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Anyone in the boston area? I have a car I have to pick up there next week and its only about 2500 miles from home, ha ha ha.
Now now, lets all get along and make a few dollars here. Next week should prove interesting one way or the other.
Sounds very to the point and positive looking without trying to tout. A good letter I would say.
Promoters Turn To Scaled-Down Pay-per-view to Get Fighters in Ring
USA TODAY - January 15, 2003
Despite these hard economic times, boxing promoters still want to keep revenue flowing and their fighters fighting, so they're making quality matchups. But if you want to see them all, you'll have to pay.
With TV dates at such a premium, an explosion of pay-per-view offerings is imminent with promoters Bob Arum, Don King and Lou DiBella each set to launch a series of PPV events to make up for the date shortfall. There will be three, maybe four, in March alone, an unprecedented number.
HBO's budget is flat, and most of its dates are owed to the star fighters it has under contract. Showtime slashed its budget, meaning fewer slots. ESPN2 used to pay $60,000 a card. Now it's $52,500.
King already has March 1 for the $49.95 John Ruiz-Roy Jones heavyweight title bout, the sort of blockbuster event pay-per-view thrives on. But there are intriguing smaller fights to be made, too, so on March 15 he'll roll out the first of three $19.95-type cards this year.
''There ain't no TV dates, so you got to do your own thing,'' King said Tuesday. ''If Showtime and HBO don't want to do them, I'll do them on my own. We need new stars. You got to cultivate them, and you got to keep your guys busy. You do a pay-per-view to appeal to the fans, and if you get a hit, it's a good investment.''
Said Arum, ''If there were dates on Showtime and HBO and we could find a place for these fights, I would much prefer to do that. But I have no choice because there aren't. I can't just cry in the night about the lack of dates. I need to try to do something about it.''
King's first show features a super middleweight unification bout between Byron Mitchell and Sven Ottke, the division's biggest fight in years. It takes place in Germany, but King will air it on tape with live fights that could include the third junior flyweight title match between champ Rosendo Alvarez and Beibis Mendoza and another 108-pound title fight between Nene Sanchez and Victor Burgos.
Arum is close to completing a deal in which Showtime's PPV arm, SET, will produce, distribute and share profits from three $34.95 ''Latin Fury'' shows aimed at passionate Latino fans. Arum's deal also calls for three Showtime ''Latin Fury'' cards, which will probably commence in May with a flyweight unification bout between Eric Morel and Irene Pacheco.
Arum's first PPV show under the Showtime deal is a March 22 card at Mandalay Bay in Las Vegas featuring three pick 'em fights: Jesus Chavez vs. junior lightweight titlist Sirimongkol Singmanassuk, ex-lightweight champ Jose Luis Castillo vs. Julio Diaz and strawweight champ Miguel Barrera vs. Roberto Leyva in their third match.
DiBella intends to do at least three Monday night $19.95 cards that HBO PPV will distribute. The first show, tentatively slated for March 17, will feature either junior featherweight titlist Oscar Larios or junior bantamweight champ Fernando Montiel along with lightweight Angel Manfredy and 2000 Olympian Jermain Taylor.
HBO PPV is talking to DiBella and King about linking their shows and selling them as a package.
''It's free enterprise,'' Arum said of the crush of PPV events. ''We know the drawing power of the people on our cards.''
Said King, Arum's chief rival for 30 years, ''We'll let the people decide what they want to see. We all got to do what we got to do.''
Arrest Warrant Issued for Trevor Berbick
Associated Press - January 16, 2003
KINGSTON, Jamaica (AP) - An arrest warrant was issued for former heavyweight boxing champion Trevor Berbick on burglary and theft charges in Jamaica.
Police in eastern Port Antonio issued the warrant Tuesday after a search of Berbick's home allegedly turned up several stolen items, including an electric drill, a pickax and some clothes, officer Glenford Miller said.
Berbick was deported from the United States to his native Jamaica in December after U.S. Immigration and Naturalization Service determined he illegally re-entered the country after being deported to Canada in 1997.
Berbick telephoned police Wednesday to ask if a warrant for his arrest had been issued, but didn't indicate that he would turn himself in, Miller said.
Police searched Berbick's home Sunday after a neighbor reported a break-in and missing property. The officers left after Berbick demanded to see a search warrant.
Berbick, who beat Muhammad Ali in 1981, was ordered deported in 1997 after serving 15 months of a four-year sentence for convictions of rape, theft and misdemeanor assault in Florida. He was deported after breaking the conditions of his 1994 parole.
Former heavyweight champ Bowe gets 18 months in prison
Associated Press - January 16, 2003
CHARLOTTE, North Carolina (AP) - Former heavyweight champion Riddick Bowe was sentenced Thursday to 18 months in federal prison for the 1998 abduction of his estranged wife and children.
Bowe was in court for the three-minute hearing, at which U.S. District Judge Graham Mullen followed through on an appeals court's October sentencing order.
Mullen twice previously had given Bowe lighter sentences that were rejected by the appeals court.
After Bowe is released from prison, he must serve two years' supervised release.
Bowe's lawyer, Robert Altchiler, indicated the fighter could return to the ring after he serves his time.
``He's a young and vibrant 35,'' Altchiler said. ``My thinking is that he will fight again. ... He's a fighter. He's a good fighter. He's still physically able to do it, he's still mentally able to do it. It's the only way he's made money in the past.''
Bowe - never known for good training habits even in the prime of his career - was noncommital about boxing again.
``I'm going to take my time with this thing,'' he said. ``In terms of my boxing career, I don't even think of that.''
In 1998, Bowe went to Judy Bowe's Charlotte home, forced her and the children into a car and set out for his Fort Washington, Maryland, home. At a restaurant in Virginia, Judy Bowe called her sister, who guided police to the restaurant.
In his prime, Bowe was a heavyweight fighter who won his first 31 fights, 29 by knockout, to earn a title shot against Evander Holyfield.
He beat Holyfield in November 1992, becoming heavyweight champion. But Bowe, who won a silver medal in the 1988 Olympics and earned more than $75 million in the ring, fought only 10 more times, including a loss in a rematch with Holyfield.
'Iron' Mike Still Golden for Marketing Sport
The Commercial Appeal Memphis, TN - January 17, 2003
Mike Tyson, spewing hate and anger, saying he would smear Lennox Lewis's "pompous brains" all over the canvas.
Mike Tyson, bloodied and repentant, calling a triumphant Lewis "magnificent" and kissing the champ's mum.
Mike Tyson, giddily promoting his Feb. 22 comeback bout against Clifford Etienne at The Pyramid, explaining thus, "I'm just very happy! I'm tired of being stupid!"
Sick and twisted or warm and fuzzy? Unhinged or calculating? Heavily medicated or a truly changed man?
It's impossible to say with Tyson, impossible to know him or what his demeanor - his guise - will be when next we meet.
And yet Tyson is boxing's rock.
He's that solid. He's that bankable. In a sport that seldom connects with the sporting public in any significant way, Tyson's mere presence says, "Look!" And we look.
"I think there are two fighters in boxing - one being Mike Tyson, the other being Oscar De La Hoya - that draw people and draw the press, no matter what," said Gary Shaw, co-promoter of the Tyson- Etienne fight along with Bill Kozerski of Fight Night Inc.
In Tyson's case, it's no matter that last June 8 in Memphis he didn't just lose a fight, but seemed to have his very career handed to him in a crumpled heap.
Some of us watched and wondered: Who would pay to see Tyson fight after that beating?
The answer won't come until Feb. 22, but Shaw, who was in town Wednesday for an organizational meeting on the fight, said his guess is 12,000 to 14,000.
All these years removed from Ali, Smokin' Joe, Sugar Ray and Howard Cosell, what fighters can draw such crowds?
"Oscar and Tyson," said Shaw.
Brian Young, the site promoter for this bout, the local guy who also brought us Lewis-Tyson, is saying the crowd could rival the 15,327 who watched on June 8. He's also touting this as a would-be classic between two brawlers.
"Styles make fights," Young said. "I think it'll be 2003's fight of the year."
He may be expecting too much of the crowd, and the fight it will see, but the fact remains: Tyson is fighting and so people will watch.
"A lot of people think Mike wasn't Mike that night (against Lewis)," said Shaw, who at the time worked for Main Events, which promoted Lewis.
Maybe that's true. It was a spectacular show - the buzz, the buildup, the bell ringing on Memphis sports history - but it wasn't even a little bit of a fight.
But maybe it's not about those brutally fierce skills Tyson once had. How does he recapture them, any way, at 36?
No, more likely, it's enough that he's still Tyson. He's still the most compelling figure in the sport. Also the most notorious, the most unpredictable. He can be the crudest man alive, too. He can charm us, make us laugh.
That sort of thing sells tickets, especially when they're priced in a range that many Memphians can afford - $25 (already sold out), $60, $100 and up.
They'll come to watch Tyson, to see him try to summon something like brute greatness. Or bleed trying.
"Mike has to win this fight, obviously," Shaw said. "It's important for him to go on and fight Lennox Lewis again."
Yes, there could be a rematch. Maybe it would be in Memphis. No matter that last time Lewis didn't much break a sweat, much less have his brains smeared on the canvas, in beating Tyson.
No matter, because Tyson is still Tyson, the rock of boxing.
Re-Postered without permission of course :)
Tszyu, Leija make weight for triple-title bout
Associated Press - January 17, 2003
MELBOURNE, Australia (AP) - Undisputed world super lightweight champion Kostya Tszyu expects to have too much punching power against American challenger ``Jesse'' James Leija in his title defense on Sunday.
Tszyu's trainer Johnny Lewis said the Russian-born Australian had respect for the San Antonio, Texas, boxer, a former WBC super featherweight champion.
``Leija's got ring savvy and he's been around a long time,'' Lewis said Saturday. ``He always comes back. When you think you've got him, he'll show you haven't. If you lose your concentration you'll pay for it.''
Leija has been baited in the Australian media this week by a former world champion Jeff Fenech, who said the American would struggle to last a round against Tszyu.
``I don't think he's a one-round guy,'' said Lewis. ``He's a championship fighter and that means 12 rounds.''
But Lewis said he expected Tzsyu, the IBF, WBC and WBA champion, to overpower Leija.
``I'm a great fan of Leija's. I just don't know how he'll go with a 140 pounder who punches like a 160 pounder,'' Lewis said.
