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Pursuant to Docket #1030, the United States Bankruptcy Court has established April 6, 2009 at 4:00 pm prevailing Eastern Time as the deadline to file proofs of claim against the Debtors. In addition, the Court has established May 26, 2009 at 4:00 pm prevailing Eastern Time as the Governmental Unit Bar Date.
Please keep in mind that the judge has on his calendar the 7th as the summary judgement for the main case which includes the four remaining test cases. Though, this sounds too good to be true to have this resolved sooner than later, some good news could come on the 7th. We are telling ourselves not to expect too much on the 7th and are willing to wait until September or longer if necessary...
Good work - thanks coleman48820
They call that Naked Shorting right???? You think that is whats going on with this stock??
Here is some info for your peruse...Thanks Grumman for the info yesterday...
Folgende Antwort bezieht sich auf Beitrag Nr.: 34.963.774 von Kampfmittelraeumdienst am 03.09.08 15:31:47
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Heute habe ich mal die Gelegenheit, auf dein böses Posting gegenüber meiner Person zu antworten:
There’s a form of the securities fraud known as naked short selling that is becoming very popular and lucrative to the market makers that practice it. It is known as “Cellar boxing” and it has to do with the fact that the NASD and the SEC had to arbitrarily set a minimum level at which a stock can trade. This level was set at $.0001 or one-one hundredth of a penny. This level is appropriately referred to as “the cellar”. This $.0001 level can be used as a "backstop" for all kinds of market maker and naked short selling manipulations.
“Cellar boxing” has been one of the security frauds du jour since 1999 when the market went to a “decimalization” basis. In the pre-decimalization days the minimum market spread for most stocks was set at 1/8th of a dollar and the market makers were guaranteed a healthy “spread”. Since decimalization came into effect, those one-eighth of a dollar spreads now are often only a penny as you can see in Microsoft’s quote throughout the day. Where did the unscrupulous MMs go to make up for all of this lost income? They headed "south" to the OTCBB and Pink Sheets where the protective effects from naked short selling like Rule 10-a, and NASD Rules 3350, 3360, and 3370 are nonexistent.
The unique aspect of needing an arbitrary “cellar” level is that the lowest possible incremental gain above this cellar level represents a 100% spread available to MMs making a market in these securities. When compared to the typical spread in Microsoft of perhaps four-tenths of 1%, this is pretty tempting territory. In fact, when the market is no bid to $.0001 offer there is theoretically an infinite spread.
In order to participate in “cellar boxing”, the MMs first need to pummel the price per share down to these levels. The lower they can force the share price, the larger are the percentage spreads to feed off of. This is easily done via garden variety naked short selling. In fact if the MM is large enough and has enough visibility of buy and sell orders as well as order flow, he can simultaneously be acting as the conduit for the sale of nonexistent shares through Canadian co-conspiring broker/dealers and their associates with his right hand at the same time that his left hand is naked short selling into every buy order that appears through its own proprietary accounts. The key here is to be a dominant enough of a MM to have visibility of these buy orders. This is referred to as "broker/dealer internalization" or naked short selling via "desking" which refers to the market makers trading desk. While the right hand is busy flooding the victim company's market with "counterfeit" shares that can be sold at any instant in time the left hand is nullifying any upward pressure in share price by neutralizing the demand for the securities. The net effect becomes no demonstrable demand for shares and a huge oversupply of shares which induces a downward spiral in share price.
