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Although I don't own shares anymore, re-read my post #1555.
Pay particular attention to the sentence that begins with 'People shouldn't have to...'
Although it was declared in one sentence in the beginning of the company, the fact of non-ownership was not clear in subsequent posts. Nobody is going to read every line of every legal declaration since the beginning of the company. Who does that?
If I invested in Microsoft today, for example, would you expect me to read every single line of every single long-form filing since 1981 (or whenever the heck the company started) with the intention of finding a line that may or may not read the company really doesn't own anything? Who has that kind of time?
I think the term here is 'reasonable research'. Most people who do reasonable research would not find that single line. We found it because somebody took a LONG TIME to go thru all this stuff. We aren't lawyers. We are common investors.
Although in court the company could say "Well, we declared the fact we didn't own anything", a VERY valid argument could say "More like you hid it in ONE OBSCURE place in a sea of filings"
. The point here is 'intention to mislead'.
It is clear to me the company had the INTENT of not making clear the company doesn't own anything. Of course that would have to be interpreted by laws.
Peace out!
Sold all my shares. Writing off this loss for taxes next year.
Good luck everybody.
Well, financials are coming out soon. Although that doesn't mean very much to me since the genius removed transparency. Now he (Dr. P.) can throw out any number and nobody believes it. That's a huge chunk of why the stock sucks.
I said a long time ago (and many other investors too) that he (Dr. P.) needs to INCREASE transparency which will, in turn, allow investors to see whats going on. When investors have things hidden from them, they shy away.
So................what does he do? He does the EXACT OPPOSITE. This guy may be a good inventor, but his business skills suck. It seems he likes to hide things from people and blame others for his wrong doings. (i.e. Reporter's mistake on statements he made, pinksheets' mistake, short sellers fault, saying the co. is recession proof and the next month splitting the co. citing it's because operations' cost are exceeding sales,etc).
I seriously think that HE thinks we believe it. He needs to apologize publicly and MAYBE things can turn around for him and the company. If he continues this shady behavior, things will get worse for his investors (you and I) and his company.
I'm sure he thinks things are looking great for him, but he doesn't see the huge lawsuit and federal government 'involvement' at the end of his continuing journey.
Not sure about a suit, but you can look at these.
The FDA list of websites making claims that were not verified by the FDA. It is listed under Fraudulent 2009 H1N1 Influenza Products List at the main site.
http://www.accessdata.fda.gov/scripts/h1n1flu/
..and this little jewel....
http://www.drugstorenews.com/(S(0yg5nlazo0ddh055fdvuomru))/story.aspx?id=102913&menuid=341
I agree. There was a post on their web site that clearly stated to call a number for swine flu.
Now their web site says it was a "reporter's mistake".
Hmmmmm.
Just like the mistake of the last financial report with the months getting mixed up about when they split the company into two pieces. (The functioning piece, and the nothing piece.) We own the nothing piece.
I've seen nothing but lie after lie. I should have dumped this stock when I had a chance. I am convinced the company is selling their own stock for additional cash. This "selling short" BS is nothing more than BS. This hasn't happened en masse as far as I can tell. It's hard to short a stock that's already dead. There is just a series of sells......period.
I hope I can get rid of this stock with at least a few dollars in my pocket.
I can't believe you said that out loud.......LOL
We've established that's not the same guy.
Also, he is still slashing prices and continuously moving the date forward for the sale of the Rebuilder(TM) products. Not sure if that's a good or bad thing....since we can't see the freakin' numbers....ever. After the split of the functions of the company, we'll NEVER see the numbers now. It's all a cloud. I'm still not happy about my investment in this company that owns nothing.
I honestly don't think we will ever get any more investors especially when they realize they are investing a company that owns nothing.
This swine flu thing is nothing but a phase. It doesn't change the long term prospectus of the stock. Swine flu is not long term and people know that. We don't want those kind of investors investing in this stock because we would end up with short term buys/sells. Then, we would end up with a worse stock than we already have. They surely won't stick around when they find out the company doesn't own anything including the rights to the technology.
Hate to sound pessimistic because I went into this company with the best of intentions, but the light at the end of this tunnel seems to be an on-coming train.
Are you sure that's the same Dr. Phillips? The bio of the company says they've been making the Rebuilder since 1987. So Dr. Phillips was inventing products while starting and running a company at the same time he was in medical school in......Ohio? Then, he found time to be an inventor and run a company while he was an ER Dr.? Sounds a little hard to believe.
Also, wouldn't that make him a MD and not a PhD?
Somebody who graduated medical school, practiced hands on medicine, and worked as an ER physician is a MD.
Two Dr. David B. Phillips is peculiar tho.
Here is link to a Dr. Phillips...not the same one.
http://drdavidphillips.com/
Also, he would have included that as advertisement one would think.
