Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
GPGD (BITCF's former ticker)'s shell owners have been so far very careless about keeping things straight, either an up to date website, filings with Pink Sheets...or even keeping a proper shareholder list when they tried to sell the shell. Whether they'll continue the same way with the new Bitcoin based business, I can't say.
John Wasson had to return the GPGD shell to his former owners since they had given him an incomplete shareholder list, which caused a dead end with the Depositary Trust and Clearing Corporation (DTCC) as they held some GPGD certificates whose names weren't in the shareholder list, and even after attorney assistance the DTCC refused to give the company the names of the owners of such shares in deposit (that's paranoia rather than privacy protection!). Without those names it was impossible for Embassy Oil to cause any actions such as a ticker change or a reverse split.
At the end, the former owners might have found out - after some time - who were those shareholders, since we've already seen the ticker change to BITCF.
Bitcoin is just the first cryptocurrency around - the 21M limit and extremely unstable prices makes it more of a pump & dump scheme than a practical currency. However an exchange can also work for Litecoin or whatever improved stuff comes in.
Of course there is no interest today; stocks move on Press Releases and promo campaigns.
They'd better send some filings to otcmarkets to set things straight.
Guess they've got to remove the skull from otcmarkets if they want to pass as legit.
Last year I had 405000 GPGD shares, but since I was a foreign investor with Zecco I had no choice but completely leaving the penny stock market when its clearing firm Penson (now Apex Clearing) had set rules that caused Pink NoInfos trading to become impossible. I was unable to sell and my only option was to dispose of the shares with a worthless stock removal form, specially since Zecco merged with TradeKing which had an inactivity fee.
Some US investors that were caught in the mess could migrate their shares to Fidelity, but Fidelity didn't apply to foreigners, and good ole' eTrade closed its European business lol. BTW...eTrade didn't allow penny stock share migration from other brokers, only buying and selling.
That's why I dismissed the "shorts" argument; whoever ever dare to short such a low priced stock would be risking dollars to make pennies. Who would dare to do that?
C'mon who would bother shorting a $0.05 stock? Capital collateral requirements to do such a thing are just plain nuts (up to $2.50 a share) and the risk is huge.
OTCMARKETS.COM update: due to the incomplete shareholder list fiasco with the DTCC, it appears that the GPGD shell was returned to its former owner.
Current info is:
900-850 West Hastings St.
Vancouver, BC V6C 1E1
Canada
Website: http://www.gpgoldcorp.com (seems pretty dated)
Phone: 647-351-2047
Email: info@gpgoldcorp.com
Transfer Agent:
Integral Transfer Agency: https://www.integraltransfer.com/
I have no idea about this stock anymore. In fact, I already stopped trading stocks a loooong time ago, since the DTC-eligibility witch hunt which turned the "buy a dead stock then wait for it to merge with some money laundering scheme" inviable and caused brokerages such as Zecco (now Tradeking) to become extremely defensive about even allowing to sell those positions.
I stopped there at iHub because I just noticed on otcmarkets.com that my last deadbeat holding GPGD (which my brokerage is still blocking from selling due to it being OTC no-info) changed hands back to its old owner Simon Rubin after a fiasco with Embassy Oil Development Corporation which had bought the shell just to get in trouble with the stupid DTCC which refused to provide THE OWN COMPANY with information about some certificates they held there and which the company needed to know about in order to complete a broken shareholder list due to a Transfer Agent which got busted.
The info (full name, address, number of shares and brokerage) should be sent to GPGD's CEO John Wasson, not to me. Email is wassonje#earthlink.net (replace "#" for "@")
It is needed because GPGD's shareholder list is incomplete. The company needs to track ALL the shares in order to be able to proceed with the name change and Reverse Split and start doing business.
Right when the name change was about to be approved by FINRA, the Depositary Trust and Clearing Corporation (DTCC) came up showing some GPGD certificates held by CEDE which weren't in the shareholder list...and yet they refused to provide the company with the shareholder information to get things straight. Assholes.
If anyone has $GPGD shares please report:
- Name
- Address
- Brokerage
- Number of shares
to the company's CEO John Wasson wassonje#earthlink#net (replace the #s for @ and . respectively, I wrote it that way to avoid spambots) in order to complete shareholder list so the company can proceed with its name change to Embassy Oil Development Corporation.
$GPGD shareholders please read the posts on this board I sent to TOAD or GUMSZA.
TOAD, here is some update about $GPGD (Embassy Oil Development Corporation)
The company was about to change its name to Embassy Oil Development Corporation and have a 300:1 R/S approved by FINRA. A day after the approval, it got revoked as the DTCC showed them some certificates held by CEDE that weren't in their shareholder list, while the DTCC refused to give the company information about who holds those shares (in order to complete the shareholder list and get the approval ready).
If you still have some shares, please report them to $GPGD CEO John Wasson (wassonje#earthlink#net) // replace "#" for "@" and "." respectively; I wrote it that way to avoid spambots from reading the address
- Name
- Address
- Broker (shares are held in Street Name, aka that of your brokerage)
- Number of shares
GUMZSA, do you still have $GPGD shares?
It's because the company got stuck in a mess right after it was to get its name change to Embassy Oil Development Corporation and 300:1 R/S approved by FINRA. A day after the approval, it was revoked as the DTCC showed them some certificates held by CEDE that weren't in their shareholder list, all that while the DTCC refused to give the company the information about who holds those shares, complicating things even more. That info is necessary to complete the shareholder list and get the approval done once and for all.
If you still have some shares, please tell $GPGD CEO John Wasson (wassonje#earthlink#net) // replace "#" for "@" and "." respectively, it's to avoid spambots from reading the address
- Name
- Address
- Broker (shares are held in Street Name aka that of your brokerage)
- Number of shares
gumzsa, how many shares are offer $0.0055 on $GPGD?
