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Art....You around. Any word on whether there will actually be a RS. I've keep getting ZB's voicemail. Cuban's shares are priced at .68 but the stock trades at a quarter...what's the thought there. We traded even lower when he bought the shares...is it to do with the RS.
P.S. Are you still holding BCIT?
thanks!
3bb
Hi Masha! How are you? I'm still holding SCMI and patiently await the formal unification of our beloved SCMI and MMXT. As most on the board I have been extremely frustrated with the stocks' performance over the last several months but am still holding out "hope" that we can count on "good" things from the company in 2006. One question might be is .014 a good point to average down at? According to my charts there is a strong chance we see .01. Sad but true.
Email me when you have some time.....
take care!
Threebabiesbusy
thanks Jim.
Are these shares trading on the "greys" or are we back to the glorious "pink sheet" once again.
Any news on what's going on?
TIA
It's holding it's own quite well. Looking to see an upward trend to the $2 range.
The best to all in 2006
thanks GK...
goodkarma...what division within the SEC would a person call to inquire about such circumstances? thanks.
WGFL.....The WGL Announces Solid Third Quarter Results and New Projects
Thursday December 1, 7:00 am ET
ORLANDO, FL--(MARKET WIRE)--Dec 1, 2005 -- The World Golf League, Inc. (OTC BB:WGFL.OB - News) announced today that it has filed on November 14, 2005 its 10Q SB with the SEC for the 3rd quarter of 2005. Total assets increased 226% to $554,080 for the nine months ended September 30, 2005, from $245,606 for the period ending December 31, 2004. Total liabilities decreased 36.5% to $603.475 for the nine months ended September 30, 2005, from $950,610 for the period ending December 31, 2004. Revenue increased 1,067% to $523,948 for the nine months ended September 30, 2005, from $49,601 for the same period in 2004. Net loss decreased 42% to $1,520,508 for the nine months ended September 30, 2005, from $2,657,639 for the same period in 2004.
ADVERTISEMENT
"Third quarter 2005 and the beginning of the fourth quarter 2005 have set several milestones for the WGL; not only did we improve on all of our financial measurements, we also completed the filming of the WGL Million Dollar Shootout Reality TV Series," said Mike Pagnano, CEO, The World Golf League, Inc. "The MDSO exceeded all of our expectations and will be positioned to be one of 2006's best new Reality Television Series. Additionally, we are planning two new very exciting golf-related made-for-television events, which will be produced by WGL Entertainment. The details of the new events will be announced shortly. Finally, the WGL plans to spin off its wholly owned subsidiary, WGL Entertainment, into its own public vehicle and provide current WGL shareholders 40% of the new company through the form of a stock dividend, details of which will be forthcoming. The World Golf League, Inc. continues to make tremendous progress and through WGL Entertainment and its new business model, looks forward to 2006 to be its best year ever."
Contact:
For more information contact:
Michael Pagnano
The WGL Inc.
1-888-331-6272
*ttp://biz.yahoo.com/iw/051201/0102789.html
What's the latest? Reading random posts it doesn't seem like Megas is the much beloved person he once was. Is there still any chance of a buy-in anymore (not that there really ever was one)?
Hope everyone is doing well and enjoyed their Thanksgiving!
Thanks,
Three
alj....You never know....The problem there in continues to be what might be ripe to one may be rotten to another. I'd be curious as to the company's "inside the scenes" explanation to the slow down in ipod sales. I'd read an article regarding sirius newly released nano/handheld device. That article too spoke of the slow down in sales for such music devices...or rather i interpretted article to conclude that the market for such devices, although is growing, it is a somewhat narrowed target market expected to grow to only 10mm units by the end of this decade.
link to siri article.
http://yahoo.businessweek.com/innovate/content/oct2005/id20051010_590073.htm
Off to help out at the kids school...catch all later!
TBB
Good morning! APPL earnings....
S&P futures vs fair value: -2.9. Nasdaq futures vs fair value: -7.5.
The cash market is set to open lower today, as a disappointing fiscal Q4 earnings report from Apple Computer (AAPL) and oil's extended moment gives traders reason to continue selling action. APPL shares have plunged over 8% during early trading after the tech giant reported less-than expected revenues ($3.68 bln vs. the $3.74 consensus) and fewer-than-expected iPod shipments (6.45 mln vs. the 7.45 mln consensus). The company did, however, beat EPS expectations by a penny, delivering $0.38 per share, and issued upside fiscal Q1 EPS and revenue guidance. Separately, crude is up 0.5% to $63.83/bbl today.
thanks for your honesty....
steh...clearly and undisputeably, you have a great deal more experience in scmi/mmxt and trading in general than I do. So I ask with the utmost of respect, "why"? do you continue to stay invested in the stock if you are so doubtful the merger will actually happen? Wouldn't you're monies work better for you elsewhere?