Agreed.
Had I known the company didn't own anything I would have never invested. The information published on their website is that the company "...is a medical device research, development, and manufacturing company." http://www.rebuildermedical.com/company_info.php
This is from their web site which I saved.
Also, the pinksheets info states, "...company manufactures and distributes proprietary medical devices for diabetic peripheral neuropathy and Molluscum Contagiosum among other things."
http://pinksheets.com/pink/quote/quote.jsp?symbol=rbrm#getCompanyInfo
Also, their published quarterly statements refelct sales.
So, from statements like these, RBRM researches, develops, manufactures, distributes, and sells proprietary medical devices.
I invested in this company off this premise.
Nowhere does it say they "own" the stuff. To me, this is assumed unless declared otherwise. For example, if I had a company that produces 'Widgets', do I have to say I "own" or "don't own" my Widgets before I get money out of investors?
This situation is clearly misleading to me. That level of omission is, in my opinion, misdirecting investors into believing they actually invested in a company that owned the devices. I hope the owner doesn't close up the "shell (that's what I call it)" company and leave us out to dry. In my opinion, it would be a hard sell to the SEC and courts that the owner/CEO (whatever) didn't intentionally misdirect investors IF that's the case.
People (investors) shouldn't have to dig and dig and dig and eventually find somewhere in a couple reports that the company doesn't own anything.
I hope this isn't the case, and that this is legitimate.
I have a question or series of questions. RBRM was one company. That company developed/manufactured/sold Rebuilder products according to their publications/website/company description in pinksheets/financials. We, the public, bought stocks for that company. Then, the CEO decides to split the company into development/manufacturing and sales/distribution which are two different companies. Our shares are now tied to the sales and distribution piece (American Med Tech). Can he do that? So, at any time, the sales and distribution piece can go under and he (the CEO) still has his company (development/manufacturing) and we lost our shares.
Can he do that? I didn't buy shares to a sales and distribution company. I should still own stake in the whole company.
That's like me making a company called Riley enterprises. Then get a bunch of people to buy into it with their money. Then I make another company called Riley2 enterprises and transfer all the investors and shares to that company....although the company does nothing. Then later I close the Riley2 company and keep the Riley company all to myself. This way, I have used other peoples money to fund MY company with the illusion that they would make money off of it. If that's the case, then it's fraud.
Did I miss something or is that pretty must the gist of what seems to be going on here?
Gary,
1) Several people have tried talking to him and contacting him to no avail. He has given nothing but cryptic answers, if any, to his investors. He can't disclose private information to an individual and has to respond, in whole, to the investor community. He has not.
We are FORCED to read between the lines because he is not answering any questions or publicizing what is happening. Have you not been reading the forum? I am unclear as to why you would make that statement.
2) He or is family or his employees or his friends own most of the stock. Maybe much has been given away so it might be no loss to them........who knows. You know why? Because he IS NOT ANSWERING ANY QUESTIONS. HE IS NOT RESPONDING TO THE INVESTMENT COMMUNITY. THE STOCKS AND FINANCIALS ARE NOT AUDITED. HE IS FULLY AWARE OF THIS MESSAGE BOARD. HE READS IT ....OBVIOUSLY.
As a publicly held company, he has a responsibilty to COMMUNICATE with his investors. What are you seeing here that everyone else doesn't see? Yes I do think he would screw over his public PAYING investors if he is hiding his financials, hiding is balance sheet, and remaining silent for over 6 months.
Ya, I was trying to read between the lines. Selling the operating company RMT.....what was RMT? There was no such thing. Was there? If so, I would like to see the published data that they were two entities. The financials release and public press releases did not designate an RMT. Where, oh where, did this 'RMT' come from? It goes on to say in the financials there was disagreement between RBRM and RMT? Really. Was Dr. Phillips arguing with himself and lost? Sounds made up to me. It's a way to juggle the illusion of profit/loss between a major company and subsidiaries so it's hard to track. Didn't Enron do this? What is this "licenses" thing? License to what?.....steal?
License to sell is what I read into it. How are they going to make money off of a "licesne". This isn't a piece of intangible software that has monthly support fees. The whole thing is one gigantic ball of smoke and mirrors and misdirection.
Wow, what is this? Reading the last financials it seems like Rebuilder Medical Technologies, Inc is not really RBRM? Uh, yes it is. That is how they were listed in pinksheets,that is how they were/are published, that is how their news releases were printed. Now it seems they are splitting the business. So now there is Rebuilder Medical, which makes the products, and RBRM (soon to be another name maybe) to sell it?
What kind of company is that? Sounds like a way of not disclosing accounting practices. I know that Rebuilder Medical got investors through private equity, and maybe that's how they chose to conduct business. This, however, screwed us, the public investors. I talked about that earlier in this forum months ago. So now we are stuck with worthless shares....awesome.
