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Filing issues?
Could part of the problem be the BCIT new symbol?
ENYSQ — Energy Sources Inc.
but the SEC filings have been done in the name of Energy Source, Inc.
Hope that something as simple as this is not causing the holdup.
However, time and the Creator of it are my friends.
beerthirty:
I have been told an alternative option is to sell the street name shares at a price high enough to take shares out of margin account availability.
Time and the Creator of it are my friends
backaway:
good questions! the man, Megas, has some of the answers, the brokers who said we had valid shares, has the rest, IMO.
What over the years seemed to be normal process, seems to have become a nightmare for the small investor. Broker told me they had mailed them and that I would have to wait. They had no leg to stand on, because they told me I had valid shares in street name. They had to get me the proxy. How can they explain to a court, some got them and others didn't. It is their fiduciary responsibility to make every effort possible to allow me to vote. I don't know, but I believe those that didn't get the proxy have a legal battle on their hands. But we know it will go to arbitration, already.
All I can say is when I became persistent to pursue because the broker claimed I had valid shares, I got to vote. As soon as this is over, I will go to another brokerage. I use 2 now, but I am not happy with either, for multiple reasons.
These brokerages better wise up, they are biting the hand that feeds them in a day of customer relationship management.
What a farce.
I am in Megas' camp when it comes to being upset with the service these brokerages have been providing? and now wanting to charge customers for fees for failed or poor service?
But time and the Creator of it are my friends.
nwsun:
also, mine was by email thru broker and I voted on Saturday. By wednesday of same week I received proxy, broker was continually telling me they had not been notified of proxy vote. I simply told them that by not providing proxy to me, when it has been recorded I have legal shares in street name (because they do not purchase illegal shares), they are negligent of performing their responsibility to me as a client.
I did vote no to reverse split.
It was tough battle, but
Time and the Creator of it are on my side
nwsun:
I received the proxy, but only after continuous and persistent effort against broker. Finally, I received the info on Friday before the vote. They did not make it easy. I do not think I fall into the 'certain' people category you specified. I am just a 'persistent' people. Broker has been telling me all along I have valid shares in street name.
Time and the Creator of it are my friends.
glaszman:
Again, I do not know Richard Carter as I do not know Megas. Carter could be a nice man that got caught needing a shell to go public to raise money, so I cannot be quick to say he was part of the plan, yet. Apparently Carter contracted services of Pam and Mario, without due diligence, and became part of the nightmare. Again, this is supposition without facts. IMO if Carter was part of the plan, SEC would have had him in jail also by now.
glaszman:
Thank you for your candor. As I stated I never said Megas and Mario were partners. And it appears the timeline made this point clear. But it does appear from notes on timeline that after May 2nd, they did have a deal that was not made public knowledge for a period of time. Partnership? Obviously not after Megas filed complaint with SEC. I think SEC took care of that. But the time line allows to keep an organized pattern of thought and as you correctly stated, some are trying to bring confusion into the mix. But that's okay, as I know who the author of confusion is.
Time and the Creator of it are my friends.
vortmaximum:
Starting up a company is not easy. I have been long a long time thru several name changes. I am thankful that Castle technologies may provide a ray of sunshine. Since initial investments, I have modified my investment strategy where my portfolio is looking good now.
This has the potential for paying off well, to put it mildly, and make my portfolio look great!
Patience is good, and good things are worth waiting for.
Pinksheets company description updated!
Joda:
You obviously have not been reading my posts. #111498 I believe
Janice:
This would then mean that Megas did not know Mario before May 2nd. Certificates then may have been provided to Pam and Mario thru Lesser(shareholder of BCIT) to counterfeit BCIT shares later? Pino and Pam then were helping Carter prepare for the merger thru Lesser starting around Feb 2005. I would then understand the question about Lesser's whereabouts and involvement in this, even though it is not fact in court records.
Carter shares were created then by Richard Carter for preparation of reverse merger. Carter gave to Pino for distribution to friends, stock brokers, MMs whoever sometime between Feb 2005 and early May 2005. Are these the shares the email referred to for recall and substitution with BCIT shares? Then Megas provided BCIT certificate to Mario for the substitution in May 2005 based upon verbal agreement they had or was it Lesser that provided certificate for counterfeiting?
Thanks for providing feedback.
Time and the Creator of it are my friends
glaszman:
I never said Pino and Megas were partners. So who's integrity is in question? The piece on the timeline has not tied Megas to Pino before May 2. I am just trying to connect how Pino was placed in a position to usurp the identity of BCIT and who appointed him. I could be wrong, but noone has challenged this so far as to relationship. Was Pino brought in by Megas, Pam, Carter? How did Pino get this opportunity for 15 minutes of fame? That's all.
