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Although Nevada law requires an annual meeting, liquidation requires a vote. They don't necessarily have to meet in person to do this.
1. If the board of directors of any corporation organized under this chapter, after the issuance of stock or the beginning of business, decides that the corporation should be dissolved, the board may adopt a resolution to that effect. If the corporation has issued no stock, only the directors need to approve the dissolution. If the corporation has issued stock, the directors must recommend the dissolution to the stockholders. The corporation shall notify each stockholder entitled to vote on dissolution, and the stockholders entitled to vote must approve the dissolution.
Ref: http://www.leg.state.nv.us/NRS/NRS-078.html#NRS078Sec580
I don't think the SEC has the power to tell a company it can't liquidate. I doubt Nevada state will step in. Onus probably falls on lawsuit plaintiffs, creditors, shareholders, or whomever to petition the courts. If an unlawful distribution is made, under Nevada law directors take on personal liability for three years after each violation. Perhaps this is the reason Maheu resigned before participating in the task force.
As for Randolph's response, we don't know the specific wording of the question. If ivory wasn't clear that the dividend is in another company's stock, the attorney may be addressing the more common scenario where a dividend is in the same stock one holds.
Where did the SEC ever say a shareholder meeting was legal? I don't remember them doing that. If you're drawing the conclusion based on Nevada SoS filings, the feds don't review/approve those.
Sure, it's legal for majority shareholders to make decisions w/o including the minority ones. The question is did they ever hold a majority when votes were supposedly taken.
Topic: SEC & Raging Bull CMKX Shut Down? (FWIW)
http://cmkxdiamond.proboards66.com/index.cgi?board=general1&action=display&thread=1137122410
Topic: My meeting with Urban Casavant
christopherl
My meeting with Urban Casavant
« Thread Started on Today at 3:42pm »
This is a true story and there are individuals that know this really happened.
Back in May of 2004 I went to the Joliet, Illinois races and I took my daugther. I thought it would really be cool for her to see the cars and hey maybe we will see the car your dad has invested in.
We went to the area where the car was and there is he was standing like a God. UC himself no one around him. He was drinking a go fast. Back in those early days you could walk right up to him and have a conversation no bodyguard.
Well there I was and I said hello Mr. Casavant how are you? He responded fine are you enjoying the races? I said of course my daughter loves it. I told him I have been a shareholder since day one and was very excited by what is happening.
He looked into my eyes and said "We are driving truckloads of diamonds out of there". I swear on that phrase. He offered my daughter a gofast and put his hand on her head and said your dad is gonna be very wealthy. She giggled of course.
I than went on to say man they say some nasty things about you on Raging Bull. He said do not pay attention to that b.s.. We went on to talk for about 20 more minutes he was rather excited back then.
No pump, no bash just a story that is true.
=====
upside
Re: My meeting with Urban Casavant
« Reply #18 on Today at 5:11pm »
And for some reason the fact that he lied surprises you? I went to the Chicago races with two other shareholders in October of 2004 and we were lied to by every company representative there. That was their modus operandi. Let's see, we started out with Topo telling us that Oliver Stone had been signed to direct a 20 million dollar motion picture about Urbans life, next up was ElCamino telling us that he knew for a fact that CMKX had the goods and would be releasing the information in a few weeks, then Ron Casavant told us about the aggressive summer drilling program that was just completed and that they were only a few tweaks away from filing, then some old guy named George who claimed to be tied in to the company told us about the truckloads of gold and silver that they were processing, and finally we met Ed? who runs the Green Baron web site and actually, he didn't lie to us, he was too drunk to communicate. Then their were about 50 mutant looking shareholders who were spinning their own tales. All in all it was an enjoyable day.
Ref: http://cmkxdiamond.proboards66.com/index.cgi?board=general1&action=display&thread=1137109342
Don't hold your breath. Very high profile securities wrongdoers may face jail-time but those running around the OTC world don't. Often times, they end up w/ only a slap on the wrist.
