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It's more they don't actively enforce that rule. IMO they should. One purpose of the 10-day notification is to give the public sufficient time to digest the info before making an investing decision. Of course, it also is the way everyone in the investing community is notified so things run smoother.
If management wants to "cancel" shares, it must either obtain the permission of the owner of the shares in question, or, if it feels that the owner has no right to the shares, must go to court to obtain a judge's permission to cancel them.
This happens frequently in companies which file for bankruptcy. If they continue to be a public company, they'll reissue stock under a different ticker and CUSIP and often leave retail investors with nothing. One BK company actually forgot to cancel their old shares. They stayed trading on the pinkies for months and even had a nice little run. After the company saw what happened, they made the shares disappear quickly as did the money of anyone who bought them.
Those shares can be sold after one year. My guess is Urbie repurchased some, or maybe all, of the restricted shares listed in that filing as opposed to decreasing the float.
Yeah, what you described is typical of many pennies. I haven't seen any signs of Genovese involvement here, but I doubt I would because those types are pretty good at keeping very low-key. With the amount of euphoric people posting totally outrageous theories which in turn others believe, a bad guy wouldn't have to lift a finger except maybe to start the ball rolling. Regardless of the story, the ending is often quite similar.
Thanks for sharing your info in the shark-invested waters here.
Come on Pedro, stop making up crap. The dividend figure came from the company. Several people have called and were told Glenn submitted it. Nasdaq doesn't keep track of the a/s and "officially retired" shares on any pinkie. They don't pull numbers out of the air. Are you yet another "supposed" long who is implying Urbie lied?
BTW, a company is supposed to report the truth on dividends 10 days before the record date. They aren't supposed to put in a best guess and then make amendments later on. However, if there is an error, they should correct it. Surely as a long, you picked up the phone and called them about this right?
Where is Urbie getting the money to retire that many shares? If he can get that much, why isn't he putting it towards funding the company's operations?
Willy as in WillyWizard? Geez, if he's in this stock, no wonder it's having problems moving again.
FYI, WillyWiz has made similar predictions in a number of other stocks, some of which went totally dead. Perhaps some of the insiders/financers became millionares, but their retail shareholders didn't.
Probably because most didn't learn how to invest and don't know how to recognize a viable business plan. It's far easier to blame myths than for some folks to admit they personally made a bad investing decision. Boogyman syndrome.
For folks like Sterling, I don't know. He was clearly a stock trader not a "true long". When he hit CMKX, he fell in love and moved up into space with it. Seriously, his theories are not based on reality. What's scary is folks actually believe him.
What is this supposed to show? Are you trying to imply CMKX lied in their PR about this dividend? It said 7.5 million UCAD shares would be distributed not $7.75 million worth.
If Urbie was REALLY pro-shareholder like he wants everyone to believe, he should release the o/s and float numbers to the public. Legit companies, if that is what he wants to be, always make these numbers readily available.
There's one problem with your theory here.
You're assuming the posters who have been labeled "bashers" want everyone to sell. That's a totally wrong assumption. For me, I don't care if YOU buy, hold, or sell this stock. I don't care if YOU make a 1000%+ return or lose every cent you have. I bet the others have very similar opinions. YOU, and you alone, are responsible for your own investing decisions whether you make or lose money.
All we've been doing is sharing info. If you only wish to read positive posts about this stock going to the moon that's your right. So you don't get upset, why not just put everyone else on ignore.
It's amazing how you and other supposed "true longs" think nothing about posting total lies on other people. How would you like it if we started posting nasty rumors about you all? We can use IMO like you do just in case it happens not to be true.
hippie: I disagree. IMO the stock dropped because traders saw it losing steam so they jumped off. Plus the MMs continued dumping shares for someone. As the float grows, it takes more and more buying pressure to move it. The amount of shares here is extremely huge.
Although "true longs" don't like traders, they're actually the ones who make these pennystocks run up quickly. Since they are usually short-term holders, when they sell out it drops back down. The hardest lesson for an investor to learn is to take profit and don't buy in when it's run up too much already unless of course you can read charts to get some clue whether it's due for a reversal or not.
NITE and JEFF were not the ones mass producing shares here. Urbie should know who the sellers have been because he is the one issuing stock. If you want to blame someone, look inside the company because they control the share fire hose. You can also blame yourself for not taking profit after a 1000%+ rise in stock price. Frozen by your own greed huh?
I'm not questioning his presence there just whether he needs to disclose his holdings to the attendees. He's receiving compensation from the company to do PR work. PR types and promoters who contact the public have to make disclosure. Not sure if these chats are considered different. I'm suggesting he check so IF he does have to disclose he can start doing it to avoid getting in any trouble later on.
