals are subject to government approvals, and Grand Sierra hopes to use sales tax anticipated revenue, or STAR, bonds to fund part of the infrastructure.
In 2003, the Nevada Legislature approved such bonds, which are paid back with a project’s sales taxes.
“That is one of the things that attracted us, the pro-business mentality,” Schrade said.
The Navegante Group, which runs Casino Fandango in Carson City, will operate the casino at Grand Sierra after the sale, assuming regulators approve.
Larry Woolf, chief executive officer of Navegante and former CEO of MGM Grand Hotel in Las Vegas, will lease the casino operations, officials said.
“He is a very sophisticated person, and much bigger than what would appear from Fandango,” Reno gaming analyst Ken Adams said.
“Larry Woolf is a delegater. He allows people to be who they can be. He has produced some pretty amazing results.”
The hotel-condo concept is gaining popularity in the gambling industry, Adams added.
“Gaming properties in most jurisdictions have less value than mixed use,” he said.
The plans will work well with the current attractions at the property that include thrill rides, go-carts, a bowling alley, driving range and shopping, officials said.
The 145-acre Hilton, the largest casino in the world when it was built as the MGM Grand in 1978 for $131 million, has nine restaurants and 2,003 hotel rooms, with 200,000 square feet of convention space.
Schrade and the other investors who make up Grand Sierra list many water park-hotel projects around the country they have successfully developed as a model for the Reno plans. Schrade also has experience developing tribal casinos.
Grand Sierra engineer Terry Ramaker helped build many of the water parks in Wisconsin Dells, Wisc., a town known for its parks, Schrade said.
“If you can spend $150 million, I have to think someway or another you have some success and you know what you are doing,” Adams said when asked about the plans.
People who work at the Hilton will remain Caesars’ employees and then Harrah’s Entertainment Corp. employees when those companies merge, and not become Grand Sierra employees until an agreement is reached, Caesars spokesman Robert Stewart said from Las Vegas. Caesars will exist as a legal entity until the end of the year, although the merger should close in June, he said.
Grand Sierra officials will meet with Hilton employees Tuesday, Wednesday and Thursday, said David Wasick, Grand Sierra’s attorney in Reno.
“We are trying to make it a very smooth transition and make everything better,” Wasick said.
“Let’s keep the quality high and the service the best there is, and provide the guest community one of the best resorts in the U.S., and certainly in this area.”
The sale is unrelated to the pending merger between Caesars and Harrah’s, Stewart said.
“The strategy we announced publicly was that we wanted to focus on the core assets that produce 80 percent of our earnings,” Stewart said.
“We had 10 or 11 properties that generated 80 percent of earnings before interest, taxes, depreciation and amortization. Some of the other resorts not in that category are fine resorts, but the Reno Hilton was not in that category.”
Copyright © 2008 The Reno Gazette-Journal
http://acorn.rgj.com/news/printstory.php?id=99273
you can print this, i have been sending e-mails to tom and staff , requesting info on the sale of this hotel. But no response yet.
I don't understand why someone would sell this.
I wrote a letter to Tom Schrade Pres. of Grand Sierra Resort Corporation
Can there Be 2 Companys Named Grand Sierra Resort Corporation.
Hey Creeep , How did this stock go from .0012 on march 14,2008
to close on .04 today ???
Your Right Cashflo Here is list
Michael E. Kozikowski
New Castle County Recorder of Deeds
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