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Misread it. NP camper9.
Yeah, Charter is in debt but they have a multi-billionaire behind them plus access to the worlds capital markets and they have excellent cash flow. RDWG doesn't have any of those things.
But Charter is not the issue. They are just a part of the whole market place that RDWG is going head to head with.
To follow your point.....who is going to bail out RDWG and OneFi when they have a cash flow crunch which may already exist.
You simply don't know and thats a fact. But do what you want to KOP, its your money.
Well if you are comparing OneFi and RDWG to the Honda Corporation good luck with that. Honda had massive capital behind them to enter the auto field just as the competitors to your stock do. They have billions of dollars at their disposal. We are looking for another $120,000 for an additional 4% of OneFi.
What I am saying is you have a snowballs chance in hell of competing with billion dollars corporations like those I have given links to when your market cap is perhaps $500,000 if that. It is like going to the bank for a loan of $1 billion to finance your dream of building a 1,000 unit sub-division and your monthly income is $10,000mo and your total assets are $500,000. No possible way. That is why there is no venture capital money in this thing except for Travis Grimmlett. But carry on with your thinking and I think you will learn your lesson well over the next 12 months and longer. You must be
patient with your money however if you think it will all work out favorably.
Discussion of this stock in this manner is not bashing. I already said I don't think it is a SCAM and hold shares but not adding anymore.
I gave you a couple of updates from Claude Smith:
1. They are working on business other than the 3 contracts which are delayed.
2. They will update everyone in the month of October as to what is happening at IWS. Could be there will be something about the uplisting to go with it as part of the package.
What they do from here is up to them. Make your own decisions
and good luck.
The beat goes on. As I mentioned previously the cable providers will not stand idly by and let their business slip away. Although this particular model is slower than OneFi product it has DSL speed and more importantly it is free to
end users. I am currently paying $33 a month to Qwest for DSL connection. If Charter, my cable provider were to offer this
service free of charge like these folks did then I could cancel my DSL connection and save some money. There will be continuing massive changes in the WiFi/WiMax market in the days and months ahead. This is why I was saying that OneFi and RDWG is shooting at a moving target. You be the judge if they will be effective or not.
http://biz.yahoo.com/ap/080904/cablevision_wireless.html?.v=3
PS: OneFi and RDWG remind me of a couple of fawns in the bright lights as they cross the railroads tracks and an on-rushing train speeds their way. I have posted enough of a heads up on all this. Good luck people.
I grant you its possible but highly unlikely that Scottrade would bother with a sub-penny stock even if that was sometimes in their agenda. To my knowledge they have never been slapped by the SEC for such behavior.
And to some posters who wonder why my position concerning Newton changed but not as to IWS I can only say that the facts of what were hyped did not meet reality in the test of time.
Will hold and see what happens. Makes no sense to sell unless one thinks it is a SCAM which I don't. The market says it is a
.0005-.0003 stock right now. We may think it is undervalued and those with cash have an opportunity to average down and take their chances. I would buy if I could but alas I cannot.
We have discussed the other side of the coin in regards to Newton. Enough has been said about this. The fact remains that the PPS went down because cheap shares were available.
If someone was short ever in this stock I would imagin that they have covered or will cover and we might see a bounce.
Who knows with sub-penny stock dynamics?
We have got to ask ourselves WHY there are shares available which are sooooooooo cheap? The longs probably aren't selling.
That leaves us with Newton or perhaps one of the JV's or even
a Market Maker who cut a 504 deal. The TA is gagged so we can't see what the share structure is for the past 35 days or so.
I read an email provided by Claude Smith to an investor this morning (transmitted on 9-03-08 in the AM) in which he said,
that "the status of on-going operations would be updated during the month of October."
So, I am expecting no news from RCCH until that time based on
this communication. The good news is that Smith is talking to
investors again and he holds far more credibility than Newton does IMO.
Intel the $120billion market cap company is one of those involved with WiMax technology. This is a link to their view.
Obviously the technology is evolving rapidly. The key will be
what the big players decide to do. OneFi's claim to fame and fortune apparently rests on the proprietary software they have according to one poster. Ok fine. Do they have the financial muscle to compete? That is the question people should ask themselves and this is the reason why I say that Travis has bet on a fledgling undercapitalized upstart in OneFi. If it fails Travis has nothing but could seek to compete against the
WiMax service providers such as ClearWire and the others using
an OEM radio provider such as Alvarion or others.
http://blogs.intel.com/technology/2008/06/wimax_and_lte_our_view.php?cid=cim:ggl|wimax_us_lte|iDD5D|s
This link gives an overview of the WiMax Service providers but this report costs money. However some of the competitors are mentioned as well as trends in this business. Again, there are over 5,000 engineers working on Wimax technology spread across the major players.
