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He has less than a to go before he does!
Yikes!
LOL
Courtesy of Pedro:
Gary W Walters
do they even have a clue what 3-4 dollars per share at 703 billion shares come to ??
Sextrillion!!!! LOL
yes everyone knows the markets are crooked, and yes NSS is real. Now are all these companys that claim NSS telling the truth ??
Yes, NSS is real. Some still legal and regulated. The SEC has made an effort to curve NSS. The NSS guru's want to con the public into believing it's all a sham, even though the SEC and regulators have pandered to them many times on this issue.
The guru's were responsible for the cyber message board hysterics that the Berlin-Bremen Stock Exchange was rampant with NSS of U.S. stocks. So in June 2004 U.S. regulators go over to Germany and they open up their books. What did they find?
North American Securities Administrators Association (NASAA) held a conference on naked short selling in November 2005. An official of the New York Stock Exchange stated that NYSE had found no evidence of widespread naked short selling, and alleged "fear mongering that there's this rampant naked shorting that's gone unregulated."
Cameron Funkhouser, NASD senior vice president of market regulations, noted that although companies have alleged stock manipulation through the Berlin stock exchange, the NASD has seen not one instance of naked short selling [on the Berlin stock exchange]".
Before 2005 it was legal to NSS in Canada. The Canadians gave in and complied with Reg SHO, so the SEC eliminated naked shorting in Canada. I believe this should have been done earlier but...there ya go. Done!
Later the SEC revises Reg SHO and closed up more loopholes, including the GFing. Are they happy yet?
The SEC studies 295 IPO's. Stocks that have low floats, most likely to be overvalued, and good targets for NSS.
SEC Finds No 'Naked Short'-IPO Issue
By Judith Burns
Word Count: 511
WASHINGTON -- Securities and Exchange Commission staff economists say they cannot find evidence that failure to deliver shares in initial public offerings is caused by manipulative trading.
The study examined 295 IPOs over 16 months, starting in January 2005. The economists found that stock delivery failures, which some critics see as evidence of market manipulation, occur regularly in IPOs and they didn't find evidence that traders engaging in "naked" short selling are to blame.
Short sellers borrow shares to sell in hopes of profiting by replacing the borrowed shares at a lower price. Naked short sales occur when sellers don't ...
http://online.wsj.com/article/SB117737153905079711.html?mod=todays_us_money_and_investing
Then for the first time we have all OTC short sells published and discover these stocks are barely even shorted legally. So why would there be rampant NSS? The USXP short list was laughable.
The frustrated guru's want desperately to have the general public in a rage about an issue they could care less about and for good reason. Last year Warren Buffet mocked the NSS thingy.
The courts are weighing in and finding these claims have no merit.
So what's next for the guru's?
If they reward one they admit theres wrong doing, so even if a company is right they will never beat them
h24ever, do you know how many lawsuits these guys have initiated and have failed? Are you implying there is a vast conspiracy involving all these courts in different jurisdictions? Don't you think Judges, their friends and families care about a market they too invest in? They have expectations of making money also in a system that is not corrupted.
I expect a lot more from you, h24ever. After all, you're one of the sane ones! :)))
but he also noted that even the famous law firm of John O'Quinn, after many years and perhaps millions of dollars spent, hasn't been able to get the SEC to move on this problem
The SEC??!! They can't even get the Courts to go along with their malarkey. Two losses within a month? When are people going to wise up? Why didn't they just donate the millions to a worthy cause?
Team O'Quinn/Christian
Wins = 0
Lost = too many to keep track of
RIDGEFIELD, Conn., Feb. 14 /PRNewswire/ -- Southridge Capital Management, LLC ("Southridge") has won a decisive legal victory against Vyta Corp., formerly known as Nanopierce Technologies Inc. (OTC: VYTC) ("Nanopierce"). On January 28, 2008, a U.S. District Court in New York granted summary judgment to Southridge, certain of its former employees and Harvest Court LLC ("Harvest Court"), a fund sub-advised by Southridge, dismissing securities fraud and manipulation claims brought by Nanopierce.
Tuesday, February 26, 2008 3:19 PM
By Carol S. Remond
OF DOW JONES NEWSWIRES
A lawsuit challenging a Securities and Exchange Commission-approved program to facilitate the clearing and settlement of securities in the U.S. has been dismissed.
A federal judge in the U.S. District Court for the Eastern District of Arkansas ruled that a complaint filed by Pet Quarters Inc. (PDEN) against the Depository Trust and Clearing Corporation is preempted by federal law and granted DTCC's motion to dismiss with prejudice. That means that Pet Quarters cannot file an amended complaint. DTCC manages the clearing and settlement of securities in the U.S.
Pet Quarters, an Arkansas corporation that at one point sold pet supplies online, alleged that DTCC's stock-borrow program resulted in the creation of nonexistent or phantom stock and contributed to the illegal short-selling of the company's shares.
Pet Quarters' complaint was almost identical to lawsuits brought by Whistler Investments Inc., since renamed Hybrid Technologies Inc. (HYBT), and Nanopierce Technologies Inc., since renamed Vyta Corp. (VYTC), which also challenged DTCC's stock-borrow program. Those two lawsuits have also been dismissed and the companies are appealing.
All three companies are represented by a group of class-action lawyers - led by Texas lawyer John O'Quinn and law firm Christian Smith & Jewell - who have been trying to build cases against short sellers.
The law firms and their clients generally allege a conspiracy to illegally depress stock prices. Their strategy has morphed over the last several years, evolving from allegations involving so-called death-spiral financing and illegal short selling to more complex accusations that brokerage firms and the entire securities clearing system managed by DTCC are complicit in bear raids on unsuspecting companies. O'Quinn also represents online retailer Overstock.com (OSTK) in its lawsuit against short-selling fund Copper River Partner LP and research firm Gradient Analytics Inc. in California state court.
Short-sellers typically borrow shares to sell them short and profit when the price drop. Trading without a borrowing agreement is called naked short-selling. It is illegal for most investors, but legal for firms that make markets in stocks and bring liquidity to the market.
Under its stock-borrow program, DTCC facilitates the lending of shares from one brokerage firm to the other in the event a firm is unable to deliver stock to settle a transaction on time. The program is designed to facilitate trade settlement and is approved by the SEC.
Finding that Pet Quarters' claims conflicted with Congress's intent to have a uniform and efficient system for settling and clearing securities transactions, Judge Rodney Webb granted DTCC's motion to dismiss the company's complaint.
Pet Quarters sued DTCC in Arkansas state court in 2004. The case was later remanded to federal court.
Wes Christian, a lawyer representing Pet Quarters, wasn't immediately available to comment.
-By Carol S. Remond, Dow Jones Newswires; 303-997-5783; carol.remond@dowjones.com
(END) Dow Jones Newswires
26-02-08 2019GMT
Copyright (c) 2008 Dow Jones & Company, Inc.
Imagine having a neighbor like her...
LOL I get the gist of it just reading her posts.
Imagine what happens next when she realizes that $3 mill is not so easy to collect, imaginary or not. The THANK YOU FATHER's are a bit premature, imo. LOL
But how is that beneficial to them to send her there?
I think Cirie told the others that Kathy was exhausted when they were looking for the idol. When she went out again with Ami she hardly seemed to care. With Ozzy, she didn't even bother to look. Picking Kathy was a guarantee that she would not find the idol, one of the Favorites would. This was good team strategy in case they merge and were out numbered.
With the Favorites all taking turns going out to Exile with the same person, even if Kathy found the idol they would know not to vote for her or anyone she is close to. The Fans would have no clue who to vote for since many of the Favorites went out to Exile, so they would be confused about who may have the idol. They would vote for someone obvious, like Ozzy or James. So find out who the Fans want to vote for, and give the idol to that person. With the idol, the Favorites have a free pick who is really going home.
Neat, huh?
I liked the last minute reminder at tribal coucil.
"We three may be considered as the weakest players, but none to us three were responsible for the immunity challange loss."
I agree! I started liking Stacy in the second episode when she built that sturdy hut. Ever since she won me over with her no nonsense approach to the game. I just can't figure out why at least one of the young ones on the fans team didn't smarten up and recognize she is a force to be reckon with, and is the type of person you pray to be able to align with.
Stacy picked up quickly that two alpha males can not coexist on the same team and used it to her advantage to save her tiny weak alliance of Kathy and Chet. I'm loving her!
I'm disappointed they are forming new teams next week. I thought a lot of drama was about to happen. Rats!
I'm hoping Ozzy and Stacy end up on the same team and form an alliance. Ozzy needs a strong, loyal alliance if he is to make the merge and do well after. Even with the idol!
If you're an 'Electric Witch,' just how do they select a jury of peers?
Jury selection for Witches is very simple. They take them down to the Mighty Mississippi, bound and toss them into the river. If they float they are selected for the jury, if not.....