Just curious....
TBB
We sure have another uneventful day...with the exception of RNWK that is....
take care.
JMO but all this in nothing more than CYA of said such investors. It certainly makes sense in my mind that "deep pocket" investors would want as much transparency as possible before investing, audit, latest SB2 filed, and of course other completed issues that people such as ourselves are just not privvy too.
I imagine there is a lot more going on behind the scenes than you or I could possibly speculate on.
You have to admit, we do "appear" to be going down a much different path than previously walked.
Enjoy!
TBB
Just an opinion....kenco
Could your verbage be taken a bit out of context, and the intended meaning more in line with the two companies already function like or as one....which they do and imo have ever since the inception of mmxt.
It's going to be a good 2006 for scmi/mmxt shareholders...IMHO.
take care ken,
TBB
alj....thank you so much. And, I couldn't agree with you more...."The fact that people care so much about where this is going is telling us something."
Another HUGE sign on the positive side is our friend "ric"/chapter54 has rejoined us. He is a very smart and savvy investor and it's great to have him back on our team.
Wishing everyone a successful and properous week!
take care,
TBB
And this morning we start out even higher on the "interest" board....
Hot Stock Boards Today
1. Wave Systems WAVX Quote/Level II
2. GameZnflix GZFX Quote/Level II
3. NeoMedia Technologies NEOM Quote/Level II
4. InterDigital Communications IDCC Quote/Level II
5. Bancorp International Group Inc BCIT Quote/Level II
6. Oil and Gas Plays Quote/Level II
7. Triangle Multi-Media Ltd., Inc QBID Quote/Level II
8. SunnComm SCMI Quote/Level II
9. Homeland Integrated Security Sys HISC Quote/Level II
10. CMKM - CMKM Diamonds Inc. CMKX Quote/Level II
11. Advanced Micro Devices AMD Quote/Level II
12. Apple Computer AAPL Quote/Level II
13. Micro Laboratories Inc. MLAR Quote/Level II
14. Prime Rate Investors Inc. PRRM Quote/Level II
15. DNAprint Genomics DNAG Quote/Level II
16. American Energy Production Inc AMEP Quote/Level II
17. IDS-Worldwide Solutions, Inc IDWS Quote/Level II
18. GlobeTel GTE Quote/Level II
19. Ez2 Companies Inc EZTO Quote/Level II
20. ERHC Energy Inc. ERHE Quote/Level II
yes, i am aware of what they're doing....
BD...Your ongoing "garble" is wearing thin. I'm surprised I even see it to respond to your p&d approach to investment. You clearly don't know a thing about investing but rather your forte is more basic for the "simple" minded folk. You spread trash or hype nonsense fiction only so that you can make a quick buck on nothing more then cents. Unfortunately your approach has managed to sabatoge many a stock and hurt many a naive investor who sadly doesn't know enough to conduct one's own research and dd rather then investing off the likes of someone such as yourself. You're not winning on this one. Let the stock run-up to 7 cents, you and company leave. Some on the board may disagree with my sense of reality but I didn't invest in the company for a quick turn around buck, i invested for much much more than "cents".
And you know what...I'll get it too!
take care!
tbb
da-nada...
Kenco, this consortium was supposed to introduce the technology in '05...doesn't sound as if they've gotten very far. Be sure to give them the same "bashin" you give scmi/mmxt.
take care.
tbb
ric, I was hoping and holding out for your return...I'm soooo glad your back with us!!!
TBB
Good morning all. Not trying to "pick" ....but.....
"For me...I just want the devoted LONGS to be rewarded.
I don't sense that will happen here unless they (LONGS) again risk additional capital to "average down" into this issue.
I too agree there will be a massive exodus at 6-7 cents.
JR"
Why would "devoted longs" exit at 6-7 cents. Personally, by the time we get back to 6-8 cents, i'm sure it will be apparent to all that the pot at the end of the rainbow is finally in sight (agreed, a bit dramatic, but you get the sentiment) WHY WHY WHY would I sell at those levels? I will not....
A true "devoted long" should have their sights set much much higher. Let's gain perspective. We finally have a things falling in place. A bit of a ways left, but none the less we're on the right path....JMHO
Fortunes to All,
tbb
Digital music revenue 'triples'
The IFPI said increased broadband use contributed to digital music growth
Digital music sale revenue tripled in the first half of 2005 compared with 2004, figures have suggested.
