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Sounds like a plan if WC is agreeable. The question is not whether the SEC wants to look at this or not. You have to assume that their response will always be that they are understaffed and don't have time for this.
The key is to pressure your elected officials to put pressure on the SEC to look into this. Election time is coming. If all a politician has to do is make a call to gain a friend, it is a good deal for them. They will bend over backwards for the public at this point in the election cycle.
The timing is right. We need to act.
Wrong guy. The target is not FH. The target is the SEC. The goal is to annoy your Congressman and Senator and Attorney General enough that they call the SEC and demand that they do the investigation so they can get rid of us. Thankfully, elected officials are easy enough to annoy. You just have to try. You have to insist on a definitive answer and not take some BS for an answer. Demand names, email addresses and phone numbers. Demand dates for responses and, when appropriate, supervisors names. We pay our taxes. Now it's time for Uncle Sam to earn them.
A complaint filed a few months ago cannot possibly include information about corporate assets having been taken from shareholders. As of a couple of months ago, this hadn't happened yet.
It is important that we file current information so the SEC has a place to start. Whether they will, I can't say. I can say that I can be a real pest when I want to be.
My, aren't you a joy to deal with. Better yet. You seem to have the time to complain about the government. I wash my hands of this. You do it.
And by the way, the anecdotal incidences of voter fraud far exceed the actual occurrences. The Fox idiots would have you believe that in several large areas of Pennsylvania, not a single vote was cast for Mitt Romney in 2012. The same idiots neglected to mention that if this were so, the Republican Attorney General of PA would have been on it in a heartbeat. He wasn't because it doesn't exist. Just stories. No proof. Never happened.
I don't know how many years you have been in this country, but let me explain how the system works. Government works on procedures. There is a procedure for absolutely everything.
There are no guarantees in this world. With some exceptions. If you don't complete the paperwork to file a complaint with an organization like the SEC, the IRS, or any other civil law organization, then you are virtually assured that nothing will happen. That is a near guarantee.
If you want to start something in government, you have to fill out the paperwork. It is a long road and many paths lead to a conclusion we all will find most unsatisfactory. But without the paperwork, I freakin' guarantee you that you can b*tch all day, and no one, absolutely no one, may ever investigate. Fill out the paperwork, and there is a chance, however remote.
So for the last time, has anyone filed a formal complaint yet with the SEC? Same question for the NYS AG?
Sorry, wrong answer. This is the government we are dealing with. There is no right and wrong in government. They deal with procedures. No investigation begins until a story either hits the press or until the proper paperwork is filed.
So let's try this again. Has anyone filed a formal complaint with the SEC before I waste my time and do it again? Has anyone filed a formal complaint with the NYS AG? Calling is NOT the same as completing the formal paperwork.
Thanks.
Has anyone bothered yet to file a written complaint with the SEC and another with the NYS Attorney General? I called the SEC but they will not comment on whether a formal complaint has been previously submitted.
I am happy to submit a formal complaint with the SEC, but I would like to know if I am just duplicating someone's effort.
We are all going to be very lucky if this stock is above a penny a share 30 to 45 days from now. We were abused by FH and now we are going to be abused again by these new people. They owe us nothing and they will take what they want.
I predict they will install some turd of a company in this shell and then proceed to dilute the snot out of it while pumping to keep the stock price from falling too fast. Sub-penny, here we come. 12 cents left to go.
Unfortunately, the fat lady was part of the trade that left FH with our assets and us with a worthless shell. Unless FH pays her to sing, she works the 2nd shift on a grinding machine.
Optimism is such a dangerous commodity in the world of investing. It keeps people from cutting their losses and has them doubling up when things start to go bad. Optimism has been the cost of more investor losses than just about any other reason. It's one thing to take a flyer. That can be a calculated risk. It's another thing to hang in there and watch things go from bad to worse. To sub-penny.
And while I'm at it, I think I will take my own advice and dump my shares in the coming days. Time to recognize this loss while it's still double digits.
The fairy godmother of the 4th Reich isn't coming. She was a casualty of the previous Reich. She works next to the fat lady.
