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That's not quite right. I checked with a friend who attended. Coreton did say he and his son worked at the races. He then went on and on about why he believed this stock issuance was a great idea and how generous Urbie was being. There were others who also supported the concept. This group consisted primarily of those who are going to get personally enriched (which included Coreton and his son).
Those not receiving shares were mostly upset, but they did not jump to conclusions. It was more the haves could not see why the have nots were upset about the haves being issued free shares. None of those on the "gift" list in there willingly admitted they were on it until they were specifically confronted. There was a lot of emotional tension. The two groups jumped on each other about equally.
Sterling changed his story a couple times. That's why I posted the two versions which came from. He said the 6 billion CMKX going only to the three of them was a rumor. He did not say the overall 6 billion figure (for the entire list) was a rumor. This is only for the CMKX shares. There's also the CIM shares which they are earmarked to get too.
fung_derf: Good catch. Sorry for the error.
What I said applies to purchased stock not gifts.
If you buy securities from a controlling person or "affiliate," you take restricted securities, even if they were not restricted in the affiliate's hands.
Ref: http://www.sec.gov/investor/pubs/rule144.htm
trade: Yes, I do. Dhonau was a pennystock shell peddler who graduated to the next level.
investorcg: Yes, it's very unorthodox. I've never seen anyone do this before. According to Sterling, Glenn said what Urbie wants to do here is okay.
Urbie issued stock from the company to himself, and the stock became part of his own personal holdings. He can give his own shares to anyone he wants. Because Urbie's an insider, the recipient gets restricted stock even if it was previously free-trading.
Yeah this smacks big time (except of course for the recipients) and screws non-recipients. As for the legality here, I'll leave that for the attorneys to argue.
trade: No, I didn't. I've read back thru Petro Plus though. Very interesting.
I'll post the Glenn companies for you in a day or two. Have a couple things on my plate to do before it.
investorcg: Sterling said he did not attend any corporate meetings, but feels he was exposed to some insider information during this trip.
Urbie is very happy that shareholders have attended and supported the races. He wants to reward those who did by giving them shares from his personal holdings, which he of course issued to himself. I've heard a couple versions of the plan. One is that Urbie will give 6 billion CMKX and 3 billion CIM restricted shares to Sterling, Jose, and Peter (and one other I think) . They can redistribute to whomever they want. The second version is that there is a list of race attendees/workers (including these three) plus some others. The 40-50 or whatever names on the list will each get 3M CMKX and 3M CIM restricted shares. The numbers don't jive between their two versions. It may actually be some hybrid of these.
I understand your anger. Urbie though is allowed to give his shares to whomever he wants. However, there's no public disclosure or accountability on how many shares he keeps issuing to himself. IMO what he's doing is decreasing the value of non-recipients' investment to reward others (ie rob Peter to pay Paul and move it thru Mary's pockets to make it legal) . Because of the backlash occurring, Sterling supposedly said he plans to ask Urbie not to give out this stock. We'll have to wait and see if he does.
LMRI: IMO it's more like the drunken rich old guy taking a bundle of cash from his company's account (not his own pocket) and giving it to his "friends". It's easy to be very generous when you're using other people's money.
CMKX and CIM are the issuers. Urbie directly controls stock issuance in them. He gave himself a whole bunch of stock. From this pile, he plans to give free shares to a few folks who in turn will redistribute some to others. I don't know where they came up w/ 3M CMKX and 3M CIM for each person. One of the recipients said there's 40-50 names on the "gift" list. The math doesn't come out anywhere near the 6 billion CMKX and 3 billion CIM which Sterling and the others are supposedly going to receive.
What Janice was getting at in this post here: http://www.investorshub.com/boards/read_msg.asp?message_id=3840287 is all these people (40-50 or whatever) need to make disclosure to everyone otherwise they are violating Section 17b of the Securities Act of 1933 and can be sued for not doing so.
Anyone who thinks this is an okay arrangement IMO is not understanding the issue. Non-recipients are getting screwed here. Supposedly, Sterling said he plans to ask Urbie not to give out this stock. Whether he follows thru with this or not, we'll have to wait and see.
BadBass: If "the company wanted a shareholder representative to be there" as you say, why did John Ed Dhonau invite him and not Urban? If Glenn is up there too, why didn't he take steps to prevent Sterling from getting insider info? He of all people should know better.
Sterling can only represent himself unless he has power of attorney from each of those 2,000 people or is licensed to provide finanical services to them. Some have said the next PR will be on the remaining results of the Carolyn Pipe samples and not the info he was given.
