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For the record, GLER traded for the briefest of time at a high of .60 in March 2012, but that was due to a 1493 to 1 reverse split. It quickly plummeted back down to pennies and then, sub-pennies. Before that date, it was trading in the .0003 - .0004 range. It's all documented in iHub's Historical data.
Capital Change=shs decreased by 1 for 1493 split. Ex-date=05/23/2012
The company has established their intent to distribute the assets as a $0.003449 per share extraordinary dividend. They made it very clear in their filings with the SEC that the deal was concluded, with the transfer of the Bouse and South Copperstone shares to NMGL for the Preferred A's & B's.
Yup, that was their intent...initially...and used quite successfully to reel in the rubes who blindly believed the value of those assets without demanding proof.
Then they created those A-H conditions and turned over the entire fate of the dividend process to NMGL who now had the responsibility of finding a cash buyer for those assets...something FFGO had repeatedly promised and utterly failed to accomplish. Very well documented.
It's always more honest to tell the entire story about the dividend process rather than just the parts to try to prove that it remains live & well...
when the documented facts show that it's really on its death bed.
WY SOS will be delivering the Last Rites on March 12.
RIP 3400% Extraordinary Dividend!
If Bouse & South Copperstone are allowed to be administratively dissolved, they will be protected by the same Statutes that protect FFGO's rights to distribute intended assets to shareholders.
LOL...what do you mean "if Bouse & South Copperstone are allowed to be administratively dissolved"?
It's a matter of public record that they already were, in fact, administratively dissolved and subsequently declared Inactive on March 12, 2011...or are you opting to interpret this evidence differently?
Unlike fantasy negotiations, those two events are undeniably documented.
The March 2013 dates of administrative dissolution are irrelevant to the liquidation process that has been initiated and has been documented with the SEC.
Again, 100% false. WT SOS allows administratively dissolved corporations 2 years to either be reinstated or else face permanent dissolution/revocation. Unlike an SEC revocation in which a company's shares are simply de-registered for public trading, WY's actions permanently removes all shares from existence along with the corporate entity itself.
These are all facts and easily verified. Denying them in favor of a personal misinterpretation does not change the reality of the WY Statute.
***Countdown To 3/12/2013 Divigeddon***: T Minus 48 Days
Tic Toc goes the REAL World clock
Denial Is Futile!
OldBen, you are asking excellent questions. Like you said in a previous pose...lack of actions is an action in itself.
There are conflicting interpretations as to what FFGO's continued silence means.
Some point to the historical precedents of a management just abandoning its shareholders...the simplest and most obvious explanation and a process that has occurred hundreds of times before.
Others point to an unprecedented & quite likely, illegal secret process involving secret NSS negotiations overseen by one or more regulatory agencies...extremely convoluted and without the slightest bit of evidence.
But the latter theory fails to take into consideration that none of Bezzano's four administratively dissolved WY corporations nor Lowenthal's revoked NV company (NMGL) are legally permitted to conduct business with their current Inactive corporate status...and every regulatory legal department would know this.
As each corporation is finally permanently dissolved and each entity legally vanishes, how will anyone be doing anything with them when they no longer exist?
This is all common sense, none of which requires blind faith or unproven theories...it's just how US businesses operate.
March 12 will deal a death blow to the only means of funding the 3400% undeclared Dividend.
Unfortunately, it will not mark the end of wild & undocumented dividend payment scenarios.
I am now aware that a company can request a revocation from the SEC and can also request the DTCC to chill the clearing of their stock. If there is reason to believe that their company has been illegally naked short sold, they could ask one, or both parties to *freeze* trading and/or clearing. - SevenTenEleven
Wow...just wow.
Does anyone have a Definitively documented source for all that info?
Could someone please provide links to those procedures & forms on the SEC and DTCC sites because I can't seem to locate any of them?
The same request for how a revoked company goes about applying for the SEC's & FINRA's help in setting up secret negotiations with the naked shorters who were actually the real reasons for their company's demise.
I mean, this is the USA and there is not a regulatory agency in the country that does anything without forms & guidelines.
