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Now who is going to be the watchdog over at sungold? Did you ever buy back into that stock?
Did you hear that Kehler died yesterday?
My payout from themn did arrive eventually once I threatened to sue them and to post on every message board how they screwed me over.
I just booked a trip to the Dominican Republic this morning. Anyone been thre recently?
I heard that thejuice/Bill Kehler passed away yesterday. For those who didn't know him, he was a good man. Unfortuanately, his lenghtly battle with MS eventually took its toll on him and he could no longer deal with it.
JR
dag,
I don't want to argue or even discuss this issue but
the entire discussion of shorts is so seriously overdone by every penny stock CEO looking for excuses it is no longer anything but hilarious. The vast majority of short positions in any penny stock is held by insiders and those involved intoxic financing deals.
Individual investors (including small institutional) wouldn't waste their time due to the extremely high margin requirements and high risk/reward ratio. In short, it is an urban myth. Also, as a matter of interest, a reverse split would have no effect upon a short position, nor does any of the other straategies and techniques that various penny ceos have tried in recent years.
The only way to prevent shorting of a stock is positive progressive growth.
ps. As an example, my broker would allow me to short this stock but would require me to tie up 48 cents for every 2 cent share I shorted. If you figure out how much money I have to tie up to make a maximum return of 4% if the company went bankrupt, you would see just why it is completely improbable (not impossible) that anyone would waste their efforts. Look at the type of stocks professional shorts like Anthony@pacific target, they are not 2 cent pinkies.
Well I am glad to be out of this stock right now, I think it really sucks if there is going to be a reverse split as was posted by Skeptic. A 10:1 will take the stock price up to 25 cents or so, but it will most likely fall back from that price immediately as happens in 98% of all pink and otc reverses.
I am not convinced it is a scam yet, but wouldn't buy in prior to any reverse. I'll wait and watch what Javeed has in store first. He has already cost me several thousand bucks.
Best of luck to those still holding, hope he pulls a rabbit out of his hat on this one.
This is some really screwed up stuff. I originally bought in at just under 5 cents, sold this week for 2 cents. I'm not happy about it, but with the repeated mistakes (intentional or not) by the management of the company I felt it was time to take my lumps here.
I will watch the soap opera unfold and perhaps buy back in if I see some legitimate proof from any individual with any shred of credibility.
I believe tht the combination of the poorest management I have ever witnessed and some of the most relentless individuals with personal agendas against that management has made this a really poor bet for me right now.
Over the course of my digging, I was able to verify some info and not other. I uncovered things that were obviously screw ups or misinformation yet still discovered there was a business behind it. I still believe that VLVT will ramble on, but they are a heck of a long way from ever attracting legitimate investors and establishing any real credibility after the last 6 months of complete bullhsit.
Good luck to those still in. Hopefully the opportunity for me to rejoin you will present itself.
welcome to the board Dud
KenRose check this out:
Sungold, "Wally Cashman" face dissident court challenge
2003-04-15 20:36 ET - Street Wire
by Brent Mudry
Sungold Entertainment and chief executive officer Kim Noble Hart, also known as "Wally Cashman," convicted of fraud-related income tax evasion, face a court fight from dissident director Melvin Reeves, who seeks to have Mr. Hart disqualified and removed as a director. In a petition filed Friday in the Supreme Court of British Columbia, Mr. Reeves claims he was terminated himself after complaining about Mr. Hart's continued management leadership.
Court documents show Mr. Reeves also seeks the disqualification of a second Sungold director, Louis Hop Lee, who openly revealed to the British Columbia Securities Commission that he was disbarred by the California State Bar Association for having misused client funds and had declared bankruptcy, both about a decade ago.
The respondents have not yet filed legal responses to the petition, filed by Vancouver lawyer Robert Millar of Fasken Martineau DuMoulin.
The Sungold brouhaha comes after Mr. Hart pled guilty on Nov. 28 to one count of tax evasion for filing false personal income tax returns for 1996 and 1997 with the Canada Customs and Revenue Agency, formerly known as Revenue Canada. Mr. Hart was fined $43,500 in British Columbia Provincial Court, representing a 75-per-cent penalty on the federal income taxes he evaded. He also must pay the $58,293 in taxes he evaded plus accumulated interest. Judge Kerry Smith imposed the fine after reviewing submissions from Department of Justice prosecutor Bruce Harper and defence lawyer Steven Cook of Thorsteinnsons.
