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Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
WILLIAM C GERLIB
Indiana License Professional
License Number: 14000873A
City: WALKERTON
Profession: Health Facility Admin Board
http://professional-background.com/Indiana/Contractors/licenseNo/14000873A/detail.aspx
That is so wrong
2. the other factor that could affect the daily short figure is very interesting. if a sale is being initiated by the holder of restricted 144 stock, even though the owner of those shares is technically a long, the sale is listed as a short sale because the actual certificates are not yet "clean" via the transfer agent.
"Trades in certain classes of securities, such as Rule 144A securities, are reported to the ORF, but not disseminated. Non-disseminated securities will not be included in either the daily short sale volume file or the monthly short sale transaction file."
Why is the daily list not matching up with the bi-monthly short interest list for FFGO?
"Once the Daily Short Sale Volume File is made publicly available at the end of each trading day, FINRA notes that users of such data should not expect the daily and monthly data to reconcile because, among other things, monthly transaction data will include reporting through the end of FINRA transaction reporting hours that terminate as late as 8:00 p.m., while daily volume reports will only include volume reported during regular trading hours."
Because it only reports as of THAT day
I think a better way to look at it is
Dont depend on the bi-monthly short interest list only
Regarding the daily volume reports, I think Aduke said it best
They have meaning, Janice. It depends on how you view them. If you look at those numbers on some stocks that you trade yourself (so you know if it really was a buy or sell, not the fact that it was either at bid or ask), those numbers do give a rough insight as to what is going on. It is not an exact math, I agree. Kind of like "fuzzy math".
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=53339635&txt2find=fuzzy|math
I think it bodes well that EVDR had the best action today out of all the ones mentioned in the news
I just noticed hmm....
I have to say that you're on a serious roll now LOL
Keep 'em coming
Most likely the answer lies in the correlation between the voting rights of the preferred shares and what is considered a majority shareholder count
Ecoplus/Ecosolve
April 25, 2007
Parties Indicted in Pretreatment Case
in the Western District of North Carolina, a grand jury returned a 10 count indictment against Ecosolve, LLC; the company’s owner and president, Ralph Rogers, and operations manager, Thomas Forebush. This was in connection with the illegal pumping and disposal of grease traps into the sewer systems of Charlotte and surrounding communities. Charges include felony violations of the Clean Water Act, conspiracy, wire fraud, and false statements. Ecosolve operates a fleet of vacuum trucks that removes, transports, and disposes of grease trap waste from restaurants.
May 29, 2007
ECPL Converting Restaurant Waste to Alternative Fuel
EcoPlus Inc. (Pink Sheets: ECPL) recently contracted with O’Neal Inc. of Greenville, S.C. to perform a review of the systems associated with the EcoPlus Technology for converting restaurant waste to alternative fuel. O’Neal will add control features to the package and modify the system for higher throughputs and improved materials handling, especially for truck offloading, and will provide related piping and instrumentation diagrams.
Ralph Rogers – president of ECPL – noted in a press release, “A review of costs and delivery schedules are important given the rise in energy and the demand for raw materials for equipment fabrication. Additionally, discussions with potential purchasers have identified certain digital system configurations that will provide improved control over the process. We feel that the collaboration with O’Neal will yield significant benefits, and we have been impressed with their staff and their commitment to our project.”
October 11, 2007
Company President Pleads Guilty in CWA Case
in the Western District of North Carolina, Ralph Rogers, the owner and president of Ecosolve, pled guilty to one count of conspiracy to violate CWA. Indicted in April 2007, Rogers acknowledged that the company illegally disposed of grease trap waste into the sewer systems of Charlotte and surrounding communities. He agreed to serve 12 months home confinement, publish a public apology, and pay a fine to be determined by the court.
January 2, 2008
the company entered into an agreement with Ralph W. Rogers, former officer, which he assigned to Earthcare Consulting, LLC. He will serve as a technical consultant until December 31, 2012. The company is obligated to pay $891,347 of which $94,000 has been paid through the period ended April 30, 2010. The total scheduled payments for each of the years beginning January, 2008 and ending December, 2012 are $135,000, $151,470, $174,190, $200,319 and $230,368, respectively.
