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Escrow account to hire lawyer (hopefully Attaway) Thanks, BigMoneyAtl:
Thus far I count six committments: myself, you, REDGO13,
Allezoim, Hcross and OhBull. Step one has a way to go.
I shall keep the count, and if we get to a decent number
will see if Megas wants to join, or has already made a move
before us. But no talk about Megas being slow, I trust, lol?
Also, if we don't get a decent number, may ask if anyone wants
to donate to send out a post card solicitation for the escrow
fund, to those who don't follow the boards.
Figure we need some 200 people sending in around $100 more or less, each, to move forward
the escrow account idea, by which we all send in .00032/share
or three-hundreths of a cent per share, requires three
steps.
One, a large number of shareholders hereby stating they
are willing to contribute to hire a contingency lawyer like Attaway----say
at least 20% of the shareholders or some 210.
Two: we get Attaway to set up an escrow fund to everybody's
satisfaction, professionally done, and we get Attaway
willing to work for us for a reasonable retainere and on contingency that we 1) get back our investment at last free market p rice (.15) 2) receive
damages plus interest on same.
We get a written intent from our attorney as to what he will
take for a contingency victory, a percentage of value received by the shareholders, less cost of lawsuit. i am sure attaway
can find precedent for all this, and we can approve whatever
he submits to do for ujs.
Three: those who said they would contribute ACTUALLY FOLLOW THROUGH.
We are now at step one. I count about 6 or 7 people who
are willing to contribute a little to hire a lawyer, like
Attaway specifically. Where are the other thousand?
United we win, ununited we fizzle and sputter and attack
each other.
Exactly, and well put, mikeymac. Outside pressure must be
applied. congressional. press. internet. and shareholders
who will not be divided and thus conquered.... i hope.
negative negative. lakers you don't lift a finger to get
this mess resolved, either. Do you like the SEC just the way
it has been? Do you accept the SEC as God and roll over?
I don't get it at all, why you even bother to post.
"My original post was about Stu's being asked by my attornies why the company was claiming they were advised by the DTCC to sue their shareholders. Are you insinuating Stu at any time was involved with the issues Megas has with the DTCC? "
And what was Stu's answer to your attorney? Of course Stu was present, thus involved, at that unpleasant meeting with the DTGCC.
To my knowledge, Megas has never lied.
"Umm, $60 Million assets," [ Megas never stated anything about his net worth, that I know of.. ] " going to seek a legal remedy to overturn the shares he gave to Capital Growth based upon the bad advise he received," [ that he hasn't, yet, could be interpreted harmless ways, such as it wasn't worth it, or it's a delayed action, or it's still an option] Stewart has never been in trouble, fully reporting (LMAO)[ Stewart is not Megas ] He lied point blank to a licensed attorney and BCIT shareholder from PA on two occasions [ and what were the two occasional lies? Lay it out.]
Megas said that, behind closed doors, the DTCC refused to open its books on trades, told Megas to get that information himself via subpoenas issued to all shareholders. When the information came in, it was stopped by threats from brokerages' lawyers at about 36% reporting. And Megas had enough information to draw conclusions about extent of nss in BCIT, and he still had enough money left to walk, because the big guns of the brokerages who steal millons in nss shares sold, could afford to cause Megas serious financial drainage from a protracted number of lawsuits. Megas has spent a lot more money of his own, fighting this, than any of us has spent
acquiring stock Megas did not sell us.
Arakit..if the brokerages really are in deep and Tom 100% knows that he nor Stewart caused those extra sales, Tom can walk into any huge law firm with his proof and never have to pay a penny to sue all these fools. Not a penny. The actual proof would make law firms like Berger and Montague salivate over a case like this. The big boys get sued every day. Big Tobacco got whacked. Dow Corning got whacked. If the proof is there....the big law firms will take this.
We are talking to a major law firm come recommended to us by NASAA..... we are talking contingency. duh?
Megas is now expected to spend more on legal efforts? I don't think so.