Mr. Hart had faced four charges of evading taxes by understanding capital gains on his sale of Sungold stock by more than $880,000 between 1995 and 1997, but the case was settled with one count, based on an agreed statement of facts and joint submission on sentence signed by both Mr. Harper and Mr. Cook.
The criminal conviction marked an unfortunate setback to the career of Mr. Hart, Sungold's best-known booster, who has served as the company's CEO since 1998. Before heading the company, Mr. Hart served as a key consultant to the company dating back to at least 1995.
In the petition, Mr. Reeves seeks court orders that Mr. Hart be declared disqualified as a director and officer of Sungold and its co-respondent subsidiary Horsepower Broadcasting Inc., that the register of directors and officers of the companies be rectified to remove him, that he be disallowed from performing any function, directly or indirectly, as an officer or director, and that any corporate action involving Mr. Hart as either director or officer be declared null and void.
Mr. Reeves, a former chairman and CEO of Impark Services Ltd., Canada's top parking lot operator, is a fresh face on the Sungold scene, named Jan. 28 as a Sungold director and as a chief operating officer of subsidiary Horsepower Broadcasting Network International Ltd. The practising lawyer notes that Mr. Hart refused his request to resign, so he was forced to resort to the courts.
In a sworn affidavit, Mr. Reeves expresses concern that a Sungold executive committee meeting called for Wednesday may ratify the acts of Mr. Hart, mainly a planned ouster of Mr. Reeves and his associates. "This is a matter of considerable urgency because Sungold is a public company, its main business relates to gaming, and its shares (are) traded publicly. It is an important matter of public trust that the directors and officers of this kind of company are qualified to act," states Mr. Reeves in his affidavit.
In a second sworn affidavit, Mr. Reeves details the background to his dispute, dating back to his due diligence starting shortly before he joined Sungold in late January. "As part of that process I asked Kim Noble Hart on or about January 22, 2003, whether he had any matters outstanding that affected his reputation or character that would negatively affect the business operations of Sungold and Horsepower," states Mr. Reeves.
"Mr. Hart responded to my question by explaining to me he had an instance in relation to a fine that was imposed for a late filing of an income tax return which was caused by the fact that his accountant, due to his illness and subsequent death, had caused Mr. Hart's returns to be filed late. I thought nothing of such a circumstance and commenced the provision of consulting services as of January 24."
Mr. Reeves notes he found out the truth about Mr. Hart's conviction two months later. "On or about March 19, 2003, I met with Stephen O'Neill, counsel for Sungold, and stated that numerous people were referring to 'Wally Cashman' and I had believed the reference was to Mr. Walter Davidson, a former director of Sungold." Mr. Reeves also notes that during the week of March 24, he heard a rumour about Mr. Hart's tax evasion charge, which he soon verified.
The Wally Cashman and related references are detailed in Mr. Hart's agreed statement of facts, concurrent with his guilty plea. "Some of the cheques that Hart provided to the auditor purportedly in support of his purchase of the Sungold shares had been altered after they had cleared the bank, so that the amounts written on them were higher than what had actually been negotiated," states the document.
"One of the cheques that had originally been made out to 'CASH' was altered after it had been negotiated at the bank to be payable to 'WALLY CASHMAN,'" states the document. "The two receipts provided to the auditor were also fraudulent. The people who purportedly issued the receipts did not actually make them. A search warrant executed on Hart's residence uncovered a receipt book with practice signatures matching the signature on one of the fraudulent receipts."
At issue is whether Mr. Hart is disqualified under Sections 114 and 133 of the Company Act, as Mr. Reeves claims, based on his fraud-related conviction.
Lawyer Mr. Millar, representing dissident director Mr. Reeves, served a resignation demand on Mr. Hart on April 9, and a related letter the same day to Vancouver securities lawyer Stephen F.X. O'Neill of O'Neill & Co., Sungold's counsel.
"Based upon his guilty plea it is clear that Mr. Hart was convicted of an offence within British Columbia involving fraud. Mr. Reeves has sought the resignation of Mr. Hart by reason of this and we understand that he has refused and he has indicated that his offence did not involve fraud. We further understand that Mr. Hart said he was provided legal opinions from two lawyers, one of whom we understand was you, which stated that Mr. Hart was not precluded from acting as a director or officer," states Mr. Millar in his letter to Mr. O'Neill.
