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From The Times
October 29, 2009
Darling accused of double-cross over collapse of Lehman Brothers
Suzy Jagger, Sam Coates and Matt Spence
Alistair Darling has been accused by Henry Paulson, the former US Treasury Secretary, of double-crossing America when he effectively vetoed the acquisition of Lehman Brothers by Barclays Bank in September last year.
According to an exclusive extract from Andrew Ross Sorkin’s new book, Too Big To Fail: Inside the Battle to Save Wall Street, published in The Times today, Mr Paulson told bankers that the Chancellor had “grin-f******” the US after London refused to waive legislation that would have allowed Barclays to save the Wall Street bank.
The book — which is published in the UK today — details the final hours leading to the collapse of one of the world’s biggest banks during one weekend in September last year.
The demise of Lehman Brothers in 2008 was widely seen as a tipping point that triggered the world’s biggest economies’ descent into recession.
While the US Government had been adamant it would not use American taxpayer money to bail out the Wall Street bank, regulators on both sides of the Atlantic dramatically underestimated the extent to which the bankruptcy of the lender could pull other banks down with it.
According to Mr Sorkin’s book, one banker involved in the talks that could have saved Lehman Brothers said in disbelief of Britain’s behaviour: “Isn’t this our closest ally in the world?”
Mr Sorkin, an award-winning business writer for The New York Times, and columnist, reveals how the proposed rescue deal by Barclays to save Lehman was aborted on the afternoon of Sunday, September 14 last year.
The collapse of the proposed acquisition came amid missed transatlantic phone calls and accusations from the Financial Services Authority that America had failed to keep the UK abreast of developments.
His book details how the US discovered that Barclays would need Alistair Darling to waive key legislation for any deal to go ahead only in a tense phone call between Christopher Cox, the chairman of the Securities and Exchange Commission, and Callum McCarthy, the former head of the FSA, during the September weekend.
Mr Paulson, the former head of Goldman Sachs whose own memoirs covering the collapse of Lehman Brothers will be published in January, had said at the time that he was anxious that the Wall Street bank was rescued because “I don’t want to be left here holding Herman” — a lewd American reference.
According to Mr Sorkin’s book, the reason Barclays’ deal to buy Lehman collapsed was that the Americans did not realise that both Mr McCarthy and Mr Darling needed to have certain criteria met before any UK acquisition of the failing bank could be completed.
Those criteria included a quid pro quo financial commitment from the White House to mitigate the risk of acquiring Lehman, a commitment that Mr Paulson was not prepared to make. Mr Darling was also fearful that Barclays had not conducted adequate due diligence on Lehman Brothers and that the US bank’s toxic assets could infect the rest of the British banking system.
During a telephone conversation on the Sunday between Mr Paulson and Mr Darling, the Chancellor said that he did not want to “import our [America’s] cancer”, according to Mr Paulson.
The book also says that the former Treasury Secretary wondered aloud “if President Bush should call Gordon Brown personally, but almost before finishing the question, he answered it himself. ‘There’s no chance,’ he said, explaining that he thought that Darling had implied he had already spoken to Brown about the situation. ‘He was so far away from, ah, wanting Barclays to do anything,’ he remarked of Darling”.
A spokesman for Mr Paulson was unavailable for comment. According to Mr Sorkin, Timothy Geithner, then President of the New York Federal Reserve, took only a moment to conclude that Lehman should immediately prepare for bankruptcy.
A UK Treasury source said last night of claims that Mr Darling had said he did not want to “import” America’s cancer: “That is categorically untrue. He did not say that. We’ve been asked that a lot. That may have been what Hank Paulson chose to describe it as, but that’s not Alistair’s words.”
The source explained that the reason that the Barclays deal did not go ahead was that “there were lots of unanswered questions — from the UK from a regulatory perspective — including taxpayer support. Given the risk to the British taxpayer, that’s why we continued asking tough questions and didn’t get clarity.”
http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article6894785.ece
Very good article, Frank...
Gives a glimpse of what the Big Boys in healthcare are thinking... continually looking at small companies for premium quality imaging with a smaller footprint that leads to advanced cost effective solutions... kind of reminds me of a certain company sitting on the OTC waiting for that FDA Clearance. :)
Also, take a look a the ONI website... most of these guys previously worked for GE Medical...
http://www.onimri.com/default.asp?LINKNAME=MANAGEMENT
It's not the first time someone has misunderstood my post, whether intentional or unintentional...
Next time... I'll use a Prairie Dog for the IMGG "high-five"... more upright... easier to understand.
"stock dad this will sum up imgg in a nut shell"
High Fives all around!!
http://www.marketwatch.com/story/barclays-on-track-to-report-record-profit-big-bonuses-report-2009-10-18
Barclays on track to report record profit, big bonuses: report
By London Bureau
LONDON (MarketWatch) -- Barclays PLC (BARC.LN) is on track to post record profits of more than GBP10 billion for 2009, triggering multi-million pound bonuses for dozens of traders and executives, reports The Sunday Times newspaper, without saying where it got its information.
President Bob Diamond is believed to be in line for a huge payout for leading the acquisition of Lehman Brothers' operations in America. Jerry del Missier and Rich Ricci, the two top executives at investment bank Barclays Capital, are also expected to receive big bonuses, according to the report.
