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I hope I gave you enough time to read...
All it stated is that Goldman wanted to cheat by intentionally doing a FTD instead of paying to borrow shares.
A quick primer on what naked short selling is. First of all, short selling, which is a completely legal and often beneficial activity, is when an investor bets that the value of a stock will decline. You do this by first borrowing and then selling the stock at its current price; then, after the price drops, you go out, buy the same number of shares at the reduced price, and return the shares to your original lender. You then earn a profit on the difference between the original price and the new, lower price.
What matters here is the technical issue of how you borrow the stock. Typically, if you’re a hedge fund and you want to short a company, you go to some big-shot investment bank like Goldman or Morgan Stanley and place the order. They then go out into the world, find the shares of the stock you want to short, borrow them for you, then physically settle the trade later.
But sometimes it’s not easy to find those shares to borrow. Sometimes the shares are controlled by investors who might have no interest in lending them out. Sometimes there’s such scarcity of borrowable shares that banks/brokers like Goldman have to pay a fee just to borrow the stock.
These hard-to-borrow stocks, stocks that cost money to borrow, are called negative rebate stocks. In some cases, these negative rebate stocks cost so much just to borrow that a short-seller would need to see a real price drop of 35 percent in the stock just to break even. So how do you short a stock when you can’t find shares to borrow? Well, one solution is, you don’t even bother to borrow them. And then, when the trade is done, you don’t bother to deliver them. You just do the trade anyway without physically locating the stock.
You're saying that they do exist in non penny trash land? Like RCCH was when it started? Good to know!
So you agree ENSSFE exist?
It's what came to light because of the Overstock situation. Read some more and maybe you'll get it...
http://www.rollingstone.com/politics/blogs/taibblog/accidentally-released-and-incredibly-embarrassing-documents-show-how-goldman-et-al-engaged-in-naked-short-selling-20120515
I agree it's not ENSSFM. Hint: it's ENSSFE!
Just check out overstock.com for proof that ENSSFE exist.
http://www.overstock.com/naked-short-selling.html
I heard about new FINRA rules that are coming into play at the end of November. Could be interesting!
READ WHAT IS SAID:
OPEN LETTER TO ALL PERL SHAREHOLDERS
Dear Perla Group International, Inc Shareholders,
I write to you against the advice of the company’s lawyers and that of several state and federal law enforcement agencies. However, I feel compelled to write to you, the shareholders, in an effort address concerns raised directly and indirectly towards the company.
As many of you may are aware, the company, and myself have been under attack over the last few months. These attacks, by several unscrupulous and anonymous ‘cowards’ have been focused on destroying my reputation, and that of the company. It is our belief, and that of experts that they are driven by self-interest, as has been clearly detailed in the stock shorting activity stemming back over the last 6-12 months.
These ‘cowards’, operating under hidden aliases, and stolen identities have resorted to criminal activities including identity theft, slanderous and libel activities, bank account hacking, check fraud, mail fraud and other criminal activities currently being investigated by several law enforcement agencies. Furthermore, they have relentlessly contacted the company’s clients, suppliers, partners, shareholders, current and former staff members, as well as potential new clients with a goal to disseminate the slanderous material. Further compounding the situation is the fact that at least (two) international organizations, Google and i-Hub seem to be openly supporting this criminal activity.
I have been criticized by certain people for labeling these ‘cowards’ as Terrorists, and I maintain this. Over 2,500 shareholders, clients, staff members and families have all been directly affected by this activity. Having been involved in support of International war efforts, law and security enforcement efforts, as well as many mission critical projects and contracts, over the past 15 years, we have seen firsthand the effects of Terrorist activities.
The results of this campaign have been devastating to the company and shareholders alike. The loss of several multi-million dollar contracts and the share price at an all-time low are direct results.
The company is currently working with its advisers to determine the best course of action and direction with regards to the future of the company, and does not rule out any changes, being executive or otherwise that would look to ensure the future of its shareholders’ interests.