You can call me names if you want and question my integrity. That's okay, I am not accountable to you or anyone else on this board, especially those that only ridicule and find fault with every word written by people they disagree with. This is supposed to be a forum where exchange of ideas is allowed. Is this not America where civilized people are supposed to be constuctive and build up?
The timeline created is to be used to link all the pieces together based upon the court documents. But people are drawing from emails that while presented on this forum are not a matter of legal public record as fact. Those convenient ommissions from public record will be noted on the timeline as such where appropriate.
Time and the Creator of it are my friends
mikeymac:
I have already exposed my strategy and it is long, by choice when I first bought. Business model changed from when I first got in, but I like the energy sector.
And, like you, do not believe brokers are working for clients best interest. Why else do they have you sign an arbitration clause?
mastaflash:
Correct. I expect nothing less, nothing more. The broker has also told me this to confirm what you stated.
And I signed a document to go to arbitration if I have a complaint. There is a process. Some just take longer than others
and time and the Creator of it are my friends
glaszman:
facts are not confusing. misrepresentation of facts are. That is why I am promoting the timeline concept. when people disagree, I go to the timeline. thru this process, it has been identified the recall of Carter certs was to happen, by an email, which I find an important fact not documented in court records, unless you can show me.
My timeline does not show this event, but a note is made to reflect an action occurred within the timeline that is not of court record. And the court record was not contested. Does this make everything in the court document now a fact? It is the best source we have, unless Megas himself wants to expound and I don't think that will happen.
The point about Pino, not my job to research him, but was Megas's responsibility. He claims to have authority and for whatever reason that authority was usurped by Pino. I just find it hard that a man that claims a reported worth over $60 million dollars does not enough resources to proper evalute business associates backgrounds. This incident has me now researching officers of companies, ie. more due diligence. Yes, it consumes time, but I plan not to have a BCIT-like company in my portfolio again.
I do not know how long Megas knew Pino before all this occurred or was Pino recommended by people within Megas's circle that he trusted? I don't know. Is it relevant. I think so as it applies to Energy Source. Will Megas's busyness create the same result? I think this is a fair question, what measures are being put in place to prevent this from repeating itself, again. But some on the board want to call this type of exchange bashing.
Call it what you want, I happen to call it wisdom. With wisdom you get understanding. And understanding comes in time.
Time and the Creator of it are my friends.
kruy, believe me I responded. Consulted with friends I knew and answered on my own. Had answers reviewed first. Then sent along, no charge, no fuss, just time spent.
But time and the Creator of it are my friends.
glaszman:
my stockbroker states I have '106's. I have this in an email from their corporate actions department. I got sued. Fact. Convenient for stockbroker to remove the display of cusip number over the years online and in hard-copy report, isn't it.
But I purchased May 06 2005. So tell me, do I have Carter Shares or BCIT shares. I must have had Carter Shares or I would not have been sued, right? How come my stockbroker tells me I have 106's? DTC has shares and stockbroker has them in street name in my account.
Thus the confusion, but time and the Creator of it are my friends.
500:
I never received certs but I did receive the lawsuit as I bought in street name, thank you Megas. Please show me where it specifies that?
Thanks in advance
mastaflash:
I don't need to have shareholders or no shareholders, or even the king pin moderator of ihub bulletin boards pop in and state BCIT is worthless. It is enough that my stockbroker, who allowed me unsolicited to buy the shares, is now indicating as much and has offered me $5 to clear the books(ie. my account with worthless stock.)
Hmmm. $5.00, nothing/tax write-off or a hope this ship will get turned around and my principal investment is returned, and from some possibly more.
I am long BCIT/Energy Source, just clarifying the facts in my mind, to learn how to do more due diligence. ie. learning from the past to enjoy a more prosperous future.
Time and the Creator of it are my friends
Mikeymac:
Ah yes correct, wolf in sheeps clothing tactic. But any company worth its salt will perform background checks on personnel before they are placed in a position of trust and responsibility. Was this done on behalf of BCIT before or after Pino was allowed to be identified with BCIT? If so, by whom?
Due to positions I hold and held in past, I am required to be squeeky clean. Background checks are no concern here. I have passed everyone conducted on me to date. Was this not a policy of BCIT for high level management positions?
One can cast all the blame on DTC/SEC all they want, but the final responsibility required to provide checks and balances comes to the one at the top, Megas. Check the timeline. As I stated before there is plenty of blame to go around. I just choose not to be selective in choosing who to pay, shorty,Megas, Pino, etc I think from information in court document, all these have played a role in why BCIT/Energy Source is not trading on the OTCBB. It is tading on the grays.
