Texting while Sleepwalking
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We all waited this long. At least we are in the homestretch
I'm not sure what happened with Colonial after the settlement and who was supposed to get the proceeds, but here at MF Global the estate is pursing this. I read there are hedge fund guys funding this lawsuit... just don't know what that means how we find out if the MFGLQ shareholders get anything.
the Colonial Bank settlement with pwc was never disclosed either. that was another sizable lawsuit in the 5-6 billion range a few months ago. PWC handing out hush money like it's going out of style
just says both sides mutually satisfied
all auditors were at risk if pwc lost. it would have set precedence for future lawsuits. hopefully it's a 9 figure settlement.... but 10 figures couldn't hurt either.
The case was just settled after PWC had that set back in court. Terms not disclosed yet
PWC and MF Global have settled
http://www.marketwatch.com/story/mf-global-pricewater
MF Global contended that PwC had given it the wrong advice on how to account for risky European-debt trades that ultimately doomed the company, and that PwC’s advice had contributed to confusion and concern that helped lead to the brokerage’s failure. PwC maintained its advice was correct, and that MF Global’s failure was caused by its own poor decisions and strategy.housecoopers-settle-malpractice-lawsuit-2017-03-23-91035246
Agreed. I think once the share count finally is 21 million, then we'll see the fireworks. Till then, Joe put up the dough to get the shares returned to treasury. Not sure why it's taking so long. I have never been in an otc stock that actually removed stock from the o/s, so I don't have a guideline. I have been trading in otc stocks since the 90's and have been through bizarre scenarios (which are the norm for otc) and have yet to be in an otc that did the reverse of dilute. So far 50 million shares have been returned... it's just this final few mill that are holding us up imho
you would need a PACER account. i have been too lazy to go that route, so i just follow the news on google for MF Global
now the plaintiff can paint pwc as a watchdog that was supposed to be looking out for their clients best interest and not do a 180 catching everyone by surprise resulting in a mass redemption from mf global throwing it into bankruptcy. notice all the missing money was eventually found, but only after a massive bank run
Judge Rejects PwC's Request For Mistrial In MF Global Case
https://www.forbes.com/sites/danielfisher/2017/03/15/judge-rejects-pwcs-request-for-mistrial-in-mf-global-case/#7cae6a8937b3
In an unsurprising move, the judge overseeing bankrupt commodities broker MF Global's $3 billion suit against PwC rejected the accounting firm's request for a mistrial, saying PwC's lawyers can challenge MF Global's arguments in court over the rest of what is expected to be a five-week trial.
PriceWaterhouseCoopers asked for a mistrial in a midnight filing Sunday, saying lawyers for the administrator of MF Global's estate switched strategies on the eve of trial, abandoning the theory that PwC's incorrect accounting allowed MF Global to amass a $6.3 billion portfolio of European sovereign debt, which in turn caused the company to collapse. In opening arguments and friendly questioning of former MF Global Chairman Jon Corzine, those lawyers instead tried to establish the story that the Euro bond strategy was sound but that PwC's errors caused confusion and a loss of confidence in MF Global's finances.
In an order filed this morning, U.S. District Judge Victor Marrero rejected PwC's claim it was the victim of "trial by ambush" because it had prepared for a different theory of causation in the three years before the trial started last week.
"PwC had sufficient notice prior to the time it filed this motion to conclude that the Plan Administrator alleges that PwC's advice caused a crisis of confidence in MF Global's financial statements," the judge wrote. In its complaint, MF Global blamed PwC for allowing sale accounting for repurchase-to-maturity contracts under which MF Global actually regained ownership of the bonds two days before they maturity, saying PwC wouldn't have embarked on the strategy without PwC's blessing.
Corzine walked away from that premise in his testimony, saying MF Global could have bought the bonds with or without sale accounting. But in its complaint, MF Global also made broader claims that PwC's mistakes, including bad advice on whether to write down a deferred tax asset, led to a big earnings disappointment and loss of faith in September 2011 that triggered a liquidity crisis and bankruptcy.
"Although PwC may well be surprised" by the theory of causation advanced in the first days of the trial, the judge wrote, "PwC cannot at this late stage claim to be prejudiced."
"The weeks remaining should afford PwC sufficient time to respond to any shift it perceives in the Plan Administrator's theory," he concluded.
In a statement, PwC attorney Richard Marooney with King & Spalding said: “We are confident in our position and expect to win this case on the merits, regardless of the causation theory the Plan Administrator decides to utilize. The bottom line is that PricewaterhouseCoopers had no role in any of the events that led to the demise of MF Global."
transfer agent still at 33 million
if the judge doesn't rule a mistrial, wonder if we'll get a settlement soon thereafter?
PwC threatens MF Global mistrial; Corzine defends actions
http://www.reuters.com/article/us-mf-global-hldg-pricewaterhouse-idUSKBN16K25A
PricewaterhouseCoopers LLP on Monday said it may seek a mistrial in a $3 billion malpractice case over the collapse of Jon Corzine's MF Global Holdings Ltd, saying it was blindsided when the plaintiff changed its theory of why the brokerage failed.