I don't think Langley Park did very much DD on any of the smallcaps with which it did share-swap funding.
Good point! /eom/
The shareholder list from the hearing showed they don't.
Urbie has to also take care of open lawsuits and any creditors before the company can give out a liquidating distribution to common shareholders.
A dividend is a distribution of money, stock, or other property paid by a corporation to its shareholders. They plan to distribute ETGMF stock right? So...
Nevada law requires a shareholder vote to liquidate a company. When exactly was the vote held again?
Oops sorry gump, I forgot to address that post to you too.
I thank you and TSX for your feedback.
I bet each cert still costs at least .25. The design is usually colorful/intricate, and the paper is very good quality.
Entourage and CMKX don't have the same TA. Entourage's TA will have to cut each cert right? CMKX' TA will have to coordinate the delivery. So, this will add on to the cost too.
I don't think Frizzell and gang are working on this for free either unless they drank too much kool-aid.
Don't forget to include the cost of the cert plus the TA's processing fee.
Did CIM IPO already?
...or did UBS finally fix their error? lolol
CMKMRR CASAVANT INTL. MNG RES Nasdaq National Market
Ref: http://64.233.187.104/search?q=cache:zcFCgpKccioJ:www.ubscapitalmarkets.com/trading/coverage/sym_C_s...
CMKMRR no longer appears on their list:
http://www.ubscapitalmarkets.com/trading/coverage/sym_C_stock.shtml
TSX, do you have any comment on the geo's report on the Smeaton samples:
http://www.entouragemining.com/i/pdf/SmeatonPetrographicClassification.pdf
yup, easy to abuse.
This particular exemption would fall under Section 3(a)(10) of the 1933 Act:
http://www.law.uc.edu/CCL/33Act/sec3.html
This was the staff's views in 1999. Although it's kinda old, I think it's still current.
http://www.sec.gov/interps/legal/cfslb3r.htm
I don't think there's an exemption restriction going thru a court.
The stock would be restricted for at least one year unless it's registered w/ the SEC OR meets an exemption to registration. Since BCIT is delinquent in its filings, they aren't eligible to go the registration route. Present court action though could make any stock involved immediately free-trading. That falls under one of the exemptions.
Thanks for pointing out the a/s increase.
Congratulations gump. Have fun.
Maybe Frizzell will defend him. lol
Look at my examples recently with SIRI and GTE...
Aaah, those aren't pennystocks greenhorn. Show us trading records where you used this strategy successfully on a penny.
Guess you never served in the military huh? Fog of War is a common metaphor used by those who have. It's a concept you ought to learn because it applies very well to the marketplace.
Don't blame posters here for scaring other investors. The fact is most hyped pennystock companies are POS which will never achieve much. Destiny is controlled by insiders not outsiders posting on a forum. Most people, who jump into these stocks, are clueless about trading as well as researching. The majority of them won't take profit anyway if they happen to luck out in purchasing before a run. Most pennystock runs are caused by manipulation.
Ooooh okay. I hope he gets scooped up with the rest.
Sure they exist, but nowhere near the magnitude you diehards believe. Pennies held up as heavy NSS victim examples almost always turn out to be heavy dilution.
Hedge funds don't steal money from average investors. They merely use a different trading style. As with any industry, they have a small percentage of shady players. The real reason your types lose money is because you like to cling onto silly myths rather than learn how things work. Ignorant people like you are the main reason so many scammers run around in the OTC world.
Stoecklein practices securities law at the federal level. An attorney licensed in any state and not banned by the SEC can do this. It doesn't matter if he holds a California license and primarily resides elsewhere. An argument could be made though about his company (Stoecklein Law Group) representing clients since it's not a valid entity. http://kepler.ss.ca.gov/corpdata/ShowAllList?QueryCorpNumber=C2281623
When the SEC investigates, they normally look at all the players. My guess is Urbie has never left their radar screen. This craignormie character has tunnel vision if he thinks Urbie is the only wrongdoer in this story.