January 3, 2008
EcoPlus Inc. Announces the Resignation of Ralph W. Rogers
Ralph W. Rogers has resigned as CEO of EcoPlus Inc. (ECPL) and from the company's board of directors. Phillip J. Hicks, EcoPlus Inc. President, will assume the function and title of CEO and retain his role as President. The open board position will be filled in the near future. Rogers will serve EcoPlus in a technical consulting capacity. Hicks stated that "Ralph has a strong understanding of the EcoPlus process and will be an asset as the company progresses toward further commercialization of its renewable, waste-to-energy technology."
August 26, 2008
Ecosolve, employees sentenced for environmental violations
Charlotte company Ecosolve, its former president and a former employee have been sentenced in federal court for violating the Clean Water Act. The company’s former president, Ralph Rogers, was ordered to serve three years of probation, including 12 months in home confinement, and to pay $7,200 in fines. Thomas Forebush, a former employee, was ordered to serve 12 months and one day in jail. He will then be placed on supervised release for three years.
For the six months ended April 30, 2010
ECOPLUS, INC. & SUBSIDIARIES NOTE G—RELATED PARTY TRANSACTIONS
The Company’s technology is licensed to Ecosolve, LLC, a company with several minority owners who are also shareholders of EcoPlus, Inc. for the periods ended April 30, 2010 and 2009. Ecosolve, LLC had outstanding an Accounts Receivable with the Company in the amount of $411,007, which was added to the Loan Receivable outstanding in the amount of $1,151,064 for the year ended October 31, 2008 by the signing of an Uncommitted Line of Credit dated August 31, 2008. The credit line bears a 3.5% rate of interest per annum, and for the period ended April 30, 2010, the Loan Receivable outstanding was $1,599,748 and interest accrued but not received was $80,838.
The Company also pays small bills for an offshore corporation named Ninety-Nine Hauling Management Services, Ltd. It has no business reasons cited for this, but does represent there is no activity in the company.
International Business Companies Registry of Belize
Struck off 2010
Ibc number - 24832
ibc name - NINETY-NINE HAULING MANAGEMENT SERVICES, LTD
Another plant? Where is the first one?
If this was done in an attempt to acquire new positions and holding to possibly expand and build another plant.
RESTAURANT GREASE HAULERS SENTENCED FOR FELONY CLEAN WATER ACT
UNITED STATES ATTORNEY GRETCHEN C.F. SHAPPERT
WESTERN DISTRICT OF NORTH CAROLINA
FOR IMMEDIATE RELEASE
AUGUST 25, 2008
CHARLOTTE, NC - Ecosolve, LLC (Ecosolve), its President at the time of its crimes, Ralph Rogers, and a former employee, Thomas Forebush, were sentenced today in U.S. District Court for their intentional violations of the Clean Water Act. Previously sentenced were four other officials, Leanne Ingram, Tara Presson, James Branham, and Whit Gibson.
Ecosolve is a Charlotte company that is retained by restaurants and food outlets to remove, haul, pre-treat, and dispose of waste from grease traps. Instead, however, the defendants trained drivers to discharge waste back into customers’ grease traps and into the public sewer system instead of removing all of the waste and hauling it to the company’s pretreatment facility for processing and disposal. This activity was in violation of the Clean Water Act because the customers’ grease traps were not designated discharge points for such waste. Grease trap waste is a pollutant that, if not properly disposed of, can cause serious backups of the sewer system, at great expense to taxpayers. Ecosolve was ordered to pay $160,000 in fines – the maximum permitted by law for the charge to which it pleaded guilty – and to serve three years on probation that will include: permitting the government, without notice, to inspect its books and records, facilities, and equipment; abiding by an environmental compliance plan under supervision of the government; and self-reporting any violation or possible violation of any environmental law, regulation, ordinance, or other requirement.