When Melvin attends these chat sessions is he fully disclosing his past and current holdings to everyone there? If not, someone should probably suggest he talk with Glenn and ask whether or not he needs to do so. It's one thing for investors to go to him, but he's actively going to where some of them hang out. When he does such, he may fall under the requirements of Section 17(b) of the Securities Act of 1933.
It shall be unlawful for any person, by the use of any means or instruments of transportation or communication in interstate commerce or by the use of the mails, to publish, give publicity to, or circulate any notice, circular, advertisement, newspaper, article, letter, investment service, or communication which, though not purporting to offer a security for sale, describes such security for a consideration received or to be received, directly or indirectly, from an issuer, underwriter, or dealer, without fully disclosing the receipt, whether past or prospective, of such consideration and the amount thereof.
Ref: http://www.law.uc.edu/CCL/33Act/sec17.html
True. Many small public companies are the same way. Start something, it fails, start something else, it fails, etc. Holding stock in these long-term is very, very high risk.
To be fair, all these junior mining companies do the same thing. Even the successful one I read about sold shares for several years as its only revenue source though it was nowhere near the level this one has already.
People here want to see immediate results. It doesn't work that way. Urbie is trying to keep everyone's interest up. This mining stuff moves slowly.
Oh FYI, in the US "under educated" is one word not two.
"Uneducated" is also defined in well-known dictionaries like:
- The American Heritage® Dictionary of the English Language, Fourth Edition
- Merriam-Webster® Unabridged Edition
Don't know about the other flavors of English, but it a word in American English.
Most of these small public companies are not generating revenues anywhere near what they need to fund their operations. Most cannot go into well-established financial institutions and secure loans either. They are dependent on selling shares to retail investors and/or smallcap financiers. The latter of whom usually offer loan shark rates. When these small companies announce a buyback, most of the time it's just a gimmick to attract more buyers.
Treasury shares can be resold on the public market, used in mergers/acquisitions, or issued as stock options. Shares which companies repurchase don't necessarily come out of the float. They could easily have been restricted ones issued. Look at this way -- if these guys didn't continue to sell shares, they would literally have to shutdown their business when money ran out.
From a short-term shareholder's perspective, IMO the dividends are a good deal IF they aren't r/s or lose too much of their value by the time they can be sold. For true long-term shareholders and the company itself, frankly giving away the GEMM and UCAD dividends makes no sense to me. Seriously, why aren't they using those to fund operations here?
In the mean time I'm going to do just like Melvin said and not believe anything from ANY outside source until I see it in a company PR.
IMO that is the exact opposite of what an investor should do. PRs are often filled with pipe dreams which never come true or downright false info. Using other sources can be helpful in trying to verify what is actually true in a company's PRs.
hippie: I didn't cook any numbers dude. It's basic second grade math. Guess you didn't get past the first grade huh?
No, the figure is based on CMKX' PR which announced the 7.5 million UCAD share distribution as well as the fractional dividend (.0000155) which CMKX submitted to Nasdaq. Nasdaq in turn published it on their site otcbb.com and in their daily list. By using very simple math which you should have learned in second grade, CMKX' outstanding can be calculated like this:
7,500,000 UCAD shares x (1 CMKX share / .0000155 UCAD dividend) = 483,870,967,741 CMKX shares.
The 7,500,000 and .0000155 figures came from the company. The latter one is not in a PR because companies do not submit such info to Nasdaq that way. Unless the company submits a correction, then we should believe the figure is correct. By not accepting this, I guess you want us all to believe CMKX is lying?
Do you believe the authorized is 500 billion? Well, that one was not released by PR either. It's easy to verify as true by picking up the phone and calling the Nevada Secretary of State office. You all really need to start accepting the fact there are different info sources available out there besides PRs otherwise you'll always be behind the power curve.
Very funny post. TSX has a mining background and is kind enough to share his expertise with everyone here for free. He could easily make money charging for his knowledge, but he doesn't. By your post, it's obvious you know nothing about mining yet slam him on points for which YOU don't understand? Did it ever occur to you to ask nicely for him to explain in more detail at a level where you can understand so you weren't jumping to wrong conclusions?
In my profession, we use a lot of terms which are not in spell check either. If a person distributed press releases or other written documents with common terminology misspelled he would be the laughing stock among his peers. IMO there's nothing wrong with someone pointing out another lacks credentials for the field he is working in. It's done all the time. It's often done far more cruelly than TSX has done.
Gater, Janice made a very good point here. The company cannot legally issue shares above the authorized. If they do, recipients can sue them for being given unauthorized shares. IMO Glenn should have caught this error.
Whether the a/s is raised to 100 billion, I don't know. They mention about receiving "a 10% lifetime royalty on all mineral claims of CIM" so maybe it'll be raised to 400 billion.
