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I cannot give you his name and number. Honestly, I would like to. I would like to document my sources. But it is a confidential dialogue, and his name was changed to Wall Street Dude, and mine was change to Thehavenots. I had to talk him into letting me post, he cannot publicize himself for private reasons.
I would give it to you otherwise.
HAVE
These are not my words, they are from an attorney on another board:
"OK everyone ... I'm not much of a trader but I am an attorney. That doesn't really mean anything ... especially since I don't practice securities law. However, After reading as much of the 8K and attachments as I could in between court hearings, I have very little confidence in this play. Unfortunately, I still have holdings in two different accounts. I am hoping for a run tomorrow during which I intend to sell out.
"You might remember that when this first came out, I had some hesitation based on the sloppy drafting of the merger agreement between CVSU and FHAL. These Global Funding Agreements are no different.
"The biggest and most easily identifiable red flag is in Paragraph 2 of the Global Funding Agreement. You will note that the two middle paragraphs are bracketed with the word "NOTE" at the beginning of the paragraph. This is a FORM document that is supposed to use one or the other paragraph, not leave both in (with the brackets no less). They are alternate paragraphs depending on whether the Notes are discount or non-discount notes. Other "NOTE" paragraphs exist throughout the document but none are as blatantly bad drafting as these two bracketed paragraphs.
"Another red flag is that the agreement only becomes effective upon the receipt by Conversion Solutions of the bonds. Therefore, this may or may not ever happen. Thus, I suspect, RPH can avoid jail because the agreements are conditional, not set in stone.
"There are other flags raised (like how they can add the second bond to the same global funding agreement when there is no provision for added funds) but I don't think I am going to look any further. Remember this is a company allegedly controlling 2.6 BILLION in assets. I would think they would have an attorney that would at least look at the forms before letting them go to the SEC.
"Good luck to all of you holding CSHD ... I plan to be completely out tomorrow if a good run develops.
"This is not a recommendation to buy or sell stock SO DON'T RELY ON MY OPINION OF THE AGREEMENTS."
I have been worried about you all week TCL. I got all your calls today but was doing important due dilligence. I think you should look at my last post. I am not trying to scare anyone, I am just looking at this objectively. These deals are complicated, that's why I went to an expert in these matters, who claims he seen hundreds of deals with flaws. I asked him to look for the flaws.
I was really happy when the 8k came out, you deserve good fortune. But protecting principle is the most important thing.....
I think about you everyday, and I want this speculative bet to succeed for all of us.
You are good man TCL, I can hear it in your voice. Maybe tomorrow would be a good day to sell? On the pump, then again, maybe the 10k will come out after hours on Friday, which is a suspicion of mine, if this deal is legit, and in that case, you shouldn't sell. Let's probe further tonight. Continue to read my posts and think calmly and unemotionally.
HAVE
Okay IHUB, I know you are going to call me a basher, but I went to a very experienced NY Banker, to have him look over the company, it's PR's, and expecially this latest 8k. I want to present his ideas, and have a critical discussion with you concerning them, and see if we can refute his claims.
Okay???
Here is the latest transcript:
Concerning the 8k Global Funding Agreement
Wall Street Dude: yep... scam.
Wall Street Dude: all you have to do is read it.
Thehavenots: I read it
Thehavenots: you should update the IHUB board
Thehavenots: with your experience
Wall Street Dude: i have to admit, it took me aback
Thehavenots: you are valuable there
Thehavenots: how so?
Wall Street Dude: because it looks legit on the surface.
Wall Street Dude: and it's quite complicated
Thehavenots: SEC filings usually do
Wall Street Dude: but its a ruse.
Thehavenots: what's the evidence?
Wall Street Dude: let me prove it to you.... this will take a minute.
Wall Street Dude: The funding agreement brings a 450 Million Euro ($579,149,833 USD converted)
denominated Note on Lehman Brothers Holdings PLC with a 6 1/8% coupon to CSHD's
Asset Back Management facility. (The MTN holds an S&P, Fitch, and Composite A+
rating with a Moody's A1 rating).
Wall Street Dude: ok...well and good right?
Thehavenots: so?
Wall Street Dude: ok, now watch...
