Hunting Value
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Pretty much, yeah. lol.. Just seems wierd... Was someone looking at their computer screen about to make a trade and was like, "Gosh, gonna have to invent 55 phantom shares so grandma can have her 100,000 shares." Just seems like an odd number.
Where does it say specifically that the numbers in the text file are percentages or whole numbers? I know some numbers are way to big to be percentages... but who would short 55 shares? I mean, how does "that" happen? Are pinksheets numbers based on who reported it to them? Are the reports from the companies themselves so variable as to interpretation of what "short interest" is??
From investopedia.com:
Short Interest
Short interest is the total number of shares of a particular stock that have been sold short by investors but have not yet been covered or closed out. This can be expressed as a number or as a percentage.
http://www.investopedia.com/articles/01/082201.asp
So, pinksheets says the stock is shorted?
Apparent evidence of shorting if pinksheets.com is considered a valid source:
http://www.pinksheets.com/Jul25,2006.txt
symbol/business name/venue/month+year/short interest/percent change/average daily volume/days to cover
LFWK|LOFTWERKS INC|Pink Sheets|07/2006|55|100.00|4,519,937|1.00
Word search LFWK... It looks like 55% of O/S are shorted?
I could be wrong...
Back to 400%
This was for the building supply portion: https://esos.state.nv.us/SOSServices/AnonymousAccess/CorpSearch/CorpDetails.aspx?lx8nvq=3jTAXTqYdC80kvn1T3%252fB8Q%253d%253d
And this for the "acquisitions" portion of Sulja:
https://esos.state.nv.us/SOSServices/AnonymousAccess/CorpSearch/CorpDetails.aspx?lx8nvq=DxoEtEmuaADMWNYYM6GnHQ%253d%253d
Note the 800M shares identified for the SLJB (Sulja Bros Building Supply) business listing.
We have the technology.
Go here and tell me Nevada has no requirements: http://www.leg.state.nv.us/NRS/NRS-078.html#NRS078Sec235
I'm thinking Sulja wants his business value to be accurately assessed just as bad as their share holders. We all know that share prices are extremely subject to perception but having verified share certificates in your hand go along way on clearing up any misperceptions.
Apparently, companies based out of Nevada are required to prove their stock certificates by providing the actual certificates to share holders upon request. This would validate share structure and boost investor confidence. Nevada is not the only state to be concerned about protecting businesses and investors from illegal market manipulation. Utah also has laws that protect businesses from having their business valuation raped on the open market. See: http://www.forbes.com/business/2006/07/28/naked-shorts-hedgefund-cx_lm_0728hedgefolo.html . Since the SEC isn't bearing their teeth, states are stepping up.
I googled "nevada stock certificate rules" or something like that and found some legislation. Here's a copy and paste from http://www.leg.state.nv.us/NRS/NRS-078.html#NRS078Sec235 (It sounds like companies in NV are required to provide certs (which is good) but then it also sounds like companies are authorized to issue "uncertified shares" and that gets a little conufusing to me):
NRS 78.235 Stock certificates: Validation; facsimile signatures; uncertificated shares and informational statements; replacement.
1. Except as otherwise provided in subsection 4, every stockholder is entitled to have a certificate, signed by officers or agents designated by the corporation for the purpose, certifying the number of shares owned by him in the corporation.
2. Whenever any certificate is countersigned or otherwise authenticated by a transfer agent or transfer clerk, and by a registrar, then a facsimile of the signatures of the officers or agents, the transfer agent or transfer clerk or the registrar of the corporation may be printed or lithographed upon the certificate in lieu of the actual signatures. If a corporation uses facsimile signatures of its officers and agents on its stock certificates, it cannot act as registrar of its own stock, but its transfer agent and registrar may be identical if the institution acting in those dual capacities countersigns or otherwise authenticates any stock certificates in both capacities.
3. If any officer or officers who have signed, or whose facsimile signature or signatures have been used on, any certificate or certificates for stock cease to be an officer or officers of the corporation, whether because of death, resignation or other reason, before the certificate or certificates have been delivered by the corporation, the certificate or certificates may nevertheless be adopted by the corporation and be issued and delivered as though the person or persons who signed the certificate or certificates, or whose facsimile signature or signatures have been used thereon, had not ceased to be an officer or officers of the corporation.
4. Unless otherwise provided in the articles of incorporation or bylaws, the board of directors may authorize the issuance of uncertificated shares of some or all of the shares of any or all of its classes or series. The issuance of uncertificated shares has no effect on existing certificates for shares until surrendered to the corporation, or on the respective rights and obligations of the stockholders. Unless otherwise provided by a specific statute, the rights and obligations of stockholders are identical whether or not their shares of stock are represented by certificates.
5. Within a reasonable time after the issuance or transfer of shares without certificates, the corporation shall send the stockholder a written statement containing the information required on the certificates pursuant to subsection 1. At least annually thereafter, the corporation shall provide to its stockholders of record, a written statement confirming the information contained in the informational statement previously sent pursuant to this subsection.
6. Unless otherwise provided in the articles of incorporation or bylaws, a corporation may issue a new certificate of stock or, if authorized by the board of directors pursuant to subsection 4, uncertificated shares in place of a certificate previously issued by it and alleged to have been lost, stolen or destroyed. A corporation may require an owner or legal representative of an owner of a lost, stolen or destroyed certificate to give the corporation a bond or other security sufficient to indemnify it against any claim that may be made against it for the alleged loss, theft or destruction of a certificate, or the issuance of a new certificate or uncertificated shares.