In djzzzzzz's case if any Witches happen to be electrocuted during jury selection they were automatically disqualified for being the defendants acquaintances.
If you're an 'Electric Witch,' just how do they select a jury of peers?
Jury selection for Witches is very simple. They take them down to the Mighty Mississippi, bound and toss them into the river. If they float they are selected for the jury, if not.....
In djzzzzzz's case if any Witches happen to be electrocuted during jury selection they were automatically disqualified for being the defendants acquaintances.
lol 3 mill ??
h24ever, jimmy, this is your big chance to get your money back!
Contact the Electric Witches and tell them you will sell your CMKX certs to them cheap so they can settle with djzzzzzz instead of giving her the cash for $3 mill. djzzzzzz is expecting Bush to announce the deal soon, AND she is expecting at least $3 or $4 a share. So how can she pass up a deal like that?
Hurry before they figure out they can just pay her with Monopoly money!
except i moved the court for a bench warrant for it's arrest, "danger to society" then went about proving it up
ROFLOLOL
NOW that's calling the kettle black!!!!
Posts about committing arson, road rage, stalking her neighbors, their family and freinds, fabricating outrages stories about them being half men, half vipers, Electric Witches that have crows with electric claws, and posting their personal information on RB. She really cracks me up!
She had a few posts about a week or two ago about her fear that the media might pick up her story. I wonder if the police reports she claims to have made are one sided? My trusty scam radar detector tells me there is a little more going on with her neighbors than she is letting on. hmmmm
At least he does not sit around on his ass and do nothing like a lot of posters here!
You got to give him credit!
Yeap! You have to give Deli Dog, Frank Love, Dan York aka Drymouth, Willy Wizzard, etc. credit for more CMKXers losing money in scams they promoted. What a wonderful group of guys!
U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 20465 / February 25, 2008
Securities and Exchange Commission v. GMC Holding Corporation and Richard Brace, Case No. 6:08-CV-00275-GKS-KRS (M. D. Fla.) (February 22, 2008.)
On February 22, 2008, the Securities and Exchange Commission filed an action against GMC Holding Corporation (GMC) and its chief executive officer, Richard Brace, for defrauding investors by issuing false press releases touting the company's development of a motor technology device capable of generating unlimited energy and negotiations to sell this technology for hundreds of millions of dollars. The Commission's complaint further alleges that these false press releases enabled GMC and Brace to raise more than $2 million from investors through illegal unregistered offerings of the company's stock.
According to the Commission's complaint, GMC and Brace issued press releases in 2005 falsely claiming independent tests, issued by a professional engineer, on the motor device showed it was able to produce more energy than it consumed. The complaint also alleges that GMC and Brace issued false press releases in February and March 2006 stating that it was negotiating with unnamed S&P 500 corporations to acquire the company's technology for $300 - 500 million. These press releases, drafted by Brace, were utterly false. In reality, according to the complaint, the press releases claiming that the motor device produced more energy than it consumed failed to include the professional engineer's limitations, namely that the efficiency lasted only a few moments and that they were unable to duplicate the results in subsequent tests. Additionally, GMC and Brace never contacted, much less negotiated with, an S&P corporation, or any other company, regarding the sale of the company's technology. According to the complaint, GMC's false press releases artificially pumped up the company's share price and trading volume and helped GMC raise more than $2 million from investors through illegal unregistered stock offerings, which provided GMC's only source of revenue.
The Commission's complaint charges that the defendants violated Sections 5(a), 5(c), and 17(a) of the Securities Act of 1933 and Section 10(b) and Rule 10b-5 of the Securities Exchange Act of 1934 (Exchange Act) by conducting an unregistered offering of securities and making material misrepresentations and omissions to investors. The Commission's complaint seeks a final judgment permanently enjoining defendants from further securities laws violations, ordering defendants to disgorge their ill-gotten gains, and assessing civil penalties. The complaint further seeks an order barring Brace from serving as an officer or director of a public company and from participating in any offering of a penny stock.
On March 8, 2006 the Commission temporarily suspended trading in GMC's securities (Release No. 53442) and instituted administrative proceedings against GMC for failure to make its required periodic filings (Release No. 53448). On April 5, 2006, the Commission issued a settled order deregistering GMC's securities, finding the company had failed to file the required reports of a publicly traded company (Release No. 53601). The Commission acknowledges the assistance of the Financial Industry Regulatory Authority (FINRA) in this matter.
SEC Complaint in this matter
http://www.sec.gov/litigation/litreleases/2008/lr20465.htm
GMC Holding spins out cold motor sale tale
2006-02-14 11:04 ET - Street Wire
by Lee M. Webb
GMC Holding Corp., a non-reporting issuer trading on the scandal-plagued pink sheets, has retooled its perpetual motion promotion, spinning out a tale about the pending sale of its "cold motor" technology. The Florida-based pinky claims the deal could be worth as much as $500-million. (All amounts are in U.S. dollars.)
GMC, an acronym for Global Managed Concepts, says it has opened "negotiations with multiple corporate entities who wish to acquire the exclusive rights of its REMAT(TM) 'cold motor' technology."
For the uninitiated, the company explains that "'cold motor' is defined as motors that run at 140 degrees Fahrenheit or less at full load."
At the heart of GMC's ballyhooed cold motor technology is REMAT, an acronym for the company's esoteric Rare Earth Magnetic Amplification Technology.
"Because of the sensitive nature of the technology, negotiations and participants, GMCC (the company's ticker symbol) is not at liberty to provide details at this time," GMC claims in its Feb. 8 news release.
"GMCC can confirm the entities include S&P 500 corporations," the Feb. 8 announcement teasingly continues.
While it is not at all clear who initiated the negotiations with the unidentified "multiple corporate entities," including "S&P 500 corporations," or how far those negotiations have advanced, GMC apparently thinks that its REMAT cold motor technology is a hot property.
"Preliminary negotiations indicate a transaction in the $350-$500 million range," the pink sheet company claims.
If the secret, sensitive negotiations lead to such a lucrative deal, it could result in a rather handsome windfall for GMC investors inasmuch as the company says that it intends to dole out 96 per cent of the money from the pending sale to shareholders.
Given that GMC claims to have 60 million shares outstanding, a transaction in the touted range of $350-million to $500-million could result in a hefty distribution of $5.60 per share to $8 per share to the pink sheet company's shareholders.
If the pending sale and proposed distribution ever materialize, it would result in a significant bonus for lucky investors who picked up shares while the stock price was languishing below 40 cents per share for several months before the Feb. 8 announcement.
Indeed, a cash distribution in the range of $5.60 to $8 per share would even represent a substantial bonus for investors who piled into the stock at prices nudging $3 per share as the obscure pink sheet company ramped up a perpetual motion promotion last year.
GMC has a history of promotional puffery and collapsed deals, so whether the pending cold motor technology sale will materialize remains very much an open question.
There goes Grandma
GMC began its corporate life in 1982 as Florida-incorporated Here Comes Grandma Inc. Exactly what Here Comes Grandma did for the next 15 years may be lost in the dustbin of history.
In any event, Grandma's passing was announced in a June 30, 1998, filing with the U.S. Securities and Exchange Commission (SEC) disclosing that the company had changed its name to GMC on Dec. 10, 1997.
The 1998 SEC filing, which marked the company's first and only report to the U.S. regulator, indicated that penniless GMC, headed by G. Michael Khoury, was set to enter the multibillion dollar television home shopping industry.
Just what became of the home shopping venture is something of a mystery, but it apparently slipped away even more quietly than Grandma.
There goes Asia
In June of 2000, Mr. Khoury announced the acquisition of a new venture, AsiaWorld Online, a company reportedly "poised to take advantage of the growing Asian Internet market."
The purportedly poised Internet player was a private company incorporated in the secretive offshore enclave of the British Virgin Islands and headquartered in an unspecified location in the Philippines.
The proposed cashless acquisition comprised a reverse takeover in which AsiaWorld shareholders would end up with 92 per cent of GMC's stock.
That deal never materialized. In February of 2001, GMC reported that AsiaWorld terminated the agreement because unspecified "conditions precedent" could not be met by GMC within the time specified by the BVI company.
There goes Prepaid
On Feb. 7, 2001, Mr. Khoury announced that GMC had signed a letter of intent to acquire Florida-incorporated Prepaid ISP Inc., a company providing "telephony backbone for distributors of prepaid calling cards."
That proposed deal involved another stock swap in which Prepaid would gain majority control of GMC.
According to a subsequent news release, GMC and Prepaid entered into a definitive agreement on March 15, 2001.
Definitive contract or not, that deal apparently collapsed, too, since nothing more was heard about Prepaid.
There goes Mr. Khoury
GMC was quiet until March of 2002 when the company provided something of a corporate update.
