Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Kinda suggests the MM's are working for the big banks like JPM, eh?
Relax folks. This is nothing but a BIG SHAKE. That report has a big gaping hole in it, i.e., NO ASSET LIST (redacted?) and rest assured SS will be all over it. Add to this the high degree of probability that a deal was already struck in closed chambers (reference quotes, "it was good for equity, but they could have held out for more", and "it's all over"). This report is nothing but an attempt to wash JPM & FDIC of any wrongdoing (part of the settlement?) IMO. Also note the report cites WAMU was solvent when taken over.............another big hole SS is licking his chops over, I'm sure.
Start reading here:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=56172631
This actually makes some sense if you consider the potential devastating effect on the entire economy if JPM & FDIC loses. I have to believe that in any settlement, both sides would want to take this into account.
part of the settlement deal?
Asset list redacted??? In which case JMW will be able to see it? There HAS to be an asset list IMO. IF not, the report is meaningless and will crumble. No foundation.
Examining the SEC's Role In Returning Funds to Investors
Interesting read.
http://www.bingham.com/Media.aspx?MediaID=10251
Yes, you're right. I didn't see that was a direct quote from the 8-K. My humble apologies.
However, I still stand behind my original comment regarding the SEC looking into this potential "conflict of interest" stated in the 8-K. Granted, there is plenty of legalese written in these 2 paragraphs, but the part about,
"Kenneth Stead is the CEO and a member of the Company’s board of directors. In addition, Mr. Stead is the President, a member of the board of directors and a controlling shareholder of KATX. The price paid by the Company and the other terms of the Agreement providing for the Acquisition of the Property was determined solely by Mr. Stead based upon his belief of the fair value of the Property."
...just begs for investigation. Nonetheless, I truely believe Ken laid it all out on the line and that we will eventually get our distribution, once the SEC is made whole about it. Think of it like dealing with the IRS. If you claimed a BIG tax exemption, something out of the ordinary, and didn't provide ALL the necessary documentation to back it up, even though you were entitled to the claim, you will probably be put on the bottom of the pile to be sorted out at a later date. The IRS, like the SEC, prioritizes the 'applications' and will process the easy ones first rather then allow a single clog to jam up the system. How many times have you had to wait for that refund check from the IRS...............and how long did you have to wait??? This is what I believe may have happened. BUT, NOT TO WORRY, WE WILL GET OUR DISTRIBUTION! "WE VERY GOOD"!
http://www.sec.gov/Archives/edgar/data/1412126/000093041310005282/c63156_8ka.htm
IMO, I think you crossed the line with that comment. That's not his character. I choose to believe Ken was just being brutally up front and honest when drafting this 8-K report.
Hope you're right, but the term conflict of interest is bound to catch the eye of the SEC, IF they're doing their job.
This may be the reason for the delay in share distribution. I think it is reasonable to assume the SEC is looking into this:
Kenneth Stead, the Company’s CEO, may have faced a conflict of interest in connection with the Acquisition; the purchase price may not accurately have reflected the value of the Property. Kenneth Stead is the CEO and a member of the Company’s board of directors. In addition, Mr. Stead is the President, a member of the board of directors and a controlling shareholder of KATX. The price paid by the Company and the other terms of the Agreement providing for the Acquisition of the Property was determined solely by Mr. Stead based upon his belief of the fair value of the Property. There was no fairness opinion issued, nor was
- 20 -
--------------------------------------------------------------------------------
there a special committee of independent directors formed to evaluate the fairness of the transaction, whether to or on behalf of the shareholders of either KATX or the Company. Because Mr. Stead acted and negotiated on behalf of both entities, you must rely on his ability to put aside any conflict of interest he may have had, his independent judgment of the value of the Property as well as on his belief of the fair value of the Handcamp Shares. As a result, there can be no assurance that the Acquisition was fair to either the Company or KATX and/or their respective shareholders.
The Company’s relationship with KATX may lead to a conflict of interest for the Company’s management
KATX owns approximately 98% of the shares of Common Stock of the Company; as a result, KATX exercises virtually complete control of the Company. In addition, there are significant similarities between the two entities’ businesses. If a conflict between the best interests of KATX and the Company should arise, KATX would be able to determine the outcome of any such conflict without regard to the best interests of the Company’s minority shareholders. For example, KATX is the Company’s principal source of the capital contributions that are needed to develop the Property; if KATX were unable to generate sufficient cash flow, it would be unlikely to maintain its policy of advancing capital to the Company; such an event would have a material and adverse effect on the Company’s business and financial condition.
In addition, the identity of the members of the two entities’ board of directors and their management is very similar. In the event of any conflict, therefore, there would be few if any individuals other than the Company’s chief financial officer available to speak for the interests of the Company whose interests were not also aligned with those of KATX, which may lead those individuals to favor the best interests of KATX to the detriment of the Company and its shareholders. In addition, the shareholder base of KATX is much more extensive than that of the Company; to the extent that the individuals comprising the members of the board of directors of the two entities face a conflict of interest between KATX and the Company, such individuals may view their fiduciary duty to the shareholders of KATX to be more compelling than the duty that the Company owes to KATX and the holders of approximately 2% of its shares of Common Stock not held by KATX. Consequently, there can be no assurance that the members of the Company’s board of directors and management would act in the best interests of the Company and its shareholders.
http://www.sec.gov/Archives/edgar/data/1412126/000093041310005282/c63156_8ka.htm
Brilliant Holmes, absolutely brilliant!!!