As the name implies, private messages mean private correspondence. If a permanent record is always kept, then it's not really private. It would be similar to your ISP keeping copies of all your emails. On other boards where I've used this feature, the user decided whether he wanted to keep a copy server-side or permanently delete it.
If iHub is different, that's fine with me. I think they should at least put a note in the PM feature section. The reason I say this is because anything they keep server-side can be obtained by anyone who may decide to take legal action against you. iHub's ToS mentions they will not hand over PMs for subpoenas. If a court orders it, they'll have no choice. When I read the ToS here, it didn't even occur to me these were kept as permanent records. I assumed they meant the ones in your inbox/outbox/folders. I bet most users have no idea their private conversations are not as private as they may assume. Even after deleted, they can be used in a court of law against them IF a permanent record is being kept. It wouldn't surprise me if some are putting very personal info about themselves in PMs thinking no one else will ever see it except the recipient.
Anyway, for me, I don't really care what iHub's practice is I just want to know if archives are deletable.
Hi, I've been trying your PM feature. Can you tell me how to delete PMs which go into the inbox/outbox archives?
I tried "Clear All: PMs - Replies". This deletes those on the main page just fine but not the archived ones. I tried accessing individual archived PMs and using the "Remove Msg" link. This redirects me back to the main page and the mailbox total goes temporarily to -1 but it doesn't remove the PM from the archive.
Am I missing some other feature to do this or am I hitting a s/w bug here?
Current Authorized Share Totals
Per Nevada's SoS office, the following are the current authorized shares as of 5 Aug 2004:
CMKM Diamonds, Inc:
-- 500 billion par value .0001
Casavant International Mining Corporation:
-- 25 million par value: .0001
Nevada Minerals, Inc:
-- 75 million par value: .0001
Juina Mining Corporation (GEMM): **
-- common: 300 million par value: .0001
-- preferred: 20 million par value: .021
U.S. Canadian Minerals, Inc (UCAD):
-- 103 million par value: .0001
** Juina Mining filed an amendment to their articles of incorporation on 12 Jul 2004 raising their common from 200 million to 300 million and preferred from 10 million to 20 million.
You thought wrong holdnolonger. I never made such a comment. Perhaps one of the miners did, but I didn't.
IMO some of your predictions made tonight will turn out to be wrong, wrong, wrong. Just watch.
luckystrike: Some people like to play golf after work and all weekend. Some like to play online games for hours on end. Others like to get drunk every day. What may appear to be an obsession to one person can be a hobby for the one doing it. Janice has been following pennystocks for, I don't know, since like the late 90's. Those who enjoy researching, and I think she also does it professionally too, will often lose track of time just like golfers and online gamers do. For me, I don't follow this stock 10 hours a day, seven days a week. I do like to follow and research interesting pennystocks. Many of their stories are far better than the movies today. Trading stocks also makes up part of my income. When I come here, I've got three or four windows open to other sites which is where most of my attention is on.
Re Volume on this stock: I've only seen one pennystock which was heavily naked shorted. The affected company had a very tiny o/s. If I remember right, it was less than one million shares. All the rest, where shareholders claimed naked shorting was going on, in the end turned out to be heavy dilution. Sorry, IMO this one also falls in the latter category. Almost all the heavy diluters I watched have gagged their TA to keep shareholders in the dark. They sent out streams of PRs, like this one, trying to attract buyers. When one or more MMs are sitting on the ask for weeks on end like JEFF has been doing, they're selling for someone. I don't know who it is, but I bet Urbie knows very well. Might be financers. All these PRs, drilling, racing events, and Glenn (who is not cheap) all cost money.
IMO Glenn will work for any company which pays his billing hours. If there is something wrong going on, he may not even know about it. Remember, he's in NYC, Urbie is in Nevada, and the ops are up in Canada. As for GEMM and UCAD, well they haven't really been any more successful yet than Urbie has. I read a story of a successful Canadian junior mining company. It took something like seven years for them to show the land was worth mining. DeBeers then bought them out for less than 100% markup of their stock price at the time. It's taking another seven years before DeBeers starts open pit mining there. This mining business stuff moves extremely slow.
Yes, the stockmarket is still filled with fraud. Shareholders, particularly pennystock ones, continue to get screwed. That's why IMO it's best not to never fall in love w/ any stock.
But if you have no CMKX stocks... why are you here
I am free to follow whatever stocks I want and trade them whenever I want without asking someone else's permission.
we longs are here to exchange information about CMKX..
No one is stopping you from doing this. Yet, a number of supposed longs here want to play attack dog to prevent others who do not share their over enthusiasm from doing the exact same thing.
To trade/invest successfully, it's important to know the bad as well as the good to make informed decisions. IMO someone pointing out something bad can often be more important because it may be your only indicator of when to get out of a stock before it collapses. If you just want to hear the good, that's your right. You shouldn't be pushing your decision to do this on me or anyone else who wants to know the full picture.
