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"DTCC guarantees and settles all stock transactions in the U.S"... except BCIT
Now .. can you say CMKX 40,000 + DUPED, BCIT unknown thousands duped, bother multi -year problems. yeah that's fast...lol
Masta i totally agree. its not about the MOASS for him, but because of the powers that be, it is now an unexpected asset (and hinderence) for him. regardless of what BCIT (energy) produces as a viable company, you cannot ignore this will add value to this company which, after all this grief, he has earned.I think there is a serous business plan that has not been disclosed as of yet that will add valuation to this shell. gonna say IT again
A C Q U I S I T I O N
zdon
Think of it this way,
Megas has spent > $700,000 to get this far.
IMO he did it for 2 reasons which justify this expenditure.He knows that if he is successful in getting this trading, he will benefit many MULTIPLE times the amount he has spent already, because of covering that must occur. But in the mean time he is using his own money to fight this effort on a comany that is not producing any revenue at the moment. long story short he has to see this though to recoup money already invested, yeah he's pissed that it has taken so much of his money, but in the end it's the shorts money that will "repay" that "loan".Walk away from 700 grand and forfiet possible millions, or fork out possible a few more tens of thousands to get it all back.. and then some.This is why he wanted a "guarantee" before he leveraged any more. imo he knows its still a gamble, and that he's already "all in" and has to see this through to recoup all of his losses.
all imo of course
zdon
molson, don't forget with naked shares comes naked volume! believe you me, SOMEONE is looking at their books, and trying to "shuffle" themselves out of this hole.many "someones"
zdon
Umm don't think anyone thinks this is a "good thing". Simply a requirement being mandated now, that was going to get done anyway, simple as that. He will file, we will trade. The law demands it, and since we will abide by the law and file, this should be no problem on either side, now should it :).
zdon
No pinky here!Imo we MUST file. We do not want to go back to that cesspool. That would eliminate all of our protections and requirements.Can't wait till after close today. i smell something coming.
zdon
to add..
Maybe BCIT should only be required to file reports when we exceeded the shareholders of record limit requirement.That would
be cheaper and faster.can only hope that theory hods true. That would kill both arguments, delinquency and "habitual late filing". cant be late on something u don't owe :)
zdon
If what you state is true, that would really put the egg on the face of the SEC not knowing their own regs, (not knowing that BCIT was exempt because of 80 shareholders was below limit).
zdon
Thanks Masta, that's what the board is for, information gathering
Starting to have CMKX flashbacks. Went down the same road with the SEC, hopefully, we take a different turn this time. Yeah yeah, I know very different circumstances, but what is not different is the entity we are dealing with.
zdon
Some points of concern:
BCIT has 19 filings delinquent as referenced in the appendix to the hearing order. This being in the situation it is, they may very well require ALL filings to brought up to date (costly).Another part of concern may be the "habitual late filing history".Hopefully lawyers have an answer to that one.
imho
zdon
The truly ironic part to all this is that the SEC is requiring us to file. By doing this, we will be a fully reporting company, and should open on the OTCBB. I've been trying to find the "buy-in" regs that state covering should start at no less than $1 /share. I know I've seen it somewhere, maybe some of the great data miners here have it. I know Megas is aware of it as he hinted at this very fact in one of his recent emails when he said it wil cost the brokers millions. But let's not get the cart before the horse, we have to respond to sec, file, obtain market maker and file 15c-211
we have dont it before, we can do it again. Megas is believe will be hard pressed to find a market maker, since brokerage houses will be "hostile" towards any efforts to enable us to trade
all imo of course
zdon
My guess is, when this does trade TD Aturd and others
will not allow buying, only selling, until they cover their shorts.
They have done this in the past. In fact they imposed this strategy at the end of trading of BCIT 4 years ago. So my thinking is, if your'e not in now you are too late. The ark door is shut, and the clouds are gathering, I see rain coming :)
all imo of course
zdon
First things first..
