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Its a steal at that PPS imo
Smells like huge news is about to break here! Go APII!
Wheres Rainmaker been? Havent seen him post here in awhile now...
U out there Rain?
CFTC's Chilton: MF Failure Shows Need For Greater Regulation
Dec 16, 2011 08:01:27 (ET)
By Andrew Ackerman
Of DOW JONES NEWSWIRES
WASHINGTON (Dow Jones)--Commodity Futures Trading Commission member Bart Chilton is renewing calls to boost regulations of futures merchants in light of failed brokerage MF Global Holdings Ltd. (MFGLQ).
Chilton is calling for Congress to develop a new type of insurance fund to fill customer losses in the event of insolvency, among a series of reforms designed to instill "confidence and trust back into our U.S. derivatives markets."
"The MF Global debacle has highlighted some significant problems with how we treat and deal with customer monies," Chilton said in a letter to the top lawmakers on the House and Senate Agriculture committees, which oversee the CFTC.
The fund would likely be modeled on the Securities Investor Protection Corp. (SIPC), an industry association that insures cash and securities up to $500,000 in customer accounts. No similar fund exists in the futures market.
Until MF Global's collapse, many in the industry assumed the segregation of customer funds from client assets was sufficient protection for investors.
The CFTC has been leading the probe into what happened to more than $1 billion in missing customer funds since the agency as notified of a potential shortfall nearly seven weeks ago. Regulators say MF Global told them about the missing money just hours before the firm filed for bankruptcy on Oct. 31.
Chilton, a Democrat, has generally been a supporter of greater regulation of financial markets mandates by last year's Dodd-Frank law.
CFTC Chairman Gary Gensler said last week that he hasn't developed an opinion about the merits of a SIPC-like fund for futures firms. But he said the agency would consider additional ways "to enhance customer protections."
Though the CFTC voted last week to tighten restrictions on how futures firms invest customer money, Chilton said in his letter that the commission ought to consider additional tightening. The CFTC should limit futures firms to investing customer funds in domestic government securities, he said.
Chilton also said CFTC needs to work with Congress to review whether to harmonize the law with other countries that have adopted "customer consent to investment."
-By Andrew Ackerman, Dow Jones Newswires; 202-569-8390; andrew.ackerman@dowjones.com
--Jamila Trindle contributed to this story.
Alot of shortable shares available here, http://www.interactivebrokers.com/en/trading/ViewShortableStocks.php?cntry=usa&tag=United%20States&ib_entity=llc&ln=&asset=&b=MDL&e=MHH
Someone had to put huge ask on 15's now, come on man!
Patrick, How about an Update and/or PR here or atleast a filing, come on man! Whats going on with the Acq or JV???????????
SLAP THAT ASSSSKKK! Boyz & Girlz!
Maybe we will see news again soon? Updates r needed for this to get a nice push northward
jmo Go EGOC!
Ihub has APII short interest at: Short Interest, Short % of Out
55,267 0.31 %
Any thoughts?
Judge Says MF Global Can Continue Using Cash Collateral
Dec 14, 2011 12:28:12 (ET)
By Joseph Checkler
Of DOW JONES DAILY BANKRUPTCY REVIEW
NEW YORK (Dow Jones)--A judge on Wednesday said MF Global Holdings Ltd. (MFGLQ) could continue using up to $21.3 million in cash collateral it has in accounts with J.P. Morgan Chase & Co. (JPM), after the parent of the liquidating brokerage satisfied the concerns of several parties, including J.P. Morgan itself.
Judge Martin Glenn of U.S. Bankruptcy Court in Manhattan approved the use of the collateral, accepting language changes protecting the rights of creditors and brokerage customers, as well as a budget that spells out how MF Global can use the collateral. Judge Glenn had approved the use of some of the cash collateral at MF Global's first-day bankruptcy hearing.
"The funds in the account presumptively belong to the debtor," the judge said, referring to some brokerage customers' concerns that the money might actually belong to individual customers.
In a court filing, MF Global said it can use the collateral for operating expenses, fees owed to its trustee, and "reasonable restructuring expenses" including fees to professionals.
