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His actions have not made very much sense, that is one thing that most people should be able to agree upon.
Additionally, money could have been made in a legal and ethical fashion if they just did what they were supposed to do: Provide $13.5 million in funding ($3million 'paid up', as in 'liquid) to Michelex with $1million going to Pristine. That is what the agreement called for, that is what the PR's stated, but that is not what occurred.
The OS was basically maxed out, so there were approximately 800 million shares floating around before the new group got involved. If you look at the trading volume, you will see that there hasn't been a ton of trading. Of course, given the performance of the current Board of Directors, one wouldn't expect that investors would be clamoring to buy shares.
Yes, I'm looking forward to it.
Time will tell...
A link? And you've been investing how long? Believe what you wish.
It will come out in due time. Feel free to believe the company line.
IMO, they've had plenty of chances. About the only things they've done are to cause problems for Pristine Pharma Corporation, mislead investors, put out false information, obfuscate, fail to answer simple questions, refuse to provide evidence that the 'funding' they PR'ed actually exists, fail to pay suppliers and disconnect the phones. Other than that, they've done a grand job. Absolutely none of the above can be blamed on you, me, Tom Gramuglia or anyone else.
From everything that I know, there is no evidence to suggest that Mr. Gramuglia dumped tons of shares. However, there is evidence that suggests that Mr. Saleem has directly sold blocks of shares (40+ million that would not show up on L2) and transferred shares (50+ million, again, this would not show up on L2) to entities he is associated with.
Mr. Saleem is very good at blaming Mr. Kakani, Mr. Gramuglia, the man-on-the-moon and everyone in-between. However, the facts do not support his allegations and in due time the truth will come out. JMHO.
Shareholders of Michelex. If funding was provided to Michelex and Pristine per the original agreement, and if the company was run in a transparent fashion with the goal of creating shareholder value, there was a good chance that the share price would rise, volume would increase and a higher 'floor' for the share-price could be established. Thus, Lacle, Shah, Syed, Saleem and Kakani, as shareholders of Michelex, stood to gain, just like any other shareholder. (Of course, they stood to gain a lot more than most as they had more shares than most investors.)
That's who I think stood to gain. Who do you think stood to gain?
They didn't make much money. The sad thing is, they could have if they had done what they were supposed to do.
There was a PR that stated they have preferred shares that provided them with voting rights. That same information appeared in the draft audit. Like much of what they told us, it was not factual.
I'm not sure that's possible as long as Mr. Saleem is in control.
Much more than interesting, potentially criminal. One other indisputable fact; your investment in Michelex is basically worthless at the present time. Do you trust the people who ran Michelex into the ground, the people who claimed that funds were provided to Pristine, the people who put out false and misleading PR's to become transparent and provide appropriate leadership going forward? I don't.
Mr. Saleem may also be worried that information relating to the transference of 50+million shares to entities such as Total Care and the direct sale (which does not show up on L2) of 40+ million shares to private investors will be publicized. Mr. Saleem sent an email to me and two other investors claiming that no director, current or former, besides Mr. Kakani, sold shares. Unfortunately for Mr. Saleem, records of all transactions exist. In addition, Mr. Kakani disputes Mr. Saleem’s allegation and I believe that documentation will prove that Mr. Kakani is telling the truth and that Mr. Saleem is, once again, providing materially false information to investors. There is also a question regarding the ownership of shares that were purportedly sold by Mr. Saleem; those shares may have been in the name of current or former officers. If so, were they aware of what was being done? Did they ‘turn a blind eye’?
Likewise, Mr. Saleem may be worried that PR's relating to the existence and transfer of funds were provided to investors even though said claims were false and/or misleading. Making material misrepresentations to the public in order to induce the purchase of securities is highly frowned upon. In fact, it is illegal. Again, did current or former officers of the company know what was occurring? Given their responsibilities as officers of the company they are responsible for actions taken during their stewardship of the company. If they did know, or if they ‘turned a blind eye’, it will be even harder for them to escape prosecution. (Having a letter of ‘indemnification’ from Mr. Saleem will not do them a bit of good in a court of law.)
IMHO, Mr. Saleem has, along with current and former officers of Michelex, much more to worry about than the supposed profitability of certain contracts that were fulfilled by Pristine Pharma Corporation. Especially since correspondence will show that Mr. Saleem’s ‘concern’ is fraudulent, and that, once again, he is providing materially false information to investors.
Time is running out...
Bid now down to 305K at 0.0006...not sure when it changed
True, 'cheap' shares are available, and IMO, cheaper shares will become available if the 'impasse' is not resolved soon.
LOL...I think I watched some of this awhile ago, but you are correct, it's still funny.
If this is a Pump and Dump, it's one of the most poorly executed that I've ever seen. So I'm still not sure if this is:
1) An incredibly inept P & D.
