is still alive and kicking.....Happy 2018!!
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lol, I have been wrong a few times, but did predict they would eventually lose their "fully filing" status, that the gravity detector was bunk, the buyout was not "game over", ethanol plant "bonds" were a joke, etc, etc......
I am surprised they kept afloat this long, but guess it's not exactly a large craft.....all it needs is an occasional influx of new hot air about some amazing things to come!!!!
the general penny stock MO seems to be, if there is more possible juice to squeeze, someone will try to do it!!!!
PS: what else is there to say anymore???.....I think I made my point.....(and some OK trades!!!!....oh, and NEVER short, despite the innuendo......hope none doubt my words or opinions were made in good faith, I think I showed that in not welching....unlike what someone else did to me!!!)
PPS: my tire shredder needs some new curtains!!!!!
just curious......if JBII was to suddenly get some kind of Fed program support, would that be "pumping money" into it too????
(not that I think it will happen, just wondering.....)
PS: nevertheless, filings talk, BS walks.....I believe the DOW trailing 12 month PE is about 16, forward guesstimate is 13.....FWIW, historical is around 15.5.....so I don't think it's JUST "pumping money", earnings are there, and the market is valuing it accordingly.....
I think one could have thrown darts at the DOW during that period, and done way better (better meaning making money, not losing it) than all the JBII DD-inspired buying combined, if one wanted to just hold for some mythical day.....
Markets making new highs, JBII itching for multiyear lows......kind of *curious*!!!!!
PS: yeah, it's *PROS* and *CONS* causing it, not PIPE shares diluting, and a Co losing money......OK.....
no mention of USFF that I see on their website:
(with no news in years, hmmmmmm.....wake up, boys and girls......USFF is here.....take me to your algae!!!)
http://www.rwenergies.com/news-events/latest-news.html
Latest news
Aventura Equities, Inc. Finalized The Acquisition Of A Majority Of Renewed World Energy
March 10, 2010
the biggest TELL has been the "throw it and see what sticks" business plans......seriously, this security has made so many outlandish claims, it's hard to keep them all straight.....
PS: points for chutzpah and keeping the milking going after the audacious PHONY BUYOUT....(never forget the deceptions!!!!!)
WDC had some great earnings, and hit an all time high.....it's since pulled back, but still has great potentional, IMO.....storage needs will keep accelerating, "death of the PC" doesn't change that!!!!!!!
whatever happened with Stanton using his name as an alias???
(great "vision" there, maybe he needed something like Stanton-Proof LifeLock....."we guarantee no penny stock operators will steal your identity while being a fugitive, or his GF's shares and a nice steak dinner are on us"!!!)
Stanton sentencing was delayed again.....I wonder if he is/was spilling any beans to get some sympathy from the court???
guess we will eventually see if there are any Stanton dominio effects....hard to believe that with all his penny stock "connections", he never said anything to save himself some time, but who knows....
down to a nickel.....maybe the Co should sue someone about their lack of filing, and being Grey!!!!!
oh yeah, they did.....freaking unbelievable....
earnings due May 1.....WDC just had some great numbers, lets see how STX does.....
sorry to hear about that......
didn't Jared have a bit part in one of his "movies"??? (or a maybe it was a trailer????)
lol, the good 'ol days....."stink-b-gone"!!!
WDC Beats Earnings Est, Revs Up
By Zacks Equity Research | Zacks – Thu, Apr 25, 2013 1:20 PM EDT
http://finance.yahoo.com/news/wdc-beats-earnings-est-revs-172001032.html
Western Digital Corp. (WDC) posted third-quarter 2013 adjusted earnings per share (“EPS”) of $2.10, comprehensively beating the Zacks Consensus Estimate of $1.79.
Revenues
Revenues during the quarter increased 24.0% year over year to $3.76 billion and were above the company’s guidance range of $3.55–$3.65 billion. Western Digital surpassed its revenue guidance primarily due to better-than-expected business and product demand, as well as restricted price declines.
The drives having a capacity of 810 gigabytes were exported during the reported quarter, which witnessed a 35% year-over-year increase. Western Digital also witnessed momentum in its branded and enterprise businesses and a good product mix-up in the company’s client business to cope with the ever-increasing amount of digital content.
WDC’s focus on the growth trends in digital data supported the robust results from the HGST and WD subsidiaries.
Operating Results
Gross margin in the reported quarter was 28.2% versus 32.2% in the year-ago quarter. Moreover, non-GAAP gross margin was 29.2%, which excludes $38.0 million related to amortization expense to acquire intangible assets of HGST. This apart, non-GAAP gross margin exceeded the guidance by 120 basis points.
Operating margin for the quarter was 11.1%, down from 17.9% reported in the year-ago quarter. Total operating expense increased 48.0% due to higher research and development (R&D) and selling, general and administrative (SG&A) expense.
Net income for the quarter was $391.0 million or $1.60 per share, up from $483.0 million or $1.93 per share in the year-ago quarter. Excluding amortization of intangibles related to the acquisition of HGST, employee termination benefits and other charges, non-GAAP/adjusted net income was $514.0 million or $2.10 per share, down from $619.0 million or $2.52 per share in the year-ago quarter.
Balance Sheet & Cash Flow
The company generated $727.0 million from cash from operations in the third quarter, down from $772.0 million in the year-ago quarter. Cash and cash equivalents were $4.06 billion, up from $3.82 billion in the previous quarter.
Out of the capital being allocated to the company, the company has repurchased 5.2 million shares for $243 million during the reported quarter.
