trying to survive in a crazy world
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Now that, I would believe.
Have Fun,
Still on the grays. Have not been able to get even a hint of information from anyone or anywhere since it went to the grays.
have fun,
My money says it is a couple of hundred dollar knock off. Phoney as he is. Just a thought.
Have fun,
what we need to understand it that megas does not have to understand anything. And lets face it, many here (not all) bought into what they already knew was a problem. They just hoped there would be a short squeeze. Surprise to us all. But seriously megas doesn't have to understand anything. He did nothing wrong, and he does not need us.
Hard pill to swallow, but thats the way it is.
Have fun,
wildbill, what we need to understand it that megas does not have to understand anything. And lets face it, many here (not all) bought into what they already knew was a problem. They just hoped there would be a short squeeze. Surprise to us all. But seriously megas doesn't have to understand anything. He did nothing wrong, and he does not need us.
Hard pill to swallow, but thats the way it is.
Have fun,
September 28, 2005
Bancorp Group to Resolve Counterfeit Share Dilemma
Ever since the Securities and Exchange Commission began looking into Bancorp International Group (OTC: BCIT), management believed it had cooperated fully with the SEC and believed such contact with the authorities would result in resolving the counterfeit share issue. Yet, President Thomas Megas is not sitting around because the SEC has been known to lack enforcement in this area. He announced that the company would be initiating a share certificate exchange for new shares that will have a new CUSIP number and ticker symbol. This comes after an August bombshell in which the company announced that many certificates floating in the market were purely counterfeit. With official share structure, confirmed by the company's transfer agent, Pacific Stock Transfer Company that includes a float of just 1,097,632 shares, shares could be on a tear once they re-open. At this point, barring a costly settlement from the brokerage houses for failing to deliver the proper shares or certificates, a large short squeeze like the penny market has never seen is in store. But for now, the shares remain halted and lips are sealed.
posted by Ant & Sons @ 9/28/2005 11:32:00 PM 3 comments
This keeps creeping up on lite vol. Why????
Perhaps there is some life left.
I have not been able to find anything on this company since suspension, seems like they just folded up.
Any thoughts????
Have Fun,
Lakers, So how do you really feel? LOL
Have Fun,
weebie, you mean like this one,,,,
Somebody needs to post a daily summary of what's happening....No way am I wading through 100's of posts to glean some info....lol....z
OT goodfish, more truth to that than most realize.
Have fun,
Joda, I think the most important part was "I can wait" certianly not 30 years. But I do think time is the main key and issue here. Yo are absoltely correct. e trade sold us something, at some point in time, they need to deliver, and will. But at this point all the screaming, crying, and threats in the world won't solve anything.
Patience, the key to many thingsin life.
Have Fun,
Bob, interesting idea. However, it wold reqire no less than
40 lawyers. WOW can yo imagine 40 of those sleezy varmits trying to agree on anything? I can't. In any case by the time they were done destroying anything worthwhile, there woldn't be anything left.
And I am very serious about the 40 of them part.
have fun,
Well, I think this will be a good time to go and play golf.
Have a great day all.
have fun,
Very true. Besides there isn't anything worth getting excited about, going on. Just a tremendous amount of speculation getting each other all worked up. And much of it by armchair lawyers, who may have good ideas, but don't understand the law or the system. Not worth the effort.
Only time will tell where we are going. and that will take time.
have fun,
Dusty, I sure can't speak for Megas nor attempt to read his mind. But his comment "Bancorp International Group Inc will shortly be making a further announcement relating to the procedure and process of the company's intention to recall and re-issue all of the company's share certificates."
Do you think he is referrinng to the approx 5mil "legitimate" shares floating around?
Or do you think he is reffering to any and all shares out there? March Indy/ BCIT Includeing hundreds of millions of fraudulant shares. Which are not his problem.
Have fun,
I thought those games and BS were reserved for the "RB" board, not here.
lakers, we have often disagreed, and sometimes agreed.
I always find it ammusing as to how people react to someone who has an opinion very different than their own. It is as if they feel threatened or insecure about their choices, and must lash out to protect their manhood.