A Barclay spokesman declined to comment on the report.
Barclays is set to report third-quarter trading on Nov. 10, according to its Web site.
Newspaper Web site: www.timesonline.co.uk
That "wash" will probably happen after Barclays' huge payouts to executives...
http://www.marketwatch.com/story/barclays-on-track-to-report-record-profit-big-bonuses-report-2009-10-18
Barclays on track to report record profit, big bonuses: report
By London Bureau
LONDON (MarketWatch) -- Barclays PLC (BARC.LN) is on track to post record profits of more than GBP10 billion for 2009, triggering multi-million pound bonuses for dozens of traders and executives, reports The Sunday Times newspaper, without saying where it got its information.
President Bob Diamond is believed to be in line for a huge payout for leading the acquisition of Lehman Brothers' operations in America. Jerry del Missier and Rich Ricci, the two top executives at investment bank Barclays Capital, are also expected to receive big bonuses, according to the report.
A Barclay spokesman declined to comment on the report.
Barclays is set to report third-quarter trading on Nov. 10, according to its Web site.
Newspaper Web site: www.timesonline.co.uk
gftb,
Barclays is in such unfavorable light... their only opportunity to correct blunders will be an attempt at settlement that all parties can agree upon. Possible settlement will favor Lehmans and save on expenses.
And yes, it is looking good here...
Barclays offered 'lucrative' jobs to Lehman Brothers executives, court documents reveal
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/6367290/Barclays-offered-lucrative-jobs-to-Lehman-Brothers-executives-court-documents-reveal.html
Barclays offered "lucrative" jobs to executives in Lehman Brothers handling the cut-price sale of assets to the British bank after the dramatic collapse of the US investment bank, according to documents filed with a US bankruptcy court.
By Roland Gribben
Published: 7:47PM BST 18 Oct 2009
The offer raises questions about the "arms length" nature of the deal, states evidence filed by Lehman that consists of information gleaned from emails.
Lehman Brothers Holdings, forced into bankruptcy last year after the Bush administration refused to intervene to save the group, claims Barclays made an improper $8.2bn (£5bn) "windfall profit" from the asset deal. It has asked the US Bankruptcy Court in New York to re-examine the deal.
The court documents also show that senior executives knew they were selling the brokerage business at a $5bn discount to Barclays. Ian Lowitt, chief financial officer at the time and treasurer Paolo Tonucci knew Barclays was paying $45bn in exchange for securities worth about $50bn according to the documents. The details in the documents have been sealed until now.
Coach T, the "Perfect Storm Continues" and I believe the pace will quicken...
Take a look at LBI Docket #1960 regarding the "Special Counsel to the Official Committee of Unsecured Creditors of Lehman Brothers Holdings Inc., et al"...
There's a concentration of information related to the "Clarification Letter" that was purportedly included in the sale transaction on 09/20/2008, but not legally executed until 09/22/2008. The complete docket is very good reading.
What this means to me is that everything (the complete transaction) freezes at the point of the original sale terms if Judge Peck nullifies the Clarification Letter. Any advantage whatsoever obtained by Barclays over and above the original amounts on 09/20/2008 will revert back to Lehmans.
"70. To the extent the Court decides that the question of whether the Sale Order (and the Court) approved the Clarification Letter presents a request for declaratory relief that only can be resolved through the initiation of a declaratory judgment action, the Committee stands prepared to file the attached complaint for declaratory judgment seeking that relief. 127 Indeed, the Committee submits the question of whether the Court (and the Sale Order) approved the Clarification Letter is a threshold issue that should be resolved first. Should the Court conclude that the Clarification Letter was not approved, then that determination may obviate the question of whether Rule 60(b) relief from the Sale Order is required. It also leads to the conclusion that the transfers consummated under the Clarification Letter were not authorized and hence subject to avoidance under section 549 of the Bankruptcy Code."
And...
"VIII. CONCLUSION
For the foregoing reasons, the Committee respectfully requests that the Court enter an order (A) granting the Committee relief from the Sale Order to the extent it purports to approve material modifications to the Sale Transaction that were not disclosed to the Court; (B) revising the Sale Order (1) to remove approval of the Clarification Letter from the Sale Order to the extent it materially modified the Sale Transaction approved by the Court; and (2) to amend the Purchased Assets definition so that it contains assets with a fair value, as of the closing date, that is no greater than the lesser of (a) $47.4 billion and (b) the fair value, as of the closing date, of the actual liabilities assumed by Barclays without the application of any secret or other $5 billion discount; (C) requiring a full a accounting and reconciliation of all Purchased Assets and assumed liabilities within 10 days of the entry of such Order (including any disposition of the same); (D) directing the return to the estates of the value of all Purchased Assets in excess of the above (with interest); and (E) awarding the Committee such further, different relief as the Court deems appropriate.
Dated: September 15, 2009
New York, New York
QUINN EMANUEL URQUHART
OLIVER & HEDGES, LLP
/s/ James C. Tecce
Susheel Kirpalani
James C. Tecce
Erica P. Taggart
51 Madison Avenue, 22nd Floor
New York, New York 10010
Telephone No.: (212) 849-7000
Special Counsel to the Official Committee Of
Unsecured Creditors Of Lehman Brothers
Holdings Inc., et al."