WIDAH: IMO Urbie has bent over backwards trying to generate/keep investor interest and money flow going here. CMKX has released a lot of PRs compared to most pennies. It trades more than or close to the entire rest of the market combined.
I think the problem is the huge amount of shares. As the float grows, it takes more and more to move the price up. Also, the pool of investors willing to touch non-reporting pinkies is fairly small. Those currently holding long-term might be pretty tapped out, and traders are probably looking for signs as to whether it has potential to move again. Obviously, the news on dividends and prepaid Visa cards hasn't attracted their interest to move the price yet. Perhaps positive drilling results might. For that, it'll take CMKX some time.
WIDAH: In a way it is. When money leaves the market, smallcaps as a group are usually hit first before the big boys. When money returns, it flows into the big boys before the smaller ones. Keeping an eye on how IPOs are being received is an indicator on whether the market is starting to come out of its funk or not.
WIDAH: It's not relevant because CMKX is already publicly trading.
Companies prefer to IPO during a bull market when investor sentiment is high. When the market is cranky like it has been, they raise far less money from their initial offerings. Google was also one which delayed its IPO before.
For the first six months of this year, the company posted a net loss of $13.8 million, or 36 cents per share, compared with a net loss of $5.4 million, or 16 cents per share, in the first half of 2003. Revenue was $90,000, compared with $96,000 in the same period last year.
Marketcap: $38.5+ million dollars????
Richmond, Va.-based pharmaceutical firm posts $9 million net loss
Jul 29, 2004 (Richmond Times-Dispatch - Knight Ridder/Tribune Business News via COMTEX) -- Insmed Inc. reported a second-quarter net loss of $9.0 million, or 23 cents per share, compared with a net loss of $3.2 million, or 10 cents per share, in the same period last year.
Revenue was $29,000, compared with $34,000 a year before.
The Richmond company works to develop pharmaceutical products for the treatment of metabolic and endocrine diseases.
Insmed attributed the increased net loss primarily to the scale-up and development costs to manufacture its lead product, a potential hormone-replacement therapy.
The loss also was expanded by the operation of Insmed's protein-manufacturing facility in Boulder, Colo., which it acquired from Baxter Pharmaceuticals in April.
General and administrative expenditures were higher due to increased external-services support and additional personnel costs.
For the first six months of this year, the company posted a net loss of $13.8 million, or 36 cents per share, compared with a net loss of $5.4 million, or 16 cents per share, in the first half of 2003. Revenue was $90,000, compared with $96,000 in the same period last year.
By Bob Rayner
To see more of the Richmond Times-Dispatch, or to subscribe to the newspaper,
go to http://www.timesdispatch.com.
(c) 2004, Richmond Times-Dispatch, Va. Distributed by Knight Ridder/Tribune
Business News. For information on republishing this content, contact us at (800) 661-2511 (U.S.), (213) 237-4914 (worldwide), fax (213) 237-6515, or e-mail reprints@krtinfo.com.
-0-
Ref: http://pinksheets.com/quote/news.jsp?url=fis_story.asp%3Ftextpath%3DCOMTEX%5Cko%5C2004%5C07%5C29%5C5...
LMRI: That PR didn't say the shares came out of the float nor did it say they were cancelled. Treasury shares can be reused.
Urbie probably cares for the shareholders here about as much as he did for his Petro Plus ones. Those who made money traded PP on price swings, and those who held long-term lost money.
Heroya probably got ripped off, though there isn't any indication that they took any action against Freestar
The two separate fraudulant activities the SEC went after occurred before Heroya Investments negotiated its financing deal. They went after the previous insiders not the current ones.
trade: A little bit. That one is where he represented the financer. If you like, I can make you a list, but it's hard to say when he actually started and stopped with each one.
trade: Perhaps this might help a little in your research:
Freestar Technology Corp (OTCBB/Pinkie: FSRC)
http://www.sec.gov/Archives/edgar/data/1102301/000090866204000183/form_13da.txt
http://www.sec.gov/Archives/edgar/data/1102301/000129256304000001/xslF345X02/edgar.xml
Moi jealous of him? No. It is amazing to see how blinded some are and cannot see thru his fantasy theories.
For me, I don't blame others on my losers or give credit to others on my winners. I know how to take personal responsibility for my investing/trading decisions. Quite a number of people do not and get very ugly when they lose money in the market. Just wait until they wake up and finally realize who's been really playing them like a fiddle.
Why do you ask so many questions cluttering up the forum? Why do you try so hard to fit in here as a "true long" when you've already admitted to selling and not holding all your shares? Why don't you just admit you are totally infatuated with Janice? Dude, you spend an awful lot of time trying to gain her attention and acceptance.