Rogers was ordered to serve three years of probation, including 12 months in home confinement, and to pay $7,200 in fines. Forebush was ordered to serve 12 months and one day in jail. After serving his sentence, Forebush will be placed on supervised release for three years. The remaining defendants were sentenced previously. Presson and Ingram were ordered to serve 2 years on probation and pay $5,000 in fines; Branham was ordered to serve 1 year on probation and pay $5,000 in fines; and Gibson was ordered to serve 1 year on probation and pay $2,500 in fines.
In announcing the sentences, Gretchen C.F. Shappert, U.S. Attorney for the Western District of North Carolina, stated, “This case demonstrates that environmental criminals will be caught, prosecuted, and ordered to pay for their violations of the law.” Ivan Vikin, Acting Special Agent in Charge for EPA's Criminal Investigation Division in Atlanta, said, “The prosecution of those who illegally dispose of waste proves it does not pay to cut corners when dealing with the environment.” North Carolina Attorney General Roy Cooper stated, “Clean water is a vital resource for all North Carolinians. Our SBI environmental crimes investigators will continue to go after criminal polluters.”
The following agencies participated in the investigation of this case: U.S. Environmental Protection Agency Criminal Investigation Division, North Carolina State Bureau of Investigation, U.S. Postal Inspection Service, Charlotte-Mecklenburg Police Department, and U.S. Department of Transportation. The prosecution was handled for the government by Assistant United States Attorney Steven R. Kaufman, with assistance from the U.S. Environmental Protection Agency and the U.S. Department of Justice’s Environmental Crimes Section.
http://www.justice.gov/usao/ncw/press/ecosolvesent.html
GREASE HAULERS PLEAD GUILTY TO FELONY CLEAN WATER ACT VIOLATIONS
UNITED STATES ATTORNEY
GRETCHEN C.F. SHAPPERT
WESTERN DISTRICT OF NORTH CAROLINA
FOR IMMEDIATE RELEASE
DECEMBER 12, 2007
Ecosolve Company and Officials Admit to Mishandling of Local Restaurant Waste
CHARLOTTE, NC - Ecosolve, LLC (Ecosolve) and some of its officers and employees–the company’s president during the crime, Ralph Rogers; its Environmental Compliance Officer, Leanne Ingram; and four other company officials and employees, Thomas Edwin Forebush, Whit Gibson, James Branham, and Tara Presson--have entered guilty pleas in U.S. District Court in connection with their intentional violation of the Clean Water Act. Ecosolve LLC is a Charlotte company that is retained by restaurants and food outlets to remove, haul, pre-treat, and dispose of waste from grease traps.
Ecosolve entered its guilty plea on November 21, 2007, pursuant to a plea agreement in which it agreed to pay a $160,000 in fines – the maximum permitted by law for the charge to which it pleaded guilty – and to serve three years on probation that will include abiding by an environmental compliance plan under supervision of the government. Thomas Edwin Forebush, 38, of Stem, North Carolina, a former driver supervisor for Ecosolve, LLC, pled guilty on Tuesday, December 11 to one felony count of conspiracy to violate the Clean Water Act in connection with Ecosolve’s business of removing waste from grease traps of a number of local restaurants and other establishments. In his plea agreement, Forebush agreed to serve one year plus one day in jail to be followed by a three-year term of supervised release, and to pay full restitution, regardless of the resulting loss amount.
Ecosolve company officials trained drivers to discharge waste back into customers’ grease traps and into the public sewer system instead of removing all of the waste and hauling it to the company’s pretreatment facility for processing and disposal. This activity was in violation of the Clean Water Act because the customers’ grease traps were not designated discharge points for such waste. The company, Ecosolve, LLC, pled guilty to three counts of violating a Clean Water Act pretreatment requirement, and to making a false material statement regarding a matter regulated by the Clean Water Act. Defendants Rogers and Forebush pled guilty to conspiracy to violate the Clean Water Act. Defendants Branham, Gibson, Ingram, and Presson, pled guilty to having knowingly violated a Clean Water Act requirement imposed in a pretreatment program and approved by law. Grease trap waste is a pollutant that, if not properly disposed of, can cause serious backups of the sewer system, at great expense to taxpayers. More details about the facts of the case can be viewed at the following link: http://www.usdoj.gov/usao/ncw/press/ECOSOLVEFACTUALRESUME.pdf
Sentencing dates are yet to be determined by the court. In announcing the guilty pleas, Gretchen C.F. Shappert, U.S. Attorney for the Western District of North Carolina, stated, “This District takes an aggressive approach to environmental compliance cases. Every law, every regulation, and every permit has an important purpose, and we are pleased to have brought those involved in this case to justice. "This case is one of only a few successful federal felony prosecutions nationwide which has involved illegal mishandling of restaurant waste." "Ecosolve was expected to collect and dispose of grease trap waste properly and legally, a service they clearly did not provide," said Granta Nakayama, Assistant Administrator for EPA's Office of Enforcement and Compliance Assurance. "Companies and individuals that commit crimes that harm human health and the environment will be vigorously prosecuted."
