I suspect that God might be behind the Absolute Priority Rule.

No name change here. I've been on Investors Hub for years.

The Settlement Fund is to be set up with $10,000,000.00 from Glickman and Taylor. (None of it is coming from Corus, either the old entity or the new entity.) And in all likelihood, that $10 million came from E&O policies that Glickman and Taylor held while in office.

http://www.gilardi.com/pdf/CORUS_Stipulation_051811.pdf

All you have to do is carefully read the filings and understand the bankruptcy process. The answers are out there for anyone who is serious and can accept the truth.

The disposition of the old equity isn't on topic?

Pointing out the only salvageable value for anyone who held onto these shares through the cancellation isn't on topic?

If these aren't "on topic", then what is?

Deleting the truth when it appears on this board isn't going to fix your delusions.

There is no such thing as abusive naked short selling. And the practice of naked short selling is not illegal.

I can't help but look at all of this, especially in light of the settlement where all of the claims and cross-claims were dropped and the 244 million shares were supposed to have been replaced, and wonder just how much of a "hijacking" this really was. It's smelling more and more like an agreement that soured followed by Megas jamming Pino.

No. I'm more of a Ben Graham disciple.

Did you get your hands on a 10-12G yet?

No?

You certainly exhibit the kind of class I would expect of a gullible bagholder who got stuck in a revoked stock.

There is no need to bring charges against the company now, especially since they're revoked.

No, not regurgitating it. I'm still learning about BCIT. If I had been here all along, I probably would've found that 8-K which showed that Pino was not solely responsible for what took place here and that BCIT itself had some culpability in what transpired.

It's a fascinating story.

I don't see how anyone who's short this security is going to lose anything. It doesn't appear that a 10-12G is forthcoming from the Megas camp.

You know, Pino & Thompson didn't launch this fraud in a vacuum. Turns out the company's management has some culpability here as well:

http://sec.gov/Archives/edgar/data/1076779/000117266506000072/form8k.txt

"In the Civil Litigation the Company alleged that Mr. Pino individually and through various affiliated entities and co-conspirators, including the Wall Street Group, L.L.C., prepared or possessed 20 or more common stock certificates purportedly representing 235,000,000 common stock shares of the Company, the previously referred to Wrongfully Issued Shares, that were distributed to various individuals and entities, including the other Defendants. Capital Growth Financial, L.L.C. and JH Darbie & Co. intervened in the Civil Litigation (the "Intervenors") and alleged that the Company negligently hired the Defendants and negligently supervised their actions and activities, and asserted Oklahoma and federal securities fraud and failure-to-register claims against the Defendants and the Company."

Now how did it come to be that Pino was subject to supervision by BCIT?

However, shorting a fundamentally worthless security, whether you do it "naked" or "covered", has already been established by legal precedent not to be manipulative.

You seriously need to examine the Scattered/LTV case.

Trading again? So you can stick it to a new group of suckers? What makes you think that's fair?

Did the "crooked" regulators prevent Megas from filing 10-K's and 10-Q's?

Are the "crooked" regulators preventing him from filing a 10-12G?

Yeah. I think it was somebody's funny bone.

You've been reading Patrick Byrne's garbage for way too long. His RICO gambit isn't going anywhere.

There is already considerable case history that addresses this issue. Read up on the Scattered Corp case with LTV. It doesn't matter how the ticket is marked, neither naked short selling, nor creating "FTD's", is illegal.

Of course I'm so sure of this. I know the paths that are available for companies to go public. For BCIT, starting out with a 10-12G is the only path that has a chance of being viable and makes sense.

BCIT isn't going to end up with an exchange listing. At best, they'll be back on the pinksheets again, IF they can comply with the requirements to be public again. Compliance is certainly not a given if you're talking about Megas and BCIT. Even the OTCBB is beyond their reach. And they're not going to do a reverse merger into another shell. The reverse merger path is for entities where a very small, select group of insiders (not hundreds, and certainly not more than a thousand) seek to take a public shell so they can cash out. A reverse merger is simply not an option for a previous shell like BCIT that let their registration get revoked.

Furthermore, even a 10-12G filing is no guarantee that you'd get to trade again. Unless something of real value has been put into BCIT, which is doubtful given that they had <$500 worth of assets, half a million in debt, and a billion shares outstanding several years ago, FINRA will look at them as a Form 10 "Blank Check" company and refuse to issue a symbol.

