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Not very, especially given that no attorney of his caliber would ever have made such a dumb statement.
How important is it that D. Roger Glenn of Edwards & Angell, attorneys for CMKM Diamonds, Inc. said...
That's just so pathetic. I wonder when Glenn's gonna get tired of having words put into his mouth.
Um, didn't they "announce" that before? What a waste of money.
Yes.
Or is the 4% general across all exchanges?
And it's not 4% of all trades; it's 4% of all stocks. No examples were offered. You can find discussion here, though you may have to go back a few days:
http://ragingbull.lycos.com/mboard/boards.cgi?board=JGMHA
I know that this does happen. The SEC says there are some settlement failures in 4% of all stocks traded. In my view, not a very big deal.
In the case of Paid, Inc., it took some holders weeks and months to get certs. After many delays, several holders claimed that the brokerages finally admitted that some transactions from 2 and 3 months prior had not been settled and that's why certs were not sent.
I thought Schwab's letter to the SEC was interesting. It suggests that these settlement failures are largely due to simple carelessness. Makes sense to me.
http://www.investors.com/breakingnews.asp?journalid=21728659&brk=1
Not the best source for the letter, but the only one I could find quickly.
I know. It's a great idea. But would a small business like Vince's bother? I think the answer pretty much depends on whether they had an employee who cared about that stuff.
Do you back up your home computer? I don't... Every once in awhile I put some stuff on Zip discs, but, um, haven't done that in about two years, I think...
Cert pulls have been tried by dozens of companies. They've never worked. People ordered their certs, and got their certs.
Forward splits have been tried; name, ticker, and CUSIP changes have been tried.
People always get their certs. Now why d'you think that is?
Part of your position in CMKX could be naked shorted shares. You have no way to know that unless you ask for the certs...
No he doesn't. He only has to deliver the stock to the buyer. Certs don't come into it.
The MM who's short has to cover with a real share, cert in hand.
As I'm sure you know, the SEC wants to eliminate certs entirely.
Not everybody has a Susie. Most people are good about backups for awhile, and then get behind and give it up.
I take our back up tape home every night so if the building burns down we have all the computer information on it.
I think that'd be very difficult to do.
You could start by changing state corporation and registration laws like Nevada.
But the SEC could easily override those laws simply by stating that the companies in question had to make public disclosure of a number of things, or they'd get their registration yanked.
Along with debt convertibles and other sorts of nefarious investment vehicles issued by companies.
I think it's unfortunate that many of the people ranting about "naked shorting" are confusing that with the shorting that results from toxic financing. The latter is a real and very present evil. But the GetShorty crowd won't address the issue for two main reasons. First, many of them don't understand what it is and how it works. Second, to embrace the notion that their stock went into the toilet because of the issuance of toxic paper is perforce to implicate company management, and they can't bear to think that "Horatio" or "The Honest Oil Man" or "Blaggy the Ray of Sunshine" has been deliberately screwing them.
Let's have a ECN system run by the SEC “directly” for “all” publicly traded stocks, a fair system that...
I suspect that's statutorily impossible for the SEC. And frankly I don't think I'd want to see the government in charge of ALL trading in stocks. In addition, equities aren't the only market out there: there're bonds, currencies, commodities, and other derivatives.
that...
requires complete and accurate company reporting and accountability, with STRONG penalties for non-compliance (large fines and jail time?)
I absolutely agree with this. Among other things, I fail to see why the SEC STILL has not made it mandatory for every public company to make a/s and o/s continuously available through TAs. And frankly I don't see why the Canadian system couldn't be adopted: even the lowest level stocks there are required to make brief quartely filings.
Recently the SEC produced a list of "material events" for which 8-Ks should be released. Surprisingly, at least to me, an increase in a/s or o/s was not part of it. As a result, even with a reporting BB stock like, say, IVHO, you only find out how much new stock the CEO's dumped once every quarter.
the ECN system at all times
is based on Supply and Demand, that does not allow shorting of any kind, that requires verified ownership of a stock before you can sell/trade it, a "fairly" simple computer program based on a bid/ask price matched FIFO system would do such :) no middlemen, direct matching of buyer with seller only
Shorting will never be eliminated, and it shouldn't be. It keeps stocks from being hyped to unsustainable levels, and in doing so makes for more efficient and safer markets for everyone.
As to the rest, ECNs have been very successful trading issues in which there's a great deal of interest. They're also used by institutions. But if they were the ONLY way to trade, small and/or illiquid issues would die on the vine.
What's needed is more stringent listing and filing requirements, combined with harsher penalties for wrongdoers. Many of the fines levied by the SEC at this time are considered by the crooks to be simply the cost of doing business.
Many thanks. Just emailed you. You may get it twice; something seemed to screw up...
Should be very interesting indeed.
I'd be interested in that info too...
I have that info I talked about last week, the # of acres for the numbered Sask. companies...
Is there any kind of key available that links the numbered companies to owners?
Oh my!
ECNs do exactly that.