Hmmm...
Perhaps this is virgin territory and we are to believe that FFGO is breaking new ground here by setting revolutionary industry wide standards for how revoked companies should be protecting their shareholders?
Or are these all just more sad excuses for people having invested in the FFGO scam...like creating imaginary terms as "counterfeit electronic equity markers"?
Life would certainly be so much easier if everyone simply accepted the overwhelming beyond-a-reasonable-doubt evidence that Fortress Financial Group has indeed stolen all the investors' money from its sale of almost 85 billion shares and has absolutely no intentions of ever paying a ridiculous 3400% Dividend based on mining claims shares that President Peter Bezzano is personally making sure will disappear in 7 weeks.
But what's life without secrets & fantasies?
***Countdown To 3/12/2013 Divigeddon***: T Minus 48 Days
Tic Toc goes WY's Dissolution Statute Clock
I am now aware that a company can request a revocation from the SEC and can also request the DTCC to chill the clearing of their stock. If there is reason to believe that their company has been illegally naked short sold, they could ask one, or both parties to *freeze* trading and/or clearing. - SevenTenEleven
In what universe would a responsible company intentionally wipe out all shareholder equity, without a single word about it to them, in order to tilt at imaginary NSS windmills for years & years?
This is not what stock market investment is about and such actions would violate a whole host of federal laws that are designed to protect investors from such illegal actions.
Public companies have an indisputable requirement to keep their shareholders informed of their activities. Failure to do so results in revocation...plain & simple.
There is no such SEC form to request Voluntary Revocation!
The SEC nor any regulatory agency allows for any exemption from their rules to fight NSS...as is constantly being offered here as factual information.
Such stories are pure lies to cover the on-the-record actions of FFGO which cashed in on the trust of their shareholders. They are being used to help insure that management, the real culprits in this scam, get to keep their ill-gotten gains while smokescreens about fantasy negotiations flourish...but not unchallenged.
Tic Toc goes Peter Bezzano's clock as he systematically removes the last legal existence of Bouse Gold Inc, South Copperstone Inc. Western Diversified Mineral Resources Inc and Fortress Financial Group Inc.
As an attorney, he knows exactly what he's doing.
And the asses he is protecting are not the abandoned FFGO shareholders!
Reminder of Bouse & South Copperstone's Gold Reserves
Bouse Property
COMMODITIES: Gold, silver, copper.
RESERVES
PROVEN: None at this time
PROBABLE: None at this time
South Copperstone Property
COMMODITIES: Gold, silver.
RESERVES
PROVEN: None at this time
PROBABLE: None at this time
Source:
http://www.mcintyrebaumangroup.com/abstracts/bouse
http://www.mcintyrebaumangroup.com/abstracts/south_copperstone
Dissolution of BGI & SCI mining claim shares is worth waiting for!
I have never seen an official document from NMGL in which they had ever legally agreed to all those A-H conditions in the first place. It always appeared that FFGO was simply giving NMGL a free pass to terminating the non-binding agreement if they wanted to.
Of course, on March 12, even that won't be necessary because all those BGI & SCI shares will legally be dissolved along with both corporations, leaving NMGL free & clear of any possible liabilities for not having sold FFGO's purported quarter billion dollars of "assets".
All the loose ends are systematically being tied up as each WY corporation disappears...just as what has already happened with FFGO management & the website. There will always be the SEC filings and even archived PR's, but there will soon be no trace of the website or easy access to trade data anywhere other than on non-legal archive sites & message boards...
exactly as planned!
The only attempts at keeping it alive will be with continued wild rumors & crazy fantasies of secret deals & settlements...none of which have ever been or will ever be documented.
FFGO: For Entertainment Purposes Only
Lumb has been very good in separating investors from their money and offering nothing in return but lies & broken promises.
But as the pool of potential victims shrinks with the economy and the SEC starting to crack down on fraudulent companies (although they have a looooooong way to go), he may have to give up this particular little hobby.
