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Since we're quoting posts from elsewhere, this from "Sterling":
I also know the person that had CMKX investigated by the SEC about a month or so ago. The SEC is fine with CMKX.
NO ONE has that kind of influence with the SEC. I'm afraid "Sterling" is talking outta his posterior, as, in my view, he does most of the time.
http://ragingbull.lycos.com/mboard/boards.cgi?board=CLB01219&read=12162
Oh? And when it gets there, does Urbie intend to pay off the national debts of both the US and Canada?
Do you have any understanding of the numbers you're throwing around?
CMKX's goal is dollars, not pennies.
Hey, a rising tide lifts all boats. At least temporarily.
Yes, Queer Eye was successful but I don't think penny flipping pinkie traders moving billions of shares during that run gave a rat's azz about a TV show where Joe Straight got a makeover.
The guy could just be making it up, though he seems to be a long. It could also be that he misunderstood what he or his broker misunderstood the information he was given, and that what was meant was that the Nasdaq had blue-sheeted the stock.
That wouldn't be particularly surprising, given the insane volume of recent days.
"My broker called me this morning and said that the NASD regulators have
requested the trading records of CMKX."
So you, unlike many others, are saying that Urbie really did issue most of those 500 billion shares?
I agree with you.
UC made an announcement about some private investors he had lined up. Wonder what we gave those investors in return? You got it. The increased a/s fit just like I said it would.
Nah, not really. Most don't listen till it's too late.
RNTFLMAO you think people are going to listen to you hhhaaaaaa
How does the registry system work? How many local registry offices are there? Is there no central databank?
Why? Seems a no-brainer to me: Queer Eye proved that gay television can have very broad appeal.
Queer Eye for the Straight Guy??? I'm sorry, but that seems plain funny.
C'mon, it's funny. Admit it.
do you have nothing better to do than rip on a picture
I'm sure you're right. But how many people on this board are intimately familiar with Canadian junior mining companies?
All they basically do in some cases is consolidate the shares outstanding and rename the company with consolidated on the end. And then the next time around they just consolidate the shares again , and remove the consolidated off the end of the name. So I'm afraid that you haven't found anything earth shattering to anyone who has played the Canadian juniors for any length of time.
And of course in the States we say "reverse split" rather than "consolidation". It's kinda hard on shareholders.
Yes, I posted it after the big run was underway. I hadn't been following the stock for quite awhile.
if you check the date of that post, I think you'll find it was made AFTER the big run up. If not mistaken, I believe she was commenting to Susie more as a befuddlement than a prediction.
I hear you're gonna marry Camilla. Set a date yet?
For instance, I am really Prince Charles of Wales.
Maybe 0.0004 or 0.0005. It's extremely hard to move something with this much stock out, as recent trading suggestts.
What is your conservative pump target on this one?
Actually, I'd make a good investigative reporter.
Here's something interesting that I must have missed in the past, or forgotten. The president of MRDR, the company with which CMKX is now not going to merge, is Victor Casavant.
http://www.pinksheets.com/quote/company_profile.jsp?symbol=MRDR
Needless to say, information about the company is hard to come by. But speaking of Petro Plus and its later incarnations, this Sedar filing suggests that Odaat (now Explor) could be the owner of MRDR's George Lake properties. Well, not exactly the "owner". The real owners are unnamed directors and officers of the company.
http://www.sedar.com/csfsprod/data40/filings/00574587/00000001/s%3A%5Codaann.pdf
No. There are plenty of other ways to prevent a takeover. Urbie could, for example, simply have created a class of preferred stock convertible to zillions of shares and issued enough to himself to ensure that he remained in control.
do you make room for the
possibility that the A/S was raised to fend off potential takeover efforts?
Yes, if it continues to drop.
so you think the lower volume is bad for us then?
But of course it's still absurdly high for any company, much less a Pinkie. Why has it been so high ever since the authorized was raised to 500 billion? Go figure.
CMKX appears to be doing a stock audit, not a financial audit. Financial audits are done by accountants, not TAs.
So....who IS "Sterling" aka "stervc"? Any connection with Sterling Venture Capital in NYC, or any other Sterling Venture Capital?
There've been others. But offhand I can't think of one that's STAYED up.
Trash runs all the time. QBID might actually have something if Frankie weren't the CEO. I think the stock was helped a great deal by the enormous success of Queer Eye, but now they've got to produce something and make some money or they'll sink right back to where they were.
I started posting on the various RB CMKI, M, and X boards more than two years ago. And I haven't said CMKX won't go up any more. I just don't think it'll go up MUCH more.
i don't know what the size is when it says 1 or 1,000,000
Last I looked it was 1 share on the bid of 0.0002, and 1 million shares on the ask of 0.0003. That means they're guaranteeing they'll buy one share from you at the quoted price, but are then free to change the quote. They're guaranteeing they'll sell you a million shares at 0.0003, and after that will be free to change the quote.
