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I think it is 10,000 - probably a typo, unless they just upped the minimum investment.
Thanks for this report, zohn. I am sure all shareholders appreciate it too. It is interesting to me that Paul is using Spooz products. It doesn't surprise me that he is trading from home - who would commute when you could do your work just as well from home?
Best regards,
SB
The overhead should stay pretty constant, too. Unless they start hiring more traders.
Yes, Milo. Fidelity was right on the ball with the changes. First the split into ONFO, and now the name change to ONCP. The company name is listed as 141 CAP INC COM NEW. I just entered a test sell order (at a very high price :)) and it was accepted without a hitch.
I have to say that I have been pleased with Fidelity's service - even though as you say they are higher priced than some.
Best,
SB
Hi, Nicehit - I think the officers were trading their own funds last year:
CHICAGO, Sept. 23, 2008 (GLOBE NEWSWIRE) -- 141 Capital, Inc., (XXIS.PK) is pleased to announce that the Company has initiated the testing phase of the proprietary algorithmic trading systems it plans to use for trading assets in indexes and grains. The Company's officers will initially use their own capital to test the trading system to ensure it meets with their satisfaction.
Maybe they still are - perhaps this is a way for them to make some personal income.
A question to ask is when did the clock start ticking. If it was Dec 31, then we are about 1/2 way through the 3 months.
Just 150,000 shares worth $1 each. The discount is given when you convert back.
Hi, Roir. Ths is the way I figure it. Please correct me, someone if I am wrong.
If you owned 150,000,000 you could have converted that to 150,000 preferred. Each of those shares would be worth $1 - so you would be able to buy $150,000 worth of common shares at the time of reconversion - plus the 20% discount.
SB
Hi roir,
Note the notice on the 141 web site:
As of February 9th, 2009, the Company's trading symbol was changed to ONCP and the Company reverse split its common stock 1 for 175.
Regards,
SB
Yes. I use Fidelity.
If you want to put money in the trading pool, you can contact 141 and they will send you the appropriate application forms.
Yes, I wondered about that.
GM Reed. At Fidelity it says $3.065 of ONCP too. OFON is listed as an unknown symbol now.
ONCP listed at $3.0625. It says 141 Cap NEW. This doesn't compute from a 1:175 split. Any ideas?
http://ih.advfn.com/p.php?pid=squote&symbol=ONCP
Hi, BB. Thanks for sharing your calculations.
One thing to remember is that at the moment the 200+% annual increase is based on only 1 month of trading. A more realistic track record will be developed as more months get reported. It could be higher or lower, but that annual result will change.
Best,
SB
Thanks, Reed. That's quite a change from what was reported earlier. Maybe a decimal point was in the wrong place.
Hi, Nuk
That is very interesting. Thanks for the report
Could you copy and paste those results in - I don't have the registration.
SB
Thanks, peeved. I am pretty sure that Bloomberg is in New York City - so this answer does not rule out that they are using ST.
Thanks for posting this, waller. I had forgotten about the blog. Glad to see JU posting on it.
Thanks for popping in, ITguy. Nice to hear from you :)
SB
I don't know if a symbol change alone would warrant a PR. They have put it on their web site - that may be all we get. Now if there was additional news, we maybe will get a PR.
Thanks, Jcrom.
SB
He appears to be working for Kaitrade:
http://www.linkedin.com/in/jameshensel
Hi, Jcrom. Try http://www.barclayhedge.com
Hi, Gbathat
Here is a speculative hypothesis - If Kaitrade is in an NDA with Bloomberg, maybe it was necessary to remove the info about ST.
A guess only.
SB
I think the audit was completed quite a while back.
http://www.spooz.com/press_details.aspx?ContentID=124
SB
From a recent PR (Dec 1, 2008)
""We have had an overwhelming response from shareholders on the exchange. We have decided to extend the date to allow a greater number of shareholders to participate," stated CEO Errol Stone. "We have been informed that shareholders have the right to obtain their Company stock certificates from their broker which should not take more than three weeks."
Would anyone care to interpret this statement?
TIA
SB
Thanks very much, Allie.
So, Allie, Is it your understanding that these clubs would have to organize themselves - of would 141 do it?
TIA
SB
Spooz now has Real-Time Level 2 Montage on their page at Pinksheets.com. (as does XXIS)
http://www.pinksheets.com/pink/quote/quote.jsp?symbol=spzi#getQuote
I agree that at this point only a handful of people are paying attention. However, BarclayHedge appears to be a place where accredited-type investors can go to look at investment opportunities. If the track record is good, people might start noticing.
I would expect that if 141 Capital has a good track record, the website www.barclayhedge.com which was included in today's PR will provide some exposure.
I spoke with a representative at Fidelity today, and they said they will wait until after the cutoff date (Dec 23) to carry out the transfer.
Thanks for sharing, goleafsgo. You are right - it will happen or it won't. I'm holding out hope and not setting a deadline. If Bloomberg is setting the timeline there may not be much John or Spooz can do to change that.
Best, SB.
Hi Allie,
Are you saying that you think 141 is trying to create a way for the smaller investor to invest in 141?
Maybe that is what is meant on the 141 web site (under Track Record) when they say:
"Furthermore, 141 Capital will design specialized trading products to manage capital pools"
Best,
SB
Hi, Allie, nice to see you here.
With Bloomberg being a private company and we don't much about it in the news - that is probably good in today's climate. We did get that PR from Bloomberg Tradebook the other day - they are enhancing services, and look like they will continue to do so.
Best,
SB
MC, I am wondering if the downsizing of Spooz and the Kaitrade solution could be connected with the drying up of funds available to startup companies. There is a lot of general fear and uncertainty in the markets at the moment, and I guess there is less risk capital available to companies like Spooz.
Best,
SB
Good morning, Mike. Someone may have pointed this out already, but here is another possible parallel from the 9/23 statement:
Spooz is pleased to announce an integration agreement with Bloomberg Tradebook’s electronic trading system. Due to mutual client demand, the SpoozToolz trading software will be able to send orders and receive fills in the equity, futures, options and Foreign Currency Exchange.
From Bloomberg:
Bloomberg Tradebook Services LLC ("Bloomberg Tradebook") has launched its new electronic foreign exchange trading platform on the BLOOMBERG PROFESSIONAL® service. The new BLOOMBERG TRADEBOOK® FX platform utilizes Bank of America (NYSE: BAC - News), one of the world's largest financial institutions, as clearing and settlement counterparty.
It looks that way to me too, Gbathat.
SB