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You don't think shares were traded off the books? Meaning when it's the same retail broker from what I understand some trades do not get recorded on the 'tape' or daily volume records.
80+ BILLION short = $$$$$$$$$$$$$$$$$$$$$$$
AHHH but if you read further the company says the DTC will lift the chill on those shares if the company does a, b & c.
Dumping??? LOL YA RIGHT! when the short is close to 100 billion whats 5 or 6 billion........that's nothing!!!!!!!!!!!
Very easily with a share swap or many other avenues. WATCH!
FOLKS, you need to read the LATEST NEWS RELEASE AGAIN, the company says right in there that MOST of the insiders shares are not even eligible for sale. "Most" means probably 80 to 90% of all insiders and converted shares. And NO WAY would anyone sell at .0001
PayChest Corporate Update
9:00a ET June 27, 2013 (Market Wire)
PayChest, Inc. (PINKSHEETS: PYCT) ("the Company") wishes to announce an update to shareholders regarding corporate developments.
In April 2012, the Company became aware that the Depository Trust Company (DTC), a company that oversees and clears deposits of physical stock certificates in the US, imposed a temporary chill on accepting the Company's share certificates for deposit. These "chills" are designed to protect shareholders' interests and can be placed on Company certificate deposits for a variety of reasons. As far as the Company can tell, the temporary chill was triggered as a result of an increase in issued and outstanding shares, caused by preferred shareholders converting existing preferred stock into common stock.
Previously, under a number of agreements, certain of the Company's investors funded the Company by purchasing preferred stock with a conversion feature. These preferred stockholders converted their preferred stock into common stock to benefit from the possible upside of their investment. As such, the group converted 545,000 shares of preferred stock at $0.0001 resulting in the issuance of 5,450,000,000 shares of common stock. Many of those shares cannot be deposited into the DTC clearing system for possible future sale.
The DTC chill can, and does, affect a company's funding source in that it influences the internal policies and procedures of some brokerage firms. One such policy is that some brokers have restricted or blocked buy orders from customers wishing to purchase the Company's shares on the open market. As a result, trading volumes are at historic lows. Funding has been limited to a maintenance basis whereby only essential capital requirements will be funded. According to the funding sources, upon removal of the chill, further ongoing funding is slated to return.
Previously, the Company announced a $1.2 million purchase order for 16 containers of Mibella flushable and biodegradable sanitary products with a UK distributor. Each container wholesales for approximately $75,000, depending on product and pack size mix. In a typical sales cycle, our Company would pay for some or all of the production materials in advance. The contractual risk of starting supply and then stopping threatened the distributor and end customer with an unreliable supply chain that would have damaged confidence. The Company anticipates the purchase order will be fulfilled after the chill is lifted and finance is flowing again.
For legal reasons, news releases have been infrequent while the Company has been addressing the DTC chill until a plan was agreed upon. The Company and our legal counsel have been working with the DTC to provide them with the necessary documentation the DTC has requested. The Company has addressed a number of specific issues raised by the DTC. The Company now needs to address one final issue and propose a plan of action to the DTC to bring this to a conclusion. The Company must execute this action plan in a timely manner and is confident that once the plan has been executed and all necessary documents delivered to the DTC, they will remove the chill.
Through this time, the Company has continued to produce and release its quarterly and annual filings. The Company's filings are submitted with the OTC markets and can be found on www.otcmarkets.com.
Shareholders and interested parties are encouraged to call or e-mail the Company and be put on the Company's e-mail list for upcoming news releases.
NOTES ABOUT FORWARD-LOOKING STATEMENTS Except for any historical information contained herein, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties, including those described in the Company's filings with OTC Markets http://www.otcmarkets.com/stock/PYCT/financials
Certain statements contained in this release that are not historical facts constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, and are intended to be covered by the safe harbors created by that Act. Reliance should not be placed on forward-looking statements because they involve unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those expressed or implied. Forward-looking statements may be identified by words such as estimates, anticipates, projects, plans, expects, intends, believes, should and similar expressions and by the context in which they are used. Such statements are based upon current expectations of the Company and speak only as of the date made.
Historical news releases on the Company can be found at http://www.paychest.com/news.htm
Contact:
PayChest, Inc.
ir@paychest.com
Tom Hands
1-416-619-5242
from overseas: +1-416-619-5242
Tobie Oliver
1-800-624-7479
from overseas: +1-714-274-7206
WRONG AGAIN! the 6 is included in the 28, What is the AS? 28
How many time have we heard words like "scam"? a thousand times? Yet there is no proof or evidence of any scam at all.