This does remind me of an upstart car company which is seeking to sell their models against the likes of General Motors, Ford,
Toyota, Honda, Chrysler, etc. Can they ever sell anything and support it? That is the question people need to ask themselves when considering OneFi and especially RDWG.
http://www.reuters.com/article/pressRelease/idUS170817+31-Jan-2008+BW20080131
Top 10 Wireless Service providers in the USA. Note Clearwire is a private corporation whose CEO Chris McCaw is a billionaire. These are among the folks who Travis will be competing against but there are and will be many more:
http://www.bbwexchange.com/wireless_isp/
Good link DJ. This Russian company is moving quickly with
WiMax. This is the type of model which RDWG is seeking....long way to go however starting from scratch:
Russia's Largest WiMAX Operator Adds Broadband Wireless Coverage to 13 More Cities
9/1/08 - Enforta announces the expansion of wireless broadband services to an additional 13 cities, thus increasing the company's overall service area to 68 cities.
In September the company will launch operations in the cities of Armavir, Artem, Birobidzhan, Vanino, Dzerzhinsk, Zlatoust, Miass, Novorossiysk, Novotroitsk, Sochi, Sterlitamak, Syzran, and Ulan-Ude.
"Earlier this year we undertook the largest expansion initiative in the company's history, simultaneously launching 22 new cities," said Victor Ratnikov, Enforta's General Director. "The successful launch of those cities has allowed us to accelerate our geographical development beyond the original plans. We had previously announced expanding by 10 cities in the 4th quarter of 2008, but we are now fortunate to include 3 additional cites."
With the addition of the new service areas, Enforta expands its leadership as a broadband operator. The company operates the largest wireless broadband 'footprint' in Russia, servicing cities comprising 70% of Russia's urban population.
"The WiMAX technology continues to perform well and we are pleased with the subscriber growth," said Lee Sparkman, Enforta's President. "With this announcement we conclude our geographic deployments for 2008. We are now finalizing plans with our investors for an exciting 2009 that further leverages our 'first to market' leadership in wireless broadband services."
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Personally I like to invest in companies which I am willing to hold onto for up to a year or more if at all possible. I don't go with the MOMO crowd very often. I only have two penny stocks and will look for 30-50% and exit.
The 4's may be a way to make some money I don't know as I am not into that type of trading. But good luck. Looks like not alot of speculators lining up right now. The interest and the hype seems to have died off considerably after a fast and furious 6 weeks.
A masterful story stock to reach the level of .04 he spoke of as where it should be trading. I thought it was a good story in the beginning....with a 40% interest in what seemed to be a
cutting edge company in OneFi. Closer scrunity revealed they are just one of many players in a huge multi-billion market.
People just assumed RDWG had the 40% interest and that it was locked in for keeps. All the PR's have been about OneFi. Now we know that the 3 projects they have are freebies for beta-testing to establish credibility in the market place.
Travis promised to deliver them $1,200,000 in essentially what is venture capital money. Only problem was he didn't have the cash needed.
On his own front he looked to establish his own test site for demo purposes in Las Vegas to lure in major hotel chains and others. I question why he went to Mexico if he had such red
hot clients in Las Vegas as he claimed. It doesn't add up.
Perhaps he got something going in Mexico and perhaps he is
brokering something for OneFi. Anyway it is just speculation.
But all in all it was a good story and trapped many people initially who lost a great deal of money. OneFi is a gamble
but RDWG is even more of a gamble IMO. However, lets see what they come up with. Obviously Travis is not throwing in the towel yet if he is working on a new IR deal as he sorely needs someone to speak for him.
Actually mc6102 I see the 6% buy-in by RDWG as dead money. It will return nothing in the way of rev's for a long long time.
And if Travis does not have an anti-dilution clause in his contract he could see his 6% become 1% as they take in new money.
We don't have confirmation they actually bought the other 4% that was in question in the email from the CFO. I don't care enough to even ask.
People don't seem to have enough patience to wait this thing out from the looks of the trading on it. Little buyer interest and you have those nagging sales at the bid.
Looks like Travis's multi-milliom dollar gamble will not pay off as he envisioned. Well he threw a shell at it and at least $180,000. If he loses he always has his BBQ business.
He seemed like a decent guy to me only incredibly naive.
JJ is a very intelligent guy in his emails. His posts are often negative, more so than his comments. He is taking a wait and see attitude like the rest of us. I actually got in touch with him months ago to share DD because of his posts and maintained contact. He is brighter than you might think but
bash him if you will Twin Turbo. You have alot riding on this investment and I wish you well.
Ok ghcnj lets drop it shall we. We can agree to disagree.
Drive down the PPS from .0007 on Friday August 29th to .0005
today. LOL bag. I already disclosed I cannot buy any RCCH
shares like the others have been doing.
How many does Gene have? Last I checked about 2 billion he could dump from the A/S if he could find buyers. He is a busy man and was insulted when people asked him to drop it down to a more reasonable level.
How about that DILUTION SPACE SHIP thingy? People are buying the 5's and that is a good thing.
Excellent. Then I can count on my measly few shares being worth $5,000,000. I will make my plans now.
Please post to the world across all message boards at home and abroad that a $500 investment for a cool million shares will be worth $20,000,000. I don't think anyone is drinking this koolaid this week.
Buy up those 5's so we can get back to 6 and do some good instead of wasting my time.
Your opinion of my posts doesn't mean diddly to me ghcnj. You have failed to make any valid points in this discussion of the company other to repeat the mantra...."there are 3 weeks left it could happen any day". Remind me not to be in your platoon if they ever was a war.
Short RCCH from .02. Yeah I wished. It got too low to fast
to even consider such an option even if people in the USA could find a way to do it. If this was the case the penny market would not exist and 99% of these plays are just stories.
