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Cheap enough.....good risk reward ratio for what you spent imo.....but like you said pps awaiting direction....hope we get it soon...GL
Agree....something's up...pennies as in plural (not just one).....think people are going to be pleasantly surprised soon.....also, imo, big lurch up when it does start to take off....going to catch people off guard....will be chasing
Good Morning!! I agree, big move coming for ITEN....I am locked and loaded and ready to strap in, lol
$$$ I T E N $$$
Maybe nothing until they've made their case against him. Or maybe he is working with them to get the situation resolved so the company can remain operational. Really it is anybody's guess for the moment.
Yes, I know. I was referencing the last line where it states management can temporarily appoint...unless it means management as in officers.... it just depends on what the bylaws and state allows I guess....
Excerpt from ehow.com. According to below management can temporarily appoint a director if it is in the bylaws. Isn't there still a sales officer left and a corporate secretary? Not sure of their exact titles. At the very least I would think the company's bylaws could be amended if need be to remain operational. I'm sure Ira is smart enough to think of a work around.
Who appoints the directors?
Directors are appointed in various ways, but almost universally are subject to a shareholder-wide vote, often held at a general shareholder meeting. In the meantime, should a vacancy on the board arise, some companies have bylaws that allow other directors to temporarily appoint a fellow director until a shareholder vote can be held. Potential directors can be nominated by directors, management, shareholders or a search committee formed by the shareholders for the purpose of finding directors for the board.
Well, then the crux of it really does come down to his being the majority shareholder. It is possible he would have to go to court but it might not be too involved if no one contests it.
Gotcha.
This is from small business.findlaw.com. If I am understanding this correctly, it is possible for Shapiro to be all three: a director, an officer, and a shareholder.
A typical corporation's structure consists of three main groups: directors, officers, and shareholders. The roles and responsibilities of these groups are described in more detail below.
Board of Directors
One of the first steps a new corporation will take is to name the members of its board of directors. Usually, directors are identified in the "articles of incorporation" and/or "bylaws" of the corporation, or are selected by the person who takes the initial step of incorporating the business (sometimes called the "incorporator"). Once the corporation is up and running, directors are typically elected by shareholders at annual meetings.
As suggested by its name, the board of directors "directs" the corporation's affairs and business path. The board of directors also has ultimate legal responsibility for the actions of the corporation and its subsidiaries, officers, employees, and agents. A corporate director's duties and responsibilities typically include:
Acting on behalf of the corporation and its best interests with an appropriate "duty of care" at all times;
Acting with loyalty to the corporation and its shareholders;
Participating in regular meetings of the board of directors;
Approving certain corporate activities and transactions -- including contracts and agreements; election of new corporate officers; asset purchases and sales, approval of new corporate policies; and more;
Amending the corporation's bylaws or articles of incorporation.
The number of directors serving on a corporation's board usually depends in part on the size of the business and its holdings, but this number is typically stated in the corporation's articles of incorporation and/or bylaws. A small corporation might have one director (who may also serve as the sole officer and shareholder), while a large corporation may have 10 or more people serving on its board of directors. For voting purposes, a corporation with more than one director should keep an odd number (3, 5, 7, etc.) of directors on its board.
Corporate Officers
The corporation's officers oversee the business's daily operations, and in their different roles they are given legal authority to act on the corporation's behalf in almost all lawful business-related activities. Officers are usually appointed by the corporation's board of directors, and while specific positions may vary from one corporation to another, typical corporate officers include:
Chief Executive Officer (CEO) or President. The CEO has ultimate responsibility for the corporation's activities, and signs off on contracts and other legally-binding action on behalf of the corporation. The CEO reports to the corporation's board of directors.
Chief Operating Officer (COO). Charged with managing the corporation's day-to-day affairs, the COO usually reports directly to the CEO.
Chief Financial Officer (CFO) or Treasurer. The CFO is responsible (directly or indirectly) for almost all of the corporation's financial matters.
Secretary. The corporation's Secretary is in charge of maintaining and keeping corporation's records, documents, and "minutes" from shareholder meetings.
Keep in mind that in smaller corporations, one person may serve as the business's sole director, officer, and shareholder.
