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He's still 11th in the MDC, even without his 20 grandfathered points.
OTC Bulletin Board Companies Will Exit DTC Electronic Share Transfer System, Even If Legal Action is Required
THURSDAY , JANUARY 30, 2003 09:02 AM
BLAINE, Wash., Jan 30, 2003 /PRNewswire via COMTEX/ -- The following is being issued Marcus Johnson, representing Investor Communications International, Inc.:
A newswire by Dow Jones Reporter Carol Remond issued Wednesday, January 29, 2003 suggests that the Depository Trust Company (DTC) is intending to reject or delay the settlement of trades by OTC Bulletin Board companies that choose to opt out of the global electronic clearing system managed by the DTC and the National Securities Clearing Corporation ("NSCC"). The group of companies have elected to opt out of the DTC system in order to combat Naked Short Selling.
Without naming a source at the DTC, Remond reiterates policy statements issued by the company, including what she calls a "warning" to participants who trade the shares of the companies that opt out of the system of "potential risks" because this matter has "not yet been resolved". In a continued pattern of elusive statements and innuendo, Remond fails to articulate what the "potential risks" may be or, more importantly, what liability the DTC/NSCC clearing system may have if they take punitive measures against shareholders.
If Remond is implying that the shareholders of the companies that exit the system may not receive delivery of their actual stock, or be refused the opportunity to buy or sell, she once again demonstrates that she is uninformed. What Remond suggests may happen in the future is, in fact, already happening daily to companies that abide by DTC/NSCC transfers due to the flaws in the transfer system. Shareholders of GeneMax Corp. (OTC Bulletin Board: GMXX) for example, have been suffering these ill effects for months, but only because the electronic transfer system has completely failed the company and allowed for the Naked Short Selling that is estimated at over 1 million shares.
Remond still refuses to acknowledge the true underlying and widely reported reason for the OTCBB companies' actions and instead distorts facts regarding the withdrawal process and refers to the OTCBB companies as attempting to thwart "short selling", instead of "naked short selling." -- a very different and legally compelling distinction.
Short Selling is legal and routinely takes place. A short sale is a transaction where stock is pledged against stock to be sold. The seller makes the sale anticipating that the share price will decline so that a purchase or "buy-in" can be made later at a price below the sale to create a profit from the difference between the sale and purchase.
Naked Short Selling is not legal, according to US SEC rules. Naked short selling takes place where shares sold are never borrowed, never delivered by the seller, but nevertheless the seller collects money for the stock not delivered within the three days prescribed by NASD guidelines. The three-day settlement system run by the National Securities Clearing Corporation ("NSCC") does not ensure that shares that are sold in a transaction are ever delivered.
As for exiting the DTC system, the OTC Bulletin Board companies are resolute and unequivocal. A spokesman for the group states, "Our legal research indicates that DTC's reliance upon UCC Article 8 (law governing share transfers) is misplaced and provides insufficient legal authority to prevent a public company from removing its securities from the DTC system. The companies are determined to take every appropriate action to ensure that the trades in their securities are accurate and authentic -- as provided by law, even if that means launching a class action against the DTC and NSCC."
The recent actions of DTC were precipitated by a growing group of OTC Bulletin Board companies that began exiting the system in 2002 in favor of Certificate Only holdings. They include GeneMax Corp., Ten Stix Inc. (OTC Bulletin Board: TNTI), Midas Trade (OTC Bulletin Board: MIDS), Hadro Resources (OTC Bulletin Board: HDRS), and Vega Atlantic Corporation (OTC Bulletin Board: VATL), among others. Other companies, including Intergold Corporation (OTC Bulletin Board: IGCO) have applied for or expressed their intent to withdraw from the DTC share transfer system. These companies are opting out of the DTC system to combat the Naked Short Selling abuses made possible by the electronic transfer system, which is fatally flawed.