Guidance
For the fourth quarter, Western Digital also expects the market share to remain unchanged. The company expects revenues in the range of $3.55 billion to $3.65 billion, while gross margin is expected to be well within the company’s model at approximately 28.5%. We expect R&D and SG&A spending to be approximately $550 million, which excludes the amortization of HGST intangibles. Moreover, the company expects non-GAAP earnings per share between $1.65 and $1.80 for the fourth quarter.
Our Take
The company’s third-quarter earnings exceeded our expectation, and revenues increased on a year-over-year basis. The company witnessed decent product demand and the price declines moderated.
Moreover, decent performance by Western Digital’s HGST and WD subsidiaries helped the company perform better in the third quarter, and it continued to capitalize on the secular growth of digital data.
We are also encouraged by Western Digital’s growing exposure in the small and medium business (SMB) space. Recently, the company expanded its SMB product suite. Higher IT spending from the SMBs is a good sign and we believe that Western Digital is well positioned to capitalize on the opportunity. On the other hand, decline in PC sales may affect business going forward.
Currently, Western Digital has a Zacks Rank #3 Rank (Hold).
or something Mario might have once said!!!
anyone have some numbers on how many dynovalves have been sold????....
just when you thought you have seen it all:
was watching some late night tube the other day, channel surfing, and happened to see an infomercial touting similar BS as below.....don't know if it was the same jerkoff guy, I think so, but shameless.....FREE MIRACLE SPRING WATER, SOLVES ALL PROBLEMS!!!
Splainex: why not do it all???
http://www.splainex.com/
http://www.splainex.com/waste_recycling.htm
http://www.splainex.com/waste_recycling.htm#plastics
Long-term experience gained from practical realization of the multiple large-scale commercial pyrolysis systems and broad network of the equipment vendors and other subcontractors distinguishes us from the competitors and serves as an additional guarantee for customers.
well, the kids can use crayola products to make posters and such, to further the cause!!!!!
(kind of like the old "positive feedback loop" once being touted!!!)
PS: shoot, maybe they can even ship the used paper to a certain recycling center!!!......why conserve, when one can consume more of a Co's product discussing how green the refuse can be, lol!!!!
SUPPLIES NEEDED
Educator
Colored Pencils
Crayons
Markers
Paper Pads
Scissors
Glue
posterboard
ruler
bright colored paper
4.
Invite students to design print ads or posters that will persuade other students. Each ad should include a headline, a visual, and information about “how to” participate in the ColorCycle program. Students may find it helpful to create parts of the ad on separate pieces of paper and then move them about until they are satisfied with the layout. Then they can glue the pieces to a background paper or poster board.
http://www.crayola.com/lesson-plans/plastic-into-fuel-lesson-plan/
unbelievable!!!!....another delay.....
WDC looking to break out if earnings come through.....
AmSpec has a presence far beyond the DR:
http://www.amspecllc.com/
http://www.amspecllc.com/?p=global-locations
whatever the case, "technical validation" means little when a pyrolysis process can't make a net profit.....
PS: not counting the "profits" of those getting compensated for services, or involved in running a pyrolysis operation, that is....
Jim Ford, Senior Vice President of AmSpec Services, LLC, Joins Sustainable Power Corp.'s Board of Directors
http://www.reuters.com/article/2008/01/15/idUS223104+15-Jan-2008+MW20080115
seems a bit strange, but with money so cheap, maybe they figure they can burn the candle at both ends........
PS: up +5% AH
13:24 4/19/2013 LGHS LGHSE Longhai Steel, Inc. Common Stock Delinquent **
http://www.otcbb.com/asp/dailylist_detail.asp?mkt_ctg=OTCBB&d=04/17/2013
Pipers aren't as dumb as you would make them out to be. Futher they are holding onto their certs and not depositing them, at least the ones that I talk with. I have talked to lots and 4 kids more than I. My certs are sitting comfortably in my safe. Further I have told my discount broker that my shares are not available for SHORTING.
I guess it never hurts to warn a broker not holding my stock (the shares my certs represent) are not available for shorting under any circumstances, even if they don't have a record of deposit for them!!!!!......
can never be too careful!!!!....besides being counterfeiters, I hear those hedgies are good safe crackers too!!!
how can the posting of a PACER filing be "total bullshit"????
I saw no opinions in that post....just the filing.....so what is "bullshit" about it"????...
PS:
another multi-year high for WDC today....I think STX was just a tad from a multi-year high.....
so much for the death of the HDD.....idiot analysts focused on mobile don't understand the tiered nature of data storage......as if the world's data is stored in a smartphone, lol!!!!
Some investors have used the up and down cycles to add to their holdings at reduced cost basis.
how exactly does one use the UP part of a cycle to reduce cost basis, if not by selling???
how do I know exactly what Baldwin will say????....but is it a stretch that his SEC case includes his CFO tenure at JBII????
what the heck ELSE would it concern???.....
as far as specifics, the answer obviously is: we shall see....
Commenting on Mr. Baldwin's CFO appointment, John Bordynuik, CEO and President of JBI, Inc., said, "We are extremely pleased to welcome Ron Baldwin as our new Chief Financial Officer. His extensive financial expertise, business savvy, industry connections, exemplary qualifications, and legal / managerial experience ensure that he is well-suited to assist us in advancing our growth strategies
http://globenewswire.com/news-release/2010/01/04/411495/181060/en/JBI-Inc-Appoints-Ronald-Baldwin-Jr-as-CFO.html
What, in your opinion, does Mr. Baldwin ongoing issue with the SEC have to do with JBI or JB other than having the case dismissed.
gee, let me put on my thinking cap:
Pacer update 04/09/2013- Securities and Exchange Commission v. JBI, Inc. et al, CIVIL DOCKET FOR CASE #: 1:12-cv-10012
so, based on that, I think this case against Baldwin is somehow tied to his tenure while at JBI.....
just guessin'....