Among other things, in a March 1, 2002, news release, the company announced a 1-for-3 forward stock split.
The company also reported that a couple of other obscure transactions, one involving a company called Live Capsule and another involving Rupari Banditos, had been scrapped.
GMC also disclosed that it had entered into a letter of intent to form a joint venture under the trade name Ionetics Corp. with a view to marketing a swimming pool water cleaning system using "copper ionization and free oxygen" to eliminate the need for using chlorine.
The company went on to bring investors up to speed on some internal corporate changes that had taken place 10 months earlier.
Among other things, GMC reported that "by written consent of a majority of the shareholders," Mr. Khoury had been given the boot and all of the other directors had resigned in May of 2001.
After Mr. Khoury was given the heave-ho, Richard Brace, a former stockbroker, took over as president of GMC in November of 2001.
There goes ACsports
Under Mr. Brace's direction, GMC ended up with full ownership of Ionetics in 2002.
According to an SEC filing by Certified Water Systems Inc., another penniless company that can trace its lineage to GMC, Ionetics was subsequently spun off by GMC. It is not clear that much ever came of the water purification outfit.
In any event, GMC lapsed into another quiet period until March of 2003 when it announced a 1-for-40 share consolidation, which reduced its outstanding total to less than 1.5 million shares.
After giving effect to the reverse split in April of 2003, GMC announced the acquisition of privately owned ACsports Inc., a company reportedly involved in the multibillion-dollar Internet gaming industry.
"This marks the beginning of a new era of professional sports for Internet participants and ACsports will be leading the way," GMC declared on May 7, 2003. "This acquisition will allow GMC Holding Corp. to step to the forefront of this large market."
Alas, that step was never taken. The ACsports deal collapsed four months later.
There goes Jan Stephenson
A month after the ACsports deal was scrapped, GMC was touting another acquisition.
On Oct. 9, 2003, GMC announced a deal to acquire Jan Stephenson Inc., a privately held Florida company involved in the golf industry with products including golf club design, course management, ladies sportswear and golf academies.
Under the proposed deal, Jan Stephenson was slated to become the majority owner of GMC.
According to the announcement, GMC planned to raise cash through international stock offerings to acquire golf properties to be developed with money raised by way of registered partnership offerings.
"This marks the beginning of revolutionary funding for the entire golf course design and development industry," the company proclaimed. "This acquisition will enable GMC to penetrate and capture international market share in an abbreviated time period of its original intention."
Alas, nothing came of that deal, either. Indeed, a subsequent mention of Jan Stephenson has been removed from the news releases available on GMC's website.
More deals
In March of 2004, GMC trotted out a couple of new deals, leading off with the announcement that the company had acquired a 10-per-cent stake in Aquaplus Technologies, a manufacturer of portable water filtration systems.
While GMC did not bother disclosing the terms of the deal, it touted Aquaplus's revenue potential.
"It is presently engaged in designing, building and delivering a patented prototype unit for acceptance by the U.S. Military and Homeland Security," GMC stated on March 9, 2004. "Initial order quantities for the first year could be as high as 500,000 generating revenues of over $150 million."
Whether Aquaplus, which uses a postal box in Bundall, Australia, as a corporate address, has generated any revenue is far from clear.
In the same March 9, 2004, news release, GMC announced that it had entered into an agreement to purchase a 10-per-cent interest in Nevada-incorporated Enhanced Technologies International (ETI).
According to GMC, ETI had spent "12 years developing high-efficiency electro-magnetic pulse motors" that generated mechanical power "while needing very limited or negligible amounts of electrical energy input."
Oddly, ETI, the company that GMC claimed spent 12 years developing the remarkable motors, was incorporated just 12 months before the acquisition was announced. ETI has been in default with the Nevada Secretary of State since April of last year.
A perpetual motion promotion is born
In July of 2004, GMC increased its stake in ETI to 51-per-cent, with an option to increase its ownership to 80 per cent within 60 days.
As with most of its other deals, GMC did not bother to disclose the specific details of the acquisition. It was not long, however, before the company was ramping up a promotion.
On Nov. 17, 2004, eschewing any attempt at modesty or even reasonable moderation, GMC grandly announced that after 12 years of research, it had "achieved a major revolutionary breakthrough in solving the world's energy needs."
"The technology provides substantial mechanical power and/or electricity without the use of fossil fuels, hydrogen or hydrogen fuel cells, substantial batteries or any other outside recharging source (independent of the grid system)," the company proclaimed.
According to GMC, the remarkable technology could eliminate as much as 50 per cent of the energy consumption in the U.S., reducing fossil fuel consumption and helping to alleviate the world's dependence on oil.
"The overall market value is expected to exceed a trillion dollars over the next 10 years and these estimates are more than likely to be low," GMC declared.
At the time of its grand announcement, GMC was changing hands for approximately 30 cents per share. Within a week, the stock managed to tip the $2 mark, but it soon began to slide again.
With only modest volumes recorded, frequently fewer than 10,000 shares changing hands, GMC closed out 2004 at $1.20 per share.
GMC dressed up the promotion in June of 2005, coining the acronym REMAT for the "proprietary technology" underpinning its remarkable "high-efficiency electromagnetic pulse motor-generator."
"GMC's aim is to utilize the REMAT(TM) system to minimize the world's reliance upon nuclear and fossil fuels for the production of energy," the company claimed in it June 27, 2005, announcement.
In describing the REMAT system in its news release, GMC edged closer to acknowledging the perpetual motion promotion.
"The REMAT(TM) system contains proprietary circuitry that captures a significant amount of back EMF (electromagnetic flux) that is produced during the motor's operation," GMC explained.
"By harnessing this otherwise wasted energy, the captured EMF is reintroduced back into the system, thereby providing sufficient power to operate the motor," the news release continued, stopping short of characterizing it as a perpetual motion machine.
In the same news release, GMC announced that Bruce McKenzie had joined the management team as the company's new president, leaving Mr. Brace with the title of chief executive officer.
Perhaps of more popular interest, Dan York joined the company's advisory board.
Mr. York is well known to followers of another company, Urban Casavant's pink sheet woofer CMKM Diamonds Inc., which had its registration yanked by the SEC last October.
Known by his Internet alias, "Drymouth," Mr. York was a leading figure and administrator on a chat site where hundreds of CMKM's cult-like followers congregated to swap fantasies about the subpenny pink sheet dog that they believed would make them decadently rich.
Indeed, many of CMKM's naive and gullible followers still cling to that dream, in spite of the fact that its stock registration has been revoked and the penniless company is winding up its affairs.
In any event, more than a few CMKM followers piled into GMC in the wake of the June 27, 2005, announcement, driving the stock price up to $2.85 per share the following day. Some of those investors are still holding their GMC shares.
On July 1, 2005, GMC announced the results of "internal testing and independent verification" of its remarkable motor, again stopping short of describing it as a perpetual motion machine.
The company called upon Eugene Augustin, a professional engineer from Orlando, Fla., to "to opine on the performance tests of GMC'S REMAT technology."
According to GMC, Mr. Augustin indicated "that the first test, measuring input/output power ratio, produced about 140-per-cent efficiency" and in "following tests, using a capacitor bank with a resistive load, the observed efficiency was 150 per cent."
"These observations were demonstrating a 'greater than unity performance' device, which I thought that I would never see in my lifetime," GMC quoted Mr. Augustin as saying. "In my 50 years of professional experience that includes patents on several inventions, teaching AC/DC machinery, including electric motors and generators, numerous designs in the field of microwave radiation and propagation and professional consulting in these fields, I believed that 'greater than unity devices' were an impossibility," the professional engineer added.
"I am now convinced that REMAT devices need to be explored, researched and tested so that this unique technology can be utilized for all the world," Mr. Augustin reportedly said.
A copy of a June 23, 2005, four-paragraph letter from Mr. Augustin containing those observations was subsequently published on one of GMC's companion Internet sites.
Interestingly, a more detailed two-page June 23, 2005, letter from Mr. Augustin regarding the REMAT tests later surfaced.
In the more detailed report, Mr. Augustin noted that he had been observing performance tests of GMC's effort to demonstrate efficiencies "nearly equal to or great than unity" for some time.
"At first face, this could be thought of as some kind of perpetual motion device," the report noted. "However, the GMC approach does not consider this, but views it as a recapture of the energy put into the motor that is not used to produce output, with an amplification of that energy by magnetic means not fully understood at this time."
According to the more detailed report, the greater-than-unity phenomenon was observed on June 15, 2005, while tests were being conducted on a new synchronized switch for GMC's motor-generator combination.
"I observed at three different times when output power, equal to the product of voltage times current for the load on the device, was greater than the input power to the device," the report states.
"The first was an unanticipated happening wherein we read the meters and the ratio of output power to input power was greater than unity," the longer report continues. "This phenomenon only lasted a few seconds. Then the efficiency slowly dropped to about 70 per cent."