However, it's quite possible that he looks around and sees the ongoing strong support for FFGO (in spite of all evidence of what it did to its shareholders), giggles a bit...and figures, why not give GNCP one more shot if there are still some pigeons waiting to be plucked.
Guess we'll all just have to all wait and see if GNCP files its now delinquent 10-K and follows through with any of its "commitments" to the Two Broke Sisters.
Much like that $258M for the dividend.. that never became of anything.
Exactly, Tom. How does a reputable CEO accept a multi-conditional IOU from a broke penny stock company for a quarter billion dollars of shareholders' assets...completely disappear...and then be declared a hero?
Unless, of course, those assets weren't really what they were supposed to be and that broke company was part of the scheme.
That sure seems to be the situation as March 12 approaches and Bezzano still hasn't lifted a finger to save BGI & SCI and all their shares from being permanently dissolved.
And if that isn't worth any of his time, why should Lowenthal give a damn? He's off the hook for any responsibility for selling those former FFGO assets since Bezzano abandoned them the same way he abandoned the FFGO shareholders. It's become a very predictable pattern, hasn't it?
So far, no one has answered the question as to how the dividend will be funded & paid after March 12 once those assets are gone.
And with no dividend to force the shorts out into the open, whatever NSS that might remain out there simply becomes a footnote.
***Status Of Bezzano's Ingenious Plan To Protect Shareholders***
OK, let's review Peter Bezzano's ingenious plan to fight NSS and protect shareholders, the one we keep reading about here. Please feel free to correct any errors.
Step #1: Keep Shorty in the dark by never once filing a single required financial statement. Guaranteed to keep trusting investors completely oblivious to how their money is really being spent. Warning: This is a serious SEC violation and should only be attempted by unscrupulous professionals!
Status: Completed
Step #2: Declare a bunch of dividends designed to Trap Shorty when they are eventually distributed. Cost to company? Negligible. Value to shareholders? Negligible at best. Effectiveness of plan? Nil. By everyone's admissions, Shorty escaped unscathed.
Status: Completed
Step #3: Relieve yourself of all Extraordinary Dividend declaration responsibility by unofficially dumping it onto a (possibly) naive sister company. This involves trading near worthless mining claim shares for absolutely worthless unregistered Preferreds. Doesn't appear to be a wise move to those who honestly believe those mining claim shares to be worth a quarter billion dollars...but why stop blindly trusting management now?
Status: Completed
Step #4: Cease to operate. Shut down virtual office and all lines of communication with shareholders, including the website, to insure complete & total abandonment. It took time to check off everything on the list but all great plans take time. Now if they can only find a buyer for the old fortfinancegroup.com domain, it would cover yet another round of celebratory drinks at the local pub.
Status: Completed
Step #5: Get suspended for being an SEC violator. Tip: have the arrogance to warn investors of this impending event but not the courage to mention the inevitable revocation.
Status: Completed
Step #5: Get revoked and cause the total loss of all shareholder equity. And if the shareholders don't appreciate the brilliance of this move, f#%k 'em!
Status: Completed
Step #6: Get Bouse Gold Inc. administratively dissolved by deliberately refusing to file its Annual List and pay the pittance fees to maintain an Active Status and a current Business License. This means that the BGI shares would be in jeopardy...but why fret about such a detail? It's not what true shareholders do, is it?
Status: Imminent
Step #7: Get South Copperstone administratively dissolved by deliberately refusing to file its Annual List and pay the pittance fees to maintain an Active Status and a current Business License. As with BGI, the existence of the SCI shares would also be at risk...but why worry when you've been assured that it's all somehow part of the ingenious Master Plan?
Status: Imminent
Step #8: Get Western Diversified Mining Resources Inc. administratively dissolved by deliberately refusing to file its Annual List and pay the pittance fees to maintain an Active Status and a current Business License. Virtually meaningless because WD would now be holding those never-can-be-registered NMGL Prefrerreds.
Status: Pending but on schedule
Step #9: Get Fortress Financial Group Inc. administratively dissolved by deliberately refusing to file its Annual List and pay the pittance fees to maintain an Active Status and a current Business License. An anti-climatic finish...but they all can't be exciting steps.