First you move to the top in the smartest moron contest by having only 167 shares. But then you go and move back down the scale by telling us that you still think the Easter Bunny is coming to your house and introduce you to the new shell owner. Then the shell owner is going to stick some offshore mini-IBM in the shell and the stock is going to zoom to $8/share. Think not.
Sorry, we are all morons for not looking harder at the guy running the place than the 'facts' that something was about to change for the better. We are still looking for the smartest moron, and I'm sorry, but you have disqualified yourself with the 'hope' comment.
There is no hope. This is a one way flight to maximum tax write-off. We have been had. Pure and simple. We got fleeced. And we share in the blame for not heeding the advice of people who warned us.
He who owns the least number of shares is the smartest of all the morons. I've got 1300. Not proud of it. But it's a fact.
Quite the contrary. It seems he tried to warn people not to invest in this POS. Don't blame the man because he was right. We are the morons for not listening to him and a few others.
If you want to blame someone, I can think of only two people. One is in your mirror. The other is our former CEO. Same holds for me and just about everyone else on the chatboard.
If anyone is still holding his breath waiting for the new owner to come forward, I strongly suggest you grow up. If the new owner hasn't appeared by now, chances are good and gettering better that he will never make himself known.
Ask for the certs and frame the shares. Put them up in the bathroom so you can see them while on the throne.
Let me first thank you for your effort in contacting FH and expressing an intelligent opinion about his alternatives. However, it strains credibility to think that the man's actions, or lack thereof, have not been calculated. He has an attorney. He has friends who may have invested in his business. Yet he has done the things he has done anyway. I can only dedcut that everything has been by design.
It is wishful thinking to believe this is going to work out for us without the press behind us. No one has stepped up as our new business owner as it is possibly some hedge fund operating out of some tax haven island staffed by a rented attorney and a bookkeeper.
It's a protest, not a tailgating party. Let's get serious here.
Are we doing beers or mixed drinks? Burgers or steaks? No wonder we can't get this together. We have no organization.
A smart trader would not be here. A smart trader would be no where near this flaming POS.
Everyone here is waiting for the mystery new owner to appear. Well guess what? He may never appear. The shell may remain a shell for years. No one will call. No one will issue a PR. No one will make a filing. It has been over a week already and no one has stepped up. How many more weeks need to go by before everyone comes to understand that the train doesn't stop here anymore.
The bad news is were orphans. The good news is our abusive dad is gone. Enjoy the moment. We may have another 5 years just like the last week.
You will excuse me if I don't share your recommendation. You've been a big booster of CTKH as it has fallen about 70+% in the last 4 weeks. Your track record is less than stellar.
Try ENRG but be prepared to hold for 6 months because it doesn't trade much.
I am totally amazed at the number of people who remain deluded into thinking that this is not a complete and utter disaster for shareholders. Some dreamers think that either FH or the new owners could give a rats axx about the shareholders because they wouldn't want a disgruntled base. That's what lawyers are for. And by the time they get through diluting us, any legal action will be throwing dollars after pennies. And we will lose.
We have no idea what we own any more. Some assume it is just a shell. Others think we still have half a company. This was a planned operation by two rapacious capitalists and their lawyers. Those bones have been picked clean.
If we can't get the media involved, then no one else will care. No AG, No SEC. Get this in the paper or TV and then you have a shot.
I hope you are right, but that 'farewell letter' was worded very carefully. And you know an attorney checked it first. If someone is really buying the entire company as is, then the farewell letter I would have written would have sounded very differently.
From FH's perspective, how is a sell out to another company going to provide him with an exit strategy? Not happening. He cut himself an insider deal. His deal and our deal are unlikely to be the same. I'll bet you'd like his deal. Not so sure you'll like the one we get.
What part did you not understand? Do you not know what a high water mark is or does the expression 'screw you shareholders, I'm out' throw you. Go back and read the farewell letter. It looks like the letter an arsonist would leave on the door of a building he just set fire to. And hold your breath waiting for the new owners to talk to you. Now you can't talk to FH, don't know who runs your company, and your not sure if the former CEO just walked off with all the worthwhile assets in a sweetheart deal for his shares.