CMKX' success or failure will not be determined by you, me, or any other poster here but by the insiders.
Most people trade pennystocks and do not hold them for very long periods from initial purchase like newbies are falsely led to believe. A person might be holding shares today or last week and not tomorrow or next week. He may buy back in a month from now. The goal in the stockmarket is to make money. Whether you currently hold one share or none should not be a requirement for posting.
IMO the ones trashing out this forum are you so called longs with your constant name calling, slandering, etc of other posters. No company is perfect. There will always be good and bad. If you are too immature to want to learn the other side of your investment that's fine. There's no reason for you types to attack, label, or whatever someone else who happens to have a different viewpoint on the same company.
Trying to gain acceptance into the Urbie fan club will not make you money in the market. Learning about investing and when to buy, hold, and sell stocks will.
marrcooo: Capt Nemo had already posted a long list of reasons which you chose to ignore. I'll list a few anyway if nothing else for the benefit of new investors who might want to learn.
- CMKX is delinquent in their SEC filings.
- Management has disenfranchised their shareholders by not holding required annual meetings, by hiding share structure from the public, by not allowing shareholders to vote in such matter as BoD members, raising the a/s, etc.
- CMKX does not have a viable business plan. Those who are too close to their investment here may strongly disagree. Anyone who has run a business or been in management should be able to see and acknowledge this point is true.
- No exchange will ever list a stock which has this many shares outstanding and no revenue stream to support its operations.
I can go on and on. Bottom line is AMEX, Nasdaq, and the other exchanges besides having certain listing requirements also review the history of a company's business, its management, their associations with others, treatment of shareholders, etc. For Urbie, this means not only CMKX but all the other companies in which he has been involved.
Glenn is merely a securities attorney. There's a ton of his type working in NYC as well as around the country. Like all attorneys, he will only work on areas which he is specifically asked and paid. If Urbie stops paying Glenn's billing hours, he's out of here. He is not emotionally attached to this company like you are. He is merely providing a legal service for which he is being paid quite handsomely.
Pedro/bluediamond needs to fix his post here because it has wrong info in it. Your worst case scenario is NOT close to being the worst case.
Huh? Haven't you paid attention -- the announced dividend is restricted common shares.
Jim: Rule 144 requires a person who is given restricted stock to hold it for a minimum of one year before selling. If he wants to sell before this time is over, the company is supposed to register his shares first before he does.
Rule 144 also has a provision where if a stock dividend is issued the length of time held is considered the same as the time you held the underlying stock which resulted in you getting the dividend. For example, say you purchased CMKX shares on 1 July 2003 and a year later was issued a stock dividend on 15 July 2004. The age of your dividend shares starts on 1 July 2003 (your original purchase). If the dividend was restricted stock, you could sell it right away without waiting any longer once the company/TA removed the legend on it.
Your first bold sentence says they don't want to use this provision to shorten your holding period. Instead, they want everyone to hold for one year from whenever it's issued (or until they register the shares if they opt to do so). As for the second bold sentence, I'm not sure. I'm not an attorney, but to me it doesn't appear to be worded correctly. I think they want to say dividend shares will be cancelled and voided if you try to sell early. As currently written, it appears to say if the dividend is distributed those shares will be cancelled.
Such elevated valuations are not per standard accounting rules. Those sales would not be booked as revenues.
UPL closed at $46.88 today.
Come on, these two companies are not good to compare. When UPL was trading in the 1.50 range, it was already bringing in at least $3.5M+ in revenues per year. Today, it's on track to do $180M+ per year plus it's been showing a nice profit. More importantly, that company has controlled the growth of its common stock which is at 79,945,000 o/s.
CMKX on the other hand has generated no revenues so far. It's o/s is already around 468 billion, which over 5000 times more stock than UPL's. UPL is successfully following its business plan. Urbie is just shuffling things around here and playing with race cars.
Joy: I agree that there's other factors which affect its accuracy too. IMO heavy dilution is at or very close to the top of that list. It can often make predicting even up and down trends hard to do. I've seen a lot of TAer types get burned on these diluters because they assume they trade like other stocks. They don't.
You gotta keep one eye on the MMs to see when they're dumping. When they stop, at least you have somewhat of a better chance in your predictions until they go back dumping again.
Cali, you must be a rookie huh? Come on now, I already explained what was wrong to his other alias bluediamond when he posted the same the other day. This investing stuff is not hard to learn IF you apply yourself Cali.
Pedro, your post here contains wrong info. Please correct it so as not to give misinformation to new investors.
Gater, no trick. A person doesn't need an account at all to read posts on most of the forums here. Some you do need an account to read, but not for this one or many others. Try it by not signing in...you'll see.