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nope, Richard Altomare was the reason they were shut down. He was dumping shares like mad and buying stuff with proceeds. The SEC finally got him.
Yes, the more DD done, the more depressing it becomes. I'd like to know what all of those amended designations are about, in the Nevada SOS filings.
What will their next entry be? A reverse split, or a doubling of the share authorization to 15 billion?
APCX doesn't even own SSLC. They have a letter of intent, but no ownership at all in SSLC.
SSLC is probably hoping it can just do a reverse merger into the almost-shell company (APCX)
Then they can reverse split, then dilute it right back into the ground, like they are doing right now.
Trader - shares weere all changed to par value $0.0001. Read their financials.
Of course the special classes of shares didn't change.
They also didn't split last time (the special shares), so common shareholders basically got burned. Now the CEO holds over 8 billion shares, on as as-converted basis.
mr power - no change in management failures at Heathrow.
Same old bogus press releases and promises. Why would Heathrow change now. The share selling piggy bank worked well, until the recent SEC problems with illegal unregistered share sales and the bigger problems with their press releases being deleted and no email and website no longer functioning.
Basic weighted average
shares 5 ,265,702,037
Effect of dilutive
securities:
Series C Preferred Stock 2 ,410,714,286
Diluted weighted average
shares 7 ,676,416,323
Income (loss) per share:
Basic: $ ( 0.00) $ 0 .00
Diluted: $ ( 0.00)
It would probably change its ticker to SSLC after a 1:300 or so R/S.
The price would go down because they woud probably keep the A/S at 7.5 billion shares....then dilute an exponentially-higher number of shares....for cash, of couse...at a steep discount.
Did some DD. Look at Nevada filings for:
Action Type: Amended Designation
Document Number: 00002907244-88 # of Pages: 5
File Date: 10/26/2010 Effective Date:
(No notes for this action)
Action Type: Resignation of Officers
Document Number: 20100677988-98 # of Pages: 1
File Date: 9/07/2010 Effective Date:
(No notes for this action)
Action Type: Stock Split
Document Number: 20100541785-73 # of Pages: 1
File Date: 7/22/2010 Effective Date:
Previous Stock Value: Par Value Shares: 500,000 Value: $ 0.001 Par Value Shares: 500,000,000 Value: $ 0.001 No Par Value Shares: 0 ----------------------------------------------------------------- Total Authorized Capital: $ 500,500.00 New Stock Value: Par Value Shares: 7,500,000,000 Value: $ 0.0001 Par Value Shares: 7,500,000 Value: $ 0.0001 No Par Value Shares: 0 ----------------------------------------------------------------- Total Authorized Capital: $ 750,750.00
Action Type: Amended List
Document Number: 20100398607-76 # of Pages: 1
File Date: 6/03/2010 Effective Date:
(No notes for this action)
Advance? Not sure, but those dilutive shares have been advancing into the share pool.....
I think the company still accepts emails at their address. I wonder if Pagnano knows his website is down/ He may be golfing? This was once on their website, among contact info: info@heathrownfb.com
Maybe Florida judgment (against Heathrow) holders finally now own the website and pulled the old sheriff sale on the website?
If HRNF had seizable assets (a Mail drop-box address is not very seizable) like a website?.....probably not as simple as that, right? Tools one could use include:
a. Discovery in aid of Execution, to identify non-exempt assets subject to seizure
b. Piercing of Corporate Veils and theories of Alter Ego to render others liable to pay an outstanding judgment or arbitration award
Wouldn't buy Heathrow....ever.
Just can't bring myself to reward a company that repeatedly has destroyed shareholder value by its failed businesses and tries the next scheme to attract gullible people into buying the over 1 trillion shares (on reverse-splits-adjusted basis) the company has been dumping.
Just could't trust something that has, since inception, relied on dumping shares rather than making money.
Doing simple DD helps one to learn that Pagnano seems to not have attracted much more than a company-paid-promoter support effort (yes, the company discosed they pay/give shares to promoters).
Not working well, I might add.
I would not add even one share or own even one share myself.
Too many serial lies by the company....including massive dilution and basically bogus buyback/float reduction claims in the past.
Those holding share are likely scared now
First they see press releases pulled by the company, then they find Heathrow's website is shut down.
Most cannot sell their shares, even if they wanted to. The stock and the company are basically dead in the water.....taking on water fast.
Vodka fruit bar could be developed by Heathrow?
Vodka fruit bar with acai! That they (HRNF) could do.
I've even seen alcohol tinctures infused with acai and other ingredients. The alcohol breaks down and infuses nutrients. You spray it....sublingual. The nutrients absorb right into the bloodstream, not unlike how chewing tobacco works between cheek & gum. Maybe Heathrow could do something like that.
Everything else they've done has been pretty much complete failure, with Pagnano at the helm.
stimulus - more lies from the CEO? Looks like it, IMO.