The International Federation of the Phonographic Industry (IFPI) estimated 6% of record industry sales were digital, worth $790m (£450m).
"The digital music boom is continuing and it is growing at an exciting pace for the music industry," IFPI said.
However, revenue from sales of physical music formats, like CDs, fell 6.3% and the overall market by 1.9%, it said.
That translates to a global drop in the market from $13.4 billion (£7.6bn) to $13.2 billion (£7.5bn), for all music sales - regardless of format.
DROP IN NON-DIGITAL SALES
US - 5.3% drop in value
Japan - 9.2% drop in value
UK - 4% drop in value
Germany - 5.8% drop in value
France - 2.7% drop in value
Source: IFPI
Meanwhile, IFPI said the surge in digital music sales was being driven by the increased use of broadband, 3G mobile phones and portable music players.
The digital music market had overtaken the value of the global singles market, it said.
The IFPI said the decrease in digital revenue was due partly to lower retail prices, a decline in DVD music video sales and music piracy.
Release schedules and competition from other entertainment sectors were also factors, it added.
Illegal copying
IFPI did not release a regional breakdown for digital music sales.
Digital and physical piracy remain a big threat to our business in many markets
John Kennedy
CEO IFPI
But it described the growth of digital music sales in the UK as "explosive", saying 10 times as many singles were sold in the first half of 2005 than the same period in 2004.
IFPI chairman and CEO John Kennedy said: "More and more people in a growing number of countries are turning to the new legal ways of downloading music on the internet or via mobile phones."
Mr Kennedy added that legal and educational moves to stop internet piracy were working.
"There is a long way to go - digital and physical piracy remain a big threat to our business in many markets," he said.
"Our industry's priorities are to further grow this emerging digital music business while stepping up our efforts to protect it from copyright theft."
http://news.bbc.co.uk/2/hi/entertainment/4304466.stm
What the heck is going on with this company and our shares. We haven't heard "diddley" from Megas. I thought we were supposed to get some news by now. What is going on! So much for mm accountability.
You're completely right...Bill the Thrill. I can't recall a single stock that has implemented a RS that has really proven successful...with one exception being ADSX...it remained constant to it's pre-split trading and is now $3+
I think at the end of the day...it boils down to the investment community's confidence in the company, it's product, and it's management team.
Not sure if that confidence lyes within VRSO. Although they have made some very positive announcements over the last 2 months or so.
take care,
tbb
VRSO: What's investors take on the 5:1 RS? Do we buy now or wait for an anticipated pullback post split? Not sure what the common strategyt of traders would be...thanks!
MIVT: Six Month Target Price just raised to $2.50...
MIV Therapeutics' Six-Month Share Price Target Raised 100% to $2.50 in Newly Available Report from SISM Research
Friday September 30, 3:30 am ET
Increased Target Reflects MIVT's Progress in Biocompatible Drug Delivery and Coating Development, Maintains Speculative Buy/4 Rating
VANCOUVER, British Columbia--(BUSINESS WIRE)--Sept. 30, 2005--MIV Therapeutics, Inc. (OTCBB:MIVT - News; Frankfurt/FSE:MIV), a developer of next-generation biocompatible stent coatings and drug delivery technologies, announced the availability of a new research report targeting the Company's six-month share price at $2.50, an approximate doubling of the recent share value, with a speculative Buy/4 Rating. The report was issued by SISM Research and Investment Services.
Web Alert: Biophan Technologies, MIV Therapeutics and Xenomics to Present at Trilogy Capital's Biotechnology Forum Tues., Oct. 11th at 12:00 noon -ET-
Monday October 3, 3:30 am ET
LOS ANGELES, Oct. 3, 2005 (PRIMEZONE) -- Key executives and spokespersons from emerging growth smallcap companies Biophan Technologies (OTC BB:BIPH.OB - News), MIV Therapeutics (OTC BB:MIVT.OB - News) and Xenomics (OTC BB:XNOM.OB - News) will present strategic overviews and other investor-specific background in an online webcast of Trilogy Capital Partners' Biotechnology Forum, scheduled to start at 12 noon Eastern, October 11, 2005.
The Forum will also feature a keynote address from Dan D'Agostino, an investment banker who has specialized in the biotechnology sector for approximately 20 years. His address will focus on the current climate for biotechnology investment, including an analysis of sector performance during the second and third quarter of 2005. The conference will also feature brief comments by Paul Karon, President of Trilogy Capital Partners.