CLNO went from .005ish to almost .40, PYCT has much more potential as far as ratios go. So nope, I am making modest predictions.
My oh my look at the damage control!!!!!
If the "action plan" is what I believe it is name & symbol change and acquisition of xinpro and dividend then probably within 4-6 weeks.
I know why sell shares at .0001 when that is the same as the cash that you borrowed the company? Plain silly to think that any insider would sell at .0001. They would have no profit, and in fact would lose money selling at .0001.
AND NOT ONE SHARE CAN BE SOLD UNTIL THE CHILL IS LIFTED, PLUS IT'S ONLY ABOUT 6 BILLION. that only represents about 4% of the shares in circulation.
"Billions of shares issued out for 'Services'"
No actually most of the stock that are re-orging these days have nice runs because of the way they are doing it the re-org forces the MM's to cover their short.
"so that means they are trying to sell their shares" No never said that and to assume what other share holders want to do or will do is not a wise decision.
THERE HAS BEEN ZERO DILUTION, the company even states in the last PR that Liani Holdings cannot sell their shares.
PROOF LIANI HOLDINGS CANNOT SELL NOR DID SELL ANY OF THEIR SHARES.
"As such, the group converted 545,000 shares of preferred stock at $0.0001 resulting in the issuance of 5,450,000,000 shares of common stock. Many of those shares cannot be deposited into the DTC clearing system for possible future sale."
http://www.marketwire.com/press-release/paychest-corporate-update-pinksheets-pyct-1806547.htm
AND THE DTC NEVER CLEARED THEM THEREFOR COULD NEVER HAVE BEEN SOLD!!!!!!!!!!!!!!! AS THAT IS IN THE LATEST PRESS RELEASE!!!!!!!!!!!!!!!!!!!!!! it was just a reason to put the chill on!!!!!!!!!!!!!
Yes, very easily done through a share swap of some sorts.
I guess all those "dunping" theories were wrong, the company even states that Liani Holdings shares cannot even be able to be sold because the DTC has not yet cleared them!!!!!!
"As such, the group converted 545,000 shares of preferred stock at $0.0001 resulting in the issuance of 5,450,000,000 shares of common stock. Many of those shares cannot be deposited into the DTC clearing system for possible future sale."
Who cares! PYCT does not have to use PayChest Oregon, they can use any corp and company at any given time. Xinpro will be spun out into the divi, watch.
WRONG! LIANI Holdings cannot even sell those shares yet!!!!!!!
"As such, the group converted 545,000 shares of preferred stock at $0.0001 resulting in the issuance of 5,450,000,000 shares of common stock. Many of those shares cannot be deposited into the DTC clearing system for possible future sale."
NOT IN A NAKED SHORT SCENARIO!!!!!!!!!!!!
IN THE LATEST PR IT EVEN SAYS THAT THOSE SHARES HAVE NOT BEEN DEPOSITED IN THE DTCC FOR CLEAR AND TO BA ABLE TO SELL!!!!!!!!!!!!
"As such, the group converted 545,000 shares of preferred stock at $0.0001 resulting in the issuance of 5,450,000,000 shares of common stock. Many of those shares cannot be deposited into the DTC clearing system for possible future sale."
NOPE! the conversion happened just before the chill in the spring of 2012.
We will see how daily volumes increase when they do the name & symbol change and divi.
There will be 5+ billion a day for weeks and weeks, watch.
Just look at other companies that have been through chills, obviously you have not.
"The short fantasies" no fantasy here....BLOOMBERG has cold hard proof that PYCT is shorted.
I guess the prediction of news before the end of month was correct!
From what IR stated the DTC changed their process and forms and the company had to re-file everything. If you look at what other companies have been through and what the DTC requested you will see that in most cases the DTC asked for the same bs more than one time, like they lost or misplaced the docs?? lol
BTW the DTC had to have told the company what this "action plan" needed to consist of other wise the company would not have a clue as to what to submit or do.
I expect this to happen within the next 2-4 weeks
bdelect, The DTC keeps changing what they require and ask for the same things over and over. Do some research on other stock that have had chills and got them removed. They all say it was a nasty grueling experience.
READ!!!!!!!