So you don't believe this should be a discussion board? Just a cheerleading board?
Altrettanto. The SEC never tells anyone whether they're investigating a company or not.
Busted, Now I know your a Fraud!
lol, no doubt whoever was commissioned to do the painting didn't quite understand what was meant by "drilling".
Hey, I once had a two-hour phone conversation with Marc Tow. That doesn't mean I believed what he told me.
I'm not making that up. Yesterday someone was attaching large pix of the car to his posts. I'm sure he'll do that again sometime. The photo is probably from the company website.
Thanks, guys. Here's what I love about the Funny Car: on the side it's got a picture of a guy in a hard hat using a jackhammer.
Drilling for diamonds, I guess.
No. I think it's unlikely to run much higher. Pumps like this one don't usually last longer than three or four days. Note that volume was significantly lower today than yesterday.
My guess is that most recent buyers are momo players, and they'll sell at the first sign of weakness.
No particular reason. I've been posting on the RB CMKX boards for a long time. IHub is, of course, faster to read because of the "next 10 posts" feature.
The fact that you got no replies to this suggests that most posting here haven't been in CMKX very long, and also that they haven't done their homework.
Anyone know what the/a MRDR transaction is? Thanks.
The company was supposed to merge with MRDR. I haven't looked up the date of the PR, but it was a fairly long time ago. There was never any further news, so my guess is that the idea was dropped almost immediately.
No, it isn't. Normally the old TA just turns over his logs to the new TA.
Sounds like one of those "my cousin's ex-wife's hairdresser said..." posts.
"My broker called me this morning and said that the NASD regulators have requested the trading records of CMKX."
Though if true, it would very likely mean that the NASD had blue-sheeted CMKX. That wouldn't surprise me. And it might explain why the company was demanding a stock audit and changing TAs.
Since when do Pinks have to file once a year? If so, every single one I follow is in violation of whatever the rule may be.
Everyone keep in mind that we have to file with the SEC before June 23rd. Pinks have to file once a year.
lol, yes, plays hell with the average calculator.
I assume they mean a "stock audit" rather than an audit of company financials, but they should have made that clear.
I don't see why it should be necessary: Urbie knows how much he issued, and the TA should have up-to-date records. If he doesn't, he hasn't been doing his job.
I don't know. For one thing, it'd mean that "Sterling" wasn't quite who he claimed to be. For the rest, if--and there certainly isn't any proof of this--he works for a company that's provided financing for CMKX, it'd be good to know the terms of the financing agreement.
Maybe someone should ask him about all this.
Why do they have to do an "audit"? Doesn't Urbie know how much stock he's issued?
it means we will finally have share structure info as soon as audit is done.
By the way...
Hmmmm somebody told me that Institutional buying wasn't no good but I think I will stick to stervc...
Does anyone know if "stervc" stands for "Sterling Venture Capital"? There actually is a Sterling Venture Capital located in NYC, but "our" Sterling says he's from Texas.
Yes...
Some of these Institutions could have struck deals with Urban to provide previous funding with the opportunity to take a huge position before the major PR is released to initiate the first major run.
...could be. But that's not necessarily a Good Thing:
PIPE DEALS SMOKING
By CHRISTOPHER BYRON
June 1, 2004 -- IT didn't get much attention in the press, but in a Tampa, Fla., courtroom last week, the Mafia's much-chronicled rampage through the penny-stock market a decade ago officially came to an end, with sentences finally handed down for the four top remaining insiders in the case.
So is the so-called "microcap" end of the stock market any safer a place to put your money now that the bell has finally tolled for men like New Jersey crime under-boss Philip Abramo and his henchmen? Don't count on it. Just as Henry Kissinger once observed of diplomacy, each solution simply opens the door to the next problem, and on Wall Street, from behind every door wafts the scent of easy money.
This week we follow the beguiling aromas of Wall Street's newest penny-stock ploy - the so-called PIPE deal (for "private investment in public equity"), a kind of new-and-improved version of the so-called Regulation S deals on which Abramo and his crew feasted back in the 1990s.
In "Reg. S" deals, men like Abramo were able to cheat the market by orchestrating penny-stock pump-and-dump schemes while hiding behind the veil of offshore brokerage accounts held by local nominees in places like the Bahamas and the Netherlands Antilles.
In the new version, the hiding goes on in plain sight, via self-styled "micro-" and "small-cap" hedge funds that often function as willing patsies to pump worthless stock onto the market at outrageous prices.
Some on Wall Street say that more than $12 billion has been raised already from PIPE deals of all sorts. One trade group publication, the so-called PIPEs Report, estimates that close to $8 billion of fresh money has flowed into PIPE deals since January alone, with close to $1 billion of it funneled into itty-bitty transactions of $2 million or less - the typical-sized deal for an obscure penny-stock issuer.