Cheers to you ole chap!
"KAT Exploration Retires Additional 300 Million Shares, Engages New Consulting Group, Dual Listing and Carbon Credit Assets on the Horizon"
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=56053200
China is going to need those Carbon Credit Assets..........and lots of 'em!
"He is well versed in the Sarbanes-Oxley Act of 2002 and has extensive experience with mergers and acquisitions as well as various board functionalities, including compensation and audit committees."
Keep in mind preferred customers usually bring repeat business. So in the long term, that is most likely more valuable than the highest bidder.
Ken is a man of his word and all of his relationships, corporate or otherwise, are based on honor, mutual respect and loyalty. When he says, "We very good", there should be no question, WE VERY GOOD!
Not if you already have a relationship built up with a preferred customer.
Again, do you think a major is going to sign any kind of deal WITHOUT assay's? LOL. I wouldn't!
Do you really think that with a MAJOR mining company hungry for an Olympic Dam type deposit to feed their monster, that they are going to want it announced to the whole world before a deal is signed??? NOTTTTTTTTTTTTTTTT!!! That would end up costing them millions more in the deal. Lips are sealed lock, stock and barrel.
With a suspected NDA on the line with Vale, it is most certainly a STRONG possibility. A lot of incentive not to destroy that relationship!
This is an incredible video of what's actually going on behind the scenes and the collusion between Washington and WS. Everyone needs to watch this!
http://www.pbs.org/moyers/journal/10092009/watch.html
Now, in light of all this, the taxpayers and shareholders should pay the price? NOTTTTTTTTTTTTTTTTTTT!!! This needs to go to trial! This needs to go to trial! This needs to go to trial! This needs to go to trial! This needs to go to trial!
Go SS!!!
Go EC!!!
Go WAMU!!!
"WaMu decided to cave into the demands of Wall Street's earnings growth by getting every person in the US a loan or refi no matter how qualified they were."
I seem to recall it was a government mandate that every American own their own home.
"Now look at the share price of VALE they are looking for more projects...They are building 2 billion dollar refinery...VERY CLOSE to SOME KATX PROPERTIES...LIKE RUSTY RIDGE..."
This is a very excellent point. Why did Vale choose this location in the first place for this MAJOR SMELTING FACILITY??? I'm sure they chose this location based on very thorough DD. A company the magnitude of Vale doesn't just throw darts at a dartboard. ...AND we already have our foot in the door with our Lucky properties. That smelter is due to come online in 2013. That's a mere 2.5 years from now. Who knows where the price of metals will be then. The outlook is VERY favorable. KATX/KATG currently has 8 properties, only one of which needs a hit for this to see dollar land. I'd say those are pretty good odds. KATX/KATG is well on the way to obtaining preferred vendor status with Vale.
Like I've said before, this needs to go to trial. This is too big to be swept under the rug and we've got just the right guy to take us there.
GO SS!
GO EC!
GO WAMU!
"Agnelli also advised that Vale is executing a pipeline of copper projects that will take advantage of potential global copper deficits expected to occur in the next five years."
That would certainly explain all the secrecy surrounding our drilling programs. ;)
The exact quote was:
DRILLING TO BE INITIATED TODAY ON RUSTY RIDGE!
Kat Exploration Inc. is pleased to inform investors and others alike that the drilling equipment has been mobilized to the property and drilling will be initiated today. All will be informed of the progress of the drilling as the project proceeds.
Jack Zwicker
Kat Exploration Inc.
Investor Relations
By: Jack Zwicker On Wednesday, 13 October 2010
or update.
KAT website appears to be down.
I can see the headlines in next weeks WSJ now.
LITTLE KNOWN EXPLORATION COMPANY IN NEWFOUNDLAND SPOTS WORLD'S LARGEST GOLD NUGGET
I'll leave the rest to all your imaginations.
I have a sneaking suspicion that'll pale in comparison to what S has up his sleeve.
S warming up. Can't wait to see him in action in the ring. Should be a 1st round KO!
I share your sediment. When Ken says "We very good", WE VERY GOOD! BELIEVE IT!!!
I believe the phrase, "evolving mental attitude about the whole" was used in the context of striving to understand the root cause of the problem with the intended goal of fixing it, rather than using the bandaid approach. Bizreader would need to confirm.
"Cooperation is the new paradigm, sustainable economic activity requires evolving mental attitude about the whole."
Very very well put! .......and this doesn't just pertain to 'economics' either.
Sad to say, this environment of "cooperation" is not only rampant in our high levels of government, but throughout corporate America as well and is one of the fundamental causes of the unraveling of our American culture. I'm sure Thomas Jefferson is rolling over in his grave. Monkey see, monkey do.
The DD here is absolutely astounding. Kudos to Govinsider @ Y!, boarddork, Bizreader, Lebosco, wamuvoodoo and anyone else I may have missed. You may just find yourselves working for Suszman one day!
This post deserves to be framed!
Coins
GOLD $1373.30! +$27.30
25 cents and I will be VERY disappointed. Not a chance of that happening IMO.
It's beginning!
"Many traders sold prior to the distro because they did not want to deal with restricted shares. With that said, longs will control the float once shares are issued. Just my .02!"
Good point! One of the main directives given by Ken to our attorneys is to preserve the wealth and reward the long term shareholders, while weeding out the flippers, IMO. This has been a consistent characteristic of all of his actions thus far. Ken doesn't forget his supporters.