https://www.youtube.com/watch?v=xLpfbcXTeo8
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
LOL - some fool is gonna pay 33 cents for common stock in a BANKRUPTCY where the commons will be wiped ~OUTT. Great plan for how to lose munny.
Hay, I've no doubt you're prolly right. There are peeps still buying common shares in defunct companies that haven't had any operations for years (or in fact, EVER).
KBIO is going to be converted to Chap 7 liquidation in the BK. If by any bizarre stretch of the imagination they cook up some wild reorg plan to sell to the creditors and BK judge, and those folks agree to that wild reorg plan, it will certainly be one that totally or effectively wipes ~OUTT the existing common stockholders.
Butt sumbuddies will no doubt buy this turd when grey market trading commences. There are always people who think "hey, it's down 99 percent, it can't go any lower, right?" and then they learn that yes it can and that last percent evaporates pretty quickly.
David Moradi warms his hovel by 'investing' in a fire
"I just think that since Anthion doubled-down at $29.32, they must think there is an out."
OUCH!!! They just gott wiped ~OUTT - like all common stockholders - in the BANKRUPTCY.
Yep, you were wright, David "Fired from Pequod" Moradi clearly had an ~OUTT. As in, he's ~OUTT of munny in his KBIO 'investment'.
Wiped ~OUTT.
Sounds like Dan Pike in SPNG, eh?
David Moradi's drink of choice for this New Year's Eve
Is this a new 'division' (D SHOAF shell corp) of NTEK?
http://www.pennystockcircle.com/foleyprisonindustries
Foley is on the radar of the unit admins and his case manager, dat's a-four-shure.
Ringing in the New Year with blowing ~OUTT the AS again (for the FOURTH TIME in less than 12 months) and in January celebrating with a REVERSE SPLIT.
Weeeeeeeeeeeee.
Floorless onvertible DEATH SPIRALS are fun!!!
http://www.pennystocksprofile.com/report/foleysprisonterm
207% short volume today!!! Weeeeeee.
http://www.pennystocksprofile.com/report/NTEKfloat
NUUU DOWN 97.50% year-to-date. Still one day left to break to SUBPENNY.
DOWN she goes.
Happy Holidaze, my friend. Your weather in NY is prolly warmer than mine. Great skiing though - best year in the last 4. Gotta gett estimated taxes in the mail by 12/31 too, so 12/30 and 12/31 pretty much suck for me this year on topp of the CLE webcast/webinar schedule.
In 2016, I'm prolly gonna take an "Accounting 101 for Lawyers" course, so maybe I'll be able to understand a few of the things you write - or even read a balance sheet by myself. :)
As you know, there are some CE courses that are crosslisted for CPE and CLE credit. Butt I need Accounting 101 as a first step before I could even consider those.
It's a shame the Shkreli varmint took over KBIO and then what has transpired since 17 November. Poor Herb, through no fault of his own (I'm pretty confident about that) now finds himself with an unwarranted blemish from KBIO and the lawsuits that will follow and undoubtedly at minimum require him to give depos and may, sadly, name him as a defendant. Herb is a really good guy - honest and knows his stuff.
Integral, if you know of any Bay Area opportunities open for a good CFO, pass them Herb's name as a possible look-at. His only weak area is contacts for capital raising - he's nott a deep Rolodex guy at this stage of his career, AFAIK. KBIO having him as acting CEO on top of his CFO gig was prolly inadvisable given that they needed to raise financing to even hope to stay afloat. One of the bored (sic) members should have stepped-up as interim CEO. Denise Gilbert has speed-dial to all kinds of $$$$ and she could have stepped in. No way would KBIO have been able to recruit a CEO with connections to capital sources given the poor state the company and failed candidate products portfolio were in. Maybe it was hopeless and the bored just wanted Herb to wrap it up and wind it down. IDK.
KBIO was all teed up for dissolution/bankruptcy before Shkreli jumped into the scene. Now a whole bunch of people are gonna get tarred by the splashes from this shetstorm that Shkreli created. It's a sad deal. The company was set to fail honorably and have a dignified burial, now it will forever have a stigma attached to it because of Shkreli.
As Kalobios currently has near zero or zero employees AND the 'turnaround guy' from NJ is really a wind-down guy AND there is no real prospect of hiring anyone of value to this scam (nobody would sign on to this disaster),
THEREFORE,
there is no realistic prospect of a reorg plan that will pass muster with the BK court and trustee.
They may try it - starting as a Chap 11 reorg, butt this will go the way of Chapter 7 liquidation with all those essentially worthless assets sold for whatever the trustee can get for them.