In fact, however, no one can really see the full picture for any of this since the whole point of such transactions is to keep them free of regulatory oversight and control - the exact sort of conditions that sooner or later brings on the swindlers.
HEDGE funds are attractive customers for PIPE deals because the law treats such funds as "sophisticated" investors that don't need any help from the SEC in order to decide where to put their money. That apparently applies even when the funds are pouring money into the same sorts of troubled penny-stock companies that outfits like the Abramo crew exploited in their Reg. S swindles of the 1990s.
One such company, American Stock Exchange-listed Magic Lantern Group, Inc., has no working capital, no tangible net worth and no cash flow, and keeps producing quarterly net losses that exceed gross revenues. What's more, nearly half the company's stock is held by the court-appointed receiver of New York's Mob-connected Lancer hedge fund, which was shut down by the SEC following disclosures first published in this newspaper two years ago.
Though the stock is currently trading for 90 cents a share, the company has no obvious market value at all. Yet it was nonetheless able to raise $1.5 million from New York's Laurus family of penny-stock hedge funds.
Why would Laurus invest in such a company? One answer can be found in the deal it got, which boils down to 7.1 million shares of Magic Lantern stock, or 10 percent of the entire company, at less than 26 cents per share - a staggering 71 percent discount from the price that everyday investors had to pay in the public market. As a result, even if Magic Lantern Group's share price falls by 50 percent by the time the Laurus folks decide to bail out, they'll still be able to reap a stunning 80 percent profit on the deal while outside investors get hosed.
Or consider Summus Inc., an OTC bulletin board-traded company with a colorful past. At various times this company has functioned as a plaything for everyone from Vancouver penny-stock promoters to a North Carolina man who began his career peddling horse shampoo as a cure for human baldness.
These days, Summus claims to be in the business of developing "applications and solutions that optimize the consumer wireless experience," which basically involves selling photos of fashion models in bikinis that you can download into a cell phone.
The company's new boss, who's been on the job since February, says business is going great.
But apparently, it's not going quite great enough. During the first three months of this year, cash in the kitty fell by 86 percent, and by the end of March it was down to $300,000. In the process, the company's day-to-day working capital evaporated and the company plunged into insolvency, even as net losses soared by nearly 75 percent while the company's deficit in operating cash flow jumped by nearly 35 percent.
So is Summus a smart investment? At a current price of a mere 18 cents per share, the stock hardly seems to have many fans. But last month, the company was able to raise $2 million in a PIPE deal in which nearly 43 million shares of stock were offered at the equivalent of roughly 4.5 cents per share, or a 75 percent discount from the market price.
Nearly 40 percent of the Summus PIPE went to a penny-stock player named Joseph D. Samberg who runs hedge funds in New York and the Cayman Islands. Now Mr. Samberg is undoubtedly a fine individual, but he has a habit of turning up in deals with men whom you wouldn't want your daughter to bring home to dinner.
In October 1999, Samberg's funds paid roughly $15 million for about 2.5 million shares of a NASDAQ-traded company called Futurelink Corp. Thereafter, the company's stock price surged from $8 to nearly $36 per share, after which it precipitously collapsed in the early months of 2000, settling eventually in the pink sheets at its current price: roughly 1/100th of a cent per share.
THERE is no evidence that Samberg or his fund were knowing participants in what was obviously a well-orchestrated pump-and-dump heist, which wound up lifting an amazing $2.5 billion from the market. But he should have known who he was getting in bed with when he handed over the money.
For one thing, only two months before the deal, the company fired its founder and CEO, a Canadian penny-stock promoter named Cameron Chell who had recently run into problems with Canadian regulators and been banned from the Alberta Stock Exchange.
And not long after Samberg became an investor, the company filed papers with the SEC acknowledging that "persons formerly associated with our business may have engaged in unlawful activities designed to manipulate our stock" - an apparent reference not just to Chell but to others who had been associated with him at the company.
Chell, whose previous business associates have included a confessed Internet stock swindler from Illinois and a Canadian penny-stock promoter now awaiting trial on criminal charges in Miami, was not about to let his ouster from Futurelink slow him down. Two years ago he sold a company he controlled - the aforementioned Magic Lantern Group, Inc. - to a Canadian company that promptly resold it to New York's Mob-connected Lancer hedge fund.
Not every PIPE deal involves companies - and deals - as convoluted and fishy as these, and many of the larger ones are undoubtedly on the up and up. But the smaller and more troubled the issuer of the stock, the fishier and more suspect the transactions become. And just because the Mafia is no longer in the game hardly means the game itself is going to stop.
As Glenn Frey reminds us in "Smuggler's Blues," the lure of easy money has got a very strong appeal. And that is just as true on Wall Street as anywhere else.
Please send e-mail to: cbyron @ nypost .com
http://www .nypost .com /business/25017.htm