Judge Glenn overruled an objection by an organization called the Commodity Customer Coalition, which called for only $10 million of the cash collateral to be made available immediately with the rest of it held back for a later time.
One of the overarching problems many parties had with the cash collateral request is an estimated shortfall of $1.2 billion in the brokerage accounts of individual MF Global customers. Those customers, some of which are represented by the CCC, contend that there's no way to know whether some of the cash collateral is actually money that should be owed to customers.
Judge Glenn told a lawyer for the CCC that there was no proof that any of the money covered by the cash collateral belonged to customers, a contention the lawyer agreed with.
A lawyer for the trustee overseeing MF Global also said there was no evidence that any of the funds on deposit included customer property.
MF Global Holdings Ltd. filed for bankruptcy protection in late October and is now being overseen by Former Federal Bureau of Investigation Director Louis J. Freeh, who was appointed as Chapter 11 trustee in the case late last month. Its main operating arm, the brokerage, is being unwound by James W. Giddens Jr. under the provisions of the Securities Investor Protection Act.
Giddens, who hasn't backed down from his estimate that $1.2 billion could be missing from customer accounts, said for the first time last week that his office found "suspicious" transfers made from segregated accounts in the days leading up to MF Global's bankruptcy filing.
In Washington on Tuesday, CME Group Inc. (CME) Executive Chairman Terry Duffy told a Senate panel that former MF Global Chief Executive Jon Corzine may have known of a loan to one of the firm's European affiliates using segregated customer accounts, contradicting Mr. Corzine's own testimony earlier in the day.
-Andrew Ackerman contributed to this article.
(Dow Jones Daily Bankruptcy Review covers news about distressed companies and those under bankruptcy protection.)
-By Joseph Checkler; Dow Jones Newswires; 212-416-2152; joseph.checkler@dowjones.com
("Judge Says MF Global Can Continue Using Cash Collateral," published at 10:16 a.m. EST, referred to trustee James W. Giddens incorrectly in the ninth paragraph. A corrected version follows.)
By Joseph Checkler
Of DOW JONES DAILY BANKRUPTCY REVIEW
NEW YORK (Dow Jones)--A judge on Wednesday said MF Global Holdings Ltd. (MFGLQ) could continue using up to $21.3 million in cash collateral it has in accounts with J.P. Morgan Chase & Co. (JPM), after the parent of the liquidating brokerage satisfied the concerns of several parties, including J.P. Morgan itself.
Judge Martin Glenn of U.S. Bankruptcy Court in Manhattan approved the use of the collateral, accepting language changes protecting the rights of creditors and brokerage customers, as well as a budget that spells out how MF Global can use the collateral. Judge Glenn had approved the use of some of the cash collateral at MF Global's first-day bankruptcy hearing.
"The funds in the account presumptively belong to the debtor," the judge said, referring to some brokerage customers' concerns that the money might actually belong to individual customers.
In a court filing, MF Global said it can use the collateral for operating expenses, fees owed to its trustee, and "reasonable restructuring expenses" including fees to professionals.
Judge Glenn overruled an objection by an organization called the Commodity Customer Coalition, which called for only $10 million of the cash collateral to be made available immediately with the rest of it held back for a later time.
One of the overarching problems many parties had with the cash collateral request is an estimated shortfall of $1.2 billion in the brokerage accounts of individual MF Global customers. Those customers, some of which are represented by the CCC, contend that there's no way to know whether some of the cash collateral is actually money that should be owed to customers.
Judge Glenn told a lawyer for the CCC that there was no proof that any of the money covered by the cash collateral belonged to customers, a contention the lawyer agreed with.
A lawyer for the trustee overseeing MF Global also said there was no evidence that any of the funds on deposit included customer property.
MF Global Holdings Ltd. filed for bankruptcy protection in late October and is now being overseen by Former Federal Bureau of Investigation Director Louis J. Freeh, who was appointed as Chapter 11 trustee in the case late last month. Its main operating arm, the brokerage, is being unwound by James W. Giddens under the provisions of the Securities Investor Protection Act.
Giddens, who hasn't backed down from his estimate that $1.2 billion could be missing from customer accounts, said for the first time last week that his office found "suspicious" transfers made from segregated accounts in the days leading up to MF Global's bankruptcy filing.