Wall Street Dude: The funding agreement brings A 450 Million Euro ($579,149,833 USD converted)
denominated Note on Lehman Brothers Holdings PLC with a 6 1/8% coupon to CSHD's
Asset Back Management facility. (The MTN holds an S&P, Fitch, and Composite A+
rating with a Moody's A1 rating).
Wall Street Dude: its just the description of the issue.
Wall Street Dude: which is sliced up into par value lots of 1000 euros.
Wall Street Dude: alas, i further....
Wall Street Dude: (pls hold)
Wall Street Dude: 2A. PURCHASE OF NOTES BY CONVERSION SOLUTIONS, INC.
Conversion Solutions, Inc. may purchase some or all of the Notes in the open market or otherwise at any time, and from time to time.
Wall Street Dude: nowhere in the 8k do they say how many bonds the humanitarian and scientific foundation is putting up.
Wall Street Dude: its like saying i own Microsoft, and i'm depositing it with you. what if i only have 100 shares?
Wall Street Dude: you can go out and say i am depositing Microsoft with you.
Wall Street Dude: and from whatever you make on it, you will give me 50%, plus your treasury stock which i will happily go sell at 1.25 a share.
Wall Street Dude: see?
Thehavenots: a ponzy scam?
Wall Street Dude: not really, just misleading for the purpose of getting people to think its really worth that much. The issue is in fact worth that much, but they aren't getting all of it... the objective is to make the stock go up from people buying it and not reading the fine print, while their buddies feed it out into the market.
Wall Street Dude: actually quite clever.
Wall Street Dude: if i were doing it, i would have done it with smaller numbers though.
Wall Street Dude: or else people like me are going to take notice.
Wall Street Dude: and if they say this makes their book value, 20, 30, or whatever, that is just a lie.
Wall Street Dude: read it... no where does it say how many bonds the Humanitarian foundation is putting up.
Thehavenots: can I post this dialogue on the board?
Wall Street Dude: maybe i missed it... it only says they will share 50/50 on what profits they get from being able to hypothecate the bonds.
Wall Street Dude: you know your going to be called a 'basher', right?
Thehavenots: fuck um
Wall Street Dude: did you post it?
Wall Street Dude: i'm actually kind of excited to see what they say
Wall Street Dude: nothing than it seems the Finland deal is the same thing, and the original UCC security notes are the same thing, and the venezualan bonds are the same thing, and that no company gets something for nothing.
Wall Street Dude: BTW... UCC security notes are nothing more than a promissary note... if i tell you i owe you a million dollars that doesn't mean you can claim it as a realized asset. but thats neither here nor there.
Wall Street Dude: they are going to be mad at you.
Thehavenots: what about an unrealized asset?
Thehavenots: that's how they claim these things
Wall Street Dude: they claim it as book value.. that conotes realization of that asset. unfortunatly saying i own Microsoft does not make me worth one billion dollars.
Wall Street Dude: and just because the venezualan bonds pay 13 5/8% doesn't mean they are getting paid 33 million a year.
Wall Street Dude: if they had the entire issue they would...
Thehavenots: how do you know they don't have the whol issue
Wall Street Dude: because of this...
Thehavenots: didn't you read the 8k merger agreement
Thehavenots: there was an unaudited balance sheet
Thehavenots: delineating the whole issue on the first bonds
Wall Street Dude: yes... agreed.
Wall Street Dude: however there was never any definitive proof they owned the entire issue.
Wall Street Dude: in fact, i can prove otherwise.
Thehavenots: but it's a misleading SEC violation
Thehavenots: I spoke with them about this
Wall Street Dude: duh
Thehavenots: the penalties are real
Thehavenots: what's their exit strategy?
Wall Street Dude: a guy once told me, if you are going to do something wrong, make sure its for 16 million, not 160,000
Wall Street Dude: i think they will leave the country IMHO
FEAR & GREED
50 DOLLARS OR 50 YEARS
sorry, that wasn't a bash. It was a pump. I was demonstrating that penalties are severe in this more minor case, they would much be more severe for CVSU. There is quite a deterent case with CVSU, and therefore it is probably legitimate.
but thanks for the clarification notice.