An attempt was made to repeat the result by manually adjusting the synchronization between the input controller switch and the output switch.
"After one such adjustment, I observed that as the motor was accelerating to running speed, the output power was greater than the input power with a ratio of about 1.4 (140-per-cent efficiency)," the report states. "In all cases, the output voltage was greater than the input voltage. As the motor attained running speed, the efficiency dropped to about 70 per cent."
In a third attempt, the capacitor bank was allowed to charge fully before the load was applied.
"In this attempt, the efficiency on connecting the load to the capacitor bank was about 150 per cent," the report says. "It slowly degraded over a period of about five minutes to unity, and then on down to 70 per cent."
The output switch reportedly malfunctioned after an adjustment for the next test, bringing the testing to a halt.
Mr. Augustin closed out his longer report by recommending "much more investigation into the device."
On Aug. 2, 2005, GMC issued another corporate update, announcing that the non-reporting pinky had hired an accounting firm "to complete its audits and reviews to facilitate compliance for application to one of the national exchanges."
The company also reported that an unidentified "prominent New York legal firm" would "shortly complete multiple patent filings of the company's 'REMAT(TM)' technology."
The news release also disclosed GMC's share structure, reported as 47.6 million shares outstanding, of which 39.1 million shares were restricted.
"We are dedicated to providing shareholders necessary information for making stock purchasing decisions," GMC president Mr. McKenzie said upon revealing the share structure.
"GMCC realizes that its REMAT(TM) technology is revolutionary," the news release went on. "Our stockholders must be aware that the only reliable source of information regarding GMC Holding Corp. and our technology is from official press releases or directly from the company."
Technology underpinning a "greater than unity device," a term interchangeable with "perpetual motion device," would indeed be revolutionary. In fact, it would defy accepted thermodynamics and require a significant rewriting of modern physics.
Changing promotional gears
On Sept. 8, 2005, the company announced that technical evaluation by an independent lab was underway on its "first high RPM titanium REMAT motor."
"This specific motor has multiple applications to compete with electric and fuel powered motors of ten horsepower or less," GMC reported. "Our first target market will be the golf cart and utility vehicle manufacturers."
The Sept. 8, 2005, news release made no mention of a greater than unity device, but introduced the description of its REMAT motors as qualifying as "cold motor technology."
The company reported that a mobile lab was being constructed to demonstrate the REMAT motors to "qualified licensees and the public."
The company also disclosed that it had fired several unidentified independent consultants as part of a "major internal reorganization."
Five days later, GMC announced that Mr. York, well known among devoted CMKM followers, had signed on as the company's interim investor relations representative.
"I am pleased to accept this position in order to help the investing public understand the importance of this innovative approach to the need for reliable cheap energy," Mr. York remarked upon his appointment. "I can see the day when every motor and power source are replaced by this scalable fuel-less and environmentally friendly technology."
The Sept. 13, 2005, news release went on to report that the previously announced golf cart and utility vehicle markets for the remarkable motor were by no means the only markets to consider.
"We can scale these motors to be as small as a heart pacemaker and large enough to power a city," GMC declared. "They can be constructed as small fractional horsepower motors to thousands of horsepower. We have identified hundreds of markets for licensing worldwide."
GMC's next news release came five months later when the company announced the pending sale of its cold motor technology with the suggested price in the range of $350-million to $500-million on Feb. 8.
Stockwatch contacted Mr. McKenzie to ask some questions about the pending sale and other matters on Feb. 13.
Among other things, Stockwatch asked Mr. McKenzie how the negotiations were initiated and how they were progressing.
"They are in negotiations right now and we've been assisted by, let's say, positioned people in high power," Mr. McKenzie replied. "That's the best way I can describe it to you.
"We are in current negotiations and they might go on for another five to eight weeks."
Mr. McKenzie was then asked about the $350-million to 500-million price tag suggested in the news release.
"We've had verbal evaluations on our technology and now we're actually going to have meetings in the next two days for written validation and confirmation of those numbers," GMC's president replied.
Turning to some earlier news releases, Mr. McKenzie was asked about the status of the company's audit, which was announced last August.
"Well, that auditing firm has been tied up with a lot of other large business firms here and we are in negotiations with them to pass it off to another firm that can give it more time," Mr. McKenzie explained. "We're trying to accelerate that picture more than we are to dead-end the picture.
"We've interviewed two other firms already and we're thinking about transferring the work to these other two firms.
"Hopefully we'll have all our auditing done in the next three to four weeks."
GMC's president was asked what had become of the mobile lab that the company claimed was being constructed and equipped to demonstrate the REMAT motors last September.
"Actually, that was not necessary because the people showed so much interest that we didn't have to put a road show on the road to go pursue our end buyers," Mr. McKenzie said.
"We have three or four people to the table right now that are interested," he continued. "They've flown in, they've brought their engineers in and we're negotiating now with one of those buyers."
Mr. McKenzie was asked whether GMC had produced or sold any of the motors.
"We're an R and D firm and we're preparing to license a few entities that have the infrastructures to take our technology to the marketplace, if they desire," Mr. McKenzie said.
"We're discussing licensing here, not manufacturing," he added.
"We haven't signed up with anyone, yet," Mr. McKenzie replied when asked whether the company had any licensees.
When asked about the company's earler claims about the greater than unity observations, Mr. McKenzie attempted to put some distance between GMC's current focus and that topic.
"The greater than unity tests were all visual," Mr. McKenzie said. "They were not double-blinded or triple-blind studied by engineers."
GMC's president said the phenomenon was observed and the company has to take responsibility for the news release; nonetheless, he was clearly not comfortable with those claims.
"The world we're in is not truly trying to be over unity and those words -- perpetual motion, over unity -- those are not the claims I would like to see the company's direction," Mr. McKenzie said. "That's why you haven't seen any more of that.
"Richard Brace is the CEO and I'm the president and we've got more reality from engineering groups that have educated some of the marketing people around here."
According to Mr. McKenzie, part of that education involved making clear that claims about the technology had to be run by "an educated source" before news releases were issued.
"It was lax on our part with some engineers that interpreted (the test observations) and there was a marketing guy standing around -- he's no longer with us -- and he took it and ran with it before anybody could control it," Mr. McKenzie said.
According to Mr. McKenzie, the company plans to issue a series of properly vetted news releases soon, but investors will not hear anything about over unity devices from him.
Turning back to a discussion of the company's current focus, the esoteric field of rare earth magnets, GMC's president says that General Electric is working in the same area.
"This is R and D of almost a black magic, but it's more than black magic -- it has been here forever," Mr. McKenzie said. "That sun generating on this earth is throwing all kinds of magnetism and energy forces in here and we're trying to deal with some of those forces using rare earth magnets with highly technical coils and centre cores."
Returning to the subject of the Feb. 8 announcement, Mr. McKenzie was asked whether he thought he could close the pending sale within the next two months, as he had suggested earlier in the interview.
"We feel pretty confident here, as we speak," Mr. McKenzie replied. "We'll know more in the next two weeks."
GMC's president said the company will provide an update after the "first official roundtable of negotiations."
"We haven't reported anything to our stockholder base, so we decided to go ahead and report some good news," Mr. McKenzie said, a reference to the Feb. 8 announcement.
"We've been through an R and D process in the last seven months that has been phenomenal and we've gained a lot of ground in the areas we're working on, so I think our picture is only enhanced from a technological standpoint," he continued.
"We got some real serious players now knocking on the door that this technology can be moved to the next level -- the next generation, if you would," Mr. McKenzie told Stockwatch.
"I would be thrilled if it was someone that was really backed like GE that could take it and run with it and do marvelous things with it for the United States and for the globe," he said. "It would be phenomenal."
Mr. McKenzie volunteered that the company was not highly capitalized, but he would not disclose its financial condition. Indeed, he was apparently taken aback when the question was put to him.
"Well, I can't disclose that," Mr. McKenzie said when asked how much money the company had. "I'm a publicly held company. I'm surprised you even asked that question."
Stockwatch agreed that GMC is indeed a public company and pointed out that investors might like to know its financial condition.
"Well, they sure would; but I'll be the one to tell them, not you," Mr. McKenzie said amiably enough.
A short time later Mr. McKenzie was called to a meeting.
The announcement of the pending sale in the suggested range of $350-million to $500-million and the company's stated plan to parcel out 96 per cent of that money to investors stirred some market excitement.
GMC notched a record volume of 506,275 shares and climbed from 32 cents per share to $1 per share in the wake of the Feb. 8 news release.
That record was smashed the following day as more investors piled in and drove the price to $1.50 per share before the stock lost some ground to close at $1.05 as 700,352 shares changed hands.
The volume has since tapered off, but the share price is still hovering above $1. With 72,286 shares changing hands, GMC closed at $1.12 on Feb. 13.