"While we believe that no such opinions exist, we have been instructed by Mr. Reeves to request that you deliver to him a copy of any opinion that you prepared for the company in relation to his status and ability to continue to act as an officer and director. In a brief response, Mr. O'Neill indicated it was inappropriate for him to reply until he received directions from Sungold's board.
Mr. Reeves is also upset about Mr. Lee continuing as a director, noting he voiced his concerns to company counsel Mr. O'Neill on March 20.
Hong Kong-based Mr. Lee, Sungold's vice-president of Asian operations, discloses his North American baggage in a Form 51-902F filing, formerly known as a Form 4B, with the BCSC. "I had one, maybe two, judgments taken against me in a civil court in San Francisco, California, approximately 1993 for spending funds from a trust account belonging to my clients," states Mr. Lee in his sworn statement.
"In 1995, to forestall an eviction, I filed a petition in bankruptcy in San Francisco. After filing, I did nothing further and the court dismissed my action for taking no further action," states Mr. Lee.
"I was disbarred by the California State Bar in 1995 for the offenses listed in #10a above (spending clients' trust funds), as well as for failing to discharge my other duties as an attorney."
Alas, Mr. Reeves, the blemish-free lawyer trying to clean Sungold's house, is now being swept out the door.
In a brief April 8 Sungold executive committee meeting, with only Mr. Hart, Anne Kennedy and Walter Wolff, the latter by telephone, present, the company passed a resolution to terminate the consulting services agreement of Mr. Reeves. Ms. Kennedy and Mr. Wolff passed the motion, with Mr. Hart abstaining. The single-item resolutions claim the termination was based on a recommendation by company counsel Mr. O'Neill, specifically stated as termination for cause.
Only one paragraph of several in the consulting agreement was quoted, devoid of any other background explanation or detail. "The contractor, the consultant or any of its or his employees committing an act of fraud or dishonest or serious misconduct, or any act detrimental to the reputation of the company in circumstances that would, in the reasonable opinion of the company's representative, make the contractor or consultant unsuitable to continue to act on behalf of the company;" states the cited paragraph in a list of paragraphs.
While no explanation is noted, it appears that Sungold's executive committee agrees that Mr. Reeves, an unblemished whistleblower trying to clean house, is unsuitable, while Mr. Hart, convicted of fraud-related tax evasion is indeed suitable.
Meanwhile, in a similar single-issue meeting on March 26, with just Mr. Hart, Mr. Wolff and Ms. Kennedy present, the executive committee unanimously approved a private placement of three million units at five U.S. cents to Mr. Hart. Each unit consists of one share and a warrant, exercisable for one share at five U.S. cents for three years.
The agenda for Wednesday's board meeting includes a motion to accept the resignation of Mr. Lee as a director and a new consulting proposal from subsidiary Horsepower Broadcasting for Mr. Lee. The new business includes considering a proposed agreement with the National Thoroughbred Racing Association, considering the allegations of Mr. Reeves regarding company management and procedures, and considering the appointment of a new director to replace Mr. Lee.
Low and behold I complained loud enough and my payout was issued with an apology and excuse.
For similar instances I would suggest disgruntled gamblers complain to the funding sources (paypal, netteller, etc) They do not want to be affiliated with scams and will revoke the services of sites that are deemed to be such.
Anyone else have a problem with a gaming site called
www.crediplay.com
I have spoken to 3 people who have all not been paid out their winnings in the past 30 days. Previously the site was good, but has screwed everyone in the last month. Anyone else use that site and have this experience recently, please pm me.
Still no sign of my payout from crediplay.com
I have emailed the company a few times and even emailed the IR but have not received my money or even a response.
I think they might be a scam. PLAYERS BEWARE.
I have just talked to Imakemoney and he is also very upset with crediplay.com He is going to have them removed and blocked as a Paypal merchant if he does not get his payout soon. Not good for crediplay.com but that is what happens when you rip off gamblers.
Sungod sitting at an all time low of 4.5 cents. No positive news to reports. Heck not even any negative news. Nothing at all seems to be happening or developing.
I have been playing games for $$$ at CYOP systems (CYOI) website for a while now and have won money.
www.crediplay.com is the website they have games at.