I happen to think this one has a real business in IWS. Otherwise I would bail completely.
Listen, an excellent rapport with a local broker in Portland isn't important in the bigger scheme of how Scottrade operates their business. To imply otherwise is just plain lame.
You contact Scottrade. I already filed complaints with the SEC and with Scottrade management about the buying restrictions some time ago and got nowhere. Your sound like a broken record talking about trivalities as usual.
Tell us about your $9.50 GTC order for your shares. That always plays with alot of credibility.
Grabbing at straws again ghcnj? Carry on. It says, "largest in their sector". Maybe he meant the billions in assets he once claimed in another email and that his stock was worth $3.50 per share. You want to see that one too or have you had enough for one day? Let me know.
You should be asking Twin Turbo he has alot more at stake than I do.
Yes, isn't it funny that I would hear that RCCH/IWS was the largest wastewater company in the world on the phone and then get this email from Mr. Newton?
Too funny. I got quite a few of this sort of thing back in the koolaid days. And BTW, I am still in touch with Newton
and have some additional emails after he was pissed at me.
Well Carl Ichan I am not but I do speak my mind on occasion:
To Martingale
From Gene Newton
Date April 26, 2008
We are considered the leader in the industry now. We have all parts of the puzzle. Lakeside, CPIC, NC Pinhurst, EPA NSF ETV and banking. And long hold investors. All we need is E-Trade out of our hair. Short lived I know. Here somethings you could post to put pressure on E-Trade Scott one in the same.
These are the jerks that are making a judgment call on us.
UPDATED BROKERAGE LIST THAT ALLOWS YOU TO TRADE RCCH ONLINE:
List of brokerages that DO NOT! RESTRICT online trading for RCCH:
TDAmeritrade (Newly added THANKS TO EVERYONE)!!!!
Wells Fargo
Bank of America
Fidelity
Mytradz.com
Schwab
Cortal Consors
Deutsche Bank
SBroker
Morgan Stanley
RBC Dain
Choicetrade
OptionsXPress
List of brokerages that make you call in buys for RCCH:
ETrade
ScotTrade
TD WATERHOUSE(Being a bad Candian Boy)
E*TRADE Financial
Picture of Don Layton
TO OUR CUSTOMERS
A MESSAGE FROM DON LAYTON
Loyal customers and dedicated employees are the bedrock of a strong company. After six weeks on the job as CEO, it is clear to me that E*TRADE has both. Thank you for your support.
Despite the continuing uncertainties our industry faces, I'm confident that we have the people and plans in place to accomplish our goals.
As we close the first quarter of the year, I want to share important information with you that I think you will find very reassuring.
The progress we have made to date is real.
* We have strengthened our capital position, increasing excess capital at E*TRADE Bank by 60% this quarter.
* We have enhanced our liquidity with strong cash flow, high cash reserves, and excess borrowing capacity.
* We have further reduced undue risk in the Bank balance sheet in large part by aggressively and expertly
managing our loan portfolio.
* We are simplifying and streamlining our operations, completely focusing efforts on our core retail business.
In terms of our core retail business...
* We are currently at an all-time record of 4.8 million E*TRADE accounts.
* Over the last quarter, over 300,000 gross new accounts were opened.
* Customer cash has increased by $1.3 billion in the last quarter for a total of $35 billion.
And most important, rest assured that your assets are protected at E*TRADE.
Despite our progress, we're acutely aware that current events and continuing market volatility have created anxiety for our customers. But, again, let me reassure you that your assets are safe at E*TRADE. All fully paid-for securities are 100% owned by you, and are protected. Please visit our website for more information on the four ways your assets are protected, including: SEC Customer Protection Rule, SIPC protection, FDIC insurance, and additional protection of up to $150 million per brokerage account.
I look forward to reporting more progress and more good news next quarter. We are determined to continue demonstrating to you the strength and value of E*TRADE.
Singature of Don Layton
Donald Layton
Chief Executive Officer
E*TRADE FINANCIAL
E-Trade CFO and general counsel resign
Friday April 25, 8:38 pm ET
By Jordan Robertson, AP Business Writer
E-Trade's CFO and general counsel resign in latest executive exodus from troubled firm
SAN JOSE, Calif. (AP) -- An executive exodus from troubled online brokerage E-Trade Financial Corp. is continuing, with the chief financial officer's and general counsel's departures announced Friday as the company grapples with massive losses stemming from its hemorrhaging mortgage business.
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The New York-based company said after the market closed that Chief Financial Officer Robert Simmons will resign on or before May 9, while General Counsel Arlen Gelbard's resignation was effective Tuesday.
The CFO slot will be filled by Matthew Audette, E-Trade's controller, while the company searches for a permanent replacement. The general counsel position will be filled on an "extended interim basis" by Russell Elmer, who served in that role for six years before leaving the company last year.
The company did not detail the reasons behind either executive's departure.
The resignations come just four months after Chief Executive Mitchell Caplan was forced out as Wall Street drove the company's stock down from around $25 a share in the summer of 2007 near $2 a share this year, while E-Trade teetered on the verge of bankruptcy.