Comments regarding this article may be sent to lwebb@stockwatch.com.
I don't think she has a hope in hell of winning though, no matter what she does
I don't think she'll win either. I expect her to do the same as last time.
I do believe the possibilities of a woman winning is pretty good this time. You have two Alpha Males going at each other on one team, and two huge challenge threats (Oz and James) on the other. The women may just vote them all off just before and after the merge. If they don't they can say good bye to $1 mill, imo.
Am not even sure why she is back
Cirie is back because she is one of the craftiest women to have ever play the game. She's not there for social reasons, so her head is always 100% in the game. In the first episode in her season she was such a delicate flower, she was even too terrified to collect leaves for their bedding and she was a shoe in to be booted out first. She found a weakness in the Lumberjack lady and quietly planted the idea in the other womens head to boot her instead. When they merged into another tribe, Cirie was the only person who could mentally handle the guy that was having nicotine withdraws. That gave him reason to trust her, at the same time she would comfort the others who just got done arguing with him, so they grew to trust her also.
Cirie can get into other players heads without being obvious about it. And in her season she got along really well with all the other women, especially the younger ones. Kathy from the other team said she loved Cirie after they came back from exile island. If she manages to make the merge, Cirie has already made a friend from the other team. You could tell Kathy didn't have that same chemistry with Ami on exile.
Like her or hate her, she's just a darn good Survivor player.
Yau-Man is one of my favorites too, but he made a big mistake. Right out of the gate he aligned with Jonathan, the last person I would have place my trust in. Yau-Man even let Johnathan decide most of the strategic moves. Yikes!
Maybe Yau-Man didn't see Jonathan's season and how everything he did blew up on him. First mistake was instead of trying to bring Cirie into their alliance they recruit Johnny Fairplay, leaving Cirie out there dangling. That woman is more of threat then most people give her credit for. Look at her how she put Jonathan on the defensive in last nights council meeting. It may come back to bite her in the bum later, but she definitely left a mark on Jonathan.
http://www.faulkingtruth.com/Articles/Investing101/1080.html
by faulkingtruth
Thread Started on Today at 10:59am
I'll post the Bob Maheu excerpt on Tuesday.
The Naked Truth: Investing in the Stock Play of a Lifetime (From Chapter 31 - Revelations)
by Mark Faulk
The Naked Truth: Investing in the Stock Play of a Lifetime
© 2008 Mark Faulk. All rights reserved.
No part of this book may be reproduced, stored in a retrieval system, or transmitted by any means without the written permission of the author. This excerpt may be reposted with a link back to http://www.faulkingtruth.com/Articles/Investing101/1080.html on public internet websites, and may be forwarded or mailed to public officials.
________________________________________
This is an excerpt from the soon-to-be-released book “The Naked Truth: Investing in the Stock Play of a Lifetime”, which is currently at the printers and scheduled to ship in the next few weeks. This excerpt is from Chapter 31, entitled “Revelations”. It takes place following repeated demands from CMKX shareholder/attorney Bill Frizzell that CMKX take legal action against individuals associated with the company who he believes defrauded shareholders of over $250 million. Included is a meeting between interim CEO/shareholder Kevin West, company attorney John T. Moran III (who was hired to file an interpleader action on behalf of CMKX), and Chairman of the Board/former CEO Urban Casavant:
The Naked Truth: Investing in the Stock Play of a Lifetime (From Chapter 31 - Revelations)
On March 27, 2006, in what amounted to a warning shot across the bow of the company, Bill Frizzell sent a follow-up letter to his September, 2005 Shareholders’ Derivatives Letter. Addressed to Urban Casavant, Kevin West, and John T. Moran, III, he said that the company had failed to “take legal actions against a securities broker and various individuals for damages caused to the company.” He then got straight to the point of the letter: “A suit will be filed this week on a party or parties named in this letter as a result of the Company’s refusal to act on such shareholders’ request.”
Frizzell went on to state: “In my opinion there still remains huge ‘fails to deliver’ of Company stock in brokerage accounts around the country. I have the benefit of various NOBO and OBO lists that existed before the cert pull. As you know I have a wealth of documentation from several brokers who refuse to issue certs to their customers in CMKX. The documentation that has been sent to this office will be very helpful to the Company and shareholders as we work towards trading status.”
He then presented a summary of the First Derivatives Rights letter, a list that made it seem impossible for any rational person to question the magnitude of the corruption that existed in CMKX. He said that continued investigation had confirmed the facts laid out in the first letter, and recommended that:
“The Company should pursue its remedies against all third parties that have harmed the Company. Shareholders have asked me to pursue these individuals and others. I will do so on their behalf for the benefit of the Company.
Shareholders demanded legal action by the Company in September of 2005 against John Edwards and NevWest Securities. The NASD has now completed its investigation into the Edwards’ trades and filed a complaint against NevWest in September of 2006. The facts set out in the complaint confirm the shareholders’ concerns regarding the acts of Mr. Edwards. The NASD complaint states that 250 billion shares of CMKX stock was sold through the Edwards trading accounts. Shareholders concerns were validated by this complaint.”
He summarized the remainder of the miscreant’s list, which included former accountant Neil Levine, former company treasurer and CFO David DeSormeau, consultant James Kinney, who received almost 100 billion shares of CMKX stock, and former secretary Ginger Gutierrez, who received 23 billion shares of stock.
And then there was Brian Dvorak, whose laundry list of dirty deeds spanned a full page in the first letter, including the issuing of numerous opinion letters that allowed over 200 billion unrestricted shares of CMKX stock to be dumped into the market. He also authorized the forward split that gave certain individuals 100 times the number of shares held prior to the split. It was later revealed that in several of the opinion letters, Dvorak actually miscalculated and issued 1000 shares for every share that was purportedly already owned. In a letter dated December 15, 2003, Dvorak issued 4 billion free-trading shares of CMKX stock to Emerson Koch, who he said had purchased 4 million shares of CMKI stock. To make it even more confusing, the opinion letter first claimed that Koch originally purchased his shares on November 4, 2001, then said that corporate records showed that he purchased them on February 21, 2001. Either way, Koch received his financial windfall based on Dvorak’s “fuzzy math”. Not only did Dvorak authorize the issuance of an extra 3.6 billion shares of stock, neither Koch, Urban, or Helen Bagley from 1st Global Transfer caught the error. Koch received and sold extra shares worth hundreds of thousands, and possibly millions of dollars.
Frizzell reiterated his recommendation that the company should pursue legal action against everyone named in the first shareholders’ rights letter. Then he added Roger Glenn to the list of those who he believed should be sued, a name that for a lot of shareholders formed one of the three points of the Holy Trinity of CMKX.
Frizzell laid out his case against the man who most shareholders had heralded as a savior to the company when he came on board in June of 2004. It was the trumpeted entrance of Glenn that almost single-handedly triggered the massive price run that sucked in thousands of shareholders when the stock rose over a thousand percent in a matter of days…and then dropped back to its original price of one one-hundredth of a cent. He ended his list with the most damning fact of all, that “Mr. Glenn had authored 11 opinion letters in a three-month period resulting in the issuance of 300 billion plus shares”, which were immediately sold to thousands of unsuspecting shareholders by John Edwards, David DeSormeau, James and Jeannie Kinney, and a host of others.
At another meeting with Urban, J.T. Moran and his partner Jeff Bendavid, only the second one where Michael Williams wasn’t present, Kevin realized why Urban really wanted to walk away from CMKX. Moran brought up the idea of putting the company into bankruptcy again, and Kevin immediately protested:
“Moran told us that they had been talking to a securities firm in New York that specialized in bankruptcies and said, ‘They said we should forget about the interpleader and put the company into bankruptcy. That way we can sell off a third of the Entourage shares, we’ll all get paid and you can leave.’ Then he turned to Urban and said ‘You know you’re going to jail, right?’
Urban was shaking so badly that you could see it…his hands were shaking so much you could hear his watch rattling. He told J.T. ‘I talked to Chesnoff and he said he’d get me off.’
Moran told him ‘You might skate on some of the charges, but they’ll get you on a couple. You’ll get a minimum of 13 years in prison.’
Then he turned to me and said ‘Kevin, cover your ears for a minute.’ I said ‘What?’ He said ‘Cover your ears for a minute.’ I told him that if he wanted to speak to Urban in private that I’d leave the room, but I wasn’t going to cover my ears.
So then he turned to Urban, cupped his hands over his mouth and mouthed something to him, but Urban shook his head that he couldn’t understand him Finally, Moran just said it out loud, ‘Urban, I have three words for you: Switzerland, Germany, Austria. Those are countries that don’t extradite back to the U.S.’”
It really is quite amazing..Or is it?? Bush has been doing it for 8 years..LOL
LOL So true, jimmy!
