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Heres the whole ball of wax here
Ok, heres the whole ball of wax
« Thread Started on Today at 7:32pm »
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My opinion on what may be happening:
I believe there are two enemies here - 1) the shorts and 2) the SEC/DTCC. I believe they have worked in concert to try and thwart cmkx. There are some that believe the SEC has acted in concert with us. On this point, I'm not sure, but my gut tells me the SEC has been protecting NSS for a long time and wanted to keep it that way. Anyway, with enemies that include the most powerful hedge funds in the world and the sole US regulatory body for allegedly protecting shareholders, cmkx was up against Goliath. This trap had to be meticulously crafted to inextricably tie up the shorts and the SEC in a noose that could not be broken. I believe UC had been screwed over by plenty of shorts in the past with his prior companies. And when he actually acquired land of significant value, the plot was hatched. So here we are and I believe we have reached the final chapter. All the pieces are in place and the strategy will be revealed. Here is what I think has happened.
The shorts have refused to settle. IMO perhaps one or two big shorts may have thrown in the towel and settled, but imo not all did. If a few settled, that would give cmkx considerably more leverage to move forward on their plan, depending on the value of the settlement. So now cmkx has told off the sec in prior PRs. And they showed up in court looking like bumbling idiots, knowing all the while that the sec would not immediately revoke them since the aim by the sec/shorts was still a cover on the market. Well, now with this Entourage PR and 8K, they have completely tied the hands imo of both the sec and the shorts. The SEC has said (as i understand it behind closed doors) that if efforts are made to pull certs or reveal valuation to create a squeeze, the sec will come down on them. But nobody ever said Entourage was forbidden to reveal a dividend ratio (that would be required to properly determine disbursement) or reveal the valuation of assets they just acquired. And George Burns pointed out that by their very nature of Entourage as a foreign issuer, the SEC can't do anything about it. So basically, CMKX sticks it to their two enemies in one fell swoop:
1) To the SEC -- we WANT you to revoke us. c'mon. go ahead. REVOKE US. Do it. I triple dog dare you. They even wrote "effective immediately" in their PR. Because if they revoke us, there can be NO COVER on the open market any longer and cmkx has a dozen options at that point to address moving forward for REAL shareholder value. And then we are d**n well free to release all the valuation and OS information we want to.
2) To the shorts -- c'mon boys. SETTLE this d**n thing. It will be easier on ALL of us if you'd stop being the priicks you are and just settle this. Yes, it will be costly, but let's get it over with. So to induce you to do so, we are "negotiating" with Entourage which includes the threat of very valuable information to be released on the market that will CRUSH you if you let it. So, come to the table before it gets released and miraculously, this Entourage deal will "fall through" (thus all the language about it being negotiated and unsure by the October 28th as well as all the default and reversion points). Fail to come to the table and either a) the SEC will have revoked you (that's THEIR call), or b) we'll release all the info you know we have and you are STUCK through Entourage, a foreign entity that will raze your hedge fund house right down to the earth's core.
Yes, I believe this has been set up so that the SEC is in a bind and the shorts are in a bind, and they are all going to have to come talk to cmkx to make this headache go away. Because if they don't, the hedge funds know they are done and the SEC/DTCC will be exposed outright. So, I think the hammer is "Come talk to us. You have until the 28th. In the mean time, we will continue to provide you with increasingly painful incentives." I look for more news before the 28th to "motivate" certain stubborn parties.
Naturally, this is all guesswork and I have no freakin' idea what is actually happened. But it's what makes the most sense to me since I still believe the following:
1. Maheu didn't do this for the money. In fact, he's now waived all payments.
2. Maheu's business Global Intelligence Network has the background and expertise to coordinate something at this level.
3. FALC is for real, and I don't think many can effectively deny that at this point.
4. There are now over a dozen entities continuing to be associated with cmkx.
5. Why are billions of cmkx still getting bought if we have ASKED for revocation?
6. Why did Ameritrade and Schwab go to quad 4s and try to "protect" their clients?
7.-100. There are dozens more compelling, logical points that do not add up to a scam and instead add up to a carefully coordinated plan (albeit horribly frustrating).
By the way, today's ECPN PR was pretty bold and pretty significant IMO.
When it's all said and done I expect the following companies to come under one umbrella: Entourage, Forest Gate, GEMM, USCA, SGGM, Carina, Shane, Consolidated Pine, El Capitan, and quite a few others.
Will it happen under CIM? Who knows. I think so, mainly because I believe CIM will be the vehicle in which long-term shareholders will be rewarded above and beyond just general cmkx shareholders. I think there will be many more juniors joining the fray, and an outside chance of Shore Gold/Kensington being involved. The real kicker will be if there is a major miner backing all of this. And let's not forget that Shatzko and Fipke have a history that includes a prior JV.
Naturally, CMKX has raised more questions than ever before with this week's information. But I believe the fact that we have flipped everything on it head by ASKING to be revoked, is the final step toward resolution. Why did we suddenly just ask for that? Why go through the hearing? Why go through the past 4 months? Why fight this tooth and nail and then suddenly say "nah, go ahead and revoke us. we give up." The winds of change are about us and the next several weeks should be fascinating. First and goal. Maheu and UC just have to punch it into the end zone, and the shorts and sec are on their heels, tired, panting, disoriented and without a coach. Punch it in and let's win this.
I, Ret-flyr did not compose this, from another board, but its oh so good.
24.254.29.245
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AMERICANS TAKING BACK AMERICA
Entourage begins drilling for
diamonds in one week, granted the money thing is rectified, Re: 8K on the money part.
Not given up on Shorty, that is
what the Entourage divi is to do, fix shorty. Certs 1st, then electronic shares by purchase date up to O/S count.
Sure, when its a 30.00 stock
the trading codes seem to apply to sub penny, thats where I have seen them and seen the results the following day in PR's.
Think what you wish.
Oh I see Janice, you think
somebody bought 450 shares @ .0001 which cost a total of .045 cents.
Oh I see Janice, you think
somebody bought 450 shares @ .0001 which cost a total of .045 cents.
Thats not true, have seen 2 200 codes on level 2, and the next day, both had mergers PR'd. Also have seen a code 300 on level 2, next day a merger PR'd, by way of exchange of stock. Also have seen, and see from time to time code 100 on ETCH, in which the code 100 is stating, issue still trades.
Maybe Janice, you do not know everything, you just think you do.
All we have to do is wait till next week, or Monday, right?
Read on, my posts
Hey, Ret-flyr, you have 0 messages, 0 are new.
Oct 22, 2005, 9:42pm
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1 MILLION MILLIONAIRES :: "CMKX FAMILY BOARD" :: ♦ ♦ Misc CMKX SECTIONS ♦ ♦ :: CMKX RUMOR ROOM :: Trading codes, where are they?
Author Topic: Trading codes, where are they? (Read 51 times)
Ret-flyr
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450 code today for CMKX 2nd to last trade
« Thread Started on Yesterday at 10:09pm »
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Yesterday at 10:05pm, Ret-flyr wrote:Sometime, a few months ago, I posted about codes being placed in the volume box.
It has been moved from the rumor section, I can not find them.
Why do I need to find them? because, today, there was a 450 @.0001 , second to last trade last trade.
Need to see what the 450 code stands for.
It took me days to find these trading codes, and then it was posted in the rumor section, then relocated by Dave.
Anybody have an idea, where these are on the board? Ret
Markets Quote Depth/LII Charts News Filings
Symbol: Markets Detailed Quote Depth/Level II Charts News Filings Symbol Lookup powered by
quotemedia.com
Market Depth For Cmkm Diamonds Inc Delayed (9:53 PM EDT)
Level II Quotebook
Time MMID Size Bid
Market depth not
available for CMKX
Ask Size MMID Time
Market depth not
available for CMKX
Time & Sales
Price Size Exch Time
0.0002 1000000 OTO 15:57:38
0.0001 450 OTO 15:56:23
0.0002 3000000 OTO 15:53:29
0.0002 9000000 OTO 15:53:26
0.0002 9000000 OTO 15:53:20
0.0002 9000000 OTO 15:53:13
0.0002 7000000 OTO 15:46:56
0.0002 9000000 OTO 15:46:49
0.0002 9000000 OTO 15:46:44
0.0001 2000000 OTO 15:40:40
0.0002 2000000 OTO 15:40:21
0.0002 500000 OTO 15:39:54
0.0002 2000000 OTO 15:36:55
0.0001 4333333 OTO 15:36:02
0.0001 1000000 OTO 15:29:12
0.0001 9000000 OTO 15:29:12
0.0001 8500000 OTO 15:27:38
0.0001 9000000 OTO 15:26:36
0.0001 2100100 OTO 15:24:02
0.0002 125000 OTO 15:22:44
0.0002 300000 OTO 15:20:32
0.0001 1000000 OTO 15:18:55
0.0001 9000000 OTO 15:18:55
0.0002 1500000 OTO 15:16:23
0.0002 1225000 OTO 15:11:25
0.0001 9000000 OTO 15:08:25
0.0001 1000000 OTO 15:08:25
0.0002 1000000 OTO 15:06:18
0.0001 1000000 OTO 15:03:26
0.0002 500000 OTO 15:00:24
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« Last Edit: Yesterday at 10:52pm by Ret-flyr » 24.254.29.245
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Ret-flyr
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Re: Trading codes, where are they?
« Reply #1 on Yesterday at 10:37pm »
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Can not believe I just found the trading codes. 450 code, looking good here. (Refer: 2nd to last trade today had 450 @ .0001 in volume area)?????????
In the past I have seen (2) 200 codes, and the next day mergers were announced PR'd for different companys.
A. Data Code Listing
A.1 Name Structure Codes
A.2 Distribution Codes
A.3 Delisting Codes
A.4 Nasdaq Information Codes
A.5 Missing Return Codes
A.6 CUSIP Copyright Information
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A.1 Name Structure Codes
Share Type Codes
Exchange Codes
CINS Country Codes used in CUSIP
A = Austria B = Belgium C = Canada D = Germany
E = Spain F = France G = United Kingdom H = Switzerland
J = Japan K = Denmark L = Luxembourg M = Mid-East
N = Netherlands P = South America Q = Australia R = Norway
S = South Africa T = Italy U = United States V = Africa - Other
W = Sweden X = Europe Other Y = Asia
Share Type
This table lists the share type codes found in the CRSP stock files. The first digit describes the type of security traded.
Share Type - Digit #1 - Security Traded
Code Definition
1 Ordinary Common Shares
2 Certificates
3 ADRs (American Depository Receipts)
4 SBIs (Shares Of Beneficial Interest)
7 Units (Depository Units, Units Of Beneficial Interest, Units Of Limited Partnership Interest, Depository Receipts, Etc.)
The second digit describes more detailed information about the type of security.
Share Type - Digit #2 - Type of Security
Code Definition
0 Securities Which Have Not Been Further Defined.
1 Securities Which Need Not Be Further Defined.
2 Companies Incorporated Outside The US
3 Americus Trust Components (Primes And Scores)
4 Closed-End Funds
5 Closed-End Fund Companies Incorporated Outside The US
8 REIT's (Real Estate Investment Trusts)
Exchange
The following table is a list of CRSP codes for major North American security exchanges and indices.
North American Security Exchange & Indices Codes
Code Exchange Name
-2 Halted By NYSE Or AMEX
-1 Suspended By NYSE Or AMEX
0 Not Trading On NYSE, AMEX, Or The NASDAQ Stock Market
1 New York Stock Exchange
2 American Stock Exchange
3 The NASDAQ National Market
5 Mutual Funds (As Quoted By NASDAQ)
10 Boston Stock Exchange
13 Chicago Stock Exchange
16 Pacific Stock Exchange
17 Philadelphia Stock Exchange
19 Toronto Stock Exchange
20 Over-The-Counter (Non-NASDAQ Dealer Quotations)
31 When-Issued Trading On The New York Stock Exchange
32 When-Issued Trading On The American Stock Exchange
33 When-Issued Trading On NASDAQ
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A.2 Distribution Codes
--------------------------------------------------------------------------------
A.3 Delisting Codes
Delisting Codes
Category Code
Description
ACTIVE 100 Issue still trading NYSE/AMEX or NASDAQ
150* Issue still active, but no prices in this version of file
160* Issue stopped trading, but no prices in file after 840831
170* Issue stopped trading, but not delisted from current exchange (suspended or inactive)
MERGERS 200 Issue acquired in merger
201 Merged into or in order to form an issue trading on NYSE
202 Merged into or in order to form an issue trading on AMEX
203 Merged into or in order to form an issue trading on NASDAQ
205 When merged, shareholders receive shares of mutual funds
240* Flags merger with missing final distribution information
EXCHANGES 300 Issue acquired by exchange of stock
301 Issue exchanged for issue trading on NYSE
302 Issue exchanged for issue trading on AMEX
303 Issue exchanged for issue trading on NASDAQ
320 Issue exchanged for stock trading Over-the-Counter
340* Flags an exchange with missing final distribution information
350* Flags an exchange attempt that was not sufficient to "kill" issue
390* Flags an unsuccessful exchange attempt with missing distribution information
LIQUIDATIONS 400 Issue stopped trading as result of company liquidation
450 Issue liquidated, final distribution verified, issue closed to further research.
460 Issue liquidated, no final distribution is verified, issue closed to further research.
470 Issue liquidated, no final distribution is verified, issue pending further research.
480 Issue liquidated, no distribution information is available, issue is pending further research.
490 Issue liquidated, no distributions are to be paid, issue closed to further research.
DROPPED 500 Issue stopped trading on exchange - reason unavailable
501 Issue stopped trading current exchange - to NYSE
502 Issue stopped trading current exchange - to AMEX
503 Issue stopped trading current exchange - to NASDAQ
505 Issue stopped trading current exchange - to Mutual Funds
510 Issue stopped trading current exchange - to Boston Exchange
513 Issue stopped trading current exchange - to Midwest Exchange
514 Issue stopped trading current exchange - to Montreal Exchange
516 Issue stopped trading current exchange - to Pacific Stock Exchange
517 Issue stopped trading current exchange - to Philadelphia Stock Exchange
519 Issue stopped trading current exchange - to Toronto Stock Exchange
520 Issue stopped trading current exchange - trading Over-the-Counter
550 Delisted by current exchange - insufficient number of market makers
551 Delisted by current exchange - insufficient number of shareholders
552 Delisted by current exchange - price fell below acceptable level
560 Delisted by current exchange - insufficient capital, surplus, and/or equity
561 Delisted by current exchange - insufficient (or non-compliance with rules of) float or assets
570 Delisted by current exchange - company request (no reason given)
572 Delisted by current exchange - company request, liquidation
573 Delisted by current exchange - company request, deregistration (gone private)
574 Delisted by current exchange - company request, bankruptcy, declared insolvent
575 Delisted by current exchange - company request, offer rescinded, issue withdrawn by underwriter
580 Delisted by current exchange - delinquent in filing, non-payment of fees
581 Delisted by current exchange - failure to register under 12G of Securities Exchange Act
582 Delisted by current exchange - failure to meet exception or equity requirements
583 Delisted by current exchange - denied temporary exception requirement
584 Delisted by current exchange - does not meet exchange's financial guidelines for continued listing.
585 Delisted by current exchange - protection of investors and the public interest
586 Delisted by current exchange - composition of unit is not acceptable
587 Delisted by current exchange - corporate governance violation
588 Conversion of a closed-end investment company to an open-end investment company
600 Expired warrant or right
601 Warrants, rights, or units called for redemption
610 Unit split into its component parts
700 Issue Delisted by Securities Exchange Commission
801* Issue Simultaneously listed on NASDAQ and NYSE
802* Issue Simultaneously listed on NASDAQ and AMEX
* These codes are intended to alert the user to delisting events undergoing further research. The individual digits in these codes do not necessarily conform to CRSP's standard delisting coding system.
* These codes are intended to alert the user to delisting events undergoing further research. The individual digits in these codes do not necessarily conform to CRSP's standard delisting coding system.
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A.4 Nasdaq Information Codes
Trading Status
TRTSCD Description
0 unknown
1 active
2 only one market maker
3 suspended
4 inactive
5 delisted
NASDAQ National Market (NMS) Indicator
NMSIND Description
0 unknown
1 NASDAQ Small-Cap before June 15, 1992
2 NASDAQ National Market
3 NASDAQ Small-Cap after June 15, 1992
Index
NSDINX Description
0 unknown
1 no index
2 industrial
3 banks
4 other financial
5 insurance
6 transportation
7 utilities
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A.5 Missing Return Codes
Missing Return Codes
Parameter RET(I) Reason For Missing Return
RMISSN -44.0 missing excess return due to no portfolio assignment
RMISSD -55.0 missing delisting return
RMISSG -66.0 more than 10 trading days between this day and the day of latest preceding price
RMISSE -77.0 not trading on an included exchange for this file
RMISSR -88.0 no return, array index not within range of BEGRET and ENDRET
RMISSP -99.0 missing return due to missing price
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A.6 CUSIP Copyright Information
Subscriber agrees and acknowledges that the CUSIP Database is and shall remain valuable intellectual property owned by, or licensed to, CUSIP Service Bureau, Standard & Poor’s ("CSB") and the American Bankers Association ("ABA"), and that no proprietary rights are being transferred to Subscriber in such materials or in any of the information contained therein. Subscriber agrees that misappropriation or misuse of such materials will cause serious damage to CSB and ABA and that in such event money damages may not constitute sufficient compensation to CSB and ABA; consequently, Subscriber agrees that in the even of any misappropriation or misuse, CSB and ABA shall have the right to obtain injunctive relief.