Status: Pending but on schedule
Step #10: Make announcement of NSS settlement and begin distribution of gazillion% Extraordinary Dividend, thanks to skyrocketing gold prices. The Grand Finale! Note: This requires blind acceptance of secret negotiations under the watchful eye of the SEC & FINRA along with selective acceptance of SEC filings.
Status: To Be Completed when (a)pigs fly, (b)Hell freezes over & (c)Lumb steps down as tyrant in a luxury tower and becomes a monk in a cloistered monastery
Yup, Bezzano groupies should all say a prayer tonight...and every night...for the care & love shown to them by the good & righteous gentlemen dedicated for looking out for their very best interests.
Bezzano's 10 Step Plan To Wealth & Happiness...it's simply worth waiting for.
Great post, Tom. You pointed out all the reasons why NSS is nothing more than a dismal excuse for FFGO's failure & ultimate revocation.
They disappeared with millions & millions of dollars collected from selling billions & billions of shares to trusting investors after carefully following a most deliberate plan of not ever once disclosing financials which would have revealed how all that money had truly been spent.
No legitimate company would ever show such a staggeringly lack of respect for their shareholders like that...and yet FFGO management continues to be held faultless by some for both its demise and the total loss of equity value.
Good job in clarifying all that.
All kinds of crazy accusations about archived information being altered. Good grief!
I cannot believe that I am taking the time to research & post this but am doing so only to provide a rational explanation and also, to set the record straight regarding the accuracy of another gross misconception.
Has anyone even bothered to read the Terms of Use from wayback.archive.org regarding the credibility of its "Collections"? Since I seriously doubt it, here is a relevant excerpt:
How is that old dividend process coming along, Alan?
NMGL seems to be quite disinterested in doing what FFGO had said they were going to do.
Seems like NMGL never quite agreed to fully participate, did they?
At least, on March 12, it will no longer be an issues when their BGI & SCI shares disappear.
Whew! What a relief that will be! Ron will no longer have to keep looking over his shoulder for those nasty shorters who have kept him from selling FFGO's former assets.
Any idea what the new plan will be for funding the divvy? And do you think that that one will also still be worth waiting for?
Seems to me that it will be one long ass wait after the 12th of March.
On the other hand, this is FFGO World where such funding details are incidental.
Maybe all True Believers will now have to do is click their heels 3 times while repeating, "There's no place like fantasy land"...
and the divvy will magically appear in their brokerage accounts...
because there sure as hell won't be any other way for it to happen.
Well, at least it will appear for those who weren't foolish enough to let the NSS bastards talk them into writing off those shares last year as Seven kept warning us about.
Yup, FFGO World...where DD & unicorns & magic mantras all peacefully co-exist.
Must be driving anyone that is short absolutely crazy!
I have to agree, Alan...the shorts are going a bit crazy.
I hear they have been ordering cases of Dom Perignon for their March 12 celebration.
Seems like they made a fortune from shorting this pink piece of trash and plan on one last blow-out.
Dissolution of BGI & SCI shares is worth waiting for!
Difference Between Copperstone (BZA) & South_Copperstone (FFGO) Properties
It never fails that someone will post news about the success of the mining operations at Copperstone, FFGO's neighbor...but for what purpose?
Let's preface this with one of my favorite excerpts from A Guide To Mining Investments offered by the Securities Division of the Arizona Corporation Commission:
Can't help but chime in on this silly issue.
Exactly who would be the ones to cancel the dividend process, Seven?
FFGO washed their hands of it when they unofficially (as in, not through an 8-K) turned over responsibility of the process to NMGL...and then disappeared.
And NMGL certainly never officially (as in, with an 8-K) accepted that responsibility beyond "purchasing" FFGO's BGI & SCI shares which they did in a completely non-cash transaction...as non-cash as you can get, considering their unregistered Preferreds aren't even worth Monopoly money which actually has value as part of the board game.
Besides, not only did FFGO make it clear that NMGL doesn't communicate to anyone about their business but didn't they last year file that Form 15 so that they wouldn't have to report any Material Event 8-K's?
