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I cannot believe the Florida attorney general's office hasn't revoked their business license or fined them for advertising the MDSO contest without having the $1,000,000 prize money in escrow. That money was due to the winning team 30 days after the first airing of the show......a long, long time ago in UK/Ireland on Setana Sports NETWORK. I noticed that the company still owes prize money and I think a court judgment from past prize winners. Failing to pay them was what triggered the attorney general's false advertising charges agains Pagnano's company.
great email sent to Mike P
a snake oil salesman and ponzi scheme operator comes to mind.
The ONLY reason some of those PR's came out is that we have someone truly doing DD and contacting the transfer agent to see the massive dilution play-by-play. Before that, he diluted as fast as humanly possible(IMO) but apparently purposely avoiding keeping his shareholders informed.
I wonder if he would have disclosed increasing the A/S by 50% to 15 billion if the person did not tell us what he found out from the transfer agent?
I have no confidence that WEHI won't soon go the way of most companies that owe huge sums of money and only survive by dumping shars for cash......they go bankrupt.
Terrible news about ZCOM - is this true?
By: re-run
05 Sep 2008, 04:35 PM EDT
Msg. 4741 of 4741
(This msg. is a reply to 4737 by swindles.)
Jump to msg. #
Swind, I found this one
from: tony demaio PostPosted: Mon Jun 30
Post subject: Zcom Networks, Inc.
we never merged with z-com and resened any deal 12/27/07
they have us listed on their web site as a subsidiary
this is a lie.......we have nothing to do with z-com
tony demaio ceo big media usa
www*hotstocked*com/message-board/about4083.html
Is the SEC watching the trading? It looks like someone is making $5-$25 trades just to artificially manipulate the price to make it look like the stock price is higher.
I know the SEC warns that criminals and fraudsters can do this to manipulate the share price. It looks like almost no one is willing to even bid on HPNN shares at prices like these. Longs may be surprised to see it trade below $0.001 soon. I'm expecting it once shareholders get fed-up with the broken promises of audited financials.
Now I see they have increased the authorized shares to 15 billion. If the Transfer Agent is correct, then that that would equal 300 TRILLION shares on a pre-reverse split basis (2007). They did a 1:100 reverse split in 2007 and a 1:200 reverse split already this year.
Looks like he plans to dilute shareholders' equity to $0 once again.
I don't think anyone could sell their shares now if they wanted to. Looks like no bid at all again. That's what seemed to trigger the last reverse splits, too.
Mikey says? Kinda hard to believe someone who has been such a terrible CEO for so many years. He would be fired at a real company.
Most have learned that when he is isuuing press releases giving projection he obviously knows will never come to fruition, he ius simply trying to help unload billions more shares for cash and serveces, IMO.
He has destroyed motre shareholder value than most penny stock CEO's, and then does reverse splits and does it all over again.
Anyone curious should go back and read the press releases over the years, then look at the financials to see just how poorly the CEO has performed. A tiger can't change his stripes, and this one seems to be inventing new ways to dilute and dump tens of billion of shares on unsuspecting shareholders' share pool.
Yep, just one more lie from one that seems to spew them quite often, IMO.
Now they even have more people stuck with shares they won't be able to sell for any price.......until a 1:1000 reverse split allows it to go up, then drop right back down to near $0.0001 again.
globex - try doing some DD on WEHI, WGFL, etc.
The company doesn't even pay its obligations! It is in default on payments to past prize winners, failed to pay a court judgment to one of its prize winners that sued the company, and cosistantly puts out projections that are never realized. It a;lso promised the Florida attorney general that it would not advertise ANY contests without putting the prize money in escrow first. What more do you need to make you understand that anyone buying shares is likely to lose everything once again?
Did you see where they even warned that shareholders and/or regulators could take action from some of their lofty press release projects they have been doing while diluting shares at an ever-increasing rate? Just look at some of their old SEC filings/financial reports, then look at what they kept putting out in press releases to try to help get interest in those hundreds of billions of shares they've been dumping on a pre-split basis.
Most divie holders can't sell the divie until the shares are reflected in their brokerage account. By that time, the price on that one might be down to the minimum, too.
WEHI share price should drop, too.
to reflect the divie being lost from WEHI valuation.
Looks like they will need a reverse split again, 2nd time this year and third time in less than two years. Shareholders must really be getting upset that even if they buy now, their investment may be worthless within a month or two after the next likely reverse split.
Showing no bid for WEHI again
Can you blame 'em?
Would you buy even 1 shares of this thing, knowing they will likely dilute to 15 billion shares, then do a reverse split of go belly-up?
Yes, the SEC
Especially the "leaked" insider email's from Pagnano being relayed to posters here, probably knowing they will re-post it to keep the stuck shareholders from realizing they can't even sell for $0.0001, IMO. I even saw one that seemed to try to get the person to "spread the rumor/news".