2) A scam by people too lazy or inept to even attempt to pull off a good P & D.
3) Not a P & D scheme, just a case of complete incompetence.
Actually, given all that I know, my guess is that it's a combination of #1 and #2. I know longer believe that option #3 is viable; there is a big difference between incompetence and misfeasance, malfeasance and fraud.
Maybe he wants to replicate what he did at Medscan and Bergenline.
Likewise...
It's only a good lotto ticket if the impasse at Michelex gets resolved. Otherwise, Michelex will only trade on rumors and manipulation. One might be able to flip some shares playing that game, but there are plenty of other stocks that offer better prospects for momo-driven runs. JMO
Would this be news coming from the people who disconnected the phones and refused to communicate with shareholders for months? The same people who claim that they have $13.5 million in funding and that $1 million was provided to Pristine Pharma Corporation? The same people who claim that Directors and/or officers have not sold any shares of Michelex since the Reverse Merger?
Maybe to replicate what he did at Medscan and Bergenline.
Quite honestly, given his track record, would anyone believe anything that he puts out?
If the BOD doesn't get this resolved by New Year's Day, they will be starting the new year off facing an unfriendly takeover, civil suits and sharing of information with the SEC and other Federal and State authorities, all accompanied by public dissemination of what has transpired. IMHO, the clock is ticking and tine is running out.
Agree, in that if people want to sell large quantities, they will have to lower the ask or hope for good news. Without news/resolution, the price will drift lower and trading will basically halt except for rumor/manipulation plays.
To add my two cents, even the current officers and BOD must realize that Michelex will trade in the triple zeros, if it trades at all, if the status quo remains. The question becomes, do they care? One would think that they would, but given their actions, or in-action, one has to wonder. If they want the share price to increase, and for volume to increase, something 'new' has to happen. Otherwise, Michelex will only trade based upon rumors and manipulation. Of course, this is JMHO.
Shareholders have been contacting the officers of the company to let them know that they better care about rectifying the current situation, and that if they don't, we will do everything possible to remove them, including contacting the SEC (and other state and federal authorities) and filing civil lawsuits.
IMO, unless someone needs some spare change or is in dire need of a loss for tax purposes, might as well hold and hope for the best. Consider it lost, that way, if it is lost, emotionally, you'll already have written it off.
Michelex is the parent company. Pristine Pharma Corporation is a subsidiary of Michelex. However, Pristine Pharma Corporation is actually the company/business that would be producing revenue.
As part of the reverse merger, United Mortgage Bankers was supposed to provide funding to Michelex; funding that was supposed to be used to retro-fit the facility in Massena. Pristine was supposed to produce generic drugs, mainly in liquid-dose form, at the Massena facility. The initial Reverse Merger agreement was contingent upon financing being provided to Michelex. If that funding was not provided, or never existed, the question of whether shares of Michelex should have been transferred to certain individuals per the Reverse Merger agreement arises. In fact, the validity of the Reverse Merger could be questioned. End result: Acrimony and impasse.
Given the numerous questions that exist, and the actions that were taken by officers of Michelex over the past year, it is understandable if one temporarily loses his mind trying to figure out what was supposed to happen, what actually happened and what can be done to rectify the current situation.
Million just went at .0008
For the present time, I suggest that we do not post any more information relating to Dr. Shah. My asking has absolutely nothing to do with Mr. Mitchell's attempt to silence legitimate investor inquiries. Rather, I believe that it is in our best interest to provide a short 'quiet period' in which to allow involved parties the opportunity to potentially negotiate in good in an effort to resolve the current impasse. Dr. Shah knows how we feel, and he knows that we have every right to post or publish information that is part of the public record. If the current situation is not resolved posthaste, we will have ample opportunity to register complaints with the SEC, file civil suits, publish public information, etc. The only person who benefits from continuing to engage Mr. Mitchell in discussions on this site is Mr. Mitchell; it allows him to rack up billable hours for essentially doing nothing useful for his client.
If the situation is not resolved shortly, I will be more than happy to engage Mr. Mitchell in public discourse via this message board. For the time being, let’s allow Mr. Mitchell the opportunity to do the right thing by his client, which is, Mr. Mitchell should desist from posting on this board for the next few days.
Of course, this is just my opinion.
Mr. Mitchell,
It is rather odd that someone would put up an advertisement for your law office which includes a working number for your office. Why would someone potentially provide you with free referrals?
Is the following information correct?
True, but risky if they do not use mark-to-market and a change in the board or officers occurs w/in 30 days of the sale. However, every decision, whether to buy, sell or stand pat has associated risks.
PS..Not positive, but I believe if you use mark-to-market, the 'Wash' sale rules would not apply.
When I search for J. W. Mitchell at the Martindale Hubbell site, the only listing that comes up is for Phillip J. Mitchell. Are you Phillip J. Mitchell?