The following agencies participated in the investigation of this case: U.S. Environmental Protection Agency Criminal Investigation Division, North Carolina State Bureau of Investigation, U.S. Postal Inspection Service, Charlotte-Mecklenburg Police Department, and U.S. Department of Transportation. The prosecution was handled for the government by Assistant United States Attorney Steven R. Kaufman, with assistance from the U.S. Environmental Protection Agency and the U.S. Department of Justice’s Environment Crimes Section.
http://www.justice.gov/usao/ncw/press/grease.html
EcoPlus Inc. & Subsidiares
As of April 30, 2010
CURRENT ASSETS
Cash and Cash Equivalents - $ 2,280
Other Current Assets - $ 167,857
Loan to Related Party - $ 1,599,748
TOTAL ASSETS - $ 1,769,885
Revenue Recognition
The Company’s revenue are derived from licensing fees for use of its patented technology.
RESULTS OF OPERATIONS
For the six months ended April 30, 2010 and 2009
Revenues were $21,000 and $42,000 for the six months ended April 30, 2010 and 2009, respectively. Revenues consisted of licensing charges to a related party, which as discuss in Note G, the Company has elected not to recognize additional revenues (billings) to this entity until additional information is gained concerning the certainty of the account.
NOTE G—RELATED PARTY TRANSACTIONS
The Company’s technology is licensed to Ecosolve, LLC, a company with several minority owners who are also shareholders of EcoPlus, Inc. for the periods ended April 30, 2010 and 2009.
Ecosolve, LLC had outstanding an Accounts Receivable with the Company in the amount of $411,007, which was added to the Loan Receivable outstanding in the amount of $1,151,064 for the year ended October 31, 2008 by the signing of an Uncommitted Line of Credit dated August 31, 2008. The credit line bears a 3.5% rate of interest per annum, and for the period ended April 30, 2010, the Loan Receivable outstanding was $1,599,748 and interest accrued but not received was $80,838.
As of the date of this report, the Company does not have adequate information as to the collectability of these outstanding balances. The Company has elected not to recognize further interest income, or licensing fees until additional information can be obtained.
Pursuant to a Letter of Intent, dated March, 24, 2008, the Company entered into an Asset Purchase Agreement, dated October 10, 2008, with Ecosolve, LLC along with a related property. As of the six months ended April 30, 2010 and 2009, the Company had incurred expenses in the amount of $1,049 and $27,043, respectively; primarily consisting of fees for legal counsel, license and organizational cost of a newly formed entity that was to acquire the assets of Ecosolve (See Note H). However, due to the Company’s inability to obtain the necessary financing for this acquisition, the Company, Ecosolve and the related party did not renew the purchase agreement for the property nor was the consummation of the Asset Purchase Agreement able to reach completion. One of the primary reasons for this inability to obtain funding was the overall economic condition of the finance markets for such a purchase.
Additionally, the Company owns 51% of EcoPlus West, LLC. This Company was formed to develop opportunities in the western United States on into the Pacific Rim. The Company also pays small bills for an offshore corporation named Ninety-Nine Hauling Management Services, Ltd. It has no business reasons cited for this, but does represent there is no activity in the company.