FEAR & GREED
25 dollars, or 25 years.
Penalty examples:
The four are charged with one count each of attempting to sell fraudulent securities. If convicted, each faces 25 years in prison and $250,000 in fines.
http://www.bizjournals.com/denver/stories/2002/10/07/daily40.html
FREE BUD BROWN!
I think we have been under the assumption, that the 10K was necessary for the ticker symbol change. Also, I believe we may have been told that the SEC already had the documents... or something displacing the responsibility of the delay away from CSHD. It would seem that any delay would be their responsibility, especially considering we were promised a 10K a month ago, at the latest.
Does someone want to call and verify what documents are needed for the ticker symbol change, and if it's a 10K, is it the most recent 10K, or could it be last year's 10K? Does someone want to verify which governing body this goes through, such as the NASD, or SEC??
HAVE
Re: The SEC, and matters of the 10K
I just got off the phone with the SEC's corporation finance division. 202-551-2000/202-551-6500. (I was referred to this number after speaking with someone from the SEC's enforcement division yesterday. Yesterday's conversation was long, and informative, but I did not get the sense that there is anything alarming concerning CSHD, although they seemed to be aware of it. My impression of things have changed over the last few days, concerning this topic. I don't have any verifiable information on this topic, except that the SEC may be receiving complaints or questions, and may be in a fact gathering mode. This is all an assumption.)
Today I found out facts about the 10K filing process: The 10k filing process is nearly instantaneous. When a company, such as CSHD, files their 10K, it will become available to the public within an hour or so after being submitted and filed. There is not an SEC review process prior to filing. There is an SEC review process after filing, which may, or many not occur, and this is according their own, non-public, disgression and method.
Therefore, unless we see a 10K now, listed, then nothing has been submitted to the SEC. Moreover, the independent auditor verifies the information that is in the financial statements of the 10K, but not all the information in the 10k.
Additionally, if there are military contracts, or "matters of national security" involved in the business described in the 10K, the 10K filing process is still the same. The only difference is that descriptive parts can be kept out of the public eye. But the 10K will be available, nearly instantaneously, the moment the SEC receives it.
HAVE
huh?
It wasn't for you.
I'll bet 10K too.... 10K and we are definitely above a dollar
see you tomorrow
whose hiding under that Mattress Set, I hope isn't not us. lol
I still can't remember who Batman is... but I am looking up some info on the 10k tomorrow. and in following up on our talk everything sounds fine....
I'll keep you posted. If you find Batman let me know.
HAVE
did you see that country boy post?
havebutt
OOOOOOOOHhhhhhhh my god!!! lololo laughter is the cure for all things.... these guys coming out of the woodwork... it never stops around here. jeeeeeeeeeeeeezzzzzzzzzzzeeeeee
I am laughing my friggin a$$ off, you are so funny!!!! lololol
I hope you had a wonderfull day.... take it easy..... thinking of you.....
HAVE
It's pretty sad.... I told them the whole story today, all they wanted to know was who publicized the posts and who threatened me for more info.... they were really nice. the most pathetic thing here is what I am saying is 100 percent true......
HAVE
these guys don't have a clue. just spoke with dealerschool, really nice guy. Im done wasting my time here.
oh great, now you are spamming the SEC, they'll really like that.....
I do not believe this would be true in this case.
I don't have a fax machine, so I'll let you know.
just thunder and lighting outside, Zeus must be up to something. stormy around here
you are always welcome to change your mind. I'm out for the time being also. but still feel that the CSHD board is like the home I never had....
aaahhhhh.........
shut the door behind you
no it's Ben Canobi, as in Obi One Canobi.......
it's a Jedi mind trick.... we'll see 60 cents tomorrow, no doubt.
yah, keep calling the guy, then the 10k will be done in three weeks.....
exactly, I asked him to call me yesterday to verify, go back to the other board universal..... you're full of it, where's your proof?????
what he said.
I've got my ear to the ground, finger on the pulse.....
please stop bothering me. I was very scared yesterday, and I wasn't the only one..... I have been threatened and harrassed constantly.......
sometimes, I am sarcastic, or playing with a basher. but otherwise.... I am not here to mislead.