In response to shortfalls of the system and focused attacks by misinformed or unscrupulous parties, an association has been formed by Investor Communications International (ICI) to bring the entire group of OTC Bulletin Board companies together, in a common cause with a common voice. The National Association Against Naked Short Selling was launched in January 2003 and has forwarded a registration and participation letter to all OTC BB companies. The group's mandate is to form a united front against these illegal and unethical abuses, provide information to the Federal Authorities at all levels and begin a national scale public relations campaign for awareness amongst the responsible and independent media and investment industry contacts. The goal is to ensure enforcement of the existing legislation that is intended to safeguard shareholders and the companies they invest in.
OTC Bulletin Board companies seeking to protect themselves against predatory trading and Naked Short Selling can take immediate action by registering with the National Association Against Naked Short Selling (www.nakedshortselling.com) at its website, sponsored by ICI. Companies can also find how to carry out the process of opting for Certificate Only trading by contacting ICI, toll free at 800-209-2260 or registering online at www.icihome.com.
DTC Plays to Captive Audience: 'Stay'
THURSDAY , JANUARY 30, 2003 02:27 AM
Jan 30, 2003 (financialwire.net via COMTEX) -- (FinancialWire) According to Dow Jones (NYSE: DJ) reporter Carol Remond, nine companies have officially noticed the Depository Transfer Corporation that they want to "exit." Those are AmeriDream Entertainment Inc. (OTCBB: AMDR); Composite Holdings Inc. (OTCBB: COHIA); Critical Home Care Inc. (OTCBB: CCLH); Intergold Corp. (OTCBB: IGCO); IT IS Holdings Inc. (OTCBB: ITHH); Nutek Inc. (OTCBB: NUTK); Nutra Pharma Corp. (OTCBB: NPHC); Reed Holdings Corp. (OTCBB: RDHC) and Technology Logistic Systems Inc.( OTCBB: TLOS).
Late last year, GeneMax Corp. (OTCBB: GMXX); Ten Stix Inc. (OTCBB: TNTI); Hadro Resources Inc. (OTCBB: HDRS); BlueBook International Holding Co. (OTCBB: BBIC); MidasTrade.com (OTCBB: MIDS); MSM Jewelry Corp. (OTCBB: MSMJ) and Make Your Move Inc. (OTCBB: MKMV) had exited, but now the DTC has taken the position that only the shareholders of companies can opt out.
Remond said the DTC expects a legal challenge, but does not intend to change its position.
It's the DRS of the DTC, Not The Exit of the DTC
THURSDAY , JANUARY 30, 2003 02:24 AM
Jan 30, 2003 (financialwire.net via COMTEX) -- (FinancialWire) A schism has emerged among the small cap forces fighting naked short selling, as Matthew Marcus, principal in Integrity Securities, which represents FreeStar (OTCBB: FSTI) and Sionix (OTCBB: SINX), as well as Group Management (OTCBB: GMPT), is electing to utilize a little known mechanism within the Depository Trust Corporation (DTCC) providing for a Direct Registration System (DRS) rather than exit the DTC, as proposed by Investor Communications International on behalf of its clients and holdings, and which has formed the National Association Against Naked Short Selling.
GeneMax (OTCBB: GMXX), Ten Stix Inc. (OTCBB: TNTI), BlueBook International Holding Co. (OTCBB: BBIC), MidasTrade.com (OTCBB: MIDS), MSM Jewelry Corp. (OTCBB: MSMJ) and Make Your Move Inc. (OTCBB: MKMV) have taken ICI's advice and exited the DTC, and companies that have said that they are or are considering exiting DTC include Reeds Holdings Corp. (OTCBB: RDHC). Nutra Pharma Corp. (OTCBB: NPHC), Critical Home Care Inc. (OTCBB: CCLH), Hadro Resources Inc. (OTCBB: HDRS), Jag Media Holdings Inc. (OTCBB: JGMHA), InternationalBioChemical Industries Inc. (OTCBB: IBCL), SunComm Technologies Inc. (OTCBB: STEH), Bentley Communications Corp. (OTCBB: BTLY), Nutek Inc. (OTCBB: NUTK), ITIS Holding (OTCBB: ITHH), Environmental Products & Technologies (OTC: EPTC) and Edgetech Services (OTCBB: EDGH).