However, I have recently discovered that they are much more willing to take your money than to give payouts. Anyone else have experience with this site? It is a 7 cent stock out of vancouver, which may indicate the potential for it to be a rip off.
I asked for my payout, it has not arrived. If I do not get it this week, I will submit a report to all of the gmaing and casino scam watchers and blow the whistle on these crooks.
Just seen this posted by Mr. Ed on marketscams:
WASHINGTON (Dow Jones)--The Securities and Exchange Commission said it obtained an emergency court order Thursday against the former chief executive of Rocky Mountain Energy Corp. (RMEC) for allegedly manipulating the company's stock.
A U.S. District Judge in Houston issued a temporary restraining order against the company, John Ehrman and the company's general counsel W. Roderick Johnson, ordering them to halt the alleged stock scam. The judge also froze the company's and Ehrman's assets.
Rocky Mountain Energy announced Wednesday that it replaced John Ehrman as its chief executive with Michel Clerin who isn't named in the complaint.
According to the SEC, Ehrman issued "a stream of glowing but false and misleading press releases to artificially inflate the price and trading volume of the company's stock."
The press releases allegedly said the company had made several acquisitions of valuable oil-and-gas properties. Another statement, issued on March 31, claimed that the company acquired assets that had the ability and experience in putting out oil well fires and was "in current negotiations to send oil well fire fighters to the Gulf Region," the SEC said.
However, the agency contends that Rocky Mountain didn't have the assets nor the financing to complete any of the reported acquisitions.
Did someone here or on RB quote the IR or someone from VLVT as saying that the "audit numbers will be close to what was released as unaudited finanicals"?
Could someone repost those numbers here?
Well I made several dollars wagering on philly to beat the penguins in the back to back games, then rolled it all into last nights game which they won by a landslide.
I'm considering going and wagering the whole amount on the flyers to win the cup. I can get 9 to 1 odds on it and that would make me over $100,000 USD. I've never wagered so much on a sporting event before so it is going to take much more courage and stupidity than I have ever had. Here's to thinking about it though.
I know that the VLVT people read this board and ragingBS, they have told me that themselves.
I would like to thank them for at least having the balls to listen to us all complaining and issuing a public statement on the matter.
Thankyou Victoria, Roger, Javeed, et al.
I also hope that by saying "10 days or less" they mean "or less" and not 14 days. It is important to not develop a bad habit of underestimating any timelines and then getting a reputation for consistantly missing them. The only thing that is allowed to be underestimated is earnings, ha ha ha.
At the current price of 2.5 cents there are still lots of shareholders who are not thrilled, and hopefully that will change soon. Congrats to those who bought more under 2 cents, your gamble has already paid off.
I apologize for my impatience and bitching in previous posts, but I believe that the people involved with this stock need a kick in the pants from us investors. Here's hoping that the next 30 days sees us attract lots and lots of attention from the investment community.
Best of luck to all of you.
Agreed.
However, when you are told that things are heading in a specific direction and that specific events are to occur in a certain timeline and those expectations are not met, one is very justified in being unhappy.
I don't doubt that they are attempting to operate a profitable company. I do believe that they owe an apology to shareholders though.
VLVT through its own efforts or lack thereof, now not only has a bunch of nasty bashers but a fed up bunch of shareholders to contend with. Many of those who are long on this stock are long out of financial neccessity, meaning that they have to hold and hope for the best rather than sell at a loss. Too bad VLVT has not attempted to get qualified assistance managing and marketing themselves. The performance of Brunetti and Victoria Duff are certainly not going to improve their CV's any. Here's hoping they do better in the future.
this appears to be one seriously screwed up situation. How the heck does anyone involved know who to trust or believe?
RMEC made the watch sheets of several newsletters this month while I was away. Perhaps it will make investors some money.
Sungold entertainment is not very entertaining for anyone who owns the stock. I believe it is at its 52 week low of 6 cents with another project or two set to join their list of failures. Not very good.
Hey, I'm back and I am ready to make some serious cashola.
Wow, I go on holidays and they put the NHL on hold for me. Guess I will have to wake this board up prior to the big stanley cup party in Philly.
Hi Guys,
just got back home from a not nearly long enough vacation. I see that we are all still awaiting results of the audit and the stock price continues to unimpress.