Coach T... your input on Lehmans is very helpful... Thanks!!
Information on Rule 506 of Regulation D:
http://www.sec.gov/answers/rule506.htm
"Purchasers receive "restricted" securities, meaning that the securities cannot be sold for at least a year without registering them."
This portion of the rule is probably one year from the date of purchase.
It doesn't look likely the investors will be selling so soon...
Dean's quote:
"I'm not sure what our exact shares outstanding are but it is approx 370 million. These new shareholders are individuals who have invested in this company several times over the years. There shares are restricted for six months or a year depending upon who you ask. I prefer individual shareholders to institutions as individuals are more likely to hang on for higher gains as institutions are more profit motivated and see modest gains as an exceptable ROI."
There are a number of reasons for the A/S increase... share dilution happens with small companies in order to grow the business. Also, the A/S increase has protective measures regarding attempts to take over control of of a small company... and there will be a few shares included for stock options for company directors. Based on the number of current shares, I think Dean has enough votes to follow through on this proposal.
Here's how it reads:
"PROPOSALS TO BE VOTED ON
PROPOSAL NO. 1
AMENDMENT TO ARTICLES OF INCORPORATION TO INCREASE AMOUNT
OF AUTHORIZED COMMON STOCK
As described in the accompanying NOTICE, the Company proposes to amend its Articles of Incorporation in order to increase the number of authorized shares of the Company's common stock from 500,000,000 to 750,000,000, par value $0.001 per share (the "Common Stock Articles Amendment"). As of November 2, 2009 and before the increase in authorized shares, 430,420,592 shares of the Company's common stock are not reserved for any specific use and are available for future issuance. As of November 2, 2009 and after the increase in authorized shares, 319,579,408 shares of the Company's common stock are not reserved for any specific use and are available for future issuance, except that the Company may set aside shares (currently estimated to be 16,000,000) to be authorized for a customary stock option plan for the Company's directors, officers, employees and key consultants in the future. The Company's Board of Directors has not yet adopted such a plan and is not certain when the plan will be adopted. If and when such a plan is adopted, the Company will then submit it to the shareholders for a vote to ratify it..
The Board of Directors of the Company voted unanimously to implement the Common Stock Articles Amendment because the Board of Directors believes that an increase to the number of authorized shares of the Company's common stock will allow the Company to raise part of the capital necessary for the Company to grow its business in the future.
The Company is not expected to experience a material tax consequence as a result of the Common Stock Articles Amendment. Increasing the number of authorized shares of the Company's common stock may, however, subject the Company's existing shareholders to future dilution of their ownership and voting power in the Company.
POTENTIAL ANTI-TAKEOVER EFFECT
The additional shares of common stock that would become available for issuance if the proposal were adopted could also be used by the Company to oppose a hostile takeover attempt or delay or prevent changes in control or management of the Company. For example, without further stockholder approval, the Board could strategically sell shares of common stock in a private transaction to purchasers who would oppose a takeover or favor the current Board. Although this proposal to increase the authorized common stock has been prompted by business and financial considerations and not by the threat of any hostile takeover attempt (nor is the Board currently aware of any such attempts directed at the Company), nevertheless, stockholders should be aware that approval of this Proposal No. 1 could facilitate future efforts by the Company to deter or prevent changes in control of the Company, including transactions in which the stockholders might otherwise receive a premium for their shares over then current market prices."
IMGG has received a lot of attention in recent weeks...
Along with the attention is the scrutiny of the iHub Admins...
For the most part, all I've seen is off topic posts (including mine) that have been removed by the Admins... so, going forward there will be more eyes on this stock than ever before...
In 10 minutes, this post may self destruct. :)
This is follow up info from a previous post. It appears that I3 has completed a series of private placements that began on January 12, 2009...
http://www.pinksheets.com/edgar/GetFilingHtml?FilingID=6832973
"SECTION 3. SECURITIES AND TRADING MARKETS
ITEM 3.02 UNREGISTERED SALES OF EQUITY SECURITIES.
On October 6, 2009, Imaging3, Inc. (the "Company") completed a series of private placements of its common stock pursuant to which the Company sold a total of 107,059,027 shares of its common stock at a purchase price of $0.025 per share raising total capital of $2,676,475.68. The private placements were made pursuant to Rue 506 of Regulation D promulgated under Section 4(2) of the Securities Act of 1933, as amended..."
Some additional info for the Lehman court hearings on 10/14/09 (a.m / p.m. calls) and 10/15/09 (p.m. call only)...
Judge James M. Peck
Calendar for the week of 10/12/09
Wednesday
10/14
10:00 AM
08-01420-jmp
Securities Investor Protection Corporation et al v. Lehman Brothers Inc.
RE: Doc #1513; Application for Interim Professional Compensation
10:00 AM
08-01420-jmp
Securities Investor Protection Corporation et al v. Lehman Brothers Inc.
RE: Doc #356; Motion for Relief from Stay (fee)
10:00 AM
08-13555-jmp
Lehman Brothers Holdings Inc.
RE: Doc #434; Motion to Reconsider FRCP 60 or FRBP 3008
10:00 AM
08-13555-jmp
Lehman Brothers Holdings Inc.
RE: Doc #4728; Motion to Compel
10:00 AM
08-13555-jmp
Lehman Brothers Holdings Inc.