Leija, 36, spent most of his career in lower weight divisions, and knows what he's up against.
``Kostya will be a Hall of Famer no matter what I do when we fight,'' said Leija. ``I can understand why I'm the underdog - he's the undisputed world champion.''
Both fighters made the official weight Saturday, but in different circumstances.
Tszyu made it first go, but Leija was seven ounces (200 grams) over the 140-pound (63.5-kilogram) limit.
He went back to his hotel, did some shadow boxing and returned 70 minutes later.
He stripped off all his clothes behind a screen, which also hid the scales from the public.
The official in charge of the weigh in started to announce Leija above the weight again but was shouted down by the fighter's manager Lester Bedford. After Leija stepped off the scales and then back on again, the official announcement was 139 pounds (63 kg).
Tszyu (29-1-1) hasn't fought in Australia, his adopted home, since stopping Calvin Grove in May 1998 in Newcastle. In Tszyu's last fight, he successfully defended the WBC, WBA and IBF titles by outpointing Ben Tackie in Las Vegas.
The Russian was making a voluntary defense against Leija. He faces the winner of the Arturo Gatti-Micky Ward fight as a mandatory defense in May.
Leija went undefeated in his first 30 fights before gaining a unanimous decision over Azumah Nelson for the WBC super featherweight championship in Las Vegas in 1994.
He lost the title in the next fight and has also suffered defeats against top-ranked fighters Shane Mosley and Oscar de la Hoya.
Copyright 2003 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Hamister given a third extension to buy Sabres
Buffalo, NY (Sports Network) - The National Hockey League has extended the deadline by one week for Buffalo businessman Mark Hamister and majority partner Todd Berman to buy the financially troubled Sabres.
Hamister now has till next Friday to finalize a purchase agreement after a third one-week extension.
The sale of the team became necessary when owner John Rigas and two sons were indicted on fraud charges following the collapse of Adelphia Communications. The league has been supervising operations of the Sabres.
The purchase price for the Sabres is expected to be around $70 million, but the bid to buy the club includes a loan needed from New York state, which would have to be approved by governor George Pataki.
Hamister and Berman are seeking close to $40 million in public aid and obligations. The request includes a state refinancing of a $23 million loan on the arena and a $7 million county-funded parking deck.
Nieuwendyk's 500th goal helps Devils beat Hurricanes
Raleigh, NC (Sports Network) - Joe Nieuwendyk scored his 500th career NHL goal, as the New Jersey Devils beat the Carolina Hurricanes, 2-1, at RBC Center in the opener of a home-and-home series between the teams. Nieuwendyk became just the 32nd player in league history to reach the plateau, and the second to do it as a member of the Devils.
Jamie Langenbrunner scored the other New Jersey goal and Martin Brodeur stopped 34 shots in net for the Devils, who are unbeaten in their last six games (5-0-1).
Jeff Heerema, playing in his first-ever NHL game, scored the lone Carolina goal while Kevin Weekes stopped 25-of-27 shots in the loss, the team's sixth straight setback at home. The Hurricanes are winless in their last six games overall (0-4-1-1) and haven't won in RBC since December 22.
Nieuwendyk's historic tally came 11:18 into the first period when he carried the puck into the Carolina zone, skated through the left circle and faked out Weekes, scoring with a backhand into a mostly empty net for an early 1-0 Devils lead.
Langenbrunner's 13th gave New Jersey a two-goal advantage in the second. Hurricanes forward Jan Hlavac collided with an official behind the Carolina net and turned the puck over to Jeff Friesen. Friesen then fed a pass into the left circle for Langenbrunner, who wristed a shot past Weekes, beating the goalie glove-side for the 2-0 edge with just 15 seconds to play in the frame.
Heerema's first NHL tally came midway through the third period and pulled his team within a goal of the lead. Sami Kapanen controlled the puck behind Brodeur and sent a pass in front of the net that was tipped by the New Jersey netminder. Heerema snatched the disk below the left circle and wristed a shot that beat Brodeur to the far side to force a 2-1 score with just 10:57 to play.
Nieuwendyk has scored 314 of his tallies with Calgary, 178 with Dallas, and eight with New Jersey...Dave Andreychuk scored his 500th with New Jersey in 1997. Nieuwendyk also became the fourth member of the 500-goal club to have played for Jersey at some point (Andreychuk, Brendan Shanahan and Pat Verbeek).
Flyers Team Report: Newcomers pay dividends
(Sports Network) - After losing to the lowly Atlanta Thrashers on Monday, the Philadelphia Flyers made some waves on their roster.
Out was forward Tomi Kallio, and in was veteran Joe Sacco. Back down to the farm was forward Andre Savage, up was defenseman Jim Vandermeer.
Well, the two individuals who joined the fold made an immediate impact on Thursday night, helping Philly to a 4-1 victory over the Montreal Canadiens at the First Union Center. Sacco and Vandermeer both chipped in goals, with the latter player recording his first NHL marker.
"They are here because they are capable," captain Keith Primeau said of the newcomers. "Jimmy went down [to the Phantoms] with a positive attitude and he gets recalled pretty quickly and was a big contributor for us. Joey, you could see the excitement in his face out there. They took advantage of their opportunity."
Michal Handzus added goal and an assist, and Chris Therrien provided the final margin with an empty netter in the final minute. Philadelphia, which received 16 saves from Roman Cechmanek, bounced back after having a six-game winning streak snapped on Monday.
Richard Zednik provided the only goal for Montreal, which is 0-6-1-2 in its last nine road games. Jeff Hackett turned aside 37 of the 40 shots that went his way, but the Canadiens fell to 2-7-1-2 in their last 12 games.
After Zednik gave the Habs a 1-0 lead midway through the first period, the Flyers scored four unanswered goals to skate away with the win.
Marty Murray had a chance to even the score for the Flyers, but his shot ripped off the crossbar seven minutes into the second period.
Philadelphia would tie the game on Vandermeer's goal with 5:48 remaining in the second. Jeremy Roenick won the faceoff and the puck slid back to Vandermeer, who skated into the left circle and wristed a shot past an out-of- position Hackett.
"I just kind of threw the puck on net," Vandermeer said. "I carried the puck and [Hackett] came out a ways. I looked up at the end and saw a lot of net, so I tried to keep it low."
Sacco lit the lamp 3:04 into the third period to make it a 2-1 game. Handzus was in front of Hackett and tried to whack a shot through his legs. Sacco then skated around the net and slid the loose puck into the cage.
The Flyers added an insurance tally with 4:09 left in third when Handzus wristed the puck high into the left side of the net. It was Handzus' 12th goal of the season. Donald Brashear displayed great strength and awareness keeping the puck inside the Montreal zone.
Therien posted the first empty-netter of the season for Philadelphia with 13 seconds left in the game to complete the scoring.
Zednik's 20th goal at 10:29 of the first period opened the scoring. Saku Koivu was tied up along the back boards and fed a pass in front to Zednik, who pushed the puck past Cechmanek's stacked pads.
UP NEXT
The Flyers will close out a four-game homestand Saturday against Tampa Bay, before visiting the New York Rangers on Sunday.
I knew an electrician named Dean Bender here in Canada. How does that make you feel? :)
Philadelphia?
Ha ha ha. that's my default guess. Seriously, is it ottawa?
I have a friend who is Metis. I think he is actually related to Louis Reil. He is long on VLVT too.
I agree. I have a hard enough time typing with one hand let alone counting with 2 of them. ha ha ha
This should make trading more difficult but more ethical.
Participating OTC Bulletin Board Companies Confirm Certificate Only Transfer Procedure Meets Market Compliance and Trading Standards
BLAINE, Wash. - PRNewswire - Jan. 16
BLAINE, Wash., Jan. 16 /PRNewswire/ -- A group of OTC bulletin board listed companies that have exited the DTC system and have subsequently been the target of a media campaign that questions the validity and legality of this procedure have jointly confirmed the precedence for the use of this method and support by all governing bodies concerned. The group of companies that have opted out of electronic share ownership via the Depository Trust Corporation (DTC) in favor of actual share certificates includes GeneMax Corp. (BULLETIN BOARD: GMXX.OB) , Hadro Resources (BULLETIN BOARD: HDRS.OB) , Vega Atlantic Corporation (BULLETIN BOARD: VATL.OB) , Ten Stix, Inc. (BULLETIN BOARD: TNTI.OB) , Intergold Corp. (BULLETIN BOARD: IGCO.OB) amongst others. These companies began exiting the DTC system in 2002 due to its inability to provide authenticity of actual shares trading, allowing for illegal naked short selling trade abuses.
Under a naked short sale of stock, short positions are not declared, shares are not borrowed to cover the short sale, and shares are sold without delivering the stock to the purchaser. Naked short selling results in the undermining of real shareholder ownership by naked short sales of stock and resulting failed deliveries of real certificates that artificially inflate share ownership and devalue the trading prices of shares in the marketplace. Unscrupulous brokers and market makers may conspire to manipulate and devalue the price of securities in this way.
Recent media coverage of the actions taken by these and other companies inaccurately portrays the intent of the companies and goes so far as to suggest the approach may in some way impede the regular course of trading, breaking federal securities rules or that the use of a transfer agent may not be legitimate (see January 14, 2003, Dow Jones news wire story authored by Carol S. Remond entitled "Some Small Companies Get Physical to Fight Shorts" issued at 10:56 AM EST).
The group of companies refute these facts and confirms that certificated delivery is not unusual or illegal. Roughly 5% of all securities trade in "ex-clearing"/physical form. This practice simply puts an illegal short seller in a position whereby they are called to deliver the shares they have shorted illegally. Legal opinion has been obtained that exiting a company from DTC is not a violation of any securities laws.
News wire media targeting the group can mislead the investing public and do not address the real underlying concerns, namely that the 3-Day Settlement System in the U.S. does not have integrity: The basis for moving to a certificate only share transfer system has nothing to do with short selling but instead with "naked short selling" where shares sold are never borrowed, never delivered by the seller, but where the seller collects money for the stock they never delivered in three days. The three days settlement system run by the National Securities Clearing Corporation ("NSCC") does not ensure that shares that are sold in a transaction are ever delivered. This takes place routinely in the U.S. Securities industry.