Subscriber agrees that Subscriber shall not publish or distribute in any medium the CUSIP standard numbers. Subscriber further agrees that the use of CUSIP numbers is not intended to create or maintain, and does not serve the purpose of the creation or maintenance of, a file of CUSIP numbers for any other third party recipient of such service and is not intended to create and does not serve in any way as a substitute of the CUSIP MASTER TAPE, PRINT, ELECTRONIC and/or CD-ROM Services.
NEITHER CSB, ABA NOR ANY OF THEIR AFFILIATES MAKE ANY WARRANTIES, EXPRESS OR IMPLIED, AS TO THE ACCURACY, ADEQUACY OR COMPLETENESS OF ANY OF THE INFORMATION CONTAINED IN THE CUSIP DATABASE. ALL SUCH MATERIALS ARE PROVIDED TO SUBSCRIBER ON AN "AS IS" BASIS, WITHOUT ANY WARRANTIES AS TO MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE NOR WITH RESPECT TO THE RESULTS WHICH MAY BE OBTAINED FROM THE USE OF SUCH MATERIALS, NEITHER CSB, ABA NOR THEIR AFFILIATES SHALL HAVE ANY RESPONSIBILITY OR LIABILITY FOR ANY ERRORS OR OMISSIONS NOR SHALL THEY BE LIABLE FOR ANY DAMAGES, WHETHER DIRECT OR INDIRECT, SPECIAL OR CONSEQUENTIAL EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. IN NO EVENT SHALL THE LIABILITY OF CSB, ABA OR ANY OF THEIR AFFILIATES PURSUANT TO ANY CAUSE OF ACTION, WHETHER IN CONTRACT, TORT, OR OTHERWISE EXCEED THE FEE PAID BY SUBSCRIBER FOR ACCESS TO SUCH MATERIALS IN THE MONTH IN WHICH SUCH CAUSE OF ACTION IS ALLEGED TO HAVE ARISEN. FURTHERMORE, CSB AND ABA SHALL HAVE NO RESPONSIBILITY OR LIABILITY FOR DELAYS OR FAILURES DUE TO CIRCUMSTANCES BEYOND ITS CONTROL.
Subscriber agrees that the foregoing terms and conditions shall survive any termination of it right of access to the materials identified above.
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« Last Edit: Today at 3:31pm by Ret-flyr » 24.254.29.245
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Ret-flyr
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Re: Trading codes, where are they?
« Reply #2 on Today at 7:17am »
--------------------------------------------------------------------------------
Ok, Everbody scared of the word liquidation of stock.
Liquidation of a company stock, usually means something good is coming. In fact the liquidation is about the same for tax purpose as a sale.
Yes, should be getting something in exchange for the CMKX stock.
I think Monday, will have Pr's with things falling into place. Ret-flyr.
CHAPTER 5
CORPORATION REDEMPTIONS & LIQUIDATIONS
STOCK REDEMPTIONS - IN GENERAL
The overall theme of stock redemptions:
What happens when the shareholder receives a distribution and at the same time surrenders some of his/her stock back to:
a. The corporation purchased from
or
b. any corporation within
Parent/Subsidiary 80% group
Brother/Sister 80%/50% group
WHAT IS A REDEMPTION?
c. Shareholder selling the corporation's own stock back to the corporation instead of a third party.
d. Not part of a liquidation in an ordinary stock redemption, the corporation normally continues to operate at the same level as it did before the redemption.
WHAT ARE THE REASONS FOR STOCK REDEMPTIONS?
e. Limited market for stock - closely held
Only potential buyers - other shareholders
Other shareholders do not have cash
2
Corporation has cash
Corporation can - increase earnings per share and
reduce dividend pay out.
f. Bootstrap Acquisition (financing technique)
Seller wishes to sell entire interest in business
Buyer does not have enough cash.
Seller sells part of stock to corporation and part
to new buyer.
(strap - attached to boot)
One transaction related to another.
g. Bailout of E&P at capital gains rates.
No double taxation of dividends.
h. Use basis in stock to offset proceeds.
Stock redemptions which qualify under Section 302(b) or Section 303 are given capital gain treatment. To qualify as a stock redemption, a distribution must satisfy one of the following requirements:
i. Not be essentially equivalent to a dividend
1. Facts and circumstances test -
Must have business purpose other than
tax avoidance.
3
The redemption must result in a meaningful
reduction of a shareholder's proportionate
interest in the corporation.
(Constructive ownership rules apply.)
Sole stockholder - dividend
Non proportional - dividend
Proportional - sale or exchange
- capital gain/loss
- no dividend
Meaningful examples:
Prior ownership 57% - Drop to 50%
(loss of control)
Minority shareholder
Bad blood or family hostility
a. The distribution must be substantially disproportionate in terms of shareholder's effect.
This requirement is based on the underlying premise that the sale treatment should control when the distribution results in a significant reduction in the shareholder's interest in the corporation's voting stock.
2 Tests - both must be met
4
a) 50% test
after redemption
owns less than 50% voting stock
direct and indirect
b. 80% test
ratio of voting stock after redemption is less than 80% of ratio of voting stock before redemption to entire voting stock outstanding.
Constructive Ownership Applies to a) and b).
Example:
A B C D TOTAL
Before Redemption 100 sh. 100 100 100 400
Percentage Before 25% 25% 25% 25% 100%
80% Test 20% 20% 20% 20%
Percentage required after redemption must be below
Redemption 55 sh. 25 20 0 100 sh.
Ownership After 45 sh. 75 80 100 300 sh.
Percentage After 15% 25% 26 2/3% 33 1/3% 100%
Below Above Above
A is substantially disproportionate distribution because -
2. Less than 20% (80% test)
3. Less than 50% of voting stock
5
Owned after redemption (45/300 = 15%)
So, A's redemption is treated as a sale or exchange - capital gain/losses.
a. Be a complete termination of a shareholder's interest.
Does allow corporation to issue debt to shareholder.
Possible installment sale treatment.
4. No stock ownership directly or indirectly.
Must sever all ties to corporation.
Cannot continue as employee, officer, director.
Can be a creditor.
(Constructive ownership rules do not apply.)
5. The shareholder may not acquire any such interest, other through stock acquired by
bequest or inheritance, within 10 years.
6. Number 2 above is put into a formal agreement in
writing with the IRS that the shareholder will
notify the IRS of any change in status. This
keeps open the statute of limitations.
a. Distributions in partial liquidation of a corporation,
but only to a non corporate shareholder when:
7. The distribution is not essentially equivalent
to a dividend.
8. An active business is terminated.
6
This can be a pro-rata or non pro-rata distribution.
The following requirements must be met:
A. Distribution must be to non corporate shareholders only.
B. Distribution under the plan must occur within
the taxable year in which the plan is adopted or within the succeeding taxable year.
C. Distributions must not be essentially equivalent
to a dividend.
D. Must be pursuant to the termination of an active
business.
E. A genuine contraction of the business of the
corporation must occur.
F. The termination of an active business requires
that the corporation have at least two trades
or businesses, both of which have been in
existence for more than 5 years.
a. Neither of the trades or businesses
can have been acquired in a taxable
transaction within the five-year period.
b. If these requirements are met, one of the
businesses can be terminated so long as the
other is continued.
7
c. A redemption to pay death taxes:
Decedent's estate has stock redeemed by corporation.
Sale or exchange capital gain/loss treatment if:
1. 3-year statute of limitations for estate.
2. or 90 days after 3-year statute if redetermination of estate tax is filed with tax court.
3. anytime before 60 days after the tax court
decision becomes final.
Applies to stock redemption proceeds that do not exceed -
Total estate, inheritance, legacy
and succession taxes - plus - funeral and
administrative expenses allowed as a
deduction from gross estate.
The stock must comprise more than 35% of excess of
+ gross estate
- funeral and admin. Expense, liabilities + un-
insured casualty losses
= ?
x 35%
= ? = stock proceeds must be greater than
this figure.
8
REDEMPTIONS THROUGH USE OF RELATED CORPORATIONS - SECTION 304
Established to prohibit abuse to circumvent Section 302/303 redemptions.
These rules test sales involving the stock of
brother/sister and parent/subsidiary corporations to
determine if there is a sale or a distribution of E&P (dividend).
BROTHER/SISTER REDEMPTION
(Shareholder sells ownership in one corporation to the other corporation.)
a. Shareholder control must be present - at least 50%
of both corporations, either directly or indirectly.
(attribution rules apply)
b. Constructive ownership rules change for stock held by
a corporation. Proportionate ownership by shareholders
with at least 5% of the stock (vs 50%)
PARENT/SUBSIDIARY REDEMPTION
Parent must own at least 50%
TRA - 1999 CHANGED SECTION 304 OF CODE
Treated as if:
4. Transferor gives stock involved to the acquiring
corporation in exchange for stock of acquiring
corporation in a Section 351 transaction.
9
5. And the acquiring corporation had then redeemed
the stock, it is treated as having issued by the
amount of the distribution qualifying for the dividends
received deduction. So this change only applies to
a corporate transferor.
PREFERRED STOCK BAILOUT - SECTION 306
This is what Section 306 stops:
Corporation declares a dividend consisting of pfd. stock = non taxable - redistribute basis between common and preferred.
Pfd. stock sold to unrelated third party. This party knows corporation will redeem pfd. stock for greater than amount paid.
T shareholder Basis Pfd. $ 2,000
sell to 3rd party for $10,000
3rd party has corp. redeem stock for $11,000
Capital gain to T (10,000 - 2,000) $ 8,000
Capital gain to 3rd party (11,000 - 10,000) $ 1,000
In effect, the shareholder received a distribution of $10,000 from corporation through 3rd party.
Section 306 stops this by requiring the shareholder to report ordinary dividend to extent of E&P, rather than capital gain.
10
DEFINITION OF SECTION 306 STOCK
6. Any stock received as a non taxable dividend (other than common on common).
7. Stock received in a tax-free reorganization when the effect of the transaction is substantially the same as the receipt of a dividend.
DISTRIBUTIONS OF STOCK & SECURITIES OF A CONTROLLED CORPORATION
Section 355 Type D Reorganization Deals with:
Spin-off - The distribution to shareholders of
stock or securities in a controlled 80% subsidiary.
Split-off - The exchange of stock or securities in a
controlled 80% subsidiary for the stock or securities
in the parent corp.
Split-Ups - The transfer of a corporation's asset
investments in two or more subsidiaries to the
shareholders of the parent in complete liquidation
of the parent.
PRIOR REV. RULING FROM IRS IS NORMALLY REQUESTED.
WHY DO CORPORATIONS CHANGE INTO SEPARATE BUSINESSES?
8. Regulatory and legal factors - antitrust laws
AT&T breakup
11
1) Risk factors - separation of stable and unstable
business entities. Marriott Corp.
2) Policy considerations - management views differ
USX - Marathon Oil
3) Prepare for sale to outsider - spin-off of
desirable or undesirable assets
4) Capital market factors - separation of under-
valued entities can improve capital attraction
5) Management considerations - separation of
functional divisions or profit centers
Accountability factor for performance
6) Tax benefits - REIT
HOW DO CORPORATIONS SEPARATE BUSINESSES?
7) Distribute assets to shareholders
Potential dividend treatment
8) Distribute assets via redemption or partial liquidation
Potential sale treatment
9) Type D reorganization - tax free
Spin-off - split-off - split-up
12
REQUIREMENTS FOR TAX FREE TREATMENT
10) Control:
a. Parent owns 80% prior to transaction
b. Taxpayer has not cashed in or liquidated investment
11) Minimum distribution amount
Parent must distribute at least 80% of sub's stock
12) Active business requirement
Not an investment business - no passive activity investments
13) Devise - distribution cannot be part of a plan to bail
out E&P out of a corp.
TREATMENT TO SHAREHOLDER:
14) Gain or loss
a. No gain or loss recognized
Exception - if boot is received
Gain is recognized - loss is not
b. Character
Dividend to the extent of gain if effect is
dividend.
15) spin-off - amount of boot is dividend
16) split-off - loss not recognized use
Section 302 test of ownership
17) split-up - liquidation rules
13
18) Basis of stock & securities received
a. substitute basis
basis of stock & securities surrendered
+ gain
- boot
= basis of stock received
TREATMENT OF DISTRIBUTING CORPORATION
19) Gain or loss
No gain or loss recognized if only stock and securities are distributed.
20) E&P reduced by the lesser of (a or b)
a. reduction amount
Distributing
Corp E & P FMV of sub's assets
X ______________________
Parent FMV of parent's assets
b. the net worth of subsidiary
Pursuant to the 1990 Tax Act, a parent corporation (not its shareholders) must recognize gain in a 355 distribution if
14
the parent makes a disqualified distribution of stock or securities of a controlled subsidiary.
WHAT IS A DISQUALIFIED DISTRIBUTION?
Occurs when immediately after the distribution the person holds disqualified stock constituting at least 50% interest in either parent or the controlled subsidiary.
WHAT IS DISQUALIFIED STOCK?
Stock in either the parent or the subsidiary that was purchased after October 9, 1990, and during the five-year period preceding the Section 355 distribution.
EXAMPLE
A acquires 30% P Corp. 12/01/91
06/01/92 P Corp. distributes 100% of its 90% interest in S Corp. to its shareholders.
P Corp. distributed 50% of the stock in S Corp. to A in exchange for A 30% interest in P Corp. (split-off)
The remaining 50% of the stock in S Corp. was distributed to other shareholders in P Corp. (spin-off)
(Section 355 qualified stock - no gain recognized)
A distribution is disqualified stock (<5 years) ownership
P Corp. recognizes gain.
(Theory - it used its appreciated stock in S Corp. to acquire its own stock.)
15
IRS - as if it sold S stock to A at FMV and P used the proceeds to purchase A stock in P.
LIQUIDATIONS IN GENERAL
LIQUIDATIONS COMPLETE
All the stockholders surrender all of the stock in the corporation for the remaining assets of the corp. after all the creditors are paid.
TAX TREATMENT
Stockholder - sale or exchange
- capital gain/loss
- proceeds - to FMV of net assets
Corporation - recognizes gain/loss on the distribution of property as if sold at FMV to stockholders.
(FMV cannot be less than liability assumed)
The Earnings & Profits that would normally be considered subject to dividend treatment are ignored.
SECTION 331 - GENERAL RULES
c. The distribution is treated as a liquidation if it is one of a series of distributions in redemption of all the stock of a corporation pursuant to a plan.
16
21) Status of liquidation must exist, i.e., When the corp. ceases to be a going concern and is engaged in activities whose sole function is the winding up of its business.
22) Formal written plan is not required, but is preferred. Informal plans are okay, but documentation is recommended.
REASON
Many liquidation plans take years to accomplish - IRS can contest it is a partial liquidation distribution.
EFFECT OF LIQUIDATION ON SHAREHOLDERS
A. All shareholders recognize gain/loss equal to the difference between the FMV of the property received and the basis of the stock surrendered. (Not a dividend) Distribution of capital.
1) Gain or loss is computed on each block of stock.
2) Distributions received in one year - all fully recognized in that year.
When distributions are made over two or more years - shareholder must use cost-recovery method.
a. receipts of distribution reduce basis of stock to zero (pro-rate to block share ownership).
Additional receipts past zero are recognized gain.
17
b) no loss is recognized until the shareholder receives the final distribution - loss is equal to unrecovered basis.
3) Installment note distributions by the corp. from sale of property: Corp. sells property - takes back note - distributes note to shareholder. Principal payments are considered payments for the stock retired. Interest is treated as interest income.
Does not apply to inventory unless bulk sale
occurs.
Corporate sale must take place within the 12-month period starting with the adoption of a plan of liquidation. Liquidation must be completed within 12-month period.
Section 331
B. Basis of property received by shareholder:
1) FMV
2) Shareholders treat distributed property
as if they purchased it from corp.
EFFECT ON CORPORATION (liquidation)
C. Corporation recognizes gains/losses on the distribution of its property as it were sold to the shareholders for its FMV.
18
1) Pre 1987 tax years - no gain/loss recognized (1986 Tax Reform Act repealed this)
2) FMV of property received is assumed to be no less than the amount of the liability assumed with the assets.
3) a) No loss is recognized if property is distributed to a related party and distribution is not pro-rata or property was acquired by corporation within last five years in a non taxable transactions - Section 351.
a. The recognized loss is limited to the amount of decline in the value following acquisition if principal purpose was to recognize loss. (sham transaction)
EXAMPLE
b. Shareholder
FMV = Deemed Sales Price $1,200,000
Basis - stock 300,000
Gain $ 900,000
19
Corp. has gain of:
Land $ 360,000
Equipment 50,000
Stock - Inv. (10,000)
$ 400,000
Tax Fed/State 40%
$ 160,000 This would reduce
FMV distribution
Shareholder gain then is $900,000 - $160,000 = $740,000
Shareholder Tax Fed/State 35%
$259,000
Net cash to shareholder $1,200,000
(160,000)
(259,000)
$ 619,000
If you could sell stock to 3rd party and not liquidate for 1 million, would you do this?
