trying to survive in a crazy world
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kruy, one possibilty if not probability.
Posted by: newair
In reply to: None Date:8/31/2005 12:26:24 PM
Post #of 19669
All of this talk about Megas. One thing to consider. As important as this may be to many of us, is it really that important to Megas? Perhaps, perhaps not. Do not forget that he is a rather wealthy gentleman with many business interests. And as a rsult, numerous time constraints.
And while yes this may be very important to him, on the scale of everything he is involved in, just where does it fit? I would tend to think that he is of the impression that time is on his side, and will resolve it as it comes.
Have Fun,
Thanks, Have fun,
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,
have fun,
Well time to find a hobby. It would seem that all we can do here has been done. Thus time to let it take its course. SEC will do their part and I would hope that we resume trading on schedule. Megas is doing his part, and would seem to have had some excellent imput, thanks in part to some of our posters here.
So what can we do? From every angle I have looked from, nothing. Just speculate, and toss senarios back and forth.
So I think it is time to find something productive to do.
Good luck to all of us, may we have an enjoyable and productive ride.
Have Fun,
All of this talk about Megas. One thing to consider. As important as this may be to many of us, is it really that important to Megas? Perhaps, perhaps not. Do not forget that he is a rather wealthy gentleman with many business interests. And as a rsult, numerous time constraints.
And while yes this may be very important to him, on the scale of everything he is involved in, just where does it fit? I would tend to think that he is of the impression that time is on his side, and will resolve it as it comes.
Have Fun,
Because unfortunately they do not understand what is going on here. Just jumped into something that sounded good. God only knows, I done it more than enough times. And am ahead of the game for it. But must remain calm and not emotional. But with a little luck, combined with calm and inteleget posts, perhaps they will gain a much better insight.
have fun,
Bax, what you have posted is probably correct.
However, it is also where the value comes in. Your broker, via a MM has sold you something which niether of them had to sell in the fist place. Shares being called in would be about the best thing that could happen. At that point, the mm's via the brokers have to rectify this situation. Thus the run up in price. They must at that point by from the open market in an attempt to cover. So while in one sense you may have been screwed, (as you put it) look at the bright side, you just may be in for a big kiss to go with it.
have fun,
bob41, I remember seeing a PR some time back, where I believe it would have been mario who was calling for all of the old shares to be returned and new ones issued. This guy has testicles the size of beach balls. and almost pulled it off. Who was he trying to fool, dtc, shareholders or who?
have fun,
Good night. talk to you latewr in the night.
have fun,
Thanks Lakers have fun
lakers your are correct, but I know that it must feel like talking to a wall sometimes.
This will come together as the pressure is put on the mm's.
One way which may endup being what happens is to recall all shares, and reissue under different name. That creates an accountability.
have fun,
Great idea, why don't you give her a call. She is a pleasure to deal with.
have Fun,
From: newairpjn@comcast.net [Add to Address Book] [View Source]
To: cindy@pacificstocktransfer.com
Subject: BCIT
Date: Tue, 30 Aug 2005 15:54:43 +0000
Good morning Cindy,
It is good to have you back on board here. I am sending an e mail as opposed to
a phone call for your convience. However if it is easier, you are welcome to
call me at xxxxxxxxxx
I am curious, in regard to BCIT, have all of the market makers been made aware
of the existing problems with fraudulent shares? And what is your companies
role in assisting to resolve this?
Thank you for your time and response.
Have Fun,
Pat XXXXXXX
From: "Cindy Sylvester" <cindy@pacificstocktransfer.com> [Add to Address Book] [View Source]
To: <newairpjn@comcast.net>
Subject: RE: BCIT
Date: Tue, 30 Aug 2005 16:03:43 +0000
Pat,
Mr. Megas, who is the President and CEO for the company, has been trying
to get trading to stop and pull the stock off the market. Unfortunately,
he is having a hard time. I know that some brokers have stopped trading
and Mr. Megas is trying to get it straightened out. It's going to take a
few weeks though. Our company's role is that we became the transfer
agent on Friday and have been trying to help shareholders understand
what has been happening and answer any questions for them. We have also
been instructed to give people Mr. Megas' email address if they have any
other questions. His email address is tpm14@hotmail.com.