But no problems. I'm sure it will all work out fine. This is the US. You have the SEC and FINRA to protect you.
My concern is the 0.0001 may be a high water mark that will soon be a pipe dream. If the FH memo is really a last 'Screw you, shareholders. I'm out.' memo, then this company will never see 0.0001 again. It will be lucky to hold 0.00001.
Homestead AFB is about 10 miles south of me. We had to go there in the days after Hurricane Andrew. Very nasty little storm. Category 5 - destroyed Homestead.
Speaking of devastation, I wonder which side of a dime this stock will be by 4 PM tonight. If you take FH at his word based on the letter he filed, then it will take several lawsuits and government agencies to undo the damage he has done. This stock is peanuts to the SEC and AG's. They won't touch it unless the case gets some serious publicity. Petty theft of this nature is just expected.
FBI won't touch it until the SEC calls them in for a criminal action. If we start now, that may happen some time in 2019.
The media is the answer. I live in South Florida. Our local DA is utterly incompetent. But when a case appears on the local news, then she's decides that she has to do something.
First, we have to piece together the facts. Then you present them to the local paper, the WSJ and the NYT. This isn't something that gets on TV unless the picket line gets organized with lots of clever signs. It takes some brain cells on both sides of the camera to make this story work. There's a void on both sides. Think rent-a-protester. I'm way too busy to fly to Poughkeepsie to attend a protest for my lousy 1300 shares. Of course, I could see my brother who lives there..
I agree with you about holding. By 9:32 tomorrow morning, this thing will be about 7 cents. Why bother selling? The risk/reward favors hanging on.
I have to believe that if this is as bad as I suspect it is, then a few well placed letters will get some government agency involved. CTKH is a POS worth almost nothing. The Feds or the NY State AG can chew up $2 million in CTKH legal fees on a simple investigation. It's all a matter of getting them motivated to investigate. If necessary, I pledge to do my part to see to it that every elected official representing me is aware of my formal complaint to multiple Federal agencies. I can be a major pain in the axx when motivated.
Bash Orange all you want. All I can say is he has made far more money by having no shares than anyone here has made by owning one or more shares. Come Monday morning, a dime will look like a stretch asking price.
I know how to read for meaning. That 'Dear Sucker' letter tells you that we've all been shafted. Those words he used were reviewed by an attorney. He didn't scribble something and post it like another chat board fool. He said what he meant and meant what he said. It's over Johnny. Dirt nap for CTKH.
He wouldn't sign that letter or any other letter without a large caliber gun held to his head. The man may be a con artist, but I assure you he is no idiot. To even suggest that he would do anything but hang up or burn any document sent to him that looked like that is simply absurd. I hope you weren't the least bit serious in suggesting it. This is something a junior high student might suggest.
If you are thinking that the $600K in cash means that there is a floor to the stock price, you had better think again. If FH is determined that no one but him see ANY benefit from that cash hoard, he will make it so. The SHs will be left with seven cents and a smiley face when FH passes into the great beyond or dissolves it, whichever comes first.
When companies have a real Board of Directors, then you can feel somewhat assured that cash won't be trashed just to spite you. No Board, elderly owner - you have zero assurances. He could run this company dry tomorrow and you would have no recourse.
That is why there is no floor on this stock price. We could see single digits. There is zero buying interest. As a non-reporting company, no one will ever find this company. It can sell below its cash value for decades.
Check that. 42 cents by 11 AM today. If I didn't own 1300 shares, I would think this is amusing.
The news is that you've been had. Might as well start deciding how low you are willing to ride this down before you admit that you screwed up and trusted DD on a penny stock. You have about 55 cents left to make your decision. Could be 42 cents by Friday.
Have a nice day.
I agree with you JaffaGate. Do nothing is the path of least resistance. That is most likely what he will do. He has a lot of practice at it and I suspect that is exactly what he will do - nothing and a lot of it for a long time.
The issue of dual registration is common. The company remains domiciled in Nevada. There are only two choices- Nevada or Delaware for virtually all public companies.