Yes, like it or not, he has a legal responsibility to his shareholders. [ We are not his shareholders. ]That's part of selling stock publicly. If Tom wants to cut his losses, move aside and appoint someone who can and will move this legally. [ Sorry, it's his
company, his play, not ours. Our beef is with our certless feckless brokers, not Megas. ]
But I don['t think
insults to his integrity and past efforts are going to
help, here.
True. However, it is also insulting to sit back and see Tom selectively pass around information. The same Tom who has made several mistakes with this over the last 4 years. [ I'd rather have selective information than none. And what is being passed,
makes a lot of sense to me. He has a life besides BCIT's orphaned shareholders. We are lucky he cares much further,
having waged a hard long fight, already, with crooked agencies and an overwhelmed, underinformed congress.
Please submit your correspondence
with your state AG's, stage security officers, State Senators.
I have no interest in passing on heresay to my Senator. I would rather have Tom make a public statement as to what happened and I will forward Tom's words to my Senator's office. [ My Senator was quite able to grasp the problem, just receiving
a letter from me and the well organized web site as well as statements from Megas which in no way conflict with the
overall situation. Apparently you think we shareholders have no grievance with our crooked market sufficient to contact
our congresspeople? ]
Megs has no leverage with our government, being a Brit, that is why is is useful for us to contact our state officials and reps and fedeeral reps and keep pushing.
Stewart does. Where's Stew's complaint? Have Megas call his good buddy Stew and post a copy of Stew's letter(s) here on IHUB. [ repeat, Stewart is not Megas. Nor is Stewart likely to think the shareholder's cause is a problem for anybody
but the shareholders. Megas shows a lot more conscience toward us. Forget Stewart. That's not a welcome avenue for us
to enlist, imho]
grass, if only 200 of the 1100 shareholders send in escrow
money to our legal fund, perhaps we should have some
way of rewarding them. should be discussed, at least, to be
fair. Howver, before all this, we have a week or so to
get money from as many shareholders as give a darn. So let's focus on that for a couple of weeks.
Egor, Megas needs a good lawyer.
An impartial body (NASAA) has recommended same, for our
"special" circumstances, i.e. Scott Attaway.
Megas is gun shy about legal fees. We can assist him over
that hurdle with a small .00032/share contribution to an
escrow fund. Result: Megas has a free lawyer, on contingency,
and a bunch of shareholders who want him on board and are
not going to attack him for being tired and gun shy. (He is
the one flew into tornado alley, Oklahoma, for BCIT, not us.
Not one of us attended that effort.
]
We take Attaway's advice,not shareholders', as the front charge.
We are in the loop, as Attaway reports back to us
and Megas, as much as possible (legal efforts require some
quietness, after all).
I feel if anybody can get us in front of an impartial judge or a congressperson like Kaufmann, WE WILL WIN.
GOAL; TRADING, COVERING AIR SHARES, SETTING UP ENERGY SOURCE, INC. FOR BUSINESS. MOVE TO OMX, LIKELY.
there are 3 of us now, (Me, Oh Bull, and RDG
one last word - i am suggesting we get a lawyer,Attaway to be specific. and that we submit
.00032 per share into Attaway's escrow fund. We stop
with the dividend idea, until Attaway tries HIS ideas, first.
We stop with the Megas fighting. We need to be united. Megas
is not our enemy - our enemies are the brokers and the DTCC
who is protecting them, and the SEC who is protecting the DTCC., got it. Montal, Goldstein, these are the folks we
want ATTAWAY to attack, not Megas.
If we get enough folks saying all right, i can and am willing to contribute to a legal fund, we can get someone to contact
Attaway to set up an escrow and we get action.
I spend so much time here, it would be cheaper to hire Attaway
than to wade through amateur legal suggestions nobody is
organized to effect.
bye til tonight.
I gotta go make a living, back tonight , so see if we
have folks who will put their pennies where their mouth is.
Enough frittering around, here. Let's get us an attorney
and let's not fight with a CEO who has put his dollars in,
already , and got us the Okalahoma statistics that will come
in mightly handy.
(Despite a lot of folks seemed to be
afraid of the law suit, I for one did nothing wrong, and
expected nothing more than came of it. no sweat. history).