(Gain $700,000 x 35% = $245,000 = net cash = $755,000)
YES!!!!
LIQUIDATION OF A SUBSIDIARY SECTION 332
4) General rule is no gain/loss is recognized in the liquidation of a subsidiary.
20
a. To qualify, parent must own at least 80% of voting power and at least 80% of the total value of the stock. (excluding nonvoting, non-participating preferred stock).
The 80% test must be met on the date of adoption of liquidation plan and all times thereafter until liquidation is complete.
b. No formal plan - all distributions must occur within one year. Formal plan - all distributions must occur before the close of the third year following the first distribution.
1 year Section 331
3 year Section 332
c. Section 332 does not apply to insolvent corporations.
5) Basis of property received in Section 332 liquidation:
General rule is that basis of the asset to subsidiary becomes basis to parent.
a. Parent's basis in subsidiary is ignored.
b. Carryover basis applies - therefore no recapture of ITC.
21
c. Section 337 - no gain/loss is recognized on the distribution of the subsidiary to the parent. FMV is ignored.
Distribution of property to a minority shareholder causes the recognition on gain, but not losses.
d. Form over Substance:
Corporation acquires stock of subsidiary
at less than book value, then immediately
liquidated the subsidiary. No step-up in
basis allowed - must use cost of stock
Section 338.
6) Section 338 deals with basis allocation of subsidiary to parent.
(parent acquisition at less than book value)
Subsidiary does not liquidate -
Parent must make a Section 338 election prior to 15th day of 9th month following a qualified acquisition.
a. qualified means at least 80% ownership (voting and stock value) with a 12-month period.
b. subsidiary is treated as if it sold its assets to itself for FMV with the gain/loss recognized.
c. This hypothetical sale is based on the adjusted purchase price that parent corp. paid for subsidiary
22
d. stock. The subsidiary's liabilities are added to cash paid for asset allocation purposes.
The liabilities included any tax liabilities on the net gains.
Reallocation to price parent paid for net assets.
e. Following the Section 338 hypothetical sale, the subsidiary is treated as if it were a new corp. (new year-end/acc't. method)
COLLAPSIBLE CORPORATIONS - SECTION 341
Definition - The purchase of a corp. with unrealized Section 341 property (inventory and unrealized receivable, Section 1231 property held less than three years). The regulations of the collapsible corp. prevent the parent from converting ordinary income into capital gains by selling the subsidiary prior to recognized ordinary income being taxed. The FMV of Section 341 assets must equal or exceed 50% of FMV of all assets and 120% of its own basis.
24.254.29.245
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Re: Trading codes, where are they?
« Reply #3 on Today at 9:01am »
--------------------------------------------------------------------------------
My final on this section, regarding CMKX liquidation of stock.
One would tend to think, that if CMKX liquidates, then CMKX, in simple terms. becomes a shell.
But wait a minute, says, " UC, if i have this empty shell, " might as well reverse merge it into CIM, put all the companies under CIM, and IPO on the American exchange.
You all have a good week-end, and hope I made some feel better, and not for the worst. Ret
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Re: Trading codes, where are they?
« Reply #4 on Today at 1:11pm »
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The 450 Code is part of the CRSP Stock files and the 400 series is under the Liquidation category and the 450 is actually and means "Issue liquidated, final distribution verified, issue closed to further research."
This was posted by Varok.
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The 2nd to last trade friday
was 450 @.0001.
This is a MM trading code, (code 450) that liquidation of CMKX stock is forthcoming.
Liquidation of CMKX stock is treated as tho you sold the stock in regards to the tax to be paid.
Money coming from UC, or DTC settlement, or tender offer, or large company into mining????? Do not know.
Do find it odd, that Newmont has partnered with SGGM, and Citigroup holds 8% of Newmont, and that Newmont bought 10% of Shore Gold of recent.
http://www.ewg.org/mining/owners/overview.php?cust_id=-590914
Ms Janice, So of everybody that owns CMKX stock, the investors are made up of pumpers, and bashers. Makes one have to wonder why people would bash their investment. Why else would people hang around a message board, if they did not own the cmkx stock. No Life, maybe?
USXP up 100% friday in Berlin, and
closed at .002 Euro, which is .0024 American money.
08.10.2005 22:21
ISIN/WKN oder Name
des Wertpapiers: Snapshot Details Chart
Kurskette Orderbuch
Aktien / Anleihen
Bezeichnung Börse Währung Akt. Kurs/zusatz Bid / Ask Tendenz Tageshoch Schlußkurs Vortag Umsatz Derivate
ISIN / WKN Datum
Uhrzeit Uhrzeit Diff. abs. / % Tagestief Eröffnungskurs Letzter / Gesamt
UNIVERSAL EXPRESS INC. REGISTERED SHARES DL -,005
US91349P1030 / 920232 BER EUR 0,002 -T
07.10.
19:58 0,001 / 0,002
19:58
0,001 / +100,00% 0,002
0,001 0,001
0,001 0 / 800.000 Zertifikate
Intraday 3 Monate 6 Monate 1 Jahr 3 Jahre 5 Jahre
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Volumen einblenden ausblenden
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Kapitalmaßnahmen
Für diese Aktie gab es im Zeitraum 08.10.04 bis 08.10.05 keine Kapitalmaßnahmen.
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Bugs must be well thought of
Heres the German company, they have a contract with.
Company Profile
Head Office
Branches
Management
Company Policy
Transport Planning
Traffic Engineering
Infrastructure Engineering & Design
Enquiry
Head Office
Branches
ISO 9001
Urban Transport Planning
Facility-related Transport Planning
Regional Transport Planning
Public Transport Planning
Traffic Studies
Traffic Control Systems
Public Transport Priority Systems
Traffic Guidance and Information Systems
Operational and Control Systems for Public Transport
Traffic Management Systems
Researches and Development Projects
ISO 9001
Company profil
After restructuring and renaming of our consortium in April 2005, DR. BRENNER INGENIEURGESELLSCHAFT MBH continues the business activities as the successor company of the former Dr. Brenner + Muennich Ingenieurgesellschaft mbH, which was founded in 1978 and had been developing to one of the most renowned German consulting companies on the field of transport planning, traffic infrastructure design and traffic engineering.
Located in the city of Aalen (close to Stuttgart) the head office of the DR. BRENNER INGENIEURGESELLSCHAFT MBH handles the domestic and foreign markets. The company is operating national branch offices in Berlin, Cologne and Dresden with off-premises in Bremen, Leipzig and Stuttgart. Subsidiaries have been established in Magdeburg (Germany) and Beijing (P.R. China). Foreign activities are focused on South-East-Europe, the Russian Federation, Asia, Middle East and Africa.
The company’s staff actually consists of approx 100 engineers for transport and traffic, design engineers, regional and urban planners and ITS/UTC-experts. In 1992 the highest German prize for transport planning and traffic engineering, the Feuchtinger-Wehner-Denkmuenze, has been awarded to Dr. Brenner, managing director and active partner of our companies, by the German Road and Traffic Research Association.
The companies of DR. BRENNER INGENIEURGESELLSCHAFT MBH apply a quality management system, certificated according to ISO 9001.
DR. BRENNER INGENIEURGESELLSCHAFT MBH is member of the German Chamber of Professional Engineers, the German Association of Consulting Engineers (VBI) and the German Road and Traffic Research Association (FGSV).
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Informz | Saratoga Springs, NY
Founded in 1997 and headquartered in the Capital Region of New York State, Informz is an integrated e-marketing solutions company that enables personalized and targeted communication. The Informz solution provides customers with the tools to easily and cost-effectively promote their brands; stay in touch; generate and analyze data about their markets; manage information about the people who are important to their organization as well as receive valuable feedback.
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Infosys
Infosys defines, designs and delivers IT enabled business solutions. These provide you with strategic differentiation and operational superiority, thereby increasing your competitiveness. Each solution is delivered with the industry-benchmark Infosys Predictability that gives you peace of mind. With Infosys, you are assured of a transparent business partner, business-IT alignment with flexibility, world-class processes, speed of execution and the power to stretch your IT budget by leveraging the Global Delivery Model that Infosys pioneered.
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Infra Corporation | Long Beach, CA
Infra Corporation develops a 100% Web software solution - infraEnterprise - for automating best practice service management processes in enterprise organizations.
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Inova Solutions | Charlottesville, VA
Founded in 1984, Inova Solutions is a real-time business intelligence company that is 100% focused on optimizing contact center performance. We believe that streamlining access to key operational data to provide timely and relevant information helps workers at all organizational levels perform their jobs more efficiently and effectively.
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InQuest Technologies | Southborough, MA
InQuest Technologies is a company committed to delivering truly innovative, enterprise-level solutions focused on changing the way that complex infrastructure is managed. Founded in 1997, InQuest offers complete infrastructure and project management solutions that leverage the power and flexibility of the Internet, addressing business needs at every level of your corporation. Starting with the initial design and engineering, continuing through the construction and implementation, and then on-going operations of your infrastructure, InQuest Technologies has the business solution for you. From our robust Collaboration & Document Management solutions, to our cutting edge Infrastructure & Asset Management applications, to our dedicated Professional Services team, InQuest offers solutions that will work for you. Our solutions are cost effective, can be implemented in-house or as a hosted solution, and are designed to offer a rapid, high ROI from the moment they are put in place. Solut
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Insala | Euless, Texas
Insala is a leading global provider of Career Services and Talent Management Solution Technologies.
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InStranet, Inc. | Chicago, IL
InStranet is a leading provider of multi-channel knowledge applications. Global 2000 companies rely on InStranet's solutions to automate content and knowledge delivery for contact centers, field sales, and Web self-care, for servicing and sales initiatives. InStranet's Multi-Channel Knowledge Applications enable businesses to securely create, manage and deploy critical profile-based content for enterprise channels, and to analyze results to identify key successes or areas for improvement.
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InsynQ | Tacoma, WA
InsynQ has been delivering outsourced software application hosting and managed IT services since 1997. InsynQ allows business customers to "turn on" their software applications and workstations instantly through any Internet-connected computer, regardless of operating system. InsynQ subscribers can freely access their software and data -- fully virus-protected and automatically backed up -- from any computer, anywhere in the world. InsynQ's purchase of selected business software from Appgen in 2005 improves the flexibility and cost-efficiency of InsynQ's delivery by using Linux-based application servers that enable customers the choice of multiple platforms.
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Intaver Institute | Calgary, Alberta
Intaver Institute Inc. is a leading innovator in the field of project management software, offering our clients unique, cost effective software solutions to their project and portfolio management challenges. We are dedicated to advancing and adding to our patent pending Event Chain Methodology. This technology is the foundation of our project management software product RiskyProject: project planning, quantitative risk analysis, and project performance measurement tool. Intaver Institute Inc. was founded in 2002 by respected technology executives, mathematicians, economists, and computer scientists. We are privately held company and headquartered in Calgary, Alberta, Canada.
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Intelladon Corporation | Tampa, FL
ntelladon Corporation, the nationally recognized innovator and producer of highly interactive and user-friendly learning content management systems and course authoring tools, earned top honors in the prestigious 2003 ‘e-Learning Shootout’ staged in Atlanta’s World Congress Center sponsored by Brandon-Hall in conjunction with Training Magazine.
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IntelliSoft Group
IntelliApp for Windows is a unique credentialing management tool for Medical Groups, Practice Management, and Billing Companies looking to automate the daunting task of processing credentialing applications for Providers as well as manage Provider credentialing data.
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Intellisync | San Jose, CA
Intellisync Corporation is a leading provider of wireless email and mobile software to large enterprises, mobile operators, software providers and device manufacturers. Intellisync has won the mobility industry's top awards by providing seamless synchronization, secure wireless email, device control and mobility management software that connects nearly every device, data source and application available.
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Intentia | SE-182 15, Danderyd
Intentia was founded in 1984 and serves over 3,000 customer sites in some 40 countries around the world. Our business solutions currently comprise enterprise management, supplier relationship management, customer relationship management, supply chain management, value chain collaboration, enterprise performance management and workplace management.
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Interactive Solutions Group | Eastpointe, MI
ISG´s applicant tracking, resume database and hiring management systems streamline and automate your entire workforce procurement and management process, utilizing the Internet, IVR (phone) and/or Employment Kiosks for corporate and hourly recruitment.
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InterCoastal Techology, Inc. | North Andover, MA
InterCoastal Technology, Inc. is an accounting software company that specializes in the creation, maintenance, marketing and sale of travel expense accounting software products, used by businesses, to facilitate and manage the processing of business travel expenses. We currently market and distribute two Windows™ network-based personal computer software products in the Travel Expense Accounting and Office Automation areas. The two products, AFTER for Windows™ and The Personal Expense Reporter, have more than fifty-five customers actively using the products throughout the United States, Canada and Europe. We plan to develop or acquire an additional five to ten products for marketing in the United States and the International community within the next several years. Our management team consists of two of the three founders, who have extensive backgrounds and experience in computer software development, accounting systems, and the travel industry.
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U.S. Microbics, Inc. (BUGS:OB)
July 14, 2005 Interview with: Robert Brehm, Chairman and CEO
Business News, Financial News, Stocks, Money & Investment Ideas, CEO Interview
and Information on their biological technology to revolutionize environmental cleanup.
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U.S. Microbics is on the precipice of major expansion-operations in Mexico over the next couple of years that should dramatically change the nature of the company applying their technology for soil and, groundwater clean-up and agriculture growth enhancement
U.S. MICROBICS INC.
Environmental
Biotechnology
(BUGS:OB)
U.S. Microbics, Inc.
6451 El Camino Real Ste. C
Carlsbad, CA 92009
Telephone: 760-918-1860 x102
Robert Brehm
Chairman and CEO
Interview conducted by:
Lynn Fosse, Senior Editor
CEOCFOinterviews.com
July 14, 2005
BIO: Robert C. Brehm has served as CEO since July 19, 1997. He has a double engineering degree in electrical engineering and computer science and an MBA from UC Berkeley in Finance and Accounting. Mr. Brehm has operated a large chemical production facility for a Fortune 500 company, owned several software companies, a finance company, and an investor relations company. He fully understands the scientific aspects of the microbial technology business as well as the business, marketing, promotion and financial requirements for success in a public enterprise. His skill, knowledge and expertise are invaluable for the rollout of the company.
Company Profile:
U.S. Microbics Inc. (BUGS.OB) is a business development and holding company that acquires, develops, and deploys innovative environmental technologies for soil, groundwater, and carbon remediation; air pollution reduction; modular drinking-water system development and deployment; and agricultural enhancement.
U.S. Microbics provides proprietary products and services for applications in the global bioremediation, waste water treatment, and regenerative agriculture markets using "Pay-for-Performance" solutions that treat the source of the environmental problem better, faster, cheaper and safer than conventional methods. With the use of biotechnology-based solutions, parents and their children and grandchildren will enjoy cleaner water and soil and healthier plants sooner rather than later.
Key product lines offered are:
Bio-Raptor™ & Microbial Application System™ Products
The Sub-Surface Waste Management Bio-Raptor™ is a patented bioremediation shredder, sprayer, conveyor system for cleaning up hydrocarbon contaminated soils. It treats soil contamination on-site, slashing costs, maximizing material treatment surface area and aeration, reducing retention time, minimizing potential liability through on-site treatment and elimination of contaminant transportation-related risks and site downtime.
Remediline™ - Bioremediation Products
The microbial blends for bioremediation of hydrocarbons, animal waste, and green waste using the Bio-Raptor™ and the Microbial Applications System™ for above ground remediation have been proven over the past 30 years in a variety of environmental situations.
Bi-Agra™ - Agricultural Growth Enhancement Products
The key benefits of the agricultural products include a dramatic increase in seed germination and survival rates, less water and fertilizer usage, greener turf applications, fruit and vegetable harvests that can be picked sooner, have higher weight and yields and a lower mortality rate due to healthier plants.
CEOCFO: Mr. Brehm, what was your vision when you started with U.S. Microbics, and where are you today?
Mr. Brehm: “Our vision dates back to 1997 when Bugs acquired the microbial technology, with about a twenty-year legacy behind it. Our goal was to feed the world and clean up the messes of water. At that time, we started to go into the soil remediation business before we went into the agricultural business because you have to have clean water before you can have vegetables and plants and food growth that will work. Today we are on the precipice of a major expansion of the company, primarily in work outside the United States, which is much more receptive to actually solving environmental problems. Our operations in Mexico over the next couple of years should dramatically change the nature of the company and allow us to apply our technology first for soil and ground water and then for agriculture growth enhancement.”
CEOCFO: Will you tell us about the Mexico project?