The Pacer update has nothing whatsoever to do with JBI.
yeah, Baldwin must be discussing the weather with the SEC.....
The Commission and Mr. Baldwin have been engaged in extended settlement discussions. A likely proposed settlement involves the submission of detailed financial information by Mr. Baldwin, which is ongoing.
HGST Launches The Industry's First 12Gb/s SAS Solid State Drives For High-Performance Enterprise Applications And Massive Dat...
Western Digital Corp. (MM) (NASDAQ:WDC)
Intraday Stock Chart
Today : Tuesday 9 April 2013
http://ih.advfn.com/p.php?pid=nmona&article=57076570
SAN JOSE, Calif., April 9, 2013 /PRNewswire/ -- HGST (formerly Hitachi Global Storage Technologies and now a Western Digital company, NASDAQ: WDC) today announced the industry's fastest and most advanced enterprise-class, multi level cell (MLC) SAS SSD family – the Ultrastar SSD800MH, Ultrastar SSD800MM and Ultrastar SSD1000MR. From the market share leader in enterprise SAS/FC SSDs, these HGST drives are the first to double today's SAS interface speed. Designed for the most demanding applications where "hot" data is accessed frequently, such as high-frequency trading, online banking, cloud computing, online gaming, and big data analytics, HGST's new 12Gb/s SAS SSDs help increase input/output per second (IOPS) and improve response times to mission-critical data in cloud and traditional IT datacenters environments.
(Logo: http://photos.prnewswire.com/prnh/20120913/LA73138LOGO)
Due to their rich SCSI heritage, SAS SSDs and high performance, high capacity hard disk drives (HDDs) will continue to be the building blocks of choice for future generations of high-performance enterprise servers and storage arrays. Leveraging HGST's SSD market success, the new Ultrastar 12Gb/s SAS SSD family combines enterprise-grade, 25nm, highest-endurance, MLC NAND flash memory, industry-leading performance, advanced endurance management firmware and power loss data management techniques to extend reliability, endurance and sustained performance over the life of the SSD.
Enterprise-Class MLC SSDs – A Critical Enterprise Component
Increasingly in traditional IT and cloud hyperscale datacenters an application's high-end processing functions are stored on SSDs, which are then paired with high-capacity hard disk drives (HDDs) that store the bulk of that application's less dynamic content in tiered infrastructures. This mix of high-performance SSDs and high-performance and high-capacity enterprise-class HDDs deliver greater efficiencies of scale, improved asset utilization and help lower total cost of ownership (TCO).
Enterprise-class SAS SSDs and HDDs are proving to be the preferred solution for datacenter architects who have ruled out client-level SATA SSDs and desktop-class HDD combinations, which may deliver a lower price; but also can result in lower system uptimes. Likewise, putting all types of data on a high-end PCIe only infrastructure is prohibitively expensive.
Implementing a sound tiered storage strategy using HGST enterprise-class SSDs and HDDs can make a positive impact through improved service levels and cost savings. Using HGST's highly reliable, high-endurance enterprise-class SSDs rated with the industry's leading 2.0 million hours mean time between failure¹ (MTBF) specification can also help reduce current and long-term TCO as datacenter managers experience fewer failures, improved uptime, and receive the highest performance with improved latency and IOPS.
"SSDs along with high-performance and high-capacity HDDs are the main building blocks of choice for traditional IT and cloud hyperscale datacenters and represent a market that is expected to grow in excess of $16 billion by 2015," said Jeff Janukowicz research director, Solid State Drives and Enabling Technologies at IDC. "SSDs, such as HGST's new SAS SSD family, continue to improve generation to generation to meet today's enterprise workload requirements while driving down the price points to support high I/O applications."
New HGST Ultrastar 12Gb/s SAS SSD Family: The Right Fit For High I/O Applications
As the first SSDs with 12Gb/s SAS, HGST continues to push performance limits. The new Ultrastar SSD800MH 12Gb/s SAS SSD delivers the highest sequential throughput with up to 1,200MB/s large block reads, and up to 750MB/s writes. It also delivers up to 145,000 read and 100,000 write IOPS, reaching speeds >100 times faster than HDDs, allowing rapid access to "hot" enterprise data for improved productivity and operational efficiency.
With this new generation, HGST has also improved its SSD "quality of service." Quality of service refers to how quickly and efficiently the SSD can manage and process reads and writes to the drive. Like lanes on a highway, too much data traffic can cause congestion and slow performance. In tier 0/1 enterprise applications such as high-frequency trading, every millisecond counts. As the industry leader in enterprise SSDs, HGST uses unique firmware and controller technology to significantly improve command completion time requirements. The overall result is a 50 percent improvement in latency, a 300 percent improvement in I/O per second (IOPS) writes, and a 2x – 3x faster throughput compared to the earlier generation Ultrastar SSD400S SSD. Common firmware and controller technology across HGST's enterprise-class SSD and HDD families also allows for seamless system integration and reduced qualification times.