Caplan left with $10.9 million in severance pay under the terms of his employment contract and was replaced on an interim basis by Chief Operating Officer R. Jarrett Lilien, who also has submitted his resignation.
The company's proxy filing from April 16 says Lilien's resignation will be effective on or before May 16.
Turmoil in the credit and real estate markets have hammered at E-Trade's finances, triggering huge losses, including $1.7 billion in the fourth quarter last year, and forcing the company to take a $2.55 billion cash infusion in November from hedge fund Citadel Investment Group to stay afloat amid chatter the company would be sold off or broken apart.
But there are signs the company is turning a corner, reining in the losses in its troubled mortgage portfolio despite ongoing distress in the housing market, and strengthening its core stock brokering business. It added 62,000 accounts in the first three months of the year, bringing its total to 4.8 million.
E-Trade shares rose 21 cents, or 5.5 percent, to close at $4 per share before the departures were announced. The stock fell 5 cents in after-hours trading Friday.
E-Trade chief financial officer and general counsel resign amid losses
(Canadian Press (delayed) Via Acquire Media NewsEdge) SAN JOSE, Calif. _ An executive exodus from troubled online brokerage E-Trade Financial Corp. is continuing, with the chief financial officer's and general counsel's departures announced Friday as the company grapples with massive losses stemming from its hemorrhaging mortgage business.
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The New York-based company said after the market closed that chief financial officer Robert Simmons will resign on or before May 9, while general counsel Arlen Gelbard's resignation was effective Tuesday.
The CFO slot will be filled by Matthew Audette, E-Trade's controller, while the company searches for a permanent replacement. The general counsel position will be filled on an ``extended interim basis'' by Russell Elmer, who served in that role for six years before leaving the company last year.
Find Solutions for Enterprises, SMBs & Service Providers at the INTERNET TELEPHONY Conference and EXPO West, September 16-18, 2008. Los Angeles, California.
Find Solutions for Enterprises, SMBs & Service Providers at the INTERNET TELEPHONY Conference and EXPO West, September 16-18, 2008. Los Angeles, California.
Find Solutions for Enterprises, SMBs & Service Providers at the INTERNET TELEPHONY Conference and EXPO West, September 16-18, 2008. Los Angeles, California.
Find Solutions for Enterprises, SMBs & Service Providers at the INTERNET TELEPHONY Conference and EXPO West, September 16-18, 2008. Los Angeles, California.
Find Solutions for Enterprises, SMBs & Service Providers at the INTERNET TELEPHONY Conference and EXPO West, September 16-18, 2008. Los Angeles, California.
Find Solutions for Enterprises, SMBs & Service Providers at the INTERNET TELEPHONY Conference and EXPO West, September 16-18, 2008. Los Angeles, California.
The company did not detail the reasons behind either executive's departure.
The resignations come just four months after chief executive Mitchell Caplan was forced out as Wall Street drove the company's stock down from around US$25 a share in the summer of 2007 near $2 a share this year, while E-Trade teetered on the verge of bankruptcy.
Caplan left with $10.9 million in severance pay under the terms of his employment contract and was replaced on an interim basis by chief operating officer R. Jarrett Lilien, who also has submitted his resignation.
The company's proxy filing from April 16 says Lilien's resignation will be effective on or before May 16.
Turmoil in the credit and real estate markets have hammered at E-Trade's finances, triggering huge losses, including $1.7 billion in the fourth quarter last year, and forcing the company to take a $2.55 billion cash infusion in November from hedge fund Citadel Investment Group to stay afloat amid chatter the company would be sold off or broken apart.
But there are signs the company is turning a corner, reining in the losses in its troubled mortgage portfolio despite ongoing distress in the housing market, and strengthening its core stock brokering business. It added 62,000 accounts in the first three months of the year, bringing its total to 4.8 million.
E-Trade shares rose 21 cents, or 5.5 per cent, to close at $4 per share before the departures were announced. The stock fell five cents in after-hours trading Friday.
Etrade is tecnically insolvent by looking at financials. Due to the amount of short term debt due this year, and the low levels of liquidity at this firm I don't know how they stay in business short of assets sales if there is anyone even interested in buying them. This is what I call a value trap.
E Trade Financial Corporation (ETFC)
A poster-child of the credit crisis, Etrade has fallen more than $20 over the past 6 months to touch a low near $2 this week. Not surprisingly, this comes amid bankruptcy chatter.
he Lesson From E*Trade
By Seth Jayson November 12, 2007
40 Recommendations
It's not much of a surprise that E*Trade (Nasdaq: ETFC) is the latest addition to the list of Wall Street firms choking on mortgage-backed dog food. What is incredible is that, unlike last week's sickened financials -- Citigroup (NYSE: C), Merrill Lynch (NYSE: MER), Morgan Stanley (NYSE: MS), and Wachovia (NYSE: WB) -- E*Trade is down nearly 60% on the news, and at least one analyst is giving odds on an impending bankruptcy.
Worse than the talking heads predicted
This is one reason why all those pundits out there -- otherwise smart guys like Ben Stein -- were so utterly wrong when they claimed that subprime problems wouldn't spread, would be no big deal. It's true that subprime lending is only a tiny portion of the economy, but it's also painfully apparent that subprime loans -- and let's toss in rotting Alt-A as well -- once minced, mixed, and spread around in collateralized debt obligations (CDOs), have the ability to contaminate a much larger asset pool. (E*Trade's worst-performing CDOs are second liens, which should come as no surprise, because as bubble-buyers begin to default, the first payments to go out the window are usually those for second loans.)