In Washington on Tuesday, CME Group Inc. (CME) Executive Chairman Terry Duffy told a Senate panel that former MF Global Chief Executive Jon Corzine may have known of a loan to one of the firm's European affiliates using segregated customer accounts, contradicting Corzine's own testimony earlier in the day.
(Dow Jones Daily Bankruptcy Review covers news about distressed companies and those under bankruptcy protection.)
-By Joseph Checkler, Dow Jones Newswires; 212-416-2152; joseph.checkler@dowjones.com
--Andrew Ackerman contributed to this article.
(END) Dow Jones Newswires
December 14, 2011 12:28 ET (17:28 GMT)
Wish the stinkin CEO would get a filing out or news to stop this crappy trading.
EGOC THINNING OUT NICELY!! Get shares before the next run! Coming soon!
JMO
Where is the volume today? EGOC has everything going for it except theres no volume...
MF's Corzine may have known of customer loan: CME
By Ronald D. Orol
Dec 13, 2011 17:49:32 (ET)
WASHINGTON (MarketWatch) -- An auditor with the CME Group Inc. was informed that former MF Global Chief Executive Jon Corzine may have known about a loan made using customer funds to one of the firm's European affiliates, CME Executive Chairman Terrence Duffy said Tuesday.
Duffy told senators on the Senate Agriculture Committee that he learned about the disclosure over the weekend and that the loan was for roughly $175 million. The CME Group (CME, Trade ) has provided this information to the Justice Department, according to Duffy, who declined to name the MF Global executive who said Corzine was aware of the breach.
Regulators are investigating whether the brokerage tapped into customer-segregated futures accounts for its own proprietary trading. No one at the firm has been charged, so far but a trustee overseeing the bankruptcy reported that roughly $1.2 billion in customer funds are missing.
New York-based MF Global (MFGLQ, Trade ) filed for bankruptcy on Oct. 31 after disclosing sizable exposure to derivatives and other investments related to billions of dollars in European sovereign debt.
Testifying before the committee immediately before Duffy, Corzine said he never authorized the misuse of customer funds, and that he doesn't believe it would be possible to construe anything he'd done as an authorization for that kind of activity.
"I have no reason to believe that until evening of Oct. 30 that there was a misuse of customer funds, Corzine said. "I think speculating should be done in context of facts that are being developed by the investigators."
Echoing Corzine's comments were Bradley Abelow, president and chief operating officer of MF Global, and Henri Steenkamp, the company's chief financial officer. Both Abelow and Steenkamp joined Corzine in telling lawmakers that they didn't know the whereabouts of missing funds.
"I do not know what happened and I am awaiting the results of the investigation to inform all of us. I was shocked to be informed on Oct. 30 that there was a shortfall in customer funds. I can't speculate beyond that," Abelow said.
Abelow testified that he did not recall participating in any conversation about the use of customer funds "other than for the intended purposes."
Senators on Tuesday presented scenarios for how the estimated $1.2 billion in customer funds may have been misappropriated at failed MF Global.
Sen. Pat Roberts, Republican from Kansas and the top Republican on the Senate Agriculture Committee, said he believed that it was "well within the realm of possibility" that a classic run on the bank overwhelmed MF Global, and that an executive could have communicated an order on Friday, Oct. 28 to use customer funds to cover the firm's liquidity -- thinking that by Monday everything would be fine because an infusion of capital from a new buyer would replace the missing money.
MF Global had been courting a potential suitor for the firm in the days before it filed for bankruptcy, according to executives at the firm.
"Could it be possible that one or more of your operational money movers who reported to you was told to cover the liquidity needs or margin calls overwhelming the firm's cash flow by taking money out of the segregated accounts?" asked Roberts.
Sen. Debbie Stabenow, Democrat from Michigan and chairman of the committee, asked Corzine and Steenkamp if knowing what they know now would they again sign documents required by the post-Enron Sarbanes- Oxley Act, assuring that MF Global's internal controls over financial reporting were accurate.
"Given what you know today and $1.2 billion in customer funds potentially missing, would you sign this document again?" she asked.
In response, Corzine and Steenkamp both said that they could not. "Knowing what we know today and knowing there are missing customer funds, I would not be able to sign that," the latter replied.