RE: Doc #4870; Motion for Payment of Administrative Expenses
10:00 AM
08-13555-jmp
Lehman Brothers Holdings Inc.
RE: Doc #5062; Notice of Adjournment of Hearing
10:00 AM
08-13555-jmp
Lehman Brothers Holdings Inc.
RE: Doc #5199; Motion to Authorize
10:00 AM
08-13555-jmp
Lehman Brothers Holdings Inc.
RE: Doc #5208; Motion for Relief from Stay (fee)
10:00 AM
08-13555-jmp
Lehman Brothers Holdings Inc.
RE: Doc #5211; Notice of Hearing
10:00 AM
08-13555-jmp
Lehman Brothers Holdings Inc.
RE: Doc #5235; Motion for Relief from Stay (fee)
10:00 AM
08-13555-jmp
Lehman Brothers Holdings Inc.
RE: Doc #5267; Motion for Relief from Stay (fee)
10:00 AM
08-13555-jmp
Lehman Brothers Holdings Inc.
RE: Doc #5277; Motion to Compel
10:00 AM
08-13555-jmp
Lehman Brothers Holdings Inc.
RE: Doc #5303; Application for FRBP 2004 Examination
10:00 AM
08-13555-jmp
Lehman Brothers Holdings Inc.
RE: Doc #5304; Application for FRBP 2004 Examination
10:00 AM
08-13555-jmp
Lehman Brothers Holdings Inc.
RE: Doc #5334; Objection to Motion
10:00 AM
08-13555-jmp
Lehman Brothers Holdings Inc.
RE: Doc #5421; Response to Motion
10:00 AM
09-01393-jmp
Federal Home Loan Bank of Pittsburgh v. Lehman Brothers Holding Inc. et al
RE: Doc #6; Notice of Adjournment of Hearing
02:00 PM
09-01165-jmp
Lehman Brothers Special Financing Inc. v. Metropolitan West Asset Management, LLC et al
RE: Doc #8; Notice of Adjournment of Hearing
02:00 PM
09-01233-jmp
Lehman Brothers Special Financing Inc. v. Metropolitan West Asset Management, LLC et al
RE: Doc #8; Notice of Adjournment of Hearing
02:00 PM
09-01423-jmp
Prudential Global Funding LLC v. Lehman Brothers Holdings Inc. et al
RE: Doc #2; Summons with Notice of Pre-Trial Conference
02:00 PM
09-01455-jmp
Board of Education of the City of Chicago v. Lehman Brothers Special Financing Inc.
RE: Doc #2; Summons with Notice of Pre-Trial Conference
Thursday
10/15
02:00 PM
08-01420-jmp
Securities Investor Protection Corporation et al v. Lehman Brothers Inc.
RE: Doc #1682; Motion to Approve
02:00 PM
08-01420-jmp
Securities Investor Protection Corporation et al v. Lehman Brothers Inc.
RE: Doc #1685; Notice of Hearing
02:00 PM
08-01420-jmp
Securities Investor Protection Corporation et al v. Lehman Brothers Inc.
RE: Doc #1702; Motion to Approve
02:00 PM
08-01420-jmp
Securities Investor Protection Corporation et al v. Lehman Brothers Inc.
RE: Doc #1742; Motion to Authorize
02:00 PM
08-01420-jmp
Securities Investor Protection Corporation et al v. Lehman Brothers Inc.
RE: Doc #1745; Statement
02:00 PM
08-01420-jmp
Securities Investor Protection Corporation et al v. Lehman Brothers Inc.
RE: Doc #1747; Motion to Join
02:00 PM
08-01420-jmp
Securities Investor Protection Corporation et al v. Lehman Brothers Inc.
RE: Doc #1911; Objection to Motion
2:00 PM
08-01420-jmp
Securities Investor Protection Corporation et al v. Lehman Brothers Inc.
RE: Doc #1686; Motion to Approve
02:00 PM
08-13555-jmp
Lehman Brothers Holdings Inc.
RE: Doc #5148; Motion to Approve
02:00 PM
08-13555-jmp
Lehman Brothers Holdings Inc.
RE: Doc #5169; Motion to Approve
02:00 PM
08-13555-jmp
Lehman Brothers Holdings Inc.
RE: Doc #5173; Statement
02:00 PM
08-13555-jmp
Lehman Brothers Holdings Inc.
RE: Doc #5269; Motion to Authorize
02:00 PM
08-13555-jmp
Lehman Brothers Holdings Inc.
RE: Doc #5271; Statement
02:00 PM
08-13555-jmp
Lehman Brothers Holdings Inc.
RE: Doc #5416; Statement
02:00 PM
08-13555-jmp
Lehman Brothers Holdings Inc.
RE: Doc #5419; Objection to Motion
02:00 PM
08-13555-jmp
Lehman Brothers Holdings Inc.
RE: Doc #5424; Statement
02:00 PM
08-13555-jmp
Lehman Brothers Holdings Inc.
RE: Doc #5426; Objection to Motion
[Last updated on 10/09/2009 16:30:24]
http://www.nysb.uscourts.gov/
http://www.marketwire.com/press-release/Market-Pulse-NASDAQ-GOOG-1056181.html
SOURCE: Market Pulse
Oct 07, 2009 09:15 ET
Market Pulse Announces Its Hot Stock Alerts for Wednesday, October 7, 2009: ARYC, GOOG, IMGG, DELL
NOTE TO EDITORS: The Following Is an Investment Opinion Being Issued by Market Pulse.