On January 2, 2008, the company entered into an agreement with Ralph W. Rogers, former officer, which he assigned to Earthcare Consulting, LLC. He will serve as a technical consultant until December 31, 2012. The company is obligated to pay $891,347 of which $94,000 has been paid through the period ended April 30, 2010. The total scheduled payments for each of the years beginning January, 2008 and ending December, 2012 are $135,000, $151,470, $174,190, $200,319 and $230,368, respectively.
Incredible
Justin Converse, chairman and CEO of Converse and Co.
issued a statement noting “I am excited about the continued progress towards production, and we have several industrial and utility customers that are equally excited about a viable renewable solid fuel option to co-fire in their coal units. The customer requests for the material far exceed the projected production capacities of the Berkeley facility.”
Where's the first one?
You know what, I'd rather have it this way
Its like ripping a band-aid off
I'm right behind you
It's toast
Wyoming = Unlimited AS
Thanks for the clearance Clarence
That gold is staying right where it is
It's worth more in the ground
Dear Valued Member,
SMPP is relatively new to SGI members but this super sub penny has not disappointed in what can be labeled a true roller coaster ride. SGI's initial alert came at .0005 just a few days ago and we saw shares dart up the chart to .0009 - members who traded this range added 80% in profits to their portfolios. While 80% is nice coin - we believe that triple digit gains can be squeezed out of SMPP.
Today we saw SMPP retrace back to the .0003 levels - we believe the retracement was caused by shorting by the Market Makers, profit taking and panic selling by the weak hands. All in all we believe that this retracement now enables the chart and technicals to reset and a move higher can materialize from these levels. We know that seeing red isn't ideal but sometimes you need to see red in order to make green.
In recent weeks SMPP has been on a PR blitz - these guys are determined to keep shareholders updated on how the company is progressing with its business plan. This is what you like to see from a company - transparency is key to building trust with shareholders as no one likes to be kept in the dark about ongoing business operations. When you invest in a company you expect to know what is happening and SMPP is transparent as ever.
The last PR gives us indication that more news flow is on the horizon and in the works as SMPP mentions that they are in the process of renewing 1,200 contracts with Camera Operators and Editors around the nation as well as receiving increased interest from prospective clients with an LOI in place for an engaging digital coupon component.
We could be getting a plethora of news from the company - from contracts, to more LOI's, to sales figures and revenue figures. Members need to watch the news wires closely as a PR can drop at any time. These bargain basement prices may not last as more and more traders / investors turn their attention to SMPP and its undervalued share price.
Members are urged to read the recent SMPP PR by visiting http://finance.yahoo.com/news/Strategic-Management-pz-3186366730.html?x=0
Remember as always, keep your emotional trading side in check and trade wisely.
Thank you for being a member of Skylab Global Investments.
I noticed something similar
six months ago
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From the iHub handbook:
The iBox
This is where the Board is introduced to other Users.
However; insofar as their Moderator privileges are concerned, it is not the Moderators’ role to promote bullish or bearish sentiment, to guide the "tone" of the content along any particular investment sentiment, or to favor one investment sentiment over another.
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IMO, refusing to create a useful iBox with basic information is a way of "promoting sentiment" and influencing how other users are introduced to the board. Unfortunately some go beyond subtle promotion and into the egregious by selectively choosing content that only bolsters a moderator's preferred viewpoint. Like this one for example: Axxess Pharma, Inc.(AXXE).
In a time perishable environment, this type of worm can be just as destructive as one in a post because it lives a lot longer. But like you said, it is what it is.
Great one post
I think your third point should be number one on the list.
3) As far as the viability of him getting anything done... this is a crap shoot…ie. Pink sheet stock. Anyone with illusions otherwise need to get out of trading these stocks. Telling me that he has a checkered past is pointless. If Brian was more successful, etc., we wouldn’t have been buying his stock at sub-penny level in the first place.
Awesome verb too
bloviate
blo·vi·ate /'blo?vi?e?t/ [bloh-vee-eyt]
–verb (used without object), -at·ed, -at·ing.
to speak pompously.