Every press release contains at least a couple lies (in bold), repeated by the felon-run scam company (hop-ON)
Note: Peter Michaels got caught red-handed trying to pass-off tampered-with and disguised Nokia phones as their hop-on disposable phones.
.............
Hop-on, Inc. is a leading international manufacturer of electronics. Since the company's inception, it has been known for developing the world's first $10 disposable cell phone. Today, Hop-on remains one of the few U.S. based manufacturers of cellular technology.
Beware of those special classes of shares. The CEO already holds well over 8 billion shares-worth, on an as-converted basis.
If he gives out special shares to SSLC, that could give them 10 or 20 billion more shares-worth, plus cash to keep them afloat.
Remember, the last reverse split hurt common shareholders badly.....because they did not reverse split the "special" classes of shares.
If they do this once again, shareholders may then own only a tiny share of the company....like happened last R/S.
Laughable letter of intent
Due diligence? They are already funneling money to SSLC.
Maybe their computers were seized?
They owe all those judgment liens, too, so maybe the sheriff is seizing Heathrow assets?
A/S = 15 billion shares
Avoid asking the T/A, because T/A doesn't even have correct info on A/S. Contact Delaware, their state of incorporation, or call the CEO. Pagnano welcomes all questions...just beware of lies from him, IMO.
Seven - there are no shorts in Heathrow
Just confirmed no shorting going on.
Looking forward to seeing unaudited financials and the upcoming pinksheets update, now that they have been given the caveat emptor warning from pinksheets, when you try to view their quote.
Correction to previous message
Caveat Emptor warning on pinksheets for HOP-ON.
Pinksheets discontinued all quotes for HOP-ON because of this.
Does this have anything to do with sending pinksheets complaints about HPNN listing 5 billion authorized shares and 2.7 billion outstanding, when Nevada SOS only authorized 2.5 billion shares?
If so, I guess complaints do get heard.....eventually.
The SEC and FINRA now have easy web-based tiplines for people that are concerned with any company.
from pinksheets, under company information:
HPNN Security Details
Share Structure
Market Value1 $1,085,400 a/o May 20, 2011
Shares Outstanding 2,713,500,000 a/o Oct 26, 2010 Float 1,115,000,000 a/o Sep 30, 2010
Authorized Shares 5,000,000,000 a/o Oct 26, 2010
Maybe Peter forgot to ask Nevada SOS for authorization to issue all those shares. I think they've been issuing a lot more dilutive shares.
That's not good.
red, I would not even mention stuff like that
The company may just be having problems...no proof that they have been implicated in anything by anybody. We may have an opinion on the subject or seem skeptical, though.
Only time will tell how the company gets itself out of the DTCC mess thing and provides a believable explanation of the multiple removed press releases.
When it is $0.0001? Soon, IMO.
But then William will have to reverse split, because of dilution and the trouble of placing orders to sell at 0.00005
read below....
REG NMS Sub-Penny Component The Regulation NMS sub-penny component has been implemented. This rule prohibits market participants from displaying, ranking, or accepting quotations, orders, or indications of interest in any NMS stock priced in an increment smaller than $0.01 if the quotation, order, or indication of interest is priced equal to or greater than $1.00 per share. If the quotation, order, or indication of interest is priced less than $1.00 per share, the acceptable minimum price increment is $0.0001. In response to this rule, BOOK will process orders in both OTC and listed stocks in the following: ** Orders entered in sub-pennies on stocks priced equal to or greater than $1.00 per share will be rejected. ** Orders entered in sub-pennies under $1.00 will be either rounded or truncated by BOOK. Buy orders will be truncated to two decimal places. Sell orders will be rounded up to two decimal places. ** An order entered in a penny increment may be executed at a sub-penny price as long as it was not entered in sub-pennies. ** The quote line, displaying the NBBO, will be displayed out to four decimal places.
Page 2 of 4
Restricted Stock Sales Under the Securities Act of 1933, restricted stock may be offered or sold only pursuant to an effective registration statement filed with the SEC, or pursuant to an exemption from the Act's registration requirements. In 1972, the SEC adopted Rule 144 which provides a safe harbor for resales of restricted and control stock and provides an exemption from registration. Clients may not enter orders to sell restricted stock on the Bloomberg Professional Service through the BLOOMBERG TRADEBOOK System without contacting a Bloomberg Tradebook Sales Trader directly.
Does the CEO still own those special preferred shares?
Convertible to over 8 billion common shares?
Ouch.
Caveat Emptor warning on pinksheets for HOP-ON.
Pinksheets discontinued all quotes for HOP-ON because of this.
Does this have anything to do with sending pinksheets complaints about HPNN listing 5 billion authorized shares and 2.7 billion outstanding, when Arizona SOS only authorized 2.5 billion shares?
If so, I guess complaints do get heard.....eventually.
The SEC and FINRA now have easy web-based tiplines for people that are concerned with any company.
from pinksheets, under company information:
HPNN Security Details
Share Structure
Market Value1 $1,085,400 a/o May 20, 2011
Shares Outstanding 2,713,500,000 a/o Oct 26, 2010 Float 1,115,000,000 a/o Sep 30, 2010
Authorized Shares 5,000,000,000 a/o Oct 26, 2010
Trading manipulation and promotion activities?