OTCMarkets filings are to be expected soon, changing the company's name to "Embassy Oil Development Corporation".
The company has changed management and it's about to acquire Trishmar Energy Corporation which has interests in East Texas Oil Field.
It will only spike when news are released, or when more traders are actually aware of it. Oregon is a rather weirdo state for an OTC trading stock to be incorporated, that's why it hasn't seen much attention.
Traders tend to hunt for updates on Nevada incorporated companies in its Secretary of State (due to Nevada tax advantage issues??), as it's a typical state for OTC stock incorporations.
Ah! Then MTBR can wake up unless the shell had been abandoned (which I doubt, for a listing has value on its own).
In the case the company wakes up with the stock untouched, the typical reaction causes a MONSTER spike, but you need to be on the watch, for those bigtime runners are usually short-lived knee-jerk reaction momo pumps.
You've got to be watchful and quick on the draw.
Grand Pacaraima Gold Company is Acquiring Trishmar Energy Corporation
http://www.prweb.com/releases/2012/7/prweb9702109.htm
Good to find someone bothers on slapping the ask after all...I'm still waiting for Zecco's clearing firm to reinstate my shares.
$GPGD $0.0065 to $0.0070!
It's still waiting for update to Pink Current. Latest news PR was largely unnoticed by the masses!
http://news.yahoo.com/grand-pacaraima-gold-company-approves-proxy-reorganization-name-180137819.html
There is an upcoming 300:1 R/S, Name Change to Embassy Oil Development Corporation; owners and management have been all replaced; it's going to develop the East Texas Oil Field.
gumzsa, can you please post full L2 for $GPGD?
The press release didn't wake it up so far.
IMPORTANT UPGRADE TO GPGD SHAREHOLDERS
There is a 300:1 Reverse Split coming and Name change from Grand Pacaraima Gold Corporation to Embassy Oil Development Corporation.
I guess they with such R/S they want to keep the new company's stock trading over $1 per share.
Here is a shareholder letter draft I received after ("@" and "." changed to "#" to avoid spambots from reading the email address)
CRITICAL UPGRADE TO GPGD SHAREHOLDERS
There is a 300:1 Reverse Split coming and Name change from Grand Pacaraima Gold Corporation to Embassy Oil Development Corporation.
I guess they with such R/S they want to keep the new company's stock trading over $1 per share.
Here is a shareholder letter draft I received after ("@" and "." changed to "#" to avoid spambots from reading the email address)
GPGD REORGANIZATION WEEEEEEEEEEEEE!!!!!
http://www.prweb.com/releases/2012/6/prweb9632676.htm
Waiting for an otcmarkets.com update!
Hey did you catch the $GPGD news?
$GPGD REORGANIZATION CONFIRMED!!!
http://www.datsyn.com/press-release/141/2012/06/21/GRAND-PACARAIMA-GOLD-CORPORATION-GPGDPK-APPROVES-PROXY-FOR-REORGANIZATION-NAME-CHANGE-AND-APPOINTMENT-OF-NEW-DIRECTORS?utm_source=dlvr.it&utm_medium=twitter
HUGEEEEEEEEEEEEEEEEE!!!! (but hey, wait for my shares to get back into my account, running the stock without me would be lame! )
$GPGD REORGANIZATION!!!
I've already told Zecco of this so they can reinstate the shares back into my account.
http://www.datsyn.com/press-release/141/2012/06/21/GRAND-PACARAIMA-GOLD-CORPORATION-GPGDPK-APPROVES-PROXY-FOR-REORGANIZATION-NAME-CHANGE-AND-APPOINTMENT-OF-NEW-DIRECTORS?utm_source=dlvr.it&utm_medium=twitter
Yay who's buying this?
Got the info from there:
http://www.thelebrechtgroup.com/tlg-publications/direct-ipo-v-reverse-merger-a-detailed-examination/
It IS legal.
Most of those "companies" don't bother on reporting with the SEC because that carries audited financial costs and a clean shell has neither assets, liabilities nor an operating business to be able to pay for those costs.
Most times shells are the remains of a former failed business that fortunately didn't get into debt, with their listing as their only asset, that can be used for either implementing another business idea by its owners, or selling it into a real company that wants to go public by using the Reverse Merger route as it's WAY cheaper than going thru the burden and costs of an IPO.
If every company that wanted to go public had to go through an IPO, it'd require an already existing privately-held business generating several million $$$ a year just to get started, there would be no place for people on the markets with an idea but no real money.
Because most of those unregistered companies aren't "companies" at all, but empty listed clean shells whose value is actually their listing.
While they have no value "on their own", once some real company purchases controlling stake on a shell to reverse merge onto it (a cheaper & faster alternative to an IPO), those who own shares of the shell are likely to make a killing.
Just noticed that Zecco now accepts orders on OTC PINK reporting stocks (that is, the tier below OTCQB that reports to otcmarkets.com instead of the SEC) even if the order size exceeds 10%-20 day ADV.
At least that's what I got by placing a dummy buy order for YGDC at a price far below bid, with no intention of getting it executed at all.
BTW eTrade for example doesn't even charge non-DTC eligible fees, they figured out that the customer isn't the one who has to know how a trade is cleared; couple that with $9,95 per-trade fees acting as insurance against extreme low-probability exceptional cases and the fact most penny stock trades are cleared thru them, and that pretty much explains why there aren't certificate fees...since shares are held in street name, I guess non-DTC trades are cleared by simply changing ownership from eTrade (mention to account A) to eTrade (mention to account B).
$GPGD running on ... what? O_o'
GPGD $0.0097 on no info and no Transfer Agent!
Cute little game.