Megas has to be WILLING to file, then the clock starts, of course if the filings are already done and not subitted, then it's just a matter of hours.We simply do not have enough information at this point.
Best case would be that Megas has filings already completed and audited,just waiting for assurance from DTC that they will clear trades. Even better would be for him to file anyway and put all pressure were it belongs ON THE SEC AND DTC(&C).
Worst case is Megas has not even started the filing process, and waits for DTC to accept his terms first :( who knows how long that will take)then your 4 + weeks scenario plays out.
Something has to give..
zdon
I may be wrong but..
If we file, and are fully compliant, then we should go to the OTCBB.
That said, and covering of shares as quoted in the buy-in regs would start at $1.00/ share. One of the emails from Megas suggested that he felt the same was also true,( when he suggested it would cost millions to cover shares).Hope we are both right :)
all imo as usual
zdon
Same applies to your follow-up even 1 share in his portfolio sheds light ,and may follow my scenario
Interesting indeed. Wouldn't it be nice if in the interest of investors, the DTCC was pressured into making good on these shares in order for the Justice dept to recoup more money for Madolf's duped investors :)... hmmm
imo
Zdon
DUH!? I saw the correction, hence my comment, pay attention
"BCTI".. hmm we finally got attention, but its our step brother...lol
What if..
The DTC(C) knows its game over. I'm sure the DTCC has insurance, (or some other kind of protective instrument/entity or underwriter),to cover situations like BCIT. What if they have prolonged using this "fix" as long as they can. Now, they will lift the lock, but in order to saisfy the "insurance" requirements, the company needs to be fully reporting for them file a "claim" to use some reserve money or "insurance" to cover the short. Remember DTCC management has changed since the BCIT saga began, so has the economic climate on wall street, maybe someone said, its time to clean this mess up. Wishful thinking I know, so don't bash until the game plays out.
IMO
zdon
Anger must submit to reason, then the light of justice will come on, and the roaches will scurry, leaving a pile of cash on the floor for us we win.
Agreed, and as his lawyer he should abide by the law and file. Filing has many advantages, including being on the OTC. It MAY also have advantages of forcing a buy-in at no less than 1$ /share. Yes it costs money, and I totally understand that Our fine CEO does not want to throw one more red cent away appeasing the powers that be. The difference here is that filing in a part of trading rules, and therefore can be used an an excuse to inhibit trading, yeah,yeah pinkies do it all the time. but we aint and don't want to be a pinky, which is why we filed in the past! Asking for shares to cover a short is one thing, (not in the rules), but filing is.
imo again
zdon
Simple, filings are now "the excuse of the day", and since it's a "reasonable excuse", it needs to be dealt with.filing will remove all legal hurdles that can be used to inhibit trading, plain and simple. No reason for a fully compliant company not to trade now is there ? :). Problem is Megas was "Fully compliant" at the "wrong time", when the right people(hopefully) were not watching. Now that we have everyone's attention, including Burns, and with documentation in hand stating from the SEC and DTC that that is what they are waiting for, give it to them, you're gonna have to eventually file anyway.Then the will not have a legal leg to stand on to hold this up any further.If they do try, it will certainly be much harder for them, and put them under much scrutiny if they attempt to do so
imo
Zdon
If we go the "Federal Court Injunction" route, I can almost guarantee we will have to have our "house in order" aka FILE, before any action will be taken, common sense to me, but hey, so is allowing BCIT to trade, so what do I know :).
my opinion, as usual
zdon
The line has been drawn in the sand.
CEO says he won't file again, because it not the root cause of the problem, and because doesn't want to waste time and money when shares won't be cleared anyway.
In doing so, leaves a legal "grounds" for DTC and SEC to hold up trading/ clearing.
So without guarantee that this will trade with up-to-date filings
this game is over, plain and simple. Megas is clearly in stop loss mode and angry, as he should be, but without filings, there will ABSOLUTELY be no resolution. With filings.. well, only a hope of trading.If no guarantee is given this 4 year saga has come to and end.All the other arguments here are mute.Tremendous energy has been spent going back and forth on many different issues surrounding BCIT, I applaud those who have kept us informed.