Mr. Brehm: “In the United States, over the past thirty years, only about 20% of all the environmental projects have ever been completed. That is a sad commentary on our industry but that is the way the industry works; they do not really want to solve a problem, they just want to extend the solution forever and ever and ever. That “pay-for-effort, study the problem forever” concept started in 1970 when the environmental protection agency was formed.”
“Mexico in 2004 enacted the similar environmental laws that we enacted back in the 1970’s in the U.S., and created their own Environmental Protection Agency. They now want to enforce these environmental laws according to their agreements under NAFTA and The World Trade Organization treaties. However, they do not want to repeat all of the problems that have plagued the U.S. environmental market over the last thirty years, so they have taken a fresh look and decided to implement technologies that have been approved by their EPA and BUGS is one of the first five approved clean-up technologies and the only known biotechnology solution. We have been invited down to Mexico to put together an environmental plan for the entire country. We are in the process of doing that so they can accurately assess what their problem is, determine the magnitude and figure out a solution that will solve it which is cost effective and environmentally friendly. Our technology and our engineering services interact perfectly with that concept so I think we are going to have a bright future in Mexico.”
CEOCFO: What are the challenges in working with Mexico?
Mr. Brehm: “Some of the challenges are the same as working in the United States. Whenever you are bringing on an alternative technology and a new way of doing things, there are three cornerstones to that challenge; one is financial, the second is technology and the third is political; whether you can get the political people behind you to affect that change. In our case, Vicente Fox, current president of Mexico, will be out of office in approximately 22 months and I believe and he wants to leave a legacy for his political party and himself that shows that he did something beneficial the people of Mexico. He has chosen the environmental area to show that his administration can solve a major health concern caused by lax environmental enforcement of prior administrations. In addition to establishing their own Environmental Protection Agency program (SEMARNAT), they have also instituted substantial funding to solve environmental problems. Thirdly, we have very good political contacts up to the highest level of the country now, which was the piece that we were missing in the United States. We also have a pro-active government that who wants to see the problem solved, not just prolonged for many years. We have been able to get the technology and the politics together, plus we have an established credit line through our public subsidiary, Sub-Surface Waste management (OTC: SSWM) and many interested investors waiting for significant news, which gives us with all the ingredients to create a successful, profitable operation in Mexico.”
CEOCFO: Will you tell us about the magnitude of the environmental problem in Mexico?
Mr. Brehm: “The magnitude of the problem is significant. PEMEX, the Mexican National Oil Company, which provides approximately 80% of the revenue for the entire country, wants to spend about $3 billion dollars over the next five years to clean up their mess. They have currently allocated about $1.1 billion to do that. Currently, there are very few vendors who tap into that funding. We have been given the opportunity, by meeting with the top officials in the PEMEX subsidiaries, to pick prime projects that are of deep concern. We expect significant project revenue over the next couple of years from both PEMEX work and State government work related to the environment. throughout Mexico. It is interesting to note that most of Mexican water is classified as contaminated in different degrees of contamination. There appears to be very few areas classified as “clean water” in the country, and that is why most of us in the U.S. that go down and drink the water, get sick. Therefore, BUGS is going to help solve that problem for the locals and for tourists.”
CEOCFO: What are you going to do in the way of equipment, personnel and technology to affect these projects?
Mr. Brehm: “We are going to be forming a new company in Mexico as that is required to get contracts in Mexico, by having partners down there. Our philosophy, which we already utilized in Mexico, is to have a Mexican partner. We have a philosophy of teach, train and transfer, which means that we will teach our partners how to use the technology, train them on the intricacies of how to order different types of equipment and transfer the technology to them so that they can follow their own problems. We are providing engineering services and proprietary microbial blends for clean-up and they are utilizing local labor and contracting sources to solve their problem. They like that joint work process, we like that process, and we do a split on the revenue and earnings so that it works. We have chosen Grupo Bartlett as our labor vendor, which was owned by the largest power plant contractor in the United States and the world, as well as Mexico. They are our partners down there and they provide all the labor and the equipment. We provide the technology and the microbial products. By doing that, we do not have to spend a lot of money on capital, equipment but still get the job done and stimulate the local economy as well.”
CEOCFO: Are you working with partnerships in other countries as well?
Mr. Brehm: “Yes, we have announced a partnership in Germany and they are currently looking to get bids on particular projects. We have also announced a partnership with C-TRADE USA, with a joint venture company called Worldwide Water Systems and that is to put pure water machines in various countries around the world. That project is moving along too, so the partnership concept has worked well for us because it gives the people in the country the ability to control their own destiny with superior U.S. technology and project management techniques, which most countries do not have. It is very exciting, both emotionally as we help others and financially as we see the company grow and prosper for our shareholders. It has taken us a long time to find which market our technology is readily accepted. It turns out it is our neighbor to the south.”
CEOCFO: You just announced a new patent for carbon reactivation technology; will you tell us about that?
Mr. Brehm: “That patent has been pending for three years. The concept is simple to understand as everybody is familiar with how a coffee maker works. There is coffee put into a filter, water goes through it and you have your coffee at the bottom. We have a very similar process, but we put activated charcoal, very similar to the charcoal that is in your water filter, and when that gets clogged, you throw it away and get a new filter, however large business cannot throw it away, they have to clean it. We have a process where we take that carbon filter and put it into something similar to a coffee maker and we run water and bacteria, also called bugs, through it and in less than a couple of days, that charcoal is 100% clean and can be reused. It is a dynamic change to the industry in terms of a cleaning carbon. The alternative is to take the carbon out and send it to a carbon roaster, which is a big incinerator and they burn the contaminants out, going into the are, which isn’t good for the environment and then they give you back about 70% of the carbon that you gave them forcing the user to buy more. We have essentially cut out the recycling cost to the entire carbon user industry. It is a good opportunity to us to show people that there is a different way of doing things and there is an economic incentive to do it.”
CEOCFO: Will you tell us about the financial picture at BUGS?
Mr. Brehm: “It is improving as always. We have a $6 million credit line through our subsidiary. In Mexico, we are already doing about $1½ million project in Mexico. We expect to do more starting in 90 days. We have a credit line available in case we need that. We have the support of many of our investors and approximately 5000 shareholders in BUGS and three or four hundred in Sub-Surface Waste Management. They have all been good supporters of us over the years just like any biotech company who brings a new vaccine to market; often taking twenty years. It has taken eight years for us to find a market that would accept our technology and we have good support with shareholders and a good credit line. With the technology and the political support, we now have all the pieces of the puzzle.”
CEOCFO: Is there any direct competition?
Mr. Brehm: “When you clean up contamination, there are three ways to do it; we call it the three B’s, you burn it bury it or bug it. Typically if you want to get rid of contamination in soil, you dig it up, put it in the incinerator and burn it. That is being phased out, although it is still popular in Asia, but causes massive air pollution. The second method is to dig it up, put it in someone else’s backyard; that it what is done with landfills. In Mexico and other countries, they are realizing that hydrocarbons are all hazardous materials and you cannot put them in landfills anymore and you cannot burn them. There is only one effective method to get rid of contamination and that is called Bugging it (also called bioremediation). The process is fairly simple to understand; you put Mother Nature’s natural bacteria in a recipe on the contaminate and what they do is literally eat it up and the excrete carbon dioxide and water. Over time, the contamination will be completely gone. Mother Nature can do that in approximately 50 to 100 years, and we typically do it in a period of less than a year. That is the way Mexico has decided to do the majority of their waste treatment. The technology has to be approved by Mexico. Currently, we are the only known bio remediation company that has an approved technology down there. There will be more. People have not figured out how to get approved and do business in Mexico. We have been able to go to the highest levels and work ourselves down the chain rather than up the chain. As a result, there are classical competitors that only offer the classical solutions, which is bury and burn. We probably won’t see much competition over the next few years as we have an opportunity to be first in the market and to make sure our solution is the one of choice. Any environmental clean-up process that is approved in Mexico is usually approved throughout Central and South America. Magazines and financial reporting news agencies in South America do interviews with us to see how our technology can be used in their country.”
CEOCFO: Why should potential shareholders be interested and what should they know that they might not realize when they first look at the company?
Mr. Brehm: “Investors have to understand that the environment is a concern for the entire world and water, clean air, and clean soil are important for all of mankind’s future. This world is supposed to have nine billion people by the year 2050 and the way that we are growing food using polluting fertilizer and not enforcing environmental polluters, we will not be able to sustain that population growth. We have to do things differently. What we have chosen to do is utilize Mother Nature’s forces to provide more food production and to clean up soil and ground water all around the world. That basic idea will not go away and how fast or slow it is implemented depends on investor interest and political acceptance of an alternative way of doing things. I think with the increased environmental awareness, people will readily accept change or die. Investors should look at the progress we are making and the contracts we are getting and try to ride the wave with us because I think it is going to be a fun ride over the next five years. If people would like to get a hold of us they can find us on our website at www.bugsatwork.com; they can learn about this technology and how to contact us.”
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“Mexico in 2004 enacted the similar environmental laws that we enacted back in the 1970’s in the U.S., and created their own Environmental Protection Agency. They now want to enforce these environmental laws according to their agreements under NAFTA and The World Trade Organization treaties. However, they do not want to repeat all of the problems that have plagued the U.S. environmental market over the last thirty years, so they have taken a fresh look and decided to implement technologies that have been approved by their EPA and BUGS is one of the first five approved clean-up technologies and the only known biotechnology solution. We have been invited down to Mexico to put together an environmental plan for the entire country. We are in the process of doing that so they can accurately assess what their problem is, determine the magnitude and figure out a solution that will solve it which is cost effective and environmentally friendly. Our technology and our engineering services interact perfectly with that concept so I think we are going to have a bright future in Mexico.” - Robert Brehm
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Company History
On August 30, 1997 U.S. Microbics (USMX) began building an environmental conglomerate based on the microbial technology acquired through its wholly-owned subsidiary, XyclonyX. The company’s goal was to use the proprietary microbial technology, patents and unique culture collection to build the foundation for the international commercialization of this previously successful and valuable technology.
U. S. Microbics developed an organizational structure of multiple corporations, which divides the organization into distinct units for proprietary bug production, R&D, licensing & patent protection, and sales organizations licensed to sell and sublicense microbial products and processes to specific market segments. In this manner, USMX, as the public holding company, can orchestrate the deployment of the environmental technology to owned subsidiaries who in turn license the technology or sell products to end users. The overall organization utilizes corporate subsidiary names that have been successfully used in the predecessor companies selling the technology.
In September 1998, U.S. Microbics leased a 22,000 square foot facility in Carlsbad, California. This building houses the fermentation plant, the R&D facility of Xyclonyx, and the operations of Sub-Surface Waste Management, Bio-Con Microbes, and Wasteline Performance Corporation.
The current technology of the company is comprised of the following;
The Proprietary Culture Collection consists of 30 microbes, which are combined into unique consortiums, each solving a particular need ranging from environmental and waste problems, agricultural benefits in production and reduction of water and fertilizer consumption, and aquaculture/mariculture applications.
The Existing Patents include the two patents for "Decontamination of hydrocarbon contaminated soil" (patent 5,039,415) and "Oil contamination clean-up by use of microbes and air" (patent #5,334,533). The first patent forms the basis for the Bio-RaptorTM product line and associated microbial blends. The second patent is for in-situ remediation. Equivalent patents have also been filed in Australia.
The Research and Technical Notes of George Robinson consists of thirty-years of theoretical and empirical research leading to the successful formulas for microbe separation, ultra-high yield fermentation, consortium formulations for specific problem solving tasks, long term storage of microorganisms, and completion of field-successful applications.
Future Technology will consist of filing additional patents based upon the Technical Notes (it has been estimated that an additional 27 patents could be filed). These new patents will further protect existing ones and create new process patents for applications that have been successful in the past.
With 30 years of servicing customers in many industries, U.S. Microbics’ subsidiaries, and their predecessor companies, have built up a formidable list of Fortune 500 companies. The company has many testimonials of successful problem solving for these companies that have produced many product endorsements and referrals. The USMX subsidiary company names are the same as those used by George Robinson and carry the same significance and name recognition to many customers who have used Robinson microbial products since 1968.
The U.S. Microbics, Inc. organization started with a board of directors consisting of Robert Brehm, President & CEO, Roger Knight, Director, and Mery Robinson, Exec.VP, COO and President of XyclonyX. Later Steve Hopkins and Bob Key joined the board.
The company has four key elements to its core competency. These include the talent and skills of its management and consultants, its proprietary technology (patents and microbial culture collection), its knowledge base and a 30-year old customer base acquired from predecessor companies.
U.S. Microbics services customers in the bioremediation, agricultural, and waste treatment markets. Typical customers include contractors, insurance companies, petrochemical manufacturers, landfill operators, farmers, nurseries, food processors, restaurants, municipalities, state and federal governments, golf courses, water districts, fisheries, banks and financial institutions. All customers need natural solutions to problems of requiring "better-faster-cheaper" waste treatment, increased food production and lower water and natural resource consumption. The company licenses its patented technology, manufacturers and sells its proprietary blends to licensees, and educates and trains people on the proper use and application of its products.
I think this may be in part to
bugs increased revenue. Notice March 31, 2005
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News from Business WireU.S. Microbics Enters into Teaming Agreement with German Engineering Firm; Multi-Year Teaming Agreement to Attack European Union Clean-up Market
09:20 EST Thursday, March 31, 2005
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CARLSBAD, Calif. (Business Wire) -- U.S. Microbics, Inc. (OTCBB:BUGS)(BCN:BUGS) (Berlin Stock Exchange #615212) announced that it has entered into a strategic teaming and representation agreement with the established Germany-based civil engineering firm of Dr. Brenner + Munnich Ingenieurgesellschaft mbH. (Go to: www.brenner-muennich.de for more info).
Robert Brehm, CEO of U.S. Microbics, stated: "We are working with our new German partners to define site cleanup opportunities inside the European Union (EU), which has recently begun their own `Superfund' cleanup program with funding immediately available to qualified contractors. We understand there is a lack of cost-effective cleanup technology that can treat the wastes on-site versus using undesirable conventional thermal treatment or landfill disposal. BUGS and its environmental clean-up subsidiary, Sub-Surface Waste Management of Delaware, Inc. (OCTBB:SSWM), now have an established and successful civil engineering partner with ten offices in the EU to roll out our proprietary cleanup solutions."
BUGS plans to capitalize on its patented and patent-pending technology by forming additional strategic alliances and joint ventures with well-established engineering firms in the environmental industry in Europe, the Middle East, Indonesia, Latin America and Asia. Continued revenue streams are expected through teaming agreements with up front fees, ongoing royalties and microbial product sales.
About U.S. Microbics, Inc.
U.S. Microbics is a business development and holding company that acquires, develops and deploys innovative environmental technologies for soil, groundwater and carbon remediation, air pollution reduction, modular drinking water systems and agriculture enhancement. For more information on the company contact Robert Brehm at 760-918-1860 x102 or visit the website at http://bugsatwork.com.
About Sub-Surface Waste Management
A subsidiary of U.S. Microbics, Inc., Sub-Surface Waste Management, Inc. provides comprehensive civil and environmental engineering project management services, including specialists to design, permit, build and operate environmental waste cleanup treatment systems using conventional, biological and filtration technologies.
The information contained in this press release includes forward-looking statements. Forward-looking statements usually contain the words "estimate," "anticipate," "believe," "expect" or similar expressions that involve risks and uncertainties. These risks and uncertainties include the Company's status as a startup company with uncertain profitability, the need for significant capital, uncertainty concerning market acceptance of its products, competition, limited service and manufacturing facilities, dependence on technological developments, and protection of its intellectual property. The Company's actual results could differ materially from those discussed herein. Factors that could cause or contribute to such differences are discussed more fully in the "Risk Factors," "Management's Discussion and Analysis or Plan of Operation" and other sections of the Company's Form 10-KSB and other publicly available information regarding the Company on file with the Securities and Exchange Commission. The Company will provide you with copies of this information upon request.
U.S. Microbics, Inc.
Robert Brehm, 760-918-1860 x10
bob@bugsatwork.com
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Insider just bought. (BUGS)
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Insider purchase (P) or sell (S): Code Transaction
Date Reported
Date Company Symbol Insider Relationship Shares Average
Unit Price Total
Amount Shares
Owned Filing
P 2005-09-01 2005-09-02 US MICROBICS INC BUGS BREHM ROBERT C CEO
Director 3e+06 $0.01 $30,000.00 1.01941e+07 View
S 2005-07-26 2005-08-01 US MICROBICS INC BUGS BEATTIE BRUCE S CEO of subsdiary SSWM 652,663 $0.011 $7,179.29 300,000 View
P 2005-07-26 2005-08-01 US MICROBICS INC BUGS NAGEL CONRAD B CFO 401,679 $0.013 $5,221.83 1.29951e+06 View
P 2005-05-09 2005-05-10 US MICROBICS INC BUGS BREHM ROBERT C CEO
Director 2e+06 $0.013 $26,000.00 7.19409e+06 View
P 2005-04-01 2005-04-01 US MICROBICS INC BUGS BREHM ROBERT C CEO
Director 500,000 $0.02 $10,000.00 5.19409e+06 View
Other insider transactions (such as stock option award, exercise, etc.): Code Transaction
Date Reported
Date Company Symbol Insider Relationship Shares Average
Unit Price Total
Amount Shares
Owned Filing
A 2005-07-26 2005-08-01 US MICROBICS INC BUGS BEATTIE BRUCE S CEO of subsdiary SSWM 652,663 $0.011 $7,179.29 952,663 View
Off topic, but you will be glad
Look for (Bugs) to explode tueday morning. Saturday PR, gives over 300% revenue increase. Closed friday @ .018, up .007. Ask at market close @ .02 Do your DD on this one. 2 instutional companys, both big time. www.stonebridgecapital.com
In 1998, was at .12, then in 1999, went to 6.00. Low O/S here
--------------------------------------------------------------------------------------------------------------------------------
Similar to a company WEGI, opened friday @ .21, closed @ .45, with a high of .49
My source is saying, 25% of the fuel
for Virginia, has been used, since Katrinia. That leaves about 2 more weeks of fuel for Virginia. (Pipe line from the south La, not in service.) Suggest stocking up on grocerys, as trucks will not be able to distribute food to the stores.
