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I'm assuming, until Attaway is hired, my "donation"
is sitting there, awaiting others to join. And if
the legal fund reaches near $20K, I'd expect Megas
to donate, also,OR I WOULD EXPECT THE FUND TO SERVE
JUST THE SHAREHOLDERS, AND THAT ATTAWAY WOULD BE
WORKING JUST FOR US, NOT MEGAS OR THE "COMPANY".
OHbULL TOOK OVER RESPONSIBILITY FOR THIS FUND, SO
I AWAIT NEWS FROM HIM AND MEGAS WHAT IS NEXT.
But waiting is what I've been doing for years, not
much change, alas.
We have yet to learn what Megas' reason was not to
file, or contact the SEC within the demanded time
frame. But of what I know of Mr. Megas' temperament
I think he reacted out of anger and total frustration
with the DTCC & the collusive SEC.
His revenge may be to say goodbye to American market,
perhaps. And what his next action will be is anybody's guess, but I shall certainly be interested
what he plans to do, when it is revealed.
Meanwhile, we, as Americans, have a mess to clean up
in Washington and Wall Street, and as an American
citizen, I am tired of being walked all over by
the banks and the brokers, and await every opportunity to hit back at them, even at Obamam
for not adquately , yet, regulating them. I will not
trade in the American market again, until this
SEC is cleaned up, and the DTCC is transparent. So maybe never, but mark my words, the financial crisis is Wall Street's fault, now, and it will
still have to be rectified or we will have a Real
Depression. These bonus Queens, need to be punished.
And those who robbed us of our rightful certs need
to make amends to us. And I shall help in any way
I can to make this happen, for as long as it takes,
I stand ready to do my share.
Scottrade has not pulled that one on me, yet, and I\have stopped trading for the same reason. Perhaps
you should switch to another broker who will not
charge for inactivity?
Kruy, I am very tired of your insinuations about
Thomas Megas integrity. Please, if you think there is
something SHADY about him, let us know what it is.
I have found nothing dishonest about him, in over four years. He is up front, although he does not
communicate much, when he does, he persuades me the
SEC and DTCC and brokers are the guilty parties, not
he. What crime has he committed?
2lATE, I admire your creative suggestions about
getting this train to MOVE, very much. And I much
appreciate your donation to the legal fund. And yet,
if those shareholders who hold only, say, 70,000
shares would only give .00032 of the amount they
invested, or about $22, we would at least have a
lawyer retained to help us decide what is the best course of
action, and, I believe, Megas would help us with
more money of his own (My guess, only).
Meanwhile, I'm told the legal fund lacks enough
to even get the lawyer retained, so I have to sit back and wait for developments, because without
legal advice, I feel pretty impotent, since no
government agency involved cares about little penny
shareholders' problems. There's a couple of new
books out that sound interesting, regarding the
spawnning of our wonderful fine fine corporate
lobbiests in the 19th century (Cornelius Vanderbilt
new biography) leading to the Federal Reserve and
the rest of the story. Also one Ms. Prins, just
wrote It Takes A Pillage, which sounds
like a good read to get an insider's view of how
the banking sector has run away with 4 administrations, Obama's being no exception, alas.
GO BCIT
I know that Megas is in communication with certain shareholders, about BCIT
and DTCC impasse, but the worse the SEC behaves (the
less and less chartible about the NSS he has suffered, and that the SEC's friends do not want
to cover) and the more the shareholders criticize him
for not doing enough or spending enough of his own
money to get this going BCIT"s way, I think the
less inclined Megas is to stay the course and fight.
I am no longer holding my breath that BCIT will be
resurrected, frankly. What Megas may do for the
shareholders whom the SEC,DTCC and brokers want to hang out to dry, I am unsure. It may depend on what the
shareholders show they are willing to do for themselves, and that's a poor showing at present.