Okay, I don't know how to make my own post w/o it being a reply.. can't see "that" button...
Any way, I googled "nevada stock certificate rules" or something like that and found some legislation. Here's a copy and paste from http://www.leg.state.nv.us/NRS/NRS-078.html#NRS078Sec235 (It sounds like companies in NV are required to provide certs (which is good) but then it also sounds like companies are authorized to issue "uncertified shares" and that gets a little conufusing to me):
NRS 78.235 Stock certificates: Validation; facsimile signatures; uncertificated shares and informational statements; replacement.
1. Except as otherwise provided in subsection 4, every stockholder is entitled to have a certificate, signed by officers or agents designated by the corporation for the purpose, certifying the number of shares owned by him in the corporation.
2. Whenever any certificate is countersigned or otherwise authenticated by a transfer agent or transfer clerk, and by a registrar, then a facsimile of the signatures of the officers or agents, the transfer agent or transfer clerk or the registrar of the corporation may be printed or lithographed upon the certificate in lieu of the actual signatures. If a corporation uses facsimile signatures of its officers and agents on its stock certificates, it cannot act as registrar of its own stock, but its transfer agent and registrar may be identical if the institution acting in those dual capacities countersigns or otherwise authenticates any stock certificates in both capacities.
3. If any officer or officers who have signed, or whose facsimile signature or signatures have been used on, any certificate or certificates for stock cease to be an officer or officers of the corporation, whether because of death, resignation or other reason, before the certificate or certificates have been delivered by the corporation, the certificate or certificates may nevertheless be adopted by the corporation and be issued and delivered as though the person or persons who signed the certificate or certificates, or whose facsimile signature or signatures have been used thereon, had not ceased to be an officer or officers of the corporation.
4. Unless otherwise provided in the articles of incorporation or bylaws, the board of directors may authorize the issuance of uncertificated shares of some or all of the shares of any or all of its classes or series. The issuance of uncertificated shares has no effect on existing certificates for shares until surrendered to the corporation, or on the respective rights and obligations of the stockholders. Unless otherwise provided by a specific statute, the rights and obligations of stockholders are identical whether or not their shares of stock are represented by certificates.
5. Within a reasonable time after the issuance or transfer of shares without certificates, the corporation shall send the stockholder a written statement containing the information required on the certificates pursuant to subsection 1. At least annually thereafter, the corporation shall provide to its stockholders of record, a written statement confirming the information contained in the informational statement previously sent pursuant to this subsection.
6. Unless otherwise provided in the articles of incorporation or bylaws, a corporation may issue a new certificate of stock or, if authorized by the board of directors pursuant to subsection 4, uncertificated shares in place of a certificate previously issued by it and alleged to have been lost, stolen or destroyed. A corporation may require an owner or legal representative of an owner of a lost, stolen or destroyed certificate to give the corporation a bond or other security sufficient to indemnify it against any claim that may be made against it for the alleged loss, theft or destruction of a certificate, or the issuance of a new certificate or uncertificated shares.
Back up on that azz with the rezzurekshun!
Yeah, but the ferrari had gear shifters on the steering wheel.
Style points IMO!
Can someone please direct me to a good L2 source? I don't mind paying a few bucks a month. I'm on E-trade but I guess I don't trade enough for the "good" L2 service they have... if they even have one that is relatively easy to access...
Yes, you can get beer there.
So SLJB has 90 days to file?
I hear that frequently at work, "Trust but verify" and never realized it was RR. Thanks for the info.
Who is RR? Ronald Regan?
Thanks, Greenspirit.
Okay, if anyone else was wondering exactly how "phantom shares" are possible I'm posting a fairly basic description that I found at forbes.com (http://www.forbes.com/business/2006/07/28/naked-shorts-hedgefund-cx_lm_0728hedg efolo.html)
The article is about Utah state legislation to protect Utah companies but the description of naked shorts and phantom shares applies to any trading stock:
Stock transactions are supposed to clear in three days. It is the responsibility of the broker-dealer handling a transaction to locate the stock, or at least have reasonable belief that he will be able to locate the stock, and make sure it gets delivered to the buyer. If that delivery doesn't happen, the trade is deemed "failed to deliver."
Most times, failures are cleared up in a matter of hours or days and are related merely to administrative snafus.
But people like Byrne contend that aggressive short-sellers also can manipulate the system (with broker-dealers looking the other way) and trade, despite getting "fails-to-deliver." That's what's called naked short-selling. In effect, it creates phantom shares in a company and drives down the price of its stock.
I just started reading here today. I'm invested in SLJB and I hope it does well. It's future is as uncertain as any business that is in the public eye and subject to scrutiny.
With that said, I have something to say about the adults posting on this board. I completely respect that Lakers17 is trying to have an adult discussion about this stock. I completely disrespect anyone that responds in a dogged and defensive manor towards someone trying to have a reasonable adult discussion.
I like to have the bad news, the good news, the not-so-good news, the not-so-bad news, and ANY news related to a company that I have an interest in because I want to know every angle on where I lay MY interests.
With that said, please stop the argumentative, defensive and dogged approach to anyone that provides insight that is outside of obligatory praise in the self interest of pumping a stock.
GO SLJB!