I think we were outright lied to.
Hey, what happened to their medicare help?
My Grandfather has peripheral neuropathy. We have been going around and around about him trying this product. I told my Grandfather that I would pay for it. He didn't like that idea because of he is old and stubborn. He wants to pay for it (Everybody with aging relatives know how this scenario goes). I finally convinced him because Medicare would pay for it. Not only that, but the Rebuilder site said they would help out. My Grandfather called me..and lo and behold, the medicare assistance is gone again. First they help, then they don't and provide a reason why. Then they decide to help again, then take it away again. This site seems to change day by day. I am seriously considering dumping my 350,000 shares tomorrow. This would destroy the SUBSTANTIAL cash investment I put in this company and I would incur a hefty loss. Dr. Phillips is acting extremely irresponsible to the investors and clients. I've just about had it. There has been no news, no auditing, no new FDA filings, and little 'teasers' he personally has put in this forum. I recall the post he made about the banker they had to throw out of his building. He never explained why. I believe I am starting to get a clear picture as to why.
Anybody notice new prices on rebuildermedical.com ?
Looks like prices are a few hundred dollars cheaper on the bigger model with $100 discount on top of that. The smaller Rebuilder device looks like it's proportionally following suit.
Prices are less than half of normal. Anobody think this drastic move is a response to the failing economy or a response to a failing company? I would think that a medical device company would remain constant in it's sales since everyone needs medical supplies, equipment. They are the least hit by the economy which is why investors flock to them.
What was the point of replying to my message with that? lol
Did you mean to put that on another board to someone else's question?
Any news? Any at all?
New FDA forms sent in?
Auditing?
Been 7 months since news.
Items have been on sale like crazy. Hope it's not a firesale.
I'd like to buy a vowel please...
Oh Lord, Please don't tell me after ALL this time and waiting they have a product like that? <sigh>
I wanted to see come clinical data released on the ReBuilder or something to make this company really take off.
I was expecting a whiz-bang invention to come out.
Well, at least they got the bang part right.
What's in that stuff? Niacin, B12?
<Cricket>
Any news? Thought I would hear something by now.
1)I think there needs to be independent audting and SEC filings
2)I think that Rebuilder Medical Technologies needs to submit to the FDA the new clinical proof of the medical claims its devices provide so they can brand and label products accordingly. (i.e. helping neuropathy by x,y,z factors)
I don't know how much each of these items would cost. If its a few thousand a quarter, then it should have already been done. If both of these things are not done, there will not be enough serious investors to counter the shorts.
Additionally, if it's not cost-prohibitive and items 1 & 2 are not done, it could be construed that there is no truth or 'half-truths' to accounting practices and the product itself. So the question still stands.......why are these things not done?
Sounds to me like someone (although I'm not going to mention any names, but his initials begin with Dr. David Phillips) needs to get crack-a-lackin' on a PMA or 510K for FDA approval. If he has poured all that energy into R&D and performed clinical testing, etc, then why hasn't he submitted FDA forms for it? I am still asking myself why he hasn't elected to have his financials independently audited and submitted to the SEC so his stock prices are more attractive.....but that's another story.
There is alot I don't understand about the FDA. I do know that it takes FOREVER for the FDA to approve regulated products ESPECIALLY medical devices and drugs. If Dr. Phillips submitted a request, it may take YEARS of clinical research and proof for the FDA to accept the claim.(Because everybody knows the pharma company lobbyists have a big baseball bat to swing when it comes to influencing the FDA. Heaven forbid an alternative comes along and takes money away from the giant pharma companies. The term 'legal organized crime' comes to mind.)
With that being said, RBRM should have filled out one of those FDA things a LONG time ago. At least the process would be in motion. Nobody can tell me they were not aware of this hitch. The possible good news is that RBRM already has alot of clinical data so it's not like they are starting from square one.
Has anyone seen the rebuilder website today? They took away all the claims of neuropathy treatment or what the device does. There are a couple of disclaimers on the website about "labeling", although I don't know what that means. The best I can figure is that they can't claim a product does something that the FDA hasn't proved it can do. Also, the following statement was at the bottom of their web page @ www.rebuildermedical.com
===============================================================
Caution: Federal law restricts this device (ReBuilder) to sale by or on the order of a practitioner licensed by law of the state in which he practices to use or order the use of the device.
===============================================================
Does anybody know about this? Did someone complain to the FDA or something? I thought this was an FDA registered product.?.?
Maybe since it claims it helps the nerves rather than blocking the signals like TENS? who knows. Give a shout out if you know what's going on.
It seemed there were buys AND sells all week. The price trend has gone up but the fluctuating indicates sells also. Probably due people day trading or short selling. That's why this stock isn't going anywhere. Maybe people should try a buy and hold approach and stop clicking the mouse so quickly to sell.