Off Topic, but maybe your interested
XSNX.OB @ .129 has patents for a clear film that can be placed over windows to generate energy from the sun.
The recent Fed Fuel bill will allow for this type of system to get a tax break.
Press Release Source: XsunX, Inc.
XsunX and Other Solar Energy Players Likely to Benefit from Recently Signed Energy Policy Act
Tuesday August 30, 7:00 am ET
Solar Industry Granted a Major Victory With Unprecedented Two-year Investment Tax Credit
ALISO VIEJO, Calif., Aug. 30, 2005 (PRIMEZONE) -- XsunX, Inc. (OTC BB:XSNX.OB - News), developer of Power Glass(tm), an innovative solar technology that allows glass windows to produce electricity from the power of the sun, as well as other solar energy companies are likely to benefit from the recently signed Energy Policy Act of 2005.
ADVERTISEMENT
President Bush recently signed the Energy Policy Act of 2005 into law at Sandia National Laboratories in Albuquerque, New Mexico. The signing of this bill represents the culmination of years of Congressional stalemate over a vast energy policy package, and a central policy goal of the Bush Administration.
``This bipartisan bill contains numerous provisions that will make energy cleaner, more efficient, and more widely available in the future,'' said New Mexico's Republican Senator Pete V. Domenici who, as Chairman of the Senate Energy and Natural Resources Committee, served as a leading lawmaker on the policy package.
Although most of the bill's $14 billion price tag features incentives and tax breaks for the traditional fossil fuel industries, a number of supportive policy wins for renewable energy could usher in a new business cycle for the clean energy industries.
For the first time in two decades, solar technologies were granted a federal investment tax credit that will promote all forms of solar energy. This includes solar thermal systems that provide for a home's hot water, photovoltaic systems that provide electric power, solar-hybrid lighting technologies and commercial developers of industrial-scale concentrating solar power plants. The unprecedented two-year investment tax credit would be capped at $2,000 per residential project and have no limit on commercial projects.
``We are very pleased to see that President Bush and the Congress have recognized the important role played by solar energy in delivering clean energy and reducing dependence on foreign oil,'' said XsunX's CEO, Tom Djokovich. ``This is the strongest national policy for solar power in two decades and a huge precedent for the solar industry.''
ABOUT XSUNX
Based in Aliso Viejo, California, XsunX is the developer of Power Glass -- an innovative Building Integrated Photovoltaic technology that allows glass windows to produce electricity from the power of the sun. This proprietary process is intended to allow manufacturers to apply a transparent and photovoltaic glazing to glass and other transparent substrates. When XsunX glazing is exposed to light, the light energy is converted into electrical energy for use as a power source. XsunX believes that its solar electric glazing technology has a number of major market opportunities in the worldwide architectural glass, optical film and plastics markets. Please visit the Company's website for more information: http://www.XsunX.com
Safe Harbor Statement: Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words ``anticipate,'' ``believe,'' ``estimate,'' ``may,'' ``intend,'' ``expect'' and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company.
Contact:
XsunX, Inc.
Media Relations
(949) 330-8060
--------------------------------------------------------------------------------
Source: XsunX, Inc.
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Maybe, things will get better
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Home >> Blog >> Going after the naked shorting
Pitpundit Blog
Going after the naked shorting
By Jon Nones
29 Aug 2005 at 01:05 PM
JPMorgan Chase & Co., Deutsche Bank AG, Goldman Sachs Group Inc., Morgan Stanley and Merrill Lynch & Co. are reportedly among 14 banks being called on the carpet by the NY Fed over "unconfirmed trades."
A super task force of regulators is reportedly auditing the top brokerages over allegations of illegal naked short selling.
Regulators are smarting over allegations that they gave super hedge funds a free pass because "fails to deliver" were just too massive to reconcile in the "grandfather clause" in Regulation SHO after the FTDs couldn't be cleaned up even with a six months notice.
There is growing evidence that the U.S. Securities and Exchange Commission, the NASD and the New York Stock Exchange are not about to let some state regulator do another "Spitzer" on them.
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This is a true story is about a small OTC mining related stock company and how they were taken over by a group of people from Las Vegas including Donald Stoecklein. They installed two officers, and (allegedly) acquired mineral rights and “art” [like jade] which was listed with exaggerated valuation on the balance sheet and the mineral rights were possibly not owned at all.
All the while the company issued PRs and statements on the internet pumping the value of the assets. At the same time they issued a lot of shares using S-8. They got behind in their SEC filings and eventually stopped filing altogether. The SEC called them on the carpet in a series of actions and stripped the officers of their corporate involvement and later convicted them of fraud.
This is not CMKX, but some names are darn familiar.
Final outcome: The CEO takes the fall, the company continues on with a new person with a name familiar to CMKX placed suddenly in charge and with almost 75% ownership. He voids lots of shares and does a 10 to 1 reverse split. He (the new owner) later sells the corporation as a “Blank Check” company and it moves out of state.
He is and has been involved in CMKX since it was Cybermark / CMKI.
His name is Brian Dvorak.
One of the owners before Dvorak took over was Donald Stoecklein.
Details follow below.
I started this research months ago but have not shared most of it publicly. It was prompted by something I read on Knobias. There were odd details from the SB-2/A filing of Crystalix Group International, Inc. on 4/18/05.
http://knobias.10kwizard.com/contents.php?repo=tenk&ipage=3403671
The business address for CMKXtreme is listed as:
CMKXTREME.COM
136 Arbor Way
Henderson, NV 89074
It also says that:
“(5)<F5> Urban Casavant exercises voting and/or dispositive powers with respect to these shares.”
Nothing unusual so far although I hadn’t seen that address before, but I don’t follow CMKXtreme.com.
Here is a link if you would like to see the house on Arbor:
http://gisgate.co.clark.nv.us/openweb/asp/openweb.asp?getParcel=17713613023
I checked with the Clark County site and found out that it is a single family house owned by Samuel Dvorak. Now that sounded familiar because I knew of the involvement of Brian Dvorak in the purchase of Urban’s house on Spanish Trails. Brian is president of PA Holdings which bought the house in late 2004 and sold it to Urban at a profit of $200,000 4 months later.
Brian Dvorak was an attorney for CMKI after corporate change from Cybermark.
A check of attorney records in using West shows that Brian G. Dvorak is a bankruptcy lawyer with his office listed at that same address.
http://pview.findlaw.com/view/2559360_1
Interesting. That isn’t what he says on his website promoting his services The site is called “144 Opinion Letters”, which is operated by Dvorak and Associates, LTD.
This is a quote from 144 Opinion
http://www.144opinionletters.com/
“144 Opinion Letters.com works with Public Corporations, Stock Brokers, Transfer Agents, Shareholders and Officers and Directors in their need for opinion letters to remove restrictive legends from 144 stock. We also offer S-8 and S-8 opinion letters.”
“The Principal of the firm, Brian Dvorak, has been practicing law in Las Vegas since February 1992, and concentrates in the area of removing restrictive legends from 144 stock.”
Alleged wrongful use of S-8 stock issuances one of the reasons that the SEC is investigating CMKX according to a PR
“Further, the SEC was concerned that CMKX may have unjustifiably relied on a Form S-8, filed in May 2003, to issue unrestricted securities and that CMKX and/or certain of its stockholders may have unjustifiably relied on Rule 144(k) of the 33 Act in conducting an unlawful distribution of its securities that failed to comply with the resale restrictions of Rules 144 and 145 of the Securities Act”
The Law Offices of Thomas C. Cook, Ltd. were used for escrow purposes and they are listed on that May 2004 S-8 but Mr. Dvorak did issue at least one publicly viewable letter to CMKI a short while prior to that S-8.
Here is a link to one “Opinion Letter” that Mr. Dvorak wrote for CMKI. He may have written others directly related to the S-8/144 issue.
http://knobias.10kwizard.com/filing.php?repo=tenk&ipage=1993760&doc=3&num=1&total=9&...
I did a simple search for that address and only really came up with one “hit” of interest. A business called: CEC Industries Corp.
http://sec.edgar-online.com/2003/12/30/0001254488-03-000009/Section2.asp It was based at Mr. Dvorak’s house on Arbor Way in Henderson, NV in 2003
By November 30th, 2003 Brian Dvorak owned over 74% of all outstanding shares of CEC Industries Corp. aka CEC Industries, Inc..
On December 1st 2003, CEC acquired PayCard whose primary business is stored-value cards……pin based cash-value cards can be loaded with a cash value and used as a safe way for carrying funds.
If you haven’t seen what a stored value card looks like, here is an example:
Now at this point, you might be saying “So What”. But naturally, if you dig deeper into CEC, things get more interesting.
CEC had been publicly traded prior to 2003 but they got into trouble with the SEC. Guess what for? Bad S-8 filings, delinquent filings and non-filing as well as overstated assets and dubious valuation of mineral claims/ownership and “art” which brings us full circle to some of the current troubles that CMKX is having with the SEC along with a couple of familiar names: Dvorak & Stoecklein.
Now, how did CEC come under control of Brian Dvorak? And to make it more interesting, the company had been partially owned by Donald and Ronald Stoecklein. And for the real kicker: What was the relationship between Dvorak and Stoecklein in the 1990’s and what is it now? Hmmmmm.
Details to come…
See expanded post below
In the mid to late 1980s, C.E.C.'s primary business was the design, manufacture, and sale of mineral processing equipment. … A group of investors from Las Vegas, Nevada ("Las Vegas Group" or "Group") took control of C.E.C. in the Fall of 1993.”
Two members of the Las Vegas Group were Ronald Stoecklein, and Donald Stoecklein. From trial records of GEORGE A. MATTHEWS, JR. vs C.E.C. INDUSTRIES CORP
http://www.kscourts.org/ca10/cases/1999/12/98-4184.htm
C.E.C.Management Corp. was merged into Justheim Petroleum Company effective December 31, 1986, and was renamed C.E.C. Industries Corp. Prior to the merger, Justheim had historically engaged in the business of acquiring, holding and selling oil and gas leaseholds and retaining overriding royalty rights.
Ronald and Donald were both still officers in 1995 according to a 10Q. They were owners too.
Skip ahead a couple of years. Gerald and Marie Levine took full executive control of C.E.C. in March 1996 and hired William L. Clancy, CPA
From the Administrative Action by the SEC vs. William L. Clancy, CPA
http://www.sec.gov/litigation/admin/34-42392.htm
“In or about March 1996, CEC acquired certain assets from O.T.S. Holdings, Inc……among them….. a quitclaim deed for a parcel of land in Tennessee.”
“Specifically, CEC has reported……. a value of $800,000 for its parcel of Tennessee land, which, according to CEC's public filings and statements, contains valuable coal and timber reserves….the land had significantly less value during the relevant period.”
“In or about December 1996, CEC entered into an exchange transaction through which it acquired shares of contractually restricted stock in a company called Synfuel Technologies, Inc.”
“CEC assigned an overstated value to the Synfuel stock it acquired”
Mr. Clancy was found in error and his permit to do SEC audits was revoked for 3 years.
In addition, the two active officers, the Levines, received an order prohibiting them from serving as directors or officers of any public companies.
CEC was charged with, among other things: “that C.E.C. fraudulently overstated it assets and revenues in public filings and statements concerning the company's fiscal years ended March 31, 1996 and March 31, 1997. These material overstatements, according to the complaint, all resulted from various asset exchange transactions in which C.E.C. acquired non-cash assets in exchange for either company stock or other non-cash assets previously acquired with company stock. [sounds like CMKX doesn’t it?] The complaint also alleges that C.E.C. has been chronically delinquent in filing required reports with the Commission since June 1997, and has not filed any required reports since July 1998. [CMKX style again?] The Commission contends that Gerald and Marie Levine, as C.E.C.'s controlling officers and directors during the relevant time period, were directly responsible for C.E.C.'s fraudulent overstatements of assets and revenues, as well as for C.E.C.'s filing delinquencies. According to the complaint, the Levines also published false and misleading information about C.E.C. on the Internet during the period in question.
Ref: http://www.sec.gov/litigation/litreleases/lr16299.htm
They were also were taken to court and found guilty of fraud. That trial didn’t take place until 2003.
See: Securities and Exchange Commission v. Gerald H. Levine and Marie A. Levine http://www.sec.gov/litigation/litreleases/lr18420.htm
Note: “In particular, the complaint alleged that the Levines overstated the value of two purported corporate assets (1) a 9,000-acre tract of land in Tennessee that they claimed held 52 million tons of coal and substantial timber assets ; and (2) forty-one paintings by "Sky Jones," which they claimed had a value of $1.7 million. [Does this remind you of the Jade?] The Commission proved at trial that CEC (and its corporate affiliates) did not even own the land and that the paintings were worth no more than $10,350.”
In approximately 1999 (estimate), Brian Dvorak took over full control of CEC.
On January 1st 2001, Brian Dvorak, President and COO and signed a SEC form 10Q/A for the quarter ending 9/30/1997.
In 2004 CMKX announced the issuance of a Stored Value card issued with CMKXtreme which is based at the same address as CEC which by coincidence was in the business of issuing stored value cards.
On 8.31.04 CEC released a press release explaining some changes. An interesting part was how they eliminated some shares from the hands of others. “As part of its restructuring plan, the Company cleaned up its balance sheet by eliminating debt, disposing of its ownership in a subsidiary and reclaiming three million shares of its common stock due to a breach of an agreement by the principals of that subsidiary. The Company also said its board of directors has authorized a one for ten reverse stock split to adjust its capitalization structure to appropriate levels.”
http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=109&STORY=/www/story/08-31-2004/0002241732&...
On 9.28.2004 CEC changed their name to Advantage Capital Development Corp. and moved to Florida. They trade on the Pink Sheets as AVCP SIC 6770 - Blank Checks.
Hope yet
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home < data lookup < news Thursday, August 25, 2005
JPMORGAN CHASE
StockGate: Is All Heck About To Break Loose?
via COMTEX
Aug 25, 2005 12:42:00 AM
Aug 25, 2005 (financialwire.net via COMTEX) --
August 25, 2005 (FinancialWire) With JPMorgan Chase & Co. (NYSE: JPM), Deutsche Bank AG (NYSE: DB), Goldman Sachs Group Inc., Morgan Stanley (NYSE: WMD) and Merrill Lynch & Co. (NYSE: MER), who dominate the credit-derivatives market, reportedly among 14 banks being called on the carpet by the NY Fed over "unconfirmed trades," and a super task force of regulators reportedly auditing the top brokerages over allegations of illegal naked short selling, it could soon be "SHO and tell" time.
Regulators are smarting over allegations that they gave super hedge funds a free pass because "fails to deliver" were just too massive to reconcile in the "grandfather clause" in Regulation SHO after the FTDs couldn't be cleaned up even with a six months notice, and there is growing evidence that the U.S. Securities and Exchange Commission, the NASD and the New York Stock Exchange are not about to let some state regulator do another "Spitzer" on them.
The North American Securities Administrators Association, representing state regulators, was sharply critical of the Depository Trust and Clearing Corp., co-owned by the NYSE and NASDAQ, during the comment period over Regulation SHO, and FinancialWire has been aware for some time that some state regulators have been looking into why the DTCC has fails to deliver amounting to $6 billion a day.
NASDAQ may soon pull out of the DTCC and form its own clearing group, according to Traders Magazine. A break-up of the DTCC has been editorially endorsed by Investrend Information, publishers of FinancialWire.
A growing chorus has also risen from Congress to "make Regulation SHO effective," rather than what critics say it has been so far, a showcase of illegal manipulation.
TheStreet.com's (NASDAQ: TSCM) RealMoney said that the market "dived" Wednesday over the Fed letter, saying the market may be concerned this is "another Long term Capital type event in the making."
A banking industry group was quoted as saying as recently as July 27 that an "urgent" effort is needed to tackle the "serious" accumulation of trade confirmations.
At the same time, news reports say that examiners from the NASD, NYSE and SEC are "in the middle of a sweep designed to ferret out brokerages breaking rules designed to eliminate naked short selling."