Then, you register as a 'foreign' corporation in the state(s) in which you operate a business. Why? I don't know. But many companies do this as a way of officially recognizing their status as a state based employer. There may be a legal requirement to do this. It may be that Cetek needs to register to obtain some sort of state benefit. But my guess is that is what you are seeing and why.
I take the totally opposite philosophy. Slow to anger, but once pushed over the line, an enemy to my very last day.
Which brings us to the topic of Cetek. The restated financial statement is all the proof I need that this is a clown show. These are amateurs playing a business game. Nothing good is likely to come out of this. I hope there's a pump and dump in the future, because I am out of here when the volume spikes.
Tell me you haven't spent hundreds of waking minutes wishing bad things of people and their businesses. I certainly have. I have put the curse of death on dozens of organizations, including Barclay's Bank, Chase Bank, and HSBC (I loath bankers and lawyers). I celebrate their failures, fines, bad press and management turmoil.
I understand those who feel wronged by FH. Their opinions are every bit as valid as anyone else's. In the end, they might just be right. This SOB may be everything they have claimed and more. He hasn't impressed me.
The few footnotes that are available indicate that depreciation is straight line. There is no mention of accelerated depreciation. (My background is finance, not accounting, so I may be a bit off here. But one should not expect to see accelerated depreciation on a company's GAAP books. Accelerated depreciation shows up on the company's tax books.)
Also note that the company wrote off $200K in intellectual property on 12/31/13.
Actually, the accountant I was thinking about was far more nefariously incompetent. He ran a small store front accounting firm. He did the annual audits for a major investment adviser who still has about 148 years left on his sentence.
I am not, in anyway, suggesting that something is incorrect, illegal or intentionally misleading. I am just reminded of this other fellow and his minor leaguer accountant when I see a public company working with a store front CPA. This is where companies earn some of their credibility. Spend the extra money and rent the reputation of a serious CPA firm. If the firm has a message to broadcast, a legit CPA firm amplifies the message.
Of course, if you have nothing to say, then never mind my entire posting. Anyone will do.
I expect the company will continue to trade in roughly the $1 to 60 cent range until something happens to indicate that the company has actual value. It is rare to find a public company with a positive story that chooses to say nothing. In fact, it is so rare that the company's silence is taken as a clear signal that there is no story here.
If more news comes out, then the stock moves. If it doesn't, the stock will trade roughly around the cash per share.
Finally, include me among those who are very unhappy with the financial presentation prepared by the accountant. He could have included some footnotes. Those footnotes could have told us who the consolidated entities were. He could have broken out the lease obligations. He could have told us a lot more about the company's COGS and SGA costs. He did none of this and we are all the worse off for it.
If she indicated that half the hires are replacements and half new positions, then HTI has done far less than we had expected in recent years. And of course, that isn't good.
But it makes the cash on the balance sheet all that much more curious. Not a lot of companies, especially companies that show negative retained earnings have almost half a year's sales in cash.
There is a piece of this puzzle that is missing. I don't know if it is an asset sale, another revenue source, or a stock sales that no one has found paperwork about. But something doesn't add up.
Totally agree with you, StockingUp. FH is obviously dealing through an attorney. If something is going to come out, he cannot say anything about it. Calling will do no good. It will just upset him for no benefit.
Give him until early May. If nothing happens at that point, then something can be done to put pressure on him as a fiduciary of a public company. Let's stay calm for the next ten days and let this play out. In any case, annoying him is not the answer. He knows this board exists. His hands may be tied and his mouth closed on advice of his attorney. If that is the case, there is nothing to be gained by calls.
Take a good look at the restrictions on the NY Tax Deal. My former employer wants to go to NY. We looked at the small print and we figure almost no one will qualify. They are making this out to be a big deal when, in fact, it is 99% PR and maybe 1% actual new jobs.
Last I looked, you need to be affiliated with a college to get the tax break. Now if Cetek is doing something with the huge chip program out of Albany, then maybe he can qualify. NYS has thrown a lot of resources into making the Albany area a chip design and manufacturing hot spot.
5.8 million which includes 1.1 million purchased this morning at .0002.