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Janice-for a time there was a group of mostly law-enforcement types who crossed the country as "consultants" to communities, helping them to identify the satanic cults that existed in their communities. For a fee, of course.
Jim-the latest O'Quinn case goes down in flames:
'Get Shorty' Campaign Suffers New Setba
by: strethoechasity (24/F/las vegas) 05/16/06 06:02 pm
Msg: 95614 of 95623
=DJ IN THE MONEY: 'Get Shorty' Campaign Suffers New Setback
By Carol S. Remond
A Dow Jones Newswires Column
NEW YORK (Dow Jones)--The "Get Shorty" campaign suffered another blow Monday when a federal judge dismissed a complaint filed by Whistler Investments Inc.
The lawsuit is one of several brought by struggling public companies and a group of class-action lawyers who have been trying to build cases against short sellers - those investors who profit as share prices drop.
The law firms and their clients generally allege a wide-ranging conspiracy to illegally depress stock prices. Their crusade has taken several forms over the last four years, evolving from allegations involving so-called death-spiral
financing and illegal short selling to more complex accusations that brokerage firms and the entire securities clearing system managed by the Depository Trust and Clearing Corporation, or DTCC, are complicit in bear raids on snsuspecting companies.
Whistler, now known as Hybrid Technologies Inc. (HYBT), sued DTCC in November 2004 in Nevada state court, alleging that its stock-borrow program resulted in the creation of non-existent stock and contributed to naked short selling of the
company's shares. The case was later removed to the U.S. District Court for the District of Nevada.
Short sellers typically borrow shares to sell them short and profit when the price drop. Trading without a borrowing agreement is called naked short-selling.
It is illegal for most investors, but legal for firms that make markets in stocks and bring liquidity to the market.
Under its stock-borrow program, DTCC facilitates the lending of shares from one brokerage firm to the other in the event a firm is unable to deliver stock to settle a transaction on time. The program is designed to facilitate trade settlement and is approved by the Securities and Exchange Commission.
The Whistler complaint is identical to one filed by Nanopierce Technologies Inc. (NPCT) against DTCC in July 2004 in the Second Judicial District Court of the State of Nevada, Washoe county. That case was dismissed a year ago after a judge found that federal law preempts Nanopierce's claim for relief. Nanopierce is appealing the ruling in front of the Nevada Supreme Court.
Federal & State Regulators Battle
A lot is riding on these two cases and federal and state regulators have taken notice.
The SEC in February took the unusual step of filing an amicus brief in the Nanopierce case in support of DTCC, arguing that the company's "lawsuit threatens to disrupt or to impose substantial and unwarranted costs" on the
clearing system.
Earlier this month, the North American Securities Administrators Association, or NASAA, also filed its own legal brief in support of Nanopierce's appeal, arguing that claims filed in state courts shouldn't be preempted by federal law.
Whistler and Nanopierce share a Nevada counsel, Michael Morrison, a lawyer who has worked with the legal consortium - led by Texas law firms O'Quinn, Laminack & Pirtle and Christian Smith & Jewell - which represents a number of plaintiffs in suits alleging illegal short selling. Although it focused solely on the Nanopierce case, Morrison introduced the amicus brief filed by NASAA in federal court to counter DTCC's motion to dismiss Whistler's complaint.
Even NASAA's law firm, Bailey Merrill, has ties to the consortium of plaintiff lawyers led by O'Quinn and Christian. Every lawyer listed on Bailey Merrill's Web site used to work at Lionel Sawyer & Collins, a Nevada law firm that also
represents Nanopierce and Jag Media Holdings Inc. (JAGH), another penny-stock company that claimed illegal short selling of its stock.
What is clear is that the SEC didn't take lightly NASAA's challenge of the federally approved clearing and settlement system administered by DTCC.
Blue diamond: elo is a flaming idiot who has never been right once; the NSS is a myth; China has no involvement in this scam; melvin is a criminal who dumps unregistered shares; there is no cash; etc.
Stockhound-as to the moneys, no, but there are records aplenty to show what happened to the shares.
As to the kind of naked shorting I mentioned, sure it happens. Broker dealers love it when people are willing to buy shares in say Enron after it bankruptcy and when it was clear that 100% of shareholder equity would be wiped out.