Word Origin & History
1857, Amer.Eng., a Midwestern word for "to talk aimlessly and boastingly; to indulge in 'high falutin'," according to Farmer (1890), who seems to have been the only British lexicographer to notice it. He says it was based on blow (v.) on the model of deviate , etc. It seems to have been felt as outdated slang already by late 19c. ("It was a leasure for him to hear the Doctor talk, or, as it was inelegantly expressed in the phrase of the period, 'bloviate....' " ["Overland Monthly," San Francisco, 1872, describing a scene from 1860]), but it enjoyed a revival early 1920s during the presidency of Warren G. Harding, who wrote a notoriously ornate and incomprehensible prose (e.e. cummings eulogized him as "The only man, woman or child who wrote a simple declarative sentence with seven grammatical errors") at which time the word took on its connection with political speech; it faded again thereafter, but, with its derivative, bloviation, it enjoyed a revival in the 2000 U.S. election season that continued through the era of blogging.
Warren G. Harding invented the word "normalcy," And the lesser-known "bloviate," meaning, one imagines, To spout, to spew aimless verbiage.
John Ashbery (b. 1927), U.S. poet, critic. "Qualm."
So the loan is with the court along with the escrow?
Thanks Captain
That's where I thought it was. Unfortunately it's the only one that charges a fee, $4.75 each search. I'm not going to try again because I spent enough money looking a bunch of times last month.
I can see your points
I don't think it's wrong to find like-minded people on a forum and putting some info out there for us to find. I just think he could tell us more about the whole frozen escrow situation and what he's doing with it.
He was very willing to reveal info about Mack's demands including exact money amounts, but not of the escrow, or more specifically, what happened to the rest of the money.
How about telling "Jim" what California Court it's in? I would love that.
http://www.courtinfo.ca.gov/courts/find.htm
He tells 'Jim' on a forum more information of what's going on with the Company than he tells his shareholders.
There's always a deal to be found.
btw it is easy for a somebody to be modest, but it is difficult to be modest when one is a nobody.
You can see them if you go to streamed TS&Q
Totally different.
This one has a patented process, the OK from the County Council, and a location for the plant where they pay $1 a year for the lease.
Oh, and the A/S is nowhere near 10B LOL.
Keep an eye on this area
This is where the plant will be built
Google Maps
Nice DD Here's some additional info
COMMITTEE ON WATER AND SANITATION
(Standing Committee of Berkeley County Council)
Mr. Steve Hively, Director of Operations, Berkeley County Water and Sanitation (BCWS), stated that… At this time, BCWS is receiving in excess of 2 million gallons of FOG at the treatment plant at a rate of 12-1/2 cents per gallon. This rate barely offsets the added expense of disposal.
The company is offering the County 1 cent in excess of 6 million gallons. The property is leased to the company for $1 per year.
Committee Member Fish inquired as the other companies that collect the FOG. Mr. Hively responded there are no companies in the region that collect the FOG. BCWS is the only company in South Carolina that currently receives FOG. Other wastewater treatment facilities have outlawed the disposal of FOG because of the maintenance issues. This agreement would remove the FOG from the wastewater treatment facility and provides a legal alternative to disposal of the FOG.
Committee Member Farley stated that the company may collect FOG outside of the Charleston area. Will the County receive any funds from FOG transported from other areas?
Mr. Hively replied that no funds would be received from FOG that are contracted specifically out of the area. Currently, FOG is received from Florida to West Virginia. Some of the larger facilities will contract haulers to transport the FOG to Berkeley County.
Committee Member Fish inquired as to the definition of the Charleston market.
Mr. Hively responded that BCWS is the only wastewater treatment facility in the tricounty area that will accept FOG. There is no legislation to limit the FOG to the tri-county area.
Committee Member Fish stated the contract should not limit the FOG to the tri-county area. The market area has already been established from Florida to West Virginia.
Mr. Hively stated BCWS has been established as a discharge point for several long haulers.
Committee Member Fish stated the contract excludes any FOG outside of the Charleston area. The County is already receiving FOG outside that area and should be compensated.
Mr. Hively stated that any contracts are excluded that are created with any out- of- area haulers other than those already established. If Carolina Renewable Energy enters into a contract with other out of area haulers, then the County would not be compensated.
