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I just received a call back from a representitive of the SEC and provided them with the same information I emailed to Michael Paley, Elisha Frank and Andrew Calamari yesterday regarding the spike back in September 2010 that was posted here on this board.
The gentleman that I spoke with was not able to provide any additional information regarding the suspension or confirm whether or not there is an ongoing investigation, however he did affirm that the suspension was temporary and because of this, it was extremely unlikely that it would be lifted- even if it was found that the SEC acted on limited information.
I let him know that if there was any fraud involved with this stock in terms of manipulation or fowl dealings that this board was a great place to start an investigation.
Those were the folks (and a few others) that I contacted yesterday afternoon. I will let folks on the boards know what I find out.
Enjoy your vacation. Would you be willing to help provide the SEC historical details of this drama should the situation arrise? I've contacted them directly and hope to hear from them tomorrow in this matter.
Posting on a public message board is not a problem as long as your posts do not release information that could be interpreted as impacting or swaying other investors to either buy or sell. If people are mature and responsible there is no problem.
I recall the settlement agreement that he and williams drafted and delivered to Daic awhile back and I was just really confident in Turinni. I don't know what happened or where this thing is going. I would really love to just talk to him and find out what's going on.
What is your personal issue / vendetta with Dave Williams? Since you started posting on this board, your main effort has been to discredit him and the efforts he has put forth to support shareholders. What is your deal and where do you come up with this stuff?
This is precisely what I have been saying. At the end of the day, Dave muscled his way onto the BOD because officers were not doing their jobs. He stepped up and filled the gap with his own time and financial resources and was only given a chance to be involved after threatening a lawsuit. Dave Williams is not the problem here. Last time I checked we have a CEO and a CFO that are skirting their responsibilities to the SEC and shareholders.
I dropped a few phone calls and an email to the key folks at the SEC performing this investigation and provided them with the details that I posted here on this forum. Hopefully I'll get some phone calls and be able to report back to folks. I just think they didn't do any additional research to see if there really was a reason for the stock to jump over 300% in a few days. I provided them with the evidence and we'll see what happens.
I can agree with most of that.
I just wanted to remind everyone what CAUSED the run up in share price to begin with. It was the following update to the federal court case with t-mobile which was posted by an alias born on the same day. This was not "no news" as the SEC post suggests. Those who were carefully watching the federal court website and this message board immediately acted on this information and purchased large blocks of shares which agressively drove the price up over a three day span. I don't see the problem with this. Court docs are public record.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=54662718
UNOPPOSED MOTION TO EXTEND TIME TO FILE PLAINTIFFS’ OPENING
CLAIM CONSTRUCTION BRIEF PURSUANT TO L.P.R. 4-5(a)
Plaintiffs Calypso Wireless, Inc., Drago Daic, and Jimmy Williamson, P.C. (collectively, “Plaintiffs”), , by and through their respective attorneys, respectfully submit this request for an extension of seven days from September 23, 2010, to September 30, 2010, to file Plaintiffs’ Opening Claim Construction Brief pursuant to Local Patent Rule 4-5(a), showing the Court as follows:
1. Pursuant to the March 9, 2010 Docket Control Order (Dkt. No. 132), the Plaintiffs’ Opening Claim Construction Brief pursuant to Local Patent Rule 4-5(a) is due on Thursday September 23, 2010.
2. Plaintiffs have been diligently working toward preparing their opening brief. However, their time for completion was shortened by the continuing efforts of the parties to narrow the issues for claim construction. In addition, it is understood that principals from T-Mobile and Calypso have been engaged in settlement talks and counsel for the parties have been exploring the possibility of staying the case to continue those settlement talks.
3. This extension is not sought for delay, but to further narrow the issues for trial (and that require the Court’s involvement).
4. Accordingly, counsel for the Plaintiffs make this unopposed motion to extend the time to file Plaintiffs’ Opening Claim Construction Brief by seven (7) days to Thursday September 30, 2010.
I haven't sold anything and no I wasn't tipped off to anything and no I am not under investigation. I did leave messages with both of the investigators at the SEC who were in charge of the investigation and subsequent press release. Hopefully I will have some more info as to what happened tomorrow.
I am a board moderator and I posted. I think a good number of the longs on this board haven't seen the news yet. I just stumbled on it when i checked this afternoon. I hadn't been in the habit of checking every 15 minutes since the trial was rescheduled to august along with the oral hearing to July.
SEC Suspends Trading of Calypso Wireless:
http://www.sec.gov/news/press/2011/2011-120.htm
http://www.sec.gov/litigation/suspensions/2011/34-64612-o.pdf
http://www.sec.gov/litigation/suspensions/2011/34-64612.pdf
http://www.forbes.com/feeds/ap/2011/06/07/business-health-care-providers-us-sec-stock-suspensions_8504413.html
http://finance.yahoo.com/news/SEC-suspends-trading-of-17-apf-3698551032.html?x=0
Just seeing this for the first time. I haven't been actively checking the boards since the recent rescheduling of the state case. This is pretty huge news. I haven't had a chance to process through it yet. I do have some initial comments though in response to some things folks have said:
1. Everyone here knew that Calypso was not in compliance with SEC filling requirements.
2. When Dave Williams muscled his way onto the BOD as an intependent director, he was routinely filling 8ks. He hasn't filed one for many months which may mean that it is no longer his responsibility - as evidenced by the last 8k that was filed by turinni. I don't slate dave for this action. He understood the SEC requirements and was an advocate for shareholders in this matter.
