Evolving.
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Hmm, do you work for the SEC? They don't do much.........
So someone played taps on a bugle and announced that was for SRSR?
What is a beleiver?
That was actually a first grade economics class, the kids put their candy money in a pool, and that was the net available for purchase after commissions. So they picked the best stock they could find.
So what is your advice for SRSR shareholders? Should we sell? But if everyone follows your advice, who would buy? So again I ask, what should we do? If you have a plan, then I would like to hear it. If you don't have a plan, then is the purpose of your postings to chastise us?
Good find, just a few years too late LOL.
That PR is from 11/01/07.
http://www.prweb.com/releases/2007/11/prweb565628.htm
Great! How are you? After a LONG hiatus, I decided to put a few dollars into something. Done lots of research, but don't see anything worthwhile yet.
LTRX - I almost bought some, but didn't. Look at insider filings - over 1M bought at 2.80 (reported today), and the going rate is $2.44.
I don’t think this started as a pump and dump. I think the initial volume some weeks ago is what got people’s interest.
Here is information IMO (can’t call them facts on this forum):
First: Zecco / Penson will not allow MMTS trade amounts (number of shares) greater than 10% of the average volume of the preceding 20 days. This was based on an illiquid security rule / regulation / whatever.
Second: Someone with a Zecco account opened another account at another broker, with intentions of transferring MMTS stock to the new broker. Unfortunately, while the new broker does not apply the illiquid rule as far as number of trades, the new broker will not allow penny stocks to be transferred in.
Third: Someone then decided to move the shares a few at a time by selling in batches from Zecco, and buying in large amounts at the new broker. This was quite expensive in terms of commissions (much more so on the Zecco side LOL). However, that was still preferable to holding shares that could never be sold otherwise.
Fourth: This plan failed because after awhile, other people got involved in buying and selling. I guess they thought something of note was happening. I say failed because someone ended up selling all shares (as opposed to transferring), because the bid kept moving up, and based on history, someone felt this opportunity might not appear again for a long time, if ever.
Fifth: It wasn’t until a day or so later that posters appeared on the MMTS board with encouraging comments about the stock (some folks are unkind enough to say pump and dump).
"Ask is down to .0178:("
I don't think it matters, as long as the volume is trivial. Even if the MMs could nickel and dime it to .001, it would not matter - because as soon as any serious trading began, the price would take a jump upwards. I have seen MANY stocks where this type of decline resulted in hudreds of millions of shares being dumped.... IMO this isn't going to be one of them (all else being equal - e.g., if the rocks are stolen all bets are off LOL).
The problem is that most traders and others don't know how to deal with an odd company like SRSR - odd because it is legitimate, run by an ethical leader....so they look for little things to gripe about, such as lack of PRs, schedules not being kept, etc.
Me? I don't care what the price is now...I only care about what it will be eventually.
Well said!!!
That is what I do not fully understand. If you have 1,000,000 shares and the broker borrows all of them, what happens if you sell all of them the next day? I believe you are allowed to sell them....which means they are no longer out of circulation.
Is it not true that ANY short sale increases the number of shares in circulation - until the stock is delivered? E.g., a company has 100,000,000 shares. You sell me 1,000,000 shares via a short sale - at that point there are 101,000,000 shares in circulation. Later, the price drops, and you purchase the 1,000,000 shares and deliver them to me. Now we are back to 100,000,000 total shares in circulation.
Very nice find. If you look at the amount of shares traded in recent years, the O/S could well be 54M.
Yes, that could mean nothing (likely) or be someone wanting to scare up shares (I would like that to be the case, but realistically it probably isn't)...I am considering going ahead with the Scottrade account and buying MMTS anyway....if it does take off someday, the illiquid rule will no longer apply - and those ask prices are tempting.....
Well, I did my research, opened an account at Scottrade, chatted with a rep, sent paperwork to local branch, etc. Planned to move my portfolio. Then I get a call from someone at Scottrade - during the discussion, he told me that although I can buy and sell penny stocks, including MMTS, I can't transfer them in...$%&$^#%*($^(%&%( LOL. He said try anyway, sometimes exceptions are made....nope, I wasted enough time. Guess I'll wait for the volume to go up, and the illiquid rule to no longer be applicable.
I did person mark you - didn't you see the increase to 21 yesterday? Maybe not, it is now 20 again, you must have lost someone.
Yes, I do use Zecco. I have another account at Bank of America, which was converted to Merrill Lynch - who won't allow ANY penny stock trading. I think it is Penson, the clearing house, that is causing this.
Nope - no fill. See below. MMTS appears to be a victim of not enough volume.