According to Marcus, "We have no relationship with, and have not contacted ICI." However, while he says his group supports any efforts to curb the illegal practice of naked short selling, he does not believe "ICI has done enough to build a relationship with DTCC and in exploring alternatives to going cert issue only such as the Direct Registration System, described at http://dtcservices.dtcc.com/custody/drshome.htm.
Marcus notes that the DRS system is SEC approved and will serve to accomplish strategic goals "without going back to the stone age of paper certs."
Marcus said that the system can incorporate a "Profile Surety Program" that offers the electronic equivalent of a medallion guarantee, providing comparable security to the transfer agent and the issuer that they previously had received through the signature guarantee on the paper transaction advice.
DRS provides investors with an alternate approach to holding their securities in certificate or "street" form. Under DRS, investors can elect to have their securities registered directly on the issuer's records in book-entry form. An investor electing to hold a security in a DRS book-entry position will receive a statement from the issuer or its transfer agent evidencing ownership of the security. The investor can subsequently transfer electronically the DRS book-entry position to a bank or broker.
This is the system that Group Management is undertaking not only to combat short selling but also to hold off a take-over attempt by debenture holders.
Marcus also said that his release that contained the names of some 5,000 companies did not have tickers coded, and has issued a press release threatening litigation against Accident Prevention Plus, Inc. (OTCBB: ACPL) which apparently issued a press release about Integrity Securities as a result of either a miscommunication or a misreading of the firm's proposals for small companies.
very crappy market day overall, very crappy day for vlvt shareprice.
Q & A Iraqi War Jokes
Q: What's the national bird of Iraq?
A: DUCK!
--------------------------------------------------------------------------------
Q: What's the fastest way to break up a bingo game in Baghdad?
A: You shout out, "B-52"
--------------------------------------------------------------------------------
The latest from Saudi Arabia and Baghdad is that :
Americans claim they have air superiority over Iraq.
Iraqis claim they have air superiority over Iran.
--------------------------------------------------------------------------------
Q: Why doesn't Saddam go out drinking?
A: Why should he when he can get bombed at home?
--------------------------------------------------------------------------------
Q: What does Saddam Hussein have in common with Fred Flinstone?
A: They both can look out of their window and see rubble!
--------------------------------------------------------------------------------
Q: Have you heard about the new Royal Iraqi Air Force exercise program?
A: Each morning you raise your hands above your head and leave them there.
--------------------------------------------------------------------------------
Q: What should Iraq get for its air defense system?
A: A refund.
--------------------------------------------------------------------------------
Q: Who is an Iraqi Hero?
A: He's the one that waited thirty seconds before he surrendered.
A young naval student
A young naval student was being put through the paces by an old sea captain.
"What would you do if a sudden storm sprang up on the starboard?"
"Throw out an anchor, sir," the student replied.
"What would you do if another storm sprang up aft?"
"Throw out another anchor, sir."
"And if another terrific storm sprang up forward, what would you do then?" asked the captain.
"Throw out another anchor, sir."
"Hold on," said the captain. "Where are you getting all those anchors from?"
"From the same place you're getting your storms, sir."
Give us new missiles
The 1982 Israeli invasion of Lebanon resulted in many dogfights between Syrian and Israeli jet fighters.
In the end, the Syrians lost over 80 planes and had a number of SAM batteries knocked out, while the Israelis lost no planes.
Sometime later, the Syrian Defense Minister was shopping for weapons in Moscow.
His host, the Soviet Defense Minister, was embarrassed about the scorecard from Lebanon.
He told his Syrian guest, "Take anything you want - our best tanks, rifles, or surface-to-air missiles."
"No, no - you don't understand!" the Syrian replied. "Last time you gave us surface-to-air missiles. This time we need surface-to-*jet* missiles!"
His military etiquette
Officer: Soldier, do you have change for a dollar?
Soldier: Sure, buddy.
Officer: That's no way to address an officer! Now let's try it again.
Do you have change for a dollar?
Soldier: No, SIR!
