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MTBV is incorporated in the Netherlands.
MTBV's principal business is as a holding company for investments principally in the technology sector.
The address of its principal office is
Strawinskylaan 1431, 1077XX,
Amsterdam, the Netherlands.
This Schedule 13D is filed by MTBV, Marr Technologies NV,
Marr Technologies Limited, Marr Group Holdings Limited (the "Reporting Companies")and Marat R. Safin
(together with the Reporting Companies, "Joint Filers").
A Joint Filing Agreement is attached hereto as Exhibit
Still suffering from those delusions gump?
You're still smarting from the GMXX scam exposure.
The Joint Filers have shared voting and dispositive power with respect to 38,915,151 or approximately 28.5% of the 136,381,689 shares of common stock of the Company outstanding.
Marat R. Safin has sole voting and dispositive power with respect to 330,000 or approximately 0.2% of the 136,381,689 shares of common stock of the Company outstanding.
Janak K. Basnet, a director of Marr Technologies Limited and Marr Group Holdings Limited, has sole voting and dispositive power with respect to 2,432,095 or approximately 1.8% of the 136,381,689 shares of common stock of the Company outstanding.
Marat R. Safin, one of the Joint Filers, purchased 330,000 shares of common stock of the Company, over a period beginning on August 26, 2003 and ending on August 27, 2003.
Mr. Safin spent $62,831.00 in making such purchases. Mr. Safin funded such purchases from personal funds.
Janak K. Basnet, a director of Marr Technologies Limited and Marr Group Holdings Limited, purchased 2,530,454 shares of common stock of the Company and sold 98,359 shares of common stock of the Company, over a period beginning on May 15, 2003 and ending on November 18, 2003.
Mr. Basnet spent a net amount of $1,932,559.00 in making such sales and purchases. Mr. Basnet funded such purchases from personal funds.
SCHEDULE 1 MARR GROUP HOLDINGS LIMITED
DIRECTORS AND EXECUTIVE OFFICERS
The names, residence or business addresses, present principal
occupation and citizenship of the directors and executive officers of Marr Group Holdings Limited are set forth below.
NAME
PRESENT PRINCIPAL ADDRESS
OCCUPATION
Marat R. Safin
Company Director 46 Clapham Common
North Side
London SW4 0AA
United Kingdom
CITIZENSHIP
Britain
Janak K. Basnet
Company Director
Lorne House North Britain
Castletown
Isle of Man
IM9 1AZ
British Isles
CITIZENSHIP
Britain
• We believe, however, that the single biggest product risk facing Calypte is the lack of a rapid test product. Although the Company has recently filed an IDE in the US for a rapid blood test, and expects to file an IDE for the rapid urine test, data submission and the review process typically takes from 12-24 months before US marketing approval.Although foreign market approvals may be secured on a shorter timeline, there are several rapid tests already on both the domestic and international markets. Calypte’s late entry in this category may prove to be a significant marketing challenge.
• Finally, Calypte historically has engaged in an unusually large number of financial transactions over a very short period of time. This has resulted in a highly complex capital structure, wide swings in the number of outstanding shares and large non-cash expenses and charges. During the third quarter, management acted to simplify the Company’s capital structure and thus stabilize the outstanding share count by negotiating the conversion of most of the Company’s convertible debt to equity. However, we anticipate there will be additional quarterly non-cash expense and compensation charges and variances in the outstanding shares for at least the next several quarters,thus making the Company’s financial position both on an absolute basis and a comparable peer basis difficult.
Some investors may shy away from Calypte due to these issues.
Sherry Grisewood, CFA
sherry@jmdutton.com
Calypte Biomedical Corporation Report
Rosewood Trust Limited, Isle of Man professional corporate trustee
THE SCHMIDT CASE – FACTS AND DECISION
Dramatis personae
Vitali Schmidt
Lukoil director. Died "unexpectedly and alone" (and intestate) in his Moscow apartment August 1997.
Vadim Schmidt
Son of Vitali, working full time to trace the assets of his father's estate.
Rosewood Trust Limited
Isle of Man professional corporate trustee
Ernst & Young
Assisting Vadim in his tracing project.
Pacquerette Limited
Nominee company for Vitali Schmidt.
"Protector"
Under the trusts, this was Vitali Schmidt 'or any other person holding the office of Protector hereunder".
Gingernut Limited
Receiving vehicle for payments to or for the benefit of Vitali Schmidt.
"Upon the death of any Beneficiary the Trustee shall hold that portion of the Trust Fund to which the deceased Beneficiary had been entitled during his lifetime UPON TRUST for such person or persons as the deceased Beneficiary had notified the Trustee in writing and in the absence of such notification for that person or those persons whom the Trustee believes to be the closest surviving relative or relatives of the deceased Beneficiary."
Right to information -
"...any Beneficiary may require ... an audit.”
Default trust -
"...the Trust shall hold the Trust Fund and the income thereof as far as not effectively dealt with pursuant to the foregoing trusts and process UPON TRUST for such purposes as are according to the laws of the Isle of Man or any subsequent forum of administration".
The Angora Letter
"I understand that I am a beneficiary of the Angora Trust. If I should die prior to the termination of the Trust I wish any portion to which I might have been entitled to be held upon trust for (Vadim)".
Everest Trust
“While I recognise the discretionary powers vested in you as Trustees of the above Trust, it would be my wish if I were to die prior to the termination of the Trust that my share of the trust property be given to Vadim Schmidt.”
The proceedings
June 1998 - Isle of Man first instance proceedings commenced before "the Deemster", alleging breach of trust and fiduciary duty
July 1998 - ex parte order for disclosure
June 1999 - second proceedings - seeking fuller disclosure by virtue of discretionary interests
October 1999 - disclosure proposed to Vadim's lawyers or accountants; no Order made
November 1999 - Order made: disclosure to "Inspectors" and lawyers, against undertakings to keep confidential.
January/April 2000 - Rosewood's appeal to the Staff of Government Division, asserting
(i) abuse of process
(ii)confidentiality safeguards inadequate
(iii)"Vitali Schmidt a mere object of a power who had no entitlement to trust documents or information".
Appeal allowed on ground (iii), although court appeared sympathetic to Vadim's claim.
September 2001 - special leave to appeal granted.
Decision as to status
9.1 Was Vadim a beneficiary (in any sense) in his personal capacity?
Angora Trust - to be determined by Isle of Man High Court as a construction issue
Everest Trust - as possible object of Trustee’s power to appoint, yes
9.2 - Why did it matter?
- because of the old battle between mere powers, trust powers, and trusts. Even after McPhail v Doulton [1971] AC 424, "it obviously remains the case that the object of a discretionary trust has no more of an assignable or transmissible interest than the object of a mere power"
cf. the court’s power (and duty?) to control the trust:
"It is fundamental to the law of trusts that the court has jurisdiction to supervise and if appropriate intervene in the administration of a trust, including a discretionary trust (per Lord Walker).
As noted above (Section A) previous authorities suggested that if you were a beneficiary (i.e. in that you had an assignable right or interest) you had a proprietary right to trust documents.
9.3 The "authorities" reviewed
re Cowin (1886) 33 Ch D 179
"...not entitled as of right, but only ....under the circumstances, because there might be a state of circumstances under which the right to production would not exist." (per North J)
O’Rourke v Darbishire [1920] AC 581
"the beneficiary is entitled to see all trust documents because they are trust documents and he is a beneficiary". (per Lord Wrenbury).
re Londonderry [1965] Ch 918
cf Hartigan Nominees Pty Ltd v Rydge (1992) 29 NSWLR 405
"...access should not be limited to documents in which a proprietary right may be established" (per Kirby P)
Chaine-Nickson v Bank of Ireland [1976] IR 393
"...the trustees are not under any obligation to account to anyone [if you need to be an actual beneficiary as opposed to a mere object]. This logical conclusion leads to remarkable consequences..."(per Kenny J)
Spellson v George (1987) 11 NSWLR 300
"...clear that the object of a discretionary trust, even before the exercise of the trustee's discretion in his favour, does have rights against the trustee". (per Powell J).