In fact, until the "beefed up" version of Rule 3370 (Affirmative determination in writing of "borrowability" by settlement date) becomes effective, U.S. MMs have been "legally" processing naked short sale orders out of Canada and other offshore locations even though they and the clearing firms involved knew by history that these shares were in no way going to be delivered. The question that then begs to be asked is how "the system" can allow these obviously bogus sell orders to clear and settle. To find the answer to this one need look no further than to Addendum "C" to the Rules and Regulations of the NSCC subdivision of the DTCC. This gaping loophole allows the DTCC, which is basically the 11,000 b/ds and banks that we refer to as "Wall Street”, to borrow shares from those investors naive enough to hold these shares in "street name" at their brokerage firm. This amounts to about 95% of us. Theoretically, this “borrow” was designed to allow trades to clear and settle that involved LEGITIMATE 1 OR 2 DAY delays in delivery. This "borrow" is done unbeknownst to the investor that purchased the shares in question and amounts to probably the largest "conflict of interest" known to mankind. The question becomes would these investors knowingly loan, without compensation, their shares to those whose intent is to bankrupt their investment if they knew that the loan process was the key mechanism needed for the naked short sellers to effect their goal? Another question that arises is should the investor's b/d who just earned a commission and therefore owes its client a fiduciary duty of care, be acting as the intermediary in this loan process keeping in mind that this b/d is being paid the cash value of the shares being loaned as a means of collateralizing the loan, all unbeknownst to his client the purchaser.
An interesting phenomenon occurs at these "cellar" levels. Since NASD Rule 3370 allows MMs to legally naked short sell into markets characterized by a plethora of buy orders at a time when few sell orders are in existence, a MM can theoretically "legally" sit at the $.0001 level and sell nonexistent shares all day long because at no bid and $.0001 ask there is obviously a huge disparity between buy orders and sell orders. What tends to happen is that every time the share price tries to get off of the cellar floor and onto the first step of the stairway at $.0001 there is somebody there to step on the hands of the victim corporation's market.
Once a given micro cap corporation is “boxed in the cellar” it doesn’t have a whole lot of options to climb its way out of the cellar. One obvious option would be for it to reverse split its way out of the cellar but history has shown that these are counter-productive as the market capitalization typically gets hammered and the post split share price level starts heading back to its original pre-split level.
Another option would be to organize a sustained buying effort and muscle your way out of the cellar but typically there will, as if by magic, be a naked short sell order there to meet each and every buy order. Sometimes the shareholder base can muster up enough buying pressure to put the market at $.0001 bid and $.0002 offer for a limited amount of time. Later the market makers will typically pound the $.0001 bids with a blitzkrieg of selling to wipe out all of the bids and the market goes back to no bid and $.0001 offer. When the weak-kneed shareholders see this a few times they usually make up their mind to sell their shares the next time that a $.0001 bid appears and to get the heck out of Dodge. This phenomenon is referred to as “shaking the tree” for weak-kneed investors and it is very effective.
At times the market will go to $.0001 bid and $.0003 offer. This sets up a juicy 200% spread for the MMs and tends to dissuade any buyers from reaching up to the "lofty" level of $.0003. If a $.0002 bid should appear from a MM not "playing ball" with the unscrupulous MMs, it will be hit so quickly that Level 2 will never reveal the existence of the bid. The $.0001 bid at $.0003 offer market sets up a "stalemate" wherein market makers can leisurely enjoy the huge spreads while the victim company slowly dilutes itself to death by paying the monthly bills with "real" shares sold at incredibly low levels. Since all of these development-stage corporations have to pay their monthly bills, time becomes on the side of the naked short sellers.
At times it almost seems that the unscrupulous market makers are not actively trying to kill the victim corporation but instead want to milk the situation for as long of a period of time as possible and let the corporation die a slow death by dilution. The reality is that it is extremely easy to strip away 99% of a victim company’s share price or market cap and to keep the victim corporation “boxed“ in the cellar, but it really is difficult to kill a corporation especially after management and the shareholder base have figured out the game that is being played at their expense.
As the weeks and months go by the market makers make a fortune with these huge percentage spreads but the net aggregate naked short positions become astronomical from all of this activity. This leads to some apprehension amongst the co-conspiring MMs. The predicament they find themselves in is that they can’t even stop naked short selling into every buy order that appears because if they do the share price will gap and this will put tremendous pressures on net capital reserves for the MMs and margin maintenance requirements for the co-conspiring hedge funds and others operating out of the more than 13,000 naked short selling margin accounts set up in Canada. And of course covering the naked short position is out of the question since they can’t even stop the day-to-day naked short selling in the first place and you can't be covering at the same time you continue to naked short sell.
