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They don't need more time. Time isn't going to change a thing. They're probably exasperated that the silly bagholders just won't go away.
I know exactly what that letter says, Forrest.
The Task Force received certificates from broker/dealers that were acting as intermediaries. In many cases, they were bound to be custodians of their customers' IRA accounts. (You don't own the securities in your IRA account. The trustee owns them. You are the beneficiary of your IRA.)
In his complaint letter, Frizzell states, "the brokers have no rights to receive the distribution absent any proprietary holdings." Unfortunately, Frizzell is dead wrong. If they have the certificates (and they did) then they are in fact legally entitled to participate in the distribution.
But Frizzell's cert pull never had anything to do with determining who the rightful owners of stock in CMKM Diamonds would be. The ultimate source for that information is ALWAYS the stock transfer ledger maintained by the transfer agent. To have been caught up in this bogus "cert pull", Frizzell was either incredibly stupid, a crook, or both.
There are certificates. The Task Force just didn't want to touch them.
http://cmkmtaskforce.com/nasdcomplaint.php
Don't worry, 20year... The transfer agent has no legal right to block you from receiving any pending distributions. Just don't hold your breath waiting for one.
In retrospect, I don't think Frizzy ever believed in "Shorty" nor do I believe he desperately wanted to.
However, it IS important for his enterprise that YOU believe in "Shorty".
It is possible to annuitize the contents of an IRA and start taking distributions before you turn 59 1/2 without paying any penalties... though you will be liable for income taxes just like those who draw down their IRA's after turning 59 1/2.
You will recall that Frizzy didn't want to honor those certificates that were being presented by intermediaries.
Of course you'd have to have been out of your mind to put CMKM Diamonds shares in your IRA, but if you DID put CMKM Diamonds shares in your IRA and CMKM Diamonds ever did distribute anything of value to her shareholders, then those IRA accounts would be entitled to the same distribution as anyone else.
Good thing, in a most bizarre way, that there won't be any distribution, eh?
_IF_ someone, unsolicited, were to offer Forrest cash for his old CMKM Diamonds shares, he would be within his rights to liquidate them in a private transaction.
IF, on the other hand, Forrest was in the habit of flipping CMKM Diamonds shares (or any other unregistered security) for a 150% mark-up and was constantly trying to line up buyers and sellers, then, yeah, the SEC would definitely have something to say about it.
And it probably wouldn't be very nice.
You'll get nothing and like it.
The rules are not ambiguous.
Issuers have been relying upon Regulation D to privately sell unregistered securities for decades.
Though "delidog" is not an issuer, (Reg D was written solely for issuers), the SEC could easily determine his activities fulfill those for the definition of a "dealer".
And as despicable and predatory as his behavior may be, I can't help but wonder, what kind of a moron would actually give $250 to "delidog" for a million shares of CMKM Diamonds this late in the game?
Forrest is half right here (which, for him, is an incredible improvement).
Yes, an owner of CMKM Diamonds shares may sell his or her property, though there are a number of requirements that must be met in order for such a transaction to be considered "private". It also sounds like "delidog" has failed to meet those requirements and is illegally engaged in publicly offering unregistered shares.
As for the nomenclature of whether these shares are "registered", Forrest, again, is half right. Somewhere, somehow, the shares of all corporations are "registered" on a shareholder roster. Whether its a corporate treasurer or a transfer agent that's maintaining the records, all shareholder ownership is "registered" in one form or another.
HOWEVER, "registration" as a publicly traded security is another animal altogether. And here, true to form, Forrest is wrong. In the context of the world of publicly traded securities, CMKM Diamonds shares are not "registered".
"Good Will"
You never bothered to look at what kind of assets WorldCom was holding, did you?
On what charges?
That's laughable, Forrest, but just what I would expect from you.
Mahue is a doddering old fool who doesn't appear to have known the first thing about what was going on behind the scenes with CMKM Diamonds. Who's he going to go after and for what?
Besides... anyone who successfully naked short sold CMKM Diamonds had the right position. They win.
I dunno. I thought DeWayne had come to see the light one day when he started sniveling to me about being probed for pumping Desert Health Products.
Next thing you know, he's touting their Bird Flu "Cure".
... but don't tell Debi Kiontke or Jim Brewer that...
Christian Traders vs. 419-scammers... who's worse?
It'd make for a great poll.
Jesus loves a pump'n'dump?
(I think he's funning with us.)
Things can always change, but so far Byrne has been a short-sellers wet dream.
He's got nothing on Darren.
That's no way to talk to one of your fellow Kool-Aid drinkers.
BooBoo hasn't been right since Overstock screwed the pooch last spring.
Just imagine what he's gonna do when Novastar cuts their dividend.
On the contrary.
Faulk's sensationalism in general, and his embracing CMKM Diamonds in particular, demonstrate what a scam the cries of "naked short selling" have been.
Maybe when his wife catches up to him and bounces his ass Howie the Nurse will give him a sponge bath...
Of all the people caught up in this scam, Howie the Nurse has to be one of the most bizarre... He's sort of a Debi with an M-16.
Waiting for Claudia and Veronica to show up.
I called Island Entertainment to see who they might have available.
They asked about the venue and the attendees.
I told them it was for some CMKXers.
They offered to send Claudia and Veronica.
http://www.islandentertainmentsonline.com/acatalog/strippercostume.jpg
Fine, fine.
You won't be getting an invite to the stripper party we're having for Ric's birthday.
I know, I know... It's cool, I was just bustin' on ya.
This is the source of my signature.
http://www.angelfire.com/hi3/pearly/humor/bundy.html
YES! I KNOW!
I'm jimmyb1967!
There is no doubt that his company was massively shorted. As it turns out, that was the right bet to make on this company.
However, the REAL problem is that there are still people out there who think today's events are the consquence of people shorting Overstock.
Overstock didn't walk off a cliff today because people shorted its shares. People shorted its shares because they realized the company was about to walk off a cliff.
HEY!!!
That's MY post! You bastard...!
But... but... but... that would be... wrong...
On some level, that is indeed an understandable objection.
Perhaps we should petition the folks at OneChicago to extend their single-stock futures down to the BB's and the pinks...
I thought perhaps there was some sort of a rationale behind your objection.
This still doesn't answer my question.
Why would you object to "naked short selling" taking place with any other company?
I've seen his name come up as someone who's been engaging in private securities transactions with CMKM Diamonds.
But I thought he was another one of the Kool-Aid drinkers?
Why restrict the conversation to CMKM Diamonds?
OK, OK, in the case of CMKM Diamonds...
(1) Find a mullet who really expects a CMKM Diamonds Pay Day.
(2) Offer him long exposure at a price that's a half or a third (or less, what do you care? it's worth zero) of what he expects the shares to be worth.
You probably won't find anyone with an interest in CMKM Diamonds who'll take the other end of this trade with you. I tried before revocation and could find no one so it's even less likely there's anyone out there stupid enough to take your offer of long exposure now.
But aside from CMKM Diamonds, why would you object to "naked short selling" taking place with any other company?