Securities backed by these rotting mortgages go so bad, so fast, because no one knows exactly how bad things are getting, or where the risk is hiding. Read E*Trade's press release on its CDO downgrades, writedowns, and crummy upcoming earnings. It notes that it has $50 million in "AAA" rated assets that have been rerated as "below investment grade." In other words, what were allegedly prime cuts have turned out to be low-grade Wall Street dog food.
An avalanche starts with a snowball
And it gets even worse, as E*Trade is showing us today. Many banks depend on trust in order to survive. If your depositors don't believe their money is safe, they'll yank it out. We don't see bank runs often on these shores. Countrywide Financial (NYSE: CFC) had a small one a couple months back. In the U.K., Northern Rock depositors desperate to get their money out helped put that lender on life support. Unfortunately, the same thing could happen to E*Trade.
As my colleague Rick Munarriz already pointed out, bank depositors are FDIC insured to $100,000, and brokerage customers have a half million-dollar cushion via SPIC. But with 50% of E*Trade's depositors reportedly carrying more than the FDIC limit, you can bet plenty of them will be moving money out. Ditto brokerage customers above the limit. But even those who carry balances at less than those marks (I'm one of them) may jump ship. It's very tough to be level-headed when it feels like your nest egg is at risk.
Foolish final thought
The shame of it is, E*Trade has a great trading platform for both cash and retirement accounts, along with very convenient savings and checking products. It's also one of the first to offer us regular Joes global trading capabilities. I really believe it's one of the best choices out there for consumers -- and I've tried nearly all the major discount brokerages. Unfortunately, being good wasn't good enough, and, in its quest for growth, E*Trade put far too much of its asset base into residential real estate loans or related derivatives -- at the top of a since-crumbled market. (Last Friday's 10-Q shows that, at current estimates of fair value, 72% of E*Trade's $16.6 billion in available-for-sale securities are mortgage-backed.)
Bad move. Terrible move. As E*Trade is finding out today, it only takes a little bit of badness to pollute an entire pool. Investors who think banks are cheap across the board would do well to remember how risks like these can reverberate.
Girard Gibbs LLP Announces Class Action Lawsuit Filed Against E TRADE Financial Corporation
Business Wire, April 2, 2008
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SAN FRANCISCO -- The law firm of Girard Gibbs LLP (http://www.girardgibbs.com) announces that it is has filed a class action lawsuit on behalf of persons who purchased Auction Rate Securities from E*TRADE Financial Corporation (Nasdaq: ETFC) and E*TRADE Securities LLC, between April 2, 2003 and February 13, 2008, inclusive (the "Class Period"), and who continued to hold such securities as of February 13, 2008.
The class action, captioned Oughtred v. E*TRADE Financial Corporation, et al., 08-cv-3295 (SHS), is pending in the United States District Court for the Southern District of New York. The class action is brought against E*TRADE Financial Corporation and its wholly-owned broker-dealer subsidiary, E*TRADE Securities LLC.
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The Complaint alleges that E*TRADE violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by deceiving investors about the investment characteristics of auction rate securities and the auction market in which these securities traded. Auction rate securities are either municipal or corporate debt securities or preferred stocks which pay interest at rates set at periodic "auctions." Auction rate securities generally have long-term maturities or no maturity dates.
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The Complaint alleges that, pursuant to uniform sales materials and top-down management directives, E*TRADE offered and sold auction rate securities to the public as highly liquid cash-management vehicles and as suitable alternatives to money market mutual funds. According to the Complaint, holders of auction rate securities sold by E*TRADE and other broker-dealers have been unable to liquidate their positions in these securities following the decision on February 13, 2008 of all major broker-dealers to "withdraw their support" for the periodic auctions at which the interest rates paid on auction rates securities are set.
The Complaint alleges that E*TRADE failed to disclose the following material facts about the auction rate securities it sold to the class: (1) the auction rate securities were not cash alternatives, like money market funds, but were instead, complex, long-term financial instruments with 30 year maturity dates, or longer; (2) the auction rate securities were only liquid at the time of sale because broker-dealers were artificially supporting and manipulating the auction rate market to maintain the appearance of liquidity and stability; (3) broker-dealers routinely intervened in auctions for their own benefit, to set rates and prevent all-hold auctions and failed auctions; and (4) E*TRADE continued to market auction rate securities as liquid investments after it had determined that broker dealers were likely to withdraw their support for the periodic auctions and that a "freeze" of the market for auction rate securities would result.
If you purchased or otherwise acquired Auction Rate Securities from E*TRADE between April 2, 2003 and February 13, 2008, and continued to hold such securities as of February 13, 2008, you may, no later than June 2, 2008, request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. To be appointed lead plaintiff, the Court must decide that your claim is typical of the claims of other class members, and that you will adequately represent the class. Your ability to share in any recovery is not affected by the decision whether or not to serve as a lead plaintiff. You may retain Girard Gibbs LLP, or other attorneys, to serve as your counsel in this action.