When a company is created there are rules of incorporation and officers to be assigned with descriptions of roles and responsibilities. Heavy undertaking.
Megas just completed one of those forms, identify the officers of Energy Source. Starting a new public company is not easy. That is why pink sheets exist today for those who do not want to report company financials. Investor beware.
Megas definitely tried to elevate BCIT to OTCBB, but because the mess from the past was not properly taken care of, we wait!
And time and the Creator of it are my friends
allezIOM:
I want to be compensated by those responsible. Not just a select few. Thus the timeline to capture the facts according to legal published documentation, not just an opinion.
If compensation is realized with Megas thru reverse/split to Energy Source so be it, the last three years becomes moot point, but legal precedence and history have been made by BCIT for sure.
There are many involved(including people we do not know - some may be on this board) with the everyday responsibility of BCIT. And traditionally since the beginning of time and mankind, it falls on the one at the top.
Time and the One that created it are my friends.
clarity:
Therefore, Megas was only able to get the list of Carter Care cert holders from Pino? not the physical Carter Care certs from the holders? And no registration? Can this explain why it was not made a matter of court document?
I now understand Megas frustration even more, now. He has a right to be angry, to put it mildly. BCIT was and is his property( to become Energy Source) according to SEC, sounds like a plan.
And someone had to give Pino the original BCIT certs to copy. Who? Weller was attorney, correct? Lesser?
Don't know, but I know the One that does.
What I do know is Megas and only Megas has the responsibility to clean the mess up to get BCIT/Energy Source trading. Just think of the possibilities if he would have considered us 'fake' shareholders as friends, instead of time and his attorneys only.
Time and the One that created it are my friends.
clarity:
And what I understand, the recall was performed and the people returning those recalled certs then were sued by Megas in the first lawsuit. Thus part of my dilema in timeline according to documented court record filed in initial SEC complaint in ibox.
This fact was left out of SEC complaint, then, if it is a fact that it occurred. Apparently not all facts about illegal shares were established in the SEC complaint. True, all facts do not have to be in complaint, thus why hire a defense attorney? so defendant can enter in the facts as defendant believes them. This did not happen with Pino and Pam. Also, typically companies like Etrade and others require clients to sign arbitration clause.
Correct?
Janice:
Now you have my point!
Janice:
Time can be your friend. Definitely when it allows people to forget or impairs ones ability to remember facts. Nothing like a timeline though.
As I stated, sometimes facts can be left out intentionally to help a case look better. Because the case and facts were not contested by Pino and Pam, the facts of the document were not challenged in a court of law. Therefore are the facts, facts?
This issue is relevant to authorization and legality of issued shares on behalf of BCIT. Again, this leaves one to wonder where BCIT would be today if the proper paperwork would have been performed and proper oversight been performed. Will this change with Energy Source? Looks like management will be the same. Thus we only have the word of Megas at this time to rely on.
Time and the Creator of it are my friends.
Art:
Thanks for your point of view. That is why I went to the source, court document. If it is a fact, it should have been documented. But I do reserve the right to think that sometimes not all facts are revealed, especially if the facts can make things worse(ie. Bill Clinton, George Bush). I have been involved in several court cases where this happened by the other party.
That is why I believe a timeline is important. It helped me in a case years ago.
Janice:
Clarification: do you mean the "those were the certs Pino" to mean the Carter certs to be what Pino gave his friends?
To me, this means Sytner gave authority to Pino to reissue BCIT certs, does it not?(this is not documented as a fact in court records)
After review of the timeline again in accordance to court documents:
1) Facts 25 and 36 account for the 145 million shares in Summary I for the profit of 269,033(not the $300,000 I referred to earlier)
2) Facts 21(Carter 41 certs = 249+ million shares) and 28(BCIT - share # unknown, at least 125 million)
account for the printing of certificates
As to recovery of Carter certs and reissue BCIT certs, why would this not be disclosed in the court document? If the event occurred, it should have been acknowledged don't you think?.
Am I missing something? This must be how Megas knew to sue all the parties then that turned the Carter Care shares in first lawsuit? Thus, since all shares were not accounted for, he then had to sue what he referred to as 'Fake' shareholders.
Lightbulb turns on.
The bottom line IMO is:
Who had oversight of BCIT because of Megas's priorities during Feb thru July 2005? It now sounds like Sytner had oversight authority of BCIT from Megas and because things were not being done the way Megas wanted it, Megas told Sytner to change the plan by requesting certs reissued. Then Megas decided to sue because things weren't done his way(he has the right) using the information of Carter Care cert holders.