Soldier stands guard
A new soldier was on sentry duty at the main gate. His orders were clear. No car was to enter unless it had a special sticker on the windshield. A big Army car came up with a general seated in the back. The sentry said, "Halt, who goes there?"
The chauffeur, a corporal, says, "General Wheeler."
"I'm sorry, I can't let you through. You've got to have a sticker on the windshield."
The general said, "Drive on!"
The sentry said, "Hold it! You really can't come through. I have orders to shoot if you try driving in without a sticker."
The general repeated, "I'm telling you, son, drive on!"
The sentry walked up to the rear window and said, "General, I'm new at this. Do I shoot you or the the driver?"
Remember during wars
Things to Remember During a War
1. The only things more accurate than enemy fire is friendly fire.
2. Try to look unimportant, they may be low on ammo.
3. Teamwork is essential. It gives them more targets to shoot at.
4. No inspection-ready unit ever passed combat.
5. No combat-ready unit ever passed inspection.
6. Remember: your aircraft was made by the lowest bidder.
7. Never draw fire, it will irritate the rest of your formation.
8. Never share a cockpit with someone braver than you.
9. You are not Tom Cruise.
10. SAMs and AAA have the right-of-way.
11. If you aren't sure, the SAMs are pointed at you.
12. If hit, landing near the people that just shot you down is not a good idea.
13. Close only counts in horseshoes, nukes and proximity-fused missiles.
14. Smart bombs have bad days too.
15. The best defense is to stay out of range.
16. If you are short on everything but enemy, you are in combat.
Kurt Waldheim met recently with Saddam and said, "Saddam, I knew Adolf Hitler; Aldolf Hitler was a friend of mine, and Saddam, you're no Adolph Hitler.
A competant judge would deem this individual incapable of defending himself and most likely unfit to stand trial for reasons of mental incompetance.
Yes, that works good.
nice slip, ha ha ha
I emailed otclive, although I doubt I will get any response of any kind.
I was just about to make a deal to buy his old lexus?
Oooh, nice casting.
it's times like these that try men's patience.
How about Chris Farley? Ooops, he's working at the same farm.
holy shti, the bid/ask fell apart the last hour.
i'll take it. How much you want for it?
I'd post one, but it takes so long to load this board already, ha ha ha.
welcome to the jailhouse motorpool. please dont let your junker drip oil on the driveway.
engy @ .04 paid newsletter pick
cces @ .47 paid newsletter pick
nvgv @ .21 paid newsletter pick
plug @ 5.39 newsletter pick
ntlo @ .33 newletter pick
dlia @ .43 newletter pick
the rules to ihub board are too hard to follow, result in no posting there:
http://www.investorshub.com/boards/board.asp?board_id=920
www.scripophily.net
My uncle who is wealthy, once discovered a bunch of old certs for oil stocks he had bought as a young lad, and most were worthless, but one of them was an oil company that have become a big petroleum company and the old cert ended up being worth a few tens of thousands of dollars. Not that he needed the money.
nice test, i can't get them right either
thats a grubby groove
Lets get it on!
I posted some ifno on the GMXX board if anyone is interested.
Unfotunately this board is a premium board and only paid members can post to it or send PM's to the posters here. There are many readers though and I have sure got lots of mail from them.
Yes, imagine the carnage. I bet they have more insurance on him than any 200 poeple would have. I was just joking.
OTC Bulletin Board Companies Will Exit DTC Electronic Share Transfer System, Even If Legal Action is Required
THURSDAY , JANUARY 30, 2003 09:02 AM
BLAINE, Wash., Jan 30, 2003 /PRNewswire via COMTEX/ -- The following is being issued Marcus Johnson, representing Investor Communications International, Inc.:
A newswire by Dow Jones Reporter Carol Remond issued Wednesday, January 29, 2003 suggests that the Depository Trust Company (DTC) is intending to reject or delay the settlement of trades by OTC Bulletin Board companies that choose to opt out of the global electronic clearing system managed by the DTC and the National Securities Clearing Corporation ("NSCC"). The group of companies have elected to opt out of the DTC system in order to combat Naked Short Selling.