DTC chills are very frustrating to small cap issuers: because the DTC provides a service to broker-dealers and “participants” in the DTC system and not to the companies themselves, the DTC is not obligated to inform issuers of the decision to chill stock! As a result, the company is often the last to know. More importantly, it is very difficult (if not sometimes impossible) to find out from the DTC why stock was chilled in the first place. Having the chill removed is a “case by case” battle and lacks a legal structure or process for companies to follow. The DTC has taken the position that it owes no particular duty to issuers to explain or review a chill decision despite the fact that a chill can be a death knell to the company.
Of course, like any market, there are some bad apples in the small cap population—some would say a disproportionately large number of such apples (that should be permanently frozen). And some would say that the SEC, FINRA, and the DTC are working in a pointed effort to eliminate those bad apples (and take everyone else with them). Some issuer stock is, of course, properly chilled by the DTC (without notice) — for fraud, lack of reliable SEC reporting, etc.
In light of this growing problem, the SEC has (finally) taken a step towards melting the impending small cap ice age. On March 15, 2012, the SEC issued an administrative opinion (In the Matter of the Application of International Power Group, Ltd. Admin. Proc. File No. 3-13687) stating that an issuer is entitled to some form of due process proceedings by the DTC before a chill is placed on a company’s securities. The SEC did not say what the standards should be to institute or lift a chill, but that issuers are entitled to “fair procedures” by the DTC. In addition, the opinion provides that an issuer that loses the fight with the DTC could appeal that loss through an SEC administrative proceeding. The DTC can continue to chill stocks without prior notice in “emergency situations” but must still provide an opportunity to have the chill reviewed.
http://jpostlaw.com/dtc-chills-on-issuer-securities-has-the-sec-taken-a-step-to-halt-the-small-cap-ice-age/
Axia Group, Inc. (AGIJ) DTCC Chill Removed
http://finance.yahoo.com/news/axia-group-inc-agij-dtcc-130700995.html
You don't understand, .40 is the same as .00005. Do I really need to explain further? ok.............
if the price of a stock is .0001 and you do a re-org for 8334 for 1 then the price goes to .83 then if it falls to .40 (remember .83 is the same as .0001.
need further explanation?
.0001? LOL selling anything under .01 would be silly.
(PYCT) PayChest Corporate Update
HONG KONG--(Marketwired - Jun 27, 2013) - PayChest, Inc. (PINKSHEETS: PYCT) ("the Company") wishes to announce an update to shareholders regarding corporate developments.
In April 2012, the Company became aware that the Depository Trust Company (DTC), a company that oversees and clears deposits of physical stock certificates in the US, imposed a temporary chill on accepting the Company's share certificates for deposit. These "chills" are designed to protect shareholders' interests and can be placed on Company certificate deposits for a variety of reasons. As far as the Company can tell, the temporary chill was triggered as a result of an increase in issued and outstanding shares, caused by preferred shareholders converting existing preferred stock into common stock.
Previously, under a number of agreements, certain of the Company's investors funded the Company by purchasing preferred stock with a conversion feature. These preferred stockholders converted their preferred stock into common stock to benefit from the possible upside of their investment. As such, the group converted 545,000 shares of preferred stock at $0.0001 resulting in the issuance of 5,450,000,000 shares of common stock. Many of those shares cannot be deposited into the DTC clearing system for possible future sale.
The DTC chill can, and does, affect a company's funding source in that it influences the internal policies and procedures of some brokerage firms. One such policy is that some brokers have restricted or blocked buy orders from customers wishing to purchase the Company's shares on the open market. As a result, trading volumes are at historic lows. Funding has been limited to a maintenance basis whereby only essential capital requirements will be funded. According to the funding sources, upon removal of the chill, further ongoing funding is slated to return.
Previously, the Company announced a $1.2 million purchase order for 16 containers of Mibella flushable and biodegradable sanitary products with a UK distributor. Each container wholesales for approximately $75,000, depending on product and pack size mix. In a typical sales cycle, our Company would pay for some or all of the production materials in advance. The contractual risk of starting supply and then stopping threatened the distributor and end customer with an unreliable supply chain that would have damaged confidence. The Company anticipates the purchase order will be fulfilled after the chill is lifted and finance is flowing again.
For legal reasons, news releases have been infrequent while the Company has been addressing the DTC chill until a plan was agreed upon. The Company and our legal counsel have been working with the DTC to provide them with the necessary documentation the DTC has requested. The Company has addressed a number of specific issues raised by the DTC. The Company now needs to address one final issue and propose a plan of action to the DTC to bring this to a conclusion. The Company must execute this action plan in a timely manner and is confident that once the plan has been executed and all necessary documents delivered to the DTC, they will remove the chill.