I don't care if zen's followers take up my suggestion or not. Anyone who comes back bashing/blaming him later on for their losses or lost profits I can now point to that post where I suggested they set up a formal agreement. If they didn't, oh well it's their own fault for allowing themselves to be conned and not his.
IMO all you zen followers ought to consider drawing up a written contract with him. If you lose any money here or the company does not achieve his projections, then it's only fair he personally pay for your losses or lost profits. You all are putting an awful lot of blind faith into him, and frankly many of his posts are not realistic. Perhaps if he had a monetary obligation, he would post more responsibly.
As for cluttering the boards with ramblings, IMO most of these are coming from supposed "longs" (not bashers) who repeatedly ask why someone is posting, attacking others, etc. Then there's the supposed "longs" who go to other boards and bring back wrong and manipulative messages. During the day, it's mostly longs here. The only REAL data I've seen the longs exchange is mostly current day trading activity with the other posts consisting mostly of chitchat.
Don't kid yourself into thinking zen is any more knowledgable than yourself in the market or the future of this company. He just has a bigger ego.
As far as I know most big firms don't do that because its, well, kind of tacky...
E&A lists a bio on each of their attorneys. I don't see it being any more tacky than it is right now by adding one line to whomever's bio showing the person is a partner.
get serious...becoming partner @ a large firm like that is a pretty big deal, it takes education, experience and results..[
Look at Glenn's Resume - those are some major deals, some big $$$ and a good reputation for the firm.
Most people looking to advance in their profession usually go after more education. As they gain experience and get good results, they will get bigger and more important cases/jobs to handle. I'm not saying Glenn made partner right away. He's been an attorney for a long time. If new attorneys there don't see themselves advancing or see it's going to take a very long time, I think most would opt to gain some experience, develop good contacts, then move on after a few years.
After acting as counsel for BILLION dollar deals why ruin your career working as lead council for the pump & dump of the century???
One of Glenn's specialities is setting up PIPEs (ie death financing for companies unable to get funding thru regular financial institutions). As long as Glenn doesn't participate in illegal activities, I don't see how any client would ruin his career. Did Johnny Cochran's career get ruined by defending OJ Simpson? No, he became even more successful.
Okay, so what's a normal timeframe to make the lowest partner level.
I assume large law firms have a high turn-over rate, and those who stay on over a long period of time eventually will be offered partner if their performance has been satisfactory.
Wonder why E&A doesn't list its partners on its website. If the firm has a high turnover rate, I bet it's not too tough to make partner if a person decides to stay as long as Glenn has.
Many people buy stock in scams. Some do it willingly (hoping to trade its price ripples) and some do it out of ignorance. The market cap itself doesn't give a clue if a company is a scam or not.
The lowest price the public can buy a stock at is .0001. There already was a P&D here.
Urbie's agreement to hold shares in escrow for three years can be cancelled at any time. Since he deregistered the stock and hasn't done any filings in over a year, he could have easily done so without the public knowing. If one assumes it's still in effect, it doesn't stop him from issuing himself even more shares which would not be covered by that agreement.
All these fantasy dream posts IMO are harmful to the company as well as to "true longs". They raise public expectations far above what can be realistically achieved. When a company doesn't accomplish what's in them, which in most cases they don't, the feeling of being let down is much harder than if one went only by what the company specifically says in its own PRs and filings.
Take last week for example. Many folks were proclaiming it to be a big week and to expect big news. When the company released a PR on prepaid Visa, quite a number were very disappointed. Dream posts might spark a price ripple for traders to turn a quick buck, but they're also setting up "true longs" for a big disappointment.
Looks like an acquisition which never occurred. TVYG (now trading as ORTE) did a 1-10 r/s on 23 April 2003. Maybe the news was a way to make the r/s more appealing to shareholders?
Before TVYG's PR there, CMKX also announced they were purchasing GEMM.
Oh yeah, I forgot. lolol The big VC backer is WillyWizard.
They r/m into an OTCBB listed company formerly known as Cyber Mark International, Inc. in late Nov 2002 and changed the name to Casavant Mining Kimberlite International Inc. in Dec 2002. After doing so, they stopped filing quarterly financials and subsequently were delisted in May 2003. In July 2003, they filed a Form 15-12G deregistering the securities.
Two separate companies are not supposed to mix funding. If they do, they can lose protections given to a corporation. My guess is to try to get around this Urbie has issued himself and/or his buddies CMKX shares which they then sell and give some or all of the proceeds to CMKXtreme to fund the racing. Urbie hasn't announced any winnings in these races so far. An article I read said the driver has only won one race in his life and that was several years ago.