We should not need Megas to hold our hands and
give us bedtime PR stories further. Pretty soon we
should get us a lawyer, if only out of principal. But , I have given the pay pal legal account $600 of my
money, which with 1,100 shareholders showing equal concern, should bring $660,000 to pay for a lawyer if my fellow shareholders cared as much as I do. But apparently they don't and I am about to
walk away and wait for Megas to decide whether to
kill us off, or let us down gently, or help us to
find another route. But I don't hold my breath he will decide in our favor. But I am done exhorting
shareholders to give a damn (with notable exceptions like OHBull, MichaelWC, camper9,Allezom, masterflash, BigMoneyAl, F1fans,DustyButler and lluvbs (was it you helped Dusty with the cost of the
last mass mailed letter, thanks?) and all those who have donated
SOMETHING, besides angry words---(I apologize to those who have donated but whom I failed to list, here).
Since Megas stated his objectivs in the last PR,
the SEC has moved to rush him toward filing while
promising no benefit for filing (WHich to me implies
there would be NO BENEFIT to his having brought the
filings up to date).
Consequently, Megas is probably in a long pause to
survey the damage/situation. But it is a pause filled with life and promise with business deals in no way stopped or harmed by the US market's corrupt
agencies. So whereas we see this as inaction, Megas
probably sees it as a more fruitful place to engage
(PNG Business, European holdings, etc) his time, energy, and money. That shareholders constantly diss him for
problems which were caused by lack of regulation of
the US markets, is unfair and unkind and no doubt
has the same effect on him, as the wanker letter had on Burns. How can shareholders say they have lost faith in Megas, when the measure of that faith wavers from post to post. That's not faith. That's being petulantly and childishly irritated at
every twist and turn of this tale.
Time to tell investors to be patient. I intend to be
patient, until Megas communicates again via email,
indirectly via email. I do not expect another Press RElease , due to pattern.
Janice, I thought it was clear. added two words to
correct your take on what I posted:
...and that Attaway's help is contingent on
shareholders showing [TO MEGAS ]by small contributions that they want to fight onward, with legal assistance.
I agree, the SEC revocation timing was sinister.
And I think Megas likely thought spending more
money on filings, only to be told the global lock
was still in effect due to (they would think of something, probably that Pino counterfeits were
part of the nss ) was good money thrown after bad.
I have to believe Megas is working on another solution, and that Attaway's help is contingent on
shareholders showing by small contributions that they want to fight onward, with legal assistance.
My understanding of the Scottrade statement is that the GLOBAL
LOCK made DRS impossible, not the recent revocation.
wHONOSE:
yOU WROTE: Why now are we told our contacting the "authorities" to publicize BCIT's plight was harmful
--------------------
Specifically, it was certain shareholders contacting Burns via
emails, incessantly, and rudely and in a DEMANDING manner, afte
Burns pointedly asked that shareholders refrain from contacting
him, until he had concrete results from his efforts .
Instead, what I wanted to urge was that shareholders open up dialogue with THEIR OWN SENATORS.
-------------------------------
What does Senator Snowe's southern Maine office have to do with Kyle Burns?
I have desisted from contacting Sen. Snowe's office, temporarily,
until I have more time to pursue it, and awaiting more
details about our possible legal action .
As for SOL, I will wait until a lawyer, who works for me, or for the shareholders, weighs in .
posters like yourself, who have no faith in Megas, and who
see no crime committed by our brokers, the DTCC, and SEC,
and posters who want to insert themselves in any negotiation
attempted by the company.
Lluvvbs, YOU WROTE:
".......get deleted all the time for rendering my opinion but I think the only direction for us all here (since TM's silence leaves us with no other options) is to maybe pay Attaways 20 grand and tell him just to initiate a class action against the brokers to either produce REAL VALID shares that we can SELL when we so choose..... OR to get us our money back (refunded) plus interest and maybe "damages".
I figured that out all by myself in 5 minutes so why is it that Attaway thinks he is worth 20 grand to tell us all the same thing.............."[
_____________________________________________________________
I believe lawyers who take a retainer fee, have also, by doing
that, committed to accepting us and our case if we wish
to pursue legal action, after his opinion on our chances is
rendered.