Order Rejected: Order violates OTC illiquid security policy
Interesting - I tried to put in an order just now, and I received the message "order successfully submitted". I guess because it is after hours, I won't know until tomorrow if it will be apporved or rejected. Would be great if that rule wasn't in effect for MMTS anymore!
I am. I was going to buy more shares a few weeks ago, but ran into some new rule about low volume stocks, which kept me from getting any.
"Hard to think in terms of that low of a market cap in this company as it stands". Actually, it was harder for me to think that the market cap would get this low...but now that it has, it is much easier to believe anything can happen LOL. I agree that it would be really reaching to predict .003..... but a few months ago it was really reaching to predict .016..... and it does NOT help when folks post "GET THEM NOW...LAST CHANCE FOR SHARES AT THIS LOW PRICE".
Thank you for doing your part to keep the share price down.
Let's face it, we are in a holding pattern. All the positives and negatives aside, what it boils down to, is that as long as the volume stays the way it is - very low IMO, there is (again IMO) no real cause for concern. I have been in stocks that went south, with selling to the tune of 300M / day...now THAT'S a cause for concern LOL. As has been mentioned before, sale of 100K shares can drop the share price dramatically. Doesn't take much to increase the share price, either. If people were really in a panic mode, we would see 50M shares being sold per day.
Your purchase was at the bid. So someone sold at the bid. This could be interpreted as "dumping". Regardless, a transaction at the bid is a sell. Always.
Post of the year. Thank you.
ISN'T THIS 2011 NEWS? OLD NEWS? STRANGE HOW IT APPEARS AS NEW NEWS?
supermegadope Share Friday, January 27, 2012 7:43:04 AM
Re: None Post # of 112930
Molycorp Becoming Largest Producer of Niobium
http://news.err.ee/economy/d3d75492-899d-4af7-a7fd-da9e1c2c813a
Molycorp Silmet Expands, Becoming Largest Producer of Niobium
Published: 12:55
Yes, I agree. Good group of folks.
Hope you are well also. Looks like you are taking good care of Gail, she seems happy!
Bother? BOTHER? NEVER A BOTHER TO HEAR FROM YOU!!!!!!!!!!!!
No complaints! Good to hear from you. Really glad to hear more ups than downs!! I am fine, stocks not so much LOL. One of them is affected by the "can't trade if below a certain average daily volume" (or some such) rule. Aggravating, because the A/S is only around 50M.
Not in stone. Expected is not the same as a date written in stone. It is an estimate.
What delay? Is there any statement issued from SRSR that EVER set a date in stone? For anything? None that I ever saw. Everything has been an estimate. So any delay is indeed perceived.
From http://investorshub.advfn.com/boards/replies.aspx?msg=67962148
Yosako Share Thursday, October 13, 2011 1:44:18 PM
Re: frankie_fillet post# 314 Post # of 399
In a Spanish forum I've already reccommended some guys to stop trading OTC/Pinks and sub $1 stocks for a while until the witch hunt is over. Penson is the one leading the slaughter but it's likely that others follow 'cos the NSCC is behind this. The NSCC illiquid requirement is just plain nuts.
Quote:
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"An NSCC Illiquid Deposit Requirement is applied when a customer sells more than 25% of the average daily trading volume of a security during any three day settlement cycle. The amount of this Deposit Requirement depends on the percentage of the Average Daily Volume represented by the open sales. The Deposit Requirement has very little relation to the value of the trade, and is generally at least ten times the trade value and may be one hundred times the trade value, or even more. This Deposit Requirement is incurred even if the customer owns the shares and even when Penson has these shares long in its DTC account. The Deposit Requirement is imposed during the time period between trade and settlement date.
If a customer creates an NSCC Illiquid Deposit Requirement greater than $50,000, the offending trade or trades will be bought in on T+1, with notice through customary channels.
If a customer creates a second NSCC Illiquid Deposit Requirement greater than the $50,000 in a ninety day period, in addition to the buy-in, the customer account may be subject to closure for ninety days."
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The NSCC illiquid rule has been implemented by Zecco by prohibiting online trading of sub $1 stocks if order size is > 25% 20-day average daily volume. It's way too much of a radical measure...as by definition it will cause a dead-end situation where if a stock has a period of small or no volume, the stock finally becomes untradeable as valid order sizes shrink down to zero. To add insult to injury, the formula to calculate the requirements is known by the NSCC and the clearing firms but brokerages don't actually know it. That way, brokerages can't know what to allow and what to block.
In my opinion the way to getting out of this mess is by reverse spliting the heck out of the OTC stocks then reducing A/S, so stocks get to trade at a $1 per share minimum.