Shareholders purchasing shares in the United States do not often understand that even though their broker will take their money and fill their order for a share purchase, shares are routinely not delivered to the broker on behalf of the client. The client in most cases never knows that share delivery abuses are taking place as they do not normally take delivery of their actual share certificates. It's important to note that the NSCC no longer guarantees at their website that a trade will be conducted within the three day settlement process. The money gets settled in 3 days, but the stock is routinely not delivered, and a process of "kited" or failed buy-in's can occur.
In a "buy-in," the stock not delivered to the purchaser in the original naked short sale transaction is supposed to be re-purchased at arm's length from other bona fide sellers of real share certificates, and the cost of the stock "bought in" charged back to the original broker who sold the stock naked short. However, buy-in's are routinely conducted without adhering to real market dynamics; shares "bought in" are purchased from non-arm's length parties in the marketplace, or are purchased at a share price that has been manipulated lower by dilution from repeated naked short sales, or non-existent shares are purchased from other naked short sellers that do not own real shares. The buy-in that is intended to rectify the original naked short sale of stock often results in a further failed delivery of real share certificates. Cooperating broker dealers in naked short sales of stock will repeat this failed buy-in process over and over again to circumvent share delivery rules so that real certificates are never obtained for the purchasing client in a naked short sale transaction. The process of repeated failed "buy-in's" relating to a naked short sale is known as "kiting" and allows unlimited supply of non-existent stock to flood the marketplace to provide an unfair market for the shares transacted (more supply than demand and lower share prices). Kiting of buy-in's on the stock not delivered is a circumvention of the 3-day settlement rule discussed above.
A case in point is GeneMax Corp. (symbol GMXX), which has obvious large blocks of stock being moved ("parked") from one account to another, kiting a massive illegal undeclared short in the stock (see NEWS - GeneMax Corp.). Parking a buy-in is a violation of Section 9(a) of the Securities Exchange Act of 1934, and falls under the Commission's definition of "market manipulation" (SEC v. floyd Leland ogle, Donald Tabor, Kailey Mining Co, et al, Civil Action no. 99 C 609, US District Court for the Northern District of Illinois, Eastern Division).
Another abuse used to circumvent share delivery and buy-in's is known as "pairing off." This is a process where brokerages who have numerous naked short share transactions of buying and selling between each other elect over a period of time to settle up the difference in amounts owed in cash. In this manner shares are never delivered in any of the transactions between the brokerages and the buy-in process is circumvented completely. In these circumstances, the 3-day settlement system with respect to share deliveries is non-existent as brokers elect to transfer no shares.
The group of companies named here have been assisted in their efforts by Global Securities Stock Transfer of Denver, CO that acts as their transfer agent. The practices of the small firm were also questioned in the media without opportunity for comment, but company President, Robert Stevens has responded by offering open and objective review of his company's record.
"In 2002 Global Securities Stock Transfer transacted over 1,700 separate transfer requests, completing 100% of its 'rush requests' the same day received, and in our last DTC report received the highest rating of any agent in our category," Mr. Stevens said. "Our small customer base is a draw for our clients, who receive 'boutique' service for reasonable fees. We have turned away several new potential customers in the last quarter because we are a profitable small firm and felt the addition of more business might detract from the world class service we pride ourselves on ... " stated Stevens. "Since our firm formulated the concept of 'certificated trading' we have received dozens of new client applications, and dozens more public companies have run with the concept. The clearing system in the U.S. is flawed, and small public companies know this as they are usually preyed upon by naked short sellers and share price manipulators. Our small firm stands in awe of the immense ruckus that the concept of certificated share transfer has caused in the securities industry. Our feeling is that the unscrupulous and illegal activity of naked short selling and circumvention of share delivery rules, in its current widespread state, will not exist in ten years assuming the public is made aware of this activity and its negative effects on companies, the U.S. economy, and a fair and orderly marketplace."
At a time when initiatives to automate electronic trading systems in America further are contemplated by certain groups, certificate only transfer system highlights the nature and scope of rampant trading abuses in our securities trading and clearing systems. Shareholders purchasing shares have no idea that the stock they are buying is routinely not delivered notwithstanding that they have paid for it. As shares purchased by a shareholder only are listed as a line item on their account statement with their broker, they are none the wiser. Investor Communications International, Inc., a private firm from Washington State, has been working with Global Securities Stock Transfer, and is in the process of contacting all OTCBB issuers to obtain their support to lobby Congress on these issues.
Grant Atkins, a director of GeneMax Corp. and a representative of other public companies also commented, "The trading system in America allows abusive trading practices to over inflate share ownership in U.S. public companies. The 3-day securities clearing system operated by the NSCC and DTC fails to operate correctly to ensure that a fair marketplace exists to trade U.S. public securities. While the world is watching the U.S. struggle with issues relating to corporate misconduct, and President Bush has in recent months asked corporate America to 'Stop Cooking the Books,' the world has not yet discovered that the U.S. Trading system lacks integrity. The ramifications to Americans is that the U.S. people, through the federal reserve, have inherited the DTC and NSCC, and a system that can cook the books of public company issuers on American Exchanges. What happens when the world finds out that share ownership in American companies is over inflated? What happens when the world finds out your can sell U.S. securities, never deliver them, and collect the funds? The only question left will then be, 'Why would the world invest in American companies when selling is the only game in town?"
SAFE HARBOR STATEMENT
THIS NEWS RELEASE MAY INCLUDE FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF SECTION 27A OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE UNITED STATES SECURITIES AND EXCHANGE ACT OF 1934, AS AMENDED, WITH RESPECT TO ACHIEVING CORPORATE OBJECTIVES, DEVELOPING ADDITIONAL PROJECT INTERESTS, THE COMPANY'S ANALYSIS OF OPPORTUNITIES IN THE ACQUISITION AND DEVELOPMENT OF VARIOUS PROJECT INTERESTS AND CERTAIN OTHER MATTERS. THESE STATEMENTS ARE MADE UNDER THE "SAFE HARBOR" PROVISIONS OF THE UNITED STATES PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND INVOLVE RISKS AND UNCERTAINTIES WHICH COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE IN THE FORWARD-LOOKING STATEMENTS CONTAINED HEREIN."
Investor Communications International, Inc.
Copyright © 2002 PRNewswire
I don't think this applies to sungold, but it is sure interesting.
Participating OTC Bulletin Board Companies Confirm Certificate Only Transfer Procedure Meets Market Compliance and Trading Standards
BLAINE, Wash. - PRNewswire - Jan. 16
BLAINE, Wash., Jan. 16 /PRNewswire/ -- A group of OTC bulletin board listed companies that have exited the DTC system and have subsequently been the target of a media campaign that questions the validity and legality of this procedure have jointly confirmed the precedence for the use of this method and support by all governing bodies concerned. The group of companies that have opted out of electronic share ownership via the Depository Trust Corporation (DTC) in favor of actual share certificates includes GeneMax Corp. (BULLETIN BOARD: GMXX.OB) , Hadro Resources (BULLETIN BOARD: HDRS.OB) , Vega Atlantic Corporation (BULLETIN BOARD: VATL.OB) , Ten Stix, Inc. (BULLETIN BOARD: TNTI.OB) , Intergold Corp. (BULLETIN BOARD: IGCO.OB) amongst others. These companies began exiting the DTC system in 2002 due to its inability to provide authenticity of actual shares trading, allowing for illegal naked short selling trade abuses.
Under a naked short sale of stock, short positions are not declared, shares are not borrowed to cover the short sale, and shares are sold without delivering the stock to the purchaser. Naked short selling results in the undermining of real shareholder ownership by naked short sales of stock and resulting failed deliveries of real certificates that artificially inflate share ownership and devalue the trading prices of shares in the marketplace. Unscrupulous brokers and market makers may conspire to manipulate and devalue the price of securities in this way.
Recent media coverage of the actions taken by these and other companies inaccurately portrays the intent of the companies and goes so far as to suggest the approach may in some way impede the regular course of trading, breaking federal securities rules or that the use of a transfer agent may not be legitimate (see January 14, 2003, Dow Jones news wire story authored by Carol S. Remond entitled "Some Small Companies Get Physical to Fight Shorts" issued at 10:56 AM EST).
The group of companies refute these facts and confirms that certificated delivery is not unusual or illegal. Roughly 5% of all securities trade in "ex-clearing"/physical form. This practice simply puts an illegal short seller in a position whereby they are called to deliver the shares they have shorted illegally. Legal opinion has been obtained that exiting a company from DTC is not a violation of any securities laws.
News wire media targeting the group can mislead the investing public and do not address the real underlying concerns, namely that the 3-Day Settlement System in the U.S. does not have integrity: The basis for moving to a certificate only share transfer system has nothing to do with short selling but instead with "naked short selling" where shares sold are never borrowed, never delivered by the seller, but where the seller collects money for the stock they never delivered in three days. The three days settlement system run by the National Securities Clearing Corporation ("NSCC") does not ensure that shares that are sold in a transaction are ever delivered. This takes place routinely in the U.S. Securities industry.
Shareholders purchasing shares in the United States do not often understand that even though their broker will take their money and fill their order for a share purchase, shares are routinely not delivered to the broker on behalf of the client. The client in most cases never knows that share delivery abuses are taking place as they do not normally take delivery of their actual share certificates. It's important to note that the NSCC no longer guarantees at their website that a trade will be conducted within the three day settlement process. The money gets settled in 3 days, but the stock is routinely not delivered, and a process of "kited" or failed buy-in's can occur.
In a "buy-in," the stock not delivered to the purchaser in the original naked short sale transaction is supposed to be re-purchased at arm's length from other bona fide sellers of real share certificates, and the cost of the stock "bought in" charged back to the original broker who sold the stock naked short. However, buy-in's are routinely conducted without adhering to real market dynamics; shares "bought in" are purchased from non-arm's length parties in the marketplace, or are purchased at a share price that has been manipulated lower by dilution from repeated naked short sales, or non-existent shares are purchased from other naked short sellers that do not own real shares. The buy-in that is intended to rectify the original naked short sale of stock often results in a further failed delivery of real share certificates. Cooperating broker dealers in naked short sales of stock will repeat this failed buy-in process over and over again to circumvent share delivery rules so that real certificates are never obtained for the purchasing client in a naked short sale transaction. The process of repeated failed "buy-in's" relating to a naked short sale is known as "kiting" and allows unlimited supply of non-existent stock to flood the marketplace to provide an unfair market for the shares transacted (more supply than demand and lower share prices). Kiting of buy-in's on the stock not delivered is a circumvention of the 3-day settlement rule discussed above.
