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Lmao!!! Good one. Thanks Investing!! EM
Anyone know how many mm's at .0001? TIA
mike, I totally agree. I just re read the new rules. If a broker/dealer or market maker participates in aiding the naked shorter they are committing fraud. Now, crooks are crooks, so some may try to circumvent the rules, but the new rules are very specific. The SEC knows they have a problem AND the public is more aware than in the past. The industry fought these rules tooth and nail for more than 5 years, now we have a new rules. The game has changed. Now we will see how serious the SEC is about the problem. If abusive naked short selling continues, we can not only kiss our money goodbye, we might as well prepare to live in a third world country. I have been involved in this fight for 5 years. This is the first time I have been optimistic.
Interesting that Overstock put out it's worst corporate news ever last week. Since then they are UP over 30%!!! In July, they dropped 40% on an analyst downgrade. I believe that was the last chance for the OSTK nss sellers to cover. Similar to your cd/nss cover description.
All investors owe Patrick Byrne. He is the primary reason this is all coming to a head. Shop Overstock this holiday season.
That's the reason I'm so concerned about these cd conversions. It's a perfect storm for the nss. If the selling were to stop, I don't see any reason the pps wouldn't rise. Coupled with news and or a solid filing, this would get very interesting. As long as someone has shares and is willing to dump at this price, we will go nowhere. It is a pleasure to be on a board where people freely share their ideas and dd. Thanks guys.
Great. The new SEC rules went into effect on the 17th. So those shares must be covered by Nov. 5. We shall see if the new rules have any teeth.
Thanks. Now I'm really confused. Guess I'll wait on the filing.
mike, thanks for the answer. I understand the numbers are different, but the os is now close to 1 bil. With 300 mil in reserve, would mean only 200 mil left. Correct? TIA
Hi, I'm new to the board and the stock. so far both are pleasant surprises. Can someone help me here?
phowell has been gracious enough to post the following numbers, I assume they are from the ta.
Total Increase = 969,756,897
A/S = 1,500,000,000 on 09/09
Transfer Agent (718) 627-4453
Stock-observer is saying he was told most of the cd's will be redeemed in '09.
The following table is from the July 14c
Common Stock Currently Issued and Outstanding
249,999,866
Shares to be reserved for issuance (at current exercise and conversion prices):
Conversions of Existing Debentures (150% reserved per agreement)
771,445,861
Warrants
139,635,836
2006 Option Plan
37,500,000
Total number of shares to be reserved for issuance
948,581,697
Total number of shares authorized but unreserved
301,418,437
My question is, with 301,418,437 held in reserve, plus current TA number, 969,756,897 = 1,271,175,334.
Have not the majority of the cd's been redeemed? Has the 300mil in "reserve" already been released?
I'm confused. If anyone here can answer,I'd appreciate it. If not, if you give me a name and number, I'll call and find out. TIA
Fortress Fincl Ends Activities Of 2 Cos That It Owns >FFGO
Last update: 10/9/2008 2:36:05 PM
(MORE TO FOLLOW) Dow Jones Newswires (201-938-5400)
October 09, 2008 14:36 ET (18:36 GMT)
http://custom.marketwatch.com/custom/tdameritrade-com/html-story.asp?guid={65eda154-dc06-4e2c-bceb-5417401a02b8}
OMG!!!!! roflmao. That about sums it up.
dustoff12, ty. em
I love this guy!!!!!!!!
Overstock CEO Comments on SEC's New Rules Against Naked Short Selling
Last update: 9/17/2008 3:08:00 PM
'No penalties for financial rapists' declares Byrne
SALT LAKE CITY, Sept 17, 2008 /PRNewswire-FirstCall via COMTEX/ -- Overstock.com, Inc. (OSTK) chairman and CEO Patrick M. Byrne comments on the SEC's September 17, 2008 press release (see ) that purports to protect investors against naked short selling.
Dr. Byrne commented, "At the core of the SEC announcement is a decision that if a hedge fund naked shorts a stock, its broker isn't supposed to let them naked short again. But guess what: they were not supposed to naked short in the first place. Instead of giving the buyer who receives the fail the right to put it back to the naked short selling participant, the SEC once again opts for no penalties for financial rapists.
"If the SEC were anything but a hedge fund bootlick," continued Byrne, "it would not have taken the half-measure of a pre-borrow requirement applied only as a penalty for those failing to deliver within T+3, but would have instituted a market-wide pre-borrow requirement (as it did in its July 15, 2008 Emergency Order protecting Upper Caste financial firms), and mandatory buy-ins at T+3.
"Some questions for the SEC:
1. How will the SEC determine whether an institution is in compliance with this rule? The only way to determine compliance is through an SEC audit, something that could only occur months after the fact. In the case of a bear raid, that will be too late.