The Commodity Futures Trading Commission, Securities and Exchange Commission and the Federal Bureau of Investigation are conducting investigations into the failure.
Both Abelow and Steenkamp agreed to testify voluntarily, according to a spokeswoman for the Republican staff of the committee. They both swore an oath to tell the truth. Corzine, reiterating comments he made to a House Agriculture committee on Thursday, apologized to investors who appear to have lost money.
Sen. Kent Conrad, Democrat from North Dakota, raised concerns that demands on the company for cash at the end of the week ending Oct. 28 were extraordinary and that could have led to some misappropriation of customer funds.
However, Corzine declined to comment specifically on the question, adding that "there were increasing demands for margin in different places" and that the process slowed up the clearing and movement of transactions. He said that for specifics he wanted to look at records, which were not currently available for him to review
Conrad said knowledgeable people in the area of futures trading have speculated that the money may have been transferred under someone's authority from client accounts to be used by the firm's broker-dealer, with the expectation that the firm would be made whole the following week, because the company was owed money that would come in the normal course of business. The senator elaborated that based on this hypothesis, MF Global's declaration of bankruptcy means the funds owed to the firm likely were never transferred to it.
"Do you believe it is possible that at the end of the day there will be a finding at the end of the day that MF Global is owed money to cover the shortfall?" Conrad asked.
Corzine replied that he wouldn't speculate on that possibility, except to note that it was a possibility. However, he said he needed more information and time to study the situation.
Both Democrats and Republicans raised concerns about farmers and ranchers who appear to have lost money at MF Global, as well as for others who have lost trust in the system.
"They believed that there were safeguards in place to protect their money in exactly this situation," said committee chairman Stabenow.
So far, six weeks after the bankruptcy, thousands of former investors at MF Global have had accounts frozen or have received only partial distributions.
Lawmakers also said that they have heard from some farmers, who were in futures as a hedge, that the missing funds have had a chilling effect on investment in the markets.
Thats correct, death spiral here, how do we get out of it?
Any buy volume w NO bid whacking and this will be .003's before u know it...
JMO
EGOC Pre-market Looking even thinner than ever before! Only MM NITE showing below $.006 here
Along w this more from EGOC CEO: "When new eyeballs come our way, they will look at everything . . . everything you did before you decided to own stock . . . what's the current market like, what's the sentiment . . . what's the company like . . . what's the potential future . . . what's the plan . . . how does the company treat its shareholders . . . is this a P&D or is it the real thing . . . is there value . . . and, and, and . . . should I buy now or wait?
As shareholders, you too need to consider this, and I ask you to do so. You too are not only sitting in the open-house, you're the owners.
Let the IR Team do its thing, but remember that you're on display as much as me."
GO EGOC!!!
Yes, sir me too bro. Should be a nice Green Holiday for all of us EGOC'rs here!
EGOC CEO said we paid for the new IR Firm with Cash, not shares. "I want to be clear: that's not what we did, nor what we're doing. This is a real campaign - a true, "get the word out" effort. We hired and paid cash - not stock - to a true IR Firm with the intent of helping us attract new potential investors."
Exchange it right here on this board, no one will see it, lol... or move on, this stock is a POS and nothing more imo sorry to say
Have to be w this play..lol
Hearing good things coming for EGOC!!!
Board marked!
TY! EGOC should move up to test .002 EOD today. Just needs alil TLC and were off! Hearing great things coming on this play, soon!
Security Notes
Capital Change=shs increased by 7 for 1 split, payable upon surrender.. Pay date=08/24/2010.
Probably take it down alil this morning then bam!
EGOC premarket looking good
yup...agreed
Glad they increased the A/S here 900% to 900mil looking good to go further down from here...
Investor Information
Financial Disclosure Documents
FYE 2010
2009-11-12: Initial Disclosure Statement
2009-11-16: 2009-09-31: 1st Quarter Financial Disclosure
2010-02-23: 2009-12-31: 2nd Quarter Financial Disclosure
2010-07-12: 2010-03-31: 3rd Quarter Financial Disclosure
2010-07-13: 2010-06-30: 4th Quarter Financial Disclosure
FYE 2011
2011-02-19: 2010-09-30: 1st Quarter Financial Disclosure
2011-02-20: 2010-12-31: 2nd Quarter Financial Disclosure
Shareholder Structure as of Thursday, 17 2011 ???????What???