If you wish to discuss your rights as an investor in auction rate securities through E*TRADE or any other brokerage, please contact Girard Gibbs LLP toll-free at (866) 981-4800. A copy of the complaint is available from the Court, or can be viewed on Girard Gibbs LLP's website at: http://www.girardgibbs.com/auctionrate.html.
Girard Gibbs LLP is one of the nation's leading firms representing individual and institutional investors in securities fraud class actions and litigation to correct abusive corporate governance practices, breaches of fiduciary duty and proxy violations. For more information, please access the firm's web site, www.girardgibbs.com/auctionrate.html. To discuss this class action with us, please contact the following attorneys:
Daniel C. Girard (dcg@girardgibbs.com)
Jonathan K. Levine (jkl@girardgibbs.com)
Aaron M. Sheanin (ams@girardgibbs.com)
601 California Street, 14th Floor
San Francisco, CA 94108
Phone number: (866) 981-4800
Website: http://www.girardgibbs.com/auctionrate.html
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COUGHLIN STOIA GELLER RUDMAN & ROBBINS LLP FILES CLASS ACTION SUIT AGAINST E*TRADE FINANCIAL CORPORATION
New York – October 2, 2007 – Coughlin Stoia Geller Rudman & Robbins LLP ("Coughlin Stoia") (http://www.csgrr.com/cases/etrade/) today announced that a class action has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of the common stock of E*TRADE Financial Corporation ("E*TRADE" or the "Company") (NASDAQ: ETFC) between December 14, 2006 and September 25, 2007, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Exchange Act of 1934 (the "Exchange Act").
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Samuel H. Rudman or David A. Rosenfeld of Coughlin Stoia at 800/449-4900 or 619/231-1058, or via e-mail at djr@csgrr.com. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.csgrr.com/cases/etrade/. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges E*TRADE and certain of its officers and directors with violations of the Exchange Act. E*TRADE, through its subsidiaries, offers financial solutions to retail and institutional customers worldwide. In addition, the Company offers mortgage, home equity, and margin and credit card products; real estate loans; and various consumer loans, including recreational vehicle, marine, commercial, automobile, and credit card loans.
According to the complaint, during the Class Period, defendants issued materially false and misleading statements that misrepresented and failed to disclose: (a) that the Company was experiencing a rise in delinquency rates in its mortgage and home equity portfolios; (b) that the Company failed to timely record an impairment on its mortgage and home equity portfolios; (c) that the Company's securities portfolio, which includes assets backed by mortgages, was materially overvalued; and (d) that based on the foregoing, Defendants' positive statements about the Company's earnings and prospects were lacking in a reasonable basis at all times.
On September 17, 2007, the Company announced that it will exit the wholesale mortgage and it is revising its guidance for 2007, among other things. Upon this news, shares of the Company's stock fell $2.32 per share, or over 15%, over the next six trading days as the investing public digested the news.
Plaintiff seeks to recover damages on behalf of a Class consisting of all persons other than Defendants who purchased the common stock of E*TRADE between December 14, 2006 and September 25, 2007, inclusive, seeking to pursue remedies under the Exchange Act. The plaintiff is represented by Coughlin Stoia, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
Coughlin Stoia, a 180-lawyer firm with offices in San Diego, San Francisco, Los Angeles, New York, Boca Raton, Washington, D.C., Houston and Philadelphia, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations. Coughlin Stoia lawyers have been responsible for more than $45 billion in aggregate recoveries. The Coughlin Stoia Web site (http://www.csgrr.com) has more information about the firm. Contact: Coughlin Stoia Geller Rudman & Robbins LLP Samuel H. Rudman, 800-449-4900 David A. Rosenfeld djr@csgrr.com
Report: E-trade Financial
Category: Brokerage Companies
E-trade Financial Ripoff Someone dropped the ball at E*Trade, and now Im paying Arlington Virginia
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E-trade Financial
Phone: 703-703 236-8775
Fax:
671 North Glebe Road, 12th Floor
Arlington, Virginia, 22203
U.S.A.
Submitted: 5/15/2006 12:03:31 PM
Modified: 5/15/2006 12:04:00 PM
Reported By
Leon
kissimmee, Florida
I opened my e-trade account for some simply stock market investing with some money that I had to spare. I filled out all the information online and was aproved the same day for my account to start buying stocks. I gave them all my information of current residency and social security numbers and bank information to transfer money into my portfolio.
Next I bought a good amount of shares in two (undisclosed) companies that I felt was good stock. After trading for over a week, I log in to my account only to find that it has been put on a hold. I'm dazzled and confused how this could happen. My stocks are not accessible and when your stock account is on hold there is no way of selling or buying you stocks. One the companies in my portfolia during this time I desperatelly needed to sell because the stock was dropping.
E-trade explained to me after some horrible customer service on the phone, and waiting for hours for someone to explain me what was going on is that the address on my account did not match the address on my credit card report (equifax). This seems like a legit reason to close my account right? Wrong! only one credit card was registered on my credit report on my old home address. I have one mortgage, three credit cards and a car loan on my new address, which is the one I gave e-trade in the first place!