I remember when Nixon resigned. Nobody was willing to admit they once voted for him.
Q) With all the facts of massive fraud that have been uncovered in the sale of illegal stock and theft of hundreds of millions of dollars of CMKM Diamonds, why has there not been any arrests? 2002 to 2007 is a long time with no arrests. IMO. Thanks.
A) This question can only be answered by the law enforcement agencies that are currently investigating this matter. The Company stands ready, willing and able to assist any law enforcement agency with the results of current management’s ongoing investigation.
The Company has reason to believe that there are still pending investigations from several government agencies and that indictments will be brought against many of the former insiders of CMKM in due time. The Company does not have any specific information on possible timeframes.
Is the 22nd an Acca date? If so, I wonder what the next excuse will be.
FAQ Session #10: February 15, 2008
Q) Why haven’t the dividends we received been unrestricted yet?
A) CMKM Diamonds has no control over the restrictions or the non-restricting of shares held by shareholders in the name of other companies. These questions should be directed to the companies of the shares that you own.
Q) Does this now mean that you will be filing notice in the newspaper and will you make this available on the company website as an update? How soon will you place the ad now?
Case 07-A-540161-B Status ACTIVE
…
It appearing that Plaintiff's Application for Order for Publication of Summons, and Plaintiff's Second Application for Return of Funds, having both previously been granted by Orders filed December 19, 2007, the Court ORDERS such Motions removed from its civil motion calendar of January 14, 2008.
IT IS SO ORDERED.
A) The company has no response to questions that, if answered fully, might disclose trial strategies, tactics or other matters to the opposing parties.
Q) In an effort to get a clear answer on the validity of those shares sold post revocation by Marco Glisson and Ines Saftic. I would like to know if those shares will be cancelled in part or in whole. If in part, which ones will be cancelled, and if all of them please address the any recourse one may have against Marco and or Ines, the transfer agent or any other individual or company involved. Thank you for your time.
A) The Company has reason to believe that there is currently an ongoing investigation into these matters by the SEC. Until that investigation has been completed and a determination has been made in this case, no further comment will be forthcoming from the Company.
Q) Does the UAJC trust hold the note on American Shaft?
A) The American Shaft is involved in the pending litigation against the Company from plaintiff Francisco Carrano.
The company has no response to questions that, if answered fully, might disclose trial strategies, tactics or other matters to the opposing parties.
Q) With all the facts of massive fraud that have been uncovered in the sale of illegal stock and theft of hundreds of millions of dollars of CMKM Diamonds, why has there not been any arrests? 2002 to 2007 is a long time with no arrests. IMO. Thanks.
A) This question can only be answered by the law enforcement agencies that are currently investigating this matter. The Company stands ready, willing and able to assist any law enforcement agency with the results of current management’s ongoing investigation.
The Company has reason to believe that there are still pending investigations from several government agencies and that indictments will be brought against many of the former insiders of CMKM in due time. The Company does not have any specific information on possible timeframes.
Q) Does the following press release affect us? Are we associated with them?
Press Release Source: United Uranium Corp., Star Uranium Corp.
United Uranium Corp. and Star Uranium Corp. Announce Results of Sampling of Carolyn Pipe
Tuesday January 22, 6:57 pm ET
…
A) CMKM Diamonds, Inc. is not in any way related to any of these companies except for the currently disputed agreement with Entourage Mining. This press release involves mineral claims in which CMKM paid for the costs of both the drilling and lab results of the core samples. For some unknown reason, it appears that former management let these claims lapse and they were re-staked by Rick Walker.
Q) Can you let the shareholders know if Gary D. Penkilo and William H. Bundy of Henry & Peters, P.C are still working on the company's behalf?
A) Mr. Penkilo and Mr. Bundy are still under retainer with the company.
Q) I don't recall it ever being "clearly" and "officially" stated that Ms Trimbath was actually hired. Was she hired or did you just "consult" with her?
A) Ms. Trimbath was contracted as a consultant to the Company. The Company very much appreciates Ms. Trimbath for the work she has previously done for the Company. She was paid a consulting fee and stands ready to assist the company as needed.
Q) Some time back, the Task Force asked for all share holders to submit the number of shares they had certs for. I did. Do you still have that information?
A) The Company has access to all of these records. The information gathered is still intact.
Q) What is being done with Urban? Why has he not been served in the civil suit? I find it hard to believe that so much money could have just disappeared with no accountability on his part. I don't believe anyone could have been that ignorant to not know that people were using him to their advantage.
A) We interpret these remarks as a comment rather than a question. We have filed suit against Urban Casavant. You are directed to the petitions and their attached declarations for further information in this regard.
Q) The Company has said that they were having trouble recovering records from former attorneys, if they were working on behalf of Urban and the shareholders what's the problem?
A) Many of the attorneys have not responded to our request for records. Several have said they have no records. Several indicate they did not represent the company. We are continuing our efforts to retrieve all records specifically from the attorneys paid by the company.
Q) Is there any news on Go Fast Nevada? Has an agreement been worked out or are we going to court? Can you divulge any further details?
A) No agreement has been reached with any of the Go Fast entities. We will not disclose publicly the plan the company has to resolve our claims against the Go Fast entities.
Q) Have we just lost the TRO because UC was not served within the time frame allotted... OR will the court allow time for the amended suit to be filed? What time from are we looking at for the amended suit to be filed.
A) The company has no response to questions that, if answered fully, might disclose trial strategies, tactics or other matters to the opposing parties.
Q) Is Robert Maheu still the active trustee for the distribution of said certificate?
A) As the Company has already stated in the past, Mr. Maheu is no longer involved in any capacity with CMKM Diamonds, Inc. and does not have any active function as a trustee of any assets belonging to the Company or its sharehol
even though the idea of someone calling a broker and saying, "Hey! I want to short OSTK, and I don't want shares devlivered: Counterfeit them," is pretty funny.
ROFL
Was that a direct quote from the infamous Sith Lord?
rics, good post!
Those that abuse NS tend to attack bad companies and companies in trouble that are on a exchange. They are less volatile and reporting.
Also a good candidate for naked shorting would be companies that are grossly overvalue. IPO's for instance may be perfect candidates for NSS. That is why the SEC choose to observe IPO's for their NS study.
And here are the results:
SEC IPO Study Finds No Evidence of Naked Short-Selling
SEC staff economists studied 295 IPOs over a sixteen month period beginning January 2005 and finds no evidence that failures to deliver share resulted from manipulation or naked short-selling. Instead, it found that failures to deliver were common and may be caused by underwriters' price support. See WSJ, SEC Finds No 'Naked Short'-IPO Issue.
http://lawprofessors.typepad.com/securities/2007/04/sec_ipo_study_f.html
SEC Finds No 'Naked Short'-IPO Issue
By Judith Burns
Word Count: 511
WASHINGTON -- Securities and Exchange Commission staff economists say they cannot find evidence that failure to deliver shares in initial public offerings is caused by manipulative trading.
The study examined 295 IPOs over 16 months, starting in January 2005. The economists found that stock delivery failures, which some critics see as evidence of market manipulation, occur regularly in IPOs and they didn't find evidence that traders engaging in "naked" short selling are to blame.
Short sellers borrow shares to sell in hopes of profiting by replacing the borrowed shares at a lower price. Naked short sales occur when sellers don't ...
http://online.wsj.com/article/SB117737153905079711.html?mod=todays_us_money_and_investing
As for me, I vote to hunt for the troublemakers and annilate them in the end. Shareholders have rights too and if no one else will fight for us, why aren't we?
Congrats! Another basher is born!
Urban Casavant and his network of scam artists will forever have a posse of bashers digging up their past.
OT hasher, thanks a bunch for the BB note!
Worth repeating. How many failed litigations for the Christian/John O'Quinn team is it now?
SHORTS' NEMESIS DUMPED A CLIENT'S SHARES
By RODDY BOYD
August 18, 2006 -- Texas plaintiffs' lawyer James "Wes" Christian, the legal mind behind the rash of claims alleging naked short-selling in penny stocks, appears to be quite the trader himself.
Records obtained by The Post indicate that Christian was a consistent seller of several companies that he is representing in high-profile and bitter legal fights.
One of Christian's first clients, Denver-based Nanopierce Technologies, is arguing in Georgia Supreme Court that it had been abusively sold short by a former private equity investor.
According to documents obtained by The Post, in May 2001, several months after Nanopierce retained Christian to launch one of the initial lawsuits against naked short-sellers - and after the publicity surrounding the legal battle goosed the stock price - he began unloading blocks of stock.
These documents show Christian's family trust sold 129,200 Nanopierce shares at an average price of about 53 cents, netting over $68,500.
Christian also sold blocks of stock in clients such as ATSI Technologies and Hyperdynamics, both of Which have filed suits claiming damage they say stems from naked short-selling.
