I think I'll put up a website too. So I can sell shares. Seems I don't even have to put out any pr's. Just let it trade forever. Can't lose.

Is there a possibility that this will trade again as an empty shell? Maybe a real business will take over it. That's the least the SEC could do if they really did care for people. Isn't that the reason this was halted? To protect people?

now how are they going to pay for that website, answering service, and that empty suite?

Why would Tom say such a thing when he knows full well YA Global was converting? Doubt that statement was made by Tom.

this is from the mar 4th 8k explaining what the new convertibles were for:

On March 4, 2008, Community Bank, N.A. (the "Bank") entered into an agreement
(the "Assignment Agreement") with YA Global Investments, LP, a Cayman Island
exempt limited partnership ("YA Global") whereby the Bank assigned and YA Global
assumed the following debt instruments previously issued by Seaway Valley
Capital Corporation:


(A) The Mortgage, dated February 14, 2006, between Hackett and the
Assignor in the amount of Three Hundred and Eighty Thousand Dollars
($380,000) (the "Ogdensburg Mortgage");

(B) The Mortgage, dated November 6, 2001, between Hackett and the Assignor
in the amount of One Hundred Fifty thousand Dollars ($150,000) (the
"Canton Mortgage");

(C) The Commercial Promissory Note (No. C-06-03-008249), dated April 5,
2006, between Hackett and the Assignor in the amount of Two Hundred
Fifty Thousand Dollars ($250,000) (the "April Note");

(D) The Commercial Promissory Note (No. C-06-09-017697), dated September
1, 2006, between Hackett and the Assignor in the amount of One Million
Dollars ($1,000,000) (the "September Note"); and

(E) The Commercial Line of Credit Agreement and Note (No. C-06-03-008243),
dated April 5, 2006, between Hackett and the Assignor in the amount of
Nine Hundred Fifty Thousand Dollars ($950,000) (the "April Line of
Credit" and together with the Ogdensburg Mortgage, the Canton
Mortgage, the April Note and the September Note, as herein after
jointly referred to as the "Debt Instruments").

oh well it's too late now. just hope it ends at some point.

maybe so but that second round of convertibles back in march seems totally uncalled for.

when the price was around .03 he could of sold maybe 30mil shares and gotton around $600,000. Just by using a good pr campaign and then coming out with another pr saying we just paid off that 600k loan with 30 mil shares. Everyone would of been jumping for joy that the debt got taken care of with minimal damage.

even straight dilution to get the money would put the company in a better position. As long as shareholders knew that the shares were being put to good use. Plus the float wouldn't be nearly what it is today.

He could of said hey guys the company is going to issue some shares so that we can get rid of this debt.

Or maybe get private placements. Happens all the time.

Those are accreditive ways rather than through floorless instruments.

I didn't invest 389,549,62. I flipped it almost daily that's just the running total of buys and sells.

In all his financial prowess he couldn't think of a better way to get rid of the debt besides toxic financing? Is that genius or just complete disregard for your fellow man?

I sold back in october and never touched this stock after that once I figured out that the dilution would never end. happy trading my friend.

To be honest. I don't like what has transpired here. CEO's like TS shouldn't be allowed to treat the public like this. I'm glad that the flippers are making some money from this but don't get caught holding before the r/s.

He said the MM's killed his PPS, its up to retail to bring it back to fair value and they have 25 days to do it.

MM's? Don't blame the mm's. TS killed the pps by using cornell. Now he will be making more room for more acquistions and converting all the new debt over to the public float. More acquisitions. More money for TS. More debt for shareholders. Genius.

did you say buyback? why would he buyback any shares then turn around and get diluted with 7.5 billion more shares afterwards.
do you honestly think this will be going up as the r/s date gets closer?

finally.

The lower this gets the more shares they have to dilute. .0001 won't be the stopping point either. R/S is coming. Tom didn't care about the dilution why should he care about an R/S. IMO.

This thing always runs before they increase the OS because they ran out of shares to dump.

Proceeds from convertible debentures 2,417,500
Cash at Beginning of Year 951,495
Cash at End of Year $1,116,003

Why not leave the debt instrument they already had in place for the 2mil loan.

http://financial-dictionary.thefreedictionary.com/Toxic+Convertible
Toxic Convertible
Used by companies that are in such bad shape, that there is no other way to get financing. This instrument is similar to a convertible bond, but convertible at a discount to the share price at issuance and for a fixed dollar amount rather than a specific number of shares. The further the stock falls, the more shares you get. Popular in the mid to late 1990s. Also known as death spiral convertibles or floorless convertibles.

Toxic financing is not exactly the best tool to use. You have every right to complain, imo.

yes. not very nice to move a perfectly good loan from community bank to the shareholders. but I bet that was negotiated ahead of time by Hacketts before the buyout. The stock was just a vehicle to eliminate previous debt. But at what cost?

They can easily cover the shares they shorted by dumping the convertibles they still have.

This goes down daily because of the ongoing dilution. OS count continually on the increase. Another 2.25mil was given to YA Global to cash in 2 months ago. Probably a long ways to go before that debt is satisfied. Until then this will just keep dropping.

OS count as of 4/25
outstanding 148,751,926
rest 50,547,234

Ok sorry please delete those posts. Thanks.

good luck with your flip then. wonder why the charts going down leading into the promo?

How does product sales benefit from having the symbol on the commercial. I've never seen that on any normal commercials on tv. Seems like a cheesy pump. good luck here.

yes. hmm... very very interesting. You might be onto something.

hopefully you'll have better results than these people.

http://heelspurs.com/bbs/bbt.cgi?n=245288

good luck reporting this to the sec. they tried to sweep this one under the rug with their inside man already. don't you remember the one who was supposed to fly to russia to close the deal.what was that guys name again?

very sad. more legacy debt stuck to the shareholders. I'm betting the next acquisition's debt will be brunted by shareholders too.

"The upcoming fall season -- New staff has been hired and fall orders have already been placed. The company views the New York office as an exciting opportunity to expand its business into New York City and utilize the space that is available. Additionally, Sib Almaz is considering the opportunity to enter the retail side of the business and is looking into acquiring retail space in New York City's Diamond District."

ok they hired new staff. Where are they? That press release was Sept 17th. With standard hiring practices a 2-3 weeks notice should of put these workers in the office by Oct 1st through Oct 12th at the latest. It is now the end of October. Can anyone even verify that any work is being done to that suite at all?

why hasn't the SEC halted this stock? I think it's because the company hasn't really made any firm promises about anything in their PR's.

If there was a buyback program how can anyone really verify it with a gagged TA?

There's is one sure way of reducing shares.

man this buyout price just keeps going down. now it's .02. what's next? If indeed this license is worth 40mil. They seem to be wasting it's worth by not even utilizing it. Where's the diamond shipments? Where's Nik? surely they must know time is money.
has anyone checked to see if any furniture is going in yet?
or maybe the rent is being paid?

"Regarding Fall Season: Sixty five to seventy percent of the year's business can be realized in the Fall season, and Global plans to increase the staff to accommodate this added activity."

Well they better get a move on that suite. September 23 begins fall. It has taken over 10 months to get the suite going and still no activity.

So how many shares does SIB have?

Why is the transfer agent still gagged? That tender offer filing expired a long time ago.