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Jannie-give me a call over here. I still owe you a drink.
Nh-you don't think closing operations and receivership is bad?
Nufced-Now THAT is funny!!!
And Moscowitz is just two hours from Pine Island.
What fun. All the receiver records are subject to FOIA!!
Sally-you don't have a file number or name? You wouldn't be making crap up, would you?
YIKES, panther. I hope you are OK. Hospitals are not good places!!
I hear the crickets
Chiton chirps for a brief life
Astonishing sound.
Questionable, hockmir? On what basis are the reports questionable? Do you have credible evidence that Sulja or Rennie are lying?
And a direct quote is first hand, not second hand.
Should be a good news month for USXP. Altomare contempt hearing on the 12th. A ruling on the receiver's motion to go after assets individually, and the second receivers report. Lots o Fun!!
Altomare earned $1M as Universal Express relied on illegal stock sales
South Florida Business Journal - by Brian Bandell
While Boca Raton-based Universal Express' operations were supported by illegally selling $9.5 million in unregistered securities, former CEO Richard Altomare collected about $1 million, according to a receiver's examination of the company.
Miami-based attorney Jane Moscowitz reported the findings on Sept. 28 to a New York federal court judge who had appointed her the company's receiver on Sept. 7 and ousted Altomare. The SEC won $25.7 million in damages against Universal Express, Altomare and general counsel Chris Gunderson over selling unregistered securities and issuing false and misleading press releases.
When Moscowitz took over the company, she found Universal had $83,000 in the bank and couldn't meet its $112,000 bi-weekly payroll to employees other than Altomare and his wife. She dismissed the employees.
The company was behind in rent and had accounts payable of $3.4 million. That includes $450,000 to New York's Madison Square Garden, $300,000 to Major League Soccer, $300,000 to the National Hockey League, $267,450 to the operating company of the BankAtlantic Center in Sunrise and $173,416 to The New York Times for advertising.
For the fiscal year ended June 30, the luggage shipping company (OTCBB: USXP) had revenue of $1.2 million and expenses of $4.4 million, Universal Express officials told the receiver. The liabilities were $7.1 million.
"Substantially all of the company's income since Jan. 1, 2007, has come from the sale of securities, and it cannot meet its obligations without a continued stream of funds from such sources," Moscowitz wrote.
She also found employees, excluding Altomare, charged $61,000 to their credit cards for company expenses, but weren't reimbursed.
Meanwhile, Altomare collected $1 million in salary, including a $200,000 bonus, from January through Sept. 1. Altomare's wife made $43,076 during that time, although Moscowitz said Altomare could not explain what her job was.
Arthur Tifford, the Miami-based attorney for Altomare and Gunderson, did not return a call for comment. They appealed the ruling by the federal judge, who ordered them to appear on Oct. 12 to show cause why they should not be held in contempt and possibly jailed.
Boca Raton-based attorney Andrew Schwartz, who represents a former Universal Express employee, said Moscowitz should pay former employees out of funds from corporate assets she's selling.
"I believe the ex-employees would have a potential cause of action against Altomare, and probably could win a judgment, but the question is whether they could collect a judgment," Schwartz said. "There are bigger people who want to get him."
You need to ask, hock? We exist to manipulate the stock of promising new companies and drive them out of business. It's what FAKE does for fun.
How to loot a company: an illustrated primer
http://materialevidence.angelfire.com/exhibitd.pdf
Watch for a S. Fla. Bizjournal article tomorrow. It won't be pretty.
So, rrm, I guess that plni should have shown up on the sho list, eh?
The trustee will have total access to the books and records. Turek is SO screwed.
Including, of course, payments to promoters.
No, need, it isn't a lie. And I don't name my sources.
Just what services did emerald provide, slick?
gerard-it was at the ask. geeze
Need-i have a source who absolutly confirms that Emerald got their shares at a 50% discount to market, and did nothing for them but kick back money to USXP. If you don't like it, then find a contra source.
Let's look these people up.
Detail by Entity Name
Florida Limited Liability Company
LES BIJOUX, LLC
Filing Information
Document Number L02000006747
FEI Number 550788264
Date Filed 03/21/2002
State FL
Status ACTIVE
Principal Address
306 N. PLAZA REAL
MIZNER PARK FL 33432
Changed 02/15/2005
Mailing Address
306 N. PLAZA REAL
MIZNER PARK FL 33432
Changed 02/15/2005
Registered Agent Name & Address
FEIGENBAUM, ALAN
1700 W. WOOLBRIGHT RD #6
BOYNTON BEACH FL 33426 US
Name Changed: 09/25/2003
Address Changed: 09/25/2003
Manager/Member Detail
Name & Address
Title MGRM
DAHAN, SIMON
306 N. PLAZA REAL
MIZNER PARK FL 33432
Title MGRM
OSIPOV, GREGORY
306 N. PLAZA REAL
MIZNER PARK FL 33432
Well, virginian, you believe wrong:
The Court further barred Altomare from serving as an officer and director of any public company, finding him “substantially unfit†to serve in such capacity because he abused his position of power in a public company by “repeatedly and brazenly committing fraud and flouting investor-protecting registration requirements.†(Opinion, p., 27). The Court noted that Altomare’s “apparent refusal to acknowledge the types of conduct that violate the securities laws raises serious concern that he will engage in misconduct in the future.†(Opinion, p. 28).