Timeline is looking clearer. Thanks.
webmoney:
That is a loaded question, but I will stay on topic as it pertains to BCIT/Energy Source.
I have already calculated in my 4 year timeline and know this time next year, what I plan to do. Already have it forecasted in my taxes.
Because of what I have learned with BCIT, I have applied knowledge in other sectors and portfolio is looking healthier without BCIT, even in these economic downturns. It appears the pattern/plan is working and I have BCIT, Megas, Pino, and Pam, and all on this board to thank for that.
Hopefully, this explains why I did not participate in exchanges over the board for the first three years of BCIT. I used the time as a learning experience. I spent time focusing on priorties in my life, like Megas did in the months between Feb and Apr 2005.
Time and the One that created it are my friends.
Pick your time and friends wisely.
nwsun:
According to timeline provided by court documents,in the beginning Pino and Pam created illegal shares(ie. basically broke into BCIT's vault that was left unprotected where was the security plan and who was responsible for the plan?). Mario and Pam then sold them into the market for over $300,000 profit. They also gave some to others for sale into the market. IMO, the issue of liquidity is not what is keeping BCIT from trading. It is first the bogus certs that has helped to increase the number of shares higher than the original almost 5 million shares available. The reverse split plan will get back to original available shares which price will be either $30 or $10(200:1) pending which last price is used:fifteen cents or five cents. Then the frenzy begins again. Will shareholders be able to get out before it drops, or will Megas place value in the shell. Right now, there is no product, no sales team. Nothing but Megas word with vision to PNG and possibly a backup plan(don't know if he has one).
How does one allow 5 million shares to increase to over 1 billion? Especially with no registration of certificates! Again, there is plenty of blame to go around for lack of responsibility for managing/validating BCIT paperwork from the beginning.
Follow the timeline of the court documents to get the answers.
I still believe time is coming soon, and if you do not have a plan ready for when this trades, you may lose.
I do not know but time and the creator of it are my friends. I win no matter what happens to BCIT/Energy Source.
Nwsun:
Thus ignorance is bliss phrase, because they don't know or don't care, even though the majority of Americans are invested in the markets thru employee matching programs, pension plans(ie. remember Enron), etc. I know BCIT caused me to become more conservative with 401K matching investment.
Part of my more conservative approach to investing now is due to BCIT. I thought I had done enough due diligence, boy was I wrong. Just learning from the past. I still venture into pennyland, but only on select market segments that meet the people's demand like energy and healthcare.
That is why I am pro-Energy Source concept, but the one in charge still needs to deliver value as stated in his words. It has been a few weeks since shareholders meeting and nothing has happened. Thanks Mikey for attending. Unfortunately, my busyness kept me from coming. I could have used the time to visit family, but...
Time and the one that created it are my friends.
clarity:
So, is it reasonable for one to conclude as a result of this type of activity, BCIT currently has no MM, but is tradeable on the gray sheets. There is no halt on BCIT, correct? A person or entity can legally trade BCIT on the gray sheets.
mastaflash:
Good question. And how would one go about selling these shares? I purchased on 5/6/2005. This means I have the Carter Shares. Megas has stated these are invalid because he did not authorize the distribution. However, he has stated he plans to make them good thru a reverse split. Megas word is his bond and I have not heard him back off of that thru the shareholders meeting report. He does have a right to change his mind. I hop
I had a chance to sell at a nice profit, during the August frenzy, but I didn't(pigs get slaughtered) because of my 4 year strategy(My problem, noone elses).
I can sell on gray sheets. All things are for sale and for a price. I like the sound of $30 per share, but how long will it stay at that price after the reverse split and trading resumes?
Don't know, but time and the Creator of it are my friend. Be anxious for nothing.
Art:
Better analogy! Thus explaining Megas'(and Sytner's) reactions! I believe everyone would agree that preventive measures would have been better. DTC/SEC/Brokers/etc. had measures in place but they were not followed. So I have to ask, if they had measures in place, why didn't Megas or did he? Please, I am not blaming, but how does one improve the process if they cannot discuss openly why the mess started in the first place and hopefully provide guidance whether in this stock or others on encouraging others to do proper DD.
Just hoping that BCIT/Energy Source will trade once again.
Art:
And thus why Megas is upset! But, where was he or an authority he appointed to watch over his property? The foxes got in and somehow got access to legal documents and produced illegal shares. They were punished. Who did they get the documents from - Lesser? This is no different when it comes to counterfeiting money. Who has responsibility to protect the property? Usually the one that creates/buys it, IMO. Yes, BCIT experience has definitely highlighted the flaws of the market system. That's why BCIT/EnergySource will go down in history, and hopefully up when it starts trading.