Murphy v Murphy [1999] 1 WLR 282
- a discretionary power vested in the court (per Neuberger J)
9.4 Conclusion
"no reason to draw any bright dividing-line either between transmissible and non-transmissable (i.e. discretionary) interests, or between the rights of an object of a discretionary trust and those of the object of a mere power (of a fiduciary character)." (per Lord Walker).
9.5 Costs
Rosewood ordered to pay Vadim's costs before the Staff of Government Division and before the Judicial Committee itself. Question of reimbursement from the trusts referred back to the Isle of Man High Court.
Janak Basnet, of Rosewood Trust Limited and Marr Group, has another 'sideline' it seems...
Rosewood Trust Limited
Lorne House North
Castletown
Isle of Man
IM9 1AZ
Tel: +44 (0) 1624 824567
Fax: +44 (0) 1624 825439
.......
TGN-Nachrichtentechnik GmbH
http://www.tgn-technology.net/CONTACT_US/contact_us.html
Contact us
Distribution:
Bluebird Limited
Lorne House North
Castletown IM9 1 AZ
British Isles
Registered in Isle of Man No. 078258C
VAT -ID. Numer: GB001348428
Technical Support Order Information
Chief Technician: Thomas Phone: +34 609 574759
Copyright © 2002 BLUEBIRD LTD.
All rights reserved.
ABOUT US CONTACT US PRODUCTS
In 1985 "TGN-Nachrichtentechnik GmbH" was founded in Germany by civil engineer Thomas Greiner.
At first, the small company focused on amateur radio products on a small scale. Only shortly after first successes, the development of communication equipment for commercial users was initiated and led to intercontinental approval.
In 1997, in regard to the world becoming smaller and smaller, TGN resulted in TGN TECHNOLOGY having international clients and distribution partners.
During the last years, TGN's main focus was on bringing together both qualified employees and a modern laboratory containing test equipment from well-known manufactures like HP in order to establish not only samples but large production quantities as well. A SMT production line contributes to the successful establishment of high volume production of superior quality.
Today TGN technology international is one the most experienced manufacturer of Audio, Video and RF-products.
Do you think the Marr cash comes from Rosewood Trust, an Isle of Man trust management company owned by Janak K. Basnet who is also a director of the Marr Group?
WHO is MARR GROUP?
MARR-GROUP.OM
Organization:
GLOBAL CORPORATE VENTURES LTD
Maureen Knight
46 CLAPHAM COMMON NORTHSIDE
London, sw4
GB
Phone: 02076279898
Email: pilyak@hotmail.com
Domain Name: MARR-GROUP.COM
Created on..............: Fri, Sep 06, 2002
Expires on..............: Tue, Sep 06, 2005
Record last updated on..: Fri, Oct 17, 2003
Administrative Contact:
GLOBAL CORPORATE VENTURES LTD
Maureen Knight
46 CLAPHAM COMMON NORTHSIDE
London, sw4
GB
Phone: 02076279898
Email: pilyak@hotmail.com
MARR-TECHNOLOGIES.COM
Organization:
GLOBAL CORPORATE VENTURES LTD
Maureen Knight
46 CLAPHAM COMMON NORTHSIDE
London, sw2
GB
PHONE: 02076279898
Email: crustypie@hanmail.net
Domain Name: MARR-TECHNOLOGIES.COM
Created on..............: Tue, Jan 14, 2003
Expires on..............: Wed, Jan 14, 2004
Record last updated on..: Mon, Apr 21, 2003
Administrative Contact:
GLOBAL CORPORATE VENTURES LTD
Maureen Knight
46 CLAPHAM COMMON NORTHSIDE
London, sw2
GB
PHONE: 02076279898
Email: crustypie@hanmail.net
Basis for Rating
Calypte Biomedical Corporation has developed the first, and to date, manufactures and sells the only FDA-approved urinebased antibody screening and supplemental tests for a complete FDA-approved HIV testing method. The Company’s proprietary tests are based upon scientific discoveries made by researchers at the New York University Medical Center in 1988. Most importantly, Calypte’s urine-based tests have an accuracy level comparable with blood-based diagnostics, but avoid many of the disadvantages associated with blood testing. Currently, the Company sells an EIA urine-based screening test and a confirmatory Western Blot test for the detection of HIV antibodies and a serum-based Western Blot test. The Company has recently submitted an IDE to the FDA for its rapid blood HIV test and anticipates filing an IDE for a rapid urine test during the first half of 2004. Both tests will also be submitted for marketing approval in key foreign markets such as China, Russia and Africa in 2004. The Company markets and sells its products in the US and international markets.
Despite the obvious need for products such as those developed and sold by Calypte, there are issues specific to Calypte which we believe will limit the Company’s share performance in the near to intermediate term. After a partial business “wind-down” in April 2002, Calypte has struggled to regain sales and operating momentum, and core sales segments in the second quarter continued to show negative year-over-year comparisons. In June 2003, the Company retained new operating management, and the former President and two board directors resigned. In conjunction with these management changes, the Company improved its balance sheet and cash position through a series of financial transactions. Among
these, during the third quarter, Calypte received $12.5 million in an equity investment from its new strategic partner for the Chinese market, Marr Technologies, BV. In addition to this investment, Marr has also made open-market share purchases and entered into an agreement with Calypte to purchase up to $10 million of 5% promissory Notes under certain conditions.
Marr recently filed a 13-D, indicating ownership of approximately 28.5% of Calypte shares. A registration statement filed in July 2003 covered 52 million shares involved in other 2003 financing transactions. Further, Calypte continues to be in the midst of a major restructuring program. The Company has disbanded its in-house domestic sales force in favor of an exclusive distributorship, is focusing on expanding sales internationally and hopes to cut operating costs by approximately $1 million per year through asset rationalization. Calypte’s ability to continue as an ongoing business is highly contingent on achieving its restructuring goals, successfully launching a competitive “rapid” HIV test that quickly drives sales growth and achieving the cost savings outlined in its strategic plan. The monies raised from the Marr and other transactions help provide a cushion while the Company works its way through this transitional
period, but we expect the Company will continue to require outside capital in 2004.
However, recent significant news and events are fundamentally positive for Calypte:
• Even after nearly 20 years of the HIV/AIDS pandemic, health organizations and governments around the world admit that there has been only limited progress in stemming the tide of new HIV infection. With alarming statistics in the headlines almost every day, recognition that much more needs to be done is focusing new attention on prevention and treatment of HIV infection. Earlier this year, Congress passed President Bush’s $15 billion Emergency Package committed to AIDS.
• In the Centers for Disease Control 2001 report, HIV Prevention Strategic Plan Through 2005, the overarching goal of a national strategic plan for HIV prevention calls for halving the number of new infections by 2005.Through voluntary counseling and testing, the plan will increase the proportion of people who know they are HIV infected from the currently estimated 70% to 95% of those infected and increase the currently estimated 50% of HIV-infected people who are linked to appropriate prevention, care, and treatment to 80% by 2005. An increasing number of states are now requiring HIV testing of pregnant women if their HIV status is not known prior to delivery. Urine-based voluntary and non-voluntary HIV screening can be done in conjunction with other standardtests, such as pregnancy tests because of the volume of the sample collected.