So again, I ask: who would you expect to announce any status about that unofficial process?
I'm sure everyone would love to hear that answer, particularly the means that would be used for making it public.
Oh, BTW...
***Countdown To 3/12/2013 Divigeddon***: T Minus 53 Days
Would just hate myself if I missed the opportunity to mention that.
Anything backed by gold will continue to increase in value as a result. $0.003449 could easily double or triple in the coming weeks. - SevenTenEleven
Wow, so not true!
What's that, you say? Have I read the FAQ page which last had this statement to confirm your prediction?
The excuses keep getting crazier & outright desperate, don't they?
But in all fairness, let's look at all the arguments for this continued enthusiastic hope for shareholders one day seeing that 3400% Divvy:
Proof #1: The company never publicly announced the dividend was cancelled
Rebuttal: Difficult & rather silly to cancel something that had never been declared. Besides, what company? Address? Phone number? Email? Fax number? Transfer agent? Registered Agent? Bueller? Bueller?
Proof #2: While FFGO had been found guilty of serious SEC violations and had been dealt the SEC's harshest penalty, i.e., revocation, none of the fine, upstanding company principals have been charged with anything
Rebuttal: The SEC revocation (as intentionally planned by FFGO management) resulted in 100% loss of shareholder value & WY SOS' Revocation actions on March 12 (the direct result of Bezzano's inaction) will eliminate the very basis of the Dividend funding but Hip Hip Hooray! The guilty parties have never been charged! Or is NSS somehow responsible for both those events?
And speaking of NSS...
Proof #3: The dividend payment is being delayed until the SEC & FINRA finish overseeing the massive NSS settlement which will result in all "air shares" being covered...and with maybe penalties on top of it.
Rebuttal: .......
Oops
The violation you are referring to was part of a planned and announced liquidation of the company. - AlanC
Are you serious, Alan?
So you are saying that from the first time FFGO refused to file their quarterly financials (which would be after the first 3 months of their existence) and for each quarterly period after that, it was all done as part of a plan for the eventual company liquidation in 2010?
What company enacts plans for their liquidation from Day One that involves serious SEC violations and then fails to announce them until shortly before their SEC suspension?
Do you really expect anyone to believe that happy horsesheet?
Are we perhaps seeing a new strategy for future Fortune 500 businesses?
Or does this maybe have to do with all that massive naked shorting nonsense?
Wait! I can see it clearly now!
Foolproof Plan To Handle Anticipated NSS In Honest OTC Companies
Day 1: Go public
Day 2: Arrange to become an SEC violator by never filing a required SEC financials. This not only saves those frivolous accounting fees but keeps shorty in the dark. Well, shareholders too, but who cares?
30 Days before "Ceasing to operate": Vaguely acknowledge the plan when you warn shareholders of an imminent suspension but be careful not to mention the inevitable revocation.
Company Revocation Day: You are long gone but pop the champagne corks anyway! Shorty is trapped like a rat until secret negotiations are completed under the guidance of the SEC & FINRA. Yes, it's true that shareholders have lost all their equity value due to the SEC de-registration but who cares! SHORTY WILL BE ONE DAY PAYING ALL THEIR "AIR SHARES" THIRTY FOUR HUNDREDFOLD!!!
Warren Buffet, take notice! This is how a successful business promising a 3400% Liquidating Dividend is supposed to operate!
Yup, a plan that will soon be in every collegiate Business textbook.
Nary a single charge filed against one of FFGO's connected folks by any regulator - AlanC
Well, isn't that just a big old rubber stamp of undeniable innocence!
But let's take a look at some history, just for sheets & giggles.
GWGO/FFGO had led investors to believe that the Bouse & South Copperstone mining claims (along with the BGI & SCI shares on which they were based) were worth hundreds of millions of dollars without having the common courtesy (& legal obligation?) to back it up with a single assay or feasibility study. And shame on those investors who never first demanded such critically important documentation before plunking down their hard earned gamblin' money. DD failures like that only encourage future frauds. The SEC can't be held responsible for investors' blind trust & lack of common sense.