Cindy Sylvester
500 E Warm Springs Road, Suite 240
Las Vegas, NV. 89119
(702) 361-3033
(702) 433-1979 fax
cindy@pacificstocktransfer.com
Sorry worng board.
From: newairpjn@comcast.net [Add to Address Book] [View Source]
To: cindy@pacificstocktransfer.com
Subject: BCIT
Date: Tue, 30 Aug 2005 15:54:43 +0000
Good morning Cindy,
It is good to have you back on board here. I am sending an e mail as opposed to
a phone call for your convience. However if it is easier, you are welcome to
call me at xxxxxxxxxx
I am curious, in regard to BCIT, have all of the market makers been made aware
of the existing problems with fraudulent shares? And what is your companies
role in assisting to resolve this?
Thank you for your time and response.
Have Fun,
Pat XXXXXXX
From: "Cindy Sylvester" <cindy@pacificstocktransfer.com> [Add to Address Book] [View Source]
To: <newairpjn@comcast.net>
Subject: RE: BCIT
Date: Tue, 30 Aug 2005 16:03:43 +0000
Pat,
Mr. Megas, who is the President and CEO for the company, has been trying
to get trading to stop and pull the stock off the market. Unfortunately,
he is having a hard time. I know that some brokers have stopped trading
and Mr. Megas is trying to get it straightened out. It's going to take a
few weeks though. Our company's role is that we became the transfer
agent on Friday and have been trying to help shareholders understand
what has been happening and answer any questions for them. We have also
been instructed to give people Mr. Megas' email address if they have any
other questions. His email address is tpm14@hotmail.com.
Cindy Sylvester
500 E Warm Springs Road, Suite 240
Las Vegas, NV. 89119
(702) 361-3033
(702) 433-1979 fax
cindy@pacificstocktransfer.com
Only 3 million traded so far today. Way to hold on. MM's are probably rather disappointed after yesterday. No doubt they were hopeing for a sell off. Their bad.
Hang in there.
Have Fun,
The next question might be, how many ways are there to deal with this, and what are they?
you need to remember that all of this squeezing and manipulation is all part of the process when MM's are being backed into a corner.
Believe it or not, most of what you are concerned about at the moment, is also what you wanted in order to ultimately run this up.
Enjoy the ride, enjoy the pressure on the mm's
have fun,
ljk you refer to a post at 10:20 pm. grow up.
and please, put me back on ignore
it was in reply to this message of your. didn't mean to make it so complicated.
<great! try RB, yahoo, adultfriendfinder/>
have fun
laughing my a$$ off
LMAO have fun,
OT Capt. thans for the seafood link on the other board. will be trying some soon.
have fun,
Capt. thanks for the link.
have fun,
Came around late. Bought a bunch just under .01, and a bunch more at .01. sold some at .02+ sold the rest at .10
put a smile on my face. No I am not greedy, and yes some made much more than I. I hope they were happy with there trades, and I now I was.
have fun,
Lets clear up some bull. Seems to be flowing, almost to a point of a stench.
All of the panic, accusations, and insinuendos of wrong doing on the part of the MM's or brokers, has been blown completely out of perportion.
First let me say to anyone who has bought this in the last few days, based purely on what you saw or thought you saw on verious boards, I empathise with you. But do not confuse that for sympathise. I will say that I do believe you will be just fine in the long run, and I do not think there is anything to worry about.
As for those of you who have bought through a broker who has suspended tradeing, well you do have my sympathy as well. Having been where you are at, in the past myself I do understand your frustration and anger. However I also understand that most of that stems from a feeling of complte powerlessness. You have absolutely no control of your money, your stock, or your choice, at the moment.
Last time I was there was GLKC, what a gift that turned out to be.
Now onto my main point. Why are you complaining?
Yes, seriously, why are you complaining?
There are only about two catogories to fall into.
1. You did absolutely no DD whatsoever. And had absolutely no idea what you were getting into.
For which there is no excuse, and no one to blame but yourself. Which can be difficult to do, at times.