• During the past several months, Calypte has secured $12.5 million in new funding from Marr Technologies Limited, a member of the Marr Group of companies. In conjunction with its investment in Calypte, Marr has signed a Memorandum of Understanding regarding the formation of a joint venture in China for the distribution and sale of Calypte products. Subsequently, Marr Technologies purchased an additional 5.4 million Calypte shares in the open market, bringing its total ownership position to about 38 million shares. The Marr Technologies relationship is highly significant to Calypte as it has allowed the Company to stabilize its financial situation, address the simplification of its capital structure and develop a sales and marketing plan for the Chinese market. The aggregate of these factors has permitted the Company to recently apply for listing on the American Stock Exchange.
• Calypte submitted clinical trial data to the Chinese State Drug Administration on October 8 in support of the Company’s application for product approval by the Biologics Branch of the SDA. The Company’s urine HIV-1 EIA is already approved by the Medical Devices Branch of the SDA. The trials were conducted at four sites and generated urine HIV data on over 10,000 patients. The expanded approval will make Calypte’s tests marketable to certain government testing institutions.
Calypte Biomedical Neutral Rating In Initiating Coverage; Recent Significant News And Events Are Fundamentally Positive For Calypte.
By Sherry Grisewood, CFA
January 13, 2004. Calypte Biomedical (OTCBB: CYPT) has developed the first, and to date, manufactures and sells the only FDA-approved urine-based antibody screening and supplemental tests for a complete FDA-approved HIV testing method. Calypte’s urine-based tests have an accuracy level comparable with blood-based diagnostics, but avoid many of the disadvantages associated with blood testing. It recently submitted an IDE to the FDA for its rapid blood HIV test and anticipates filing an IDE for a rapid urine test during the first half of 2004. Despite the obvious need for such products developed and sold by Calypte, there are issues specific to Calypte which we believe will limit the Company’s share performance in the near to intermediate term. A registration statement filed in July 2003 covered 52 million shares involved in other 2003 financing transactions. Calypte continues to be in the midst of a major restructuring program. However, recent significant news and events are fundamentally positive for Calypte.
Let me guess...
Gump.
we have our new resident basher....
All Participants and Roles for SILVERCREST MINES INC.
Company Date Role Description
4023307 Canada Inc 2002-09-17 Was disclosed as an investment of Co
Albers Glen 2004-02-06 Bought a private placement in Co
2004-02-06 Was disclosed as holding an option on shares of Co
Atkinson D 2002-12-23 Was disclosed as a shareholder of Co
2002-12-23 Was disclosed as holding an option on shares of Co
2002-12-23 Bought a private placement in Co
Atkinson T 2002-12-23 Was disclosed as holding an option on shares of Co
2002-12-23 Bought a private placement in Co
2002-12-23 Was disclosed as a shareholder of Co
Bolder Investment Partners Ltd 2003-02-12 Was disclosed as a shareholder of Co
2003-02-12 Was disclosed as holding an option on shares of Co
2003-05-27 Was disclosed as a finder for Co
2003-09-19 Was disclosed as a finder for Co
2004-02-06 Was disclosed as a finder for Co
Bowes James Timothy 2001-07-21 Was disclosed as a shareholder of Co
2001-09-30 Became a director of Co
2002-02-05 Bought a private placement in Co
2002-02-05 Was disclosed as holding an option on shares of Co
2002-02-11 Was disclosed as a former officer of Co
2002-03-05 Became a former director of Co
Buckland Charles Channing 2002-12-23 Bought a private placement in Co
2002-12-23 Was disclosed as a shareholder of Co
2002-12-23 Was disclosed as holding an option on shares of Co
Canaccord Capital Corp 2003-09-19 Was disclosed as a finder for Co
2003-09-19 Was disclosed as a shareholder of Co
2003-09-19 Was disclosed as holding an option on shares of Co
2004-02-06 Was disclosed as a finder for Co
Chartrand Monte 2003-09-19 Bought a private placement in Co
2003-09-19 Was disclosed as holding an option on shares of Co
Cooper Marion 2004-02-06 Was disclosed as a finder for Co
Drever J Scott 2002-11-15 Became a director of Co
2002-11-15 Was disclosed as a shareholder of Co
2002-11-15 Was disclosed as a vendor to Co
2003-05-28 Was disclosed as holding an option on shares of Co
Ebert Keith A 2001-09-30 Became a director of Co
2002-02-04 Became a former director of Co
Fier N Eric 2002-11-15 Was disclosed as a shareholder of Co
2002-11-15 Was disclosed as a vendor to Co
2003-03-14 Was disclosed as an employee of Co
Free Bernhard 2003-02-12 Was disclosed as a shareholder of Co
Free Gerhard 2003-02-12 Was disclosed as a shareholder of Co
Garnett David 2003-09-19 Bought a private placement in Co
2003-09-19 Was disclosed as holding an option on shares of Co
Garnett Renee 2003-09-19 Bought a private placement in Co
2003-09-19 Was disclosed as holding an option on shares of Co
Haywood Securities Inc 2003-09-19 Was disclosed as a finder for Co
2003-09-19 Was disclosed as holding an option on shares of Co
2004-02-06 Was disclosed as a finder for Co
Heal Graham 2001-09-30 Became a director of Co
2002-06-28 Became a former director of Co
Howard Neville 2003-09-19 Bought a private placement in Co
2003-09-19 Was disclosed as holding an option on shares of Co
John Paul V 2002-02-04 Became a director of Co
2002-02-05 Bought a private placement in Co
2002-02-05 Was disclosed as a shareholder of Co
2002-02-05 Was disclosed as holding an option on shares of Co
2002-11-08 Became a former director of Co
Korzenowski Gary 2002-12-23 Was disclosed as holding an option on shares of Co
2002-12-23 Bought a private placement in Co
2002-12-23 Was disclosed as a shareholder of Co
Kyle Greg 2004-02-06 Was disclosed as a finder for Co
MacNeill William R 2003-02-12 Was disclosed as a shareholder of Co
2003-03-14 Became a director of Co
Magnusson Barney 2002-11-15 Was disclosed as a shareholder of Co
2002-11-15 Was disclosed as a vendor to Co
2002-12-23 Was disclosed as holding an option on shares of Co
2002-12-23 Bought a private placement in Co
2003-03-14 Was disclosed as an employee of Co
2003-05-27 Became a director of Co
McGrath Marion 2001-12-31 Was disclosed as an officer of Co
2002-02-05 Bought a private placement in Co
2002-02-05 Was disclosed as holding an option on shares of Co
2003-03-14 Was disclosed as a former officer of Co
Meyers Shane 2002-12-23 Bought a private placement in Co
2002-12-23 Was disclosed as a shareholder of Co
2002-12-23 Was disclosed as holding an option on shares of Co
Nemesis Enterprises Ltd 2002-12-23 Bought a private placement in Co
2002-12-23 Was disclosed as a shareholder of Co
2002-12-23 Was disclosed as holding an option on shares of Co
Orlick Beverley 2003-09-19 Was disclosed as holding an option on shares of Co
2003-09-19 Bought a private placement in Co
Poznanski Bernard G 2003-03-14 Was disclosed as an officer of Co
Rogers Patricia 2002-02-05 Bought a private placement in Co
2002-02-05 Was disclosed as a shareholder of Co
2002-02-05 Was disclosed as holding an option on shares of Co
2002-06-28 Was disclosed as an officer of Co
2003-03-14 Was disclosed as a former officer of Co
Rogers Stuart Wayne 2002-01-16 Became a director of Co
2002-03-05 Was disclosed as a shareholder of Co
2002-09-20 Was disclosed as a former officer of Co
2003-03-14 Became a former director of Co
Sanders George 2002-09-06 Became a director of Co
2003-03-14 Became a former director of Co
Strathclair Ventures Ltd 2003-05-28 Became a predecessor of Co
Thody Graham C 2003-03-14 Became a director of Co
Varela Consulting Group SA 2003-09-19 Was disclosed as a finder for Co
2003-09-19 Was disclosed as holding an option on shares of Co
West Oak Capital Group Ltd 2002-02-05 Bought a private placement in Co
2002-02-05 Was disclosed as a shareholder of Co
2002-02-05 Was disclosed as holding an option on shares of Co
Wharton Thomas 2002-06-28 Became a director of Co
2003-03-14 Became a former director of Co
Wolverton Securities Ltd 2004-02-06 Was disclosed as a finder for Co
2004-02-06 Was disclosed as holding an option on shares of Co
http://new.stockwatch.com/market/market_partic_comrol.pasp?corpId=116381&corpName=SILVERCREST+MI....