But the stuff about long lasting naked shorts used to manipulate penny stocks is bs. It's much easier to run a pump and dump.
Stockhound-Urban never personally held 300 billion shares, at least not according to TA records. Of course there were all of those phony shells that got and dumped shares.
Trade-here is an old transaction involved with the NanoSignal scam. Sure a lot of familiar names here:
DVORAK & ASSOCIATES, LTD.
Attorneys and Counselors at Law
================================================================================
136 Arbor Way P.O. Box 230656
Henderson, Nevada 89074 Las Vegas, Nevada 89123
702.768.2960
(Fax) 702.794.4532
bdvorak@lvcm.com
May 8, 2003
Holladay Stock Transfer, Inc.
2939 North 67th Place
Scottsdale, AZ 85251
Re: Transfer of Twenty-five Million (25,000,000) Shares of MicroSignal
Corporation, A Nevada Public Corporation For Exxcode, Inc., a Nevada
Corporation
Dear Sir:
I am an attorney licensed to practice law in the State of Nevada. I have been
asked to render an opinion as to whether the transfer of Twenty-five Million
(25,000,000) Shares (the "Shares") from MicroSignal to the shareholders of
Exxcode pursuant to a Purchase Agreement in exchange for Exxcode shares may be
issued without a restrictive legend pursuant to Rule 144.
These shares, which are reflected in the attached transfer item instruction
sheet, issued by yourselves on April 30, 2003, are being transferred by the
original shareholders of Exxcode, Inc., as follows:
AGAP SERENE SERVICES, INC. 1,250,000
BERAMA GIORGIO, INC. 1,250,000
DE LA NORTE TRADING LIMITED 1,250,000
ELAN FIRST MERCHANT LIMITED 1,250,000
ELETA BRUNELLE COMMERCIAL, INC 1,250,000
FAZA GEE INDUSTRIAL, INC. 1,250,000
HIAGET GEARS, INC. 1,250,000
HUNTION TRADING LIMITED 1,250,000
INDE ENTERPRISES, INC. 1,250,000
JULES T. ENGELHARDT, INC. 1,250,000
MONCOM ENTERPRISES, LTD. 1,250,000
TOBIAN ENTERPRISES, LTD. 1,250,000
VIFORD TRADING LIMITED 1,250,000
ANGELINA TRUST 1,250,000
POSITANO TRUST 1,250,000
SAGE TRUST 1,250,000
BONJOUR TRUST 1,250,000
DERIVATIVES TRUST 1,250,000
PORTOLIO TRUST 1,250,000
SHAREHOLDER RELATIONS USA, INC. 1,250,000
More accurately, dak, to artificially inflate the price. It won't work. RS's, which is what this is, always tank immediately.
Trade-I wish the SEC/DOJ would hurry up. I can't wait to see the details of this scam.
There are various ways of estimating how much the retail suckers got skinned for, but all of them result in a figure North of $100 million. Not Bre-X, for sure, but certainly enough to reach the Federal bar for criminal prosecution.
Who says is will have any assets then, midtown, or even exist?
You have a lot to learn.
Definitely, trade. The first group consisted of the old SRCI/ECNC scammers who met with Urban in Vegas in 02 for the initial round. That one resulted in all the share issuance for "1999 financing" and god knows what else. I don't know much about the players in the second group.
No, Gump, it's not conjecture at all. The SEC doesn't have subpoena powers unless it is conducting a formal investigation, Frizzy STATED there was a god damned investigation of him for christ's sake, and you cannot take the fifth in a civil proceeding unless you have a reasonable assumption of pending criminal charges.
It's your BS NSS that's the unsupported conjecture, sparky.
Trade-have you seen the data Pedro put up that showed certificate issuance by date? There were about four large distributions of shares (don't think they were purchased at all) between the time CMKX acquired the company and the time of the big pump, including the infamous "field work" payments, multiple payments for the same claims, and a two for one split. I think the pedro link is busted now, but I downloaded the file, and if you want I'll stick it on the web for you.
He unfortunately used PDD format instead of excel, so analysis is tedious.
Why would those early shares have any different value than the other revoked shares? Haven't heard the out West rumors over here.