Lets face it, even if you did no more that read these boards at any time during the last several weeks, you would have known the basic facts in regard to share shortage, fraudulent shares floating around, and day of reconing coming. If you had bothered to read any of the recent press releases that you would have also know that the CEO was addressing these issues, and was in fact the CEO who brought these problems to the attention of the SEC, DTC, FBI, and the MM responsible for most of this mess. Less than 10 minutes of looking would have answered many of your questions, and perhaps raised flags from which you may not have invested. But nothing has happened here after the fact. Nothing.
2. You knew what you were getting into, and why. A certian market maker sold countless millions of fraudulent shares into the market. I for one do not care why they did it. Just the fact that they did. Many if not most of us knew that the market was flooded with illegitmate shares, that is why we bought into this.
Old issue of risk v reward. In this case the odds are astronomical that we will win in the end.
Why, does not mater, the fact that this situation will have to be rectified in some manner does.
Brokers who stop tradeing this issue is just the tip of the ice berg. They stop for a very good reason. They do not want to get stuck any worse that they already are. Don't be surprised if a few more stop tradeing before we are done here. The second thing that happens has been seen here today, panic, anger, frustration, fear, illogical reaction. How many people who are tradeing through brokers whom have stopped tradeing will sell at the first opportunity the get. Just to at least feel safe. To many, the MM's win.
With any luck at all, we will soon see a feeding freenzy which will make many smile. Some will not, as they think of what could have been, if only they had not sold in panic.
No none of us has a crystal ball, and certianly do not know for a fact how this will play out. But if you have done any reasonable amount of DD, you certianley know and understand the risk v reward factor.
Now if you stop the panic, stop the crying, and threats of lawsuits, you just may realize a handsome profit, and lower blood pressure.
As for those who have already sold and realized a profit, in my opinion it is very simple. Are you satisfied or happy with the profit you realized? If the awnser is yes, then you have my congrats, afterall, a profit is why most of us come here. Myself, this time around, I think I will hold for more. Only because I do believe it is there. However you have my word no matter how this plays out, even if I lost every cent, you will not here me whine. Made what I consider to be a good decision, how it turns is out of my hands.
If you have managed to read this far, then let me thank you for takeing the time to endure some of my thoughts. and good luck to all. Yes eeven the few I have on iggy.
Have fun,
Hi Rock, was typeing and talking, good thing I wasn't trying to chew gum also.
Yes, that was my point, nothing but buys, and lots of them.
olny one sell, yet they sit on the ask and won't let it run a bit.
Have fun,
Unbelieveable one sell in the last 41 minutes.
and schwab sits.
Alas the tide begins to turn. My hats off to those who did and do not waste their time in a panic mode.
To those who like to panic and cry about the falling sky, remember one thing.
The very same problem you cry about, is the one major point that brought you here. Anyone who has bought shares in the last 3 weeks and did not know of the current situation, shoud give very serious thought as to wether or not tradeing pennies and pinks is really for you. May be better suieted in more stable enviorment. One where you don't have to cry about who to sue next.
For those still here, a bit of patience and calm will go a long ways. This is still only the beginning of the climb.
have Fun,
As you said read first. I said "IF" you wanted to buy.
As for God, normally I would agree, but I do think he is our only hope you folls like yourself. Hope you have your attorney on retainer, perhaps you can get a better deal.
Grow up little boy. Stop blameing others.
And if they did let you buy, and you lost all of our money, would you also be screaming class action suit?
some people just don't have a clue. May God help you.
so sills sell was filled at the ask? interesting
alpha trade not working right, anyone have an accurate L11? thanks
What fool wouldn't? Awesome machine.
Little shake on the way. Go get a coffee or something.
have fun,
BCIT MM's starting to disapear, squeez coming?????
Also where are doms, fran, hdsn, all missing along with etrd.
Might surprise us in the morning.
have fun,
I only see 12 MM's on this now. And Etrade is one of those who has dropped off. Yet they have been a major player as of late. Will be very interesting to see if they come bck to the table in the am.
If not, I would see this as a great sign. Soon we will find out.
Have Fun,
Joda, I was laughing so "DAMNED" hard it took five minutes to respond. that was great, and thanks, I sure needed it.
Have Fun,