SILVERCREST MINES INC.
Head Office:
401 - 1311 HOWE STREET
VANCOUVER, BC
CANADA, V6Z 2P3
Phone: +1 (604) 691-1730
Fax: +1 (604) 691-1761
Why don't you do exactly that gump...suspend yourself while you're at it.
Just post stuff that is relevant to SVL. The personal attacks will lead you to a suspension off this board.
LOL...yes.
Ah....you're thinking of the Laughing Buddha.
The younger Buddha didn't laugh much.
Cruise was praising scientology on a UK TV interview about his latest movie, "The Last Samurai". he said the code of Bushido and the Samurai were a lot like Scientology's precepts.
He neglected to mention the Samurai's random acts of violence and the frequent beheadings of the peasants to keep their sword arms in good working order.
Oh...that's what lying and cheating is called now?
That's how our Canadian game is played
The "true record" is not what you think it is - you have used too many aliases and told too many lies.
Senility is NO excuse gump - I have explained that to you before this.
Ask Jefferies to recommend a good physician who can help you with your problems.
STRATHCLAIR VENTURES LTD [V.SVL]
Last updated: 1-09-94 16:08 (EST)
Last Trade 0.000 Previous Close 1.350
Last Buyer Canaccord Capital Corp. Last Seller Canaccord Capital Corp.
Open 0.000 Net 0.000
High 0.000 Low 0.000
Volume 0 #Trades 0
Last bid 0.000 Bid size 0
Last ask 0.000 Ask size 0
52 wk high 1.810 52 wk low 0.300
Dividends/share 0.000 Dividend date 1/1/1
EPS -0.080 P/E 0.000
gump...I found this post on the RB GMXX board where you were very actively promoting the stock.
This post was in reference to a question to you about Strathclair Ventures. it appears you are also promoting this stock - where's your disclosure about your involvment in that?
By: gump90
27 Mar 2003, 10:46 PM EST Msg. 28089 of 28116
OT: You forgot ...
I said ALL publicity is GOOD publicity. Thank you for bringing that stock to everyone's attention. It's just starting to move now. Saves me buying Spam. LOL. Remember, it was you you brought it up here and Spammed it ... not me. THIS IS FABULOUSLY FUNNY !!!!
http://ragingbull.lycos.com/mboard/boards.cgi?board=GMXX&read=28089
I wondered when you'd show up here again gump.
17. Four of the six releases created and/or disseminated by Acs, and Acs' websites, stated that Penny King was currently "facilitat[ing]" between $200 million and $2 billion in "capital investments" to 50 different companies located worldwide. All six of the releases prepared and disseminated by Acs, and Acs' websites, further stated that Acs had 21 or 22 years of experience in the "finance . . . venture capital and world financial markets" and that Acs, through Penny King, was providing significant financing to Eknowledge and the Hungarian company that had purportedly agreed to purchase Quintek's products.
These and similar statements were false and misleading because Acs and Penny King at all times lacked any valuable unencumbered assets, did not possess, or have access to, the investment capital described in the public statements, and have never provided financing, directly or indirectly, to any company. The statements were also misleading in that they failed to disclose that Acs' financial experience includes two personal bankruptcies.
Julie K. Lutz (Colo. Attorney Reg. No. 77246)
Tracy A. Tirey (Tex. Attorney Reg. No. 20076600)
Securities and Exchange Commission
1801 California Street, Suite 1500
Denver, Colorado 80202
Telephone No.: (303) 844-1000
Facsimile: (303) 844-1068
Attorneys for Plaintiff
LOCAL COUNSEL:
Greg Addington (Nev. Attorney Reg. No. 6875)
United States Attorney's Office
100 West Liberty St., Suite 600
Reno, Nevada 89510
Telephone No.: (775) 784-5438
Facsimile: (775) 784-518
Associate Resident Counsel
IN THE UNITED STATES DISTRICT COURT
FOR THE DISTRICT OF NEVADA
--------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION,
Plaintiff,
v.
Gabor S. Acs and Penny King Holdings, Inc.
Defendants.
--------------------------------------------------------------------------------
:
:
:
:
:
:
:
:
:
:
CV- _________
COMPLAINT
Plaintiff Securities and Exchange Commission ("Commission"), for its Complaint alleges as follows:
I. SUMMARY
1. Between August 2001 and June 2002, promoter Gabor S. Acs ("Acs") and his alter ego entity, Penny King Holdings Corp. ("Penny King"), in press releases and messages posted on Internet websites, publicized the stocks of two publicly traded companies with which they claimed to have substantial business dealings: Eknowledge Group, Inc. ("Eknowledge") and Quintek Technologies, Inc. ("Quintek"). Both the releases and two Internet websites maintained by Acs contained false and misleading statements, primarily concerning the financial prospects of the two companies. Acs knew, or was reckless in not knowing, that the statements he disseminated concerning Eknowledge and Quintek were false and misleading. In one of the press releases, and on the website, Acs also failed to disclose compensation he received from Eknowledge and Quintek in exchange for his touting services. Acs realized profits of $40,168 by selling Quintek stock shortly after the issuance of certain of the false releases.
2. The Commission brings this action pursuant to the following authorities conferred upon it: (i) Section 20(d) of the Securities Act of 1933 ("Securities Act") [15 U.S.C. § 77t] and Section 21(d)(3) of the Securities Exchange Act of 1934 ("Exchange Act") [15 U.S.C. § 78u(d)] for civil money penalties; (ii) Section 20(b) of the Exchange Act [15 U.S.C. § 77t] and Section 21(d)(1) of the Exchange Act [15 U.S.C. § 78u(d)] for an order permanently restraining and enjoining Defendants and granting other equitable relief; (iii) Section 20(g) of the Securities Act [15 U.S.C. §§ 77t(g)] and Section 21(d)(6) of the Exchange Act [15 U.S.C. § 78u(d)(6)] for a penny stock bar.
3. Against Penny King, the Commission seeks a permanent injunction, disgorgement (including prejudgment interest), and third tier civil money penalties for violations of Section 10(b) of the Exchange Act [15 U.S.C. §§ 78j(b) and 78m(a)] and Rule 10b-5 thereunder [17 C.F.R. § 240.10b-5].
4. Against Acs, the Commission seeks a permanent injunction, disgorgement (including prejudgment interest), third tier civil money penalties, and a penny stock bar for violations of Section 17(b) of the Securities Act [15 U.S.C. § 77q(b)] and Sections 10(b) of the Exchange Act and Rule 10b-5 thereunder [17 C.F.R. §§ 240.10b-5].