A case in point is GeneMax Corp. (symbol GMXX), which has obvious large blocks of stock being moved ("parked") from one account to another, kiting a massive illegal undeclared short in the stock (see NEWS - GeneMax Corp.). Parking a buy-in is a violation of Section 9(a) of the Securities Exchange Act of 1934, and falls under the Commission's definition of "market manipulation" (SEC v. floyd Leland ogle, Donald Tabor, Kailey Mining Co, et al, Civil Action no. 99 C 609, US District Court for the Northern District of Illinois, Eastern Division).
Another abuse used to circumvent share delivery and buy-in's is known as "pairing off." This is a process where brokerages who have numerous naked short share transactions of buying and selling between each other elect over a period of time to settle up the difference in amounts owed in cash. In this manner shares are never delivered in any of the transactions between the brokerages and the buy-in process is circumvented completely. In these circumstances, the 3-day settlement system with respect to share deliveries is non-existent as brokers elect to transfer no shares.
The group of companies named here have been assisted in their efforts by Global Securities Stock Transfer of Denver, CO that acts as their transfer agent. The practices of the small firm were also questioned in the media without opportunity for comment, but company President, Robert Stevens has responded by offering open and objective review of his company's record.
"In 2002 Global Securities Stock Transfer transacted over 1,700 separate transfer requests, completing 100% of its 'rush requests' the same day received, and in our last DTC report received the highest rating of any agent in our category," Mr. Stevens said. "Our small customer base is a draw for our clients, who receive 'boutique' service for reasonable fees. We have turned away several new potential customers in the last quarter because we are a profitable small firm and felt the addition of more business might detract from the world class service we pride ourselves on ... " stated Stevens. "Since our firm formulated the concept of 'certificated trading' we have received dozens of new client applications, and dozens more public companies have run with the concept. The clearing system in the U.S. is flawed, and small public companies know this as they are usually preyed upon by naked short sellers and share price manipulators. Our small firm stands in awe of the immense ruckus that the concept of certificated share transfer has caused in the securities industry. Our feeling is that the unscrupulous and illegal activity of naked short selling and circumvention of share delivery rules, in its current widespread state, will not exist in ten years assuming the public is made aware of this activity and its negative effects on companies, the U.S. economy, and a fair and orderly marketplace."
At a time when initiatives to automate electronic trading systems in America further are contemplated by certain groups, certificate only transfer system highlights the nature and scope of rampant trading abuses in our securities trading and clearing systems. Shareholders purchasing shares have no idea that the stock they are buying is routinely not delivered notwithstanding that they have paid for it. As shares purchased by a shareholder only are listed as a line item on their account statement with their broker, they are none the wiser. Investor Communications International, Inc., a private firm from Washington State, has been working with Global Securities Stock Transfer, and is in the process of contacting all OTCBB issuers to obtain their support to lobby Congress on these issues.
Grant Atkins, a director of GeneMax Corp. and a representative of other public companies also commented, "The trading system in America allows abusive trading practices to over inflate share ownership in U.S. public companies. The 3-day securities clearing system operated by the NSCC and DTC fails to operate correctly to ensure that a fair marketplace exists to trade U.S. public securities. While the world is watching the U.S. struggle with issues relating to corporate misconduct, and President Bush has in recent months asked corporate America to 'Stop Cooking the Books,' the world has not yet discovered that the U.S. Trading system lacks integrity. The ramifications to Americans is that the U.S. people, through the federal reserve, have inherited the DTC and NSCC, and a system that can cook the books of public company issuers on American Exchanges. What happens when the world finds out that share ownership in American companies is over inflated? What happens when the world finds out your can sell U.S. securities, never deliver them, and collect the funds? The only question left will then be, 'Why would the world invest in American companies when selling is the only game in town?"
SAFE HARBOR STATEMENT
THIS NEWS RELEASE MAY INCLUDE FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF SECTION 27A OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE UNITED STATES SECURITIES AND EXCHANGE ACT OF 1934, AS AMENDED, WITH RESPECT TO ACHIEVING CORPORATE OBJECTIVES, DEVELOPING ADDITIONAL PROJECT INTERESTS, THE COMPANY'S ANALYSIS OF OPPORTUNITIES IN THE ACQUISITION AND DEVELOPMENT OF VARIOUS PROJECT INTERESTS AND CERTAIN OTHER MATTERS. THESE STATEMENTS ARE MADE UNDER THE "SAFE HARBOR" PROVISIONS OF THE UNITED STATES PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND INVOLVE RISKS AND UNCERTAINTIES WHICH COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE IN THE FORWARD-LOOKING STATEMENTS CONTAINED HEREIN."
Investor Communications International, Inc.
Copyright © 2002 PRNewswire
Participating OTC Bulletin Board Companies Confirm Certificate Only Transfer Procedure Meets Market Compliance and Trading Standards
BLAINE, Wash. - PRNewswire - Jan. 16
BLAINE, Wash., Jan. 16 /PRNewswire/ -- A group of OTC bulletin board listed companies that have exited the DTC system and have subsequently been the target of a media campaign that questions the validity and legality of this procedure have jointly confirmed the precedence for the use of this method and support by all governing bodies concerned. The group of companies that have opted out of electronic share ownership via the Depository Trust Corporation (DTC) in favor of actual share certificates includes GeneMax Corp. (BULLETIN BOARD: GMXX.OB) , Hadro Resources (BULLETIN BOARD: HDRS.OB) , Vega Atlantic Corporation (BULLETIN BOARD: VATL.OB) , Ten Stix, Inc. (BULLETIN BOARD: TNTI.OB) , Intergold Corp. (BULLETIN BOARD: IGCO.OB) amongst others. These companies began exiting the DTC system in 2002 due to its inability to provide authenticity of actual shares trading, allowing for illegal naked short selling trade abuses.
Under a naked short sale of stock, short positions are not declared, shares are not borrowed to cover the short sale, and shares are sold without delivering the stock to the purchaser. Naked short selling results in the undermining of real shareholder ownership by naked short sales of stock and resulting failed deliveries of real certificates that artificially inflate share ownership and devalue the trading prices of shares in the marketplace. Unscrupulous brokers and market makers may conspire to manipulate and devalue the price of securities in this way.
Recent media coverage of the actions taken by these and other companies inaccurately portrays the intent of the companies and goes so far as to suggest the approach may in some way impede the regular course of trading, breaking federal securities rules or that the use of a transfer agent may not be legitimate (see January 14, 2003, Dow Jones news wire story authored by Carol S. Remond entitled "Some Small Companies Get Physical to Fight Shorts" issued at 10:56 AM EST).
The group of companies refute these facts and confirms that certificated delivery is not unusual or illegal. Roughly 5% of all securities trade in "ex-clearing"/physical form. This practice simply puts an illegal short seller in a position whereby they are called to deliver the shares they have shorted illegally. Legal opinion has been obtained that exiting a company from DTC is not a violation of any securities laws.
News wire media targeting the group can mislead the investing public and do not address the real underlying concerns, namely that the 3-Day Settlement System in the U.S. does not have integrity: The basis for moving to a certificate only share transfer system has nothing to do with short selling but instead with "naked short selling" where shares sold are never borrowed, never delivered by the seller, but where the seller collects money for the stock they never delivered in three days. The three days settlement system run by the National Securities Clearing Corporation ("NSCC") does not ensure that shares that are sold in a transaction are ever delivered. This takes place routinely in the U.S. Securities industry.
Shareholders purchasing shares in the United States do not often understand that even though their broker will take their money and fill their order for a share purchase, shares are routinely not delivered to the broker on behalf of the client. The client in most cases never knows that share delivery abuses are taking place as they do not normally take delivery of their actual share certificates. It's important to note that the NSCC no longer guarantees at their website that a trade will be conducted within the three day settlement process. The money gets settled in 3 days, but the stock is routinely not delivered, and a process of "kited" or failed buy-in's can occur.
In a "buy-in," the stock not delivered to the purchaser in the original naked short sale transaction is supposed to be re-purchased at arm's length from other bona fide sellers of real share certificates, and the cost of the stock "bought in" charged back to the original broker who sold the stock naked short. However, buy-in's are routinely conducted without adhering to real market dynamics; shares "bought in" are purchased from non-arm's length parties in the marketplace, or are purchased at a share price that has been manipulated lower by dilution from repeated naked short sales, or non-existent shares are purchased from other naked short sellers that do not own real shares. The buy-in that is intended to rectify the original naked short sale of stock often results in a further failed delivery of real share certificates. Cooperating broker dealers in naked short sales of stock will repeat this failed buy-in process over and over again to circumvent share delivery rules so that real certificates are never obtained for the purchasing client in a naked short sale transaction. The process of repeated failed "buy-in's" relating to a naked short sale is known as "kiting" and allows unlimited supply of non-existent stock to flood the marketplace to provide an unfair market for the shares transacted (more supply than demand and lower share prices). Kiting of buy-in's on the stock not delivered is a circumvention of the 3-day settlement rule discussed above.
A case in point is GeneMax Corp. (symbol GMXX), which has obvious large blocks of stock being moved ("parked") from one account to another, kiting a massive illegal undeclared short in the stock (see NEWS - GeneMax Corp.). Parking a buy-in is a violation of Section 9(a) of the Securities Exchange Act of 1934, and falls under the Commission's definition of "market manipulation" (SEC v. floyd Leland ogle, Donald Tabor, Kailey Mining Co, et al, Civil Action no. 99 C 609, US District Court for the Northern District of Illinois, Eastern Division).
Another abuse used to circumvent share delivery and buy-in's is known as "pairing off." This is a process where brokerages who have numerous naked short share transactions of buying and selling between each other elect over a period of time to settle up the difference in amounts owed in cash. In this manner shares are never delivered in any of the transactions between the brokerages and the buy-in process is circumvented completely. In these circumstances, the 3-day settlement system with respect to share deliveries is non-existent as brokers elect to transfer no shares.
The group of companies named here have been assisted in their efforts by Global Securities Stock Transfer of Denver, CO that acts as their transfer agent. The practices of the small firm were also questioned in the media without opportunity for comment, but company President, Robert Stevens has responded by offering open and objective review of his company's record.
