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Thanks for putting in the call to them. Trading for another broker though? To me that makes no sense as the trades will still need to clear through the DTCC via Eturd. Another broker could use AUTO or even NITE. I think they are full of crap. Sad to know we have nothing protecting us from this stuff.
Hmmm....then I'm very curious as to how they are active on the ask while there is a lock.
Maybe Eturd is unlocked? I don't see them on the bid.
I think there is a TON of corruption that goes on in the stock market, the pinks especially. However in this case I think things are starting to point towards the company being at least partially at fault. I'm stuck here so trust me when I say I want all of this resolved ASAP. And it's a shame this all happened because the software is cool and in a growing market. But the CEO will not say what's wrong and that is the main problem here as I see it. If the DTCC was truly running her around and corrputing her business without reason, I'd think her approach would be far different than "I left a few voicemails". I know if I was her and I did nothing wrong I would move heaven and earth to see justice even if it took every last dime I had. But she won't share the "reason" for the chill (which I DO think she knows) and continues to beat around the bush when it comes to the reaons. I'd be more than happy to be wrong in this instance but until she steps up and acts like a leader then I'll have my suspicions.
PS - Fire, I admire your conviction my friend. Too few people stand up for themselves nowadays.
Did she actually submit it, Robert? My take from her post was she was inquiring if an opinion letter would help the cause not that she had one submitted one. Though, I know she replies to your emails so maybe she did? TIA.
I agree 110%. I think she's playing coy and knows EXACTLY what is up with the lock.
My problem with this whole situation is the fact we don't know what the actual issue is. If the CEO would just update us as to what the DTCC is claiming to be the problem we'd be more prepared to help in whatever capacity we were able to. I'd think if the DTCC was indeed playing games then the CEO would want to call them out and rally support. However, while she claims the DTCC is being cryptic I'd have to say she is doing the same thing. Just tell us what the issue is and we can go from there. Not saying what the problem is leads me to believe she is not so innocent. I am looking forward to this mess being cleared up soon. The stock is still ready to go and I have a feeling she's holding news back until it gets cleared up.
If she would update us like this, even every couple of days or so, this process would be much smoother from an investors end. All we ask is to be filled in as best she can do. I for one appreciate two updates today.
Exactly! I don't understand the secrecy either. Someone is fibbing though. The DTC says it's the company, the company says it's the DTC, the DTC said they told all the brokers the reason for the chill, the brokers say they weren't told a reason...it's a comedy of errors. Hopefully it all gets sorted out soon though.
I know, it's crazy. They said that 9 out of 10 times the DTC falls under their jurisdiction. But this is the one time they do not as they are a self regulated entity.
Just spoke to the SEC in regards to a call I put in a few days back. You know the system is broken when the SEC requests the reason for the chill from the DTC and the DTC is within their legal power to decline to give the reason, which is what they did. Crazy, right?
I'd give you two if I could. But like TPL's remaining follicles, I'm only allowed one.
Misguided post. Here are the real reasons the DTC chills stocks. If the DTC chilled every pinksheet lacking business and revenue there would be no pinksheet stocks trading at all.
http://www.dtcc.com/downloads/legal/imp_notices/2010/dtcc/z0025.pdf
However, I do agree with you that the dividend was a bad idea. Nothing good EVER comes from a pinksheet stock issuing dividends in my experience. And this by no means is defending Julienne because at this point I think the blame rests solely on her shoulders and not the DTC and the fact that she remains quiet only solidifies it. Hopefully she proves me wrong.
That said, I think we'll do very well here if the lock comes off soon. Up to the CEO entirely.
The fact that she has been in contact with the DTC regularly makes me feel a bit better that there is a resolution in sight. Her communication is sub par though. I'm very much looking forward to the day this trades freely again and we can concentrate on what the new software will do and be done with this regulatory crap.
Thanks Robert. I'm assuming the DTC rep would not give any info as to the reason for the lock? Sounds to me like the CEO is the one at fault.