I'm kind of shocked that the Franchise Tax Board and the County of San Mateo are two of the creditors. I hope that wasn't something from Herb Cross's time as CFO (and acting CEO). He's a quite competent, ethical guy and I can't see that he'd be involved in stiffing any governmental entity owed payroll taxes, corporate income taxes, or unemployment insurance.
So I'll assume that the deficits to the FTB and other govt creditors occurred after 19 November 2015 when Herb and the BOD were 'terminated'/'resigned' by Shkreli and his clown posse.
In any case, it's best to be on the safe side, and I hope Herb will call John Keker and retain him before others conflict him (Keker) ~OUTT. The shareholder lawsuits alone will prolly require him to sit for a depo or two, and then if the SEC or DOJ wants a chuckling chat (or the BK court), it's best to have Keker on call.
I won't post Keker's private #s, butt he can be reached via their switchboard voicemail 415.391.5400 - state that it is an urgent matter, leave your name, the matter (Kalobios/Shkreli), your former position, and leave a number for voice and text/emails.
Yeah, I take your point on bin Laden. Religious nuts are a whole different bowl of fruit salad in the braincase.
Their problem is nott usually depravity, butt an inability to perceive reality without the framework of their inane religious beliefs. It's a cognition problem, IMO.
Psychopaths are often ruthlessly analytical and realistic. They know exactly what they are doing, and it is nott for a 'higher purpose'. They are motivated solely by self-gratification, which may include sadism. They do nott think that what they are doing is 'good' in any theory of the world/universe as religious terrorists usually do.
I think a psychopath does nott even consider the concepts of 'good' and 'evil' as having any real meaning. I know that I sure don't.
"And, since they're impulsive, what they want right NOW."
Nay, that's the sociopath according to canine defecation artillery. The psychopath (which fits me, upon review of that post) is patient, plans shet in detail, and always has many ~OUTTs and backup plans.
Lee Harvey Oswald seems to be more like a sociopath. He wanted to kill a General, missed him - and then when JFK came to town and the route went past Oswald's jobsite, he decided to pop him. Impulsive.
Ayman Al-Zawahiri and bin Laden are/were psychopaths - planning years and years ahead. Making sure they had ~OUTTs from Afghanistan.
Carlos the Jackal was prolly a psychopath.
"Well, there is the fact that he was one of the people who caused the PPS to skyrocket from 44 cents to $45. Not bad for a "schmuck.""
LOL!!! That's because he was buying at ridiculously high prices, now he's stuck with an unmarketable security - when it opens on the grey market, it'll soon be in the pennies - in six-eight weeks.
He took a BATH on this.
Which is why he's nott on any other boards, gott canned from Pequod, and is a nobody.
He's less than Dan Pike. When Dan Pike bought SPNG, many victims said "this will have to go up because Dan Pike is buying".
How'd that investment thesis work ~OUTT?
Oh wait ... time to go to the blue sheets to find those NSS unicorns again.
LOL - KBIO is insolvent and was in the process of winding down until Shkreli bought 70 percent of the OS and canned the existing management and the entire BOD fled the scene like scalded cats. And now it has virtually no employees (possibly zero employees as of this date). It lists NO MANAGEMENT on the website. It has multiple shareholder lawsuits coming against it, plus an SEC civil suit that will certainly follow.
It has ZERO value. It's unfundable now with Shkreli gone.
KBIO is dead - well it's a zombie - with zero fundamental value - and bankruptcy on the horizon even before the shareholder suit legal fees begin tumbling in. With Shkreli indicted, IF there even was any D&O coverage after Herb Cross and the BOD all resigned on 19 November 2015, the carrier will undoubtedly contest their obligation to pay for the legal defense of Shkreli and anything done under his 'watch'.
So KBIO is dead. All that is left is for the zombie corpse to fall over.
Like SPNG.
What makes you think David Moradi is anything butt a complete idiot?
He FAILED at Pequot Management. Anthion is just a name he made up while he was unemployed after Pequot canned him.
The ONLY board he is on is KBIO.
He's far LESS qualified than even Dan Pike.
So tell us all why some schmuck like little David Moradi is any different than any other FOOL like Dan Pike. Pissing away money he cons others into letting him blow on junk like KBIO right before it collapses.
Tell us why Moradi is so great and nott just another David Blech conman.
*You may CONsult the blue sheets if that hepps you ~OUTT.
http://www.bloomberg.com/research/stocks/private/person.asp?personId=214781437&privcapId=113634433&previousCapId=6099166&previousTitle=KALOBIOS%20PHARMACEUTICALS%20INC
All their exec bios are deleted from the website.