Building solutions for the future, HGST's new SSD family comes with three endurance levels – high endurance, mainstream endurance and read-intensive endurance. Each 12Gb/s SAS SSD family delivers an optimal balance of performance, reliability, cost and endurance to meet the unique and diverse workload requirements of nearly any enterprise application. The new Ultrastar SSD800MH high-endurance SSD rates at 25 full drive writes per day (DW/D) for five years, ideal for high-frequency trading or online transaction processing. The Ultrastar SSD800MM mainstream endurance SSD rates at 10 DW/D for five years, ideal for applications such as online gaming, big data, and cloud computing. The read-intensive 1TB Ultrastar SSD1000MR SSD rates at two DW/D for five years, perfect for streaming audio/video, cloud computing and other Internet applications.
"LSI and HGST have achieved a number of key milestones, including compatibility testing of the fastest 12Gb/s SAS RAID controllers and SSDs, and are prepared to lead the industry transition and market adoption of the new 12Gb/s SAS interface standard," said Bill Wuertz, senior vice president and general manager, RAID Storage Division, LSI Corporation. "As the preferred enterprise interface of the future, 12Gb/s SAS is essential to unleashing the full performance potential of SSD storage solutions to help datacenters and cloud environments contend with massive data growth and accelerate application performance. It is also backward compatible with 6Gb/s SAS for investment protection in current SAS infrastructures."
"Our Zebi storage arrays are specifically designed with de-duplication and compression in virtualized server and desktop environments where performance and capacity are critical. Using HGST's reliable, high-performance and high-capacity SSDs and HDDs, combined with our innovative Zebi technology, gives our customers the best balance of performance, capacity, features and price," said Rob Commins, vice president of marketing, Tegile Systems. "We're proud to say that our award-winning Zebi HA2800 storage array uses HGST's SAS SSDs, and we look forward to working with HGST on this new generation of 12Gb/s SAS SSDs to deliver even more performance and capacity to our customers."
"With the industry's highest SAS SSD performance, three endurance-level options, high-capacity and proven reliability, HGST offers the most-advanced 12Gb/s SAS SSDs for the enterprise where it is critical SSDs and HDDs integrate seamlessly in tiered storage environments for optimal efficiency," said Brendan Collins, vice president of product marketing, HGST. "Combining more than 50 years of design and qualification experience with proven HGST SAS implementation across interface hardware and firmware, HGST's new line of MLC SSDs provides simple, scalable and flexible solutions that ensure system compatibility and ease of integration into new or existing enterprise storage systems and designs."
Availability
HGST is currently qualifying its SSDs with select OEMs. Broader qualification samples are now available with channel distribution scheduled in June 2013.
Ultrastar 12Gb/s SAS self-encrypting SSD models are also available, which conform to the Trusted Computing Group's Enterprise A Security Subsystem Class encryption specification, helping customers reduce the costs associated with drive retirement and extend drive life by enabling repurposing of drives.
The Ultrastar 12Gb/s SAS SSD family is targeted to achieve a 0.44 percent annual failure rate (AFR) or two million hour mean-time-between-failure (MTBF), representing HGST's continued product strength. They are backed by a five-year limited warranty, or the maximum petabytes written (based on capacity). Please visit http://www.hgst.com/solid-state-drives/ for more information.
About HGST
HGST (formerly known as Hitachi Global Storage Technologies or Hitachi GST), a Western Digital company (NASDAQ: WDC), develops advanced hard disk drives, enterprise-class solid state drives, innovative external storage solutions and services used to store, preserve and manage the world's most valued data. Founded by the pioneers of hard drives, HGST provides high-value storage for a broad range of market segments, including Enterprise, Desktop, Mobile Computing, Consumer Electronics and Personal Storage. HGST was established in 2003 and maintains its U.S. headquarters in San Jose, California. For more information, please visit the company's website at http://www.hgst.com.
This press release contains forward-looking statements, including statements relating to expected availability dates for HDD products. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including changes in markets, demand, global economic conditions and other risks and uncertainties listed in Western Digital's recent SEC filings, to which your attention is directed. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak on as of the date hereof, and HGST/WD undertakes no obligation to update these forward-looking statements to reflect subsequent events or circumstances.
¹ MTBF target is based on a sample, aggregate population of a drive family and is estimated by statistical measurements and acceleration algorithms under nominal operating conditions. MTBF ratings are not intended to predict an individual drive's reliability. MTBF does not constitute a warranty.
One GB is equal to one billion bytes, and one TB equals 1,000 GB (one trillion bytes). Actual capacity will vary depending on operating environment and formatting.
Ultrastar is a registered trademark of HGST, a Western Digital Company. Western Digital, WD, and the WD logo are registered trademarks of Western Digital Technologies, Inc. All other trademarks are properties of their respective owners.
Contact:
Erin Hartin
HGST
Office: 303-284-7790
Erin.Hartin@HGST.com
Katie Watson
Voce Communications
Cell: 408-439-2002
kwatson@vocecomm.com
SOURCE HGST
Copyright 2013 PR Newswire
Pacer update 04/09/2013- Securities and Exchange Commission v. JBI, Inc. et al, CIVIL DOCKET FOR CASE #: 1:12-cv-10012
ecf.mad.uscourts.gov
Date Filed # Docket Text
04/09/2013 24 CERTIFICATION pursuant to Local Rule 16.1 by Securities and Exchange Commission.(Healey, Martin) (Entered: 04/09/2013)
04/09/2013 23 JOINT SUBMISSION pursuant to Local Rule 16.1 by Securities and Exchange Commission.(Healey, Martin) (Entered: 04/09/2013)
ecf.mad.uscourts.gov
Case 1:12-cv-10012-MLW Document 23
JOINT STATEMENT FOR INITIAL SCHEDULING CONFERENCE
Pursuant to Rule 16(b) of the Federal Rules of Civil Procedure and Local Rule 16.1(D), the Securities and Exchange Commission (the “Commission”) and defendant Ronald Baldwin, Jr., hereby submit their Joint Statement, including their proposed pre-trial schedule for the conduct of discovery and the filing of dispositive motions in this matter, in anticipation of the initial scheduling conference to be held on April 16, 2013 at 3:15 p.m.