What typically happens in these situations is that the victim company has to massively dilute its share structure from the constant paying of the monthly burn rate with money received from the selling of “real” shares at artificially low levels. Then the goal of the naked short sellers is to point out to the investors, usually via paid “Internet bashers”, that with the, let’s say, 50 billion shares currently issued and outstanding, that this lousy company is not worth the $5 million market cap it is trading at, especially if it is just a shell company whose primary business plan was wiped out by the naked short sellers’ tortuous interference earlier on.
The truth of the matter is that the single biggest asset of these victim companies often becomes the astronomically large aggregate naked short position that has accumulated throughout the initial “bear raid” and also during the “cellar boxing” phase. The goal of the victim company now becomes to avoid the 3 main goals of the naked short sellers, namely: bankruptcy, a reverse split, or the forced signing of a death spiral convertible debenture out of desperation. As long as the victim company can continue to pay the monthly burn rate, then the game plan becomes to make some of the strategic moves that hundreds of victim companies have been forced into doing which includes name changes, CUSIP # changes, cancel/reissue procedures, dividend distributions, amending of by-laws and Articles of Corporation, etc. Nevada domiciled companies usually cancel all of their shares in the system, both real and fake, and force shareholders and their b/ds to PROVE the ownership of the old “real” shares before they get a new “real” share. Many also file their civil suits at this time also. This indirect forcing of hundreds of U.S. micro cap corporations to go through all of these extraneous hoops and hurdles as a means to survive, whether it be due to regulatory apathy or lack of resources, is probably one of the biggest black eyes the U.S. financial systems have ever sustained. In a perfect world it would be the regulators that periodically audit the “C” and “D” sub-accounts at the DTCC, the proprietary accounts of the MMs, clearing firms, and Canadian b/ds, and force the buy-in of counterfeit shares, many of which are hiding behind altered CUSIP #s, that are detected above the Rule 11830 guidelines for allowable “failed deliveries” of one half of 1% of the shares issued. U.S. micro cap corporations should not have to periodically “purge” their share structure of counterfeit electronic book entries but if the regulators will not do it then management has a fiduciary duty to do it.
A lot of management teams become overwhelmed with grief and guilt in regards to the huge increase in the number of shares issued and outstanding that have accumulated during their “watch”. The truth however is that as long as management made the proper corporate governance moves throughout this ordeal then a huge number of resultant shares issued and outstanding is unavoidable and often indicative of an astronomically high naked short position and is nothing to be ashamed of. These massive naked short positions need to be looked upon as huge assets that need to be developed. Hopefully the regulators will come to grips with the reality of naked short selling and tactics like "Cellar boxing" and quickly address this fraud that has decimated thousands of U.S. micro cap corporations and the tens of millions of U.S. investors therein.
Grumman - similar to the video on IOU's: Jim Cramer Uses CNBC to Manipulate Stocks
To understand this you have to understand how short selling works. A short seller will borrow stock (say at $10) and then sell it immediately and pocket the money ($10). Then, when the company's stock value plummets ($1), they buy it at its deflated value and pocket the difference ($9). This is perfectly legal. But there's another variety that takes place because of a flaw in the system.
This is where a short seller sells stock that they haven't actually borrowed yet. There are loopholes that allow shorters to do this legally, but those loopholes have allowed the practice to be abused - which is illegal. Therefore, it is quite easy to fraudulently put on the open market shares of stock that do not, nor ever will, exist. These phantom shares do nothing but crash the value of a stock and therefore make legitimate short transactions highly profitable.
http://www.opednews.com/articles/Jim-Cramer-Uses-CNBC-to-Ma-by-the-web-090306-905.html
SEC is reportedly documenting the activities...we are so thankful that we have legitimate shares!!!!!!!!!
Arnold - you will need a special hat with your beer - were planning on hiring a party planner along with Vince Vance for entertainment...
We could have quite a few attending - tons of employees or ex-employees from LFG, FNF, Markel, Waterstone, LFG Board, Dimensional Fund, Old Republic, Institutions, ZC, Chandler, Evans, Alpert, McCann, Ramos, etc.