LLUVBBS:
My understanding was that the $20K retainer go us very little,
but with 1100 shareholders,20K comes to about $5 each, and for
$5 each we should not expect much, imho. What is was to get us\
was: 1) a study of our case, and a lawyer's opinion whether we
could go forward with a good chance of some success.
2)I WANTED TO KNOW, AT THIS JUNCTURE, IF THE LAWYER WOULD
ACCEPT OUR CASE ON A CONTINGENCY BASIS OR NOT. If not
what would be the expected cost, and who would bear that cost,
us, or Megas, or us to what percentage and Megas to what percentage?
Meanwhile, I watch Taser's struggle with interest, and await
word from Megas. I can wait, but will not donate more until
the above has occurred and be made plain.
I do trust OhBull and Megas, which may separate us on all this.
Geez, Grasshopper, I trust Oh Bull and the pay pal account, but according to OH Bull, we are only 28% of the way to the
amount needed for the $20K retainer. I am sure if we were
closer, Megas would help. But for shareholders who don't want
to help themselves, what is there to say?
I have lost trust in the Senate, as a means to right this.
Burns showed that he did not comprehend the extent of the
\corruptionm nor dare challenge the SEC over the silly
filings bs. It's not the filings, it's the abusive naked
short selling and the lack of transparency at the DTCC
hiding these phantom shares. Burns doesn't get it. He is
cowered by the SEC, as are the entire Senate, except for Kaufmann, over the issue.
As for Megas, I think he is not HOT to spend more on legal
\fees or filings when he knows in his gut the DTCC and SEC
are not going to play fair, and are pretty much trying to
bleed him of money, and will deliver NOTHING. This is just
my opionio. LIKE TASER, ME SAYS IT IS TIME FOR A LAWYER, NO MORE MR NICE GUY PETITIONING THE SENATE.
Op, I think, but don't know, that Megas allowed the revocation
because he thinks it is just a game with the SEC, and that more money spent on filings will be wasted money. No matter
what he does, the SEC will not allow him to trade, quite
possibly. We need to take legal action, imho.
MOLSON, I intended my donation of $600 , which represents 14%
of my original BCIT investment,to make up part of $20K retainer
fee for Scott Attaway Esq. services, for which, in return,he would research and determine the most fruitful points of
contest to take against the brokers, or DTCC, or SEC, and
give us an estimate whether he felt he would trust our
chances of success sufficiently to go forward on contingency
basis.
HOWEVER, since otHer shareholders have not contributed enough
to equal the $20K retainer fee, I fear my donation is in limbo
or worse, so I am pissed to be alone out there, with few
other doners, awaiting others to pitch in.
SO I WAIT. FOR OTHER SHAREDHOLDERS TO PITCH IN. FOR MEGAS
TO BE INSPIRED THAT SHAREHOLDERS ARE ALSO FIGHTING THIS WITH HIM,
FOR THE LAWYER TO BE HIRED. FOR THE LAWYER'S ASSESSMENT TO
BE MADE. FOR THE LAWSUIT......
NO WAY, WITHOUT A LAWSUIT, THE SEC OR DTCC WILL BUDGE.
Chas, I agree. the SFC has only a few inches further to look,
and they will see a BEEEG PROBLEMA with sharecount.
When Megas is ready, we will move forward toward justice,Just that, after four years, I expect Megas is no longer
EXCITED about the day to day push. And, given the few sharedholers who are willing to help themselves via legal
fund, why should anybody get all excited?
llUVBS, Am I safe to assume you sent in your .00032% donation to the legal fund, as promised?
I can vent at shareholders or Megas, all I want, but I think
\the shareholders are the more remiss in their duties. Shareholders are acting like cynical cheapskates regardinga request for a small donation, relative to their investments in BCIT. If we don't get what's equal to $5 per head from shareholders, I am finished caring about them. I do care about BCIT< however, but I don't feel compelled to communicate with shareholders who are cheap, all talk, no
action, no trust.