3. I agree that Calypso has always been a drama-roller-coaster-management nightmare of a company. But they did try to come to market with an actual product and actual patents so they aren't exactly in the same boat as the other paper and smoke stocks listed in the SEC document.
4. We still have very little money. It means more lawyers to handle the interaction with the SEC. And then more lawyers again to get re-listed. And more fees and costs to have the proper documents filed. There is a part of me that feels like this may be another tactic deployed by Daic to cause Calypso to burn valuable cash resources and give up.
5. If the end result of this is that there is less information available about trading and the stock does indeed return to .02 levels, a lot of shares will be available for cheap with very little accountability or transparency. MMs will avoid us for awhile.
As a long for several years now and a moderator of this board, I have always conducted myself in a manner that is above reproach. I've done everything in my power to preface opinions as such and share DD wherever appropriate. But at the end of the day, I am still in the same boat as everyone else. Information about this company is very hard to come by. My opinions are as valid as anyone's.
You speak on some of the internal inner workings of this company as if you had first hand experience with the people who are currently serving as officers and directors. What is your relationship with those currently serving on the board or in leadership capacities at Calypso?
This is precisely how I recall things going down as well. Dave has more credibility towards shareholders than anyone else as far as I am concerned. There will be a lot of very angry shareholders should he be displaced before we have a chance to have a shareholders meeting and elect officers.
Have an enjoyable holiday weekend folks!
I would not encourage everyone (especially on this board) to call Markle's office and try to ask him 20 questions. My approach was very different.
I called and Markle picked up the phone. I identified myself and let him know that I was a shareholder of calypso wireless and that I had two brief questions for him that would not take a lot of his time. I then asked him two questions that would not put him in any kind of awkward position with sharing information he shouldn't. I thanked him for his hard work and that was it. It would not be a good idea for folks to harass him or try to pump him for information. That will get us nowhere and waste his time.
It is more information than we had before and that is what I was going for. I didn't expect a detailed breakdown of case strategy. That would have been irresponsible of him. Any kind of more complete explanation should be coming from the board or the officers of the company to the shareholders.
In any case, it doesn't look like there is going to be a whole lot going on around here for another month and a half. I suspect that the PPS will drift between 5 and 7 from now until then unless there are any positive news/announcements.
People are generally pretty lazy though and prefer to speculate rather than do their own research.
With all the conspiracy theorists running around, I think it is important to stick to the facts and ask the hard questions.
My conversation with Markle was very brief and I intentionally did not ask probing questions.
I asked him two questions.
1) Are you still representing Calypso in the case against Draco Daic? Is it your intention to continue representing Calypso for the duration of the trial?
His answer was that he would continue to represent Calypso and the idea that he no longer is was clearly fabricated. His intention has always been to see it through until the end.
2) Why was the oral hearing that was scheduled for Friday moved to July 8th?
Markle mentioned that July 8th was the date provided to us by the court.
I suspect that the judge is putting increasing pressure on both parties to come to some kind of conclusion/settlement prior to trial without having to make a ruling on either motion. Markle mentioned in a previous filing with the court that it was the court's intention to strictly enforce all deadlines and I suspect this is still true.
I thanked Markle for his hard work on behalf of many of the long shareholders here on iHub and let him know that he has our support.
You are insighting rumors that are not based on any facts. Markle has not quit and does not intend to quit.
That's not true. I spoke with Mr. Markle this afternoon and confirmed that he is still on the case and that his intention is and has always been to see the case through to resolution.
Doubtful that he quit due to lack of payment at this stage in the game. What evidence do you have that there are no longer any funds to pay him, and furthermore, what evidence do you have that he wouldn't finish out the state case?
I am having a tough time coming up with a reason why Markle would have rescheduled this thing for July after requesting a 1 week extension. Here are some theories though if folks want to kick them around:
1. Markle didn't have time to read Daic's response and thought one week would be enough time to put together all his notes and be prepared for the oral hearing. After reading the response, perhaps Markle felt that he needed much more time to respond.
2. Markle scheduled the oral hearing for the Friday before the 1 month mark before the trial - perhaps there is significance with this milestone.
3. Perhaps Daic and Williamson contacted him again with a written settlement offer this time and they are genuinely trying to work this thing out (yeah right, but it's still on the table)
4. Perhaps Markle was scheduled for another hearing / meeting / obligation and Friday July 8th was the next available date to meet with the Judge.
5. Markle was instructed by Calypso management to reschedule to this date for an unknown reason, or told to "buy time" if something else is in the works.
6. Maybe it is a court error and it is supposed to read June 8th and not July 8th.
Not sure what the reason is but I am going to try and see if I can get to the bottom of it.
I think the judge is getting tired of the stall tactics. Hopefully that is the reason why the oral hearing was pushed off only a week. Perhaps we'll see a response filed sometime early-mid week from Markle.