In all expectations after reviewing the company balance sheet ending 3rd Qtr 2008. And keeping in mind what has actually transpired in financial dealings with LFGRQ,one could easily see that with an O/S a little over 15 Million shares that after the CH11, discharge this stock could easily find its way back into the $40.00+ pps.
--
David M Benson of Charleston S.C
Dave - missed your call: 1st Qtr 2009 shareholder equity rose; therefore, pps should increase..
The Obama administration is considering melding the Treasury’s plan to set up private investment funds to buy frozen assets with the Fed program, known as the TALF, people familiar with the matter say. Geithner may make an announcement as soon as this week, after his first unveiling of the strategy caused a sell-off in financial stocks.
“Congress now is saying very plainly that you better have a good rationale, which means political capital has to be spent,” Rajan said. “This is where President Obama has to step up, and say: ‘this is important, we need to do it quickly, and we need you to spend money.’”
Rajan backed the Fed’s efforts and said the central bank under Ben S. Bernanke’s leadership has done a “very good job.”
“It’s time for the Treasury to step up and come out with its plan in all its detail and start actually operating that plan,” he said. “The recapitalization, the cleaning-out, all that stuff is up to the Treasury and it’s time that we see something.”
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a87KeGTcbwrc
Thanks Grumman for your support and your DD and wisdom...
We hope OUR 'hat' WYNNS in a tsunamic manner!!!!!!!!!!
Yep - thanks - man your fast...
Besides the slide show of the varios posts, we would like to have special hats for everyone made. Name tags to have both real and post name...
We are expecting many to attend that used to work for LFG.
http://chapter11.epiqsystems.com/default.aspx
Just pick on LandAmerica and Dockets...Many folks we know check this link hourly...at least once in the morning and once after hours...
LandAmerica's extension of time stands so we Wynn again...Docket 1130 3/19/2009 Hearing held; argument held; MOTION GRANTED; order to be submitted (Re: related document(s)[1063] Motion to Extend Exclusivity Periods filed by LandAmerica Financial Group, Inc.).
Hearing held; GRANTED; order to be submitted (Re: related document(s)[1031] Motion to Sell filed by LandAmerica Financial Group, Inc.).
Judge appears to have sided on LandAmerica's side once again on all items posted on the Dockets today - 100% for us aint bad...IOO
FNF above $20.14
FNF hit $20 around 1:40pm today...
Mr. Evans, CFO signed the January 31, 2009 statement March 18, 2009: "IN ACCORDANCE WITH TITLE 28, SECTION 1746, OF THE UNITED STATES CODE, I DECLARE UNDER PENALTY OF PERJURY THAT I HAVE EXAMINED THE FOLLOWING MONTHLY OPERATING REPORT (ACCRUAL BASIS-1 THROUGH ACCRUAL BASIS-8) AND THE ACCOMPANYING ATTACHMENTS AND, TO THE BEST OF MY KNOWLEDGE, THESE DOCUMENTS ARE TRUE, CORRECT AND COMPLETE. DECLARATION OF THE PREPARER (OTHER THAN RESPONSIBLE PARTY): IS BASED ON ALL INFORMATIONOF WHICH PREPARER HAS ANY KNOWLEDGE."
ACCRUAL BASIS-1:
$746,541,000 shareholder equity as of January 31, 2009
15,471,000 shares
$48.25 pps
Our understanding is that this does not include Centennial Bank or the increase in the value of the FNF stock.
Please don't buy any more shares on this information...until our order has been filled...
LFG Education - Timeline:
LandAmerica records its largest single transaction to date when MGM Grand purchases Mirage Resorts for $6.4 billion.
LandAmerica makes the Fortune magazine list of Most Admired Companies for the fourth time, and is awarded the number one ranking in the mortgage services industry.
LandAmerica celebrates its 10th anniversary: 130 years in the making.