Does the fact that no one has yet been charged with this deliberate deception mean that those mining claims & shares are actually worth at least $258,000,000?
For those who agree, I will quote Blue Collar comedian, Bill Engvall...
"Here's your sign"
FFGO had promised for months that the Extraordinary dividend was imminent and that it would be in cash for immediate distribution. But at the very last minute, all that changed when a highly conditional & time-consuming, 8 step, A-H plan for just declaring the dividend was shockingly announced instead.
Not sure if all the legal language that had preceded it was enough to have prevented specific fraud charges for such a malicious & egregious deception but we are now well into the 3rd year of that announcement, with no further progress whatsoever on any of those conditions being met, except for partially completing the first one over 2 years ago.
For all those who believe that the lack of a public cancellation of that plan (which would be completely suicidal since it could be used to help prove intent to defraud) realistically represents evidence that the dividend is still alive & well...
"Here's your sign"
In 2010, FFGO announced that they were "ceasing to operate" and did indeed, pack up their virtual office and shut down all lines of communication. Then they removed their website and put their domain name up for sale, leaving shareholders completely on their own to patiently wait for the next phase of the operation, the one by the way, that was completely out of their control: NMGL's purchase of the outstanding BGI & SCI shares.
Now, all four of Peter Bezzano's WY corporations that are involved in the dividend process have not only ceased to operate but have also been administratively dissolved and are all on schedule to legally disappear forever as the time fast approaches for permanent dissolution of each of them.
If all of that is meaningless because the SEC has not (yet) pursued any course of action against Lumb & crew, well...
"Here's your sign."
In December 2011, the SEC issued one of it's harshest penalties against a public company by revoking FFGO & de-registering its shares due to management deliberately violating the SEC mandates for keeping investors informed through the required filing of quarterly & annual financials. For shareholders who so casually overlook such serious violations because no criminal charges were ever filed against management...
"Here's your sign"
One only needs to read iHub's own DD Support Board and Fraud Research Team board to see how frequently CEO's of countless "stinky pinkies" have lied & stolen their way to riches on the backs of investors who had naively believed their promises, only to run their companies into the ground and then, re-emerge as newly formed entities to repeat the entire process.
It should be obvious by now that the SEC does not take the OTC markets as seriously as the Big Boards and other areas within their jurisdiction. They simply don't have the unlimited funding to fastidiously monitor each & every penny ante business. History shows that they have not gone after every suspected fraud because of their finite resources. What the exact criteria is for their choices seems to be somewhat of a mystery but those companies that like to draw a lot of attention to themselves in order to maximize their victim count can't help but put themselves high on the list.
In all fairness to FFGO, they had maintained a relatively low public profile.
No advertising on T-shirts, race cars or billboards.
No Sold-On-TV products or commercials of any kind.
No false JV announcements with respected industry counterparts.
Not even an obnoxious, loud mouth, media whore of a CEO running the company.
But still...
If investors had heeded the SEC's dire warnings about the serious risks of supporting non-reporting companies, FFGO would have been lucky to have lasted a year...and maybe only 6 months tops. Unfortunately, there was a flood of money that would pour into its coffers...millions of dollars which would eventually find their way into luxurious tropical resorts rather than into making sure that those mining claims had all the expensive assays & studies performed and then made public...actions that would have assured perspective buyers that what was being offered for sale was real and worth the asking price.
Lumb deliberately created a voluminous amount of paperwork throughout the duration of FFGO's existence. But within those documents, he also rather arrogantly gave enough indications of what his true intentions were.
Prosecuting such a complex case with its dizzying collection of Material Event 8-K's & other fluffy announcements, would undoubtedly be extremely difficult, time-consuming & ridiculously expensive. Add to that the fact that the principals are pretty much scattered throughout the world and it's easy to understand why the odds of further action by the SEC drop significantly.
However, disgruntled FFGO shareholders should never discount the Squeaky Wheel Effect.
Make calls to those associated with the dividend process who can still be reached and demand answers.