"In 2002 Global Securities Stock Transfer transacted over 1,700 separate transfer requests, completing 100% of its 'rush requests' the same day received, and in our last DTC report received the highest rating of any agent in our category," Mr. Stevens said. "Our small customer base is a draw for our clients, who receive 'boutique' service for reasonable fees. We have turned away several new potential customers in the last quarter because we are a profitable small firm and felt the addition of more business might detract from the world class service we pride ourselves on ... " stated Stevens. "Since our firm formulated the concept of 'certificated trading' we have received dozens of new client applications, and dozens more public companies have run with the concept. The clearing system in the U.S. is flawed, and small public companies know this as they are usually preyed upon by naked short sellers and share price manipulators. Our small firm stands in awe of the immense ruckus that the concept of certificated share transfer has caused in the securities industry. Our feeling is that the unscrupulous and illegal activity of naked short selling and circumvention of share delivery rules, in its current widespread state, will not exist in ten years assuming the public is made aware of this activity and its negative effects on companies, the U.S. economy, and a fair and orderly marketplace."
At a time when initiatives to automate electronic trading systems in America further are contemplated by certain groups, certificate only transfer system highlights the nature and scope of rampant trading abuses in our securities trading and clearing systems. Shareholders purchasing shares have no idea that the stock they are buying is routinely not delivered notwithstanding that they have paid for it. As shares purchased by a shareholder only are listed as a line item on their account statement with their broker, they are none the wiser. Investor Communications International, Inc., a private firm from Washington State, has been working with Global Securities Stock Transfer, and is in the process of contacting all OTCBB issuers to obtain their support to lobby Congress on these issues.
Grant Atkins, a director of GeneMax Corp. and a representative of other public companies also commented, "The trading system in America allows abusive trading practices to over inflate share ownership in U.S. public companies. The 3-day securities clearing system operated by the NSCC and DTC fails to operate correctly to ensure that a fair marketplace exists to trade U.S. public securities. While the world is watching the U.S. struggle with issues relating to corporate misconduct, and President Bush has in recent months asked corporate America to 'Stop Cooking the Books,' the world has not yet discovered that the U.S. Trading system lacks integrity. The ramifications to Americans is that the U.S. people, through the federal reserve, have inherited the DTC and NSCC, and a system that can cook the books of public company issuers on American Exchanges. What happens when the world finds out that share ownership in American companies is over inflated? What happens when the world finds out your can sell U.S. securities, never deliver them, and collect the funds? The only question left will then be, 'Why would the world invest in American companies when selling is the only game in town?"
SAFE HARBOR STATEMENT
THIS NEWS RELEASE MAY INCLUDE FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF SECTION 27A OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE UNITED STATES SECURITIES AND EXCHANGE ACT OF 1934, AS AMENDED, WITH RESPECT TO ACHIEVING CORPORATE OBJECTIVES, DEVELOPING ADDITIONAL PROJECT INTERESTS, THE COMPANY'S ANALYSIS OF OPPORTUNITIES IN THE ACQUISITION AND DEVELOPMENT OF VARIOUS PROJECT INTERESTS AND CERTAIN OTHER MATTERS. THESE STATEMENTS ARE MADE UNDER THE "SAFE HARBOR" PROVISIONS OF THE UNITED STATES PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND INVOLVE RISKS AND UNCERTAINTIES WHICH COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE IN THE FORWARD-LOOKING STATEMENTS CONTAINED HEREIN."
Investor Communications International, Inc.
Copyright © 2002 PRNewswire
Participating OTC Bulletin Board Companies Confirm Certificate Only Transfer Procedure Meets Market Compliance and Trading Standards
BLAINE, Wash. - PRNewswire - Jan. 16
BLAINE, Wash., Jan. 16 /PRNewswire/ -- A group of OTC bulletin board listed companies that have exited the DTC system and have subsequently been the target of a media campaign that questions the validity and legality of this procedure have jointly confirmed the precedence for the use of this method and support by all governing bodies concerned. The group of companies that have opted out of electronic share ownership via the Depository Trust Corporation (DTC) in favor of actual share certificates includes GeneMax Corp. (BULLETIN BOARD: GMXX.OB) , Hadro Resources (BULLETIN BOARD: HDRS.OB) , Vega Atlantic Corporation (BULLETIN BOARD: VATL.OB) , Ten Stix, Inc. (BULLETIN BOARD: TNTI.OB) , Intergold Corp. (BULLETIN BOARD: IGCO.OB) amongst others. These companies began exiting the DTC system in 2002 due to its inability to provide authenticity of actual shares trading, allowing for illegal naked short selling trade abuses.
Under a naked short sale of stock, short positions are not declared, shares are not borrowed to cover the short sale, and shares are sold without delivering the stock to the purchaser. Naked short selling results in the undermining of real shareholder ownership by naked short sales of stock and resulting failed deliveries of real certificates that artificially inflate share ownership and devalue the trading prices of shares in the marketplace. Unscrupulous brokers and market makers may conspire to manipulate and devalue the price of securities in this way.
Recent media coverage of the actions taken by these and other companies inaccurately portrays the intent of the companies and goes so far as to suggest the approach may in some way impede the regular course of trading, breaking federal securities rules or that the use of a transfer agent may not be legitimate (see January 14, 2003, Dow Jones news wire story authored by Carol S. Remond entitled "Some Small Companies Get Physical to Fight Shorts" issued at 10:56 AM EST).
The group of companies refute these facts and confirms that certificated delivery is not unusual or illegal. Roughly 5% of all securities trade in "ex-clearing"/physical form. This practice simply puts an illegal short seller in a position whereby they are called to deliver the shares they have shorted illegally. Legal opinion has been obtained that exiting a company from DTC is not a violation of any securities laws.
News wire media targeting the group can mislead the investing public and do not address the real underlying concerns, namely that the 3-Day Settlement System in the U.S. does not have integrity: The basis for moving to a certificate only share transfer system has nothing to do with short selling but instead with "naked short selling" where shares sold are never borrowed, never delivered by the seller, but where the seller collects money for the stock they never delivered in three days. The three days settlement system run by the National Securities Clearing Corporation ("NSCC") does not ensure that shares that are sold in a transaction are ever delivered. This takes place routinely in the U.S. Securities industry.
Shareholders purchasing shares in the United States do not often understand that even though their broker will take their money and fill their order for a share purchase, shares are routinely not delivered to the broker on behalf of the client. The client in most cases never knows that share delivery abuses are taking place as they do not normally take delivery of their actual share certificates. It's important to note that the NSCC no longer guarantees at their website that a trade will be conducted within the three day settlement process. The money gets settled in 3 days, but the stock is routinely not delivered, and a process of "kited" or failed buy-in's can occur.
In a "buy-in," the stock not delivered to the purchaser in the original naked short sale transaction is supposed to be re-purchased at arm's length from other bona fide sellers of real share certificates, and the cost of the stock "bought in" charged back to the original broker who sold the stock naked short. However, buy-in's are routinely conducted without adhering to real market dynamics; shares "bought in" are purchased from non-arm's length parties in the marketplace, or are purchased at a share price that has been manipulated lower by dilution from repeated naked short sales, or non-existent shares are purchased from other naked short sellers that do not own real shares. The buy-in that is intended to rectify the original naked short sale of stock often results in a further failed delivery of real share certificates. Cooperating broker dealers in naked short sales of stock will repeat this failed buy-in process over and over again to circumvent share delivery rules so that real certificates are never obtained for the purchasing client in a naked short sale transaction. The process of repeated failed "buy-in's" relating to a naked short sale is known as "kiting" and allows unlimited supply of non-existent stock to flood the marketplace to provide an unfair market for the shares transacted (more supply than demand and lower share prices). Kiting of buy-in's on the stock not delivered is a circumvention of the 3-day settlement rule discussed above.
A case in point is GeneMax Corp. (symbol GMXX), which has obvious large blocks of stock being moved ("parked") from one account to another, kiting a massive illegal undeclared short in the stock (see NEWS - GeneMax Corp.). Parking a buy-in is a violation of Section 9(a) of the Securities Exchange Act of 1934, and falls under the Commission's definition of "market manipulation" (SEC v. floyd Leland ogle, Donald Tabor, Kailey Mining Co, et al, Civil Action no. 99 C 609, US District Court for the Northern District of Illinois, Eastern Division).
Another abuse used to circumvent share delivery and buy-in's is known as "pairing off." This is a process where brokerages who have numerous naked short share transactions of buying and selling between each other elect over a period of time to settle up the difference in amounts owed in cash. In this manner shares are never delivered in any of the transactions between the brokerages and the buy-in process is circumvented completely. In these circumstances, the 3-day settlement system with respect to share deliveries is non-existent as brokers elect to transfer no shares.
The group of companies named here have been assisted in their efforts by Global Securities Stock Transfer of Denver, CO that acts as their transfer agent. The practices of the small firm were also questioned in the media without opportunity for comment, but company President, Robert Stevens has responded by offering open and objective review of his company's record.
"In 2002 Global Securities Stock Transfer transacted over 1,700 separate transfer requests, completing 100% of its 'rush requests' the same day received, and in our last DTC report received the highest rating of any agent in our category," Mr. Stevens said. "Our small customer base is a draw for our clients, who receive 'boutique' service for reasonable fees. We have turned away several new potential customers in the last quarter because we are a profitable small firm and felt the addition of more business might detract from the world class service we pride ourselves on ... " stated Stevens. "Since our firm formulated the concept of 'certificated trading' we have received dozens of new client applications, and dozens more public companies have run with the concept. The clearing system in the U.S. is flawed, and small public companies know this as they are usually preyed upon by naked short sellers and share price manipulators. Our small firm stands in awe of the immense ruckus that the concept of certificated share transfer has caused in the securities industry. Our feeling is that the unscrupulous and illegal activity of naked short selling and circumvention of share delivery rules, in its current widespread state, will not exist in ten years assuming the public is made aware of this activity and its negative effects on companies, the U.S. economy, and a fair and orderly marketplace."
At a time when initiatives to automate electronic trading systems in America further are contemplated by certain groups, certificate only transfer system highlights the nature and scope of rampant trading abuses in our securities trading and clearing systems. Shareholders purchasing shares have no idea that the stock they are buying is routinely not delivered notwithstanding that they have paid for it. As shares purchased by a shareholder only are listed as a line item on their account statement with their broker, they are none the wiser. Investor Communications International, Inc., a private firm from Washington State, has been working with Global Securities Stock Transfer, and is in the process of contacting all OTCBB issuers to obtain their support to lobby Congress on these issues.