II. JURISDICTION AND VENUE
5. This Court has jurisdiction over this action pursuant to Section 22(a) of the Securities Act [15 U.S.C. § 77v(a)] and Section 27 of the Exchange Act [15 U.S.C. § 78aa]. In connection with the transactions, acts, practices, and courses of business described in this Complaint, each of the Defendants, directly and indirectly, has made use of the means or instrumentalities of interstate commerce, of the mails, and/or of the means and instruments of transportation or communication in interstate commerce.
6. Venue lies in this Court pursuant to Section 22(a) of the Securities Act and Section 27 of the Exchange Act because the Defendants currently reside in or transact business from this judicial district.
III. THE DEFENDANTS
7. Gabor S. Acs, age 46, is a Canadian citizen currently residing in Reno, Nevada. In press releases and two Internet websites, www.maxpages.com/thepennyking and www.thepennyking.com, Acs has stated that he makes substantial investments in microcap companies and is a global "financier" who advises venture capitalists and operates an offshore bank in an undisclosed location. In 1982, and again in 1993, Acs filed for personal bankruptcy under Chapter 7 of the U.S. Bankruptcy Code. Acs has not been affiliated with any regulated entity or publicly held company and has no disciplinary history. Acs' current employment is unknown.
8. Penny King Holdings Corp. is a Delaware corporation wholly owned and controlled by Acs, which purports to be an "investment holding company." Penny King has filed Schedules 13G with the Commission reporting ownership of 7% of the outstanding shares of Quintek, and 9% of the shares of Eknowledge.
IV. RELATED PARTIES
9. Eknowledge Group, Inc. is a Nevada corporation located in Corona, California. The company is in the business of providing educational training courses over the Internet and through other media sources. Eknowledge stock is registered with the Commission pursuant to Section 12(g) of the Exchange Act and is quoted on the OTC Bulletin Board (a quotation service operated by the NASD). As of June 30, 2002, Eknowledge had 37,271,887 shares of common stock issued and outstanding. Eknowledge stock currently is trading in the $.40 range.
10. Quintek Technologies, Inc. is a California corporation located in Camarillo, California. The company is in the business of developing, manufacturing, and distributing data storage system components. Stock of Quintek is registered with the Commission pursuant to Section 12(g) of the Exchange Act, and is quoted on the OTC Bulletin Board. As of February 12, 2002, there were 36,522,546 shares of its common stock issued and outstanding.
11. The Free and Clear Foundations of America, Inc. ("FCFA") is a District of Columbia non-profit corporation wholly owned and controlled by Acs. FCFA purports to be dedicated to educating individuals and governments about economic matters. Press releases identify Acs as the "founder" of FCFA, which purportedly owns 50% of Penny King's stock.
V. FACTS
A. Press Releases And Internet Websites
12. Between January and May 2002, Acs wrote, edited, and approved six press releases concerning Quintek, Eknowledge or both companies. Three of the releases concerned Eknowledge only, two releases concerned Quintek only, and one of the releases concerned both Eknowledge and Quintek. The releases were disseminated by Penny King and/or the touted issuers through PR Newswire and Business Wire, and were posted on Quintek's and Eknowledge's respective corporate Internet websites. Further, between at least March and August 2002, Acs created and maintained two Internet websites that directly or indirectly contained false statements about his financial experience (see discussion below). Acs' websites included links both to Quintek's corporate website, which contained certain false and misleading Quintek press releases written by Acs, as well as links to three false and misleading press releases issued by Quintek or Eknowledge that were posted on an Internet website maintained by Yahoo!
B. False And Misleading Statements
13. On March 20, 2002 Quintek issued a press release that was written by Acs. The release represented that that Quintek had received a $10 million order for its data storage system components from a privately held Hungarian company, and that Penny King would provide financing to the Hungarian company through a "$15 million revolving credit facility." These statements were false and misleading. The Hungarian company had not placed any order with Quintek, and Acs, who acted as an intermediary in the proposed transaction, knew that the Hungarian company could not place such an order without obtaining financing from Penny King, which lacked the ability to provide such financing.
14. Acs wrote three press releases dated January 2, January 22 and March 11, 2002 relating to an agreement under which Penny King was to acquire 3,000,000 shares of Eknowledge common voting stock in a "private transaction" valued at $1.5 million. These releases were false and misleading in that they implied that the proceeds of these purported sales would be used to fund Eknowledge's operations. In fact, the stock sales agreement was between Penny King and the then president of Eknowledge, and did not provide any operating capital to Eknowledge.
15. Two of the press releases described in paragraph 14 concerning Penny King's purported investment in Eknowledge referred to an agreement under which Eknowledge would provide unspecified "development services" to FCFA. The releases projected that FCFA's payment for services under this agreement would enable Eknowledge to achieve annual revenues of $5 million for ten years, or $50 million in total. These statements were false and misleading because they lacked any reasonable basis, in that FCFA had no significant business activities, assets or revenues that could fund the payments under its purported agreement with Eknowledge.
16. A May 14, 2002 press release written by Acs and issued by Penny King stated that a subsidiary of Penny King had "proposed" merging Quintek and Eknowledge. The release contained contact information for both companies, thereby implying that they endorsed the merger transaction. Contrary to these representations, Acs issued the release without the knowledge or authorization of Quintek and Eknowledge. Indeed, at the time the press release was issued, Quintek and Eknowledge had decided not to pursue a business combination between the companies.
17. Four of the six releases created and/or disseminated by Acs, and Acs' websites, stated that Penny King was currently "facilitat[ing]" between $200 million and $2 billion in "capital investments" to 50 different companies located worldwide. All six of the releases prepared and disseminated by Acs, and Acs' websites, further stated that Acs had 21 or 22 years of experience in the "finance . . . venture capital and world financial markets" and that Acs, through Penny King, was providing significant financing to Eknowledge and the Hungarian company that had purportedly agreed to purchase Quintek's products. These and similar statements were false and misleading because Acs and Penny King at all times lacked any valuable unencumbered assets, did not possess, or have access to, the investment capital described in the public statements, and have never provided financing, directly or indirectly, to any company. The statements were also misleading in that they failed to disclose that Acs' financial experience includes two personal bankruptcies.
18. Acs knew, or was reckless in not knowing, that the above-described statements in the six press releases that he drafted, approved and/or disseminated and on the two Internet websites he created and published were false and misleading.
C. Undisclosed Compensation
19. Quintek and Eknowledge both entered into agreements with Acs or Penny King for touting services. In August 2001, Quintek entered into a written agreement under which it agreed to compensate Penny King for, among other things, Penny King's provisions of "company information to investors and financial institutions." Between August 2001 and March 2002, Quintek transferred 129,000 shares of its common stock, and paid $5,000 in cash, to Penny King pursuant to this agreement. Eknowledge entered into an oral agreement in December 2001 to compensate Acs in connection with one or more contemplated releases. Eknowledge paid Acs $5,000 in cash in January 2002 pursuant to this agreement.
20. Between August 2001 and June 2002, Acs posted at least 25 messages on Internet websites dedicated to investors, including Investors Hub and Raging Bull, touting the stocks of Quintek or Eknowledge. These messages contained apparently truthful statements concerning, among other things, publicly reported corporate developments and the contents of Acs' conversations with members of management. However, the messages did not disclose the payments by Quintek and Eknowledge to compensate Acs or Penny King for their touting of Quintek and Eknowledge.
21. The May 14, 2002 release written by Acs and disseminated by Penny King, touted Quintek and/or Eknowledge, but failed to disclose these compensation agreements.