Through this time, the Company has continued to produce and release its quarterly and annual filings. The Company's filings are submitted with the OTC markets and can be found on www.otcmarkets.com.
Shareholders and interested parties are encouraged to call or e-mail the Company and be put on the Company's e-mail list for upcoming news releases.
NOTES ABOUT FORWARD-LOOKING STATEMENTS
Except for any historical information contained herein, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties, including those described in the Company's filings with OTC Markets http://www.otcmarkets.com/stock/PYCT/financials
Certain statements contained in this release that are not historical facts constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, and are intended to be covered by the safe harbors created by that Act. Reliance should not be placed on forward-looking statements because they involve unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those expressed or implied. Forward-looking statements may be identified by words such as estimates, anticipates, projects, plans, expects, intends, believes, should and similar expressions and by the context in which they are used. Such statements are based upon current expectations of the Company and speak only as of the date made.
Historical news releases on the Company can be found at http://www.paychest.com/news.htm
(PYCT) PayChest Corporate Update
HONG KONG--(Marketwired - Jun 27, 2013) - PayChest, Inc. (PINKSHEETS: PYCT) ("the Company") wishes to announce an update to shareholders regarding corporate developments.
In April 2012, the Company became aware that the Depository Trust Company (DTC), a company that oversees and clears deposits of physical stock certificates in the US, imposed a temporary chill on accepting the Company's share certificates for deposit. These "chills" are designed to protect shareholders' interests and can be placed on Company certificate deposits for a variety of reasons. As far as the Company can tell, the temporary chill was triggered as a result of an increase in issued and outstanding shares, caused by preferred shareholders converting existing preferred stock into common stock.
Previously, under a number of agreements, certain of the Company's investors funded the Company by purchasing preferred stock with a conversion feature. These preferred stockholders converted their preferred stock into common stock to benefit from the possible upside of their investment. As such, the group converted 545,000 shares of preferred stock at $0.0001 resulting in the issuance of 5,450,000,000 shares of common stock. Many of those shares cannot be deposited into the DTC clearing system for possible future sale.
The DTC chill can, and does, affect a company's funding source in that it influences the internal policies and procedures of some brokerage firms. One such policy is that some brokers have restricted or blocked buy orders from customers wishing to purchase the Company's shares on the open market. As a result, trading volumes are at historic lows. Funding has been limited to a maintenance basis whereby only essential capital requirements will be funded. According to the funding sources, upon removal of the chill, further ongoing funding is slated to return.
Previously, the Company announced a $1.2 million purchase order for 16 containers of Mibella flushable and biodegradable sanitary products with a UK distributor. Each container wholesales for approximately $75,000, depending on product and pack size mix. In a typical sales cycle, our Company would pay for some or all of the production materials in advance. The contractual risk of starting supply and then stopping threatened the distributor and end customer with an unreliable supply chain that would have damaged confidence. The Company anticipates the purchase order will be fulfilled after the chill is lifted and finance is flowing again.
For legal reasons, news releases have been infrequent while the Company has been addressing the DTC chill until a plan was agreed upon. The Company and our legal counsel have been working with the DTC to provide them with the necessary documentation the DTC has requested. The Company has addressed a number of specific issues raised by the DTC. The Company now needs to address one final issue and propose a plan of action to the DTC to bring this to a conclusion. The Company must execute this action plan in a timely manner and is confident that once the plan has been executed and all necessary documents delivered to the DTC, they will remove the chill.
Through this time, the Company has continued to produce and release its quarterly and annual filings. The Company's filings are submitted with the OTC markets and can be found on www.otcmarkets.com.
Shareholders and interested parties are encouraged to call or e-mail the Company and be put on the Company's e-mail list for upcoming news releases.
NOTES ABOUT FORWARD-LOOKING STATEMENTS
Except for any historical information contained herein, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties, including those described in the Company's filings with OTC Markets http://www.otcmarkets.com/stock/PYCT/financials
Certain statements contained in this release that are not historical facts constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, and are intended to be covered by the safe harbors created by that Act. Reliance should not be placed on forward-looking statements because they involve unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those expressed or implied. Forward-looking statements may be identified by words such as estimates, anticipates, projects, plans, expects, intends, believes, should and similar expressions and by the context in which they are used. Such statements are based upon current expectations of the Company and speak only as of the date made.
Historical news releases on the Company can be found at http://www.paychest.com/news.htm
PayChest Corporate Update
HONG KONG--(Marketwired - Jun 27, 2013) - PayChest, Inc. (PINKSHEETS: PYCT) ("the Company") wishes to announce an update to shareholders regarding corporate developments.