If I had spent $800,000 on a legal fight, as Megas has, I"d be
slow to try another lawyer. Except Attaway just might work.
A lot has happened with the SEC recently. Madoff makes the
SEC look bad. In our favor.
what say?
Ihave 321615 shares, if i send in .00032% per share, I
would be sending $103. perfectly willing. three hundreds of a penny per share, come on folks this is peanuts. lets set
up an escrow with Attaway and see if we can get going?
How about a legal fund, each of us sending Attaway's office
(via some intermediary, if preferred?) three hundreths of
a penny per share for a retainer fee pool? From there go
on contingency? say i own a million shares , (not true),
it would cost me $320. I imagine the average shareholder
holds about 400,000 shares approximately, and it would cost
such an average shareholder $128.00. Multiply that by
1100 shareholders and we have $140,800 to retain a lawyer
who will work on contingency for a settlement of no less
than sixty cents a share. That's a value of $240,000 for
Mr. average shareholder, for his $128.00 "investment" in
legal help. What say?
The problem is how to pool such legal contributions in a
general escrow legal fund, which fund to be returned to contributors
if we do not get enough people/shareholders participating.
Most law offices that I know of have holding escrow funds, which
they can refund, if the people do not send in enough
to effect anything. Escrow funds are set up by legal firms and it's
done all the time quite safely. I once had a real estate
deal with six partners who were supposed to contribute
$10K each to buy a manhattant apartment building. Two of
the "partners" didn't send in thier money, so the deal
was off, and those whodid contritute, got their money back.
What say?
I think the dividend idea is one avenue of attack. But only one. There are others, which I think Megas is considering.
We should all chill out a bit The delisting threat got
everything red hot and people all worked up. Let Megas
have a little time,maybe get a legal platform readied with
Attaway, first. If we are invited, we could all provide
Megas with some legal support (money) I have suggest so much per share, depending on how many shareholders are willing
to pony up anything.
We are in the right, we need to keep hollaring and writing
and getting our reps tired of hearing from us until they
EDUCATE THEMSELVES ABOUT NSS AND THE HUGE DAMAGE IT IS DOING
TO OUR SMALL BUSINESSES, OUR MARKETS, OUR RETAIL INVESTORS (US).
KAUFMANN OF DELAWARE GETS IT. IT'S CATCHING ON THAT NSS
HAS PLAYED A LARGE PART IN SUPPORT THIEVERY, LIKE MADOFF,
AND HAS TO BE EXCISED FROM OUR 'SYSTEM'.
MEGAS DOESN'T NEED TO HEAR FROM US, HE GETS IT. ITS OUR
GOVENMENRT OFFICIALS THAT ARE BEING SNOWED BY SEC. THEY
NEED LETTERS, PHONE CALLS, CERTIFIED LETTERS, AND THEY NEED
TO BE EDUCATED BY US.
And what was the honorable DTCC's answer?
I'd not expect a blackmailer to admit his attempts to blackmail. To my knowledge, Megas has never lied. Megas
said that, behind closed doors, the DTCC refused to open its
books on trades, told Megas to get that information himself
via subpoenas issued to all shareholders. When the information
came in,m it was stopped by threats from brokerages' lawyers at about 36% reporting. And Megas had enough information to draw
conclusions about extent of nss in BCIT, and he still had
enough money left to walk, because the big guns of the brokerages who steal millons in nss shares sold, could
afford to cause Megas serious financial drainage from a
protracted number of lawsuits. Megas has spent a lot more
money of his own, fighting this, than any of us has spent
acquiring stock Megas did not sell us.
Megas is now expected to spend more on legal efforts? I don't think so. That he is still contemplating another move,
is something we can be grateful for. But I don['t think
insults to his integrity and past efforts are going to
help, here.
WE have waiting four years, we have some degree of attention
from the Senate Finance Committee, our various State Senators,
various state AG's are sympathetic and need only one state to
lead and they will piggy back a new complaint against SEC and DTCC. We are about there. Please submit your correspondence
with your state AG's, stage security officers, State Senators.