Grant Atkins, a director of GeneMax Corp. and a representative of other public companies also commented, "The trading system in America allows abusive trading practices to over inflate share ownership in U.S. public companies. The 3-day securities clearing system operated by the NSCC and DTC fails to operate correctly to ensure that a fair marketplace exists to trade U.S. public securities. While the world is watching the U.S. struggle with issues relating to corporate misconduct, and President Bush has in recent months asked corporate America to 'Stop Cooking the Books,' the world has not yet discovered that the U.S. Trading system lacks integrity. The ramifications to Americans is that the U.S. people, through the federal reserve, have inherited the DTC and NSCC, and a system that can cook the books of public company issuers on American Exchanges. What happens when the world finds out that share ownership in American companies is over inflated? What happens when the world finds out your can sell U.S. securities, never deliver them, and collect the funds? The only question left will then be, 'Why would the world invest in American companies when selling is the only game in town?"
SAFE HARBOR STATEMENT
THIS NEWS RELEASE MAY INCLUDE FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF SECTION 27A OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE UNITED STATES SECURITIES AND EXCHANGE ACT OF 1934, AS AMENDED, WITH RESPECT TO ACHIEVING CORPORATE OBJECTIVES, DEVELOPING ADDITIONAL PROJECT INTERESTS, THE COMPANY'S ANALYSIS OF OPPORTUNITIES IN THE ACQUISITION AND DEVELOPMENT OF VARIOUS PROJECT INTERESTS AND CERTAIN OTHER MATTERS. THESE STATEMENTS ARE MADE UNDER THE "SAFE HARBOR" PROVISIONS OF THE UNITED STATES PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND INVOLVE RISKS AND UNCERTAINTIES WHICH COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE IN THE FORWARD-LOOKING STATEMENTS CONTAINED HEREIN."
Investor Communications International, Inc.
Copyright © 2002 PRNewswire
Participating OTC Bulletin Board Companies Confirm Certificate Only Transfer Procedure Meets Market Compliance and Trading Standards
BLAINE, Wash. - PRNewswire - Jan. 16
BLAINE, Wash., Jan. 16 /PRNewswire/ -- A group of OTC bulletin board listed companies that have exited the DTC system and have subsequently been the target of a media campaign that questions the validity and legality of this procedure have jointly confirmed the precedence for the use of this method and support by all governing bodies concerned. The group of companies that have opted out of electronic share ownership via the Depository Trust Corporation (DTC) in favor of actual share certificates includes GeneMax Corp. (BULLETIN BOARD: GMXX.OB) , Hadro Resources (BULLETIN BOARD: HDRS.OB) , Vega Atlantic Corporation (BULLETIN BOARD: VATL.OB) , Ten Stix, Inc. (BULLETIN BOARD: TNTI.OB) , Intergold Corp. (BULLETIN BOARD: IGCO.OB) amongst others. These companies began exiting the DTC system in 2002 due to its inability to provide authenticity of actual shares trading, allowing for illegal naked short selling trade abuses.
Under a naked short sale of stock, short positions are not declared, shares are not borrowed to cover the short sale, and shares are sold without delivering the stock to the purchaser. Naked short selling results in the undermining of real shareholder ownership by naked short sales of stock and resulting failed deliveries of real certificates that artificially inflate share ownership and devalue the trading prices of shares in the marketplace. Unscrupulous brokers and market makers may conspire to manipulate and devalue the price of securities in this way.
Recent media coverage of the actions taken by these and other companies inaccurately portrays the intent of the companies and goes so far as to suggest the approach may in some way impede the regular course of trading, breaking federal securities rules or that the use of a transfer agent may not be legitimate (see January 14, 2003, Dow Jones news wire story authored by Carol S. Remond entitled "Some Small Companies Get Physical to Fight Shorts" issued at 10:56 AM EST).
The group of companies refute these facts and confirms that certificated delivery is not unusual or illegal. Roughly 5% of all securities trade in "ex-clearing"/physical form. This practice simply puts an illegal short seller in a position whereby they are called to deliver the shares they have shorted illegally. Legal opinion has been obtained that exiting a company from DTC is not a violation of any securities laws.
News wire media targeting the group can mislead the investing public and do not address the real underlying concerns, namely that the 3-Day Settlement System in the U.S. does not have integrity: The basis for moving to a certificate only share transfer system has nothing to do with short selling but instead with "naked short selling" where shares sold are never borrowed, never delivered by the seller, but where the seller collects money for the stock they never delivered in three days. The three days settlement system run by the National Securities Clearing Corporation ("NSCC") does not ensure that shares that are sold in a transaction are ever delivered. This takes place routinely in the U.S. Securities industry.
Shareholders purchasing shares in the United States do not often understand that even though their broker will take their money and fill their order for a share purchase, shares are routinely not delivered to the broker on behalf of the client. The client in most cases never knows that share delivery abuses are taking place as they do not normally take delivery of their actual share certificates. It's important to note that the NSCC no longer guarantees at their website that a trade will be conducted within the three day settlement process. The money gets settled in 3 days, but the stock is routinely not delivered, and a process of "kited" or failed buy-in's can occur.
In a "buy-in," the stock not delivered to the purchaser in the original naked short sale transaction is supposed to be re-purchased at arm's length from other bona fide sellers of real share certificates, and the cost of the stock "bought in" charged back to the original broker who sold the stock naked short. However, buy-in's are routinely conducted without adhering to real market dynamics; shares "bought in" are purchased from non-arm's length parties in the marketplace, or are purchased at a share price that has been manipulated lower by dilution from repeated naked short sales, or non-existent shares are purchased from other naked short sellers that do not own real shares. The buy-in that is intended to rectify the original naked short sale of stock often results in a further failed delivery of real share certificates. Cooperating broker dealers in naked short sales of stock will repeat this failed buy-in process over and over again to circumvent share delivery rules so that real certificates are never obtained for the purchasing client in a naked short sale transaction. The process of repeated failed "buy-in's" relating to a naked short sale is known as "kiting" and allows unlimited supply of non-existent stock to flood the marketplace to provide an unfair market for the shares transacted (more supply than demand and lower share prices). Kiting of buy-in's on the stock not delivered is a circumvention of the 3-day settlement rule discussed above.
A case in point is GeneMax Corp. (symbol GMXX), which has obvious large blocks of stock being moved ("parked") from one account to another, kiting a massive illegal undeclared short in the stock (see NEWS - GeneMax Corp.). Parking a buy-in is a violation of Section 9(a) of the Securities Exchange Act of 1934, and falls under the Commission's definition of "market manipulation" (SEC v. floyd Leland ogle, Donald Tabor, Kailey Mining Co, et al, Civil Action no. 99 C 609, US District Court for the Northern District of Illinois, Eastern Division).
Another abuse used to circumvent share delivery and buy-in's is known as "pairing off." This is a process where brokerages who have numerous naked short share transactions of buying and selling between each other elect over a period of time to settle up the difference in amounts owed in cash. In this manner shares are never delivered in any of the transactions between the brokerages and the buy-in process is circumvented completely. In these circumstances, the 3-day settlement system with respect to share deliveries is non-existent as brokers elect to transfer no shares.
The group of companies named here have been assisted in their efforts by Global Securities Stock Transfer of Denver, CO that acts as their transfer agent. The practices of the small firm were also questioned in the media without opportunity for comment, but company President, Robert Stevens has responded by offering open and objective review of his company's record.
"In 2002 Global Securities Stock Transfer transacted over 1,700 separate transfer requests, completing 100% of its 'rush requests' the same day received, and in our last DTC report received the highest rating of any agent in our category," Mr. Stevens said. "Our small customer base is a draw for our clients, who receive 'boutique' service for reasonable fees. We have turned away several new potential customers in the last quarter because we are a profitable small firm and felt the addition of more business might detract from the world class service we pride ourselves on ... " stated Stevens. "Since our firm formulated the concept of 'certificated trading' we have received dozens of new client applications, and dozens more public companies have run with the concept. The clearing system in the U.S. is flawed, and small public companies know this as they are usually preyed upon by naked short sellers and share price manipulators. Our small firm stands in awe of the immense ruckus that the concept of certificated share transfer has caused in the securities industry. Our feeling is that the unscrupulous and illegal activity of naked short selling and circumvention of share delivery rules, in its current widespread state, will not exist in ten years assuming the public is made aware of this activity and its negative effects on companies, the U.S. economy, and a fair and orderly marketplace."
At a time when initiatives to automate electronic trading systems in America further are contemplated by certain groups, certificate only transfer system highlights the nature and scope of rampant trading abuses in our securities trading and clearing systems. Shareholders purchasing shares have no idea that the stock they are buying is routinely not delivered notwithstanding that they have paid for it. As shares purchased by a shareholder only are listed as a line item on their account statement with their broker, they are none the wiser. Investor Communications International, Inc., a private firm from Washington State, has been working with Global Securities Stock Transfer, and is in the process of contacting all OTCBB issuers to obtain their support to lobby Congress on these issues.
Grant Atkins, a director of GeneMax Corp. and a representative of other public companies also commented, "The trading system in America allows abusive trading practices to over inflate share ownership in U.S. public companies. The 3-day securities clearing system operated by the NSCC and DTC fails to operate correctly to ensure that a fair marketplace exists to trade U.S. public securities. While the world is watching the U.S. struggle with issues relating to corporate misconduct, and President Bush has in recent months asked corporate America to 'Stop Cooking the Books,' the world has not yet discovered that the U.S. Trading system lacks integrity. The ramifications to Americans is that the U.S. people, through the federal reserve, have inherited the DTC and NSCC, and a system that can cook the books of public company issuers on American Exchanges. What happens when the world finds out that share ownership in American companies is over inflated? What happens when the world finds out your can sell U.S. securities, never deliver them, and collect the funds? The only question left will then be, 'Why would the world invest in American companies when selling is the only game in town?"