Well I wouldn't have been sad to sell at 5 cents and have put my money someplace else this month, but since I didn't there isn't much sense in whining about it. I'll just sit back and wait with the rest and occassionaly jump in to complain, ha ha ha.
Hey Roger,
every time I read one of your posts It drives me crazy, I keep seeing "PAUL" when I look at you nickname. I wonder if I am the only one who has this mental problem, ha ha ha.
That is good to see that it has not increased. It would seem to indicate that the purchase of trailers did not require any more capital from share sales. Either they had cash enough on hand, enough revenue coming in, or credit to borrow for them. Likely a combination of those factors, but good to hear regardless.
Nah, not me. I like to make money by taking advantage of other less mental competant individuals who don't deserve to keep theirs. That's what capitalism is all about, seeking out opportunities for financial gain and taking advantage of them. Unfortuantely for uneducated and inexperienced business people like Ifthecarstarts, they will learn that lesson the hard way. I hope that he learned the valuable lesson that Matin taught him, if not he better get his richshaw back to safer ground and stick to selling t-shirts on the beach.
I hope Matin set up a deal to pay the t-shirt man 47.5 per cents (instead of percent) of the profit from the t-shirts, ha ha ha. He might just make anonther excellent deal like the one he made with Ifthecarstarts. It's amusing he is able to enter into contracts with illiterate business people like that, don't you agree?
Unfortuante that no comment was made on the recent Tyson fight and events leadingup to it.
What a crappy fight night. All bouts on the card sucked. If I was paying for that signal I would complain and ask for my money back, ah ha ha ha
So you think that June is when the revenue stream will really pick up?
good work digging up that info.
Matt,
I have my color settings to the grey/burgunady (i think it might be called bob's fav or matt's fav) but the homepage looks like crap when I go there.
The center 'search' box remains yellow and really looks bad. I'm not sure if it stays yellow regardless of color settings or if it is just that way on mine, but it could be improved aesthetically to match the user set color settings.
Also, while I am in the suggesting sort of mood. At the top of every page in the tool/link bar there is a button for 'home'. I would suggest possibly removing that button and making the logo in the upper corner active as a link to home. The logo should be a link to home regardless, but it would free up one button on the top for future expansion. ie my classified ad board, ha ha ha.
The sungold AGM was to take place today in vancouver. I don't have any info on it, but maybe I can find out something of what went on and post it here to keep this board updated. If anyone is lurking who has info on it, please post it.
Even the EDIG basher's mothers would be ashamed of the posts on that board, ha ha ha.
for those who missed posts 970 and 971 which have since been deleted. In #970, chichi posted a fake press release from vlvt full of fabricated information. I reported him to the admin and also forwarded the post to the SEC via the online complaint form. Blatantly fraudulant actions like that do nothing but harm individual investors and hurt the market in general. Economic terrorists like chichi and TG who's sole intention is to cause harm to others need to be dealt with in the harshest manner by authorities.
I could care less if anyone agrees with my opinions regarding stocks I buy or sell, and I appreciate those who post difficult questions and help to keep investors on their toes and encourage deeper due diligence, but these acts of fraud are too much for anyone to tolerate.
Would all the new arrivals please step forward and introduce themselves, leave your clothes in a pile at the door, you'll find your soap (et al) in the shower room waiting for you.
Just to be clear, I hold no basher theories whatsoever regarding this or any other stock. If you read and comprehend my post, i simply point out the inconsistency in your position.
I don't believe that anyone bashing a stock on a message board has any real effect on the price of the security, anymore than I believe that anyone touting it has the opposite effect. Also, I agree that there are many unasnwered questions regarding this company and its activities, hence the reason it is at the current share price.
Have a nice day.
chichi,
if you have made the decision NOT to invest in VLVT, why do you continue to invest your time looking for more DD, products at walmart, affirmation from other message board posters, etc?
There are many stocks I am not interested in, as evidenced by the fact that I do not post to their boards. Your mere presence here is indicative of an interest of some sort. Personally I couldn't care what it is, but you sure seem interested for someone who is not interested, ha ha ha.
I think that having fans like the guru, FA, and yourself just furthers the belief that all negative information and attacks are borne out of spite, jealousy, and economic terrorism.
I agree with many of the negative sentiments towards the stock, the company, the IR, the leadership, etc, but I do believe that evangelising here is a waste of time. Of course if your time is less valuable, please continue.