ATLANTA, GA--(Marketwire - October 7, 2009) - Market Pulse is pleased to introduce our featured stock, Arrayit Corporation (OTCBB: ARYC), to the investment community! Arrayit Corporation is new to Market Pulse and is poised to become a significant player in the pharmaceutical, diagnostic, and health care markets! Arrayit Corporation just had excellent news out in a press release before today's opening bell announcing a positive report from its CEO to its shareholders! The company also announced in the press release that for the third quarter of this year, sales are up 41% from a year ago! This could be great news for investors! Other notable stocks that should be closely watched due to existing fundamental and technical factors affecting each company include:
Google Inc. (NASDAQ: GOOG): Market Outperform
Imaging3 Inc. (OTCBB: IMGG): Attractive
Dell Inc. (NASDAQ: DELL): Bearish
Stock Pick Meanings
These stock picks are the investment opinions of MP's editor and reflect MP's belief regarding the potential price movement over the next one to four weeks of trading of each of the stocks presented. This analysis is done from a technical and fundamental perspective.
After Tuesday's Bell Market Commentary
On Tuesday, stocks rose on news that the U.S. service industry grew for the first time in a year. The Australian central bank's decision to raise interest rates boosted investor optimism about the global economy. The Dow Jones industrial average jumped 132 points and is up 244 points in two days. Metals and mining and energy stocks rose as commodities surged. Crude oil rose 47 cents to settle at $70.88 per barrel. Gold rose as high as $1,045 an ounce before closing at $1,039.70. The dollar was lower. Bond prices fell sending the benchmark 10-year Treasury note up to 3.26 percent. The Dow rose 131.50, or 1.4 percent, to 9,731.25. The Nasdaq composite index rose 35.42, or 1.7 percent, to 2,103.57. The Standard & Poor's 500 index rose 14.26, or 1.4 percent, to 1,054.72. The Russell 2000 index rose 10.87, or 1.8 percent, to 601.98.
About Market-Pulse.com
Market Pulse LLC, the owner and operator of Market-Pulse.com (collectively referred to as "MP"), is a leading investor relations firm whose primary focus is promoting awareness among brokers, investors, and others in the investment community who are interested in small and micro-cap companies. MP is dedicated to helping publicly traded companies gain the exposure they need to move forward with the development of their business plans. MP's goal is to feature equity investments in micro or small capitalization companies that have the potential for long-term appreciation. MP provides investors with a complete suite of online interactive financial data and tools that includes quotes, charts, company profiles, news, market commentary and SEC filings, just to name a few. MP offers a free financial newsletter. To subscribe or get more information, visit our home page located at www.market-pulse.com.
Information contained herein is the opinion of MP and is intended to be used strictly for informational purposes. You should be aware that MP attempts to assure itself of the accuracy of the information contained in the analyses it publishes. In this regard, MP does, at times, rely on the accuracy of information supplied to it by the companies which are the subject of MP's analyses and/or parties related to those companies. MP also relies on the accuracy and integrity of information that is contained in company press releases and reports filed with the SEC. The companies mentioned in this publication have not approved the content or timing of the information being published unless otherwise noted.
MP, because it relies on information supplied by various third parties disclaims any responsibility for the accuracy of such information. Any investor considering making an investment in any security which has been the subject of a MP analysis or opinion should, before making any such investment, consult with his/her market professional and/or do his/her own independent research regarding the company which is the subject of an MP opinion, recommendation or analysis. Information regarding companies which MP has opined upon is normally available from many sources including the subject company's filings with the SEC and various press releases issued by the company.
You should be aware that MP is often compensated for issuing analyses, recommendations or opinions concerning particular companies. Its opinion is therefore not unbiased and you should consider this factor when evaluating MP's statements regarding a company. . MP has been compensated, in connection with its profile of Arrayit Corporation, fifty thousand shares of Arrayit Corporation's common stock by a third party shareholder. Additionally, MP bought for its own account in the open market, forty thousand shares of Arrayit Corporation's shares for a total purchase price of twenty three thousand eight hundred twenty dollars. To date, MP has sold forty thousand shares of stock in Arrayit Corporation for proceeds totaling twenty six thousand one hundred seventeen dollars. MP's officers and directors reserve the right to buy additional shares of the companies discussed in this opinion and may profit in the event those shares rise in value. When MP receives shares as compensation for a profiled company, MP may sell part or all of any such shares during the period in which MP is performing such services.
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Thanks for the info, madtig...
Looks like a new offering similar to 03/05/2009...
http://google.brand.edgar-online.com/default.aspx?companyid=385706
I believe float has been increased... It's possible we'll see an 8K filing for some clarification.
Thanks for your reply.
Been reading this board since you fired it up...
Epic,
"...undervalued at current levels and for undiscovered stocks that need some market awareness..."
Will you review IMGG and provide annotated chart for the board...
Thanks,
I have no idea on market cap after FDA Clearance...
Read back through some posts here for some thoughts on what's going on here with IMGG...
It's been said many times... and I'll say it again just for the benefit of the Market Makers...