SAFE HARBOR STATEMENT
THIS NEWS RELEASE MAY INCLUDE FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF SECTION 27A OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE UNITED STATES SECURITIES AND EXCHANGE ACT OF 1934, AS AMENDED, WITH RESPECT TO ACHIEVING CORPORATE OBJECTIVES, DEVELOPING ADDITIONAL PROJECT INTERESTS, THE COMPANY'S ANALYSIS OF OPPORTUNITIES IN THE ACQUISITION AND DEVELOPMENT OF VARIOUS PROJECT INTERESTS AND CERTAIN OTHER MATTERS. THESE STATEMENTS ARE MADE UNDER THE "SAFE HARBOR" PROVISIONS OF THE UNITED STATES PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND INVOLVE RISKS AND UNCERTAINTIES WHICH COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE IN THE FORWARD-LOOKING STATEMENTS CONTAINED HEREIN."
Investor Communications International, Inc.
Copyright © 2002 PRNewswire
go to bed, its to late to be posting here, ha ha ha
Final Score: Buffalo 2, San Jose 2
San Jose, CA (Sports Network) - Ryan Miller made 31 saves to help the Buffalo Sabres earn a 2-2 tie against the San Jose Sharks at the Shark Tank. James Patrick and Chris Gratton scored goals for the Sabres, who are 5-1-1 in 2003. Evgeni Nabokov turned aside 23 shots for the Sharks, who have collected just one win in their last seven games (1-3-2-1). Jonathan Cheechoo and Patrick Marleau notched goals in the tie.
Final Score: Nashville 2, Calgary 2
Calgary, Alberta (Sports Network) - Adam Hall and Jarome Iginla scored just 16 seconds apart early in the third period as Nashville and Calgary skated to a 2-2 tie in a meeting of the two worst teams in the Western Conference at the Saddledome. Vladimir Orszagh also lit the lamp for the Predators, who are winless in three games (0-2-1). Iginla, who was named to the Western Conference All-Star team Thursday evening, also tallied an assist on Petr Buzek's goal, as the Flames fell to 0-4-1 in their last five games.
Final Score: Detroit 4, Colorado 2
Denver, CO (Sports Network) - Brendan Shanahan scored a pair of third-period goals to lift the Detroit Red Wings to a 4-2 victory over the Colorado Avalanche at the Pepsi Center. Curtis Joseph made 36 saves for the Red Wings in the first meeting between the teams since last spring's seven-game Western Conference final series. Kris Draper and Mathieu Dandenault also scored for the Red Wings, who improved to 4-4-0 this month on the heels of a 10-1-4 December. Peter Forsberg and Dan Hinote scored for the Avalanche, who have lost four of their last five (1-4-0).
Final Score: Edmonton 2, Los Angeles 0
Edmonton, Alberta (Sports Network) - Tommy Salo made 22 saves for his fourth shutout of the season, as the Edmonton Oilers blanked the Los Angeles Kings, 2-0, at Skyreach Centre. Ryan Smyth and Shawn Horcoff each scored for Edmonton, which has won two straight to improve to 5-1-1 in its last seven games. Salo made seven saves in the first period, turned aside just three shots in the second and stopped 12 shots in the third for his 34th career shutout. Felix Potvin turned aside 24-of-26 shots in the loss for the Kings, who have dropped four of their last five games.
Final Score: NY Islanders 3, St. Louis 2 (OT)
St. Louis, MO (Sports Network) - Oleg Kvasha's goal 1:59 into overtime lifted the Islanders to a 3-2 win over the St. Louis Blues at Savvis Center. Alexei Yashin and Kenny Jonsson each scored for New York, which put an end to its two-game losing streak. Garth Snow turned aside 27 of the 29 shots that went his way in the win. Pavol Demitra tied the game late in the third period, but the Blues suffered their second loss in three games. Cory Stillman scored and Brent Johnson made 22 saves in a losing cause.
Final Score: Minnesota 5, Vancouver 2
St. Paul, MN (Sports Network) - Marian Gaborik collected a goal and three assists and Pascal Dupuis added a pair of goals to lead the Minnesota Wild to a 5-2 victory over the Vancouver Canucks at the Xcel Energy Center. Richard Park and Jeremy Stevenson also scored for the Wild, who moved within three points of the division-leading Canucks. Minnesota won for the second time in three games. Trevor Letowski and Trent Klatt scored Vancouver's lone goals, while Dan Cloutier was able to turn aside just 19 shots in net for the Canucks, who have lost three of their last four games.
Final Score: Ottawa 3, Anaheim 1
Ottawa, Ontario (Sports Network) - Marian Hossa scored a pair of goals to lift Ottawa over the Mighty Ducks of Anaheim, 3-1, at the Corel Centre. Martin Prusek made 23 saves, but allowed a goal in the third period to halt a three- game shutout streak for the Senators, who last yielded a score at 9:33 of the third period while in Vancouver on Wednesday, January 8. Stanislav Chistov tallied the sole goal for the Mighty Ducks, who had a three-game winning streak snapped.
Your up very late on a weeknight, ha ha ha.
Nice trade. I don't think anyone begrudges you making money. That is why everyone is here.
I'm not sure which group you would place me in. I have been able to determine that SOME of the claims of VLVT are TRUE. I have not been able to determine that ANY are FALSE. And many of them I have been unable to verify much like yourself.
Based upon that, I have no reason to suspect that VLVT has intentionally lied or attempted to mislead shareholders. So for now, I am patiently waiting for VLVT to prove themselves to the rest of the financial market. If and when they do, there will be a financial reward to those of us who have taken the risk with such information unverified. If in the end they screw us all over, I'll personally hunt down the principals and kick their as*es and extract 10 fold any money I lose, ha ha ha. Sounds fair doesn't it?
For me, it's a reasonable gamble for the potential reward at this time, but to each his own level of tolerance.
JR
Stars acquire Lemieux from Phoenix
Dallas, TX (Sports Network) - The Dallas Stars have acquired veteran right wing Claude Lemieux from the Phoenix Coyotes in exchange for left wing Scott Pellerin and a conditional pick in the 2004 draft.
Lemieux will join the Stars on Friday and is expected to make his debut with the club on Saturday at San Jose.
"Claude adds experience, depth and versatility to our forward group," said Stars general manager Doug Armstrong. "He is a proven winner who has a post- season resume that speaks for itself. We feel he will make an immediate impact for our organization."
Lemieux won a pair of Stanley Cups with the New Jersey Devils (1995 & 2000) and was also a member of Cup-winning teams in Montreal (1986) and Colorado (1996). He won the Conn Smythe Trophy as playoff MVP in 1995 with the Devils.
The 37-year-old Lemieux had just six goals and eight assists in 36 games for the Coyotes this season, but also missed nine contests with a fractured foot. He has always been known to turn up his play in the post-season, and ranks third in NHL history with 80 playoff goals and 19 game-winners.
Last season, Lemieux had 16 goals and 25 assists in 82 games with Phoenix and the 20-year veteran has 377 career goals.
Pellerin had just one goal and three assists in 20 games this season for Dallas. The 33-year-old veteran will join his seventh team in 10 NHL seasons, having also played for New Jersey, St. Louis, Minnesota, Carolina and Boston before joining Dallas last January.
hahahahahahaha. I feel all dirty watching this.
NHL Game Summary - Montreal at Philadelphia
(Thursday, January 16th)
Final Score: Philadelphia 4, Montreal 1
Philadelphia, PA (Sports Network) - Michal Handzus had a goal and an assist to lead the Philadelphia Flyers to a 4-1 victory over the Montreal Canadiens at the First Union Center.
Joe Sacco scored his first goal as a Flyer and Jim Vandermeer posted his initial NHL tally, as Philadelphia earned its seventh triumph in eight games. Chris Therien added an empty-netter and Roman Cechmanek made 16 saves in the win.
Richard Zednik provided the only goal for Montreal, which is 0-6-1-2 in its last nine road games. Jeff Hackett turned aside 37 of the 40 shots that went his way, but the Canadiens fell to 2-7-1-2 in their last 12 games.
After Zednik gave the Habs a 1-0 lead midway through the first period, the Flyers scored four unanswered goals to skate away with the win.
Marty Murray had a chance to even the score for the Flyers, but his shot ripped off the crossbar seven minutes into the second period.
Philadelphia would tie the game on Vandermeer's goal with 5:48 remaining in the second. Jeremy Roenick won the faceoff and the puck slid back to Vandermeer, who skated into the left circle and wristed a shot past an out-of- position Hackett.
Sacco, who was making his Philadelphia debut, lit the lamp 3:04 into the third period to make it a 2-1 game. Handzus was in front of Hackett and tried to whack a shot through his legs. Sacco then skated around the net and slid the loose puck into the cage.
The Flyers added an insurance tally with 4:09 left in third when Handzus wristed the puck high into the left side of the net. It was Handzus' 12th goal of the season. Donald Brashear displayed great strength and awareness keeping the puck inside the Montreal zone.
Therien posted the first empty-netter of the season for Philadelphia with 13 seconds left in the game to complete the scoring.
Zednik's 20th goal at 10:29 of the first period opened the scoring. Saku Koivu was tied up along the back boards and fed a pass in front to Zednik, who pushed the puck past Cechmanek's stacked pads.
Game Notes
Philadelphia acquired Sacco on Wednesday...The Flyers outshot the Canadiens, 41-17...Philadelphia went 0-for-2 on the power play and killed off each of Montreal's three chances with the extra skater...Montreal has lost four in a row against the Flyers.
PHILADELPHIA (AP) - Joe Sacco, playing in his first game with Philadelphia, scored the go-ahead goal early in the third period to help the Flyers beat the Montreal Canadiens 4-1 on Thursday night.
Sacco, a 12-year veteran who was signed to a free-agent contract Wednesday, threw the puck toward the front of the net. Michal Handzus spun around, shot between his legs and hit the post. Sacco then skated in and hammered home the rebound to give the Flyers a 2-1 lead at 3:04 of the final period. It was his first goal since March 30, 2001, when he was playing for the Washington Capitals.
Handzus flipped in a wrist shot from the slot with 4:09 left to make it 3-1, and Chris Therien scored an empty-net goal with 13 seconds left.
Philadelphia's Jim Vandermeer scored his first career goal late in the second period to tie the game 1-1.
The Flyers, who had their six-game winning streak snapped by a loss to Atlanta on Tuesday, outshot Montreal 41-17 and only sharp goaltending by Jeff Hackett kept the Canadiens close.
Richard Zednik scored the only goal for the Canadiens, who have won only twice in their last 12 games.
Vandermeer, who was recalled from the Philadelphia Phantoms of the AHL on Wednesday, scored on a wrist shot from the left circle with 5:48 left in the second period. The 22-year-old defenceman played in four games with the Flyers earlier this season.