Make no mistake, we stand steadfast in our efforts to uncover the identity of these ‘cowards’ in an effort to bring them to justice under the full guidance of the law. I can share you that authorities are close to identifying the ring leader, and that others involved have already been identified thanks to court orders obtained in the USA, Middle East and Australia.
Should any shareholders have any information with regards to the identity of these ‘cowards’, we urge you to send this information directly to us at investor@perlagrp.com or contact your local law enforcement agencies.
I wish to take this opportunity to thank all my personal and company supporter’s for all your well wishes and concern.
We are down, but definitely not out.
Sincerely,
Charles D'Alberto
President and CEO
Thank you for your concern Dom. God bless you and good luck to you too.
to a point...
Not trying to be rude or anything, but in my opinion, RCCH's website is not telling you everything.
50 companies? I don't think RCCH has that many under its belt, but what do I know? I might just have "hope", but from what I have researched and from what I have read, I have formed my opinion.
jmo
I know a number of "deals" that you are referring to in your statement
You mean real deals like ALL the other ones of the past?
There are Phone numbers, Email Addresses a Business Addresses for the Sub's that RCCH owns.
Gene has real deals going on that help not only the business, but in turn help investors.
jmo
RCCH is building BUSINESSES and since Gene has no dirty hand in with Gendarme, there is no need to worry.
jmo
Seriously! Phone numbers, email addresses, business addresses. The businesses have them.
RCCH is doing SOMETHING and Gene is trying to help stockholders improve their portfolios.
jmo
That makes it easy ... BUYING will occur on RCCH. Investors have no other choice but to wait for just a while longer for the Chill to come off.
jmo
RCCH has Business Operations ... just Gene working overtime ... somewhere in California.
Gene working overtime, no need to wasted his time!
lolol
jmo
RCCH is actually DOING SOMETHING and the Chill Will Be Taken Off.
Since Gene is doing SOMETHING ... the Chill will not remain.
jmo
I hear ya! Patience runs thin here too, but I do believe that things will all come together at once and I don't think we will have to wait for the Gendarme trial to be finished before we see it.
Ducks are getting lined up and everything will be released at the same time once Gene pulls the trigger. Just hope he doesn't shoot the ducks, lol.
As far as how RCCH has treated shareholders, might be a "hindsight is 20/20" type of situation. It could be that not sharing information with the public is the best thing for shareholders. I can't say that for sure, but we will see.
Best of luck to you Castell!
Gene never said he was "jettisoning" all the other businesses. Gene said "jettisoning inefficient past efforts". That doesn't mean "all the other businesses" are jettisoned.
i do not have any toleration for deception and lies and deliberate evil.
Pete is loved by most longs of RCCH, I would think. Since longs of RCCH love Pete, and Gene loves Pete, Gene is doing what he can to help Pete out. Even if it means keeping his big mouth shut about RCCH! :) lol
I also agree that the lock/chill needs to be lifted. I also agree that there is still a pulse in RCCH and, in my opinion, that pulse seems to be getting stronger.
Admitting that RCCH has jettisoned past inefficient efforts would be hard for any CEO to do, but I am glad that he admitted it. (note that just the inefficient ones were jettisoned)
Giving us a PR, well website release,
Our company, directors, management and our sole subsidiary principals have realigned our priorities because a particular new acquisition has placed us in a superior cash flow position, with greater, more immediate expansion potential and growth opportunity, which will in turn allow us to parlay the other subsidiaries toward their true potential as well”, said RCC Holdings CEO, Gene Newton.
A successful man is one who can lay a firm foundation with the bricks others have thrown at him.
David Brinkley
SEEK:Warning you may make money on this stock,buy now!
Hmmmmmm.....
http://trinityenergygroupinc.com/
http://trinitypetroleumgroup.com/
Very similar... If it wasn't legit, why would RCCH give you a contact number to verify it?