THIS STOCK IS UNDERVALUED!!
Fasten your seat belts!!
Looks like the beginning of the move upward...
http://news.morningstar.com/newsnet/ViewNews.aspx?article=/DJ/200908141051DOWJONESDJONLINE000446_univ.xml
Medical Imaging Under The Gun In Health-Reform Push
8-14-09 10:51 AM EDT
Health-reform moves proposed by the White House and pursued in Congress have largely steered clear of direct hits to the medical-technology sector, with one big exception: medical imaging.
Makers of expensive devices that glance inside the body are staring down plans that could hurt business by lightening Medicare payments to doctors and limiting the number of scans performed. Such proposals follow years of rapid growth for medical scanning that has provoked questions about overuse.
The big imaging-machine manufacturers include units of General Electric Co. ( GE), Siemens AG (SI) and Royal Philips Electronics NV (PHG). Through their lobbying groups, they have been pushing the case that cutting spending for imaging will hurt patients and rural hospitals, and that prior rules passed by Congress already halted rapid growth.
Imaging became a target based on "some dated perceptions," said Ilyse Schuman, managing director of the Medical Imaging & Technology Alliance, which represents many imaging companies.
Dated or not, evidence of a fast-expanding imaging market has made it a target as the government searches for ways to control costs while expanding health coverage. A report from the Government Accountability Office released in June last year noted that from 2000 through 2006, Medicare spending for physician imaging services more than doubled to $13.8 billion.
Health-reform legislation in the House of Representatives would squeeze the industry by boosting the assumed rate at which machines like MRI and CT scanners are used to 75% from the current 50%. Factoring in a higher utilization rate means Medicare would pay less per scan, according to critics.
The Senate's reform efforts haven't progressed as far, but the industry is leery the Senate could aim for a higher utilization rate. Meantime, the House plan also calls for a reduction in government payments for additional scans done on nearby body parts.
The imaging industry has highlighted the utilization-rate issue, which it argues uses an inflated number based on a limited-scope report from the Medicare Payment Advisory Commission, or Medpac. They also argue that boosting the assumed utilization rate will hurt rural hospitals where machines are likely to be used less often than in busy, urban facilities.
Another key argument for the imaging sector is that it's already taken its medicine, in essence, due to payment caps mandated by the Deficit Reduction Act of 2005, which went into effect in 2007 and has since slowed the market.
As the GAO noted in a report last September, Medicare expenses for physician imaging services in 2007 fell to $12.1 billion - a 12.7% drop from 2006. But utilization of tests still increased, which weighs against industry and doctor suggestions that reducing fees would hurt patients' access. Also, despite the 2007 decline, expenses for each Medicare beneficiary were still nearly 71% higher in 2007 than they were seven years earlier, GAO said.
The Centers for Medicare & Medicaid Services "remains concerned about the high volume of imaging services and their value to beneficiaries," GAO said in the September report.
A study from an outside research firm, paid for and recently promoted by the imaging lobby, concluded that this growth can be pegged to rapid technological improvements. James Thrall, radiologist-in-chief at Massachusetts General Hospital in Boston, agreed.
"Growth has been confused with overutilization," he said.
Thrall is also chairman of the board of chancellors at the American College of Radiology. The group says it has not taken a position either for or against current congressional health-reform proposals.
The House bill as now configured may restrain imaging, but it could have been gone further. The bill does not include a plan from President Barack Obama's proposed 2010 fiscal budget to use so-called "radiology benefit managers" to vet and clamp down on scans for Medicare patients, for example. Private insurers commonly use these services.
William Peck, who directs the Center for Health Policy at Washington University in St. Louis, said it's beyond debate that medical imaging has revolutionized patient care, but is also used too much. But he doesn't think the House legislation gets at the causes of overuse, such as doctors hedging against the threat of malpractice suits.
-By Jon Kamp, Dow Jones Newswires; 617-654-6728; jon.kamp@dowjones.com
(END) Dow Jones Newswires
08-14-091051ET
Copyright (c) 2009 Dow Jones & Company, Inc.
"Hypothetical question: If IMGG were instead GE or Toshiba, would Dominion be already approved?"
NC, it certainly is an interesting thought and this is all just my opinion...
My thoughts are that if Imaging3 were a big player in medical devices their R&D budget would probably resolve any technical issues with the Dominion towards full FDA approval. However, I just wonder if the FDA would actually have qualified personnel to handle the approval in a timely fashion; which means we (investors) would still be where we are today. I think those working on both sides of this problem are just finding their way through this maze called FDA Clearance.
If I haven't mentioned it before, I believe the FDA is a monopolistic behemoth that controls more areas of human health in this country than it can handle. The problems at the FDA appear to be rooted in incompetence and bureaucracy. It seems almost impossible to uncover any hidden agendas by those in charge, which leads many on-lookers to associate the FDA with corruption.
Any time the congressional heat is turn up on the FDA (or any other government entity), a few resignations are tendered by those in charge, but the FDA problems remain...
http://www.medicaldevicestoday.com/2009/08/cdrh-director-dan-schultz-resigns.html
Not to mention those same individuals that have stepped down under a cloud of suspicion later become lobbyists for Big Pharma and Medical Device companies. And the game continues.