From http://investorshub.advfn.com/boards/read_msg.aspx?message_id=66597153&txt2find=Order|violates|OTC|illiquid|security|policy
bman17 Share Saturday, August 27, 2011 4:59:46 PM
Re: bigfart post# 272 Post # of 399
As I understand it, this 25% illiquidity policy has already been in effect, and perhaps due to Penson's severe financial status, they are now passing on the additional costs required to cover unsettled trades to the brokerages, and now Zecco is passing these costs on to the customers.
If all firms will be government-mandated to go the same route Penson/Zecco is taking, this would hurt all of the legitimate small businesses that use the OTC/pinks to start and grow their businesses and, of course, eliminate the OTC/Pinksheet market. Scary...
Class action against Penson:
http://www.securitiestechnologymonitor.com/news/penson-faces-flurry-lawsuits-class-action-28751-1.html
An e-mail response I received from Choicetrade (clears through Penson) when I questioned them on the Penson matter:
"Regarding the recent Penson policies for illiquid stocks, it is important to understand that the underlying NSCC rules pertaining to illiquid, low priced stocks is not new. Clearing firms are required to post additional capital when the net shares sold on a low priced (under $1) stock, exceeds 25% of the average daily trading volume during the period such net sales transactions remain unsettled. The extremely low illiquidity of the violating trades coupled with the sub-penny nature of such securities creates a disproportionate capital requirement on the part of the clearing firm. Currently, there is a regulatory mandate by FINRA and the SEC to curtail aggressive trading in such securities thereby creating the need to establish these policies and, in some cases halt trading in them. You should know that trading in low priced, illiquid stocks is quite risky from an investment perspective in any event. If your trading strategies are geared toward these types of stocks, you should familiarize yourself with the average daily trading volume traded in a particular security (over a rolling 30 day period) and limit the number of shares you sell during any three day period to less than 10% of this volume figure in order to mitigate this concern."
Quote:
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so I guess I have to get rid of Zecco as well as they have halted trading on some of my stocks, now Zecco explained the problem as a government requirment that will effect all brokers within a few months. Are they telling me the truth that in a few months most otc stocks will be restricted, or just telling me a bunch of bs?
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Info from https://online.regalsecurities.com/Meridian/Notices_EO.html
Updated 11/29/2011: Additional Restrictions Associated with Illiquid Securities
Due to the increase in costs associated with clearing illiquid securities, beginning October 1, 2011, positions that are greater than 10% of the 20-day average daily volume within a security, regardless of the price of the security will result in charges from NSCC. Therefore, all orders in OTCBB and Pink Sheet securities where the order quantity is greater than 10% of the 20-day average daily volume of that security will be rejected. You will be notified with a message stating: “Rejected: Order violates PFSI illiquid security policy.” Further, if you execute transactions under the trading thresholds and accrue positions that exceed 10% of the 20-day average daily volume NSCC charges will also apply. For all transactions resulting in a NSCC illiquid charge, the following interest rates will be applied:
•0 to 3 million dollars: an annualized charge of 15% for the number of days on the NSCC report
•3 to 5 million dollars: an annualized charge of 20% for the number of days on the NSCC report
•5 million dollars and up: an annualized charge of 25% for the number of days on the NSCC report
How is one supposed to buy shares now? My Zecco order gets rejected, with the message "Order violates OTC illiquid security policy". Research indicated this was a Penson issue, so I contacted a non-Penson broker (Fidelity, I was told that they are their own clearing house), but they said this affected them also.
A transaction at the bid is a sell. To be a buy the transaction has to happen at the ask.
I chatted with Questrade. Below is an edited transcript. I pasted your info as you can see. I wonder if the HALT is from the original CTO. It says BC only.
You are now chatting with 'Ian'
Your reference number for this chat is xxxxxxxxxxxxxxxxxx
Xxxxxx xxxxxxx: I heard that SRSR could not be traded. Can you provide any details?
Ian: Thank you for contacting Questrade. My name is Ian, how may I assist you ?
Ian: I can look into it for you. Which exchange ?
Xxxxxx xxxxxxx: OTCBB
Ian: Who did you here was preventing its trade ?
Xxxxxx xxxxxxx: This is the information I received:
Xxxxxx xxxxxxx: A friends order for 10500 shares was cancelled today with a phone call from her (and my) broker, Questrade. They said there was a CTO and if she wanted more information they could have her contacted later. So she had them call her back, just moments ago, and they explained that there was no wrong-doing, its that the company (Sarissa Resources Inc.) was issuing a spin out. No details further at this time. No details on if its Nio-Star or Shining Tree.
Ian: The stock has been halted
Xxxxxx xxxxxxx: Do you have any details as t why the halt?
Ian: It appears to be BC only