"I doubt he'll impress in court."
He can afford a good legal team (have I mentioned John Keker? LOL!), so once they woodshed him, he'll be either on his best behaviour at the defense table and/or heavily medicated. I doubt he will take the stand.
Say, while I'm thinking about it - he ought to hire John Keker to defend him. He's handled much tougher cases than this appears to be. I keep his number on my cellphone and in my wallet (seriously). If I or anyone I know has a serious personal legal matter, that's the first call.
Ah, butt I also win if the sentence is 0 because he is acquitted or has a hung jury (nott a hanged jury - condemned prisoners are hanged, pictures and jurys and John C. Holmes is/was hung) and the US atty decides nott to retry the case.
So I feel good with the Under 121 months end of the bett.
100 Quatloos from each of us are now in the escrow account administered by Integral.
"How would you classify the dentist that infected 30 people with HIV? Sociopath or psychopath?"
IDK enuff about the case to even venture if EITHER is appropriate.
Butt I'm pretty sure he'll lose (or has lost) his license to practice dentistry.
Speaking of which, I have to spend 5 hours tomorrow and 8 hours Thursday doing CLE - via webcast. Best way to use the Christmas-New Year's dead period is doing CLE - LOL. Exciting New Year's Eve, eh?
The bastards scheduled the webinar that I've wanted since early summer for 12/30 and 12/31. They must be sociopaths ... or ISIS/Al Qaeda. :)
So I might be kinda unresponsive over the next few days as y'all hammer this scam ~OUTT. I gotta learn some schtuff.
Oh well, looks like I cross-posted before reading your post and link.
Looks like the 'experts' slice the pie differently that me.
Anyone's guess is as good as any other's in this area.
Butt since the 'experts' are allowed to define their own terms, I suppose I have to abide by their definitions - and change as they do.
Sociopath = Bernie Madoff or Allen Stanford (no violence)
Psychopath = Ted Bundy or see "American Psycho" for Wall Street cred (violence, often multiple violent acts)
Nott being a psychiatrist nor psychologist, nor placing a whole lott of stock in the lasted DSM version or any of this black art, this is my simple understanding of the distinction.
A sociopath will, among other behaviours, commit non-violent crimes.
A psychopath will, among other deviant behaviours, injure, maim, and/or kill people and/or animals.
Butt this is just MY usage of the terms. And it's as valid as any 'psychologist' or 'psychiatrist' because it's all wildly ambiguous, uncertain, and quite unscientifically defined (though they will argue that it is the fruit of scientific investigations, it's nott to a real scientist who knows that it is impossible to separate the innumerable variables of human behaviour and thus truly controlled experiments in 'psychology' as regards human behaviour (nott brain physiology) are mostly impossible).
Hell, that's the whole reason I follow iHub and the DD board among others. I love to study this sheet.
So, let's make a bet - 100 Quatloos - on an over/under for Shkreli's sentence (if he is CONvicted).
My estimate is 5-8, you think 15-20.
How about if we make the O/U 121 months (10 years and a month)?
I'll take the Under, you take the Over.
100 Quatloos or Greek drachma?
Ya see, the thang is that a good lawyer, like John Keker, can cite many examples of 'legitimate' corporations and corporate boards and officers doing things very similar to what Shkreli is accused of.
That is why the prosecutors can't call it a real Ponzi scheme, because it isn't a Ponzi scheme as that term has been used in other cases.
What Shkreli did may be 'like' a Ponzi scheme, butt it can also be 'like' a lot of corporate actions that 'prestige name' corporations and even guys like Boone Pickens and other raiders and greenmailers (and the companies that paid them to go away) have done.
There's a ton of shades of grey between a straight-up pump&dump and a straight-up cash-based Ponzi scheme.
Shkreli falls somewhere in those shades of grey. Even the US Attorney admits that by his weasel wording.
You should tell the DOJ that. They don't charge it as a Ponzi scheme.
They did for Bernie Madoff (see para 5 et seq.):
http://online.wsj.com/public/resources/documents/KonigsbergIndictment09262013.pdf
Whereas in the Shkreli case, the prosecutors don't call it a Ponzi scheme - they call it "like a Ponzi scheme"
“Shkreli essentially ran his company like a Ponzi scheme where he used each subsequent company to pay off defrauded investors from the prior company,” Brooklyn U.S. Attorney Robert Capers said at a press conference.
...
Shkreli was indicted for securities fraud and conspiracy in a series of dealings that federal prosecutors likened to a “Ponzi scheme.”
...