SEC filings show Nanopierce has gone for prolonged stretches of time without reporting any revenues; there appears to be no market for its stock.
In May, the company sent out a release indicating it was changing its business from semiconductors to biotechnology.
The Houston-based lawyer's aspirations to build a groundswell of legitimate businesses hurt by naked short-selling has been slowed by the fact that many of his clients have deep corporate governance or financial woes.
In Nanopierce's case, the counter-claim accused the company of giving away hundreds of thousands of shares to people who helped prop up its stock price by purchasing stock in the open market.
Also, the company's founder and chief executive, Paul Metzinger, was nailed by the SEC in the 1980s for selling unregistered securities and making material misstatements.
Christian told The Post that he owned these shares as partial payment for his anti-naked short-selling work and that the sales were perfectly legal and helped defray considerable expenses he and his team incurred. He said that most of his work - and potential payment, should he win - remains on contingency.
Christian's team - backed by fellow Houston tobacco litigation legend John O'Quinn - has consistently been forced to appeal unfavorable verdicts.
Oh, what a joy to come back and find this little gem! It was however an obvious outcome.
No doubt the players here were rotten to the core from the very onset. I'll wager the little paid shill is out of her "nano" mind that a court dare rule in favor of Southridge/CapitalHarvest Court and not for her belove Paulie! A hardy LOL!
RIDGEFIELD, Conn., Feb. 14 /PRNewswire/ -- Southridge Capital
Management, LLC ("Southridge") has won a decisive legal victory against Vyta Corp., formerly known as Nanopierce Technologies Inc. (OTC: VYTC) ("Nanopierce"). On January 28, 2008, a U.S. District Court in New York granted summary judgment to Southridge, certain of its former employees and Harvest Court LLC ("Harvest Court"), a fund sub-advised by Southridge, dismissing securities fraud and manipulation claims brought by Nanopierce.
In this same opinion, the Court also denied Nanopierce CEO Paul Metzinger and former CFO Kristi Kampmann's motion for summary judgment on Harvest Court's securities fraud counterclaims.
Stephen Hicks, Managing Director of Southridge Capital, stated, "The claims brought by Nanopierce were absolutely meritless. We are pleased that we have prevailed as we promised we would from the outset of this litigation." Mr. Hicks added, "Harvest Court has every intention to vigorously pursue pending state court claims against Nanopierce for breach of contract and federal court claims against Metzinger and other former affiliates of Nanopierce for securities fraud. When it prevails, Harvest Court intends to collect upon its outstanding claims on behalf of its investors."
According to Perrie M. Weiner, a partner with DLA Piper, and trial counsel for Southridge and Harvest Court, this was a complete vindication on the merits. This victory followed on the heels of the victory in Internet Law Library, Inc. (OTC: ITHH), where Southridge similarly defeated frivolous securities fraud claims brought against it and one of the funds it sub- advises. Moreover, that fund obtained a judgment on its
counterclaims against Internet Law Library in excess of $6 million. Weiner further stated, "We hope to soon bring an end to all of this non-meritorious litigation against our clients. And, just as in Internet Law Library, we will now vigorously pursue Harvest Court's counterclaims and seek judgments against our clients' adversaries in the Nanopierce action."
maybe acca is a gambling partner of uc
Honestly, I have no idea what acca is. I thought it was interesting that Haseltine said he may have meant him though. I'll listen again tomorrow.
If I send her post to my cousin he would get a big kick out of this statement. Then again, he would ask me where I found this kook. I wonder if the CIA are training the 5 year olds to do the warrentless wiretapping?
The latest CIA book jammed with facts and interviews claims the CIA has been cleaned up...everybody there is not more than 5 years old..and they're being trained.
Deep thoughts by agoodbadgirl:
By: abadgoodgirl
09 Feb 2008, 10:15 PM EST
Msg. 659060 of 659098
Jump to msg. #
CMKX needed the warrantless wiretapping to root out the Un-Americans engaged in Un-American activities such as illegal naked shorting.
According to a report, a lot of hacking into the securities system took place in Korea as well as inside the United States. Los Alamos was mentioned in the report.
Since the facts now prove Senator Joe McCarthy was right about the communist infiltration into our federal government and other spheres of influence, such as the Army, our national labs, our lawyers and our top schools, it is not to hard to understand that the number of Un-Americans in our federal government, military (esp. ARMY top brass); state department and CIA grew exponentially.
The soviet assets and their fellow travellers and communist sympathizers held all sorts of positions in the federal government, including the Treasury department, and one was even Truman's personal assistant. Massive penetration took place during WWI and WWII... and it didn't stop.
Accordingly, when you finally get the solid proof from a defecting KGB/SBR general and over 5,000 top secret documents, and when you finally get the decrypted Venona files in 1995, the country can realize how naive it was and get to work.
The latest CIA book jammed with facts and interviews claims the CIA has been cleaned up...everybody there is not more than 5 years old..and they're being trained.
It was faulty intelligence and infiltration by the best that led to America acting very un-American...going back to the Federal Reserve Act of 1913.
America was naive and new and American values include a strong sense of fairness..afterall, America was formed by many who were tired of being treated like 2nd class citizens in Europe.
Obviously, the right group of Americans in the right positions finally got the proof they needed and have been cleaning house.
And this is why we needed the warrantless wiretapping; because we were being illegally NSS'd from the inside and the outside, and these un-American's had to be caught. [economic warfare]
With the National Lawyer's Guild being a known Communist front, many communist lawyers infiltrated our benches as judges; so we cannot trust our judges; and therefore cannot go to them for a warrant because they can tip off their fellow un-Americans engaged in un-American activities.
Now, since it is a fact that Army officers were forced to commision those whom they suspected of being communist or communist sympathizers, it stands to reason our Army was infiltrated.
This proves out in the McCarthy-Army hearings which was the last straw for Eisenhower and his DOJ and they went after McCarthy with a vengence in 1954 and won and got him stopped from rooting out the un-Americans and communists.
So with an infiltrated state department and an infiltrated CIA giving presidents bad intelligence; America does have a legacy of ashes.
The good news is that we figured it out.
So we have warrantless wire tapping which is critical to root out these Un-Americans and we have a private military [Blackwater] since we cannot trust the official 'Army' completely. (There is a new book out on the Army 'intellectuals' in the highest positions and they failed at training our troops in the 50's and 60's and they shunned the Air Force and Navy.)
What a daunting task, taking back America and getting rid of the disloyal Americans...but at least somebody finally woke up.
And for all the Bush bashing, and I have no idea if he is good or bad..I have no clue who is who... but we can see the need for warrantless wiretapping and a private military...until such time as the government has been purged of the disloyal Americans committing treason and economic warfare against their own country.
This country will be restored to its American values...and the process is underway. IMO.
And the defecting KGB/SBR general was likely very helpful since he oversaw the Russian espionage activities on America from 1995-2000 and was in charge of anti-American propaganda while he served in the SBR (KGB).
CMKX NSS is more than just illegal naked shorting. It is a war crime. Economic warfare.
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hmmmm..... That reminds me, have they located Rufus yet?
Other than that, not much to comment on except for a few wretched old ladies stirring boiling cauldrons and a few crazy ol'coots in tin foil durbans.
Thought it best not to spend to much air time there ....given all the highly sensitive basher surveillance equipment aboard.
lol I hope her CMKX cert doesn't go missing again!
The verdict, while expected, is way cool!
No doubt the person who expected the guilty verdict the most was Walters.
Court noted that the deft. was not present for the verdict, therefore, ORDERED, BENCH WARRANT WILL ISSUE, NO BAIL. Court THANKED and EXCUSED the jury.
This a hoot! After all that time the tree trimmer spent on the lam till the Feds dragged his butt back to States, now he claims not to be a flight risk. LOL
By: jarta
06 Feb 2008, 09:51 PM EST
Msg. 40174 of 40174
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News from PACER. Sayre is trying to get out on bail claiming he is not a flight risk and has already served enough time in Canada while fighting extradition and here in club fed while awaiting trial. lol! ... eom
Things got badly out of hand, and after that Judy ("Mommie Dearest") Cline outlawed live video...
LOL I never heard that one before. I remember when folks used to go on the zoo board and complain that "Mommie Dearest" and McDirty was booting everyone who asked relevant questions about CMKX or Urban.
One of the highlights of the Haseltine conversation was when Barry asked Haseltine if he knew accadacca. Haseltine seemed to recall meeting him once in LV. Barry said something about him being a really ugly guy and told Haseltine if Roger is involved in anything to quickly run away from it. I have to listen to the interview once again, since I laughed pretty much the first time I played it and may have missed a few tidbits.
I guess we can expect Mothra to arrive soon....
Too funny!
Like the Father says, store ye up treasures in heaven, for on earth they get eaten by moths, and stolen....
How about that Gary Walters verdict!
News!!!!!