When the first oral hearing was delayed, I called to speak with Markle to find out why. Markle was unavailable and instead I spoke to Markle's para-legal. His para-legal would not give me a whole lot of details, but he did tell me that Daic's lawyer contacted them after the filing and in an attempt to resolve the issue out of court and "not waste the courts time", Markle instructed his para-legal to contact the court and withdrawl.
This "taking the high road" approach by Markle is par for the course for him, while Diac's lawyers are known for the "lawfare" approach that another poster mentioned.
Precisely my thoughts.
I may be able to get some details later today - before the weekend. We'll see what comes up.
yeah seriously... that's some dirty lawyering...
I am sure it is a tatic to give the defense as little time to prepare as possible for today's oral hearing. It is just dissrespectful to the court to pull stuff like that. I hope the judge sees through the bs and lays the hammer down.
Still digesting the latest posting. Quite a few pages. We'll see how this whole thing pans out in court today - everything appears to be a go for launch. Nobody cancelled.
Of course it doesn't make sense - but don't you think if Daic wanted to settle for anything short of "everything" that we would have already come to some kind of mutual middle-ground?
He's been after the whole kitten kaboodle since he's been involved. It's worked for him before. Hold out until Calypso just figures there is no other option and give in.
Not this time though - we are kicking and screaming and fighting as long as it takes.
I am not saying that Markle's expert testimony is more important then the laundry list of things that would be thrown out should the judge rule in Calypso's favor today.
What I am saying is that Calypso's case is much more complex since they have to prove that Daic interferred in the business to the extent that it prevented Calypso from meeting the conditions of the settlement. Calypso's position would be improved if additional discovery was allowed.
Daic basically just has to see if they can delay this thing long enough to make the technology irrelvant or force Calypso to conceed. His argument in the trial (when we finally get there) is simple - "Calypso defaulted on the agreement, the patents are mine".
The burden to prove otherwise is on Calypso.
How do other folks see it?
I respect you for your ideas DSU, but at this time, the last thing we all need as shareholders is some other lawsuit or distraction. Even if Turinni isn't the best and is self serving and even if the company isn't reporting financials, properly filling 8ks, holding shareholder meetings, or managing the business properly - all that really has little significance for four reasons.
1. Everyone who is working for Calypso right now (like 5 or 6 people) are doing so for free or are paying company expenses out of their own pockets. We are broke.
2. No one will do business with us until the state court case is resolved and the patent ownership issues are put to rest.
3. No one will loan us money until the state court case is resolved.
4. No one will license our patent until the federal case with T-mobile is resolved.
I am with you on a number of your points and I agree that this company has pretty much perpetually had self-serving leadership. Shareholders have been left holding the bag more times than I can count. BUT right now we just need to keep it together long enough to see the resolution of the court case. Calypso simply can't afford any other distractions right now.
I think the Judge will rule in Calypso's favor as well for a few reasons:
1. Markle canceled the last oral hearing because Daic and Co. expressed an interest in discussing matters outside of court. If Markle wouldn't have given the benefit of the doubt, the next time they went to go before the judge, Daic and his lawyer would have found a way to twist it. Markle took the high road.
2. Markle is pissed. Partly because Williamson lured him into "discussions" as a tatic to get him to postpone the hearing. It is a real slap in the face for another lawyer to protest your own expert testimony regarding your own lawyer fees. No professional courtesy there. Markle has a vendetta now.
3. Markle has an excellent reputation and Daic's lawyer has a crappy one.
4. The Judge would be creating more problems for himself if he were to rule in Daic's favor. If he were to do this, Markle would surely press to have the case reset in another court - which would be egg on the reputation of the current judge.
So I say that as long as there isn't some stupid reason for the hearing to be rescheduled, it will be a win for Calypso tomorrow.
Unfortunately in the end, Calypso probably needs the discovery for thier defense more than Daic does. So time will tell if this whole debacle benefits us or not.
I guess it depends on the angle of the rulling. Can the judge rule for Daic in a way that he doesn't appear to be bias? I am not a lawyer so I can't say if this is possible or not. I think if the Judge does rule in favor of Daic, markle will be all over it. Who knows what that would do to the future of the case though. Your guess is as good as mine.
I think if the Judge rules for Daic, then the whole case is in jeopardy of being dirty and Markle will move to have the case reset in another court. That could delay things for quite awhile - and may be what Daic wants in the long run. If the case is reset in another courtroom, everyone is back to square one.
That's what I was thinking as well. If he is going to rule in Daic's favor, that will open up the door for Markle to also do additional discovery and could very well cause the whole case to get thrown out and restarted in another court. A ruling in Calypso's favor would support going to trial quicker since there would be nothing left for either side to do.
I really don't see how the judge could rule against himself... and the fact that the court "will be strictly enforcing all deadlines" but perhaps there is some angle here that we all aren't seeing.
Patiently optimistic myself. I'd give a nice chunk of change to be a fly on the wall in the courtroom this Friday.
Regarding the silence - I guess I was just expecting more pumping and dumping considering the significance of this milestone in the state case. Maybe folks are just tired.