In April 2012, the Company became aware that the Depository Trust Company (DTC), a company that oversees and clears deposits of physical stock certificates in the US, imposed a temporary chill on accepting the Company's share certificates for deposit. These "chills" are designed to protect shareholders' interests and can be placed on Company certificate deposits for a variety of reasons. As far as the Company can tell, the temporary chill was triggered as a result of an increase in issued and outstanding shares, caused by preferred shareholders converting existing preferred stock into common stock.
Previously, under a number of agreements, certain of the Company's investors funded the Company by purchasing preferred stock with a conversion feature. These preferred stockholders converted their preferred stock into common stock to benefit from the possible upside of their investment. As such, the group converted 545,000 shares of preferred stock at $0.0001 resulting in the issuance of 5,450,000,000 shares of common stock. Many of those shares cannot be deposited into the DTC clearing system for possible future sale.
The DTC chill can, and does, affect a company's funding source in that it influences the internal policies and procedures of some brokerage firms. One such policy is that some brokers have restricted or blocked buy orders from customers wishing to purchase the Company's shares on the open market. As a result, trading volumes are at historic lows. Funding has been limited to a maintenance basis whereby only essential capital requirements will be funded. According to the funding sources, upon removal of the chill, further ongoing funding is slated to return.
Previously, the Company announced a $1.2 million purchase order for 16 containers of Mibella flushable and biodegradable sanitary products with a UK distributor. Each container wholesales for approximately $75,000, depending on product and pack size mix. In a typical sales cycle, our Company would pay for some or all of the production materials in advance. The contractual risk of starting supply and then stopping threatened the distributor and end customer with an unreliable supply chain that would have damaged confidence. The Company anticipates the purchase order will be fulfilled after the chill is lifted and finance is flowing again.
For legal reasons, news releases have been infrequent while the Company has been addressing the DTC chill until a plan was agreed upon. The Company and our legal counsel have been working with the DTC to provide them with the necessary documentation the DTC has requested. The Company has addressed a number of specific issues raised by the DTC. The Company now needs to address one final issue and propose a plan of action to the DTC to bring this to a conclusion. The Company must execute this action plan in a timely manner and is confident that once the plan has been executed and all necessary documents delivered to the DTC, they will remove the chill.
Through this time, the Company has continued to produce and release its quarterly and annual filings. The Company's filings are submitted with the OTC markets and can be found on www.otcmarkets.com.
Shareholders and interested parties are encouraged to call or e-mail the Company and be put on the Company's e-mail list for upcoming news releases.
NOTES ABOUT FORWARD-LOOKING STATEMENTS
Except for any historical information contained herein, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties, including those described in the Company's filings with OTC Markets http://www.otcmarkets.com/stock/PYCT/financials
Certain statements contained in this release that are not historical facts constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, and are intended to be covered by the safe harbors created by that Act. Reliance should not be placed on forward-looking statements because they involve unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those expressed or implied. Forward-looking statements may be identified by words such as estimates, anticipates, projects, plans, expects, intends, believes, should and similar expressions and by the context in which they are used. Such statements are based upon current expectations of the Company and speak only as of the date made.
Historical news releases on the Company can be found at http://www.paychest.com/news.htm
Here is why I make 100% very smart business sense. You see most pinks fold up and go away and or are forced to do a REVERSE SPLIT. Then instead of covering at .0001 (which most never do anyway because most pinks end up on the graysheets) but lets say the company does a re-org and the ratio is 8334 to 1 so the PPS goes from .0001 to .83 cents, the pps would fall lets say by 50% to .415 so really the MM's could now cover for .00005 instead of .0001 EVEN IF THEY DO COVER AT ALL.
Had no reason to cover, they won't cover until the bullet has left the chamber.
The "Plan of Action" and it must be executed before the DTC will lift the chill. The only thing this could be is most likely a Name & Symbol Change, Acquisition, Merger, Dividend, re-org the share structure (forward or reverse split).
Those are the basic items the DTC regulates.
We will see shortly
Once again time will tell, and words will be eaten.
The DTCC has the NOBO/OBO and the STOCK AUDIT, they know what the size of the short is. And don't bother saying the DTCC & Company said there were no issues with the shares because NEITHER CAN COMMENT ON NAKED SHORTS BECAUSE THEY ARE PHANTOM SHARES, UNREGISTERED. AND NEITHER CAN ADMIT NOR DENY PUBLICLY WHAT THE SIZE OF THE SHORT IS.