LandAmerica is recognized again as number one in the mortgage services industry on the Fortune 2008 list of Most Admired Companies.
http://www.landam.com/About+Us/Overview.htm
FNF at $19.97
FNF up to $19.75
We hope not yet anyway...they have established a special committee to determine the best timing of the sale(s).
assets - liabilities = shareholders' equity...that simple per Ed - Ed is a professional auditor for the past 30+ years...
The money has to go somewhere - only place is the common stock.
EOM
All it takes is some institution to wake up and buy about 5-million shares or so...that should do it...otherwise, the shorts will remain king of the mountain...IOO
March 18 (Bloomberg) -- The Federal Reserve opened a new front in its battle to bring down borrowing costs across the economy, pledging to buy as much as $300 billion of Treasuries and stepping up purchases of mortgage bonds.
We believe that some will continue to short this stock, not sure exactly the motive, but we have some good ideas...price should be low until April 7th, IOO
Just kidding...
Don't buy anymore...
746,541,000 shareholder equity as of January 31, 2009
15,471,000 shares
$48.25 pps
This does not include Centennial Bank or the increase in the value of the FNF stock.
Please don't buy any more shares on this information, cause more needy folks than you perhaps need more shares.
Grumman - per our conversation and besides the other company we discussed...Manufacturer W.R. Grace and Company filed for protection from creditors in 2001 after an increase in asbestos claims left it with no recourse but Chapter 11.
After the settlement was announced, investors started celebrating Grace's recovery, for a share of its stock soared from a low of $1.52 to $26.56 in June. (2008)
Looking foward to April 7th...
Also...
The modifications to the proposed settlement filed today to which the Official Committee of Unsecured Creditors of WorldCom have consented provide that in the event of confirmation of a plan of reorganization of WorldCom by the Bankruptcy Court, WorldCom's obligations under the Commission's judgment shall be deemed to be satisfied by the company's payment of $500,000,000 in cash and by its transfer of common stock in the reorganized company having a value of $250,000,000 to a distribution agent to be appointed by the District Court. The supplemental relief, if approved, would allow victims of the fraud to share in the potential upside of owning WorldCom common stock when it emerges from bankruptcy.
Thanks for your post. We all hope Treasury Secretary Tim Geithner provides the details this time...
Grumman: Senior Financial Officers oversee the Company’s financial organization and are responsible for acting at all times in the best interests of the Company and its shareholders.
http://www.landam.com/Investor+Information/Investor+Relations.htm
UP 21% - fly chicken fly...
Thanks Grumman!!
LandAmerica % Held by Insiders: 22.60% back in Dec/Jan and...
Today it is reported as 27.41% - an increase of 4.81%.
Enterprise Value (17-Mar-09): $45.17M or $3.11 pps - Weigh this as: "Data derived from multiple sources or calculated by Yahoo! Finance"
This is down from 5-Jan-09 Enterprise Value: $45.79M
Zolfo Cooper have negotiated a percentage fee - prior to our take - they did not do this with American Mortgage where the debts were greater than the assets and they call the shots - why would these folks, who represented Enron, want a percentage of nothing? They negotiated a percentage because there are assets to be had...
Enterprise Value (17-Mar-09): $45.17M or $3.11 pps - Weigh this as: "Data derived from multiple sources or calculated by Yahoo! Finance"
http://finance.yahoo.com/q/ks?s=LFGRQ.PK
We are still in the $30 pps range.
FF03: $40+ pps
Earnie and Ed: $50+ pps
By the time we win, for all the dd time we have spent, we will have made five bucks and hour and a Coke...lol
Similar to searching for the Titanic; however, we do believe we have her (Ms. LandAmerica) in our radar...EOM
Enterprise Value (17-Mar-09): $45.17M or $3.11 pps - Weigh this as: "Data derived from multiple sources or calculated by Yahoo! Finance"
http://finance.yahoo.com/q/ks?s=LFGRQ.PK
We are still in the $30 pps range.
FF03: $40+ pps
Earnie and Ed: $50+ pps
Go LFG!!!
We should be glad the pps is low, as this is probably what LFG wants.