The wingnuts who mailed the threats to Moscowitz and Judge Lynch don't have a clue as to how much trouble they may have bought. And since the Patriot Act, the penalties are much stiffer. They could be charged with terrorism.
For Immediate Release
April 21, 1999
MAN CONVICTED OF THREATENING
FEDERAL JUDGES BY INTERNET E-MAIL
Katrina C. Pflaumer, United States Attorney for the Western District of Washington, announced that CARL EDWARD JOHNSON, 49, of Bienfait, Saskatchewan, Canada, has been convicted on four felony counts of sending threatening e-mail messages via the Internet to federal judges and others. The convictions were announced following a seven-day trial before United States District Judge Robert J. Bryan, in Tacoma, Washington. JOHNSON was convicted of one count of Retaliating Against a Judicial Officer, one count of Obstructing Justice by Making a Death Threat Against a Judicial Officer, and two counts of Transmitting Threatening Communications in Foreign Commerce. The first three charges were based on death threats posted to the Internet naming two federal judges based in Tacoma and Seattle. The fourth charge was based on an e-mail threat sent directly to Microsoft Chairman Bill Gates. JOHNSON was acquitted on one count of Obstructing Justice.
http://www.cybercrime.gov/johnson.htm
Puppy-Altomare is also banned by the Judge's order in the summary judgement from serving as an officer of director of a public company.
All he really knows how to do is sell stock. I have it on good authority that the 2007 round of share dumps were sold to "financeers" at a 50%!!! discount to market.
Karyn-this stock never had FTD's of any consequence, and it is well on it's way to final dissolution. Eventually its registration will be revoked. It no longer is an operating company.
What on earth do you think the elimination of the grandfather clause would possibly have to do with USXP?
CTB-"million share blocks" don't sound all that impresive when you translate them into dollars, do they?
Virginian-every single share beyond the S-8 bankruptcy authorization is indeed unregistered. Billions and billions of them.
You didn't notice that in the judge's decision?
Day-only your primary residence is excluded from claims, and if it was obtained with funds from fraud, then it is fair game too.
I-and probably others-alerted the receiver to the amazing disappearing loans.
So, virginian, you have no opinion about the $1.6 or so million that disappeared from the balance sheet?
Let me post the actual communication as fact, Virginian. Delete that:
thanks--it was not on that schedule for sure.
What do you know about the hate mail? Is it circulated??
jmoscowitz@mmmpa.com
Moscowitz & Moscowitz, P.A.
Mellon Financial Center
1111 Brickell Avenue, Suite 2050
Miami, FL 33131
Telephone: (305) 379 8300
Facsimile: (305) 379 4404
Gee, Virginian, the receiver emailed me back about the missing $1.7 million. Interesting, eh?
It's not exactly of national interest, wii.
They do investigate defunct shells, Virginian. That's why over 400 non-operating shells have been revoked in the past several years in order to prevent them from being used in pump and dumps.
As far as revoked shares trading, I've never seen it happen myself.
The cruise line cancelled the VB contract, virginian.
Overachiever-there are hundreds of thousands of dollars in personal expenses paid to Altomare et. ux. that the Receiver hasn't identified yet. Even the credit card payables shown in her report (amex and business platinum) are primarily RA's personal expenses.
When she goes back a few months she will find a $50,000 paid to a New York tailor for Altomare's new wardrobe. Geeze, I wish they could afford a forensic accountant. Maybe the IRS or DOJ has one to spare.
Stock-probably because USXP owes the trucking company more than the value of the vehicles purchased, so an alle alle infree is probably in everybody's best interest.
Puppy-How to make a quick $1.7 million personal Altomare bucks with the stroke of a pen:
For years USXP's largest single balance sheet assets were a pair of loans made by the company to Altomare and his wife. The auditors formerly included the loans in the discussion, as follows:
NOTE 3 - LOAN TO OFFICER
Prior to the enactment of the Sarbanes-Oxely act, the Company's Chief
Executive Officer, in accordance with the such officer' employment
contract was entitled to secure loans from the Company in an amount not to
exceed $950,000. The board agreed to forgive 10% per year (2.5% quarterly)
of the outstanding balance of the Company loans to such officer,
commencing January 2, 2001. These loans bear interest at the applicable
federal rate, which approximated 6% during the year ended June 30, 2003.
As of June 30, 2003 the amount owed under such loan is $819,060.
NOTE 4 - RELATED PARTY RECEIVABLES
As of June 30, 2003, the Company has advanced $906,000 to the spouse of
the Chief Executive Officer, who is also an employee of the Company. The
repayment terms of such advances have not yet been determined. My comment-the note had no interest rate.
http://www.sec.gov/Archives/edgar/data/857351/000090901203000665/t300569.txt
As of the most recent 10QSB, those amounts are still contained in the balance sheet as assets, but with no note in the auditors statement outlining any detail
OTHER ASSETS:
Loan to Officer 707,791
Related Party Receivables 906,000
However, the balance sheet (Exhibit A) of the Receiver's report does not contain these two items.
Gee, I wonder what happened to them?
Thanks for the files, jking. I threw them up at:
http://materialevidence.angelfire.com/index.html
I can host the files, jking. Mail them to me as attachments:
materialevidence@yahoo.com
Virginian-my best guess would be between $30,000 and $100,000. Can't see them going beyond that.