The auditor has been accused by MF Global's bankruptcy administrator of accounting negligence that let the former New Jersey governor invest $6.3 billion in European sovereign debt, leading to a liquidity crisis and an Oct. 31, 2011 bankruptcy.
But PwC said the administrator has instead argued at a federal trial that began last Tuesday that Corzine's bet was sound, and that MF Global's collapse was caused by market "confusion" and a "crisis of confidence" that was "somehow" the result of PwC's accounting advice.
PwC urged U.S. District Judge Victor Marrero in Manhattan to strike evidence and arguments supporting this theory, including from Corzine, or else declare a mistrial.
The plaintiff's lawyers "have clearly shifted their causation theory," PwC's lawyer, James Cusick, told the judge before Corzine began his third and final day of testimony. "It amounts to a trial by ambush."
The administrator's lawyer, Daniel Fetterman, rejected that contention.
"This motion is extremely untimely," he said. "We are entitled to try causation as the evidence comes in. ... This is way too late, highly prejudicial. It is gamesmanship."
Marrero gave the administrator a day to respond formally.
"This is obviously a major issue, a complicated subject," the judge said.
Corzine, who is also a former New Jersey senator and Goldman Sachs (GS.N) chairman, has said the short-term debt from five western European countries had been a low-risk wager for MF Global that the market simply did not understand.
MF Global's collapse also followed credit rating downgrades that referred to the debt, which had been moved onto the brokerage's balance sheet as of Sept. 30, 2011, and a tax-related writedown.
Corzine, who is cooperating with the administrator, on Monday resisted Cusick's renewed effort to blame his business strategy for MF Global's failure.
"The problem, really, sir, was not that the market was confused," Cusick suggested to him. "The problem was that the marketplace perfectly understood."
Corzine responded, "The market could do an analysis, but the sovereign debt exposure was there on March 31, June 30 and September 30. There was nothing new."
Corzine, 70, has said little publicly about MF Global since testifying in December 2011 before Congress. He has settled claims by investors and the U.S. Commodity Futures Trading Commission, without admitting wrongdoing.
The case is MF Global Holdings Ltd as Plan Administrator v PricewaterhouseCoopers LLP, U.S. District Court, Southern District of New York, No. 14-02197.
(Reporting by Jonathan Stempel in New York; Editing by Jonathan Oatis)
NEW YORK (AP) — It was not a huge bet on European bonds that caused the 2011 demise of Wall Street brokerage firm MF Global, but rather “confusion” created by its accountants about the company’s financial condition, former New Jersey Gov. Jon Corzine testified on Thursday.
Corzine, who ran MF Global after leaving the governor’s office, took the stand in a New York trial pitting the legal remnants of the collapsed brokerage against its accounting firm, PricewaterhouseCoopers. MF Global is seeking at least $3 billion in damages, saying PwC’s negligence and malpractice caused the brokerage to go under.
At the center of the trial is $6.3 billion in assets tied to European government bonds that MF Global purchased from Italy, Spain, Belgium, Ireland and Portugal. Another issue is how PwC accounted for $72 million in what’s known as tax-deferred assets that further caused uncertainty about MF Global’s financial health.
Those two issues caused MF Global to be downgraded by the credit rating agencies like Moody’s and counterparties to eventually cut off business from the firm. After a whirlwind week in late October 2011, MF Global filed for bankruptcy.
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Corzine testified that the European bonds that MF Global invested in were relatively low-risk and the firm expected to get its money back. All of the bonds were from countries with investment-grade ratings, and at the time, the European Central Bank created a $500 billion facility to help eurozone countries meet their obligations.
“We believed the bonds would be paid in their own right,” Corzine said. The thesis later proved to be correct, as all the bonds that MF Global purchased were paid back in full — but some months after MF Global filed for bankruptcy.
PwC argues that MF Global’s business decisions, including its purchase of the European government bonds, were the reason why MF Global failed — not because PwC did not account for those assets as MF Global says they should have.
“PricewaterhouseCoopers stands by the work it did for MF Global as its independent auditor,” said Rich Marooney, outside counsel to the accounting firm.
While Corzine did not blame PwC directly for MF Global’s failure, did indicate he believed that improper accounting caused investors to be caught off guard.
For example, in March 2011 the firm had $72 million in what’s known as tax-deferred assets. But six months later, PwC changed its mind on how MF Global should account for those assets. It partially caused MF Global to report a $120 million loss that quarter. But instead of investors looking at these tax-deferred assets, Corzine said investors took the loss as a sign that MF Global’s European bonds were in trouble instead.
“If the marketplace knew we didn’t lose money on the euro sovereign position, we wouldn’t have had the confusion in the marketplace,” Corzine said.