Matters to be Addressed at Conference
A. Obligation of Counsel to Confer
Counsel for the Commission and for Mr. Baldwin have conferred and hereby advise the Court as follows:
1. Agenda of Matters to be Discussed.
The Commission and Mr. Baldwin have been engaged in extended settlement discussions. A likely proposed settlement involves the submission of detailed financial information by Mr. Baldwin, which is ongoing.
2. Proposed Pretrial Schedule.
a. End of Fact Discovery October 18, 2013
b. Expert Disclosure (Fed. R. Civ. P. 26(a)(2) November 1, 2013
c. Rebuttal Expert Disclosure November 15, 2013
d. End of Expert Discovery December 20, 2013
e. Deadline for Submission of Motions for Summary Judgment February 7, 2014
3. Consent to Trial By Magistrate Judge
The parties are willing to consent to trial by a magistrate judge.
B. Settlement Proposal
The Commission has communicated a written settlement proposal to Mr. Baldwin.
C. Discovery Events
With regard to the limitations on discovery events set forth in Local Rule 26.1(C), neither the Commission nor Mr. Baldwin anticipates needing to exceed the default limit of ten depositions. No other discovery issues currently are foreseen.
D. Status of Initial Disclosures
None of the parties has served initial disclosures pursuant to Fed. R. Civ. P. 26(a)(1) and Local Rule 26.2(A).
E. Alternative Dispute Resolution
No agreement has been made at this time for consent to alternative dispute resolution.
G. Local Rule 16.1(D)(3) Certifications
The Commission’s certification pursuant to Local Rule 16.1(D)(3) is being submitted with this Joint Statement.
April 9, 2013 Respectfully submitted,
Plaintiff:
Defendant:
/s/ Ralph V. De Martino
Ralph V. De Martino
Schiff Hardin LLP
901 K Street NW, Suite 700
Washington DC 20001
202-724-6848 Rdemartino@schiffhardin.com
Counsel for Defendant
Ronald Baldwin, Jr.
//s// Martin F. Healey________
Martin F. Healey (BBO No. 227550)
U.S. SECURITIES AND EXCHANGE COMMISSION
33 Arch Street; 23rd Floor
Boston, Massachusetts 02110-1424
617-573-8952
HealeyM@sec.gov
Counsel for Plaintiff
Securities and Exchange Commission
CERTIFICATE OF SERVICE
I, Martin F. Healey, hereby certify that this document filed through the ECF system will be sent electronically to the registered participants as identified on the Notice of Electronic Filing (NEF) and paper copies will be sent to any indicated as non-registered participants on this date.
Date: April 9, 2013 //s// Martin F. Healey
Martin F. Healey
Case 1:12-cv-10012-MLW Document 23 Filed 04/09/13 Page 4 of 4
PLAINTIFF’S LOCAL RULE 16.1(D)(3) CERTIFICATION
The undersigned representative of plaintiff United States Securities and Exchange Commission and the undersigned counsel affirm that they have conferred with respect to: (a) establishing a budget for the costs of conducting the full course, and various alternative courses, of the litigation, and (b) the resolution of the litigation through the use of alternative dispute resolution programs such as those outlined in Local Rule 16.4.
April 9, 2013 Respectfully submitted,
/s/ Michele T. Perillo
Michele T. Perillo
Assistant Regional Director
Boston Regional Office
U.S. Securities and Exchange Commission
//s// Martin F. Healey________
Martin F. Healey (BBO No. 227550)
U.S. SECURITIES AND EXCHANGE COMMISSION
33 Arch Street; 23rd Floor
Boston, Massachusetts 02110-1424
617-573-8953
HealeyM@sec.gov
Counsel for Plaintiff
Securities and Exchange Commission
CERTIFICATE OF SERVICE
I, Martin F. Healey, hereby certify that this document filed through the ECF system will be sent electronically to the registered participants as identified on the Notice of Electronic Filing (NEF) and paper copies will be sent to any indicated as non-registered participants on this date.
Date: April 9, 2013 //s// Martin F. Healey
Martin F. Healey
Case 1:12-cv-10012-MLW Document 24 Filed 04/09/13
PLAINTIFF’S LOCAL RULE 16.1(D)(3) CERTIFICATION
The undersigned representative of plaintiff United States Securities and Exchange Commission and the undersigned counsel affirm that they have conferred with respect to: (a) establishing a budget for the costs of conducting the full course, and various alternative courses, of the litigation, and (b) the resolution of the litigation through the use of alternative dispute resolution programs such as those outlined in Local Rule 16.4.
April 9, 2013 Respectfully submitted,
/s/ Michele T. Perillo
Michele T. Perillo
Assistant Regional Director
Boston Regional Office
U.S. Securities and Exchange Commission
//s// Martin F. Healey________
Martin F. Healey (BBO No. 227550)
U.S. SECURITIES AND EXCHANGE COMMISSION
33 Arch Street; 23rd Floor
Boston, Massachusetts 02110-1424
617-573-8953
HealeyM@sec.gov
Counsel for Plaintiff
Securities and Exchange Commission
CERTIFICATE OF SERVICE
I, Martin F. Healey, hereby certify that this document filed through the ECF system will be sent electronically to the registered participants as identified on the Notice of Electronic Filing (NEF) and paper copies will be sent to any indicated as non-registered participants on this date.
