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I have been in the penny world for 20+ years and NEVER lost 90% in 3 days. I have a call in to the company, but don't expect to hear anything. Anybody have any REAL info? Looks like toxic financing to me!!
Posted by: coloradotransplant
In reply to: dsertrat who wrote msg# 4688 Date:6/4/2005 5:11:58 PM
Post #of 4771
D'rat,
The eBay store was closed by eBay, and Mark and Dave do not know why. I received an email from Mark stating that it was a complete surprise to them. Dave has emailed and called the eBay powers that be and should havee an answer on Monday regarding the situation. I am sure it is just a temporary set back that will be fixed shortly.
GLTA
Bram-if you don't like it here, there is another board over at Raging Bull. You would fit in well over there!!! JMHO
rich
Yes-What he(Mike)said !!! eom
rich
BramiBULL-have you not read the past filings? It clearly states in the filings that this was repayment of debt. How is David deceiving anyone? A Form 4 is required anytime an officer, director, or 10% shareholder takes posessation of stock.
Also, I would be careful with making slanderous statements. They could come back to bite you!
rich
FFF-thanks for copying and pasting the SEC website!! That shows how knowledgable you are with a keyboard. You have no idea how much I know about S8, stock options, ESOP plans, etc. I guarantee it is more than you.
btw-you never answered me weeks ago when I asked how many(if any) shares of MSEP you own?
rich
G-morning! They are bagging on us over at the basher board (RB).Those guys think they know what is going on. They have NO IDEA!! JMHO
rich
They have 3 revenue producing websites. New cash is coming in every day. Your argument is weak at best. I agree with Viking, if you don't like the menu go to another restaurant.
JMHO
rich
Bramabill-Want to explain what you mean by "a bullcrap way of getting around cashing in on options"? That comment makes little to no sense to me. Anybody else understand?
rich
Bramabill-why don't you do a little DD and read the 10k before you start spewing wrong info. You are wrong about everything you said today. Do a little homework!!
rich
MSEP Ebay store has 143 feedback score since it started 2 months ago. 100% positive feedback. I would say that says a lot about the people that run MSEP. We should be very happy with what we have here. JMHO
rich
colorado-110-113 for the next 3 days here in sunny AZ. A little too early for 110+. I'd love to see some rain.
rich
I talked to Mark at MSEP yesterday regarding an Ebay auction I was bidding on. Here are a couple of the highlights of our talk:
1. The company they are DD'ing has "much better" numbers than they originally thought. Mark is very excited about this deal getting done. His quote was it would take MSEP to "the next level". No word on when it might get done, but I get the feeling it will be this quarter.
2. Ebay store is generating great revs and everything is selling at a profit.
3. Revamped Scalecars.com site doing much better also. Large foreign orders coming in from buyers who found out about Scalecars from Ebay store.
4. Massive E-marketing and search engine optimization campaign will begin this month. This will be for all of the MSEP sites.
Needless to say, things are looking good. I'm looking for $.08-$.10 by the end of the quarter (conservatively).
Rich
Luyendyk news-look at the last paragraph of this article from today's AZ Republic:
Surface may lead to faster Indy 500
Associated Press
May. 17, 2005 12:00 AM
INDIANAPOLIS - Speeds are up, tire wear is down and things are finally getting back to normal at the Indianapolis Motor Speedway.
A year after the Indy Racing League reduced speeds at the track by decreasing the size of the engines, and a month after handling problems and excessive tire wear caused trouble during a tire test, drivers believe the newly repaved 2 1/2-mile oval is now producing more like they expected.
"We have all kinds of grip and that means you can run closer to other cars," said Sam Hornish Jr., a two-time IRL series champion who tested for Roger Penske's team last month. "Before, it was a little more of a struggle to go flat out." advertisement
If things keep improving before the Indianapolis 500 is run on May 29, it could make for a quicker, more competitive race. More grip could lead to more challenges and more passes - a perfect race day scenario.
But a month ago, it seemed implausible.
The problems began after the track was repaved in the fall. This spring, track officials found some small bumps and asked workers to grind them out.
When drivers returned for a tire test in early April, they were contending with more than just the usually tricky wind and fickle temperatures - they were dealing with few grooves, little grip and cars that were slipping and sliding when they came out of the corners.
"It was an inconsistent surface," speedway spokesman Ron Green said. "We went from one kind of asphalt to a freshly ground asphalt and that created some problems."
The result was troubling.
Speeds topped out at about 209 mph - barely a crawl on a track where 220 is considered slow, and drivers were tested just to keep their cars going straight.
"It was a handful for the drivers," said Kyle Moyer, general manager of Andretti Green Racing, which is co-owned by Michael Andretti.
Speedway officials responded by calling in workers for another grinding treatment to smooth out the entire track. Two weeks later, the drivers returned for another test and found many of the problems were gone.
Since then, there have been test sessions for NASCAR and the Infiniti Pro Series, a developmental circuit for the IRL. Rookie orientation took place May 8-9, and that, combined with dragging large tires around the oval a week before practice opened created a noticeable difference during last week's practice sessions and qualifying.