Zolfo Cooper is getting a percentage and also probably reviewed prior to public release - they also want the shareholder equity value reported accurately, so we are banking on this accuracy - $48 pps.
Between Earnie, Ed and my investment company we are well over a million shares...
Low O/S and great PPS based upon reported information.
The CEO and CFO could be inflate the Shareholder Equity Value and violate specific laws enacted after Enron - in that case we can watch them go to prison for 10 to 20 years.
Now, not only Earnie is at $50+ pps, we have Ed - who is one of the auditors for large corporations. Ed reviewed the fourth quarter report and said the CEO and the CFO could face up to 20 years in prison for false reporting or inflating the assets - since Enron, new laws were enacted to prevent asset inflation; however, Ed thinks they probably diluted the assets to provide a safety factor.
The stock is being shorted, perhaps intentionally, until the April 6th waiting period is up, so we will continue to add - probably until it is above 0.45 pps.
The following are documented numbers PRIOR to fourth quarter report:
a. Total assets $3,325,100,000
b. Total debts (including debts listed in 2(c), below) $2,839,800,000
c. FNF stock purchase agreement: $282,000,000
Total assets a - b + c = $767,300,000
Number of outstanding shares: 15,471,000
Value of outstanding shares: $49.58/share
The following are documented numbers AFTER based upon the fourth quarter report:
"Total Shareholder Equity: $746,242,000" page 3 of 16
Number of outstanding shares: 15,471,000
Value of outstanding shares: $48.24/share
This does not include Centennial Bank with $80+M Equity.
We are expecting details on the Government addressing the toxic assets in the next two to three weeks.
SIGN THE PETITION FOR THE SEC TO REINSTATE THE UPTICK RULE
http://bx.businessweek.com/short-selling/sign-the-petition-for-the-sec-to-reinstate-the-uptick-rule/16859311283925865702-61b7cc4dcb64b3fc235732abde105681/
The Securities and Exchange Commission could be forced to reinstate the so-called uptick rule courtesy of legislation introduced Monday in the U.S. Senate, which takes aim at abusive shorting and naked short selling.
More on C Defending the AIG Bonuses!Stocks Near Break-Even as Industrials WarnCiti Board Pick May Be Pandit ReplacementToday's Outrage: Citi, Morgan Want to Pad PayStocks Flat on Nucor, Alcoa NewsBanks Earnings May Surprise in First QuarterAIG Bailout Details Don't Tell the Full StoryCramer's 'Mad Money' Recap: March 163 Stocks I Saw on TVAIG Bonuses Draw Obama's Ire Market Activity American International Group Incorporated| AIG UPBank of America Corporation| BAC DOWNCitigroup Incorporated| C UPThe bill, co-sponsored by Sen. Ted Kaufman (D., Del.) and Sen. Johnny Isakson (R., Ga.), seeks to reinstate the uptick rule that prohibited short sales that are not made on an increase in the price of the stock. The senators are asking the SEC to write regulations within 60 days.
"Abusive short selling is tantamount to fraud and market manipulation and must be stopped -- now," Sen. Kaufman said during the introduction of the legislation on the Senate floor. "The uptick rule should have never been repealed. To permit people to sell shares they don't have and won't be able to deliver turns investment into pure speculation. The time has come for this practice to stop."
The uptick rule, instituted by the SEC following the Great Depression, said that the short selling of stocks could be done only after the share price ticked higher above the prior sale. The rule was designed as a guardrail that slowed down the short selling process, preventing short sellers from driving the price of a stock lower at a faster clip.
In a short sale, an investor can borrow a stock from a broker, sell it to other investors, and attempt to buy it back at a lower price before returning it to the original lender. The difference in the transactions is kept as a profit.
Would like them to get out of debt and drop the Q with the shares intact - if so, this could rise back up to the highs in 5 years or so...
Creditors may contact the attorneys for the Official Committee of Unsecured Creditors of LandAmerica 1031 Exchange Services, Inc. by calling our toll free helpline available 24 hours a day, 7 days a week at:
1 (866) 396-9684
OR
E-Mail us at LESContact@akingump.com
We have left a message for a return call...