D. Market Reaction And Sale Of Stock
22. Following issuance of the six press releases, the price and volume of Quintek and Eknowledge stock increased dramatically. On the day after the March 20, 2002 release, the closing price of Quintek stock increased by 100%, from $.18 to $.36 per share, and reported volume increased by 804%, from 216,700 to 1,742,100 shares. Following the January 8 and March 20, 2002 releases drafted by Acs and disseminated by Quintek, the closing price of Quintek stock increased by an average of 81% and reported volume increased by an average of 512%. The three press releases disseminated by Eknowledge and Penny King on January 2, 2002, January 22, 2002 and March 11, 2002 were followed by an increase in the closing price of Eknowledge stock of between 20% and 144%, averaging 65%, and reported volume of the stock increased by between 163% and 6,801%, averaging 2,471%.
23. On April 10 and 11, 2002, Acs sold 105,000 shares of Quintek stock at between $.40 and $.43 per share, thereby realizing profits of approximately $40,168.
FIRST CLAIM FOR RELIEF
(VIOLATIONS BY DEFENDANTS OF SECTION 17(b) OF THE
SECURITIES ACT)
24. Paragraphs 1 through 23 are hereby realleged and incorporated by reference.
25. Defendants Acs and Penny King, through the use of the means or instruments of transportation or communication in interstate commerce or by use of the mails, published and circulated articles and communications that, though not purporting to offer securities for sale, described certain securities.
26. Defendants Acs and Penny King, directly and indirectly, received and were to receive consideration for such activities from the issuers of these securities and did not fully disclose the past or future receipt of such consideration and the amount thereof in violation of Section 17(b) of the Securities Act [15 U.S.C. § 77q(b)].
27. By reason of the foregoing, Acs and Penny King have violated, and unless enjoined will continue to violate, Section 17(b) of the Securities Act.
SECOND CLAIM FOR RELIEF
(VIOLATIONS BY DEFENDANTS OF SECTION 10(b) OF THE
EXCHANGE ACT AND RULE 10b-5 THEREUNDER)
28. Paragraphs 1 through 23 are hereby realleged and incorporated by reference.
29. Defendants Acs and Penny King, with scienter, in connection with the purchase or sale of securities, by the use of means or instrumentalities of interstate commerce or of the mails, directly or indirectly: (a) employed devices, schemes or artifices to defraud; (b) made untrue statements of material facts or omitted to state material facts necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading; or (c) engaged in acts, practices or courses of business which operated or would operate as a fraud or deceit upon purchasers of securities in violation of Section 10(b) of the Exchange Act [15 U.S.C. §78j(b)] and Rule 10b-5 [17 C.F.R. §240.10b-5] thereunder.
30. By reason of the foregoing, Defendants have violated, and unless restrained and enjoined will continue to violate, Section 10(b) of the Exchange Act and Rule 10b-5 thereunder.
PRAYER FOR RELIEF
WHEREFORE, the Commission respectfully requests that the Court:
I.
Find that the defendants and each of them committed the violations alleged herein.
II.
Enter an injunction, in a form consistent with Rule 65(d) of the Federal Rules of Civil Procedure, permanently restraining and enjoining Penny King from violating Section 17(b) of the Securities Act and Section 10(b) of the Exchange Act and Rule 10b-5 thereunder.
III.
Enter an injunction, in a form consistent with Rule 65(d) of the Federal Rules of Civil Procedure, enjoining Acs from violating Section 17(b) of the Securities Act and Section 10(b) of the Exchange Act and Rules 10b-5 thereunder.
IV.
Order Penny King to pay a civil penalty pursuant to Section 20(d) of the Securities Act and Section 21 of the Exchange Act in an amount to be determined by the Court.
V.
Order Acs to pay a civil penalty pursuant to Section 20(d) of the Securities Act and Section 21 of the Exchange Act in an amount to be determined by the Court.
IV.
Enter an order barring Acs from participating in any penny stock offering pursuant to Section 20(g) of the Securities Act and Section 21(d)(6) of the Exchange Act.
VI.
Order such further relief, equitable and legal, as the Court may deem just and proper.
DATED: August 20, 2003 Respectfully submitted,
_______________
Julie K. Lutz
Tracy A. Tirey
Attorneys for Plaintiff
Securities and Exchange Commission
http://www.sec.gov/litigation/complaints/comp18307.htm
LITIGATION RELEASE NO. 18307 / August 25, 2003
SECURITIES AND EXCHANGE COMMISSION v. GABOR S. ACS and PENNY KING HOLDINGS CORP. SEC v. Gabor S. Acs et al., Civ. No. CV-N-03-0463-ECR-VPC D. (Nevada)
On August 21, 2003, the Securities and Exchange Commission filed a complaint in U.S. District Court for the District of Nevada against Gabor S. Acs ("Acs") and his alter ego company, Penny King Holdings Corp. ("Penny King"). The Commission's complaint alleges that between January and May 2002, Acs wrote, edited and approved six false and misleading press releases concerning Quintek Technologies, Inc. ("Quintek") and Eknowledge Group, Inc. ("Eknowledge") and that between at least March and August 2002 he created and maintained two Internet websites containing false statements. The complaint further alleges that the releases and websites contained false and misleading statements concerning, among other things, the financial prospects of Quintek and Eknowledge, a business combination between these two companies, Penny King's assets and Acs' financial experience. According to the complaint, Acs and Penny King also failed to disclose payments made by Quintek and Eknowledge in exchange for touting services.
The Commission's complaint alleges that Acs and Penny King violated Section 17(b) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The complaint seeks permanent injunctions, disgorgement of ill-gotten gains and third tier civil penalties against both defendants, and as to Acs, a penny stock bar.
SEC Complaint in this matter
http://www.sec.gov/litigation/litreleases/lr18307.htm
Find another outlet for your fantasies.
Concentrate on relieving world hunger or something similar. Just keep the babbling to to a minimum.
It looks like he plagiarizes as much as Dobry does...and just as badly.
The CIO's 10-point plan for this year
John Mahoney and Mark Raskino [08-01-2004]
http://www.itweek.co.uk/Analysis/1151892
The challenge for chief information officers (CIOs) this year will be to drive IT innovation while maintaining cost and efficiency savings achieved in 2003.
Business realignment and competition will intensify, IT vendor consolidation and restructuring will continue, and the credibility of IT will remain fragile among many business executives.
CIOs must continue robust management of short-term issues, prepare responses to trend shifts that drive business complexity and uncertainty, and invest for the future. In short, they need to cut costs and innovate.
To help, Gartner has come up with 10 CIO resolutions (see below), consisting of proven practices as well as new disciplines.
Important actions, such as developing a policy for offshore sourcing, are already priorities, so are not included here.
Gartner's resolutions are grouped into three themes:
Maintain cost discipline, rationalise and consolidate further
CIOs have extended the lives of equipment to control costs, but ageing hardware and licensed software will hinder business agility, and servers or PCs bought in 1999 or earlier must be seriously considered for replacement.
While refreshing old hardware, it will be important to maintain the momentum of recent asset consolidation and rationalisation that will release funds from operating costs to add to IT budgets. It is also vital to maintain the culture of efficiency.
Vital technology skills will be in short supply as economic growth quickens. Now is the time to identify and act to retain IT staff with business-critical skills.
Assess imminent shifts in business and technology trends, prepare to respond
Most vendors advanced technologies during the recession but many IT leaders have had to ignore advances because of budget constraints, in some cases resulting in a knowledge gap. Gartner urges CIOs to ensure that they directly experience a range of new technologies and services.
Technologies for hands-on review include:
Linux desktop with open-source personal productivity applications
Blade servers
Systems and devices for handling voice traffic over IP networks
Instant messaging and similar tools
Development tools for web services.