Realwood, you wrote:
Are you saying Megas is silent because shareholders are asking for help from SFC and othere areas?
Are you saying we should be quiet and donate to a lawyer for reasons yet to be given?
No, I said Megas was generally silent, because his PR stated
his course of action (this was before the revocation) and
more updates are not necessary, since the course of action intended has not been completed. He is also silent, becauseeverything he says here, is mis=used, either to contact
our TA, our lawyer, or our regulators or our "friends" among the Senate, until the very name of BCIT induces these folks to
flee the room/phone/email dept. Moreover, any strategy would be b roadcast to our opposition, so no strategy can be discussed freely. WHat's left to say?
We should donate if we want legal help (we NEED legal help).
Otherwise, we will not get legal help.
MOLSON, did you send in contribution to the legal fund, yet?
My understanding is that it is lagging enough to move forward
with.
As for Megas, I think he is tired of jumping through hoops for the SEC and rather likes holding back on them, until such
time as he thinks they will cooperate and stop playing
filing games. The failure of the OMX to open was a blow to our
hopes. I do think he will honor the PR intentions as stated
\but not on any time table the SEC tries to force. Or he just
might merge BCIT into another company. Or, if very very
few shareholders show that they are not willing to pay $100
to get legal help, he might walk on the entire sorry group,
although I suspect those that tried to help and did contribute
to the fund might have some kindness shown in return.
Please note , the above is all my speculation. But whatever
Megas is doing, he is not going to provide blow by blowdescriptions so that the negatives on this board can spin it
around and around.
Getting BCIT trading or a court date IS a team sport.
Without all shareholders' cooperation, we are not going to move
forward. And from all appearances, Megas is also havingtrouble with the red tape involved in challenging the DTCC.
Satisfy them with filings, and they will bring up another
stumbling block, maybe a clerical error, etc. The game is
stacked and we need a lawyer. I don't expect anything to
happen until we have a lawyer and a court date, and even then,
I am growing pessimistic about our market "system" which
spawns jerks like Madoff and ignore whistleblowers like
Markopolos for YEARS. You think 4 years is a long time, how
about whistle blowing for EIGHT YEARS. tHINK ABOUT IT.
oUR SYSTEM IS CORRUPT. I can appreciate Megas wants a
fresh start, and maybe a fresh market, besides Wall St and
Washington's K Street ilk.
If were MEgas, I'd spend the filing money on another
avenue. I would not grovel and give the SEC anything more
than what has already been extracted in time and money. And if
Burns can't get the trading records from the brokers or DTCC, and see the nss, then Burhns is useless. A pawn of the SEC.
The only bat is a legal one, and most of the shareholders, all
1100 of them, don't give a $5 fart what happens. A few of us
post and fret, but even those that spend time here, don't
really care or we would have a legal fund, and a lawyer and we would be in control more than we are, now, when all
is just words/posts.
I am more discouraged with the shareholders than with Megasm,
in terms of investments made in this mess.
Can't understand your post. Please rephrase your questions.
We have had an indication from Megas that he intends to fight
the DTCC. We do not, however, get daily update PRs. And
a BIG reason for silence, is that people on the board go and meddle with any source that has a phone or an email, and
irritates same, if not worse. This includes Burn's office.
So we are going to have to live with silence a lot of the time.
The last PR stands. We will see action. But know, the SEC
and DTCC are playing hardball, and all this is UPHILL.Meanwhile,
please donate to the legal fund, to show you give a shxx.
Mr. Megas has stated many times that he could have walked
away from this messed up situation/shell, but that doing so
would hurt the fake shareholders. He has called us innocent
shareholders, in his letter for Jacobs Bunge (see web site).
In all his correspondences I have received or seen, this
has been his point of view.
But you, looking to damn him as often as possible, see it
through your own bias,imho.
I never understood those who were worried by the lawsuit.