Here's another read on the FDA... This is a long article that will take some time to read. Pay no attention to the date of November 12, 1997 because this article is as relevant today as it was a dozen years ago...
http://www.cato.org/pubs/pas/pa-288.html
(jmo)
Conference call coming up...
http://www.marketwire.com/press-release/Imaging3-Inc-1031636.html
SOURCE: Imaging3, Inc.
Aug 17, 2009 19:17 ET
Imaging3 to Host "State of the Company" Conference Call
Imaging3
BURBANK, CA--(Marketwire - August 17, 2009) - Imaging3™, Inc. (OTCBB: IMGG), developer of a breakthrough medical imaging device that produces 3D medical diagnostic images of virtually any part of the human body in real-time, announced today that on Wednesday, August 19, 2009 at 11:00am PDT, the company's CEO, Mr. Dean Janes, will be hosting a conference call to provide an update on the company's plans as well as an update on the FDA approval progress.
To join the conference call, please call 1-866-212-0875 and enter passcode 172951 followed by the pound sign (#). You will be connected to the conference call in a listen only mode, and then lines will be opened for questions following the presentation. A recording of the conference call will also be available on the company's website following the conference.
About Imaging3
Imaging3, Inc., founded in 1993, is a leading provider of advanced technology medical imaging devices. The Company has developed a breakthrough medical imaging device that produces 3D medical diagnostic images of virtually any part of the human body in real-time. Because these 3D images are instantly constructed in real-time, they can be used for any current or new medical procedures in which multiple frames of reference are required to perform medical procedures on or in the human body. Visit the company's website at http://www.imaging3.com for more information.
Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, technological obsolescence, competition from other medical instrument(s) and imaging companies, lack of capital, unexpected costs, failure or delay of FDA approval, absence of revenue, the impact on the national and local economies resulting from an economic recession or terrorist actions, and U.S. actions subsequently; unavailability of financing for the Company or its customers, product malfunction and potential product liability claims, and other factors detailed in reports filed by the Company.
Contact:
Imaging3, Inc.
Mike Nessen
800-900-9729
Maybe it has to do with the promotion of Dr. Kertz...
From the iBox...
"Global Green Solutions Inc. is becoming a leader in the development of alternative energy resources and greenhouse gas reduction technology.
A remarkable new ecotechnology that tranforms algae to biofuel feedstock is garnering a high level of attention."
I'm still trying to figure out where GGRN is becoming a leader in anything other than a falling stock price like many other developing companies.
From postings...
"Dr. Kertz is a great guy. He took an hour out of his day to talk to me.
This company leads the way in Algae research."
-and-
"I think Dr. Kertz is five years away from producing commercially viable amounts of Algae Oil.
jmo"
-and-
"I have talked to Dr. Kertz.
He is getting a LOT of research money from the oil and gas and coal industries.
The producers of carbon dioxide see algae as a possible way to use CO2."
-and-
"More than just phone conversations, I visited Dr. Kertz's plant outside of El Paso, Texas.
I am more interested in algae oil as a feedstock than I am in Global Green Solutions.
There will be many biodiesel plants that start up (or claim to start up) and fail."
etc...
______________________________________________________________
You're welcome...
And thank you for your recent reply to one of my posts of 12/08/08...
From the GGRN website:
M. Glen Kertz
Principal Scientist
"Glen has been a leading scientist in the field of plant tissue and cell culture for over 30 years. With a background in plant physiology and molecular genetics, Glen has over 20 U.S. and foreign patents in micro-propagation, membrane technology, automation processes and electronics. Currently, Glen is president and chairman of the board of directors of Valcent Products Inc. Based in El Paso, Texas, Valcent is the test bed facility for Global Green Solutions algae-to-biofuel technology. Valcent also designs and creates environmentally safe consumer products and services."
Get that batch of Kool-aid ready... I believe the doctor's getting ready to retire...
In what year... 2016?
I keep reading algae is 5 years away from taking off...
Maybe that's when Dr.Kertz gets his Golden Parachute and bails out!!
_____________________________________________________________
Will be interesting to see if ASFX can grab some attention of medical centers in need of the thermofocus...
http://www.nydailynews.com/ny_local/2009/06/27/2009-06-27_new_york_city_swine_flu_case_tally_could_be_as_high_as_500000_cdc_says.html
New York City swine flu case tally could be as high as 500,000, CDC says
BY John Lauinger
DAILY NEWS STAFF WRITER
Saturday, June 27th 2009, 12:28 PM
New research estimates that half a million New Yorkers have been infected by swine flu - casting doubts on the city's claim that transmission of the H1N1 virus has declined.
The alarming data was released Friday by the Centers for Disease Control and Prevention, which estimated there have been 50 times more cases nationwide than have been reported to health authorities.
"We're saying that there have been at least a million cases of the new H1N1 virus so far this year in the United States," said Anne Schuchat, director of the CDC's National Center for Immunization and Respiratory Diseases.
"Reported cases are really just the tip of the iceberg."
"City health officials were not immediately available for comment Saturday. Schuchat added that the number of infected Americans may actually be higher than 1 million.
The CDC study was not based on laboratory evidence.
Instead, researchers relied on mathematical modelling of surveys conducted in areas, like New York City, that have had high levels of H1N1 infections.