Date: April 9, 2013 //s// Martin F. Healey
Martin F. Healey
Case 1:12-cv-10012-MLW Document 24 Filed 04/09/13 Page 3 of 3
somebody else might want to consider changing their job title:
The work of an executive assistant differs slightly from that of an administrative assistant. Executive assistants work for a company officer (at both private and public institutions), and possess the authority to make crucial decisions affecting the direction of such organizations, and is therefore a resource in decision-making and policy setting. The executive assistant performs the usual roles of managing correspondence, preparing research, and communication while also acting as the "gatekeeper," understanding in varying degree the requirements of the executive, and with an ability through this understanding to decide which scheduled events or meetings are most appropriate for allocation of the executive's time.
An executive assistant may from time to time act as proxy for the executives, representing him/her/them in meetings or communications.
An executive assistant differs from an administrative assistant in that they are expected to possess a higher degree of business acumen, be able to manage projects, as well as have the ability to influence others on behalf of the executive.
http://en.wikipedia.org/wiki/Executive_Assistant#Executive_assistant
http://job-des-criptions.com/executive-assistant-job-description.htm
I think it's been whacked!!
PS: updated "Greatest Hits", since the previous link is dead
warning, violent content (duh!!!)
I guess the point is, "it depends", concerning puts expiring during a halt.....
I would think that the risk shown in my link is the exception, as your experience also suggests...
SCENARIO #1
http://whatheheckaboom.wordpress.com/2011/03/16/dangers-of-owning-puts-without-owning-the-stock/
The stock is halted for some reason on the exchange (e.g. SEC investigation, exchange requesting for information, company wishes to announce major news such as auditor resignation), and the halt extends past the expiration date. When the stock gets halted, trading for the stock’s options will also be automatically halted. That means that you will not be able to sell your long put position. Note that no advance warning may be given for the trading halt, and the stock/options can be halted even in the middle of a trading session. The key question then is, are you able to exercise your put options during the halt.
There are many websites that say that yes you will be able to exercise your put options during the halt because a stock halt does not affect the rights and obligations of the options contract (read here, here, here). They basically advise that when you exercise your put options, you will end up with a normal short stock position, which you can then cover later when the stock resumes trading (even if the stock got delisted and trading is resumed at the OTCBB or Pink Sheets). Typically a stock opens about 2/3% down from the last price before the halt (read here) so that your put options serve their intended purpose.
The Options Clearing Corporation (OCC) / Options Industry Council also wrote in its FAQ (here) that even if a company goes bankrupt and its stock is halted, you can still exercise your options so long as the shares continue to exist. The OCC also published info memos (see example here) that even though automatic exercise will be suspended (i.e. even if your option is in-the-money, it will not be automatically exercised as per normal), you can simply manually instruct the OCC to exercise the option (BTW, you can look up the latest info memos on your options by searching at theocc.com).
What’s The Problem?
All these sound great! So what’s the problem? The problem that I have not once seen mentioned in these sites is that your particular broker, cannot find the stock to deliver for the exercise of your put options, hence your broker does not allow you to exercise your puts, and your puts will expire worthless. This can happen with stocks that are already heavily shorted, or stocks with large put option open interest (relative to the float). And more often than not, if you are playing a situation where you are using puts, are you indeed in that particular situation.
From online forum postings where this scenario happened recently, TD Ameritrade allows you to put in a request for exercise before the expiration, which will be honoured when trading resumes (here , here, here), E*Trade allows for exercise only if you own the stock but not if it creates a short stock position (here), Interactive Brokers (here, here) is not allowing exercise if you don’t own the stock because there is no inventory (here, here, here, here). Note however that the situation can be dynamic from day-to-day, it is definitely possible that your broker managed to obtain shares for you to exercise your puts. Long story short, without owning the stock, you can be screwed.
From the point of view of the brokers, there are also issues they have to contend with
If they can find the stock to perform the assignment, they are taking a risk with the opening price of the stock once trading resumes. If they perform the exercise, give you a short stock position, and the stock opens with the price doubled, there is a risk you don’t have the funds to close the position. In this case they may require 100% margin for the position (either 100% on top of the money you get from exercise, or based on the latest stock price before halting). This is similar to brokers raising the margin requirement for companies with binomial events that are coming up (e.g. margin requirement for MELA, MNKD raised before FDA drug approval decisions)
If they take the stock from someone who has their holding already lent to a covered short (i.e. a put writer that is also short the stock), they cannot force a buy-in on that covered short because there is no market in the stock (trading halt). The lack of a market presents difficulties to brokers in reallocating already borrowed stock.
How Can It Play Out
How it can play out (the negative news scenario)
The exchange determines whether the company is seriously working to resolve the issues. If deemed not sufficient, the exchange gives notice to the company of its failure to meet listing compliance with a notice of de-listing, and a chance to appeal.
The company will decide whether or not to appeal, and may issue a press release on their decision.
The exchange replies in about a week, and either announces a date for trade resumption or de-listing.
If de-listed from the main exchange, the stock will resume trading on the OTC markets (e.g. OTCBB, Pink Sheets, Grey Sheets). Note that your broker may have certain restrictions on trading in OTCBB/Pink Sheets (some may only accept trades through the phone with high commission).