Megs has no leverage with our government, being a Brit, that is why is is useful for us to contact our state officials and reps and fedeeral reps and keep pushing. We are in the right,
need only to keep at it.
ditto, thanks, Mainuh. We have enough problems with SEC,
no reason to give them another contention. imho.
Moneymade, imho: you have no class to deride our CEO with possibly
false and insulting comments. Such are exactly why he
is loath to email anything to share with this bunch, although he still does try.
Joda, Oh Bull, we need to pursue the avenues the new administration is opening up to us (the new SEC and its
new enforcement division are trying hard to clean up past
wrongs). Keep on pressuring your congress persons to
investigate BCIT and nss and DTCC and former SEC's
laxity and deliberate ignoring of BCIT.
The climate for attacking the old SEC is perfect, right now, thanks
to Madoff and Obama's new SEC.
Bring pressure, emails, phone calls, lettters
going out. ONe/week from eachshareholder can only help
build pressure. Come on, all, you can communicate.
Megas has laid out the problem - it's with the DTCC and former SEC - the regulatory
body that has shown a lack of concern and interity. We need to push the NEW SEC
and our congress persons to act and clean it up.
We want CHANGE CHANGE CHANGE, JUSTICE.
At risk of repeating myself, i am in for .0025 per share for
contribution to a holding company. if all shareholders, assuming 1100 were to do that, we would have enough .
but but but, after Megas has exhausted his own leads.
PATIENCE.
Good post, mickeymac. i agree, we have to work with megas
at a pace he can manage financially and legally. we are wading in decades old bs
at the dtcc and sec.
Did anybody hear CNN guy, David Faber, with his book , And then the roofed caved in, talking about the SEC as "shoddy"
and its neglect "criminal". Maybe someone should contact
Faber on OUR little joy ride. work off some steam by
getting us more publicity?
2LATE, THE DIVI IDEA IS APPEALING, BUT OUR CEO WANTS TO
TRY SOMETHING THAT WILL NOT GET THE SEC IN KNOTS. LET HIM
TRY A FEW MORE AVENUES, FIRST. After all, we have not got
the Senate Finance Committee's inquiries' answer, yet, and
that is going to be relevant info .
nor have we exhausted pursuing state AG involvement, particularly Florida/s. Any shareholder from Florida in
touch with Florida AG, and what can he/she report from Florida AG:
We also can garner more press, likely.
I am up for contributions to a general fund for legal defense,
up to .005 per share, so that is another avenue we can
attempt. it all takes time, but God knows, we have plenty of time, since we are not facing delisting at the moment....
OK IT WILL BE BETTER. But what about those like BCIT who
are still victims of ftd's from past YEARS of abuse and neglect by SEC. When will we get our shares
delivered. There is a lot about improvements, for the future.
nothing about addressing past grievances, imho.
OP9171787,
I am not complacent, in the least. I am just trying to
do things in order. Right now, awaiting attorney action via
Attaway, since it was he got the stock off the delisting
deadline list. Surely, with this accomplished, we owe the
attorney and Megas time to get a legal platform worked out.
after 4 years, and with the extra time provided without the
delisting being effected, we can await a few more weeks.
We also are awaiting news from the Senate Finance Committee.
This is hard, patience is thin. I have written my Senator
Snowe (Maine, member Senate Finance Committee); my state
securities office (they are awaiting Florida's state efforts,
to join); am in touch and trying to interest the NY Times,
plan to try and interest editor at Vanity Fair. Am willing
to contribute to get a lawyer on contingency like Attaway.
Am willing to contribute something per share for general
legal and mailing expenses.
Am waiting for the next move by Megas. Right now, with the
delisting delayed, we have breathing space, however, which I
greatly appreciate.
go bcit
lluvbbs, a op ed piece is a lot cheaper. I could use parts of the web site, but if any of you guys read the op ed pieces
in the NY Times, they are brief and it would help me to formulate
a piece, if some of the better writers among you would submit
an op ed piece that is brief and to the point. My efforts tend to be overwrittern. It is also in our interest, I think, to
relate BCIT's delemma to the overall trickery of nss, that
plagues our markets and harms so many other of our small businesses.