The webcast will last approximately 30 minutes. To view the conference, register online as explained below. There is no charge to register or watch the Forum. Conference and webcast information is as follows:
What: This live over-the-Internet video presentation employs a
fast-moving, informative format. It features on-camera
presentations by CEOs and company presenters, with
informational slides.
Who: Conference Moderator: Paul Karon, President -- Trilogy
Capital Partners, Inc. Keynote Speaker: Dan Dagastino.
Participating companies: MIV Therapeutics (OTC BB:MIVT.OB - News),
Xenomics (OTC BB:XNOM.OB - News) and Biophan Technologies
(OTC BB:BIPH.OB - News) will participate.
When: Tues, October 11, 2005, at 12 noon Eastern.
Where: Please register at http://www.trilogy-capital.com. Simply log on
a few minutes before the start of the Forum and you will
be able to view the webcast. Refresh your browser if
video fails to initiate or viewing difficulties occur.
Cost: The conference is free of charge and open to all
interested investors.
Archive: If you are unable to view the initial webcast, the
Forum will be archived for replay at
http://www.trilogy-capital.com.
Contact: Paul Karon at (800) 342-1467 or
paul@trilogy-capital.com.
The WGL Forms WGL Entertainment, Inc.
Monday October 3, 7:00 am ET
ORLANDO, Fla., Oct. 3, 2005 (PRIMEZONE) -- The World Golf League, Inc. (OTC BB:WGFL.OB - News) announced today that it has incorporated a wholly owned subsidiary named WGL Entertainment, Inc. (WGLE). WGL Entertainment will create, produce and market sports entertainment content for television distribution. Several projects are scheduled for airing in 2006, including the WGL Million Dollar Shootout reality television series. WGLE expects to begin production of two unique new sports entertainment projects as soon as November 2005.
ADVERTISEMENT
``WGLE is a natural progression for the WGL and the business model now being executed,'' said Mike Pagnano, CEO of The WGL, Inc. ``WGLE will also allow us to deliver additional value to our shareholders and various options to reduce our outstanding shares and improve market capitalization,'' Mr. Pagnano went on to say.
The World Golf League markets a professional golf concept, through wholesale distribution channels in the USA, which allow average golfers to play for substantial prize money in local and regional tournaments, culminating with a PGA-style national championship. The WGL also produces the WGL Million Dollar Reality Television Series. The WGL has paid over $1,000,000 in prize money to date.
To the extent that statements in this press release are not strictly historical, including statements as to revenue projections, business strategy, outlook, objectives, future milestones, plans, intentions, goals, future financial conditions, future collaboration agreements, the success of the Company's development, events conditioned on stockholder or other approval, or otherwise as to future events, such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this release are subject to certain risks and uncertainties that could cause actual results to differ materially from the statements made. Other important factors that could cause actual results to differ materially include the following: business conditions and the amount of growth in the Company's industry and general economy; competitive factors; ability to attract and retain personnel; the price of the Company's stock; and the risk factors set forth from time to time in the Company's SEC reports, including but not limited to its annual report on Form 10-KSB; its quarterly reports on Forms 10-QSB; and any reports on Form 8-K. The Company takes no obligation to update or correct forward-looking statements.
For more information contact:
Contact:
Equitilink, LLC
Ron Garner
(877) 788-1940
Today, NASD takes control of OTCBB from Nasdaq
October 3, 2005 (FinancialWire) Today, the NASD takes control of the over-the-counter bulletin board from Nasdaq (NASDAQ: NDAQ), and Nasdaq’s SmallCap market has been renamed Nasdaq Capital Market, moving companies such as Beacon Power (NASDAQ: BCON) on the Regulation SHO threshold list to a new market, and such companies as First Montauk Financial (OTCBB: FMFK) directly under the purview of the NASD, which has recently launched a regulatory offensive against illegal and manipulative naked short selling.
At the same time, despite the efforts of data extractors such as Global Securities, a division of Thomson (NYSE: TOC), the U.S. Securities and Exchange Commission, which is the leading proponent of corporate transparency, has been identified at the same time as the leading opponent of government transparency.
The SEC has refused public information requests more often than almost every government agency and department, including the CIA and Pentagon, according to a survey.
Of 3,830 information petitions received from lawyers, investors and others under the Freedom of Information Act, the SEC has granted only 34%. The survey was conducted by the Coalition of Journalists for Open Government. The SEC’s year-end backlog of 8,635 requests was also larger than all except four agencies.
“The SEC has never applied the same standards to itself that it applies to the companies it regulates,” Edward Fleischman, a former SEC commissioner and now senior counsel at the Linklaters law firm, was quoted as saying.