Common Shares
Total Authorized Common Shares: 900,000,000
Total Issued and Outstanding Common Shares: 71,320,596
Total Restricted Common Shares: 35,982,392
Total Non-restricted Common Shares: 35,338,204
Preferred Shares
Total Authorized Preferred Shares: 100,000,000
Total Issued and Outstanding Preferred Shares: 15,000,000
Total Restricted Preferred Shares: 15,000,000
Total Non-Restricted Preferred Shares: 0
Thanks for all that you do here on the HUB!!
Maybe worth a small bet here at current PPS now? Lotto pic at best here on this known POS...
GLTA!
2ND UPDATE: MF Global Trustee Found 'Suspicious' Transfers Pre-Collapse
Dec 9, 2011 17:57:41 (ET)
--Trustee will hold back $1 billion as it continues to investigate shortfall.
--No plans to distribute the additional $1 billion any time soon
--Exact shortfall won't be known until claims are filed and sorted
(Adds no further comment by spokesman about suspicious transfers or trades in fourth paragraph.)
By Joseph Checkler
Of DOW JONES DAILY BANKRUPTCY REVIEW
NEW YORK (Dow Jones)--The trustee liquidating the brokerage of MF Global Holdings Ltd. (MFGLQ) has uncovered "suspicious" transfers made from customer accounts in the days before the company collapsed in late October, a lawyer said Friday morning.
A lawyer for James W. Giddens, the trustee, was answering a judge's question about whether an investigation into MF Global had shown suspicious transfers from the so-called "segregated accounts" that still appear to have a significant shortfall.
The lawyer said he couldn't give more details about the trades, as they're part of several federal investigations.
In an interview with reporters after the hearing, trustee spokesman Kent Jarrell said he couldn't elaborate on the suspicious transfers or trades that may have been flagged.
In court, Giddens's lawyer didn't budge from a prior estimate of how much customer money could be missing from the customer accounts at MF Global, which collapsed into bankruptcy in late October and immediately came under scrutiny for possibly squandering customer money.
"We cannot say that the deficit is necessarily any less than $1.2 billion," said the lawyer, Hughes Hubbard & Reed LLP's James B. Kobak Jr.
Kobak added that the exact shortfall won't be known until all customer claims are filed and sorted out. Kobak said the trustee's office is "not in a position to decide whether criminal activity" was involved.
Kobak told Judge Martin Glenn of U.S. Bankruptcy Court in Manhattan that a third transfer of customer accounts to third parties which Glenn approved on Friday, would mean that about 72% of the money in customer accounts will be available to them soon. The trustee will hold back about $1 billion as it continues its investigation, Kobak said, adding that the office would wait a while before determining whether to transfer more.
Judge Glenn said the $1 billion number, which some parties said is too high, was the right number for the reserve.
Giddens's office has already transferred about $2 billion worth of customer accounts to new firms, and the third transfer would cover about $2.1 billion more. Most of that $2.1 billion would be transferred in a matter of days, Kobak said.
The new transfer will "true-up" the accounts of all former customers of the collapsed broker-dealer, according to a spokesman for the trustee, after a series of fund transfers last month left some complaining of unfair treatment.
MF Global Holdings, the parent company, filed for Chapter 11 bankruptcy protection on Oct. 31, while its main operating arm, the brokerage, was designated to be unwound by Giddens in accordance with the Securities Investor Protection Act.
The trustee said he is working with an investigative team consisting of lawyers and forensic accountants from Deloitte and Ernst & Young, as well as with The Department of Justice, regulators and exchange operator CME Group Inc. (CME).
(Dow Jones Daily Bankruptcy Review covers news about distressed companies and those under bankruptcy protection.)
-By Joseph Checkler; Dow Jones Newswires; 212-416-2152; joseph.checkler@dowjones.com
--Jacob Bunge and Dan Strumpf contributed to this article.
(END) Dow Jones Newswires
December 09, 2011 17:49 ET (22:49 GMT)