I wish I could bottle all of the emthusiasm on this board, it is awesome. But I am amazed as to how few really realize the reality of what is happening right in front of them. The probability of a short squeeze went away when so many got their way. They cried and whined to the SEC, got them involved looking at every aspect of fraud, deceit, and inapropiate behavior on the part of the mm's and brokers. Not that were wrong, they were not. Those things were real and happened. But when they got their wish of bringing in the SEC, they have little clue as to the grinding halt they brought thos to. This will drag out for a very long time.
And as life would have it, it is funny (to me) to watch some of these people who one day are screaming at the top of their lungs about who to sue, how to do it, who to complain to ect ect. Only to turn right around and insult or verbally assualt people telling them to be calm. Sad part is I really think that they have allowed themselves to be put in a tight spot and fear is what is really driving them. So sad.
Don't missunderstand me, I have a bunch of this. Put i a sell order the night before the suspension, (did not execute) because something just did not feel right. While I may be up several hundred percent on paper, I fully expect to show a lose when all is said and done. Most of which I credit to the loud mouth immature traders who always think someone else is responsible for their problems. But either way I will roll with it.
I will say that I wish nothing but good luck to all of us. And nothing would give me more satisfaction than to wake up tommorow morning and find out i was completely wrong as we watched this run up even more. But I just don't think that is the real world at this point.
Fot tomorrow, I would suggest asprins and rolaids. LOL
Have fun,
Domerfan thats one walk I would gladly join.
have fun,
No rlangmaid, but I saw the one with Michael Douglas. the one where he goes nuts and has absolutely no patience, and just goes bezeerk. LOL
have fun,
Posted by: newair
In reply to: VABlue76 who wrote msg# 19639 Date:8/31/2005 4:53:07 PM
Post #of 24161
VABLUE, Like most if not all of us here, have not been through this exact same situation. But playing devils advocate for a moment, just how would increasing the outstanding contribute to a solution? Seems to me it would just further complicate an already existing problem.
Are you suggesting that the company would, could or should just increase the outstanding by enough to cover all of the fraudulent shares? What about equitable distribution.
If this stock was worth somewhere between .001 and .08 in the past, based on the exixting share structure, what would they be worth after such massive dillution? Not much.
To do so would put the holders of the original "legitimate" shares in a rather awkward position, why should they sacrafice such value, because of such a fraud be perpetrated upon them?
No I don't think we would ever see that happen.
No question there are a number of people scrambling at the moment. This is a problem which could very easily cost $25,000,000 or more to correct. And that is only based on a share price of .05. Far more than conservitive. The number could also easily exceed $100,000,000.00. We best all believe that every one of these folk behind closed doors is looking for a soulution, and for someone else to blame. No one wants to be exposed to that kind of a hit.
Now follow this all the way back to the source Carter care/ pinio. Even if he were held accountable and found to be financialy responsible, does any of us think that he could cover that kind of a loss? No, I don't think so. So next step, DTC. In their infinite wisdon and competence alowed this mess to come about. No they did not set out to defraud anyone. They did not conspire with the parties who did. But what they did do was to sign off on something that it would seem they "assumed" was ok. No DD on their part. Thats where some of their responsibility will come in. Lets see here, millions and millions of dollars of liability, versus a few million for attornies to drag it out and spread responsibility. Next comes the MM's who have sold countless millions of something they did not have to sell to begin with.
Poor smucks, did they get caught in the middle? Sure, but their greed kept them there. Thus it would seem that they have bitten into the liability pie. Last but not least we have the brokerages. Really no different than the MM's. They too have taken a big bite out of the responsibility pie.
Next problem, we know that as of Aug 1st Pr's had been released advising that a problem existed. that was the time for the red flags to go up. If some of these brokers were ever going to stop trading in this stock for a few days that would have been the time. But they did not. Instead they chose to continue to generate commisions.
It is no secret that the otc bb and pinks have been run by their own rules for a long time. Have bent the rules to suite themselves. and have on a number of occasions broken the back of a company to aviod having to cover a short position. They always seem to slip through the cracks. Look when the FBI and the SEC and the DTC were all made aware of what was going on. Took 30 days to respond?