Gump-we know for a fact that SEC and DOJ investigations of Urban and pals are going on behind the scenes.
What more do you need to know?
Guaranteed, midtown? Exactly how are those debentures going to be guaranteed? You also need to learn how to calculate the present value of future funds, and what the market is telling you about the appropriate discount rate for those debentures.
Hasher-don't forget the dowsers, although I haven't heard from them in some time. And, of course, jesus wanted all cmkx shareholders to be rich.
With the stars, the dowse, and divinity behind them I'd say that they have already won!!
Playstk-given that this is gray market, somebody is selling at .0002.
I'll wager that it's a CD holder, or Pearl nominees.
Tavy-probably more like ten or twelve days leading up to revocation. CMKX always had an unusually high number of shares held in certificate form, and a certificate sale is almost guaranteed to miss the T+3 date.
It's also possible that some of the fairly sleazy penny stock brokers did indeed naked short as much as the market would absorb in the days leading up to revocation, since they knew they would not have to make good on the delivery.
Tavycal-a couple of reasons, at this point. I suspect that the current numbers are accurate, and that there are several billion FTD's that resulted from the revocation.
More to the point, unless the SEC or DOJ wanted to take the position that the TF is acting in continuance of the original fraud, they no longer have jurisdiction. I think they took a look at that possibility-hence the TF subpoenae-and decided to pass.
Buck-definitely. If Frizzy had numbers of any consequence he would be releasing them in great detail.
We know for a fact that FTD's at the end of April were essentially zero, so any FTD position would have to have happened between then and the day of revocation. If there was not a significant FTD prior to the revocation hearing, it hardly seems likely that one would have built up after it.
I suspect that Frizzy's claim of "billions" of FTD-quite a far cry from his claim of a "two trillion share naked short-may be true. I also suspect it comes from his once again not understanding the settlement system. Any open trade as of the effective date of the revocation would result in a fail because as of that date Broker Dealers could no longer process transactions in the stock, not because they were naked shorts.
Get real, acca. Your fifteen minutes of fame is up.
Eagle-then why doesn't Frizzy publish the details of that claim? Eight or ten or twenty billion FTD's in a revoked stock with over 700 billion OS would not be worth a raised eyebrow.
I did read your post, stockhound. And your "hard evidence" is bullshit. This is not a Nasdaq SC company, as you surely know.
Why don't you check here for that evidence:
www.nasdaq.com
Utter BS, stockhound. There is no evidence of a naked short, and there sure as hell isn't any "payout".
Blue-why do you repost that nonsense? This is not a NASDAQ stock.
Buck-unfortunately the PR is being issued in archaic Latin, with copies in Aramaic.
I think most of them will miss the meaning.
Redsky-feeding Padilla to the sharks would accomplish nothing. Professional courtesy, don't ya know.
Lol, odiazz, so it's officially a reverse split with the "debenture" scam thrown in to sugar coat it.
Right, makes. That's why there is such intense market interest in this scam.
I wonder what time the round of excuses and new "theories" will start.
Hasher-maybe Buddie was engaging in post-modern irony. Or not.
White-what is with your obsession with Janice?
Flantonio-they are just now thinking about that?
TSX-The CMKX cult is, in and of itself, proof that there was never any intelligent design.
Or that the designer had a twisted sense of humor.
Well, rufffffie, how is a company with no operations going to stay in business without further dilution?
Or can Pearl make dollars fly out of her ass?
You simply aren't thinking clearly, rruffie. If it's a scam (it is) then the debenture is a guaranteed loss of 90% of current holdings. If it isn't a scam (and it is a scam) then holding equity allows you to take advantage of any increase in equity value. It also allows you to take advantage of any artificial increase in the share price that might result from suckers accepting the debenture.
Oh nonsense, gump. There is no action to settle. Or is it the double secret probation?
Restripe-don't understand the difference between glacial till and an erosional surface, do you?
Yep, gump, with 90 meters of overburden, I don't think there is much of an alluvial diamond play up there.
Trade-it wouldn't surprise me a bit if there are still some employed to try and stave off lawsuits. And it would surprise me even less if the SRCI/CMKX crew weren't involved in BKMP's hype.
It's like the Irish Travelers who just move from scam to scam.
Typical content free Jimmy reply.