Without naming a source at the DTC, Remond reiterates policy statements issued by the company, including what she calls a "warning" to participants who trade the shares of the companies that opt out of the system of "potential risks" because this matter has "not yet been resolved". In a continued pattern of elusive statements and innuendo, Remond fails to articulate what the "potential risks" may be or, more importantly, what liability the DTC/NSCC clearing system may have if they take punitive measures against shareholders.
If Remond is implying that the shareholders of the companies that exit the system may not receive delivery of their actual stock, or be refused the opportunity to buy or sell, she once again demonstrates that she is uninformed. What Remond suggests may happen in the future is, in fact, already happening daily to companies that abide by DTC/NSCC transfers due to the flaws in the transfer system. Shareholders of GeneMax Corp. (OTC Bulletin Board: GMXX) for example, have been suffering these ill effects for months, but only because the electronic transfer system has completely failed the company and allowed for the Naked Short Selling that is estimated at over 1 million shares.
Remond still refuses to acknowledge the true underlying and widely reported reason for the OTCBB companies' actions and instead distorts facts regarding the withdrawal process and refers to the OTCBB companies as attempting to thwart "short selling", instead of "naked short selling." -- a very different and legally compelling distinction.
Short Selling is legal and routinely takes place. A short sale is a transaction where stock is pledged against stock to be sold. The seller makes the sale anticipating that the share price will decline so that a purchase or "buy-in" can be made later at a price below the sale to create a profit from the difference between the sale and purchase.
Naked Short Selling is not legal, according to US SEC rules. Naked short selling takes place where shares sold are never borrowed, never delivered by the seller, but nevertheless the seller collects money for the stock not delivered within the three days prescribed by NASD guidelines. The three-day settlement system run by the National Securities Clearing Corporation ("NSCC") does not ensure that shares that are sold in a transaction are ever delivered.
As for exiting the DTC system, the OTC Bulletin Board companies are resolute and unequivocal. A spokesman for the group states, "Our legal research indicates that DTC's reliance upon UCC Article 8 (law governing share transfers) is misplaced and provides insufficient legal authority to prevent a public company from removing its securities from the DTC system. The companies are determined to take every appropriate action to ensure that the trades in their securities are accurate and authentic -- as provided by law, even if that means launching a class action against the DTC and NSCC."
The recent actions of DTC were precipitated by a growing group of OTC Bulletin Board companies that began exiting the system in 2002 in favor of Certificate Only holdings. They include GeneMax Corp., Ten Stix Inc. (OTC Bulletin Board: TNTI), Midas Trade (OTC Bulletin Board: MIDS), Hadro Resources (OTC Bulletin Board: HDRS), and Vega Atlantic Corporation (OTC Bulletin Board: VATL), among others. Other companies, including Intergold Corporation (OTC Bulletin Board: IGCO) have applied for or expressed their intent to withdraw from the DTC share transfer system. These companies are opting out of the DTC system to combat the Naked Short Selling abuses made possible by the electronic transfer system, which is fatally flawed.
In response to shortfalls of the system and focused attacks by misinformed or unscrupulous parties, an association has been formed by Investor Communications International (ICI) to bring the entire group of OTC Bulletin Board companies together, in a common cause with a common voice. The National Association Against Naked Short Selling was launched in January 2003 and has forwarded a registration and participation letter to all OTC BB companies. The group's mandate is to form a united front against these illegal and unethical abuses, provide information to the Federal Authorities at all levels and begin a national scale public relations campaign for awareness amongst the responsible and independent media and investment industry contacts. The goal is to ensure enforcement of the existing legislation that is intended to safeguard shareholders and the companies they invest in.
OTC Bulletin Board companies seeking to protect themselves against predatory trading and Naked Short Selling can take immediate action by registering with the National Association Against Naked Short Selling (www.nakedshortselling.com) at its website, sponsored by ICI. Companies can also find how to carry out the process of opting for Certificate Only trading by contacting ICI, toll free at 800-209-2260 or registering online at www.icihome.com.