"CarltonH" can continue his CUSIP-change Chinese fire drill and talk up the E*Trade case, but it's not going to get you any closer to trading... unless he coughs up a 10-12G. Even the E*Trade case was an aberration. It was an $800 judgement that would have never arisen had an inept paralegal at E*Trade not stipulated to the findings of a temp judge in a small claims court. That's a mistake that E*Trade, or any other broker/dealer, is unlikely to repeat.

In short, if there's not a 10-12G prepared, you're not going anywhere. "CarltonH" knows this. If you're stuck with BCIT shares, the ONLY questions that matter, that absolutely demand answers, are "where is the 10-12G?" and "what's in the 10-12G"?

Unless/until you get those two questions answered, you're just being strung along. Sadly, for BCIT investors, getting strung along is not a new experience.

Precisely. And the only way the stock trades again is if Megas gets that 10-12G filed.

You might want to ask him what became of the 10-12G. Three weeks ago he said it was "in hand".

Hypothecation and naked short selling are two completely different animals.

Hypothecation is part of the margin process. It's just a pledge of securities on the part of the investor to secure cash to fund the positions they want to carry and/or trade.

Naked short selling has nothing to do with hypothecation. It's just the short sale of a security without first doing a "firm" locate. (Or shorting other securities where no such locate is required.)


You can't really say that the brokers "took" you money. Unless... Was your trade marked "solicited" or "unsolicited"? If a broker convinced you to throw your money away on BCIT, you might have a case against them in arbitration for making unsuitable recommendations to you. But if you voluntarily threw your money away on BCIT, you can't reasonably expect to be rewarded for your mistake.

Megas also failed to fulfill his end of the bargain when it came to an agreement to replace Pino's "fraudulent" shares. But at this point, the Pino mess isn't relevant. Unless or until you have shares that are registered, they're not going to trade, regardless of whether or not the Pino mess ever gets addressed.

As for those trades that were done after the DTCC freeze, most of them (if not all of them) were probably other customers, who had "fail" positions in their accounts, who successfully liquidated their positions before the stock got revoked. Might some brokers have successfully naked shorted BCIT? Perhaps. But if they did, it was the right trade for them to have put on.

You got that right.

Unless or until Megas files that 10-12G, which is looking extremely unlikely, anyone who successfully naked shorted BCIT isn't going to have to cover.

Naked shorting a worthless security that never has to be covered is the holy grail of short sellers everywhere.

Nothing. Anyone who successfully naked shorted BCIT prior to the revocation was on the right side of the trade.

Megas failed to make the required 10-Q and 10-K filings with the SEC for years. Once you fail to make those filings, the stock becomes subject to revocation. Which is exactly what happened here.

Oh, I've figured it out already. But it's more than just Pino who wrecked your investment here.

I'm not. Naked short selling has nothing to do with why BCIT doesn't trade any more or why the shares are worthless. You fail to make your required filings, you get your stock revoked. It's real simple. What is it about that you don't get?

The SEC's EDGAR site would seem to agree with me:

http://sec.gov/cgi-bin/browse-edgar?company=energy+source&match=&CIK=&filenum=&State=&Country=&SIC=&owner=exclude&Find=Find+Companies&action=getcompany

No, BCIT was not a victim of naked short selling. BCIT was a victim of a management team that wouldn't keep her financials current.

Naked shorting junk like Overstock.com is always the correct trade to make.

No, Overstock.com is a prime example of a goofball management team that burned over a quarter of a billion dollars worth of their shareholders' equity and then tried to blame their problems on naked short selling.

Overstock.com is yet another example of a stock where, if you naked shorted it, you took the right side of the trade.

BCIT is another great example of a stock where, if you shorted it, naked or otherwise, you got the right side of the trade.

Maybe because most people can see through the "naked short seller" scam.

Even the Etrade judgement doesn't mean much: $800 because a paralegal stipulated to the findings of a temp judge. Don't expect to see too many more freebies like that.

You guys need to see (and should be demanding) a 10-12G. Unless or until one of those arrives, you're just being strung along.

Just eye-balled the MDMN board. Pretty busy place. Looks like they've roped in a new batch of suckers to roll.

That was Les Price's old scam!

And just to show you what a small world it is in the "naked short seller" scam universe, one of his cohorts was this clown Russell Godwin who sort of took over (not that there was anything to take over) while Les was being prosecuted as part of the "Bermuda Short" mess.

Russ Godwin, in turn, is the principal of RGM Communications... the outfit that helps Dave Patch with his bogus investigatethesec.com website.

Of course, Price and Godwin ended up jamming each other and filing multi-million lawsuits against each other. So much for honor among thieves.