“This is an agency that has never done very much disclosure about itself.'”
According to the survey, the CIA and the Department of Defense, by contract, fulfilled half of the information requests. The Pentagon had received 77,256 requests.
The SEC did not decide on 93% of over 9,000 requests received in its last fiscal year, and is totally jammed up now.
Global Securities Information said it had filed over 9,000 FOIAs and now has a backlog of over 6,000 pending.
SEC speakers have recently talked about corporate governance filtering throughout a public company according to the “tone at the top.” The secretive tone at the top appears to be filtering through two of its regulated SROs, NASD and the NYSE, to their co-owned Depository Trust & Clearing Corp.
The DTCC., reportedly itself under NASD scrutiny for its controversial stock lending program that some, including an 11 state state North American Securities Adminitrators Association task force headed by Connecticut’s chief securities officer, and former NASAA president, apparently believe facilitates the illegal naked shorting industry, has been very secretive about the status of shares for individual companies, stonewalling even companies’ efforts to determine their true ownerships and short positions.
Brokerage and clearing firms are apparently under intense NASD pressure to settle failed short trades in Regulation SHO threshold securities or have their clearance firms do it for them at possible substantive losses.
The NASD is in turn acting under political and regulatory pressure from the 11-state task force.
Lambiase had publicly asked the SEC to “fix” the DTCC “problem” as it was considering the adoption of Regulation SHO last year, but taking a page from numerous U.S. Senators, he and other state regulators have grown tired of waiting for Regulation SHO to do more than simply shine a magnification light on the massive fails-to-deliver problem.
DealFlow said NASD officials are concerned that stock loan programs are being used to settle failed short trades in Reg SHO threshold stocks, which must be closed out voluntarily or through forced buy-ins within 13 days. “The regulators are concerned that the stock loan are being used instead of market purchases to provide the shares needed for settlement, creating new transactions that will ultimately fail to settle as well.”
The state regulators, DealFlow said, have been “highly critical of the SEC's decision to ‘grandfather’ settlement failures resulting from naked short sales up to levels that trigger threshold status under Reg SHO.”
NAASA was particularly concerned about Regulation SHO, because it excluded the small cap market from any meaningful regulation. “NASAA said the proposal included replacing the so-called ‘tick test’ with a rule that would provide a uniform price test using the "consolidated best bid" as the reference point for permissible short sales. This, however, would not address problems relating to the naked short selling of smaller, less liquid securities, because , NASAA argued, the requirement of the consolidated best bids meant it could not be applied to securities that were not subject to real-time consolidated quotes. That included Nasdaq Small Cap, OTCBB, and Pink Sheet securities.
NASAA also questioned the wisdom of grandfathering settlement failures under the threshold level, asking why the SEC was willing to permit significant settlement failures at all.”
“While there are instances when settlement may be legitimately delayed, existing regulations provide for extensions for settlement. If the Commission continues to allow settlement failures, it may well facilitate the harm that the proposal is designed to remedy,” Lambiase warned the SEC.
According to DealFlow, Lambiase urged the SEC to reconsider its stance regarding the role of the stock borrow program operated by the Depository Trust Corp. (DTC). NASAA wrote that as a threshold matter, NASAA believes that the Commission should explicitly prohibit the DTC from lending more shares of a security than it actually holds. The utility of the overall proposed rule would be severely impaired unless the Commission undertakes to implement such a prohibition."
Brent Baker, an attorney with Woodbury Kesler in Salt Lake City and counsel to naked shorting target and eight-month old threshold list company Overstock.com, previously spent 14 years at the SEC, including time in the Division of Enforcement, was quoted as saying he believes that the SEC tried, with Regulation SHO, to put "their finger in the dike" but failed.
“Three or four years ago naked short selling was being perpetrated by promoters in the micro cap world," he says. "they would publish 'exposes' on the Internet... and they would bring pressure on these little companies."
“However, short selling has changed,” noted DealFlow. He believes the SEC does not realize that abusive short selling practices have been adopted by others and are now built into business models of large, mainstream hedge funds.
Meanwhile, the NY Post has reported that traders in Nasdaq stocks are racing to beat a rumored regulatory deadline to close out their positions — or take huge losses as clearing firms do it for them.
“Naked short sales are trades executed without borrowing stock beforehand. Naked short sellers can overwhelm an orderly trading market, since unlike traditional short sellers, there is technically no limit to how much stock can be sold short illegally, noted the Post.
The Post also reported recently that the NASD and numerous state securities regulators, led by Ralph Lambiase of Connecticut's Division of Securities and Business Investments, have vowed to increase scrutiny of naked short sales.