There have been about 28,000 confirmed cases of the A(H1N1) strain nationwide. Roughly 3,000 people have been hospitalized due to the strain, with 127 reported deaths.
In New York City, there were 804 recorded hospitalizations and 32 deaths attributed to swine flu as of June 23, the most recent date for which data was available on the city Health Department's Web site.
On June 12, the city Health Department issued a statement that said H1N1 transmission appeared to be on the decline, since lower numbers of people were showing up at hospital emergency rooms with flu-like illness.
The new CDC study suggests that swine flu infections are far higher than reported cases.
The CDC study found that 6.9% of city residents had flu-like illness during a three-week period in May.
Based on virologic testing, the researchers "knew that most of that influenza-like illness was based on this new H1N1 strain," Schuchat said.
"And from that," Schuchat continued, "they estimated that around half a million New York City residents may have been infected with this new virus and had flu-like illness without necessarily seeking care."
Schuchat echoed a previous warning that the new swine flu bug could come back in a more severe form during the fall flu season.
With News Wire Services
"Go bang your goat, you moron..."
You may want to heed your own advice when discussing IMGG...
"I am curious as to why Admin continues to turn a deaf ear to the blatant FALSE and MISS LEADING post that are STICKIES on a board or in the IBOX."
I find it ironic that you want to alert everyone to blatant false and misleading posts. You want these posts removed...
Maybe you have forgotten that you posted an altered an email at BLDV for your on purposes; but the BLDV board hasn't forgotten.
Here's your false and misleading post...
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=31324939
BTW, there's no pumping going on at the BLDV board as the majority of all posts are negative...
Excellent read, Warmy...
Insightful information on this company's financial distress and upcoming dilution...
"The bank has agreed to reset those covenants for later this year – albeit at the penalty of a higher interest rate, and a reduction in the available facility to $14 million from the original $25 million agreed last October."
And...
"We continue to pursue and evaluate a number of capital raising alternatives including debt or equity financing, joint-venture opportunities and the potential sale of certain assets,"...
Gas prices have been rising lately...
It seems to me that Global Clean Energy Holdings, Inc. will eventually move into a sweet spot...
I haven't checked gas prices in Canada, but regular gas is my area is $2.79 per gallon...
http://www.chicagogasprices.com/
As crude oil prices rise, so will the prospects for biofuel companies like GCEH and BLDV...
Let's throw in some stimulus dollars and these companies could move up precipitously (a very steep ascent). :)
Thanks for your input (#15)...
You forgot something important...
The FDA is not technically brilliant.
The FDA does not have solid technology.
The FDA is not a great talker.
Clearance for the Dominion from the inept FDA... PRICELESS!!
doggone,
I noticed the "we" portions of this email. Just wondering how someone emailing you about ASFX would have the confidence to use "we" unless there were some prior interaction that set up this confidence...
"To: xxxx "Doggone" <xxxxxxxx@yahoo.com>
xxxx i dont know if you are getting your mail today. Hammer him!!! Im watching. Make him look stupid. Put him on the spot. Tell people to call the firm and ask them flat out, if they lie then we got them too!!!! If not, we know they are not such bad guys but ASFX needs to go down!!!!!!!"
I believe there are "prospective investors" out there who could benefit from a more complete story and would want to know why "ASFX needs to go down!!!!!!!" Correct?
I reviewed the patent information contained in the ibox...
It appears that the US Patent Office link to the continuation patent had expired, so I updated a link via Google's Patent Search. I can only provide limited information on this matter.
It is my understanding that the original patent (US 6,754,297) was granted 06/22/2004 covering 15 claims with 14 drawing sheets made under the title of "Apparatus and method for three-dimensional real-time imaging system."
On 01/08/2008, Dean was granted a continuation patent (US 7,317,819) covering an additional 27 claims with 18 drawing sheets made under the title of "Apparatus and method for three-dimensional imaging."
Please review the patent information under the two links. Any questions you may have regarding the strength of the patents could probably be answered by Dean.
csmith,
I haven't recently read anything on the FDA as it relates to the 510k & IDE procedures. My thoughts back in April 2008 were that the IDE process was a more streamlined approach towards an expedited device clearance at the end of the 510k.
Here's a link that I posted in April 2008. This FDA link is dated 01/20/1998...
http://www.fda.gov/cdrh/ode/idepolcy.html
Dean has an answer to a post awhile back concerning Medtronic's O-Arm. He may want to review the newer article and add to what he previously posted...
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=16279176
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=16318048
I noticed some problems with the Medtronic O-Arm in the recent link. It has a high cost of nearly a million dollars for the O-Arm and Stealth navigation together. It has higher radiation levels than the C-Arm.
Medtronic appears to be working on new software that might allow using the O-Arm in the head, but it will take another year to complete. It looks like they will need an additional FDA submission.
Here's a Medtronic link that indicates the O-Arm has 2-D fluoroscopy and 3-D imaging. The fastest images (HD3D) take 25 seconds...
http://www.medtronicnavigation.com/procedures/intraoperative/o-arm.jsp
dayneyus, thank you for your help and support on this board and GLTU.
Here's some additional RM information...
http://gopublic.com/reversemerger.html
http://gopublic.com/reverse_merger_links.htm
http://www.nasdaq.com/about/FAQsRevMerger.stm
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