A battle royale, including competing lawsuits, are being waged between Overstock.com (NASDAQ: OSTK), which alleges that Rocker Partners, a major hedge fund said by some to be the leading shorter of a large segment of the NYSE Regulation SHO "threshold list," is engaging I illegal manipulative activites.
TheStreet.com's Kevin Kelleher said the "scarcity of hard data on the illicit trading tactic so far has only polarized the debate on how serious a problem it has become."
Despite a number of semi-favorable articles in TheStreet.com, Overstock CEO Byrne has named the company as a part of the media conspiracy supporting misdeeds by hedge funds.
The hedge funds, Kelleher said, say that "most of the positions created by failed deliveries are related to options trading and not a concerted effort to drive stocks down.
"That may be the case. But without better data on stocks that failed to deliver, the rest of us will never know for sure.
"Meanwhile, what little data are available suggest that naked shorting may indeed be out of control and that a much-ballyhooed trading rule known as Regulation SHO has so far done little to rein it in."
He said that naked shorting "is in essence make-believe short-selling. In the same way kids play doctor without the medical equipment, naked shorters sell unborrowed stocks, stocks that no one has borrowed and possibly never will. The SEC allows naked shorting in two cases: to maintain liquidity in hard-to-find shares and for anyone who shorted unborrowed shares before 2005. That second exemption has generated its own share of controversy."
He said that the outcry has steadily increased. "In recent months, newsletters like CrossCurrents and Biotech Monthly have sounded alarms on naked shorting."
"I'm quite confident that this is a much larger issue than anyone cares to consider," Kelleher quotes CrossCurrents editor Alan Newman. "It's hard to find bears any harder-core than Newman, who in February 2000 put a then-unthinkable 3000 target on Nasdaq and who today expects the Dow to sink to 8500. When the uber-bears are worried about the adverse impact of shorting, it's time to start worrying."
Newman explains naked short-selling in eye-opening clarity, he notes: "Selling unborrowed shares means the buyer doesn't get delivery of the shares he bought. "There are now two actual owners of the same shares. The exact same shares now show up long in both accounts," Newman says. "Every 100 shares of a naked short is a duplication of real shares, just as if the shares had been photocopied and distributed."
Kelleher also quotes Larry Thompson, the First Deputy General Counsel at the Depository Trust and Clearing Corporation, a central clearinghouse for trade settlement, that about 1.5% of the dollar volume of stocks traded each day fail to deliver. In a Q&A published this March on the DTCC site, "fails to deliver and receive amount to about $6 billion daily ... including both new fails and aged fails."
Overall, said TheStreet.com, "1.5% of volume may not be much of an impact. But judging from the way some stocks spend weeks and months on the threshold list of shares that face persistent delivery failures, the naked shorting is concentrated in illiquid shares known to be hedge fund targets. The bulk are traded over the counter, but some are well known, such as Netflix, Netease (NASDAQ: NTES), Shanda Interactive (NASDAQ: SNDA), and Taser International (NASDAQ: TASR).
He said that perhaps the most telling data came from a simple Freedom of Information Act filed by an individual investor who asked the SEC for aggregate data on failed deliveries on the NYSE and Nasdaq. Before Regulation SHO was passed in September 2004, an average of about 155 million shares a day failed to deliver on the two exchanges, excluding OTC and Pink Sheet stocks, TheStreet.com says the data showed.
"After Regulation SHO was passed, the delivery failures rose, averaging 205 million shares a day in December and rising as high as 259 million on Dec. 22 alone. Since the law went into effect on Jan. 3, the delivery failures have declined, but are still only about 20% below their levels of last summer.
"The SEC, wanting to avoid short-squeezes in dozens of stocks caused by the closing out of naked short positions, opted to 'grandfather in' any failed deliveries before Jan. 3. But that opened the door to another problem: In the four months between the date Regulation SHO went into effect and the date it took effect, the grandfather provision gave anyone who was so inclined a generous period of time to build up naked short positions in any stock he liked.
"Or, to use the counterfeit analogy, imagine outlawing the printing of funny money, but giving everyone four months to print up as much as they'd like. Only then would counterfeit dollars be illegal -- but only to print, not to use."
He points out that "it wasn't as if regulators weren't expecting this. The NASD, in a 2004 proposal to tighten rules on naked short-selling, wrote, "Naked short-selling ... can result in long-term failures to deliver, including aggregate failures to deliver that exceed the total float of a security. NASD believes that such extended failures to deliver can have a negative effect on the market.
"Among other things, by not having to deliver securities, naked short-sellers can take on larger short positions than would otherwise be permissible, which can facilitate manipulative activity. Further, significant failures to deliver can impact certain rights of buyers, such as the right to vote shares or the treatment of dividends."
Some 93.89% of the respondents to the Investrend Poll at http://www.investrendinformation.com said that the DTCC should be "punished" for its interferences with the media, especially FinancialWire, which has been reporting on this issue for almost two years.
The censorship has since admitted to in a letter posted at http://www.investrend.com/Admin/Topics/Articles/Resources/349_1113403487.pdf .
More than a half dozen highly-ranked Republican and Democratic U.S. Senators have weighed in that the U.S. Securities and Exchange Commission's much-ballyhooed "Regulation SHO" has highlighted the massive extent of the illegal practice but has done nothing to stop it.
The main lists for Regulation SHO are at http://www.nasdaqtrader.com/aspx/regsho.aspx and http://www.nyse.com/Frameset.html?displayPage=/threshold .
Even the DTCC has admitted its "fails to deliver" is massive, amounting to upwards of $6 billion a day, according to DTCC Deputy General Counsel Larry Thompson.
A former U.S. Under Secretary of Commerce for Economic Affairs, Robert J. Shapiro, now chair of Sonecon, LLC, a private economic advisory firm, accused Thompson of making "inaccurate or misleading" statements. Shapiro, who holds a Ph.D from Harvard University, was the principal economic advisor to former President Bill Clinton in his initial Presidential campaign.
Shapiro currently provides economic analysis to the law firms of O'Quinn, Laminack and Pirtle, Christian, Smith and Jewell, and Heard, Robins, Cloud, Lubel and Greenwood, on issues associated with naked short sales, which he noted includes "matters raised in an interview published by @DTCC with DTCC deputy general counsel Larry Thompson."
He asserted in his letter that "the extent to which [naked short selling] occurs is in dispute. While this statement may be narrowly correct, objective academic analysis has established that naked short selling has been a widespread practice and one which, when allowed to persist, can pose a threat to the integrity of equity markets. A recent study by Dr. Leslie Boni, then a visiting financial economist at the SEC, analyzed NSCC data and found that on three random days, an average of more than 700 listed stocks had failures-to-deliver of 60 million-to-120 million shares sold short ' naked shorts ' that had persisted for at least two months. In addition, over 800 unlisted stocks on any day had fails of 120 million-to-180 million shares sold short that also had persisted for at least two months. The total number of naked shorts, including those that had persisted for less than two months, was presumably considerably greater.
"Regarding the extent of naked shorts, Thompson has provided closely-related additional information: 'fails to deliver and receive amount to about $6 billion daily.including both new fails and aged fails.' Thompson minimizes this total by comparing it to "just under $400 billion in trades (emphasis added) processed daily by NSCC, or about 1.5% of the dollar volume." By most people's standards, a problem involving hundreds of millions of shares valued at $6 billion every day is a very large problem. Moreover, the $6 billion total substantially underestimates the actual value of all failed-to-deliver trades measured when the trades actually occurred. Most of the $6 billion total represents uncovered or naked short sales, many of which have gone undelivered for weeks or months with their market price being marked-to-market every day. As a stock's price falls, the market price of naked shorts in that stock also declines, reducing the total value of the outstanding failures-to-deliver cited by Thompson.
"In other respects, Thompson's comparison to the '$400 billion in trades processed daily by NSCC' seems disingenuous and misleading, because that $400 billion total covers not only U.S. equity trades which can involve most of the failures-to-deliver at issue, but many other transactions also processed by the NSCC. The value of all equity transactions on U.S. markets in 2004, for example, averaged $82.3 billion/day. If Thompson is correct that the daily value of fails-to-deliver averages $6 billion, that total is equivalent to 7.2 percent of average daily equity trades or nearly five times the 1.5 percent level suggested by Thompson.
"Furthermore, the DTCC reports on its website that on a peak day, 'through its Continuous Net Settlement (CNS) system, NSCC eliminated the need to settle 96 percent of total obligations.' Assuming that CNS nets out the same proportion of trades on other days, $384 billion of the $400 billion in daily trades cited by Thompson are netted out, leaving only $16 billion in daily trades that require the actual delivery of securities. The $6 billion of fails-to-deliver securities existing on any day are equivalent to 37.5 percent of the average daily trades that require the delivery of securities, or 25 times the 1.5 percent level cited by Thompson.
"Thompson tries to explain the large numbers of shares that go undelivered ' in most cases arising from naked short sales -- by citing problems with paper certificates, inevitable human error, and the legitimate operations of market makers. This also seems misleading or disingenuous. Regarding problems with paper certificates, the DTCC estimates that 97 percent of all stock certificates are now kept in electronic form. Nor can human error or legitimate market-making operations explain the high levels of failures-to-deliver that persist for months ' on any day, an average of 180 million-to-300 million shares have gone undelivered for two months or longer ' as documented by Dr. Boni's analysis of NSCC data.
"Thompson also disparages the attorneys who represent companies that have been damaged or destroyed by massive naked short sales, and their shareholders, by claiming falsely that the cases in this matter have almost all been dismissed or withdrawn. The legal firms that I advise -- O'Quinn, Petrie and Laminack; Christian, Smith and Jewell; and Heard, Robins, Cloud, Lubel and Greenwood ' have not lost any motions against the DTCC or its affiliates and currently have one case against the DTCC pending in Nevada and another case against the DTCC pending in Arkansas. In addition, on February 24, 2005, these attorneys were granted an order by the New York Supreme Court ordering the DTCC to produce trading records involving two companies they represent, including records from the Stock Borrow program, which may establish whether large-scale naked short sales were used to manipulate and drive down the stock price of those two companies.
"Thompson also asserts that the plaintiffs suing the DTCC for damages associated with the handling of naked short sales rely on "theories [that] are not an accurate reflection of how the capital market system actually works." This assertion is inaccurate. There is no dispute about how the capital markets work -- nor any doubt that naked short sales have been used to manipulate and drive down the price of stocks, as seen in numerous death-spiral financing cases. The issue here is the DTCC's role in allowing or facilitating such stock manipulation through its treatment of extended naked short sales.
"In explaining the DTCC's role in these matters, Thompson rejects the claim that the NSCC's Stock Borrow program allows the same shares to be lent over and over again, potentially creating more shares than actually exist or 'phantom' shares. By Thompson's own account, shares borrowed by the NSCC to settle naked short sales are deducted from the lending member's DTC account and credited to the DTC account of the member to whom the shares have been sold. Therefore, those same shares become available to be re-borrowed to settle another naked short sale and, if that happens, to be re-borrowed again and again to settle a succession of naked short sales. Throughout this process, the actual short sellers may continue to fail-to-deliver the shares to cover their shorts and, as Dr. Boni's analysis of NSCC data found, the underlying failure can age for months or even years. The process which Thompson describes is one in which shares can be borrowed and lent over and over again, introducing more shares into the market than are legally registered and issued. If any ambiguity remains, Thompson can clarify it by responding to the following query: Once a share that has been borrowed through the NSCC Stock Borrow program is delivered to the purchaser, is that share restricted in any way so it cannot be lent again?
"It is important to note that the Stock Borrow program is used when continuous net settlement cannot locate the shares to settle. As a consequence, Stock Borrow is usually called into play when there are relatively few shares available for borrowing. These are propitious conditions for market manipulation: Unscrupulous short sellers undertake large-scale naked short sales involving stocks for which few shares are available for trading and lending, relying on the Stock Borrow program to borrow the limited available shares, again and again, at sufficient levels to drive down the market price of the shares.
"Thompson notes that of approximately $6 billion in outstanding failures-to-deliver existing on any day, "the Stock Borrow program is able to resolve about $1.1 billion . or about 20% [18 percent] of the total fail obligation." In this statement, Thompson raises very serious questions about the integrity and operations of the NSCC and DTCC, which he can clarify by responding to the following queries: If the Stock Borrow program "resolves" only 18 percent of total fails, what is the disposition of the remaining 82 percent of outstanding fails? When failures-to-deliver occur that are not resolved through Stock Borrow, does the NSCC credit the undelivered shares to the member representing the buyer, creating genuine "phantom shares"? Finally, how many shares do the borrowing brokers, clearing firms and other participants in the Stock Borrow program owe the NSCC on a typical day, and what is their total value?
"In a related matter, Thompson tries to distance the DTCC from charges that shares held in restricted accounts ' for example, cash accounts, retirement accounts and many institutional accounts ' are improperly lent through the Stock Borrow program by claiming that responsibility for segregating restricted shares from lendable shares falls to the "broker and bank members" of the DTCC, while responsibility for monitoring or regulating their performance in this matter falls to the stock exchanges and the SEC. As a trust company, the DTCC cannot hold that it has no role, duty or responsibility to ensure the probity of its operations. Thompson could address this issue by responding to the following queries: What procedures does the NSCC have to ensure that shares held in members' accounts for possible loan through the NSCC Stock Borrow program are unencumbered by regulatory or legal restrictions from being pledged or assigned and eligible to be borrowed? On any given day, how many participants in the Stock Borrow program have lent shares that exceed their lendable shares, in what numbers and of what value?
"Thompson also tries to distance the DTCC as far as possible from the naked short selling that generates most of the extended failures-to-deliver: 'We don't have any power or legal authority to regulate or stop short selling, naked or otherwise. We also have no power to force member firms to close out or resolve fails to deliver . we don't even see whether a sale is short or not.' In fact, the DTCC chooses to not distinguish short sales from long sales, chooses to not regulate or stop extended naked short sales, and chooses to not force member firms to resolve protracted naked short sales.
"First, Regulation SHO requires that all transactions be clearly marked short or long. If the DTCC and NSCC do not know whether sales are short or long as Thompson contends, they choose to not know. Second, the NSCC has a clear responsibility and adequate means to stop naked short sales of extended duration, with no legal barrier that would prevent them from so doing. As a trust company with an acknowledged duty to provide investors certainty in the settlement and clearance of equity transactions, the DTCC chose to carry out that duty by assuming the role of counterparty to both sides of every equity transaction, through the operations of the NSCC's CNS system and the Stock Borrow program. By allowing short sellers to fail-to-deliver shares for months or even years, the NSCC clearly fails to provide certainty in settlement to the buyers, sellers and issuers of securities. Since it is widely known that extended naked short sales have been used to manipulate stock prices in cases of death-spiral financing, and the NSCC created the Stock Borrow program to address failures-to-deliver that prominently include naked short sales, the NSCC and DTCC share a responsibility with the SEC and the stock exchanges to protect investors by resolving extended fails.
"Third, the DTCC and NSCC have the clear capacity to force member firms to resolve the extended failures-to-deliver of their customers by purchasing shares on the open market and deducting the cost from the member's account. A 2003 study by Dr. Richard Evans and others provides evidence that forced buy-ins by any party occur very rarely. They found that a major options market maker who failed to deliver all or a portion of shares sold in 69,063 transactions in 1998-1999 was bought-in only 86 times or barely one-tenth of 1 percent of the fails. Thompson can clarify investors' understanding of their operations by responding to the following query: What proportion of shares that are persistent fails-to-deliver, of one month or longer, are ever bought in?
"Thompson acknowledges that the DTCC and NSCC know precisely how many failures-to-deliver exist for each stock and the precise duration of each of these fails. Yet, the DTCC refuses to disclose this information even to the issuer of the stock in question, which Thompson justifies by citing 'NSCC rules' prohibiting such a release of data based on 'the obvious reason that the trading data we receive could be used to manipulate the market, as well as reveal trading patterns of individual firms.'
"This response is both disingenuous and revealing. We know now, for the first time, that the DTCC has full knowledge of the extent of protracted, large-scale naked short sales in all particular cases. We also know now that the DTCC has had this information for at least a decade, since Thompson also notes that 'fails, as a percentage of total trading, hasn't changed in the last 10 years.' Yet, based on the DTCC's own rules, it allowed these abuses to persist and fester. The DTCC and NSCC can change their rules at any time. Moreover, in this case, those rules are unjustified. Data documenting outstanding short sales in each stock are currently issued publicly, so further data on how many of those short sales are naked would not reveal additional information about the trading patterns of individual firms or in any way empower manipulators. In fact, the DTCC could substantially disarm manipulators by both publicly reporting naked short sales in each issue and pledging to force buy-ins of all naked short sales that persist for more than a limited period.
Surely, if large-scale, extended naked short sales have effectively created "phantom" shares, companies have a responsibility to their shareholders and the right to secure this information from the organization which manages the settlement of short sales. At a minimum, the DTCC should respond to requests by issuers for data on extended failures-to-deliver in their own stocks, both in the past and currently, so they can take steps to resist stock manipulators or bring them to account for past manipulation.
