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I don't see how warning those to seek legal advice after they have been sued for securities fraud needs a disclaimer. If you do, it makes me question your motives.
I think those who have persuasive opinions should place a disclaimer on thier posts for those less experienced, who may feel they can rely on message board opinions in lieu of legal counsel.
"FYI? i do happen to have a securities lawyer on retainer and have for some time... "
Good then, I am just telling others to do the same.
No this is wrong. THe shares held at a brokerage are not in the name of the shareholder. Again, I repeat to you all, most of the information on this board is bullshit. If named, you have been accused of securities fraud, a serious offense. Get an Attorney that specializes in security law before you do ANYTHING! Do not try to wing it.
WARINING..WARNING....
None of the brokerages have been named as defendants. I don't know where that info came from. I repeat, no brokerages are named, only individuals and trusts. You and yours. GET A SECURITIES ATTORNEY before doing anything else. Don't rely on the information posted on this message board. Most of it is bad advice and speculation. Anyone named in the suit has been accused of securities fraud, a serious accusation. BEWARE. Consult an attorney who specializes in securities law before taking any further action.
All Im saying is that this thing is tricky the way its set up and a lot of you on here are being real nonchalant and almost celebratory. I hear a lot of opinions that are absolutely worthless in this matter. Some may be getting the idea that they can wing it. I think an ounce of legal prevention here is worth a pound of cure. Be careful.
I would not advise anyone legally on this man. Everyone who is involved NEEDS an ATTY WHOSE SPECIALTY IS SECURITIES LAW. DO NOT ATTEMPT to handle this on your own. You who have received a summons have been accused of securities fraud, a very serious accusation. There are many legal landmines in this thing and while you are likely innnocent,you need to get legal help to avoid them. There is not any precedent out there of this type of case where a company sues its innocent shareholders. BEWARE and call your attorney before doing anything.
Irish, READ THE COMPLAINT for Gods sake.
Sorry but the suit says he is suing innocent shareholders too. Read the damn thing. That has raised some eyebrows around here. A suit by the corporation knowingly stating action against innocent shareholders in that corporation. Someone better have a damn good argument to answer my counter on that bullsh+t
Very close to my perspective and that of my attorneys right now. None of us are very amused by these legal shenanigans.
I am considering a countersuit as well. Dereliction of duty among other things.
Does anyone have any of the new shares yet in their account?
Anyone with BCIT in a Fidelity account?
They emailed me that
" These shares were declared non-transferable September 21, 2006.
Bancorp International is currently trading under the symbol BCIT (CUSIP 05968X205) effective November 7, 2006. Due to the nature of the 'non-transferability' of the shares you currently own, we can not transfer the shares to the new CUSIP- which would allow the trading of the security.
Since the shares can not be sold through its standing CUSIP, you may:
*Hold the shares in your account. If the CUSIP becomes transferable, we can move the CUSIP to the active CUSIP- which would allow you to trade it
*Request delivery of shares. This process takes an underwriter and may require additional steps be taken. Please reply to this email if you would like to further discuss this option.
*Transfer the shares to an organization which will transfer the CUSIP for you. To transfer the assets to another firm, please contact that broker and discuss the Bancorp security eligibility.
If you have any other questions or comments, please send us another message at any time. We appreciate your business.
Sincerely,
xxxxxxx
I understand everything but the part about the declaration on non transferability on Sept 21. What are they referring to there?
Sounds like one of dem stinky French cheeses.
And I would taunt em and mebbe their head would snap off and roll on the floor, like that saddam buddy they hung in Irack.
Yep he must be one of them Brokeback traders.
ThY BCIT shalt trade sayeth the Lord.
If I was the new one, I would spread the rumor that it was my most hated competitor and then let these ninnies have at em.
Yup, Kinky told me bout that a long time ago. Took that one out of rotation.
Ya'll all worryin about the number of shares. Where will they come from you yelp. How will they get mine? Wah wah.
The shares come from the owners at the price they are willing to sell them for. Usually that means the price might have to go up a tad to get the interest of those owners.
Since when does a stock trade on what the company's worth? LOL.
Yer whatiffin a bit over my head there pard.
Remember Ahm from Texas.
Yeah Dollars. Happened a lot in the late 90's. Don't see it as much anymore. Let er rip and short her to hell at the top. So MM start the buying to cover at the bottom, which is where it is now and will be upon initial trading and the race is on. Then the momo comes in as the daytraders take it up to the stratosphere and the MM start shorting at the top to recoup. This imo is the only way the MM's are going to get right side up in this one. So a hockey stick run to the moon is as good for them as it is for us.
A lot of those net stocks back then were no more a company than this one is. Trading sardines.
Really not as bad as you think. They don't care that much how much the stock goes up as they will short it at high levels to recoup. This of course is good for us. MM really don't need a cap, a high price can help them when they start legit shorting. I am thinking 6-10 is very possible.
Who is this Skye person?
You don't know jack. You are a defeatist. My opinion is that you are an enemy of the American way of life.
You're either in this one, or you're not. One of the few situations like this I have been in. Almost like being in an issue right before its taken public. I don't see how anyone can bash it. You can't buy it or sell it, so what's to bash? But soon, oh soon, we will see this play out. Only us in now will really get the true experience and maximum return.
It will happen soon. You bring worryin to a new level. Get yer panties out of a twist sweetie and have a little patience.
To all you lil girls frettin over your broker allowing you to trade your shares, guess what? You can move your shares to another broker that will trade BCIT. Problem solved. Quitcherwinin.
Im looking to expand my empire!!!!
Well, it has happened before. Short squeezes happen. Its on the record. Whether it will or not in this case remains to be seen. But it is very possible.
Hey there Art, I hope you have been well.
When we do sell, it will be treated as LT Capital Gains, making the wait worthwhile.
Hi all, Im back in time for the fireworks.
Well Megas better be getting his ducks in a row. SEC shuts her down and a half a mil shell flies out the winder.
Helps my blood pressure. Don't take it personally.
Sold all this morning.
When the dust settled we all realized what a stupid thing this was and sold. Only total morons keep posting about the gold at the end of the rainbow.
Only a bunch of monkeys could come up with a deal like this. I am so p.o'd it isn't funny. I was hoping to at least have a shot at a legit biz with my free shares. Another pink POS.