2. Where is the 'buy-in' requirement? Under the new SEC rules a crooked hedge fund can still naked short sell without settlement and keep that short open indefinitely. It appears that only future naked short sales will require a pre-borrow and that there is still no closeout requirement for failed trades.
3. What of manipulative day trading? Chairman Cox has admitted that the financial stocks did not have a significant level of naked shorts, but rather collapsed under day trading activities. The new rule fails to address this, the very activity that generated the need for the July 15, 2008 emergency order. The manipulative day trading short seller never has a position open for three days. However, under the new rules, he can still use a single locate multiple times to create the best leverage possible to drive natural investors out of the market.
4. Where are the penalties? Without meaningful penalties, these rules have no bite. The SEC needs to make sure that the rules are strictly and aggressively enforced -- both for failures to deliver that occur within the CNS system and outside the CNS system in ex-clearing trades, where, I suspect, there is naked shorting that makes the object of current SEC concerns look like small potatoes.
"Rule 10b-21, the short selling anti-fraud rule, is a carefully contrived joke. It moves from a low-penalty too-vague-to-enforce rule, to a high-penalty too-vague-to-enforce rule. Without strict and aggressive SEC enforcement (for which the SEC has zero demonstrated record) it will be just more lines of meaningless pabulum in the Federal Register.
"On the bright side, the SEC has eliminated a major loophole in Regulation SHO, the options market maker exception. There was never a good reason why options market makers should have been allowed to naked short and fail to deliver in perpetuity. For taking this long overdue action, I applaud the SEC.
"What is needed is a Congressional investigation into the abortion that is our nation's stock settlement system, focusing especially on the DTCC. A healthy next step would be to unplug the SEC and move its functions into the DOJ."
About Overstock.com
Overstock.com, Inc. is an online retailer offering brand-name merchandise at discount prices. The company offers its customers an opportunity to shop for bargains conveniently, while offering its suppliers an alternative inventory distribution channel. Overstock.com, headquartered in Salt Lake City, is a publicly traded company listed on the NASDAQ Global Market System and can be found online at .
Overstock.com(R) is a registered trademark of Overstock.com, Inc. All other trademarks are the property of their respective owners.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include, but are not limited to, statements regarding investor protections against naked short selling. Our Form 10-K for the year ended December 31, 2007, our subsequent quarterly reports on Form 10-Q, or any amendments thereto, and our other subsequent filings with the Securities and Exchange Commission identify important factors that could cause our actual results to differ materially from those contained in our projections, estimates or forward-looking statements.
SOURCE Overstock.com, Inc.
http://custom.marketwatch.com/custom/tdameritrade-com/html-story.asp?guid={EDEA343A-11BD-4264-B468-B07C3A97A50A}
It better be by the end of the year.
7. Should Fortress fail or be unable to repay this Loan to St James on or before December 31, 2008; St James has the irrevocable right to immediately take possession of all of the stock in Hunt Gold Corporation held by both Fortress and by Western Diversified Mining Resources, Inc. In that event, Fortress and Western Diversified Mining Resources, Inc. will lose all of its rights, title, claims and ownership to those shares of Hunt Gold Corporation; to St James without any recourse whatsoever.
http://biz.yahoo.com/e/080731/ffgo.pk8-k.html
From HGLC 8-15-08 pr:
4. The Company is concluding the transaction to dispose of its "American Molygold" interests to focus solely on its Gold interests.
5. The Company intends to distribute all of the proceeds from the sale of its "American Molygold" interests to its stockholders upon receipt of these proceeds.
If this happens,HGLC could reach .03, enabling FFGO to follow through on this.
FFGO 8-20-08:
The Company announced on August 13, 2008 that should the Company obtain a price of US$0.03 per share for the "free trading" shares, that being at the last bid price for Hunt Gold Corporation; this will result in a cash injection of US$14,490,000. Should this be achieved; this will result in cash dividend for this Company's stockholders."
The Company confirms that should it be successful in disposing of these shares of Hunt Gold Common Stock; for cash; the entire proceeds will be paid to our stockholders in the form of a cash dividend.
I stand corrected. It would be $2.8 million.
And where exactly do they get the $27 million needed to pay this?
Nice job.em
And when that happens, the squeeze begins.
As the price climbs, the short will hit margin requirements, forcing a buy in.
They don't know what hit them yet.
I think it's not trading because all the MM's fainted.
The Company has ascertained and proven that an amount of 25,040,779,934 shares of its "free trading" shares of Common Stock are accounted for. This will be explained in depth in a below-mentioned paragraph.
Based upon these calculations, the number of unaccounted for shares of the Company's "Free Trading" Common Stock is in the amount of 831,520,725 shares of the Company shares of Common Stock being short. If the stockholdings provided to the Company in the amount of 3,313,520,026 are added to this number, this leaves a short position in the amount of 4,145,040,751 shares of the Company's Common Stock. These calculations obviously exclude any shares not mentioned on this Announcement.