Zednik, who leads the Canadiens with 20 goals, was left unguarded in the crease and redirected Saku Koivu's shot from the side to give Montreal a 1-0 lead with 9:31 left in the first period.
Notes: Montreal had a season-low shots on goal. ... Philadelphia won the three previous games this season, outscoring the Canadiens 14-5. ... Montreal is winless in its last nine road games (0-6-1-2) with five straight losses. ... The Flyers came in with the worst power play in the NHL and failed on two chances with the man advantage.
HI hodginsjkp welcome to ihub.
good as new now. eom
may pages not coming up. says error finding page. Is is just me or is it sitewide?
Tough Customer: The roughest fighter you probably have never seen remains Columbian IBF flyweight champion Irene Pacheco. At the very end of November at the El Paso Convention Center, Pacheco won a brutal 12 round unanimous decision over the number-four ranked Alejandro Montiel. The southpaw Pacheco rocked the Mexican challenger in the opening round with a savage left uppercut and then discreetly head butted Montiel at every opportunity. The result was a nasty gash over Montiel's right eye. During the course of the fight the bout was halted no less than six times as the ringside doctor kept looking at Montiel's bloody right eye. The challenger was forced to fight and he continued to pin the champion's back to the ropes as both men relentlessly fired away at each other often times below the belt. Several times they fought after the bell and Pacheco was penalized for holding and hitting. In the end it was the lefthander Pacheco's ability to land savage straight left hands to Montiel's crimson face that preserved his crown. Amazingly at the conclusion of the fight both men embraced and when the verdict was announced Montiel applauded the decision. The reason I point out this encounter is because of the less than stellar effort of two heavyweights Lawrence Clay-Bey and Charles Shufford that recently fought on ESPN2 Friday night fights. I guess both men gave their best effort but there was no sense of urgency that was in abundance when Pacheco squared off with Montiel. With so much to gain, especially in the lucrative heavyweight division you would think both men would throw caution to the wind and hammer away with everything he had. However, that was far from the case and both men fought sporadically and with caution. I am not opposed to tactical fights between boxers with skill and merit but when you get the feeling that guys are just going through the motions it kills the sport.
--Kostya Tszyu vs. Jesse James Leija --
By John Gregg
Los Angeles, California--
Australia's world champion Kostya Tszyu is set to defend his titles in his adopted homeland when he takes on San Antonio's Jesse James Leija, January 18, from Melbourne's Telstra Dome. The fight will be broadcast in the U.S. on Showtime, and also features former Olympic gold medallist Mohamed Abdullaev squaring off against ex-IBF lightweight champion Phillips Holiday, on the undercard.
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Champion: IBF, WBC, WBA junior welterweight world champion Kostya Tszyu (29-1-1, 23 KO's), trained by Johnny Lewis and managed by Vlad Wharton.
Style: Tszyu, 33, is a throwback to the 1930's when fighters held their hands low but as soon as their opponent starting throwing leather they answered in volleys. Tszyu has heavy hands to go along with superior conditioning and ring smarts. This guy is a master craftsman who can jolt you with a whistling right hand and then finish you off with a flurry of nasty shots. He is coming off two outstanding performances; a second round destruction over heavily favored Zab Judah late in 2001, and a commanding 12-round decision over number one-rated Ben Tackie last May. With one-second remaining the 2nd, Tszyu drilled Judah with a clean right hand to the chin. The IBF champ Judah hit the deck flat on his back but popped back on his feet only to stagger sideways and then collapse to the canvas for the second time. Veteran referee Jay Nady waved off the world title bout at count of four despite Judah's theatrical protest. Tszyu continued his domination in the 140-pound division by manhandling the durable Tackie. Tszyu controlled the action from the outset and nailed the challenger repeatedly with a variety of searing left hands and whistling right crosses that kept Tackie off balance for almost the entire title fight. There were no knockdowns but Tszyu jolted Tackie numerous times and left little doubt who was the best 140-pounder in the world.
Strength: Tszyu has a strong right hand and he can turn out the lights. His second round knockout of Judah elevated him to among the elite of the boxing world. Despite being a heavy underdog, Tszyu never bought into Judah's rhetoric and after giving away the first round he went to work. He's a tough customer who knows how to box and also bang. Tszyu defended his three titles in 2001; scoring a 12-round win over Germany's Oktay Urkal, a seventh-round TKO over Sharmba Mitchell, and 2nd round stoppage of the long-winded Mr. Judah. Tszyu only fought once last year but he easily controlled the top-rated Tackie and once again demonstrated his talents. He has a wealth of experience and the man he defeated for his world amateur title before turning pro was no less than Vernon Forrest.
Weakness: Tszyu's chin will always be questionable. In May 1997, he was hammered out and suffered his only loss to Vince "Cool" Phillips via a 10th round TKO. Tszyu miscalculated Phillips' power and repeatedly was drilled by accurate right hands. He took a beating but on the upside he renewed his commitment to the sport and has always been a demon in training camp since that lone defeat. He is one of those rare boxers who became a better fighter after a loss.
Question Marks: Just how long will Tszyu carry Leija before he decides to unload on the veteran and former world champion?
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Challenger: Jesse James Leija (43-5-2, 1 NC, 17 KO's), managed by Lester Bedford and trained by his father, James Leija, Sr.
Style: The 36-year-old Leija is a solid fighter and a veteran campaigner. Leija can still box and he can still slug, however, he lacks the pop to put the hurt on Tszyu. He moves in and out and looks to counter off of your mistakes. He will whack you with the left hook, dip inside, go to the body, and occasionally nail you with a sharp right hand up top. Unfortunately, what he has learned along the way he has also lost in reflexes. Many insiders consider this fight nothing more than a very nice payday and that's he's lucky to still able to earn big money at this point of his career. A former WBO super featherweight titleholder, Leija fought a classic four-fight series with the legendary Azumah Nelson, winning twice, losing once, and also fighting to a draw. Last January, Leija scored a five-round technical split decision over Mickey Ward in front of his hometown fans, in an abbreviated super lightweight bout. Following what referee Laurence Cole believed to an accidental clash of heads in the first round, the former two-time world champion Leija suffered a sever cut in his right eyebrow. As the contest wore on so did the three-inch gash that Leija attempted to fight with for the remainder of the evening. With blood pouring from the wound that traversed through Leija's right eyebrow, ringside Dr. Ruben Cordonado told Cole to stop the contest. Because Cole believed the cut was the result of a clash of heads in the first, the judges were compelled to go to the their scorecards. Judge Duane Ford had Ward winning, 48-47. However Gale Van Hoy had it 49-46, while Ray Hawkins scored it, 48-47, in favor of Leija.
Strength: Leija is a tough and determined fighter who is always in excellent condition. His best punch is the left hook and he can tag you with it moving inside or while retreating. Leija was never considered a knockout puncher but he does understand the nuisances of the sport and he can surprise you by timing your shots and landing counters. Early in his career he threw solid combinations and periodically would sneak in the right hand behind the hook.
Weakness: At this point in his career, Leija is subject to cuts and is a bleeder. He lacks the power to keep people off of him and no longer posses the lateral movement and hand speed needed at the world championship level. Despite a number of his victories in the later stages of his impressive career, Leija has never been the same fighter after he was chewed up and TKO'd in two rounds by Oscar De La Hoya, in December 1995. He was TKO'd in nine by Shane Mosley, back in November 1998.
Question Marks: How long will his skin hold up under Tszyu's thudding blows? At 36, just how much tread is left on the tires? If he boxes, and moves with the champion, can he go the distance?
Prediction-- This one isn't going to be pretty and I look for Tszyu to eventually overpower Leija with brutal shots to the head and body. If Leija is lucky he gets cut early and doesn't absorb too much punishment. However, Leija is a warrior and he should stick around for a while. I look for Leija to go out on his shield with Tszyu the victor via a bloody seventh round TKO..
Red Wings, Avalanche set to renew hostilities in Denver
Denver,CO (Sports Network) - One of the best rivalries in all of hockey resumes this evening in Colorado when the Avalanche welcome the defending Stanley Cup champion Detroit Red Wings to the Pepsi Center.
Tonight's contest will be the first meeting between the two since the Red Wings whipped the Avalanche 7-0 in Game 7 of the Western Conference finals last year. The Red Wings won the final two games of that series to advance to the Stanley Cup Finals, where they beat Carolina.
On Sunday, the Avs picked up just their second win in their last six tries when Milan Hejduk scored two goals, including the game-winner 2:04 into overtime, to lift Colorado over Carolina, 3-2.
Rob Blake, who has seven goals in his last 10 games, tallied the equalizer with just 1:22 remaining in regulation for the Avalanche, who halted a three- game slide. Hejduk, who has a four-game goal streak also collected an assist and has points in 17 of last 18 games (14g, 16a).
David Aebischer stopped 30 shots for Colorado, which is expected to have Patrick Roy back between the pipes tonight. Roy is 21-19-1 lifetime against Detroit with a 2.96 goals-against-average.
Roy is two games short of becoming the first goaltender in NHL history to play in 1,000 games.
The Avalanche, who will be starting a three-game homestand tonight, have dropped three straight games in Denver and are 7-8-6-2 in their arena this season.
Detroit enters Thursday's affair on the heels of a 4-1 loss to Chicago Blackhawks on Wednesday.
Henrik Zetterberg provided the only goal for Detroit, which fell to 3-4 in its last seven contests. Manny Legace also turned aside 26 shots in the defeat.
The Red Wings have alternated losses and wins since kicking off 2003 with a 4-1 loss to Phoenix on January 3, and all of their victories have come in overtime.
After Zetterberg gave the Red Wings a 1-0 lead on the power play, the Blackhawks scored four unanswered goals for the win.
Future Hall of Famer Brett Hull failed to light the lamp in Wednesday's loss but has scored six goals in his last six games and is just two short of 700 for his career. He is set to join a club that has just five members -- Gordie Howe (who has 801), Phil Esposito (717), Marcel Dionne (731), Wayne Gretzky (894) and Mike Gartner (708).
Detroit, which is 5-3-3 in its last 11 on the road, will host Vancouver on Sunday.
The Red Wings, who took three of four from the Avs last season, have won 11 of the last 14 and 12 of the last 16 matchups with Colorado. Detroit has also won two straight in Denver and have taken six of the last eight meetings on the Avs' ice.