Looked like traders may have been trading back and forth between nominee accounts to artificially drive up the share price temporarily. Can't confirm this, but it sure looked like the promoters and pump/dump teams were hard at work.
Timing of CEO PM getting off felony probation seems like only coincidence?
I saw that - Heathrow website shut down
Could just be a temporary situation, though.
Wow, that is $0.00005 per share. Obviously HRNF doesn't value its shares very high to be dumping at that price.
Maybe Pagnano is just trying to get cash at any price, destroying shareholder value like he seems to have been doing for years.
NO, if you buy shares you would still get the shares. A company's shares can still be traded without the cussip# that the DTCC dropped.
You can't trade (buy or sell) HRNF at many major brokerage houses because they use DTCC's continuous net settlement services (CNSS) to clear trades and provide custoday services. The restrictions and cusip # drop causes these borkerages to restrict or ban trading in securities like HRNF.
Co's like Vanguard use their own risk management, custody, or other clearing service, so they don't have the same restrictions.
Pagnano was recommending ZECCO. LOL Since the DTCC drop, I've seen Zecco ask for $200-$700 per trade commission for some securities cleared by Pension.
Investigation of PNSN
Case: Penson Worldwide, Inc.
Attorneys: Laurence D. King, Jeffrey P. Campisi
May 13, 2011 – Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) has been investigating Penson Worldwide Inc. (“Penson” or the “Company”) (Nasdaq: PNSN) for potential violations of the federal securities laws. Investors who purchased Company securities may be affected.
The Dallas-based Company's core business lies in clearing trades in securities and derivatives contracts for broker-dealers serving retail investors, as well as high-frequency trading firms that need access to exchanges. The Company also operates a Chicago-based futures brokerage.
On May 13, 2010, Dow Jones reported that a Company board member resigned on May 12, 2011 after the Company's disclosure of his relationship to a large, illiquid bond position held by the Company. Penson reported that it held as trading collateral $42.6 million in bonds issued by a Texas horse-racing track operator that maintains ties with Penson director Thomas R. Johnson. The Company warned that, under certain circumstances, it may write-down the collateral.
"We believe that a significant risk to Penson is that the new disclosures affect its correspondent clearing customers," Rich Repetto, an analyst with Sandler O'Neill, wrote in a research note that warned of competitors poaching Penson's existing customers and potential clients taking their business elsewhere.
At the end of the first quarter, Penson held $97.4 million in nonaccruing receivables, which analysts said reflect nonliquid assets held as collateral against trades gone bad. Nearly half that figure represented bonds issued by Retama Development Corp., owner of Retama Park, a racetrack located in Selma, Texas.
Those bonds are collateralized by the value of Retama Park's real estate, and although they were regularly traded at the time Penson took them as collateral, "there is no longer any active market," according to a note from Raymond James analyst Patrick O'Shaughnessy.
Raising further questions was the relationship of Penson board member Johnson, chief executive of Call Now Inc., which manages the racetrack and owns $15 million of the Retama Development Corp. bonds, according to Sandler O'Neill's Repetto; Call Now was an early investor in Penson.
"While we believe that Call Now's use of RDC bonds as collateral for margin loans could have reasonable explanations, Penson's exposure to $27.8 million of other Retama bonds raises questions about how the concentration of risk developed," Repetto wrote.
For Penson, which has seen its valuation nearly halved to $87.5 million this week, nearly $100 million in nonaccrual receivables is "a troubling level," Repetto wrote.
On May 11, 2011, Penson shares declined 23.8% and on May 12, 2011, Penson shares declined 21.9%.
If you purchased Penson shares and would like to discuss our investigation, please e-mail Jeffrey P. Campisi.
CEO can't keep simple promise of updating pinksheets.
Lied about filing last fall and more recently lied about first week in february.
Since that time, not even one update to shareholders and now we find the CEO is so worried about press releases he put out that he pulls them from his own website.
The company has a history of bogus projections. A little DD confirms that. They also project buybacks, then turn around and dump billions more shares on the gullible that believed the bogus press releases.
Can't candy-coat that.
No bid, $0.0001 ask soon for HOp-On
The felon CEO has never been successful in ANY venture he has ever tried.
Now that we see Heathrow pulling its press releases without explanation, the plot only thickens.
The SEC doesn't announce its investigations until it decides to take administrative or civil action for illegal conduct.
It sometimes gives a party a wells notice,but a company does not have to disclose it.
HRNF is named in the illegal share selling scheme by Gendarme, but is not the target of that SEC complaint.
Just find a different broker or avoid penny stocks that dilute as their primary business model.
The SEC action against Gendarme apparently caused the shutdown of buys and sells of Heathrow shares at most reputable brokers.
We have yet to see what the SEC investigation reveals about the Heathrow CEO's involvement.