Yep. Gary was railroaded alright. LOL
By: gwstoolsamples
09 Feb 2008, 02:53 PM EST
Msg. 158494 of 158494
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Well I must say that this is just a bunch of hog wash! Gary was obviously railroaded on a lot of trumped up charges. He didn't even get a chance to defend himself. That lawyer of his was not up to the task and maybe not even a real lawyer!
NO BAIL BENCH WARRANT ISSUED
Filed Date 02/07/2008
Description TRIAL ENDS
Filed Date 02/07/2008
Description NO BAIL BENCH WARRANT ISSUED
For Walters, Gary
Performed 02/07/2008
Filed Date 02/07/2008
Description ORDER OF INTENT TO FORFEIT
For Walters, Gary
Performed 02/07/2008
Filed Date 02/08/2008
Description NOTICE OF INTENT TO FORFEIT
For Bail Bonds Inc Of Boulder City
Filed By State of Nevada
Performed 09/05/2008
Filed Date 02/08/2008
Description SHOW CAUSE HEARING
For Bail Bonds Inc Of Boulder City
Performed 09/05/2008
--------------------------------------------
CT. 1 - GUILTY of FORGERY
CT. 2 - GUILTY of THEFT
CT. 3 - GUILTY of OFFERING FALSE INSTRUMENTS FOR FILING OR RECORD
CT. 4 - GUILTY of FORGERY
CT. 5 - GUILTY of THEFT
CT. 6 - GUILTY of OFFERING FALSE INSTRUMENTS FOR FILING OR RECORD
CT. 7 - NOT GUILTY of THEFT
CT. 8 - GUILTY of ATTEMPT THEFT
CT. 9 - GUILTY of FORGERY
CT. 10 - GUILTY of OFFERING FALSE INSTRUMENTS FOR FILING OR RECORD
CT. 11 - GUILTY of ATTEMPT THEFT
CT. 12 - GUILTY of THEFT
CT. 13 - GUILTY of THEFT
CT. 14 - GUILTY of THEFT
CT. 15 - GUILTY of FORGERY
CT. 16 - GUILTY of OFFERING FALSE INSTRUMENTS FOR FILING OR RECORD
CT. 17 - GUILTY of ATTEMPT THEFT
CT. 18 - GUILTY of FORGERY
CT. 19 - NOT GUILTY of OFFERING FALSE INSTRUMENTS FOR FILING OR RECORD
Court noted that the deft. was not present for the verdict, therefore,
ORDERED, BENCH WARRANT WILL ISSUE, NO BAIL. Court THANKED and EXCUSED the jury.
I wonder if she really believes that stuff?
ROFL Here's the latest.
By: leowanta
09 Feb 2008, 03:29 PM EST
Msg. 658770 of 658951
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i wonder if Henry Paulson, had he lived, would have released the 4.5 trillion to Leo Wanta, since he put the funds under his name in Israel? i'm thinking he would have.....that thought keeps coming to mind.... Paulson was in receipt of instructions for releasing the WANTA money from Leo Wanta.....November 2007. At which time, Paulson could clearly see the 4.5 Trillion did not belong to President Bush.....
some folks on the hill, do have a conscience...wounder what the clone will do? I'm guessing since the cable cuts, Paulson has already transferred the money to Laura Bush's account in Dubai......
Like the Father says, store ye up treasures in heaven, for on earth they get eaten by moths, and stolen....this life is truly a testing ground to see if you are "worthy" of Heavenly citizenship......i dare say, Bush and all the generations that use the Lord's money will never be one of those citizens.
leowanta
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By: leowanta
09 Feb 2008, 03:49 PM EST
Msg. 658798 of 658958
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Casper 2-09-08
HICCUP'S ??
The packages which were reported to have left the court at 7:45 p.m. Thursday night were moved to a different location within the court and did not go out as we reported. Bush had signed off however, which allowed the FRENCHMAN ( gay relative of Bush's-major European Trustee and Leinholder) to do his thing in Europe (Paris we think) overnight Thursday as reported. This caused "THE WHIP" as it is known to move on to the Orient (China) we think for further electronic releases there which were done, however when the signal (clearance) was sent from there back to the U.S. to begin deliveries as scheduled Friday afternoon the undersea cable had mysteriously been cut, the fifth or seventh or ninth such undersea cable cut in the last ten days (see www.fourwinds10.com). These are acts of war against Muslim countries including our "friends" such as Egypt and Qatar and Kuwait. Cables also cut southern Europe to India and now from China. The "powers that be" called BUSH and demanded delivery today "or else". BUSH says "no can do, cable cut". WE say, "oh really, how do you know the cable was cut, we have not announced it". Once again Mr. exceptionally stupid had exposed himself. All "threats" were repeated and packs went out late Friday for delivery today we are told pending no further blockage. For more detailed explanation see this mornings update by STORY also posted on www.fourwinds10.com. No, WE are not in cahoots with STORY, have never spoken with or communicated with him in any way including through third parties.
"DELIVERIES", as some messengers refer to them, have been going on for years but it is not "us" and does not trigger us. They began years ago from LOS ANGELES area B.ofA. Banks as they gave packages to what became known as the "MULE TRAIN" participants. Their job was to take the freshly received packages representing STOLEN funds to the MORMON CHURCH in UTAH. Orders came from BUSH SR. and ORIN HATCH we were told at the time. Simultaneously, the same L.A. Banks were busy opening offshore accounts for Senators and Congressmen who were being bribed with 200M each. Most of these accounts were opened in CANADA. Later, additional miscellaneous deliveries were made, sometimes as directed by CLINTON as President and still later a steady but limited number of deliveries to people who could not and have not accessed such as retired bankers and gov't. officials. More recently (last six months) there has been a steady but limited flow of deliveries of what became known as the "O" packages which cannot be accessed before we receive, do not trigger announcements, and do not trigger "our" deliveries. These are the deliveries you occasionally hear about. We stopped paying much attention to them months ago when it became obvious they are of no help to us. WE are in touch with certain drivers for both major carriers who keep us informed as to the deliveries of these "O" packages in their areas. These delv. mean nothing to us. We-you and me-are awaiting "THE BIG DROP" as we call it which BUSH has fought tooth and nail as that's what triggers worldwide release of hundreds of programs and thousands of "projects" and also triggers announcements. Sabotage and delay. Lies and deceit. Steal and hide. Scatter accounts. Damage computers. Scramble codes. Cut cables. And more. Much more with the intent to delay, stop, kill and PRESERVE WORLD CONTROL for the ILLUMINATI (Globalist, new wld order, CFR, Carlyle, Trilateralist, Bildebergers, Vatican,etc,) which currently control and rule the world with an iron fist. "to the last breath". "over my dead body". "to the last man". No where on earth is corruption greater than in the ten square mile FEDERAL FORT known as WASHINGTON D.C. unless perhaps, some would argue-the Vatican.
BUSH never had what we call the "expense packages" which were prepared to provide a limited amount of funds and to provide phone numbers for bank appointments, yet the packages never arrive week after week, confirming, in this reporters opinion, the Intel which says Freedom packages first or simultaneous and therefore BUSH could control everything by controlling those relatively small number of packages. Current news is that those packages are finally in the hands of the carriers along with F.C. packages for delivery this weekend or the carriers will be closed down internationally in addition to the threats against BUSH and the wholly corrupt CORP.UNITED STATES (swamp creature). D.C. politicians work for the swamp creature. They have been bribed and blackmailed. The CORP. owned and controlled media participate, take bribes themselves (2 B to CNN we hear), bury outsiders like Ron Paul and generally cooperate in keeping the public "dumbed down". "THE NEWS IS WHAT WE SAY IT IS" says Fox News.
Delivery and access are not the same thing anymore than "funding" on the computer and "economic receipt" are the same thing. Basically the whole world, all programs, all Trustee's, all countries, and we too, have been "funded" the first increment on the computers. This is virtual reality not real reality. Our card activations or opening of accounts with access to funds is the next step and is economic receipt. Meanwhile flow of tax funds such as FRANCE'S tax payments to FRENCH TREASURY this week and payments to countries can't be accessed until we receive either. The "WHIP" clears things, makes ready, signals go, but OUR DELIVERIES IN THE U.S. are the only thing that will give the world actual access--- thank goodness. Otherwise we would have been road kill long ago.
It is approaching noon and deliveries have not begun. We are working on the why-why not??-of it and will report again soon if necessary.
casper 2-09-08
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Im not welcome in the demented in crowd anymore, Im am label a basher.
That's wonderful news! Congratulations.
jimmy and h2, you gotta listen to the Haseltine conversation. He believes from first hand info (wink wink)something is going to happen, and it's not packets or Wanta payments. lol
William Haseltine Audio recorded Feb 06, 2008
http://www.supload.com/sound_confirm.php?get=585606723.wav