That, to me, is no different than a fax spam campaign that we see the SEC take action on and sometimes even suspending the penny stocks. Look at enforcement actions at SEC.GOV. My opinion only, but it sure doesn't seem right, especially when billions of shares and a private placement (see SEC filing Regdex) seem to be under heavy distribution and massive dilution.
Will WEHI even get a bid? Ask remains at $0.0001....LOL
Probably only from people that don't do their DD to know that there are over 7.8 billion shares out and WEHI needed to add another 5 billion shares to its share authorization (now up to 15 billion authorized) do to even more dilution likely.
The SEC probably has received numerous complaints of material non-public insider information that appears to be being leaked to help the pump/dump scheme, IMO.
There is a complaint procedure that anyone can use at www.SEC.gov if they feel any company is trying to "leak" certain information, hoping it is spread to other on the message boards to help get more people to buy shares while the company shares are under distribution (dilutive share issuance).
More concerned sharesholders should use this tool if they feel they are being taken advantage of. The trrack record of WEHI shows clearly that they seem to avoid telling their shareholders that they are dumping tens of billions of dilutive shares.....trillion over the past few years, for cash and services. Yet the company doesn't seem to pay its own admitted obligations. Sounds like a pretty poorly-managed company to me.
He knows? Are you kidding? He seems to know how to run a company into the ground, take it off life support, do reverse splits, then run it right back into the ground with yet another scheme.
I see Pagnano was even warning that regulator or shareholder action could happen for some of his past projections, etc. He reveals this in previous financials.
WEHI started at 25 million shares ealier this year. An incorrect press release authorized by the company listed it a 2.5 million shares, but public comment forced him to admit the mistake.
Now it has over 7.8 billion shares issued.
You believe Mike Pagnano?
Remember his revenue projections for the MDSO for 2007?
Remember when the MDSO got canceled on PAX network for non-payment by Mike's company, then Mike didn't even admit it was canceled for non-payment?
Did you notice WEHI doesn't pay prize winners what they are owed. Have they paid the court judgment Pagnano lost, and now is owed to just one of the past prize winners?
Diluting the stock to death
Just like he did after the the previous reverse split.
There is no doubt there will need to be yet another reverse split. NO BID, $0.0001 ASK? You betcha.
Some brainless sheep might get suckered into buying at these high prices ($0.0001), but the market cap is already getting too high.
A reverse split would allow the stock price to drop 99% or so within a month.
Howard - we do know the O/S at the time of the PR.
The PR stated that 13% of the current WEHI market cap = $100,000.
You can take the ratio of $100,000/13%=X/100%
Solve to find X, which equals the market cap of WEHI when the PR was issued, which means the market cap (X) was $769,231.
Now, divide the market cap by $0.0001 share price to find the approximate number of shares issued. $769,231/$0.0001 = 7,692,308,000 shares.
Apparently, the person that checked with the Transfer Agent for WEHI indicates there are even more shares out.
That could be true. Maybe they need to reserve that last 2.5 billion shares or so for the convertible debenture shares still needing to be issued.
WEHI's share authorization is definately 10 billion shares, per WEHI's own admission. CEO Pagnano confirmed this.
I'm more than a bit concerned. There were 25 million shares outstanding right after they did the 1:200 reverse split earlier this year. I can't believe they've done this same thing to shareholders once again.
I think the "reorganization" announced by WEHI is really going to be another reverse split, so the stock price can resume dropping. It will probably be 1:400 or more for the reverse split.
Actually they can issue more than 7.5 billion shares
They have 10 billion shares authorized.
The last two reverse splits (2007 & 2008) saw them diluting to near 10 billion shares, then doing a reverse split each time. Then the stock price resumed its downward dilution spiral as the company kept issuing billion more dilutive shares.
Do you think they reverse split in a couple weeks?
How else can the stock price drop to reflect the 13% dividend being paid-out and the billions of shares being issued in the past weeks?
Are there really 7.5 billion shares issued and outstanding?
I saw this post on another message board. The math appears to support this. I doubt I will be able to sell my shares at any price, let alone $0.0001.
By: rs4racing
29 Aug 2008, 11:34 AM EDT
Msg. 4694 of 4697
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So, over 7.5 billion shares outstanding already. Oh nooooooooo!
Read the latest press release that indicates the so-called dividend being worth $100,000, or 13.3% of current market cap.
Do the math and that means over 7.5 billion shares are issued and outstanding, as of the PR.
Now they are issuing a dividend for 13.3% of that cap, so the stock price of WEHI needs to go down at least that much. Plus, the market cap is much too high already, and investors thought there were only 2 billion shares issued and outstanding in a recent press release admission.