And true a "fairly" simple computer program based on a bid/ask price matched FIFO system would do the job of pretty mush all current stock trading mechanisms.
And you are right that is why such a sytem will probably never happen, money will protect money, etc...
Slurpy. Sure sounded like him.
Damn...all those posts were gone by the time I got there. Wild stuff?
lol, I also came across him on a thread that was mostly inhabited by Italian CMKX pumpers. There, he calls himself "SLURPY".
It definitely is. He refers to me all the time, for one thing. And he's signing his posts:
Ble$$ings....
And of course he's been pumping CMKX since the fall of 2002.
I doubt the fire had any direct link to PCBM. My guess is that Vince has more serious (and competent) enemies closer to home.
hmmmm, Slurp's pumping Pacel now. Wow what a loser that one is.
http://www.investorshub.com/boards/profile.asp?User=28102
I never bookmarked that url, but I'm sure someone did.
Or...just to be fair...did they have some cars in another lot because they're auctioning them on Ebay?
hmmmm, that's a very good point. I wonder how many cars were normally in the main lot.
What a nutjob.
UPDATE: PINNACLE BUSINESS MANAGEMENT, INC. N/K/A SERAC HOLDINGS, INC. (Pink Sheets: SRCI) - FIRE SALE
June 29, 2004
A fire at an auto dealership in Pennsylvania hardly seems like a national business news story, but investors in a company once known as Pinnacle Business Management, Inc. would probably disagree. The All-Pro Auto Mall, which was destroyed by fire last week, once served as the focal point of a stock scheme that caused small investors to lose a bundle.
In other words, hundreds of people who invested in Pinnacle Business Management, Inc. know what it is like to be burned.
In early 2001, Pinnacle agreed to acquire the All-Pro Auto Mall and related businesses in Western Pennsylvania from Vincent and Kim LoCastro. A used car dealership in Canonsburg was central to those All-Pro Ventures. See 3 E International Corp. - From All Pro To All That Dough. Pinnacle indicated that it would make the All-Pro operations the focal point of its business. Those who relied upon Pinnacle's promises were destined to be disappointed when the Company failed to perform and the Securities and Exchange Commission came knocking on the door. See Update: Pinnacle Business Management, Inc. - Trading, No. Fraud Claims, Yes.
In consideration for the All-Pro "empire," Pinnacle gave the LoCastros 83.3 million shares of Pinnacle common stock and a promissory note for more than $6.6 million to the LoCastros. The catch was simple. If Pinnacle failed to pay the note when it came due, the LoCastros would get their business back. See Update: 3 E International Corp. and Pinnacle Business Management, Inc. - Less Than Meets The Eye.
Which is precisely what happened - but not before Pinnacle touted plans to spin-off the All-Pro operations as a separate public company. See Update: Pinnacle Business Management, Inc. - No Pro And No Dough. Those promises caused the SEC to file a suit charging Pinnacle, Vincent LoCastro and Pinnacle's Chief Executive Officer, Jeffrey Turin, with issuing false and misleading press releases.
Back in the hands of the LoCastros, the All-Pro Auto Mall now has a new share of woes. According to published reports, the fire at the dealership probably was started intentionally on Wednesday. Employees apparently put out Wednesday's fire, but the local assistant fire chief, Tim Solobay, says it reignited the next day, either on its own or through the efforts of the same culprit.
Vincent LoCastro, who is now barred from serving as an officer of a public company by virtue of the SEC's case against Pinnacle, informed local reporters that the corporation hoped to rebuild within six months. While the fire destroyed ten cars, another 100 cars in a separate lot were unharmed.
Pinnacle, which changed its name to Serac Holdings, Inc. (Pink Sheets: SRCI) in April 2004, has not issued any comment.
http://www.stockpatrol.com/schlock/doghouse/u_pinnacle5.html
©2004 Stock Patrol.com. All rights reserved.
WE'RE BACK ON PATROL
Geez.
Educated? Have you ever read any of his posts? Standard English they ain't.
Why do you say that?
Sterling, you seem to be reasonably intelligent.
LOLOLOLOLOLISSIMO!!
Sterling has no doubt law firm knows valuation of CMKX. Knows that CMKX has potential to be Fortune 500 company.
You need to keep the players straight. FinancialWire/Investrend pretty much invented the GetShorty campaign.
That isn't the original headline. FinancialWire changed it.
You can start with the headline.
Yup. Both Slurp and All*n have been pumping OMOG. Not coincidentally, perhaps, they've both also pumped SRCI, ECNC, and CMKX.
This isn't the OMOG thread. Go there and ask the "bashers".
Not personally. I know what they are.
Urbie's name isn't "on the company" anymore. It's now CMKX Diamonds, Inc.
So much for that theory. Not a very good one, either.
I'm sure he made out very well.
I wonder how he feels about his investment now?
At the moment, he's busy pumping CMKX, OMOG, and others.
Because they're right.
Janice why are you defending these people ?
Very simple, really.
Of what? Everything Stock Patrol wrote is publicly documented.
What, exactly, are you trying to challenge?