Shareholders
A corporation's shareholders have an ownership interest in the company, by having money invested in the corporation. A "share" is an apportioned ownership interest in the corporation, and the value of a single share can range from less than a 1% interest in the corporation, to 100%.
When a corporation is first formed, its original owners are usually its first shareholders, and in smaller corporations these initial investors may remain the sole shareholders throughout the corporation's existence. A smaller corporation's few shareholders may consist of those involved in day-to-day business operations (as owners, managers or employees). Remember that in smaller corporations, one person may also serve as the business's sole director, officer, and shareholder.
I do believe this will provide a little holiday bank
$ $ $ I T E N $ $ $
Added some more today...GLTA
$$ITEN$$
Good Morning HJ
$ITEN
Wow, much better web site than the one they had.
Well, I bought some more yesterday at 0.001, lol....forgot I had a few GTC orders in two different accounts....just wondering if I should buy more....might be an excellent trade over the next few weeks.....as always with the pennies comes down to pure gambling and how strong a stomach do you have, lol
I'm with you HJ......I still have some hope....not over yet....still don't know what's going to happen....shoot they could drop another 8k next week saying they're bringing in someone and this POS could rally to 0.005 letting a lot of people out and with a profit to boot....gonna give it a little while as long as it trades....GL
Now you know why I was saying bankruptcy....the more I read that letter, something's not right there.....all bailing.....what was presented to her that she outright did not like and would not compromise on and then left a week later? Questions Questions
Yes......do you think Ira has a game plan? He must of had some kind of leeway that Ruth was quitting and they did get current and have been doing their filings...to me it seems they haven't totally given up
Thanks.....I just want it to keep trading
Well, traditionally not in a good position...usually common shares are cancelled, leaving shareholder with nothing...a write off against your taxes....BUT a bk has to wind it's way through the courts and in the meantime the stock continues to trade.....have been in and seen some great bk bounces....that is what I'm hoping for if this goes that way....but might not even be an issue.....hopefully get good news on some kind of plan and direction for the company
A company wouldn't even have to take on the debt.....Codesmart files for bk....an offer is made....codesmart reorganized under new entity and common shares cancelled....someone correct me if I'm wrong...I think that can be an option under bk
Reading her letter again, I would really like to know what the events of this past week were to trigger this....up until then it appeared as if everybody was trying to cope and move forward....i hope they can put something into place....they do have a product and a presence, seems a shame to waste all that
Some of those sound pretty good...thinking of playing some trips....as long as it doesn't get halted I can probably trade my way out of this....surprised there wasn't a big rout today....market seemed to take it pretty well.....I can't decide if that's ominous or not
No, I think she is saying Ira has 60% that's why she is tendering the resignation to him.....probably no one left to resign to....a shame
WTH?!!! Trips for sure but not sure I will be a buyer....way too risky now....are they finally going to update shareholders or just file bk and be done with it?
That certainly sounds promising. Hope it comes to pass. Kinda interesting how she referred to Ira and Sharon but not Diego....as if his coming back was truly only supposed to be short term. Thank you.
Per ihub, cut cable at one of the data centers....several hours to repair....will keep apprised...
Wow, a big 35,000 shares traded first 45 minutes of session.....be still my heart
Diego (or someone else) can come back as an consultant till things get totally squared away....might be in decent shape right now as far as knowing what they're looking at...
I got the sense that he was never there for the long term....hired to get the financial house in order and help strategize a plan to go forward...Ruth's baby now imo
I loaded yesterday because the stock has been exhibiting strong signs of a reversal imo....didn't want to miss the move....IF it dips down to 0.001 and below I will be adding to my position....GL
Could be. Might have been his compensation.
The only reason this stock closed down is because I loaded the sh!t out of it today....figures....lol
Good luck to all,
Mimi
Time for a short-term pop/flip imo
Yes, it is.....does this thing even trade anymore?
Good strategy.
They don't care about the flippers.....first priority is raising capital in order to conduct business, i.e. avoid bk....if they go into bk they would probably lose a lot of the partnerships they have with colleges, etc....very important for them to maintain, grow revenue....debt management will follow....in their mind they are looking out for shareholder interest.....imo
Retest today of the 52 week low, chances are another low will be made.....agree with your bottom prediction
Probably more.
Yes and yes.
Not buying till it's in the trips...don't know if that will be this year or next year but that's where I will be a buyer