Thompson also claims that the DTCC did not create or manage the Stock Borrow program to serve its own financial interest, insisting that the service generates less than $2 million a year in direct fees to the DTCC and that all DTCC services are priced on a "not for profit" basis that seeks to match revenues with expenses. Without further information, these responses beg the question of whose private financial interest has been served by the Stock Borrow program, especially as the DTCC is owned by the stock markets, clearinghouses, brokerage and banking institutions that use its services. Thompson and the DTCC can clarify this serious matter by responding to the following queries: Do DTCC participant/owners receive interest or other payments through or from the Stock Borrow program for lending the shares of their customers and, if so, how much have they received for these activities over the last 10 years? Further, do DTCC participant/owners receive any dividend, interest or other payments or distributions from the DTCC or its subsidiaries?," Shapiro concluded.
Neither Thompson nor the DTCC have responded to Shapiro's wide-ranging allegations.
Recently, former SEC Attorney Peter Chepucavage, previously a staffer for the U.S. Securities and Exchange Commission's Division of Market Regulation, and a key participant in the release of Regulation SHO, has left the SEC and is now challenging his former agency over the regulation's inability to reign in illegal market manipulations.
Chepucavage has forwarded his comments to the SEC, under File Nunber 265-23:
"I am responding to your Request for Public Comments on Summary of Proposed Committee Agenda. I wish to incorporate and expand upon the comments of Brad Smith regarding a macro or more comprehensive approach to small companies and to use his term small to medium enterprises (SME'S). A more comprehensive approach is necessary and appropriate because there is a need to review not only the small company issuers but also the markets and broker dealers involved in the raising of capital for SME's and the public perception of the regulation of those markets.
"In a recent explanation of the key points of Reg. SHO, the staff stated "Speculative stocks, such as microcap stocks, often have a high probability of declining in value and a low probability of experiencing above average gains." The committee should review the underlying data for this proposition to determine whether it is true for all low priced stocks in general or just those traded on the pink sheets and otcbb with a view to determining whether such stocks could ever be suitable for retail investors or whether they should only be sold to investors qualified by knowledge of these markets.
"In the column Washington Investing, Wash Post 5/23/05 p.1 Jerry Knight refers to the "purgatory of the Pink Sheets, a nearly unregulated neither market for trading stocks." The committee should evaluate this statement and if necessary recommend increased practical regulation such as short sale reporting and Reg SHO coverage.
"Reg. SHO excluded these stocks from its coverage and the committee should therefore review why the most speculative stocks are not included.
"The SRO short sale reporting rules exclude these stocks from their coverage. See petition of the Pink Sheets to include them as an example of a market seeking more regulation.
"The SRO'S have failed to enforce their locate requirements for short sales thereby encouraging naked shorting in these markets. Except for one case, the penalties imposed over the last 10 years include modest fines probably less than trading profits made. "These stocks are not eligible for margin or options and thus the loan supply is curtailed enabling naked shorts and the inability to hedge. See Comments of Professor Angle to Reg SHO.
"The Commission is reluctant to provide an arbitrage exemption for short sales which makes the distribution of many small company issues thru Pipes and Wt arbitrage. The committee should review the merits of such an exemption.
"The presidents and CEO'S of small broker -dealers believe they are often held responsible for their employees conduct while those of large broker dealers rarely are . They also believe penalties imposed on small bd's constitute a much larger portion of their net capital and are inherently unfair. This is an old argument but continues to resurface and should be addressed.
"The chairman of the PHLX recently noted that he worried that the Commission staff would be overwhelmed with the NYSE/ARCHIPELAGO and NASDAQ/INSTINET mergers and not have time for the rule filings of other smaller SRO's.
"Small companies are more likely to be referred to as penny stocks, unless like Lucent at $2.50 a share they are listed on the NYSE.
"There may be no reliable evidence that small bd's and small companies create more regulatory issues than the Enrons, Worldcoms, Tycos and other similar large companies that have required significant regulatory resources. The committee should review whether they do in fact create more regulatory issues.
"There is a proliferation of unregistered finders operating in the area of SME'S because of the lack of clear guidance from the Commission. It should also consider studying the role of finders in the process and might consider whether those finders should be registered as investment advisers rather than bd's.
"The Committee should not be reluctant to challenge conventional norms in its approach. The Committee should therefore recommend a special study of the regulation of SME's and small bd's to determine if the regulatory scheme is adequate and consistent and does not impose a greater burden on them especially in light of their job creating value in the U.S. It might also recommend the creation of an independent small business/small bd office at the Commission with a significant increase in staffing. While it is not the Commission's role to encourage small to medium enterprises or bd's, it is their obligation not to hinder them and to pay equal attention to them. This Committee has a rare opportunity to set a future agenda for SME'S in this country .As the markets rapidly consolidate, attention to SMEs and bd's is important whether it results in more or less regulation or more reasonable regulation," the former SEC attorney concluded.
A controversial audio of a purported conference call conducted by officials of Bear Stearns (NYSE: BSC) contains allegations that the SEC had shared with Bear Stearns the names of hundreds of companies that it had said would be on the threshold lists but which were not on the official lists published, and that regulators had confided to Bear Stearns and others that the regulators are selectively enforcing provisions against "fails to deliver" securities according to a kind of floating set of "interpretations" rather than strictly according to the law.
The blockbuster audio is posted at http://www.investigatethesec.com/Bear080705.wma .
U.S. Senator Elizabeth Dole (R-SC) recently joined U.S. Senators James Talent (R-MO), Richard Shelby (D-AL), Susan Collins (R-ME), Robert Bennett (R-UT) and Richard Durbin (D-IL) in questioning U.S. Securities and Exchange Commission about what they call the "failure" of Regulation SHO to curtail unlawful, predatory securities trading.
The current Senate line-up carries significant heft. Senator Collins is chair of the Homeland Security and Governmental Affairs committee, Senator Shelby is chair of the Senate Banking Committee, Senator Durbin is Assistant Democratic Leader and Senator Bennett is Republican Whip. The Senators' letters are posted at http://www.americaneedstoknow.com
"Stockgate Today" publisher David Patch said that the Senators have 23 good reasons, citing that many companies, including Martha Stewart Living Omnimedia (NYSE: MSO), Delta Air Lines (NYSE: DAL), Krispy Kreme (NYSE: KKD) and Netflix (NASDAQ: NFLX), that remain "not settled" on the official threshold lists maintained by the New York Stock Exchange and Nasdaq five months later.
"Stockgate Today" is published at http://www.investigatethesec.com . The Senators' letters to shareholders and the SEC are posted at http://www.americaneedstoknow.com
Patch said that most of the 23 companies hardest-hit by unlawful stock manipulations in full sight of market regulators, including those at the SEC, such as Annette Nazareth, head of market regulation, who belittles complaints as coming from those who "want to see their stock go up," have had double-digit declines in stock valuations over the 94 days they have been on the highly-public list.
He also noted that in the March, 2005 Euromoney Magazine article on illegal naked short selling, Head of Market Regulation Annette Nazareth's assistant, James Brigagliano said that prior lawbreakers were "grandfathered" because "we were concerned about generating volatility where there were large pre-existing open positions, and we wanted to start afresh with new regulation, not re-write history."
"So does Ken Lay, but he can't," retorted Patch.
This disputed "grandfathering" has not yet been taken up by Congress, but the 23 companies on the threshhold list for over days are new transgressions, and presumably they can't be dealt with either because Nazareth and Brigagliano are concerned about "generating volatility."
Also, in a blockbuster event almost equal to the mysterious "postponement" of "Dateline NBC," the U.S. Securities and Exchange Commission has inexplicably given the DTC's National Securities Clearing Corp. "immunity" in the form of limited liability for willful misconduct or violations of Federal securities laws.
The Notice regarding the SEC's action is at http://www.nscc.com/impnot/notices/notice2005/a6029.pdf
Some legal experts are questioning whether the SEC, without the approval of Congress, has the authority to limit the NSCC's liability. There have been similar questions about the SEC's authority to unilaterally "grandfather" securities violations prior to Regulation SHO.
The new regulation is sure to be litigated since the DTCC and the NSCC were the subject of lawsuits claiming their "stock borrow program" is illegal counterfeiting, prior to the rule approval by the SEC.
Also, recently a stock transfer agent, Transfer Online Inc., had asked then-SEC Chair William Donaldson to put a stop to the control the Depository Trust & Clearing Corp. and Automatic Data Processing (NYSE: ADP) are fast gaining over the transfer business, and to demand DTCC transparency.
Excerpts from the letter, posted at http://www.faulkingtruth.com/Articles/LettersToEditor/1012.html , states: "Over the years as the amount of shares held at DTC has increased it has become more and more difficult to determine who owns the shares, who is trading them and if the trading is proper. This trend, and the resulting problems I will detail below, continues to increase because a minority of the total number of shareholders are reflected on the books and records of the corporation, most activity takes place behind the wall of ownership that is designated as Cede & Co. and neither the company nor the transfer agent has any access to the underlying information.
"Furthermore, DTC recently managed to put through a rule change (Release No. 34-50758A; File No.S7-24-04) that prohibits a transfer agent from representing any company who seeks to withdraw from the DTC system. This change effectively leaves companies with no voice or choice in the management of their stock and their ability to have any transparency as to what is actually taking place in the market in regard to their stock.
"I receive calls from companies seeking information as they watch millions of shares trade in a single day, who watch their share price decrease in value and who have no access to information regarding who is behind the trading of these shares, or if in fact the trades are at all legitimate. As the system now operates, most companies have a large percentage of shares on their books registered to Cede & Co.
"Given the importance of shareholder voting and communication one would assume that the same requirements placed on transfer agents as to accuracy and reporting would be placed on ADP and Cede & Co. as they usually hold or service the majority of the shares owned in any given company.
"I have found; however, that when presented with the tabulation reports from ADP the share totals they report sometimes exceed the total number of shares outstanding for the company. Let me restate this because it is a very important part of my concern about a system that is more and more headed in the direction of increased control by DTC. The shares presented by ADP, that are the shares voted by the brokers on behalf of the shareholders for whom they hold accounts, EXCEED when added to the shareholders of record the total number of shares outstanding.
"Where are these extra shares coming from? Why are there no controls on the number of shares held in the nominee name Cede & Co. vs. the ownership on the books and records of the brokers and why is the company not privy to any information unless it pays whatever fees it is told it must pay by the organizations that control the data?
"In fact, as the system is evolving, DTC is de facto becoming the largest transfer agent in the industry even though it is an organization formed by and working for the interests of the brokerage community. If, ultimately, the S.E.C. is in place to protect investors then this issue can not be ignored because in the end when the market is completely under the control of the brokers and the organizations that represent them then the market can neither be transparent nor fair."
The "Important Notice" from the DTCC regarding the NSCC demonstrates that the entities are a "self-regulatory organization" under the auspices of the SEC, which ramps up the media interference to First Amendment violations.
The DTCC said that the "approved changes create a uniform standard limiting NSCC's liability to direct losses caused by the NSCC's gross negligence, willful misconduct, or violation of Federal securities laws for which there is a private right of action."
In addition, the organization stated, "the changes memorialize an appropriate commercial standard of care that will protect NSCC for undue liability, permit the resources of NSCC to be appropriately utilized for promoting the accurate clearance and settlement of securities, and are consistent with similar rules adopted by other self-regulatory organizations and approved by the Commission."
The DTCC had asked for the rule December 8, 2004. It is not known how the proposed rule slipped through the cracks on the public and Congressional levels prior to the approval.
The National Coalition Against Naked Shorting stated that the action was sought and approved hastily because "they have been willfully violating securities laws for years, know that it will come out in court, and want to have a piece of paper to fall back on," adding that it corroborates "the theory that the stock borrow program violates a host of securities laws, that the NSCC knows it, and that they have been counterfeiting stock for years and just now are starting to catch on to the idea that they will get caught."
In his communication to then-SEC Chair William Donaldson, Sen. Durbin also contested the claim by the Depository Trust and Clearing Corp., a unit ot the New York Stock Exchange and NASD, that it has no responsibilities under Regulation SHO.
Senator Durbin's letter to Donaldson appears to sharply contest the Depository Trust & Clearing Corp.'s contention that it has no role in Regulation SHO.
"I am writing to request information regarding the August 25, 2004 Securities and Exchange Commission (SEC) short sale regulation, designated Regulation SHO. On March 9, 2005, the Senate Committee on Banking, Housing, and Urban Affairs held a hearing on Regulation SHO, in which Chairman Bennett spoke with you about the regulation's effects on the illegal practice of naked short selling. I thank you for your testimony and I hope that you can follow up on some of my concerns not fully addressed by the Banking Committee hearings.
"I appreciate the efforts of the Securities and Exchange Commission (SEC) to control abusive short selling practices. As a result of Regulation SHO, the names of firms with large amounts of unsettled shares are published on the Threshold Security List daily. This list assists individual investors in making informed decisions about potential manipulation of the market, and gives regulators and investigators a centralized list of firms with significant numbers of undelivered shares. However, it has come to my attention that Regulation SHO may not be curtailing abusive naked short selling practices.
"Several of my constituents have contacted me since the SEC introduces Regulation SHO. They have raised concerns about potential loopholes in settlement regulations. During your recent testimony before the Banking Committee, Chairman Bennett asked you about the ability of brokerage houses to shuttle unsettled shares every 13 days in order to avoid settling the borrowed shorted shares. Due to time constraints at the hearing, the committee did not receive a complete answer. This issue is worthy of a full response.
"Additionally, my constituents have expressed concern about SEC enforcement of Regulation SHO. While the Threshold Security List publicizes securities that might have been manipulated, I am concerned that some securities repeatedly appear on the list. What steps is the SEC taking to investigate trading practices that result in vast quantities of unsettled shares, and to punish those people who violate SEC naked short selling regulations? What is the SEC doing to ensure that the Depository Trust & Clearing Corporation (DTCC) is complying with Regulation SHO, and what actions does the SEC undertake when the DTCC identifies large quantities of shares that have not been delivered?
"It is important that the SEC identify abuses and prevent manipulative naked short selling practices that undermine faith in the market. Thank you for your attention to this matter. I look forward to your timely response," Senator Durbin concluded.
Pink Sheets head Cromwell Coulson has asked the SEC to publish short positions on all over the counter and bulletin board stocks, and that request is currently in a comment period.
The request for rulemaking, which Coulson has told companies traded on the Pink Sheets, is needed "to make regulators turn on the lights and protect investors from the menance of hidden short selling in the OTC market," is at http://sec.gov/rules/petitions.shtml
In an email to Donaldson, Coulson had said "I believe that it is very important to require the disclosure of short positions because the lack of transparency is allowing promoters to defraud investors by blaming all selling on naked market maker short selling. Disclosure and transparency can easily remedy the issue."
In other news on the naked short-selling front known as "StockGate," adding to what TheStreet.com founder James Cramer calls the "Hedge Fund Relief Act," the termination of the Uptick Rule, is the fact that those using illegal naked short selling in the past have been granted a kind of amnesty for acts before the first of 2005. The SEC just "grandfathered" those illegally-begotten gains and resultant counterfeit shares into the system, so these windfall gains are now available to downtick with reckless abandon on downticks.
The "grandfathering" admission is at http://www.sec.gov/spotlight/keyregshoissues.htm
In the same document, the SEC has inexplicably stated that not all forms of illegal naked short selling, the equivalent of counterfeiting shares in public companies, are actually "illegal."
The DTCC actions in the StockGate mire are the most serious, if not notorious since the agent of two SROs, the New York Stock Exchange and NASD is also peopled by some 21 directors whose companies, such as Merrill Lynch & Co. (NYSE: MER), State Street Corporation (NYSE: STT) and Goldman Sachs (NYSE: GS), are unlikely to support the DTCC in its media censorship.
In a recent editorial, Investrend Information head Gayle Essary questioned whether the board and principal shareholders would "be party to shenanigans that lead to the censorship or disabling of any media" that he says is "un-American activity."
Essary said that the arrogance the DTCC expressed in its censorship efforts shows that the entity has "become too large, too encompassing, too powerful, too unresponsive to those it serves, primarily the investing public, and too unresponsive to the Congress under whose auspices it should be operating.
"First, it is time to unconflict it, with real public representations on its board," he said, and second, "it is time to break it up, with its various duties provided by smaller agencies under separate unconflicted boards."