Even after heavy rain Friday and Saturday washed the track clean, 20 of 22 qualifiers Sunday had faster four-lap averages than Buddy Rice did in winning the pole last year at 222.024 mph.
Brazil's Tony Kanaan, this year's pole winner, went 227.566 in his four-lap qualifying run and the field average so far of 225.324 is more than 7 mph faster than the average of last year's 33 starters.
"Looking at the speed charts, I think the surface appears to be producing higher speeds," Green said. "You also have another year of development with these engines."
Besides the new surface and an additional year of engine development, drivers also were helped with a cool day that provided ideal qualifying conditions - something that may not be much help during the final weekend of time trials. Early forecasts are calling for sunshine and temperatures in the 80s.
Note
Arie Luyendyk Jr. will get his first chance to qualify.
Team owner Greg Beck said he will hire the son of two-time Indy 500 champion Arie Luyendyk of Scottsdale as his driver. He hoped to have the younger Luyendyk in the car to qualify next weekend.
Anyone notice the new Toll-free number up on all of MSEP's websites? Guess all that BS a few weeks ago was just that-BS.
Nice day today. Looks like we will get some follow through tomorrow considering we closed near the high on nice volume.
rich
Why don't you email Dave and suggest he take his cash that is owed to him and then uses that cash to buy stock. Of course, all that does is cause more work for the accountant, auditor, Dave, etc., but it would seem to make some people here a lot happier. To me, it's the same difference as what he is doing now. JMHO
rich
I don't have a picture of the building, but I have been in it at least 5 times. It is real with doors and windows. It houses the corporate office of MSEP and the retail store and warehouse for the 3 website divisions. Hope this helps.
rich
Now I remember why I don't live in the Midwest. Rain, Rain, Rain!!
rich
Don't forget Indy 500 Pole qualifying today (starts at 1pm eastern). TV coverage goes for about 8 hours between ESPN and ABC. Hopefully we will get some exposure today. Let's hope B. Herta has a good day.
rich
Viking-I talked to Mark yesterday afternoon. Here is what happened. Dave had to wait until the attorny filed the 10q to put out the press release. The auditors piddled away the day fixing a few transposed numbers and didn't sign off on it until 4pm eastern. The attorney immediately filed it. Then Dave sent his Pr to B-wire. It just takes B-wire a while to get it out. Dave didn't want the 10q out for the whole weekend without his PR for guidance. That is why he put out the pr late Friday. He wants to re-release it Monday, but was told that B-wire will not do that. Mark said he is considering a new PR for Monday, so it doesn't get "forgotten" over the weekend.
That is what I am told!!
rich
It's not the 10Q that I am worried about it is the PR after with forward guidance. I'm not looking for much in the Q, but I am excited to see what developments are going to grow revs to that magic $1 million + number. My advice is to not make a kneejerk reaction from the Q, but wait to see the PR that follows it. JMHO
rich
OT-Mike/does TNOG look pretty good here as an entry? Thanks!
Rich
I don't understand why everybody questions the Form 4 buys. What is the difference if Dave takes restricted shares for money that is owed to him, or takes the money and then buys the stock? Same difference. Would you rather have him take the cash and not purchase stock? By taking stock, he is showing tremendous confidence in MSEP and what he is building. JMHO
rich
Good read over at RB. Dave blasted ICN pretty good.
rich
Viking-ask ICN if he ever got a response to his email to Dave. He won't respond to me, but he may if you ask.
Thanks!
rich
In case anyone thinks ICN has changed his tune, here is a post of his from last night on the BUGS board:
By: icn6000
10 May 2005, 11:11 PM EDT
Msg. 11084 of 11086
(This msg. is a reply to 11083 by tomwax.)
Jump to msg. #
I think him and Dave K from MSEP have close ties, I don't trust either one of them. Ill bail out of that stock once it gets over .03
I'm still waiting for his email response from Dave he said he would post!!!
rich
For all the auditing experts here, this is an article from the AZ Republic. Not as easy as you think!!!
New rules are making dents in public firms' bottom lines
Russ Wiles
The Arizona Republic
May. 9, 2005 12:00 AM
Public companies in Arizona and nationwide are shelling out millions of dollars to pay for audits and other accounting services because of tough new regulations that arose out of the string of corporate scandals.
The extra costs, which stem from new rules related to the Sarbanes-Oxley Act, have made a seven-figure dent in some firms' bottom lines, in many cases doubling the costs. For others, the added scrutiny has kept them from receiving clean bills of auditing health or caused them to restate past financial results.
Of 42 Arizona-based corporations surveyed by The Arizona Republic, 36 paid higher fees last year to national audit firms such as Deloitte & Touche, Ernst & Young, KPMG International and PricewaterhouseCoopers. In about half those cases, audit-related fees surged 50 percent or more. advertisement
At the largest U.S. companies, audit fees jumped more than 40 percent last year to an average $13 million, according to Audit Analytics.com.
"The level of work has doubled for all companies and their auditors," said Donald Brandt, executive vice president and chief financial officer at Pinnacle West Capital Corp., the Phoenix-based parent of utility Arizona Public Service Co.