Invest in mid-term opportunities, pull back from short-term expedients
Many CIOs have been approving only projects that deliver return on investment in six months. This can accelerate short-term progress but companies must return to more strategic investments, with a long-term goal of migrating to a 'real-time infrastructure'.
CIOs must plan now for migration of systems away from legacy platforms to take advantage of server virtualisation trends, and to get fully briefed on the realistic timeline for implementing truly self-healing, OS-neutral and smoothly scalable utility computing.
Business process fusion, focusing on business processes made possible by the emergence of software platforms and architectures, will help enable the real-time enterprise.
However, at least half of medium-sized to large firms lack specialist business process skills.
CIOs should re-tool their IT workforce by investing in technology-oriented business process skills development, and setting up business process competency groups.
Business strategies are increasingly concerned with partners and stakeholders outside the enterprise.
By 2005, more than 25 per cent of IT capital budgets, in at least 70 per cent of large and medium-sized businesses, will be directed to transforming the enterprise using external partners.
IT leaders must champion opportunities for business. They must create competencies and architecture capabilities aligned with them.
IT can still drive business growth. IT departments in 2004 should strain at the financial leash, make sure they don't underspend their budget, and lobby for resources to make bigger contributions to the business.
Gartner's top 10 resolutions for 2004
1. Refresh ageing software and hardware bought before 2000
2. Continue consolidating IT infrastructure and applications
3. Make clear technology choices and set policy for the future
4. Stay in direct touch with key technology developments
5. Anticipate external drivers of uncertainty and complexity
6. Plan for new competences and give your most valuable staff an unexpected pay rise
7. Migrate towards real-time infrastructure
8. Create a business process skills competency centre
9. Build partnership management competences and processes
10. Plan to overspend your budget
John Mahoney and Mark Raskino are Gartner research managing vice president and research director respectively.
Forums
Discuss 'The CIO's 10-point plan for this year' in the Ebusiness forum
http://www.itweek.co.uk/Analysis/1151892
Posted by: thepennyking
In reply to: None Date:1/10/2004 7:33:31 AM
Post #of 288
The CIO's 10-point plan for this year
The challenge for chief information officers (CIOs) this year will be to drive IT innovation while maintaining cost and efficiency savings achieved in 2003.
Business realignment and competition will intensify, IT vendor consolidation and restructuring will continue, and the credibility of IT will remain fragile among many business executives.
CIOs must continue robust management of short-term issues, prepare responses to trend shifts that drive business complexity and uncertainty, and invest for the future. In short, they need to cut costs and innovate.
To help, Gartner has come up with 10 CIO resolutions (see below), consisting of proven practices as well as new disciplines.
Important actions, such as developing a policy for offshore sourcing, are already priorities, so are not included here.
Gartner's resolutions are grouped into three themes:
Maintain cost discipline, rationalise and consolidate further
CIOs have extended the lives of equipment to control costs, but ageing hardware and licensed software will hinder business agility, and servers or PCs bought in 1999 or earlier must be seriously considered for replacement.
While refreshing old hardware, it will be important to maintain the momentum of recent asset consolidation and rationalisation that will release funds from operating costs to add to IT budgets. It is also vital to maintain the culture of efficiency.
Vital technology skills will be in short supply as economic growth quickens. Now is the time to identify and act to retain IT staff with business-critical skills.
Assess imminent shifts in business and technology trends, prepare to respond
Most vendors advanced technologies during the recession but many IT leaders have had to ignore advances because of budget constraints, in some cases resulting in a knowledge gap. Gartner urges CIOs to ensure that they directly experience a range of new technologies and services.
Technologies for hands-on review include: Linux desktop with open-source personal productivity applications Blade servers Systems and devices for handling voice traffic over IP networks Instant messaging and similar tools Development tools for web services. Invest in mid-term opportunities, pull back from short-term expedients
Many CIOs have been approving only projects that deliver return on investment in six months. This can accelerate short-term progress but companies must return to more strategic investments, with a long-term goal of migrating to a 'real-time infrastructure'.
CIOs must plan now for migration of systems away from legacy platforms to take advantage of server virtualisation trends, and to get fully briefed on the realistic timeline for implementing truly self-healing, OS-neutral and smoothly scalable utility computing.
Business process fusion, focusing on business processes made possible by the emergence of software platforms and architectures, will help enable the real-time enterprise.
However, at least half of medium-sized to large firms lack specialist business process skills.
http://www.investorshub.com/boards/read_msg.asp?message_id=2099508
Restructuring the entire financial system, one penny at a time is a charitable cause. I'm not sure of the math because I have not had time to sit down and calculate it, but if you took all the outstanding debt of the world (exceeds 500 trillion) and converted it to equity amongst 6 billion people, you might have six billion millionaires.
Posted by: thepennyking
In reply to: None Date:9/19/2000 8:29:45 PM
Post #of 288
We are very close to doing one company. When it is announced, all the rest will fall into line, hopefully. Yes it's mostly volunteer for those who can afford the time it takes, and there are those who assist with documents, back office work, etc. Restructuring the entire financial system, one penny at a time is a charitable cause. I'm not sure of the math because I have not had time to sit down and calculate it, but if you took all the outstanding debt of the world (exceeds 500 trillion) and converted it to equity amongst 6 billion people, you might have six billion millionaires. This really is about evolution. Which words? Thanks for the feedback.
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund, and Janitor for the Global Morass of Debt Instruments
http://www.investorshub.com/boards/read_msg.asp?message_id=10206
Members of the Society get funded through the Foundations.
Posted by: thepennyking
In reply to: Bernard Ng who wrote msg# 12 Date:9/19/2000 12:05:29 AM
Post #of 288
I accumulate with others (partners, entities, non-profits, offshores, et al) up to 4.9% of the target company. Then I approach the Board of Directors with some suggestions like merge with this other company (we have 4.9% of), or acquire this or that company. It works every time. No filing requirements. No red tape, and all the gains are tax free. Members of the Society get funded through the Foundations. The ultimate goal is to get the banks out of our back pockets (homes, cars, credit cards, consumer goods). Get ready for revaluations of all major currencies. Currently Short Australian Dollar, Yen and Euro. Profits are used for various investment projects as listed at iexchange.com.
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund, and Janitor for the Global Morass of Debt Instruments.
http://www.investorshub.com/boards/read_msg.asp?message_id=9926
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund, and Janitor for the Global Morass of Debt Instruments.
Posted by: thepennyking
In reply to: FM who wrote msg# 1 Date:9/17/2000 1:09:04 AM
Post #of 288
Thank You. Anyone interested in viewing a preliminary Red Herring Prospectus (8 years in development) can send email to thepennyking@investorshub.com.
Founder: The Free and Clear Foundations of Earth, Chairman & CEO Penny King Productions, The Free and Clear Bancorporation, Senior Trustee; The Free and Clear Fund, and Janitor for the Global Morass of Debt Instruments.
http://www.investorshub.com/boards/read_msg.asp?message_id=9537
Teaching Elephants to Dance
A set of practices called "corporate venturing" can rejuvenate big companies—transforming large, lumbering organizations into nimbler and more innovative beasts.
By Ken Morse, Dave Weber, and Carter Williams
January 9, 2004
A quick comparison of the lists of America’s top 100 companies in 1900, 1950, 1980, and today shows that every few decades, many of the largest companies die and are replaced by newcomers. The pace of change and the need for rapid innovation has never been greater. Today the CEOs of the world’s top 1,000 companies have few tools (and little time) to help them make their organizations more innovative. They lie awake at night worrying that a faster, more innovative, and lower-cost competitor could spring up any day, eager to take big bites from their cash cows and star performers.