“A buy-in is the worst possible development for a short-seller, since he has to accept any price given,” it stated.
It seems that everytime the DTCC, which is also the target of numerous lawsuits brought by failed companies and a scorching expose in Investment Dealers Digest, gets under pressure, it begins striking out blindly in all directions. FinancialWire can often determine when the heat has been turned up because it is among the media, also thought to have included Dateline NBC, that begins to receive threats from the organization.
In February, the DTCC interfered with FinancialWire’s distribution to Investors Business Daily, and in the past week it sought once more to interfere with another distribution, saying that FinancialWire receives monies for its editorial coverage of the naked short selling issue.
Marshal Shichtman, Esq., attorney for FinancialWire, has been in touch with Proskauer Rose, the outside counsel for the DTCC, warning it of slander, tortuous interference with FinancialWire’s business and because the DTCC is owned by two SROs, the NASD and the NYSE, of First Amendment violations.
Shichtman will be similarly warning the SROs and the directors of the DTCC of what he terms their risks associated with the ruthless, reckless and irresponsible actions of their clearance entity.
In a letter to constituent investor advocate Dave Patch, whose persistence in criticizing Federal regulators over the past several years for shareholder losses at the hands of illegal manipulators was at times a lone quest, often covered only by FinancialWire, Connecticut Division of Securities Director Ralph A. Lambiase, the immediate past president of the North American Securities Administrators Association outlined for the first time the efforts a “working group” of state regulators have been undertaking to assail abusive market practices that Lambiase said has been directly responsible for “an unmistakable loss of investor confidence by the arguably millions of investors who have lost their monies.”
It was an unusual move by Lambiase to outline the states’ enforcement plans in a letter to Patch, who has been vilified and scorned by many top regulators and institutions for his efforts, which includes the maintenance of a website, http://www.investigatethesec.com .
Lambiase said that his efforts, and efforts of others, such as Tanya Solov, Director of the Illinois Securities Department, Tanya Durkee, Deputy Commissioner, Vermont Department of Securities, and Rex A. Staples, General Counsel for NASAA, was stimulated by Patch, and an ever-growing group of concerned citizens who have “continued to champion the issue of reform in the naked short selling area for so long,” and added that it has been those grassroots efforts that constitute the “primary reason we are beginning to see reform of any sort.” Lambiase was clear in stating that it is “your determination and persistence in seeing that this wrong is righted is in part responsible for my interest, as well as that of other state regulators.”
Lambiase, whose initial letter to the U.S. Securities and Exchange Commission stated that the SEC needs to look at the role of the Depository Trust and Clearing Corp. in allowing these abuse practices to continue, said that it seems “clear that had the SRO’s and the SEC exercised greater diligence in enforcing pre-existing rules, Reg SHO would likely have been unnecessary.”
He said his working group has begun meeting with SRO’s and issuers alike, and that it will “continue to exert substantial effort to remedy the remaining abusive practices in naked short selling until we are confident at the state level that the companines in our communities and citizens that invest in them will no longer be the possible targets of abusive naked short sellers.”
It had been previously rumored that the reason the NASD has been issuing subpoenas to a dozen or more brokerages over their “fails to deliver” and their failures to enforce buy-ins is due to those regulating at the Federal level not wanting to be trumped again by a state investigation such as occurred in several Spitzer reform efforts.
Lambiase so far appears to be taking the posture that the state group is ready to step in if the Federal regulators do not, thus “inspiring” the current efforts rumored to be occurring at the Federal level.
To make the point, he told Patch in the letter obtained by FinancialWire that “there remains a substantial distance between REG SHO and the ultimate goal of including substantive protections for small business issuers.”
It is these small businesses in our communities, Lambiase pointed out, “who take entrepreneurial risks to grow their companies through listings on the OTCBB and Pink Sheets. These small businesses not only provide employment for the residents of their communities, but also offer the general public the opportunity to invest in local businesses with promising products or services.
“While it may be true that a number of small companies lack the financial depth to succeed, they are nonetheless entitled to succeed or fail by their own honest business decisions and not as a result of the corrupt acts of abusive short sellers.
In what some believe is another swipe at the secretive DTCC, he said that “without transparency, we cannot, as yet, precisely identify each small business that failed as a direct result of abusinve naked short selling nor quantify the exact number of jobs lost to our local economies when these companies are forced to close their doors.”