Corzine is expected to testify on Friday. Since MF Global’s bankruptcy in 2011, he has kept a low profile.
http://www.seattletimes.com/business/former-nj-governor-corzine-testifies-in-mf-global-trial/
I know. it's quite exciting to know we have a new, US based, control block owner. Joe cleaned up the shell and Brick now has the control block. It's just a matter of which company Brick decides to put in CSCE.... c'm t/a, confirm the 21 million o/s so we can get the show on the road
Submar is definitely interesting. Ever since they hired their new president in September, it seems they do more updates on their website. Before the new president, Reggio, was announced, it seems their updates were from 2014. Now there are several in 2017 alone, including the shareholder meeting that just happened at the end of February. Wonder what was discussed at the meeting? Going public?
Reggio came from a different company, Gerhardts, that grew to around 200 employees and was later sold. Wonder if he will do the same here. Grow Submar and then cash out
Lynn Turner, a former chief accountant at the U.S. Securities and Exchange Commission and the administrator's first witness, testified that PwC made an "incorrect certification" of MF Global's financials by treating the European debt and tax matters improperly.
"Did PwC do their job?" Steven Thomas, a lawyer for the administrator, asked him.
"No, I don't believe so," Turner answered.
The case is MF Global Holdings Ltd as Plan Administrator v PricewaterhouseCoopers LLP, U.S. District Court, Southern District of New York, No. 14-02197.
http://www.reuters.com/article/us-mfglobal-pwc-idUSKBN16E2CH
My comment was geared more toward getting the 'awareness' campaign in full gear.... one day soon we'll all be hit over the head when the material updates start flowing. if it's SUBMAR, which seems to be the only lead at the moment, this will get very interesting real fast
The PWC fiasco at the Academy Awards made it difficult to find jurors that were not aware of PWC"s snafu. Supposedly the judge instructed lawyers not to mention it during the trial... but only if you live under a rock you are not aware of what happened just days ago
Sucks to be PWC.... hopefully that is a good sign for us!!
I'm sure it's helpful. Just don't know how the connect the dots yet or blue/golds role here
can you clarify that. thanks
can't say if this is specific to csce or not... i checked a few other stocks and I don't see them acting all haywire which leads me to believe someone 'new' is in the process of updating our profile page
and now the profile back the way it was..... hmmmm...
would be nice if we are getting some sort of share count audit. not sure why the dividend history keeps growing. When i first posted there were 8 or 9 dupes. Now it's up to 17 dupes.
LMFAO. probably one of those slow server response times, sort of like ihub and the dupe and triplicate posts we all have made in the past.
At least someone is updating the profile which is encouraging that the cat is about to be let out of the bag!!
I would like to see management changes to our profile as well as a new website and profile. That should bring some life back here
The reality is pinksheet stocks exist for private company's to raise capital and try to grow. We just need to see the PR/marketing campaign and what we are dealing with. IF Submar is it and the intention is for them to grow from $10 million in rev's to over $100 million, then people will flock to CSCE
I think I read that Submar just had their annual meeting in February. Let's hope part of that meeting was the announcement they are going public via r/m
Let's assume is Submar, http://www.submar.com, you can expect some big PR's to come out regarding the multi million dollar government contracts. Obviously the goal for any private company to go public is to raise capital. Brick was very good at throwing out juicy PR's and name dropping big cap stocks doing business with their company. The only way to raise cash is to sell stock, and the only way to sell stock is to create demand. Expect big pr's to accomplish this
Lot's of key words
1) multi million dollar
2) government
3) contracts
Tie that in with other big cap stocks doing business with CSCE, and you have the formula for success
let's just hope whatever happens, happens this year
It would be amazing to get Submar as the new r/m candidate... it makes sense that Brick is commenting on this private company. I'm sure most of us tried researching Brick and are coming up empty handed, so this may turn out to be very lucrative after all.
If it's Submar, then we'd be holding a goldmine. Nice, established co that bids on government contracts... all the right things for nice juicy prs and a swollen share price
Mediation talks fail. Trial to begin March 6th!!
someone else stumbled upon it. it makes a lot of sense who the r/m candidate might be. hopefully the t/a finally confirms the 21 million o/s so we can get this dog and pony show on the road already... it's only been an eternity!! LOL
someone stumbled upon a breadcrumb here that might be pretty significant with our new found control block owner. social media is a very interesting thing
i'm sure there is a breadcrumb out there with this new bit of info. One of us will stumble across it. I prefer it be a surprise and the company release updates... that way the PPS would rocket
The only thing I came across was TEIM back in 2000
I'm sure there will be new stuff for Blue and Gold Ventures LLC now. AT least Joey Arcaro shed some light that we do have a new control block owner and CSCE should be ready once the t/a can confirm 21 million o/s. From looking at old PR's, Brian is good at releasing juicy PR's that penny stock players like to see
my last post should have read brian brick, not brian mack. brick, mack, paddy wack, give a dog a bone!! CSCE came rolling home