Audit and audit-related fees include everything from mainstream accounting work to tax consulting and analysis of a company's 401(k) plan. The costs are listed in corporate proxy statements. Serious stock-market investors should keep an eye on this issue because of the risk a firm will need to restate its financial reports due to audit woes.
What changed last year was a new requirement that auditors scrutinize a company's internal accounting controls to make sure proper procedures are in place and are documented. The intent was to reduce errors and fraud, and help better protect investors.
The new rules are linked to Section 404 of the Sarbanes-Oxley Act, passed in the wake of accounting scandals at Enron Corp. and elsewhere.
Sarbanes-Oxley was far-reaching federal legislation that beefed up the power of independent corporate directors, placed greater responsibility for accounting accuracy in the laps of top corporate officials and made other changes.
It forces company officers to assume personal responsibility for financial statements, beefs up the power of independent directors and has increased the demand for accountants and their workloads.
The rule changes also mean many companies need to take extra steps, and spend more money, to make sure their books are accurate.
Pinnacle West's audit-related fees, the highest in Arizona, rose to $5.2 million last year from $4.8 million in 2003 and $2 million in 2002.
Some smaller companies have been hit proportionately harder. At Hypercom Corp., a Phoenix maker of electronic payment devices, auditing and related fees nearly quadrupled to $3.1 million in 2004. That's sizable for a company that lost $8.7 million for the year.
Adding insult to injury, a recent auditing report issued by Ernst & Young cited ineffective accounting controls at Hypercom, raising the spectre of restated financial reports or other consequences. Hypercom's chief executive officer and chief financial officer both resigned earlier this year.
A company spokesman declined to comment, citing the firm's quiet period prior to a pending earnings release.
"Auditors look at how we control orders, shipments, receipts of money - whatever," said Stanley Laybourne, executive vice president and CFO at Insight Enterprises Inc., a Tempe firm where audit-related expenses doubled last year to $1.8 million.
"They're looking for segregation of duties, policies, procedures and steps," he said.
Most Arizona companies are small, and none faced such hefty dollar outlays. Yet second-tier firms also have been less likely to have proper internal controls in place, making for a tough transition.
"At small companies, things got done through tribal knowledge," Laybourne said. "But under Section 404, you can't operate that way - there has to be a formal process."
Top executives at some auditing firms have been predicting fees will decline for 2005, now that first-year transition issues have mostly been addressed. Yet plenty of public-company CFOs, for various reasons, don't expect costs to drop much if at all.
Nor do these outlays include the extra time and effort that senior executives must devote to accounting issues.
"We give our top executives every word to read" of quarterly 10Q and annual 10K reports, Laybourne said. If you factor in the extra managerial oversight, the new rules likely cost midsize firms like Insight $3 million to $5 million, he estimates.
Some corporate officials met with the Securities and Exchange Commission last month in Washington, seeking greater leeway for auditors as a way to ease costs. Nobody expects Sarbanes-Oxley to be repealed, but the SEC could tweak some requirements.
Despite the added burdens and costs, some executives grudgingly admit the new rules have improved procedures, while making financial reports more reliable.
"Everybody today is living up to a higher standard," Brandt said. "We think we're a better company because of it."
If you bought it before you did your DD, you deserve whatever you get. Go away now. Run off to work!!! Have a nice day.
rich
For some reason I can't get the previous to post on RB. I'm sure our friend ICN will see it here.
rich
Rumor has it that ICN's email is lost in cyberspace. I spoke to the new COO and she was working on Saturday to help justify her $0 compensation. She said NO EMAIL was received as stated by ICN. ICN (if you are watching, and you always are) you may want to re-send that email to davidk@motorsportsemporium.com and mark@motorsportsemporium.com
That will assure that they receive it.
Rich
I've just added dsertrat an Gedi to my "People who get it" list!!
rich
Colorado-were you reading my mind for that post? LOL
rich
First off, it's the 10Q not the 10K. Second, Rhonda has NOT been paid since she started with Dave. I have no idea what or how she is getting paid, but she does deserve to be paid for her work. Third, the Ebay store is producing $500+ per day on old product that was getting dusty on the shelves in the wharehouse. Fourth, the phone situation was a joke and used by bashers to create fear-and it worked! Fifth, when was the last time you talked to MSEP? Ask them your hard questions. Do you really think you are going to get accurate answers from ICN6000 or Mac or Flyersfan? I understand your concern-go to the source to calm it! JMHO
rich
Hey Mike-Is this Raging Bull II? Sure getting ugly over here!!!
rich
Viking-that last post was NOT directed at you. It was to the board.
rich
Sell, Sell, Sell, MSEP closing their doors....
They must be closing. See how they are putting new products on their website:
http://www.scalecars.com/home.php
and putting new products on Ebay:
http://www.scalecars.com/home.php
That is a SURE sign the are closing down!!!!
If you can't afford to play the game--GO HOME!!! JMHO
rich
Mike-can you do something about thing RB wannabee?
Thanks
Rich
Not sure he can read!!!eom
rich
Why don't all you whiners sell and move on!!!! JMHO
rich