And I always understood the advantages of getting the information from shareholders about where they bought their shares. If you didn't do anything wrong, (all did was buy
shares on line from Scottrade), why should a lawsuit bother
you?
Yeah, all along Megas has been trying to support us orphaned
fakeshareholders, but if all we have been able to donate to
save ourselve is $6K (divided by 1100 some shareholders that's
about $5 apiece. Pathetic committment or interest,imho.) Why
should Megas concern himself to hurry up and protect with his own cash, folks so cheap or cynical
about a legal fund?
Megas didn't "take off for the South Pacific" , he's been
there doing business for past 5-6 weeks. My impression he's as pissed off at the SEC and looking for a way around them,
but that, after 4 effing years, is in no hurry to appease them.
2 LATE, I do think some creative legal maneuvers are called for, but I am uncomfortable to attempt same, without legal
advice. Of course, we also await Megas' take on the
current revocation. But it's been years, and I can give Megas
some slack/time to explain what are options are or are not,
as he sees it.
Attaway representing us is a work in progress, as far as I
know.... And you are not helping the process, I might add.
EXACTLY, Markopolos said recitification of the Madoff scandal,
would be pink slips (for SEC goofs).....but did anyone get a pink slip relating to the Madoff mess? NOPE!!!!
For this, Markopolos risked his life to bring Madoff's
fraud to an end !!!!!!!!!
We should try to reach Markopolos, and see if he has the guts tohelp
us. Indeed, we should try to unite ALL THE STOCKS WHO HAVE BEEN DILUTED WITH PHANTOM SHARES, AND JOINTLY FILE A SUIT, PERHAPS?
Whatever we do, we will need legal advice, imho.
Not given up getting light of day on this outrage. Willawait legal advice, assuming we get Attaway's opinion as soon
as retainer is paid. If nobody hires a lawyer, then, well,
I can't afford to, alone. So that is what I am waiting for,
here. Guys who care about the issue to pitch in $100 to $600
to get legal help for shareholders. What Megas plans to do,
it his to announce. Meanwhile, I expect shareholders to do more than bitch and whine....
"Lately" is too late for BCIT. And this little flurry
of activity by the SEC was not something we've seen enough
of for years. Could it be the SEC is trying to look good,at the moment,
and hide years of bad behavior?
I like our "cause", Janice. You obviously do not. Four years
and counting you have been here damning any effort we make
to get this trading.
Now I wouldn't want any shareholders who think we have no
cause fo complaint to join us in a legal effort with or without
Megas. But anybody who thinks the SEC is less than god,
might want to challenge them, and help clean up this corruption. So it isn't just about BCIT, it is about
the practice of phantom electronic shares and the profits
from same being taken from shareholders. That's what it's about. A good cause, unless you like the way the SEC does
business, lately.
Well, I, for one, am not quitting until I have a lawyer\look at this. We know we were victim of naked short selling.
Somewhere we should be able to get this before a judge.
I still urge those who care about principal, to donate to the legal fund and let's get lawyered up, at least to see if
a lawyer will take us on contingency, with effort to get this
thing trading, again. But a meager retainer fee must be
attained.
BOBBYM Can you give source of that excellent piece on SEC
and FTDs?
Nwsen, our only hope is legal action that will force the DTCCto hush us up. Our market system has so much corruption,
a full page ad is not going to cause as much as a ripple, compared to say, a Frontline piece, or some talk show host
deciding to make nss a central issue,imho. Sooner or later the media will catch this story, but BCIT is just a small part of it, and we might never get daylight. We need to help
ourselves.
Megas has exhausted his attempts at legal redress. Now,
led by shareholders who feel the game is still not entirely lost, we need a new legal attack. Money talks. Please send in a
\small donation to get our legal attack STARTED. I'm not saying it will work, but it's better than doing nothing, I think. If Megas sees we are not quitting, I am sure he willhelp us, proportionately. But I don't think he is going to be kicked(i.e. insulted) into helping us, if we won't help ourselves, imho.