It's do or die now Megas is mad, and he has a right to be, but if he doesn't dance this one last time and file, then game over.
Only ther solution is a long, expensive, and protracted law suit against the DTC, and that means time and money which may have a futile end.File Megas.. please.. and then at least you can say I fulfilled all of your obligations, now what. At least if another course of action presents itself, we will be compliant with all laws and regulations as we move forward, plus it will keep us out of the pink sheet ses-pool when we do trade
All OMHO
Zdon
Seems there has been no mention of the "potential acquisition" mentioned in the last pr. any thoughts on how that may impact things?
IMO (humble at that) I think Mr. Megas just fired a nuclear warning shot off the bow of those who are holding this thing up.
one simple word that was not disputed in last press release A C U I S I T I O N. Megas is trying to add value which is exactly what the shorts do not want to see. Hopefully this may force this to a resolution soon. "Get out of the way and pay dearly now, or stay in the way and pay with your brokerage license later."
zdon
we are looking for signs thst the r/s has taken place correct?. TM said that he would not ask dtcc to clear trades until r/s was effictive, and we would not be ligitimate shareholders until r/s was in place, sooo whtas the first place there would be a sign that r/s is official? i would thin that our accounts would not be the first place to look, and neither would the daily list, for reasons cited above... any thoughts?
all imo
zdon
mastaflash,
any updates from your source?
still hopeful for this week?
Yes Vulcan I agree, isolate insiders, and leave public shares exposed as naked. I dont see haw a short squeeze can be avoided if all our variables are correct.The question is.. how long now?
all imo
Zdon
sorry masta i meant Vulcan
mastaflash you may be on to something, if the r/s only applies to "insider/preferred shares", then Megas gets the share structure where it should be. The interesting part is that if the 2 groups are handled separately, then the shares in street name are all "naked", and have to be removed. So we benefit from a potential massive short squeeze,but in the end,the company returns back to where it should have been all along, pre- "us".
all imo
zdon
Hmmm didn't someone say something would happen this week? to add to my last post we also have Fidelity saying r/s is cancelled, which leans toward the latter of the 2 scenario's in my last post.
all imo
Zdon
There seems to be contradicting information here today.
We have people recieving "trasmittal letters", implying that the reverse split is taking place,and we will be legitimate shareholders,and megas will ask the dtcc to clear our shares.
On the other hand we have 2late showing that megas's plan has been trumped and the sec/law will take care of the shares like they should have done in the first place, thus we keep our shares and the market will clean up this mess instead of Megas r/s ing us and making us legitimate.. who's right?.. or does the truth lie somewhere in between?.. stay tuned
as confused as my opinion
Zdon
check post 112300
It was my understanding that in order for us to be legitimate shareholders,the split must take place. also I believe Megas stated that it would not be until after the r/s that he would ask the dtcc for clearing of trades. I hope this information is innacurate, for our sake
all imo
zdon
This SOL topic is like mutant weed. Its grows, we discussit and put it to bed, then it comes back again,lays dormant for awhile, tehn spings up again.Funny how a topic can re-emarge over and over ,as long as there is not difinitive proof ,or tha proof is being ignored.This topic will die soon, any to have the, we will never trade again becasue we are late on filings weed to sprout up. oh well what else is there to do while we wait... I look for this post to be deleted becasue of some off topic excuse, so read fast..you know its true :)
zdonn
As i understand it, we are not leagal shareholders, as we are not on BCIT's Holders list. AKA if you got sued you are not a leagal shareholder as seen by BCIT, therefore no proxy.The reoganization does not take place until AFTER the r/s, then we will be seen by BCIT (or "Energy bla bla bla" ) as legal shareholders with voting rights.But the 10 k relased on this topic clearly stated that our vote wouldn't matter anyway, the insiders have preferred voting rights, the R/S is a done deal.
ALl imo
Zdon
scratch my last post "other events".