DTCC board members include Michael C. Bodson, Managing Director, Morgan Stanley (NYSE: MWD); Gary Bullock, Global Head of Logistics, Infrastructure, UBS Investment Bank (NYSE: UBS); Stephen P. Casper, Managing Director and Chief Operating Officer, Fischer Francis Trees & Watts, Inc.; Jill M. Considine,Chairman, President & Chief Executive Officer, The Depository Trust & Clearing Corporation (DTCC);
Also, Paul F. Costello, President, Business Services Group, Wachovia Securities (NYSE: WB); John W. Cummings, Senior Vice President & Head of Global Technology & Services, Merrill Lynch & Co. (NYSE: MER); Donald F. Donahue, Chief Operating Officer, The Depository Trust & Clearing Corporation (DTCC); Norman Eaker, General Partner, Edward Jones; George Hrabovsky, President, Alliance Global Investors Service; Catherine R. Kinney, President and Co-Chief Operating Officer, New York Stock Exchange; Thomas J. McCrossan, Executive Vice President, State Street Corporation (NYSE: STT); Bradley Abelow, Managing Director, Goldman Sachs (NYSE: GS); Jonathan E. Beyman, Chief Information Officer, Lehman Brothers (NYSE: LEH); and Frank J. Bisignano, Chief Administrative Officer and Senior Executive Vice President, Citigroup / Solomon Smith Barney's Corporate Investment Bank (NYSE: C), Eileen K. Murray, Managing Director, Credit Suisse First Boston (NYSE: CSR); James P. Palermo, Vice Chairman, Mellon Financial Corporation (NYSE: MEL); Thomas J. Perna, Senior Executive Vice President, Financial Companies Services Sector of The Bank of New York (NYSE: BNY); Ronald Purpora, Chief Executive Officer, Garban LLC; Douglas Shulman, President, Regulatory Services and Operations, NASD; and Thompson M. Swayne, Executive Vice President, JPMorgan Chase (NYSE: JPM).
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Is there really naked short trading in stocks?
Overstock.com Naked Short Selling Allegations
« Thread Started on Aug 18, 2005, 8:17am »
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Overstock.com Naked Short Selling Allegations Create Firestorm
Aug 18, 2005 (financialwire.net via COMTEX)
(FinancialWire) (By Ant & Sons) Overstock.com's (Nasdaq: OSTK) recent battle with alleged naked short selling has hit prime time, especially after Overstock.com founder and president Patrick Byrne's interview on CNBC television.
On the Street Signs segment, Byrne echoed comments from a company press release where he said that "what's at stake here is innovation and entrepreneurship in America. My company has been attacked and I'm not going to take this lying down. In joining forces with John O'Quinn and his team of lawyers, I think we have what it takes to win. We certainly have what it takes to fight." These are certainly encouraging words, especially to company's like Communications (OTC: EATC), JAG Media (OTC: JAGH) and Eagle Broadband (AMEX: EAG) that have been investigating naked short selling in their stock.
Last week, Overstock.com filed suit against Rocker Partners and Gradient Analytics, alleging that the hedge fund and research company conspired to drive down the company's stock in scheme known as naked short selling. Generally speaking, naked short selling is defined as selling a security short without borrowing the necessary securities to make a delivery, thus resulting in a failure to deliver the securities to the rightful owner. The main goal of naked shorting is to engage in harmfully affecting the stock price of a company in order to manipulate and create downward pressure on the security, affecting a company's ability to raise money on the open market.
Taking charge on the legal front for Overstock.com is reputable Attorney John O'Quinn, who is also lead legal counsel for another naked short selling embattled company called Eagletech Communications (OTC: EATC). Commenting on his relationship with the company, O'Quinn stated that "combining our lawyers and a-level experts with the tenacity, verve and commitment of Overstock.com CEO Dr. Patrick Byrne is a powerful alliance, hitched up for the long haul to win this battle. It is time someone stops these offshore hedge funds from taking advantage of average working Americans and American Public companies."
On that note, it is no surprise that with Overstock.com's ability to garner some attention for the issue of naked short selling, many companies are taking advantage of the spotlight to highlight how their companies have been abused and manipulated.
Following this tidal wave of publicity, Dave Micek, President and CEO of Eagle Broadband (AMEX: EAG), expressed concern over the "decline in the price of Eagle's stock in recent months." Due to some information that the company received that suggests the company's stock has been subjected to improper trading activities, he confidently went on to say that the company believes "illegal stock manipulation schemes may have contributed to the decline." As evidence of possible illegal activity, is Eagle Broadband's inclusion on the AMEX Regulation SHO list includes. This list highlights companies whose stocks have experienced failed settlements (i.e., failure to deliver stock that has been sold short within the required three day settlement period) for five consecutive days with aggregate fails to deliver of more than 10,000 shares and the level of fails equaling at least 0.5% of the company's shares outstanding.
Eagle Broadband, a leading provider of broadband, Internet protocol and communications services, is one of the more organized companies that has developed a strategy to combat naked short selling. The company has established a team that includes management, in-house counsel and outside securities law experts, to address the illegal stock trading and market manipulation schemes involving the company's stock. Most importantly, their team will try and work with regulatory authorities who will be able to take enforcement action.
Besides relying on regulatory agencies, which have been wary to take action on naked short selling claims, the company is also requesting that brokers and investors convert margin accounts to cash accounts to limit the amount of shares available to borrow for short sales. One major action that has not been taken, however, is to request all stockholders who owned the company's stock through a broker to send the company a copy of their brokerage account statement reflecting their position in Eagle Broadband common stock. If the company's short position is that drastic, like it is rumored to be in JAG Media (OTC: JAGH), a company that has proceeded to prove just that, the evidence would be overwhelming if brokerage statements proved a naked short in the company's stock.
The bottom line though is that taking a more active approach will be the only way companies can start to expose how large of a problem naked short selling has become. With increasing evidence that this is not just a mere market conspiracy, the pressure will only increase for regulatory bodies to do something about naked short selling.
Logged
Little bird rumor, said, that a large amount
of CMKX stock will be turned into preferred stock. HHHMMmmm.
VACM O/S 35 mil
Valcom selling for .05 HHMMmmm
VACM.OB
What do you think?
-------------------------------------------------------------------------------- I believe we will only be revoked as a last resort, and then only to our benefit. You see, revocation is solely in the hands of the company as they have postured the game. If negotiations are finalized with the NSS, then we will file. If negotiations are hindered, then we choose not to file and force the revocation, only to follow that up quickly with a painful dividend payable to all shares, of course including the NSS. When CIM IPOs and is valued, 10% mandatory dividend goes to the locked in NSS. The company has an 8% cash dividend program also. The painful dividends then continue and is used as leverage for the final negotiations. Once negotiations are completed and to the shareholder's benefit, then the company files to come off revocation. We have the shorts right where we have postured them to be. This plan has been going on for years. We wait it out. This is purely my opinion. Take it for what it's worth
20,000 oil well, 10,000 gas wells in Saskatchewan
SASKATCHEWAN - MINERAL RESOURCES
NATURAL GAS AND OIL
Natural Gas
The province of Saskatchewan is the third largest natural gas producing province in Canada. The main areas and reserves are along the western border in the Beacon Hill, Kindersley and Hatton areas. In the year 2000 there were over 10,000 gas wells in the province. Many industries use natural gas including upgraders, fertilizer plants and pulp and paper mills. Natural gas is used to fuel home furnaces and hot water heaters. Gas can be transported through pipelines.
more about natural gas
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Oil
Saskatchewan is the second largest oil producing province in Canada (after Alberta). There are over 20,000 active wells in the province. Heavy and light crude oil are produced from the Lloydminster, Kindersley-Kerrobert, Swift Current and Weyburn-Estevan areas. There are refineries in Regina and Lloydminster. Refined products are used to run our cars, trucks and other vehicles. There are asphalt plants in Lloydminster and Moose Jaw.
more about oil
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MINING
There are three types of mining in Saskatchewan
underground (potash, uranium)
surface (coal, uranium)
solution (sodium sulphate, potash)
Uranium is sold to fuel power plants.
Uranium
Saskatchewan has the richest uranium deposits in the world. The province is the world's largest producer and exporter of uranium. All of the uranium produced in Canada comes from Saskatchewan. The rich uranium deposits are concentrated in the Athabasca basin in northwest corner of the province. Open pit mines and underground mines extract the mineral, which is then crushed and milled to separate the uranium. There are uranium mines at Rabbit Lake and Key Lake. (photo: uranium pit mine at Rabbit Lake) The uranium is sold to fuel power plants in Canada, the United States, Europe and the Far East.
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dragline
Coal (lignite)
Saskatchewan is the third largest producer of coal in Canada. The coal mines in the province are open pit mines. Today, there are five coal mines in Saskatchewan. Four are in the Estevan area and one is in the Willow Bunch/Wood Mountain area. Open pit mining uses the dragline method to obtain the coal.
Over seventy percent of the electricity in the province comes from coal-fired power stations which are located in southern Saskatchewan. The Boundary Dam power station just south of Estevan is largest lignite coal-burning thermal power station in Canada. Other coal-burning power stations are the Poplar River power station near Coronach and the Shand power station also near Estevan. Two other power stations - the Queen Elizabeth power station in Saskatoon, and the Coteau Creek power station near Lake Diefenbaker do not use coal.
photo: Boundary Dam power plant
coal mining
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Potash
Saskatchewan is home to the world's richest deposits of potash. One-third of the world's supply of potash comes from Saskatchewan. Saskatchewan has enough potash to supply the world for several hundred years.
Much of the potash that is mined is used for fertilizer. Plants need fertilizer to grow into strong healty plants.
The Potash Corporation of Saskatchewan operates six mines. The mine near Esterhazy is the largest in the world.
potash information and photos
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Sodium Sulphate
There are five plants in the province. The sodium sulphate mined in Saskatchewan is the product of alkaline lakes which are found in the southern part of the province. When the water is removed the salt deposits remain. The province ranks fifth in the world in the production of sodium sulphate. Sodium sulphate is used in detergent ( dishwashing and laundry powder) carpet deodorizers, corn starch, the pulp and paper industry and glass industry.
more about sodium sulphate
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Building products
Most of the materials used to build your home are products of the mining industry. The concrete used for the basement and driveway is a mixture of sand, gravel and cement. The inside walls of homes is probably gypsum wallboard. Potassium sulphate is used in the manufacture of the wallboard. Decorative stone used on the outside walls of homes is also a product of mining.
SASK. ECONOMY / SASK. INDEX
info obtained from Sask Energy and Mines
Go to their web site for more detailed information
map of mineral-producing regions
Another excellent web site is Saskatchewan Interactive
How far would 1,000,000 acres go, if place 210 feet wide? 39,772 miles if 210 feet wide. About 1 and 1/2 times around the earth. HHHMMMmmm
Maybe the SEC could get interested in shuting down who ever is selling counterfeit shares, as I write this.
Heres what the (OG) attorneys has put out to members
Hello to all. It has been an interesting day hearing about all of the rumors. You can rest assured that I am not engaged in any discussions involving tender offers to shareholders of any set amount. I know of no pending dividends from the company. If such negotiations are ongoing, the parties have decided not to involve me.
I am working on the followup exhibit that I referenced in our brief. This will be filed shortly.
I have received questions from many shareholders demanding to know why the Judge has not acted on our evidence. Please understand that our proof of a naked short is compelling but there is significant resistance to our evidence. The SEC has taken a position that there is no naked short position in this company. Judge Murray is not required to evaluate our evidence to see if there is cause to demand any investigation. Her job is to decide what to do with CMKM, if we do not file our financials. It is my job as your attorney to make the most of this naked short evidence. Our work is still ongoing in this area even though we are confident in the numbers we have. I have every intention of presenting this information to appropriate law enforcement officials at the right time.
A meeting has been agreed to with an official on the Senate Banking Committee staff for this coming Friday (7-1-05) in Washington, D.C. I look forward to presenting our evidence on Friday.
Several of the Members have asked for some clarification on the Phase 2 agreement which is now available at www.cmkxownersgroup.com I will try to clear up any questions in a short update tomorrow.
Onward,
Bill Frizzell
And the fraud continues
FBI arrests president of closed broker LH Ross
The FBI on Thursday night arrested Franklyn Michelin, president of now-closed securities brokerage LH Ross, on charges of securities fraud
The Palm Beach County Sheriff's Office Web site says the FBI arrested Michelin and booked him without bond.
Officials of that office did not have additional details readily available.
An FBI affadavit said the arrest stemmed from Michelin agreeing to pay kickbacks to an undercover agent who posed as the corrupt manager of a fictitious hedge fund in Boca Raton. The undercover agent told Michelin he would purchase LH Ross stock in exchange for a 30 percent kickback that would not be disclosed to the hedge fund or its clients.
The affidavit said that Michelin wired $20,000 from his personal account as an initial kickback.
March 31, the National Association of Securities Dealers expelled LH Ross, which was based in Boca Raton. Michelin, who founded that firm, agreed to a permanent ban from the securities industry.
The NASD, in previous orders, found LH Ross and Michelin had engaged in widespread securities fraud, including sales of unregistered offerings of its own stock in which investors lost more than $12 million.
Salvatore Puccio, a former LH Ross broker and a central figure in a federal and state investigation of a purported organized crime organization, is among LH Ross employees the NASD mentioned in complaints against the firm.
Michelin is listed as a material witness in an indictment, under seal in federal court in Fort Lauderdale. The U.S. Attorney's Office filed the indictment in February against Puccio and several fellow defendants.
Feb. 3, the Broward Sheriff's Office arrested Puccio and 22 others it said were linked to the Bonanno crime family in activities including loan sharking, stock market scams, offshore betting, dealing in stolen property and narcotics distribution.
The BSO calls the case Operation Coldwater, because the group's purported leader, Gerard Chilli, lives in an oceanfront condominium in Hollywood.
Early this month, BSO spokeswoman Elizabeth Caldazilla-Fiallo said her agency cannot discuss the case "because it is a part of an open and ongoing investigation of organized crime and is in the hands of state and federal grand juries."
Oh Yeh, HOLEY MACKLE ANDY EOM
This shall be the general format going forward. The Good Judge as of date, has not allowed the NS subject to be entered on record. However, she will be by-passed and since NS (counterfeiting of Securitys) is as about the same as counterfeiting 100 dollar bills, the such as the FBI, will be forced to pursue the counterfeiting. Pressure by some politicans will be the ones to pressure the FBI. To go direct to the FBI, they only in turn contact the SEC, and then its a dead deal again, but thats why the politicans come into play, to force the FBI, to do their job.
Seems Mr. Mayheu, who is on the BOD, knows his way around the FBI also, HHHMMMmm.
So I guess the Mob has taken over the country EOM
Its time for the SEC to be investigated by the Justice Dept, assuming they are not corrupt also.
So there is no Naked Trading going on, right?
NASD Charges Pennsylvania's Scott W. Ryan, Ryan & Company With Impermissible Short Selling Scheme for Hedge Fund Clients
Ryan Previously Barred, Firm Expelled for Failure to Cooperate with NASD Probe
Washington, DC — NASD announced today that it has charged Scott W. Ryan of Bryn Mawr, PA, and Ryan & Company, LP (RYCO) of West Conshohocken, PA, with engaging in a long-term, widespread scheme of impermissible short selling activity on behalf of three hedge fund clients.
Ryan was barred from the securities industry and RYCO was expelled by an NASD Hearing Panel in June 2004, for failing to cooperate in the investigation that led to the charges announced today. That hearing panel decision has been appealed to NASD's National Adjudicatory Council. Ryan's bar and RYCO's expulsion have been stayed pending the outcome of that appeal.
NASD has now charged Ryan and his firm with carrying out a scheme to create and maintain short positions in OTC equity securities on behalf of three RYCO client hedge funds. The hedge funds were unable to sell the stocks short themselves because they could not satisfy NASD's affirmative determination requirements. To circumvent the restrictions that prohibited the hedge funds from selling short, RYCO would register as a market maker in the security, and then, under the guise of its market maker status, sell the stock short at the behest of the hedge funds. In each instance, RYCO sold the stock short without making and annotating an affirmative determination that the firm could borrow the security or otherwise provide for delivery of the security by settlement date. As a result of their illicit conduct, RYCO reaped substantial profits.
NASD further charged RYCO with failing to correctly report short sale transactions. Ryan and RYCO also face charges of failing to report option positions and of supervisory failures.
Ryan's registration with NASD and RYCO's registration as a broker-dealer were both voluntarily terminated on April 30, 2004.
Under NASD rules, a firm or individual named in a complaint can file a response and request a hearing before an NASD disciplinary panel. Possible remedies include a fine, censure, suspension, or bar from the securities industry, and disgorgement of gains associated with the violations.
Investors can obtain more information about, and the disciplinary record of, any NASD-registered broker or brokerage firm by using NASD's BrokerCheck. NASD makes BrokerCheck available at no charge to the public. In 2004, Members of the public used this service to conduct more than 3.8 million searches and request almost 190,000 reports for existing brokers or firms. Investors can link directly to BrokerCheck at www.nasdbrokercheck.com. Investors can also access this service by calling 1-800-289-9999.
NASD is the leading private-sector provider of financial regulatory services, dedicated to investor protection and market integrity through effective and efficient regulation and complementary compliance and technology-based services. NASD touches virtually every aspect of the securities business-from registering and educating all industry participants, to examining securities firms, enforcing both NASD rules and the federal securities laws, and administering the largest dispute resolution forum for investors and registered firms. For more information, please visit our Web Site at www.nasd.com.
http://www.nasd.com/web/idcplg?IdcService=SS_GET_PAGE&ssDocName=NASDW_014364&ssSourceNodeId=...
Just thinking the 200 billion shares of SGGM that UC has is valued at 2,200,000,000.00. Not Bad figured @ .011.
If no CMKX shareholders anymore, guess thats good bucks,
You have Sexy Eyes EOM