Black Gold, Texas Tea, sounds good to me!
GO RCCH!
I am sure he will get a ton of calls just like others.
With RCCH being so secretive about other contact info, why would he purposely put up info so that people can make a contact?
We are ecstatic that the catalyst we have been waiting for has finally arrived and our various goals are now coming into clear focus
Business going on in the background? Can it be true?
"A long awaited catalyst acquisition"... That can't be bad...
"The culmination of countless years of business contacts and networking"... That can't be bad...
"We are ecstatic that the catalyst we have been waiting for has finally arrived"... That can't be bad...
"Our various goals are now coming into clear focus"... That can't be bad...
"jettisoning inefficient past efforts"... That can't be bad...
"Our company, directors, management and our sole subsidiary principals have realigned our priorities because a particular new acquisition has placed us in a superior cash flow position, with greater, more immediate expansion potential and growth opportunity, which will in turn allow us to parlay the other subsidiaries toward their true potential as well"
http://rccholdings.com/index.php/press-releases/94-rcc-holdings-corp-pink-sheets-rcch-announces-loi-for-new-acquisition-within-its-energy-platform-trinity-petroleum
$RCCH now making things happen? Go RCCH!
TheDirectory.com Revenue Surges 101% Compared to Prior Year as Company Erases Loss and Swings Back to Profits
For the six month period ending May 31, 2012 the Company generated total sales of $283,422 compared to sales of $141,304 for the same period of 2011 resulting in a year over year improvement of 101%. The Company generated net income of $77,270 for the six month period ending May 31st 2012 erasing a loss of ($130,319) for the same period during 2011.
$SEEK looking really good for such a young company! Go SEEK!
And up through the ground came a bubblin' crude.
Oil that is, black gold, Texas tea!
Go RCCH!
RCC Holdings, along with its sole subsidiaries proudly announces its “tour de force”: a long awaited catalyst acquisition, by agreeing to terms via an LOI, with Trinity Petroleum Group, LLC. (“Trinity”) which will develop and produce petroleum oil from a domestic oil field that has all permits and permissions in place, already has “oil on the ground” and rests on private land.
“Our relationship with Trinity represents the culmination of countless years of business contacts and networking. To say we are excited is an understatement. We are ecstatic that the catalyst we have been waiting for has finally arrived and our various goals are now coming into clear focus”
TheDirectory.com, Inc. (SEEK), an emerging leader in the vertical and Local search space, today announced that it will release its financial results for the first six months of 2012 after the market close on August 21st.
TheDirectory.com founder and CEO Scott Gallagher stated, "We're pleased to be reporting our financial results for the first half of 2012 and to resume our goal of becoming a fully-reporting SEC company. We're entering an exciting phase of our growth trend that requires us to become a fully-reporting SEC company. Our goal is still to complete this process during 2012."
Picked up my first block of shares today! Go PERL!
Thanks for the chart! PERL is looking good!
Oh, and for all of you talking about 316 shares @.50... Get it right. It was 319 shares @.5002 PER SHARE. LOL
Thank you for your reply.
So from what I gather form your response to
"....would the shorts have to cover?"
"IF RCCH had shorts (I know SHO doesn't reflect it) and RCCH went out of business, would the shorts have to cover?"
Rather, they just go dormant until the shell is sold or a new business plan emerges usually in conjunction with a reverse split.
It is worth noting that this point has been made several times in the past and yet the intentional misinformation continues. The question was specifically about going out of business, bankruptcy is exactly the opposite of going out of business. Pay attention to who is trying to mislead you.
Does anyone know whether or not if you are short on a stock and the company goes out of business if you would have to buy the stock back? For instance, IF RCCH had shorts (I know SHO doesn't reflect it) and RCCH went out of business, would the shorts have to cover?
Did you want them to add RCCH to their database?
http://stockcharts.com/help/doku.php?id=support:feedback:symbol_request