So I was told to fax e-trade my driver's license with my current address so they could remove the hold my stock account, which now both stock were dropping fast. I inmediatelly faxed them the information they needed, but yet managed to lose my fax with confidential information 3 times over a period of 10 days this problem has still not been fixed! Meanwhile my stock is dropping. and the managers and customer service reps cannot help me or they keep losing the fax I send them. I hold e-trade financial responisble for the loss of money I have incurred.
Thanks,
Leon
kissimmee, Florida
U.S.A.
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This site is not endorsed by E-Trade and has no affiliation with E-Trade Financial or any other related entities. These are the thoughts and opinions of the author and those who have submitted their stories. This website makes no guarantees. The official URL for E-Trade is www.etrade.com
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« Why E-Trade Financial Sucks! (My Story about E-Trade) Part 1 | Main | Why E-Trade Financial Sucks! (My Story about E-Trade) Part 3 »
March 28, 2008
Why E-Trade Financial Sucks! (My Story about E-Trade) Part 2
On 03/24/2008 I called customer service and waited more then and hour to speak with a supervisor. I finally got a supervisor named Francis Santiago on the phone. I explained my situation to E-Trade about the fact that I spent more then two hours on the phone and got hung up on the previous night. I requested a copy of the contract that E-Trade claims that I signed agreeing to these "Account Service Fees" as E-Trade claimed that I agreed to. I was told that a "Upper Level Manager" would need to review my situation. Francis Santiago promised that a Supervisor would call me the following day by 1:00 PM Pacific Time. He told me that if E-Trade was either going to provide me a copy of my agreement that was signed or they would reverse the "Account Service Fee" charges.
The next day I did not receive a call. I called at 4:00 and spoke with Francis again. He explained that although he promised a uppper level supervisor would call me back, that they are busy due to tax season and I was not a large enough priority. I told Francis that it is not OK to make promises that E-Trade will not keep. I told Francis that I had a copy of my contract that I signed that I could fax it in to be reviewed so I could get my money back. Francis said that without a doubt I would have a call back the following day from an upper level supervisor the following day and that without a doubt the situation will be wrapped up the following day (03/26/2008).
At this point E-Trade had wasted more then five hours of my time, I thought this situation was almost over, little did I know it was just about to begin.
To Be Continued...
Posted by Hayden Gerson on March 28, 2008 at 12:18 AM in General Info | Permalink
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On Sat, Apr 26, 2008 at 10:12 AM, <MARTINGALE wrote:
Did you find that CPIC was instrumental in helping you to sign the UK deal you just finalized? I hope your trip is going well.....you are really logging the air miles.
Best,
XXXX XXXXXX
--------------------------------------------------------------------------------
Need a new ride? Check out the largest site for U.S. used car listings at AOL Autos.
--
Gene Newton
Chairman, CEO
RCC Holdings, Corp
MGR Towers
8599 Haven Avenue
Suite 306
Rancho Cucamonga, California 91730
(909) 483-6500
I suppose it is legal to tarnish your own image coolwhip. If Newton chooses to do that, its up to him. We have all cut this guy way too much slack in the past and need to stand up for our rights and be heard. I didn't post the one email I had which really was over the top and laced with vulgarity
cause he apologized for it an hour later.
Scottrade is fine....PPS and dollar values in tact.
I just had an email from Claude Smith in response to an email I sent back on June 18th. He acknowledges that he is still working at IWS and in response to my question as to did they have any business besides the 3 contracts we know about. His one word response to that was...."yes".
So the main horse is still in the corral and that eases my mind somewhat. I have asked him if he can verify that IWS is a subsidiary of RCCH. I would like some confirmation of that.
Apologies Kramrer I want Newton to hear our message loud and clear if any have dissenting opinions as to the way he is running the operation.
Traveling around the world and spending our money doesn't cut it for me anymore. He has had ample time to do that in the past and he hasn't delivered squat. Claude Smith is the real work horse here not him. Smith is credible and a hard worker.
Newton is simply dilusional. He is an old man chasing a pot of gold at the end of the rainbow to fund his eventual retirement and anyone who thinks the share structure out in Florida for IWS is an accident well you are sadly mistaken.
It is no damn accident there are 550M shares out there. If we put enough heat on Newton we might get our fair share from it.
I am not concerned about the shares at ST being valid ghcnj.
If you are so worried about call your own broker to confirm that your shares are there. Why would your shares be any different than mine or TT or anyone else's for that matter.
I see the bid is hanging in there so the market is telling us this company has value. Good I would hate to see it go down to .0001 or something. That would be a tough hole to crawl out of and severely shake everyones confidence, even yours.
Well this was alot of hot air as it turned out. The big UK contract to be announced at the EPA Conference in Wash,DC was the issue here:
To Martingale
From Gene Newton
WE HAVE SIGNED FORMALLY.
SEVERAL OF THE COUNTY WILL BE AT THE MAY CONFERENCE AND THEY WILL ANNOUNCE TRY RELATIONSHIP WITH US.
WE ARE GEAR UP FOR THE CONFERENCE.
REMEMBER THIS IS THE LARGEST CONFERENCE IN THE WORLD.
WORLD LEADERS WILL BE THERE.