Funding is thru stock sales. Yes, ultimately the public is picking up the tab here. I haven't seen any VC announcements. This is one of the specialty areas of their newest attorney.
I read thru all of punchy_poluka's posts. He claims he's a pissed-off shareholder who has lost faith in this stock.
In this one, punchy said he sold half his shares and still holds 600 million:
http://ragingbull.lycos.com/mboard/boards.cgi?board=CMKX&read=466931 . Here he says he sold them at .0003 and gave some away: http://ragingbull.lycos.com/mboard/boards.cgi?board=CMKX&read=467168 . If he was down money, I think it would be odd for him to give any shares away. The punchy alias started posting over there on 11 Aug 2004. Since he seems to know the players and company well, he must have been a lurker for awhile or was using another alias.
I did not see in any of punchy's posts where he accused zen or pedro of being part of the 2500 club. Perhaps someone else did. He said zen and others like him posting theories were occasionally fed info to help keep the rumors going. He asked (not accused) pedro whether he had received any free shares here: http://ragingbull.lycos.com/mboard/boards.cgi?board=CMKX&read=467517
The ones he accused of being part of this club are some of the admins in Paltalk. He specifically mentioned Jose, Peter, and Sterling. These posts apply:
http://ragingbull.lycos.com/mboard/boards.cgi?board=CMKX&read=467087
http://ragingbull.lycos.com/mboard/boards.cgi?board=CMKX&read=467114
http://ragingbull.lycos.com/mboard/boards.cgi?board=CMKX&read=467539
http://ragingbull.lycos.com/mboard/boards.cgi?board=CMKX&read=473051
This one, which he reposted a few times, says there are three members of the 2500 club: http://ragingbull.lycos.com/mboard/boards.cgi?board=CMKX&read=473512 . In this one and a few others, he says there are four: http://ragingbull.lycos.com/mboard/boards.cgi?board=CMKX&read=473054 Whoever visits Paltalk, which I don't, should be able to figure out who else is missing.
This post is kind of interesting too: http://ragingbull.lycos.com/mboard/boards.cgi?board=CMKX&read=467498
Not necessarily. Those three have posted outrageous comments with very little grounded in reality. Some could have gotten tired of this and decided to do the same thing at their expense. Melvin of course doesn't help matters with his "no comment".
Never said I did. There's certain people here who do post some good nuggets of info. It's not the ones with pie-in-sky theories.
Yup, that's definitely you. Avoided answering why you never ask the overly positive posters for proof on their outrageous claims. As I said, I already responded to these before. If you're REALLY that interested, go back and read them.
Today, no. In the future, I may if I see a play. I don't like putting my money long-term in very high risk pennies or have it sit trading sideways like it has here. So, I check the charts and boards to see if it's getting ready to move up or not.
Why do you never ask for proof from the overly positive posters huh?
As for my reply there, yeah it was short but only because I addressed these before in a bit of detail already.
Well the hyping ones, which get reposted here, are just as bad as the bashing ones over there. IMO Melvin is guilty for helping to fuel this. If it was not true or Sterling is getting some tour or visting as a regular shareholder, he should have just said so.
I think Melvin should stay out of Paltalk because there is a lot of things he cannot say. It's very easy for people to get wrong ideas when their questions are answered with "no comment" or similar.
Deflection? No. I would never accuse anyone of committing a crime of such magnitude that he made a federal wanted list unless I found solid proof. I don't know who all the attendees are.
tavycal: Well, now that you mention it. Border crossing into the US is much more of a hassle now than it was pre-Bush. Heaven forbid if you happen to share the same name as someone on their bad guy list.
It could be because some of the attendees refuse to travel, they want to meet with other folks/orgs up there not attending the meeting, and/or there's more attendees up in that area so it's cheaper.
The one who calls a meeting usually picks up the tab unless the other attendees have budgeted for such things. NYC is a very expensive place to host a week-long meeting. Las Vegas is cheaper. When I held meetings, my contractors went to wherever I scheduled them. I paid these guys for business hours only plus travel, meals, and hotels.
Glenn probably has more clients than just CMKX. If he really is up there for an entire week, he could be using vacation time, maybe it's slow right now for him, or he's working the other cases while on the road.
More like ...
Urban Casavant: "Sterling, you've done a fantastic job. You've really helped to increase interest in our stock. Those theories of yours...well what can I say other than I want to hire you or show you around."
It's very possible he wasn't hired but is getting an invited tour. If this were the case, Melvin shouldn't be so reluctant to answer questions.
Glenn is not an officer or director here. He's just a hired attorney. If a meeting is being held up in Canada and he's expected to attend, then he goes to wherever it's held. He'll get paid quite well for it.