For the lucky ones that are able to find shares to hold a short position, from past similar situations, after the stock opens ~66% down when it resumes trading (this is the prime time to cover as people/institutions holding the stock are rushing for the exit at the bid), there could be a short squeeze where the stock can potentially go up 50%. After the squeeze, the stock will drop back down again. While that might cause you to think that its an opportunity to make a quick buck, don’t go there. If its already so hard to close an existing short position such that short sellers are buying into a squeeze, its even much harder to take two steps to initiate a fresh position then close it even higher. Of course if your company doesn’t recover from the halt and goes bankrupt (e.g. Chapter 11 or Chapter 7), your short stock position can be closed as though you buy-to-close at $0.
Can There Be a Massive Short Squeeze?
There is always some “debate” in the forums during that halt as to whether a massive short squeeze can be triggered after trading resumes.
What the Longs Say
The short interest is way high relative to the float (can even exceed the float). The shorts will need to cover their positions, which will cause a short squeeze.
SEC enforcement of Reg SHO will force the brokers to force cover short stock positions.
Massive short squeeze has occurred before in other stocks. Corus Bankshares jumped from $1 to $8 on a massive short squeeze before being closed by the FDIC in 2009.
Shorts have to pay a high interest cost to maintain the short, such as a hard-to-borrow fee for stocks that are tough to find (this is dependent on each brokerage). Such interest can range from 7.5% p.a. to 200% p.a. on the dollar amount of shares shorted. China North East Petroleum (NEP) was halted from May 26, 2010 to Sep 08, 2010 (inclusive), i.e. 106 days, or 3 months 14 days. The interest to be paid could kill the shorts during the halt.
What the Shorts Say
Put writers that get stock assigned to them may not have enough equity in their margin account, especially when such risky stock requires 100% margin. This will trigger margin calls and pressurise them to dump.
Exercise of put options creates a short stock position (put holder) and an equal long stock position (put writer) at the same time. The person with the short stock position can essentially borrow from the equal long stock position, so the “short situation” has not worsened at all.
Most brokers will not ask clients to immediately cover their short stock position if they meet the margin requirements.
Institutions owning the stock will be forced to dump the stock to adhere to their internal rules.
All longs will rush for the exit, no one will be so naive to trust that all longs will cooperate with high limit orders. If there is any spike in the price, longs will rush to sell, effectively ensuring that the price stays down.
The longs’ trust in the company is already shattered, it will take good news and the stock price to rise for the shorts to lose.
The same situation happened with RINO and people were selling at the bid when the stock resumed trading on the pink sheets.
Case Study (RINO)
RINO was a China-based maker of water treatment / pollution control equipment.
Institutional Holders (below RINO blew up): UBS, Bank of America, Deutsche Bank, Barclays and Credit Suisse. Eric Jackson (TheStreet.com) reported that Deutsche Bank increased its RINO position by 38% in 3Q 2010.
Date Event
Nov 17, 2009 Cannacord Genuity initiates coverage with a “Buy” and price target of $34. A more detailed list of analyst coverage can be found here.
Dec 23, 2009 Rodman & Renshaw reiterates “Outperform” rating with price target of $40. Rodman & Renshaw basically kept reiterating their $40 price target under they downgraded it on Nov 17, 2010.
Jul 11-13, 2010 RINO presented at Global Hunter Securities 2010 China Conference at St. Regis Hotel, San Francisco.
Sep 27, 2010 Global Hunter initiates coverage with a “Buy” and price target of $20.
RINO stock was trading around $13-$15 in Sep 2010.
Oct 29, 2010 Downgraded from “Buy” to “Hold” by Cannacord, which highlighted that increasing competition may undermine profitability. Price target lowered from $25 to $18.
RINO stock was trading around $18-$20 in end-Oct 2010.
Nov 02, 2010 Global Hunter cuts rating to “Neutral” on increased competition from flue gas desulfurization (FGD) market and steel mill power shortages in China.
Nov 10, 2010 Muddy Waters initiates coverage with a Strong Sell and a $2.45 price target. Key points made quoted below:
RINO’s FGD sales (60% to 75% of revenue) are much lower than it claims. We found that many of its customer relationships do not exist.
Chinese regulatory filings show that RINO’s consolidated 2009 revenue was only $11 million, or 94.2% lower than it reported in the US. We show that the Chinese numbers are credible.
RINO’s accounting has serious flaws that are clear signs of cooked books.
RINO’s management is draining cash from the company for its own business and personal uses. The management is in flagrant breach of its VIE agreements, which require it to pay income to RINO (as opposed to taking it).
RINO’s balance sheet has an astonishingly small amount of tangible assets for a manufacturer. Rather, it is filled with low quality “paper” assets that balance out the inflated earnings, and likely hide leakage.
RINO is not the industry leader it claims to be in the steel sinter FGD system market. Rather, it is an obscure company in a crowded field, and is best known for its failed projects. Its reported margins are two to three times what they really are. Its technology is sub-par.
We are not sanguine about management “borrowing” $3.2 million to purchase a luxury home in Orange County, CA the day that RINO closed its $100.0 million financing.
RINO stock plunged from $15.52 (Nov 9) to $11.10 (Nov 11).
Nov 11, 2010 RINO commented on Muddy Waters report with “RINO takes its responsibilities to investors very seriously and has launched an internal review of Muddy Waters’ allegations. RINO looks forward to providing investors with a timely and detailed response to the allegations upon completion of its internal review”.
RINO stock plunged from $11.10 (Nov 11) to $7.55 (Nov 15) over a weekend.
Nov 15, 2010 RINO released Q3 results after U.S. market closed.
Cannacord cuts rating from “Hold” to “Sell”, highlighting that the company is not putting up a defense on the fraud allegations, and the real business could indeed be significantly smaller than what the reported financial statements suggest.