In what is an unmistakable prod to the SEC, Lambiase said that institution is “moving slowly forward as Reg SHO in its current state is studied and debated seemingly ad infinitum. While slight modifications to the existing Rule may result from such an approach, a far more threatening pattern of abuse is certain to continue unless wholesale reforms are made to remedy the concerns of the small business community.”
He said that even Congress, whose members have also called the SEC on the carpet for the slow progress associated with Reg SHO may in fact be missing the point that “abusive short selling poses a direct threat to the economic well being of small business and the entire community.”
The 11-state task force reportedly was in serious strategy sessions a few weeks ago.
The New York Post quoted one regulator as saying there is “an epidemic” of naked shorting. Regulation SHO has made that evident for the world to see. Numerous U.S. Senators have called the Regulation fully ineffective, and have repeatedly called upon the SEC Commissioners to get the practice under control.
The Post said that an SEC official confirmed to it “that no complaints have been brought in the nine months since Regulation SHO went into effect.”
It quoted one state securities regulator, Bill Reilly of Florida, as saying he expects the increased effort will result in more voluntary compliance from dealers, as well as enforcement activity.
That may or may not resolve the DTCC “problem.” Recently a stock transfer agent, Transfer Online Inc., had asked then-SEC Chair William Donaldson to put a stop to the control the Depository Trust & Clearing Corp. and Automatic Data Processing (NYSE: ADP) are fast gaining over the transfer business, and to demand DTCC transparency.
Excerpts from the letter, posted at http://www.faulkingtruth.com/Articles/LettersToEditor/1012.html , states: “Over the years as the amount of shares held at DTC has increased it has become more and more difficult to determine who owns the shares, who is trading them and if the trading is proper. This trend, and the resulting problems I will detail below, continues to increase because a minority of the total number of shareholders are reflected on the books and records of the corporation, most activity takes place behind the wall of ownership that is designated as Cede & Co. and neither the company nor the transfer agent has any access to the underlying information.
“Furthermore, DTC recently managed to put through a rule change (Release No. 34-50758A; File No.S7-24-04) that prohibits a transfer agent from representing any company who seeks to withdraw from the DTC system. This change effectively leaves companies with no voice or choice in the management of their stock and their ability to have any transparency as to what is actually taking place in the market in regard to their stock.
“I receive calls from companies seeking information as they watch millions of shares trade in a single day, who watch their share price decrease in value and who have no access to information regarding who is behind the trading of these shares, or if in fact the trades are at all legitimate. As the system now operates, most companies have a large percentage of shares on their books registered to Cede & Co.
“Given the importance of shareholder voting and communication one would assume that the same requirements placed on transfer agents as to accuracy and reporting would be placed on ADP and Cede & Co. as they usually hold or service the majority of the shares owned in any given company.
“I have found; however, that when presented with the tabulation reports from ADP the share totals they report sometimes exceed the total number of shares outstanding for the company. Let me restate this because it is a very important part of my concern about a system that is more and more headed in the direction of increased control by DTC. The shares presented by ADP, that are the shares voted by the brokers on behalf of the shareholders for whom they hold accounts, EXCEED when added to the shareholders of record the total number of shares outstanding.
“Where are these extra shares coming from? Why are there no controls on the number of shares held in the nominee name Cede & Co. vs. the ownership on the books and records of the brokers and why is the company not privy to any information unless it pays whatever fees it is told it must pay by the organizations that control the data?
“In fact, as the system is evolving, DTC is de facto becoming the largest transfer agent in the industry even though it is an organization formed by and working for the interests of the brokerage community. If, ultimately, the S.E.C. is in place to protect investors then this issue can not be ignored because in the end when the market is completely under the control of the brokers and the organizations that represent them then the market can neither be transparent nor fair.”
The DTCC actions in the StockGate mire are the most serious, if not notorious since the agent of two SROs, the New York Stock Exchange and NASD is also peopled by some 21 directors whose companies, such as Merrill Lynch & Co. (NYSE: MER), State Street Corporation (NYSE: STT) and Goldman Sachs (NYSE: GS), are unlikely to support the DTCC in its media censorship.