If you go to rebuildermedical.com, on the left top of the front page you can see a link to a presentation to the Cancer Centers of America. It is dated 10/24/2008. I wonder if he pitched the rebuilder to them last Friday. Anybody know about this? Maybe this has something to do with the short spike? Who knows. Still crossing fingers and holding. :)
NO!!! LOL! Don't sell! I am knee deep in this for the long haul and I'm holding. I just would like to hear some news from the owner. My problem is that I'm frustrated.
I'm holding out for the long shot.
Come on Dr. Phillips, throw us a bone!
Anybody call him lately? Any good rumors? Emails from him?
I'm holding because he seems very passionate about his company and products, and that has to count for something. He just needs to take care of the investors that can, in turn, take care of him.
mmmkay...
The stock just made it from worthless to almost worthless. I would hardly call that coming alive.....especially over a few days. Although I would VERY MUCH like to share optimism, a red flag goes up here.
I for one am keeping an eye out for "feeders" that inflate the stock before dumping. (as you mentioned wasn't hapenning in your post in April Mr. Fred)
You got that right. That's one of the things I'm worried about. LOL. It seems (just my opinion) the co. lost its care for the stock investors. The glimmer of hope that the co. might need investors is the statement where he says (paraphrasing) he is looking for (1.) privatizing loans for business (private equity) or (2.) making the stock more attractive. The glimmer being the latter (2.) (Our stocks)
I have seen the older private equity form. Dr. Phillips sent me a link to that once. The private equity form I saw was mostly owned by Dr. Phillips (majority holder..owned by a different co. name). It reads that you can own a "unit" of the R&D and get a percentage of the future sales, etc. If he chooses that route, and it works for him, that's not great news for us.
He might seriously be considering that route because some pinksheet short-sellers sabotaged the stock to death.
One fact remains....and that is....he DOES need the funding if he wants to grow the business. I hope he seriously considers the public traded stock option with auditing. It would definitely make his company look more attractive. Additionally by approaching it this way, he can make his company more visible.
I agree with you that there should be no full force marketing right now; however, what about 3 months ago? 4? 5? 6? 7? 8? 9?. He's been talking about this and other ideas for quite some time, yet I have seen no results or progress. I disagree with you, however, that issuing a statement would do very little. It can be a indicator as to whether to dump the stock or not depending on the company's financial position. Again, this goes back to independent auditing of the books.
My whole point is fact I haven't seen status or mobility on the promises from MONTHS back. IMHO.
I don't know about that.
Still, no thrid party auditing. On top of that, this statement:
"With all this national economic confusion, we feel that it is best not to waste any positive press until things in the market can appreciate them."
That makes no sense to me. This *IS* the time he should bring to the attention of the investor that he has no significant debts or debt instruments and he is not a big target for the possibility of a failure of a small business because of the lack of bank loans. Is he waiting until next year to say they had a big "sales" month in Sept. of 2007? This makes no logical sense people!!!
Then, he goes on to say (and I am paraphrasing) that he talked to an investment firm and "may" engage in their services in the future. He follows that with the statement that he has a consultant to decide the best "paperwork" to support either a large loan from private investors or make the stock attractive. HELLO? Is ANYBODY listening? WE are the STOCK investors!! This is NOT good news folks!!! Decide the best "paperwork"......are you kidding me???? How about the best strategy? That would be a better word. This sounds like BS to me.
There are serious fundamental flaws from his email that I don't have the time to go into.
Come on folks. He could issue a simple little statement that the company is fine. He could bring in an independant auditor.
I understand fully about our economic situation. Still, he should issue some kind of statement. To use it as an excuse to say nothing is absurd. What about the the months prior to this economic panic? He hasn't said anything since the begining of JUNE!!! He can say SOMETHING to at least hold the value of the stock. I do not think that would be a "WASTE" of good news. Next year, nobody will care about the big sales month of September 2007. People will be thingking of the months and years AHEAD of them. The good news is NOW.
the bid was .015 and ask .016. They both hovered around those prices all day. Anybody heard anything from these people? They haven't posted any news in ...well.....going on 3.5 months now.
First I hear they want to go Nasdaq either with or without an esablished co. Then, they talk about calling their short sellers on the carpet by doing s or r/s, etc.
I have not seen any effort on any of the things they are trying to get done. Three and a half months is a little long for a co. to leave investors hanging without saying anything. How about a progress report or a timeline or.....dam$....something...anything!! Not a wise investment move for the CEO.
Hoping that RBRM posts earnings today.
Deadline for what? They don't report to the SEC.
hmmmm. wonder where the Q2 posting results went? They were supposed to be out last week...........still waiting.
Emailed Rebuilder Medical Tech. They will be posting Q2 financials next week. FYI.