Nov 16, 2010 RINO postponed Q3 conference call.
Nov 17, 2010 @ 11:54:11 a.m EST RINO was halted for “news pending” at a last sale price of $6.07.
Nov 17, 2010 Global Hunter suspended coverage due to lack of company response to fraud allegations.
Rodman & Renshaw downgraded it to “Under Review”.
Nov 17, 2010 RINO filed a 8-K stating that Frazer Frost LLP (their auditor) delivered a letter on Nov 17, 2010 to RINO’s Board of Directors with the following points:
RINO’s CEO, had told Frost that 2 of the 6 customers cast doubt upon by research firm Muddy Waters were, in fact, never actually engaged in a contract with RINO.
The CEO highlighted that there might be problems with 20% to 40% of RINO’s other customers.
Frost recommended that the company’s management throw out its audits of RINO for 2008 and 2009, and the quarterly financial statements through September 30, 2010, and await revised financial statements.
Nov 19, 2010 NASDAQ announced that the trading halt status was changed to “additional information requested” from the company.
Nov 29, 2010 Post on Yahoo! Message board highlighted that there will be a report out that day on RINO delisting from the NASDAQ.
Dec 02, 2010 RINO filed an 8-K and announced that it has received a letter from NASDAQ on Nov 29, 2010 stating that based upon its review of the Company and pursuant to NASDAQ Listing Rules 5101, 5250(a)(1) and 5250(c)(1), the staff of NASDAQ believes that the continued listing of the Company’s securities on NASDAQ is no longer warranted. NASDAQ staff’s determination was based on the following:
The Company’s announcement that its previously filed financial reports for fiscal 2008, 2009 and year-to-date 2010 could no longer be relied upon;
The Company’s admission that it had not entered into certain previously disclosed contracts; and
The Company’s failure to respond to the NASDAQ staff’s request for additional information regarding allegations raised by the Muddy Waters, LLC report.
The NASDAQ Letter stated that the statement by the Company’s independent auditors that their audit reports for 2008 and 2009 can no longer be relied upon constitutes a violation by the Company of NASDAQ Listing Rule 5250(c)(1). The letter also states that the Company’s failure to respond to a letter from the NASDAQ staff dated November 17, 2010 constitutes a violation of NASDAQ Listing Rule 5250(a).
The NASDAQ Letter further notified the Company that unless the Company requests an appeal of the NASDAQ staff’s determination, trading of the Company’s common stock will be suspended at the opening of business on December 8, 2010 and a Form 25-NSE will be filed by NASDAQ with the SEC, which will remove the Company’s securities from listing and registration on NASDAQ.
RINO stated that “The Company does not intend to appeal the NASDAQ staff’s determination to delist the Company’s common stock. Pending the delisting of the Company’s common stock, which is expected to occur on December 8, 2010, the suspension of trading in the Company’s common stock, which commenced on November 17, 2010, remains in effect.
The Company currently intends to re-apply for a listing of its common stock on NASDAQ at an appropriate time after the completion of an independent investigation to be conducted by the Audit Committee.”
RINO also disclosed that it has been notified by the Staff of the SEC that the SEC was conducting a formal investigation relating to the Company’s financial reporting and compliance with the Foreign Corrupt Practices Act for the period January 1, 2008 through the present.
Dec 08, 2010 RINO.PK opened on the pink sheets for trading.
Open: $2.00 / High: $5.00 / Low: $2.00 / Close: $3.15
Volume: ~3.3M
Dec 09, 2010 Open: $3.00 / High: $3.12 / Low: $2.66 / Close: $2.96
Volume: ~2.4M
Dec 10, 2010 Open: $2.86 / High: $3.39 / Low: $2.75 / Close: $3.39
Volume: ~1M
Dec 13, 2010 Open: $3.44 / High: $4.25 / Low: $3.40 / Close: $4.08
Volume ~1M
Recent activity Volume tapered off quickly after the first 4 days.
There were 2 dead cat bounces from Dec 08, 2010 to Jan 08, 2011 before hitting a low of $2.00 on Jan 20, 2011 (~1.5 months after it resumed trading)
This was followed by another bounce before hitting a low of $1.55 on Mar 07, 2011 (3 months after it resumed trading).
What’s the Solution?
Don’t play such a situation in the first place.
If you are using puts for protection, own the stock (duh!), if you are worried about taking up too much of your capital, reduce your position, don’t risk it.
Buy put options with expiration some months (2-3 months) out if you expect a significant event around a certain time so that the stock would have resumed trading before your options expire.
Buy put options on other stocks that will drop significantly (but does not have an impending event that could get it halted) if this stock got halted. Note that the prior correlation does not matter. It is a case where when bad things happen, suddenly correlation increases towards 1. E.g. if a Chinese RTO stock got hammered, many other Chinese RTO stocks will get hammered as well.
http://whatheheckaboom.wordpress.com/2011/03/16/dangers-of-owning-puts-without-owning-the-stock/
eenie meenie miney mo
Subsidiaries of the Registrant. (1)
JBI RE ONE Inc., an Ontario, Canada corporation.
Plastic2Oil Land, Inc., a Nevada corporation.
Plastic2Oil Marine, Inc. a Nevada corporation.
PAK-IT, LLC a Florida corporation.
Javaco, Inc., an Ohio corporation.
Plastic2Oil of NY #1, LLC a New York corporation.
JBI RE #1, Inc., a New York corporation.
http://www.sec.gov/Archives/edgar/data/1381105/000121390013001144/f10k2012_jbi.htm