DTCC board members include Michael C. Bodson, Managing Director, Morgan Stanley (NYSE: MWD); Gary Bullock, Global Head of Logistics, Infrastructure, UBS Investment Bank (NYSE: UBS); Stephen P. Casper, Managing Director and Chief Operating Officer, Fischer Francis Trees & Watts, Inc.; Jill M. Considine,Chairman, President & Chief Executive Officer, The Depository Trust & Clearing Corporation (DTCC);
Also, Paul F. Costello, President, Business Services Group, Wachovia Securities (NYSE: WB); John W. Cummings, Senior Vice President & Head of Global Technology & Services, Merrill Lynch & Co. (NYSE: MER); Donald F. Donahue, Chief Operating Officer, The Depository Trust & Clearing Corporation (DTCC); Norman Eaker, General Partner, Edward Jones; George Hrabovsky, President, Alliance Global Investors Service; Catherine R. Kinney, President and Co-Chief Operating Officer, New York Stock Exchange; Thomas J. McCrossan, Executive Vice President, State Street Corporation (NYSE: STT); Bradley Abelow, Managing Director, Goldman Sachs (NYSE: GS); Jonathan E. Beyman, Chief Information Officer, Lehman Brothers (NYSE: LEH); and Frank J. Bisignano, Chief Administrative Officer and Senior Executive Vice President, Citigroup / Solomon Smith Barney's Corporate Investment Bank (NYSE: C), Eileen K. Murray, Managing Director, Credit Suisse First Boston (NYSE: CSR); James P. Palermo, Vice Chairman, Mellon Financial Corporation (NYSE: MEL); Thomas J. Perna, Senior Executive Vice President, Financial Companies Services Sector of The Bank of New York (NYSE: BNY); Ronald Purpora, Chief Executive Officer, Garban LLC; Douglas Shulman, President, Regulatory Services and Operations, NASD; and Thompson M. Swayne, Executive Vice President, JPMorgan Chase (NYSE: JPM).
"Wouldn't you if you were Peter or Bill be
telling your friends and family, get this stock it's a steal and we are on the verge of becoming a reporting company."
That would be insider trading and it is ILLEGAL. That is exactly the thing we DO NOT want Peter doing.
sting...is it possible to PM this deleted message....7886448.
thanks.
tbb
thanks eagle....
bellino....
I don't have access to PM, but points well taken.
take care,
tbb
BD...you're completely missing the point.
Monday...It's a new week
I don't post often and I try to post responsibly, but this "bickering" is absolutely pathetic. We need balance, and not a bunch of nonsensicle HYPE, but this is RIDICULOUS. I realize people have issues with Mario, but he is not a "punching bag" for disgruntled shareholders.
Fact:
We all invested in a "pink sheet" stock. That means, for the most part, an unaudited company.
I hope NO one invested anymore money than what you could stand to lose. We're in "pinks" land. Anyone can say anything, fact or fiction.....you guys know that....
We (I) invested in a highly speculative company, and hopefully did as much dd before hand...and if you didn't...shame on YOU, not Mario and not Peter. It's not hard to find Mario's, Whitemore's, or P.Jacobs pasts.
I would bet everybody here has placed at least one, if not multiple, calls to Mario or Peter or whomever, in hopes of getting a little "hush hush on the QT" information and you're pissed since it hasn't materialized. Well shame on you. When the time comes and scmi/mmxt moves to the AMEX...those days of on the "QT" are over.
Clearly none of us are adverse to taking risks and that is what we've done by investing in Sunncomm...or did you invest in Mario Ike, Inc (MIKI.PK). If people are so upset with what's happening or not happening sell your shares as Chapter54 did. He felt his investment would mean more to him elsewhwere, so he took his money and left. That's the way to do it.
Clearly, and rightfully so, shareholders want honesty and accurate information, does it always happen...NO...especially in PK's. Many have good reason to be "pissed", but at who. Mario's a good scapegoat, but we're the one's who invested on information not yet yielded or validated.
So we're not the next IMCLONE, YAHOO or EBAY but they are making progress...baby steps. I'm still a believer in scmi, but my horizons are not set for years' end...if I lose it all I won't be happy but I sure had one heck of a ride AND I had the pleasure to "meet" a lot of really great people..."pumpers and dumpers" both included.
I'm not trying to lecture although that does seem to be my M.O. around my house according to my 3 children and husband. I just wanted everyone to recognize our own accountability for our own investment decisions...
I wish everyone luck with their investments.
Enjoy!
tbb
This whole, entire situation is absolutely unbelievable. Absolutely UNBELIEVABLE!!
What are people's thoughts about BCIT moving back to "pink" sheet board? Do we have a chance. MM don't seem too concerned about getting these fraudulent shares out of the marketplace.
I'm still shocked to find out there's a board to trade on that is below "pink"
thanks.
tbb
Galveston will be completely wiped out if this thing hits. Houston in general, can hardly keep from flooding just off of heavy rains.
"Looks like Katrina's BIG Sister.." and she's not a "girlie-girlie" either...she can kick some ass!
Thoughts and prayers go out to everyone.
sting...here it is...
mindyclem@aol.com