But hope is not a trading strategy.
Clarity:
Wasn't it also when the halt was lifted, it was stopped same day as the price went to 15 cents. And then in Dec 2007 a few trades caused the price to fall to 5 cents.
What changed in BCIT to warrant an increase to fifteen cents in Sep 05 and decrease to 5 cents in Dec 07?
My portfolio looked real good that day, but I still do not fully understand the issues behind this activity.
Can you provide some history here please.
Thanks in advance
glaszman:
That is why your point of going back to the beginning is valid to provide a timeline from the beginning. So there is no confusion. But, people on this board pick and choose a point in the timeline without consideration of prior timeline points. What came first, the chicken(Megas) or the egg(BCIT)? The history of time should answer this.
Megas incorporated(gave birth) to BCIT thru march-indy. He had and still has the right of possession(recognized by SEC/DTC) and thus has stewardship/responsibility over this property. In an email to art he admitted his busyness during the time of Feb/Jul 2005. This busyness resulted in Pino with the opportunity to usurp the identity of ownership over BCIT, according to court documents. He used other people to do what the court has identified illegal actions. Pam and Pino have been judged and fined. Some may not agree with the judgement, but it has been determined by those in authority.
Because Megas has recognized possession and stewardship/responsiblity over BCIT by the SEC/DTC, he is responsible for cleaning the mess up before the frenzy selling in August occurred. Thus the reverse/merger solution! or is it a solution? I don't know, but what I do know is the introduction of the illegal shares is a direct result of non-oversight or minimal oversight of his property in the period between February and July 2005, based upon the timeline and his words in an email to art.
Megas wants to blame everybody else for his busyness, and there is plenty of blame to go around(SEC,DTC,MMs,the system,etc), but here we are three years later and still not trading. But he is the one in charge of BCIT.
Because Megas has labeled us fake shareholders, he has limited his options of cleaning this mess up. He pretty much has to do it on his own. I guess his $60 million can be used. I could teach a lesson here, but won't to stay on topic.
I understand he will not talk to us or provide insight(except maybe a select few on this board) thru a PR about the BCIT/Energy Source future using lawyers as his rule of conduct. So now people are concerned about SOL. I'm not. I have posted my entering and leaving strategy - 4 years. If its producing at the end of four years, keep it. If not, lop it off. Am I a long on BCIT, absolutely by choice and by others control. A strategy/plan allows consistency in managing my investments.
clarity:
A picture is worth a thousand words. A graphical picture of the timeline you presented from 2006 is what I was referring to. Thank you for bringing this back.
But the court timeline begins with Feb 2005, not April 2005. Maybe the relevant actions by participants of BCIT began in April 2005, but it is best to begin in Feb since the court documents begin there, IMHO.
glaszman:
Good point. But the very people that Megas should have used to be an asset, he chose to call us, that bought thru brokers, "fake shareholders". Thus alienating the very people that may have been able to help him. It has crossed my mind that the DTC told him to sue us for the purpose of bringing more confusion.
I have no idea what is in the hearts of people on this board, SEC, DTC, owners of BCIT, etc. All I can do is determine their character by the very words they speak and the actions they perform based on those words.
Thus confusion is the core of what has kept BCIT from trading, IMO.
Time and the Creator of it are my friends.
glaszman:
You are correct! How did Pino get this type of authority, though? In an email to Art from Megas, Megas stated he had other priorities in other businesses at the time this began.
I started a timeline in visio just because this seems to be where the confusion is in the order of events as to court documents. It is not completed yet, but does articulate order of events. I found this approach very useful in a civil case I was involved in, and after one look at the information and questions to the prosecutors, the arbitrators dismissed the case. The plaintiff could not prove their timeline. Justice can happen if things have order to them. Right now, there is no order here, because everybody is focusing on their own point of view and what is important to their point of view.
I cannot post the timeline as it is graphical in nature. It ranges from 2/1/2005 to August 2005 when the SEC suspended trading in bcit. Art, if you have a way to do this, as I have put the visio diagram in a word document, let me know. This way you can review it to determine accuracy according to court documents before it gets posted.
Glaszman, congrats on going back to the beginning to start unraveling this web of confusion. We need to look at the whole picture, not just snippets that make our point of view.
Clarity:
Good Point. But if I recall, it was the DTC's failure to perform proper due diligence on Pam's authority as acting TA. This is the reason they eventually discovered the counterfeits.