WHY? No secert, I have never been a proponent of running to the SEC everytime I don't like the way a stock is trading or how a broker reacts. However I will say that this is one time when I really do believe that the respose from the SEC and suspension of trading today was as a direct result of numerous complaints from investors.
No excuse to slip this under the rug, they had to address it in an open format.
We can only hope that the SEC does envoke an open market buy in. That would lead to a swift and fair solution. However if that does not happen, and happen soon, I do see where this could be drug out for sometime. When this does resume, it will do so in all likelyhood do so on the GREYS. Not a good thing. This in my opinion has to be one of the biggest messes to come along in a long time. The really sad part is that people in general have no clue as to this rampant fraud in this arena. By the time they are done, this could or should be right up there with Worldcom or Enron.
What an ugly mess.
Good luck to all.
Have Fun,
Isn't that just wonderfull, now we feel the need to bother our CEO with the he said she said, and no one will tell me rutine.
Right about here is when communication and cooperation begin to fall apart. Hope thats not the case here, but why should this be any diferent.
Thanks for the reminder as to why myself and a few others only pop in and out for a few minutes, as opposed to sitting here all day.. Could possibly drive one nuts.
Have fun,
If they are going to be here, look for them in full force on Wed. no sense in them wasteing time before that.
have fun,
http://www.investopedia.com/terms/d/dtcc.asp
Hope this helps
Depository Trust & Clearing Corporation - DTCC
Established in 1999, the DTCC is a holding company consisting of 5 clearing corporations and 1 depository, making it the world's largest financial services corporation dealing in post trade transactions.
Owned by its principal users, the DTCC's function is to integrate the NSCC and DTC, streamlining clearing and depository transactions in attempts to reduce cost and increase capital efficiency.
http://www.investopedia.com/terms/d/dtc.asp
Depository Trust Company - DTC
One of the world's largest securities depositories, it holds in excess of $10 trillion worth of securities in custody. The DTC acts like a clearing house to settle trades in corporate and municipal securities.
DTC is owned by many companies in the financial industry, with the NYSE being one of its largest shareholders.
The Nitty-Gritty Of Executing A Trade - Ever wonder what happens behind-the-scenes when you buy or sell a stock? Read on and find out!
Have fun,
The Nitty-Gritty Of Executing A Trade - Ever wonder what happens behind-the-scenes when you buy or sell a stock? Read on and find out!
I would expect less than that. However if this is at .47 within a week of being traded again I will, well never mind. would not want that written down anywhere. LOL
But seriously .47 would be one hell of a gift, one I would be happy with.
have fun,
Take a look at GRYF. Suspended 7/27 resumed 8/10
Volume prior was excellent, charts lood good company seemed like typical pink pos. but traddeing was good.
after 8/10 what brokers? still on the greys, wants to die on the vine. Very different situation, in fact no comparison other than suspension. But believ e me, brokers have just a tiny bit of influence.
Only way this wins is a behind the doors settlement.
Have fun,
Pretty much sums it up.
have fun,
True, except for the fact that the devision would be far from equal. It would be about 4 MM's carrying the brunt of it. As for the brokers, I have no idea, but I would imagine that a few would carry most of the load.
have fun,
In reality, is BCIT really anything more than a shell as it sits today? I don't think so. Pretty hard (not imposible)for a shell to be BK. This was corp shell which Megas used to his convience. And had he not been ready to use it again, this fraud may still be going on. I really do not expect an open buy in. Far to many dollars at stake here. Believe me for the most part this will be worked out behind closed doors. with a little luck we will recieve a pittence for our time and trouble, and the mm's/brokers will smile and take a deep sigh of relief.
To many powerful dollars involved. they are not going to allow this to run to what could cost between $500,000,000.00
and a billion plus dollars. just isn't going to happen.
I look for a negociated buy back at .10 or less.
But as I said, I am anxiously awaiting the 15, just to see.
Arkait, there are really only two reasons to involve an attorney. 1. When all is said and done, you lose money, without having had an opportunity to at least recoup your origianal investment. 2 You are related to one.
I have been where you are at. Etrade was the first to suspend trading, and I sat on the side totally powerless just watching it free fall. So yes I do understand. In my case I was very fortunate, made a lot of money as a result of having to hold. Hope this is the same.