HOLY COW!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
They are saying we are all holding shorted shares. At least those who faxed. This is getting good.
They sold at .0003. If they bought back, it was @ .0004,5or6. My guess is "those hokey PRs had him worried." Maybe "pesky" is a better choice of words. The selling started 15 mins after the pr concerning outstanding shares.
What we saw today was someone sell 500 million shares in 4 trades. Someone wanted out real bad. Were they flushed out? That remains to be seen.
Me too!!!em
"The Company trusts that its credibility will be on the road to recovery after we are proven not be "a bunch of liars and crooks" as posted on many a Message Board."
Probably, it's a reaction to the statement.
NEWS
Sweet!! New FFGO NEWS
Thursday, July 31 2008 10:20 AM, EST Fortress Financial Group, Inc. -- Secured Loan Facility Market Wire "US Press Releases "
NEW YORK, NY -- (MARKET WIRE) -- 07/31/08 -- Fortress Financial Group, Inc. (PINKSHEETS: FFGO) confirms that it has received a short term Loan facility in the amount of US$50 million to be used solely for further purchases of Hunt Gold Corporation's "free trading" stock, at what we view as "bargain basement prices," in the market; thereby increasing our Company's "free trading" stockholding in Hunt Gold Corporation .
We have made it extremely clear that we will refuse to sell these additional shares of their stock, purchased in the market at a price of less than 2c ( US$0.02 ) per share.
These purchases of Hunt Gold Corporation are purely for investment purposes and to extract value from your Company's investment in Hunt Gold Corporation . This will not in any way affect the Company's repurchases of its own stock.
Fortress Financial Group, Inc. has directly acquired an additional amount of 42,569,020 "free trading" shares of Hunt Gold Corporation Common Stock at a price of no higher than US$0.003 per share. Fortress Financial Group, Inc. holds a further and an indirect amount of 483,750,099 shares "free trading" shares of Hunt Gold Corporation Stock. Fortress Financial Group, Inc. holds an additional amount of 1,363,588,873 restricted shares of Hunt Gold Corporation's shares of Common Stock.
The Company will be filing a detailed filing with SEC on a Form 8-K on July 31, 2008 setting out the terms and conditions of this Loan Facility. This Loan is secured against the Company's existing and future shares of Hunt Gold Corporation Common Stock. The Loan term is for a period of no less than three months.
Alan Santini, the CEO of Fortress Financial Group, Inc. , commented, " Hunt Gold Corporation was placed on notice and we now intend to extract value from this Company for our stockholders and in respect of our investment in this Company."
I'm sure you will try to debunk this, but I could care less. I post this for the weak hands.
9. WHY HAS THE COMPANY NOT ANNOUNCED ITS NEW ACQUISITIONS AND NOT
RE-ESTABLISHED ITS CORPORATE WEB SITE:
We are following a carefully planned strategy designed primarily to
restore the Company's credibility, reduce the outstanding shares of
Common Stock, bring our SEC Filings up to date (especially Audited
Financial Statements) and to resolve all historical and outstanding
issues satisfactorily. Once this is completed, we will announce all
acquisitions in the correct manner, with very detailed information
and web sites, thereby allowing stockholders to analyze the Company
correctly and to accurately assess the Company and its prospects.
http://biz.yahoo.com/iw/080725/0419245.html
bobby,
Go here...
ETFConnect - Search Results
FHO : First Trust Strategic High Income Fund III ... LGI : Lazard Global Total Return & Income Fund ... Legg Mason: Emerging Market Income: T.CWF: Canadian World Fund ...
www.etfconnect.com/search/etfc_MainResults.asp?NewSearch=True&MutualFund=No&DefinedPortfol... · Cached page
---------------------------------------------------------------------------------
and you will get this... HOW SWEET IT IS. "Cornerstone" is on the Legg Mason list along with Zweig Total Return Fund which is connected to FFGO.
http://www.etfconnect.com/search/etfc_Ma....=No&MoneyMarket
I followed the link, I find no connection between Zweig and FFGO. What am I missing? TIA
Sure understand, anything is better than nothing. We play this one right, we can both retire. I just have a feeling this one may be a rarity, a REAL high flyer. I sure hope.
I would really appreciate that. TIA
Yesterday was huge!!
http://quote.barchart.com/texadv.asp?sym=FFGO
I'm doing great. Thanks for the L 2. em
Schmedrickk ROCKS. Good morning my friend. Anyone have current
L 2?
Anyone have current L 2? TIA
News coming. Maybe the SEC filings are going to be a surprise.
Hahahaha, good one. From who?
And while we are asking questions, where the hell are the shares FFGO is buying back coming from? Certainly not from retail investors. So where are they coming from?
This will commence upon the announcement of the Company's acquisitions, as previously outlined in various announcements by the Company.