Spoke to TDA again today. I had them specifically check with the operations dept. to see if the DTC gave them the reason for the chill. They said no reason was ever given and usually isn't. They get a notice that the DTC won't be clearing trades so then they shut down trading on their end, but nothing specific. TDA clears their own trades but uses the DTC for a repository.
The DTC never calls back on their "hotline". The SEC is dragging their feet. But the one thing everyone has said is it's the Company's job to get this resolved. It's time for the CEO to step up and at the very least inform the shareholders...it's not asking a lot.
Oh, and the number of "chills" is around 300 right now according to them. It's gross how one organization (DTC) has full power and they know it.
I've sent the company countless emails as well with no response. She needs to communicate a WHOLE lot better, IMO. Sporadic posts on Facebook and Twitter isn't going to cut it.
If I'm not mistaken it would be up to the SEC to enforce any violations and not the DTC, if there were any that is. During my conversations with the SEC even they told me they could not find anything on SMPP aside from the old 2008 complaint that Robert has now prooven to be done and closed. Unless there is something the CEO isn't telling us, the DTC's case for chilling this stock is getting thinner by the day.
Ok, I'm following you. So you're looking for the document that states Pratt actually paid up, right?
The point I'm trying to make is how do you know it's not settled? You stated it as if what you were saying was fact. I realize your intentions are probably good, but putting out a "warning" post when you don't have all the facts gathered can be harmful.
Cassandra, how do you know it is not settled?
Trying to convince the DTC that the entire SEC case is settled (when it's not)
Nicely done, Robert!
It's going to be fun. I wish I had more funds to put in my Zecco account. I'd destroy the ask. Sadly, most of my funds are tied up with TDA.
Once the bogus chill is lifted I think this takes off. I can't wait.
Yep. I don't think it would take much volume to get rid of that .0004.
Well done.
I think so too, MOMO. Looking solid for sure.
Nice hit at the ask.
Agreed. And it looks like things are actually turning a quick corner here. The update by the CEO is encouraging at least. We might not see an immediate fix, but I get the sense we will see a fix at some point in the near future. I'll take it. The quicker the better though. No reason we - the investors - should have to suffer.
Yep. Once this all gets cleared up we should retest our previous highs. The shares are still locked up so the levels on the ask are most likely thin.
I second that. It's nice when a board is more doers than talkers.
I truly hope she is being honest here. But this is pinkyland and her silence right now is speaking volumes. Sounds like she at least gets back to you, Robert. That's a good start I guess.
One major difference I noticed between all the other suspension notices and that of SMPP: no SEC litigation referenced. It just doesn't smell right.
Spoke to a specialist at the SEC this morning. Gave him all the info you shared last night including the case the DTC is claiming is causing all of this. He said he could not find anything recent in regards to SMPP so he will be contacting the DTC to see if he can find out exactly what is going on. He said if there is an ongoing investigation then details can't be shared but he hasn't heard or seen of anything like that. He is going to inquire today and said we'd touch base in a couple of days. I believe we need to keep the pressure on. Those that haven't filed should do so to help the cause. Don't sit on the sidelines. Won't be around too much today, but I wanted to share what I have so far.
Oh, and he was amazed that the DTC even spoke to you Fire, let alone give a reason. Good job.
Well done Fire. I can't believe you actually got ahold of someone "in the know" at the DTC. Now, whether they are giving the full story remains to be seen. However, the fact that you got anything is a win in my book. I appreciate all your hard work. Please do let us know how your conversation goes with the SEC tomorrow. I'd give you a person mark but already did. Wish I could give you two.
I plan on filing another complaint with the SEC with all this new information in it (including the 2008 case mrconcrete dug up that the DTC pointed to - Fire, is that the same number they said?). I suggest you all do the same. When I spoke to the SEC today they couldn't give me any details but said they had a ton of compliants in regards to the "chill" on SMPP and the more that file the quicker the SEC will act.
Is there anyone out there that has contact with the company that they can help get to the bottom of all this?
Great job FG.