YOU NEVER UPSTAGE A POLITICAL LEADER
On Fri, Apr 25, 2008 at 10:19 AM, <MARTINGALE97504@aol.com> wrote:
That is great to hear gene. What has happened on this trip to the UK to give you this point of view?
Do you think you can sign a contract over there in the UK?
Best,
XXXX XXXXXX
--------------------------------------------------------------------------------
Need a new ride? Check out the largest site for U.S. used car listings at AOL Autos.
--
Gene Newton
Chairman, CEO
RCC Holdings, Corp
MGR Towers
8599 Haven Avenue
Suite 306
Rancho Cucamonga, California 91730
(909) 483-6500
More koolaid from Gene Newton back on April 23, 2008. No worries here Day Trade:
To Martingale
From Gene Newton
Atleast 8X's larger and growing
On Apr 23, 2008, at 11:21 AM, MARTINGALE97504@aol.com wrote:
You have been very busy in the last month since March when you announced the NC deal. What is your
take on events at RCC in the last 30 days?
Thanks for your insights.
All the best,
XXXX XXXXXXX
--------------------------------------------------------------------------------
Need a new ride? Check out the largest site for U.S. used car listings at AOL Autos.
I was trying to get him focused on releasing more contract info but at that time he was hung up on the NSS issue. Is Newton even a college grad? LOL
We have that.
Thanks , I need people that have had to wait for trade also any body that was told not to buy.
Have all the boiler plate needed people support.
Just trying to make the push so you guys can free trade.
I want to make this an investor problem not a wine that your hurting RCC
Because the true is there really hurting or investors.
Need copies of mirror trades my computer went down an I lost that information I had stored.
Show drop of stock on small trades but stock same price when big trades.
Anything
Thanks Gene
On Fri, Apr 11, 2008 at 6:55 AM, <MARTINGALE97504@xxxxx wrote:
You could order a NOBO list gene. That would tell you what is going on for a certainty.
Regards,
XXXX XXXXXX
------------------------------------------------------------------------------
--
Gene Newton
Chairman, CEO
RCC Holdings, Corp
MGR Towers
8599 Haven Avenue
Suite 306
Rancho Cucamonga, California 91730
Gene gives you credit Day Trade for a historical perspective...in this email from April 9th. He is on the job as you can see.
To Martingale
From Gene Newton
Who does this guy work for?
These are the type of guys that cost you money.
Posted by: DayTrade
In reply to: hypehunter who wrote msg# 12481 Date:4/9/2008 4:40:39 PM
Post #of 12483
; Wow, you make that claim everyday. Or, wait was that .10 to .70 that you where touting the other day. I bet you spent the whole 100 bucks at the ask so it would close on an up tick and not be flat on the day.
Gene Newton
Chairman, CEO
RCC Holdings, Corp
MGR Towers
8599 Haven Avenue
Suite 306
Rancho Cucamonga, California 91730
(909) 483-6500
********************************************************************************************************************* PLEASE NOT
=
Maybe his spell check wasn't working properly on the applications he filed. Just a guess.
A healthy dose of reality in stinky pinky land is good medicine you ought to try it once in a while. We could well be here into 2009 saying the next 30 days and we will be uplisted. Ok fine. Uplisted huh? How does that work?
You have confidence that Newton is going to do the right thing by shareholders. He tells you it is his money and he will do what he wants to. He neglected to mention that shareholders have pumped hundreds of thousands of dollars into his company.
Has he taken investors for a ride? Hell yes he has. Will you ever get off in one piece? Well you be the judge. You are buying more shares and have made your decision. Good luck.
If ST doesn't have my shares then you don't have any either
ghcnj. Did you get certs?
GM dumar. Your point is well taken and thats why I am so suspicious of the share structure as filed in Florida for IWS.
Gene's attitude is its "my money and I will do what I like".
That is probably the most honest thing he has said since I have been in this stock. He really should have just remained as a privately held company with that attitude. He is the dealer and holds all the cards and it is a marked deck.
Investors like IWS but we have a loose cannon with Gene Newton calling the shots. So far he has proven to be incompetent and
has driven the PPS down to unheard of new lows. People are losing thousands of dollars, we look at the MM's and the shorters as the cause but actually the buck stops w/Mr. Newton.
Is this all a house of cards? Well you be the judge. JMHO.
Look things started going wrong in April. See my post again on that email to Newton of May 23rd. I was concerned about
4 events taking place:
1. Witholding information
2. Continued dilution
3. Driving the price down to near zero (Was around .0025 then)
4. Making a tender offer for shares at near zero
Three of the four happened as it turned out. The last is anyones guess. So 75% of my fears were realized. Yeah, that would do something to a persons optimisim all right.
At that time we did not have the issue of a housing melt-down quite so front and center. That is another issue. We have had the unfortunate fall-out from that and contracts are now delayed. Will they EVER HAPPEN? Don't know. You can speculate on how well they will do going forward down the road in a year or two. My hope is things come together but if #4 above happens then it really won't matter. No one will have any shares left. I doubt he has the money to do a tender offer but you never know. Its pinky land and all these penny stocks are basically junk due to their lack of financing, selling stock, poor market penetration, product delays, bad management and other factors.
We all hope to find the 1 in a 100 that is successful and usually we don't no matter how much DD is done. It translates into losing money as we have here.