However I think you would find that as frustrateing as it my be, the only brokers to react properly were those who stopped trading early, as aresult of knowledge of a problem.
While it would seem that about the only time they pratice it, is when it is in their best interest. They do infact have a feduciary responsibility to protect their clients. Lets not kid each other, if we had lost everything, and found out after the fact that the brokers knew what was going on, and did nothing we would be mad as hell. And rightfully so.
Every darned broker out there should has suspended trading the moment they were advised by the
dtc that there was a problem. It is only my opinion, but I do believe that there are some MM's and brokers who believe, or at least think that they are above the law. Believe me, many a good little company has been broken behind MM manipulation. Only to prevent them from having to pay up. This time they found themselves in a slightly diferent position. They themselves had been the unknowing victems of fraud. And they played with it for months, trying to take advantage of the situation. It back fired.
So again to sue a broker for suspending tradeing, just an effort in futillity.
Good luck, and enjoy the ride.
Have fun,
Those expectations will get you every time. good luck.
Talk about BK. Why???? BCIT is not broke. They have been an unknowning instrament in an ongoing fraud. To some extent they too have been a victem of fruad as well. But the real intended victems have been the MM's, brokers, and us.
However if you were aware of the fact that we were looking at a potential short squeez as a result of what we knew to be fraudulent shares in the market, How the hell can you call yourself a victem?
Again, a little slower,,,How Can You Call Yourself A Victem?
If you had any knowledge at all, as to what was going on.
If you have been here for a while, you had knowledge. Probably why you bought to begin with. A little greedy and looking for an opportunity to make a better than average buck. Victem????
NOT.
Look, the mm's knew what was going on, thought they could get away with it. Wrong. LOL The broker had been informed. Thought they could get away with it, after all, the mm's are flooding the market. Wrong LOL And many, if not most of us knew what was going on. Just along for the ride. And if you did not know what was going on, honestly did not know. Then you have no business investing.
For Gods sake, we took a gamble, somewhat of a calculated risk.
We rolled the dice, AND THEY HAVE NOT EVEN STOPPED ROLLING YET, and so many whine. What a sad bunch.
Let the dice stop rolling, lets see what happens, afterall this is just part of the natural progression of the situation we bought into. Go have a drink, go hug your kids, but for crying out loud, quit worrying yourself to death. You wanted something to happen, it did. No let it finish.
And yes, I do own this stock. And yes, with just a bit of time, I do think (or hope) we will walk away with a profit. Yes, even those who were buying at .05 and .06.
Have fun,
Good morning all. Stopped by to say hi. Nothing we can really do at the moment. So will see you all again next week.
good luck to all, and have a great day.
Have Fun,
Shares have been referred to as counterfit, they are not. They are however fraudulent. In the absolute worst case senario imo will be E Trade having to refund my original investment. Again, I say worst case, IMO. I diod not have any dealing with Megas, the dtc, or any MM, nor anyone else. I did however purchase from my broker X amount of shares in a company. My broker in the long run will be held accountable for them. the fact that he sold fraudulent shares, while regretfull, is their problem. they in fact are the expert.
So at worst, I recoup my original investment. Now am I happy with that, of course not. But could be worse.
About the only thing to do at this point, is relax and pursue some other venture or hobby. This will come to a conclusion, just as soon as it does, and not a moment sooner.
have fun,
cabel, if you read the PR imediately before that one, you will see slightly different wording. Where as this says they are "close" to a deal. the previous one stated that they had a deal. Further more this was done by people other than Megas. Is part of the fraud situation, and isn't it interesting how he was trying to call for the return of any outstanding stock certs. LOL Guy hastesticles the size of beach balls.
Have fun,
OT thank you worked great. have fun,
Doubloon, thank you. tried to copy it and for some reason could not.
Here is a link to a statement from the DTC issued a couple of weeks ago. Well worth reading.
Found on RB posted by averageinvestor.
http://www.dtc.org/impNtc/ope/ope_8418.pdf
kruy, my point exactly. I for one happen to think he is anything but incompetent or lacking. Just as I said this may not be his most pressing issue at the moment. And no one really likes to hear that.
have fun,