At a news conference Thursday afternoon, U.S. Attorney Robert Capers in Brooklyn said Shkreli treated his companies as a "personal piggy bank" and ran them "like a Ponzi scheme."
I can go on with more quotes from the DOJ, butt as a lawyer words mean things - and the weasel word "like" or "essentially" is very different than claiming "he ran the businesses AS a Ponzi scheme".
Even his indictment doesn't say that (as Madoff's does). It uses the same weasel words.
So you are claiming he is being prosecuted FOR a Ponzi scheme, and even the US attorney and others in the DOJ are not alleging that.
The securities fraud and wire fraud he may have done certainly can be CLAIMED to be LIKE a Ponzi scheme, butt it is nott at all the same as real Ponzi schemes, like Madoff, which simly reroute cash from new investors (or new investments from old ones) to pay off in cash old investors.
So, you should compare Shkreli for sentences for securities fraud cases like many pennyscams - which use multiple corporations to shuttle assets around and issue illegal 'settlements' to shareholders so the issued shares can be immediately delegended and dumped. He is NOT been formally claimed to have run a Ponzi scheme, as Allen Stanford and Madoff and others did.
The most even the prosecutors themselves will say (and these are the folks who will stretch the line as far as they can!) is that what Shkreli did was LIKE a Ponzi scheme. Butt nott that it WAS a Ponzi scheme.
In United States v. Parris, S2 05 Cr. 636 (FB) (E.D.N.Y.) -- a pump-and-dump case -- brothers Lennox and Lester Parris were convicted of securities fraud and witness tampering.
The Parrises issued false press releases -- this time concerning a penny stock company in which they were the sole directors. Following the issuance of the press releases, the stock price nearly doubled and volume surged. The Parrises profited by causing their company to issue unregistered shares to two stock-promotion firms that, in turn, sold the newly issued stock to the public for a total of approximately $4.9 million. Those companies then transferred $2.56 million to a bank account controlled by Lester Parris. Similar to Ware, when the SEC began investigating, the Parrises were involved with submitting a false statement in an effort to cover up their activities.
In August, Judge Frederic Block determined that the offenses resulted in a gain of more than $2.5 million, involved 250 or more victims, employed sophisticated means, and involved obstruction of justice. Because the Parrises went to trial, they did not receive any reduction for acceptance of responsibility. The advisory guidelines range was extreme: 30 years to life in prison.
Judge Block rejected the guidelines and sentenced each defendant to five years’ imprisonment. Judge Block called the guidelines range “draconian” and complained that the guidelines did “not provide realistic guidance.” Notably, the government agreed that an appropriate sentence might be “significantly less” than the applicable guidelines range.
Judge Block directed the parties to search nationwide for the sentences ordered in similar cases. Based on his analysis of these cases, Judge Block concluded that defendants in securities fraud cases responsible for losses of $100 million or less generally received sentences of less than 10 years After considering this, along with various other factors, Judge Block sentenced the Parrises to five years’ imprisonment.
Now. tell me about those "MANDATORY MINIMUM sentences in the Federal system again.
STEVEN YEHUDA MOSKOWITZ, CFO of SPNG - $52 million defrauded. CONVICTED of SECURITIES FRAUD.
0 months sentence. Probation only.
Tell yourself whatever you want to. I'm just telling y'all what is going to happen.
This is a typical example of an egregious pennystock scammer who went to trial and was CONvicted on multiple counts.
He gott 37 months. Richard Altomare is his name.
https://www.fbi.gov/miami/press-releases/2014/former-ceo-of-publicly-traded-company-sentenced-in-securities-fraud-scheme
"The SEC won a $25.7 million civil lawsuit in 2007 against Altomare and University Express over selling millions of unregistered shares and issuing misleading press releases."
And a lawyer who was convicted of momey laundering in a pennyscam: six months.
https://www.fbi.gov/newyork/press-releases/2014/florida-attorney-sentenced-to-six-months-in-prison-for-laundering-purported-stock-fraud-proceeds
Why quibble about the AS and the RS? There is ZERO fundamental value to this scam. ZERO.
Brokeass Basu is bust. There is no business.
All Brokeass Basu is doing is dumpster diving and begging for quarters and dimes to stretch her food supply until her EBT card is recharged in January.
The PPJE "office" is a shopping cart on Sixth St. and S. San Pedro in LA, heart of Skid Row.
Brokeass Basu 'raising funds' selling Class E shares for 25 cents a roll.
Bernie defrauded TENS OF BILLIONS of dollars and did it continuously over more than a decade, using extremely sophisticated methods to confuse the SEC and deceive them even under investigation.
That is nothing like Shkreli. This is his first rodeo - a few small scams. Nothing even close to Bernie.