The Company's due diligence on the Smeaton Lake Properties continues and the Company has informed the CMKM Task Force and 101047025 Saskatchewan Ltd. that the shares to complete the Smeaton Lake Property acquisition will not be issued until completion of the due diligence.
Does Canadian law provide a grace period for canceling or modifying an executed contract? Didn't they previously say this deal was closed? Should be interesting to see whether they scale back on stock issuance w/ all those claims lapsing.
Christian Financial Network hosts a "CMKX Christmas Special"
http://www.willywizardsundergroundmp3.com/mp3/cfrncmkxchristmasspecial.mp3
Very cool sig. lol /eom/
I'm not Janice. Treyb is the author of that post.
Do I think this group is late to the party? Yes, of course. At least, they finally arrived. You on the other hand are still stuck in fantasy traffic.
TSX, do you know M. Lederhouse? I guess it's Michael Lederhouse. Looks like CIM's zinc claim moved in a circle ending up back at him again.
http://cmkxdiamond.proboards66.com/index.cgi?board=general1&action=display&thread=1135172683
Topic: War Room updates-
treyb
War Room updates-
« Thread Started on Today at 5:34pm »
1. The SEC wants our information as soon as we can present our organized product. The SEC also wants anything new we can dig up.
They won't admit that any investigation is ongoing, but I think I can read between the lines on this one.
2. The FBI is interested, and I expect a call from the white collar crime task force next week.
3. A law firm is very interested in a class action lawsuit.
Our options are open, and we can move in any direction.
Please join the CMKX War Room is you want to force Urban Casavant to show us the CMKX books.
We can move mountains folks, if we just work together in an organized fashion.
http://cmkxwarroom.proboards77.com/index.cgi
Ref: http://cmkxdiamond.proboards66.com/index.cgi?board=general1&action=display&thread=1135128897
Wow, this really hits the holiday spirit. lol
AUSTIN J. WORLEY
CRD #4960117
Employing Brokerage Firm: E*TRADE SECURITIES LLC
Brokerage Firm CRD Number: 29106
Office of Employment
Address: 10877 WHITE ROCK ROAD
RANCHO CORDOVA, CA 95670
Start Date: 05/09/2005
End Date: to present
Ref: http://pdpi.nasdr.com/PDPI/
Well, Austin is a rookie. He's been working in this field and w/ E*Trade only since May. Many of the customer service reps I've dealt with were inexperienced and said dumb things. Austin apparently read this from an email. I don't know if it was an internal one or from a customer.
I think the phone call was real gump. NASD's broker check shows Austin (CRD #4960117) works for E*Trade. His office is in Rancho Cordova, California. Austin just happened to be recorded, but he wasn't the only one at E*Trade telling investors this story.
If you're bored, check out the other mp3's: http://www.willywizardsundergroundmp3.com/page7.html
I'm not licensed to give you advice on whether to hold or sell. I will say a zebra never changes its stripes. Neither do these jokers. They've been pulling this same crap for years now. Attract a new wave of suckers w/ a good story, dilute them to death, r/s the stock, then start over again. The S-8, filed less than two weeks ago for one billion shares, shows Sean is wrong about these guys changing their ways.
I don't know whether the bid will see .0002 again (w/o r/s'ing) for you to sell at that level. It'll depend on the rate of new suckers attracted vs dumping.
I think E*Trade is confused as usual. Here's a recorded phone conversation w/ one of their brokers: http://www.willywizardsundergroundmp3.com/rumor/extexconvowetrade.mp3
Hmmm, isn't it about time for another r/s here again?
It's gotta be CAD. There's a huge zero shortage in the US. Calculators won't work properly here again until CMKX frees them up.
Valentine was a target in the Bermuda Shorts sting. I don't think Hyong could offer relevant testimony to support prosecutors in that case. He may have received immunity to testify against Flanagan, Chapman, Jacobi, and Farrell (his attorneys and TA) in their extensive box-job scheme. Or, perhaps the feds didn't bother because there was already a long line of folks going after the company and him.