I'm tryingto get press at NY Times. Anybody got a good op ed
version of our delemmafor the Times. Allcopy welcome.
GO BCIT
YES,see my email 8 7 09
/Ditch, I realize the 'Cure" offer Megas was the assumption by the company of the expense and dilution of recognizing all the phantom shares, which of course is unacceptable and
unfair and plain dead duck now. The other recourse has to be the untangliing of whobought what number of shares from whom,
which our current share count is aimed todo. Does anybody
have a current talley of the six major brokerages,to date?
Ditch, this makes sense that a global lock would be a temporary state of affairs, but can you site the source of
your statement?
It always seemed to me that the term "global freeze" had the
result of freezing brain cells, and thus deterred any
question of its absoluteness. Surely a global freeze must
have a reason, a cure, and a limit. I think we are shortly to find out.
I just got off the phone with an assistant, one Steve Diamond,
state of Maine office of Securities. He was starting to tell me that it was a federal matter, when I informed him Arkansas
AG is filing a suit and we hope to get many state to piggy
back. This, finally, got his attention. He will be happy
to look into and support any state action, Please, OH Bull,
anybody, email me what I should send him relative to the Arkansas action, tia (Arkait@aol.com)
I agree, the ibox should have a place to donate help for
the postcrd expenses, and to Megas' legal fund. I don't have
much money, currently, but am willing to do something as a
gesture. If there are 1,100 of us, the postcard cost thus
divided would be how much?
As for the legal fund, would be willing to donate at least
.001 per share. If we have 1,500,000,000 shares paying .001/sh
that should bring in one and a half million $. Wanna vote on
that? Would buy three thousand hours of legal help at $500/hr.
Is my math right. Does this make sense?
Thanks and congrats Oh Bull for all your efforts and thanks
to Megas for stepping in and making progress possible.
Awaiting reply from DTCC regarding FGF, Forever Global Freeze,
lol. For every freeze there must be a source of heat and
dissolution. What does DTCC suggest, me wonders, lol.
j. SHELL That an Ameritrade "lower echelon person" replied out of ignorance is a kinder interpretation of what I believe was
a broker's intention, inadvertently voiced.
thanks, Camper. I looked back to my records and found
that I have not kept the control number I was given to allow
me to vote. I never received formal notification via snail
nor email. Had to phone. Here is all the record I kept of it
(abridged):
"When I first talked to my Scotty rep, at around 11:41 AM
on 6/2, he told me it might be late afternoon before he could get back to me with a control number. He would call me.
What if I hadn't been at my phone? What if I hadn't sent an email on the secured site to DOCUMENT WHEN AND OF WHOM I HAD REQUESTED MY PROXY CONTROL NUMBER? "
Alas I don't have the above information any more, but I
obviously did vote on 6/2/08, around 1-2PM, as I recall,
right under the wire.
That declaration that BCIT was bankrupt,when an ameritrade
shareholder inquired about his shares, tOLD a lot.
The broker anticipated BCIT would go bankrupt, what with all the hoops and legal costs, nobody but Megas would have endured.
SURPRISE SURPRISE BCIT IS STILL ALIVE. LOL LOL LOL
HAHAHAHAHAHAHAHAHAHAHA
ohbull, when was that proxy vote, was it last April, May,
June of 08.....? I'm not sure if I kept my emailfrom Scottrade,
as they neer sent me written notice,and nearly denied me the
vote, at the last minute. I did vote via proxy, however, just
under the wire.
OBvious, Kruy, trading = cover for nss = justice and shares
obtained byh those who bought air share iou's.
What's the advice, about asksing for certs? At one time, it
was advised we would be lost in translation during potential
trading date. i have not requested certs from Scottrade, am I
missing something of risk, here?
And shorebyFive, thanks for your help. The more the merrier.
Padutch, thanks for y our help with your state AG.
aS SOON AS OHBULL SAYS WE HAVE EXHAUSTED THE SENATE FINANCE
COMMITTEE EFFORTS, I'M IN.