In the face of increasing global competition, more and more major companies are coming to understand the value of corporate venturing. Though there are a variety of approaches, corporate venturing generally aims to give large mature organizations some of the agility of their smaller competitors. Such venturing works both to improve a corporation’s standing in its existing markets and to break into new markets.
Corporate venturing comes in three main forms: alliances, internal venturing programs, and corporate venture capital. These activities can be a tremendous source of innovation, new business opportunities, and entrepreneurial energy.
Alliances offer the advantage of combining the assets of the larger organization (brand strength, market channels, investment capital, and other scale-related advantages) with the more focused and nimbler characteristics of the smaller, younger partner. But they raise an important question: will the larger company’s culture overwhelm that of the younger, entrepreneurial organization?
Internally focused venturing programs aim to leverage a company’s existing assets (human, physical, and financial). Although it is difficult to create an entrepreneurial environment within larger organizations, the benefits of doing so can be immense. Traditional corporate strengths, however, are not always advantageous for venturing, which depends for success on attracting and motivating people whose clock speed is likely to be one or two standard deviations faster than the corporate norm. The inevitable clashes with existing corporate cultures, metrics, and motivations must be managed. Exit strategies typical of internally focused ventures include the establishment of a new division, the acquisition of the venture by an existing division, spinout, and cancellation of the project. It is critical for the organization to integrate the benefits of the venture without alienating or stifling employees in either the new venture or the larger company.
Corporate venture capital—in which a large company funds startups—requires patience, strong support from top executives, and the freedom to experience losses as well as gains. The corporate venture capital team depends on traditional venture capital firms as coinvestors both for deal flow and management help. While the corporate team certainly aims for short-term return on its investments, it mainly seeks strategic growth. Intel Capital, for example, invests in startup ventures it hopes will eventually create demand for Intel’s current and future products.
An MIT Sloan School of Management investigation led by Professor Edward Roberts studied corporate venturing activities at 54 U.S. corporations, including 3M, Boeing, Dow, DuPont, Eastman, Hewlett-Packard, Microsoft, Monsanto, and Motorola. Roberts noted that even when corporate venturing appears successful, it rarely works alone as a major source of corporate growth. Rather, the approach adopted by the successful company works in concert with other business-development activities.
Whether companies focus their venturing activities more on alliances, internal ventures, or external venture-capital investments, success requires leveraging the company’s culture and collaborating beyond traditional company boundaries. The Corporate Venturing Consortium (CVC) was founded at MIT two years ago to share and improve best practices across companies and industries. Every January, a one-week course is offered at MIT based on a curriculum that CVC members helped design. Charles Darwin’s observation about the evolution of species applies also to businesses. "It is not the strongest of the species that survives, nor the most intelligent, but the one most responsive to change." Corporate venturing helps companies adapt their way to survival.
This article originally appeared in the MIT Technology Insider, a monthly newsletter covering MIT research and commercial spinoff activity.
Ken Morse is managing director of the MIT Entrepreneurship Center and secretary of the Corporate Venturing Consortium (CVC). Dave Weber is director of the MIT Management of Technology Program. Carter Williams, a partner in Boeing Ventures, is chairman of the CVC.
http://www.technologyreview.com/articles/print_version/wo_morse010904.asp
Avalon Holding Corporation is a holding company that owns subsidiaries that historically performed the transportation operations, technical environmental services operations, waste disposal brokerage and management operations and golf course and related operations of American Waste Services Inc. (AWS). These operations, together with certain assets, were distributed by AWS to Avalon on May 7, 1998, pursuant to the terms of a spin-off agreement. The Company's business is divided into four segments: transportation services, technical environmental services, waste disposal brokerage and management services and golf and related operations. The transportation services, technical environmental services and waste disposal brokerage and management services are provided to industrial, commercial, municipal and governmental customers primarily in selected northeastern and midwestern United States markets.
FORMER SENIOR VICE PRESIDENT AT USA WASTE SERVICES, INC. AND OTHERS CHARGED IN INSIDER TRADING CONSPIRACY
In 1998 it acquired American Waste Services, Inc., and later merged and became known as Waste Management Inc.
FOR IMMEDIATE RELEASE
MONDAY, FEBRUARY 3, 2003
WWW.USDOJ.GOV
CRM
(202) 514-2008
TDD (202) 514-1888
FORMER SENIOR VICE PRESIDENT AT USA WASTE SERVICES, INC. AND OTHERS CHARGED IN INSIDER TRADING CONSPIRACY
WASHINGTON, D.C.– Assistant Attorney General Michael Chertoff of the Criminal Division and United States Attorney Donald W. Washington of the Western District of Louisiana announced today that a criminal information was filed in federal court in Lafayette, La., charging a former corporate official of USA Waste Services, Inc., and three other individuals with conspiracy to commit securities fraud involving insider trading.
USA Waste Services, Inc., was a Delaware corporation headquartered in Houston, Texas and was one of the largest integrated, nonhazardous solid waste companies in North America. In 1998 it acquired American Waste Services, Inc., and later merged and became known as Waste Management Inc. As charged in the information, William A. Rothrock, 50, former Senior Vice President and head of acquisitions at USA Waste Services, Inc., and a resident of Houston, Texas, routinely had access to confidential, non-public information about USA Waste's business acquisitions, including USA Waste's acquisition of American Waste Services, Inc.
According to the information, co-conspirators Logan L. Nichols, 54, a resident of Jennings, Louisiana; Glenn A. Oakes, 68, a resident of the state of Florida; and W. Gregory Orr, 47, a resident of Houston, Texas, fraudulently enriched themselves by obtaining thousands of dollars from the purchase and sale of stock based on the stolen, misappropriated nonpublic information they obtained from co-conspirator Rothrock.
The criminal information alleges that on Feb. 4 and 5, 1998, Rothrock misappropriated and stole material, nonpublic information about USA Waste's plans to acquire American Waste and disclosed that confidential information to co-conspirators Nichols, Oakes, and Orr prior to American Waste's Feb. 6, 1998, public announcement of its acquisition by USA Waste, Inc. Based on Rothrock's tip, Nichols, Oakes, and Orr purchased thousands of shares of American Waste and sold their shares afterwards, realizing profits of $179,850, $175,940, and $31,875 respectively.
"Those who exploit inside information for their own profit betray corporate investors and erode public confidence in the integrity of the marketplace," said Assistant Attorney General Michael Chertoff. "Working with the SEC, our continued vigorous prosecution of these and other corporate abuse cases is designed to sanction those individuals whose greed harms our capital markets."
This matter was referred to the Fraud Section, Criminal Division, United States Department of Justice by the U.S. Securities and Exchange Commission, which had previously settled a civil action against Rothrock, Nichols, Oakes, Orr, and others. That SEC action resulted in their consent to a permanent injunction enjoining each of them from further securities violations, civil money penalties, and disgorgement of trading profits. The investigation was conducted by the Federal Bureau of Investigations, Lafayette, Louisiana Resident Agency. The prosecution is being handled by Fraud Section Trial Attorney Adrian D. Mebane and Assistant United States Attorney John Luke Walker.
http://www.usdoj.gov/opa/pr/2003/February/03_crm_069.htm
Stephen L. Gordon has been a director of the Company since June 1998 and had been a director of American Waste Services, Inc. from April 1997 to June 1998. He has been a partner in the law firm of Beveridge & Diamond, P.C. since 1982. Mr. Gordon received his Bachelor of Arts degree from Rutgers University and his Doctor of Jurisprudence degree from the University of Pennsylvania.
AVALON HOLDINGS CORP filed this DEF 14A on 03/27/2003