Bernie ran his own MM shop - indeed he basically ran an exchange of his own.
Bernie Madoff is to Shkreli as Adolf Hitler is to Jodi Arias.
I follow a LOT of pennyscams and their criminal convictions that follow.
Shkreli will get somewhere around 5 years plus or minus 3. His lawyers will correctly argue that he is nott responsible for many of the market losses that are going to be ascribed to him by the DOJ.
When the dust settles, he'll do 5-8 years. Seen it all before in bigger pennyscams than this with CEOs and financiers who generated a lott bigger losses than this clown.
I mentioned 20 because the post I responded to cited the count of wire fraud and a 20 year MAXIMUM.
Regardless of which count(s) he pleads on or is convicted by jury on, he'll get concurrent sentences and 5-8 years tops.
That's just how it will play ~OUTT - BEST CASE.
I've also seen defendants who the FBI had in stings (FBI agent posed as a fund manager who would buy tens of millions of shares in a scam using his 'funds' money if the pennyscammer would kickback 15 percent to him). The DOJ had this guy dead to rights.
Jury acquitted him - because the defense lawyer (nott even a good one!) attacked the credibility of the FBI informant and told a story of how the local and Federal authorities were ~OUTT to gett this guy and set him up. I couldn't believe it, butt the jury lett him walk.
Don't discount the possibility that Shkreli might walk.
And review the amounts of money lost and Frank Quattrone's sentence. THAT'S what a good lawyer will do for ya. That lawyer is John Keker - the best of the best at these types of cases.
They are like blind people bidding on art paintings.
In the pennies especially. 99.999 percent are scams or wholly nonviable businesses that pay ~OUTT any income to insiders. If anything of value is generated, it is spun ~OUTT to insiders for nothing - shares that they will dilute to dust.
Even with the sentencing guidelines, he won't get anything close to 20 years. Nott even half of that.
dog turd cannon Tuesday, 12/29/15 04:05:21 PM
Re: 236T568 post# 3868
Post # of 3885
KBIO hasn't done anything at all. That is why it was heading to insolvency and liquidation before all this mess.
I am amazed people seem nott to understand this. Read the 'financials' and it's obvious as hell this was a scam with no hope of viability. It was a share-printing stock distribution scam designed to enrich insiders and scam the market. Nothing else.
UMMM, STEVEN YEHUDA MOSKOWITZ was convicted by his plea agreement and allocution to the court.
He was CONVICTED.
It was Metter who was nott convicted because of evidence handling by the DOJ.
Mosky is fully convicted.
https://www.law.cornell.edu/wex/federal_sentencing_guidelines
The Federal Sentencing Guidelines are non-binding rules that set out a uniform sentencing policy for defendants convicted in the United States federal court system that became effective in 1987. The Guidelines provide for “very precise calibration of sentences, depending upon a number of factors. These factors relate both to the subjective guilt of the defendant and to the harm caused by his facts.” Payne v. Tennessee, 501 U.S. 808, 820 (1991).
The Guidelines are not mandatory, because they may result in a sentence based on facts not proven beyond a reasonable doubt to a jury, in violation of the Sixth Amendment. United States v. Booker, 543 U.S. 20 (2005). However, judges must consider them when determining a criminal defendant's sentence. When a judge determines within his or her discretion to depart from the Guidelines, the judge must explain what factors warranted the increased or decreased sentence. When a Court of Appeals reviews a sentence imposed through a proper application the Guidelines, it may presume the sentence is reasonable. Rita v. United States, 127 S.Ct. 2456 (2007).
Sorry dude, there is NO MANDATORY prison sentence in the Federal system.
Those are sentencing GUIDELINES. The Federal judge as full discretion.
DO those numbers on Steven Moskowitz with $52 million lost in SPNG according to the SEC and DOJ.
ZERO prison time.
There is NO MANDATORY SENTENCING in the Federal system. NONE.
"It will trade on the Grey Market if they register with the OTC."
LOLOLOLOL!!! OK, let us know than they 'register with the OTC' so that grey market trading can start. LOL!!!!
Hay, maybe Czech the blue sheets and find all the NSS!
Bwhahahahaha!
LOL - that was the STUPIDEST idea ever. Well, other than KBIO.
Physics doesn't lie, butt many people believe otherwise.
There are still peeps who throw money at perpetual motion scams.
That's why I love iHub and reading peeps posting on penny tech scams that they have NO CLUE about the technology and even very basic science.
They are born more frequently than every minute now.
Shkreli is totally a sociopath. Of that there can be zero doubt. Listen to his interviews.