According to the number of restaurants in the tri-county area, BCWS should be getting 5 million gallons of FOG per year. The current volume is 2 million. The remaining FOG is being released into sewer lines by improperly maintained grease traps. The grease trap ordinances need to be enforced in the tri-county area. Instead of inspecting the thousands of grease traps in the area, the haulers could be certified. The haulers would then dispose of the FOG at this facility. A restaurant would have a contract with a hauler to pump the FOG on a routine basis and would not be subject to a monthly inspection. This would solve a tri-county problem of FOG in the sewer lines.
http://www.berkeleycountysc.gov/aandm/2009/091109_wsc_m.pdf
Of course you're right LOL
http://www.sec.gov/rules/sro/finra/2010/34-62434.pdf
DAMASCUS, Md., July 6, 2010 (GLOBE NEWSWIRE) -- Syndication Inc. (Pink Sheets:SYNJ - News) reports that McCutcheon Marshall Jr., President and Chairman of the Board, 20% owner and principal architect of our Sentinel Renewable Energies S.C. (SRE.S.C. Inc.), bio-diesel manufacturing project, notified Syndication Inc., the Parent Company, that he wants to renegotiate the terms of his employment contract. The Board's of Syndication Inc. and SRE S.C. authorized the CEO, Brian Sorrentino to consider the terms of Mr. Marshall's proposal in an effort to craft a final employment arrangement.
Mr. Marshall Jr. started with the Company under the terms of his original employment agreement executed on May 19th, 2009 and has been the point man on the development of our bio-diesel manufacturing facility in South Carolina for SRE S.C. His office has been principally responsible for the overall development activities, time lines, strategies and key contract negotiations for SRE S.C., including introducing the company to Peter Katzburg whom under his watch, ultimately became the CFO for the project.
On Friday the 2nd of July a court of competent jurisdiction granted the Company's request to freeze an escrow account holding $592,000 of the Company's money that was to be used for interest expenses and various closing fees associated to a $5 million credit instrument.
The $5 million financing package was brought to the Company by Peter Katzburg, the CFO. He recommended, signed and promoted the arrangement to the Board of Directors. The international banking arrangement is being issued by HSBC Bank, London. Mr. Katzburg was solely responsible for personally endorsing, developing and aggressively encouraging the Board of Directors to agree to the transaction.
Later understanding of the transaction and for reasons related to the differences of interpretation on terms and functionality, the Company filed a request with the court to freeze the escrow account until such issues are decided by the court. It is the position of the Board that the decision of the Judge to grant our request is a testament to the legitimacy of our claims. It is the position of the Board that these issues should find a resolution in due time.
I think the subject at hand does include what happened to the rest of the escrow money.
There's no pre-market or afterhours in the pinks
There are three types of late reports.
Those with a time stamp within thirty seconds after closing are just normal delays
In this case the market makers may have conducted a trade within seconds of closing, but is delayed in reporting until after closing. This delay, which is permitted, is often misconstrued as manipulation.
And then we have those later than 30 seconds after closing. These trades fall into two categories and typically involve larger size lots
This is sometimes used by financial institutions that are non market makers to report larger transactions that actually occurred during market hours, but since they do not have access to the ACT (Automated Confirmation Transaction Service) use Form T to report. In essence, bypassing the MMs.
MMs are basically prohibited from these "Off Market transactions" These ”Off Market” trades are typically used by larger investors to buy larger lots at prearranged prices without risking driving the price upward or downward.
The second category involves so called “ex-clearing” lots. Certain transactions may clear and settle outside of the regular clearing system ("ex-clearing" transactions), where two dealers make an arrangement to settle trades between them outside the clearing system.
The process used to balance street side transactions depends on the type of comparison generated, and the settlement method for the particular trade.
Trades Comparison is accomplished in one of two ways:
1. Electronically through the use of an automated clearing house such as the NSCC. This the normal way
2. Manually via Ex-Clearing. Ex-Clearing is a manual comparison process that is performed by the brokerage firm’s Purchase and Sales Department. Unusual short coverings can end up settled this way.
Hope this helps
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