Register complaints with the regulatory agencies. Who knows? Maybe yours will be the one that will tip the scale in favor of additional investigative actions.
Follow OldBen's outstanding example of researching options that may still be available before the dissolution clock runs out...whether it involves corporate or even regulatory misconduct.
Stop taking other people's word about unproven secret events occurring behind closed doors...things which simply can't be verified.
Be a crusader, not a victim. If you truly believe that NSS is the real culprit here, then DO SOMETHING ABOUT IT! Simply cheering on the company from the sidelines is as effective as doing nothing.
Upgrade to a Premium Membership for even one month so you can communicate with fellow believers and away from the eyes of shorty (if that's what you believe).
Form a group and share the research responsibilities.
But do something constructive!
In conclusion, it is correct to say that no charges have (yet) been filed against FFGO management. But a definitive sign of innocence?
I think not.
Fortress Financial Group, the last of Bezzano's corporations, is on track to completely & legally vanish on February 9, 2014. For the True Believers who continue to "keep the faith" beyond that date and in spite of still not having a nickel to show for all the unswerving faith they had placed in those scoundrels, then there will be no more appropriate words than the ones uttered by Mr. Engvall's fellow Blue Collarian, Ron White:
"You can't fix stupid."
OldBen, alien addressed the issue before I had a chance...and he is right.
It's using FINRA's Daily data as black & white evidence of massive FFGO shorting that makes proponents look foolish. FINRA's bi-monthly reports are a final consolidation of the Daily numbers and they showed negligible if any FTD's. That is enough confirmation for everyone but the Massive NSS Conspiracy theorists.
You and your team will have to use whatever factual information you can unearth to determine the primary reason for FFGO's demise. I like your approach of investigating "dynamics". It sure makes your job easier because there is so much of it right out in the open.
Should you determine that there is no hardcore evidence that massive naked shorting was the cause of FFGO's failure to follow through with their dividend promise, you will be able to focus more intensely on the remaining possibilities.
If during your research, you do uncover some degree of illegal shorting, and it happens to be by management themselves in offshore accounts, then your case will become that much stronger.
I would be curious as to what actions you feel that the company took that were genuine & legitimate. If you are referring to the early dividends that were eventually given to shareholders, be aware that that is a tactic used to set up expectations of a much larger one. Those little dividends were just morsels of bait, costing the company next to nothing, and they paid off 3400-ful by reeling in new victims who saw it all as a sign of legitimacy. It is neither a new ploy nor one used exclusively by FFGO. Far far from it
Once again, the best of luck with it all.
My apologies. In my haste to submit my last post, I failed to include the disclaimer:
I know FFGO's 2/9/2014 permanent dissolution is over a year away but it should be interesting to see the reactions when brokerage houses finally remove those FFGO shares from the accounts of last remaining True Shareholders "without their permission" sometime after that date.
Should we expect to hear threats of lawsuits when it happens?
Starting with something like, "How dare those NSS crooks remove non-existent shares from my account without first asking me!"
It could get downright FFGO fugly.
Not true about no one ever not having said that shorty has to pay a dividend. I have read many such posts from people "shooting from the hip". Nary a one attempted an explanation (which I doubt they had, much less understood) as you have done here. It is what sets you apart and I say that most sincerely.
I am fully aware of the consequences that dividend payments, cusip number changes, and the like usually have on short positions and that they can be extremely effective when done properly.
But we are talking here about an undeclared dividend with multiple fulfillment & termination conditions in which a higher percentage of termination conditions have been met so far than fulfillment ones.
There has been no progress on the dividend declaration process in over 2 years.
All five companies involved are currently either revoked or administratively dissolved in their states of incorporation.
None have active Business Licenses and none are legally permitted to conduct any business (other than that related to dissolution) until they are re-instated.
The clock is ticking away on permanent dissolution for four of them, with the most serious consequences occurring on March 12 when Bouse Gold Inc & South Copperstone Inc will disappear as legal entities and with them, the very core of the dividend process.
Faced with these impending events, I continue to question the reasoning behind all this distracting talk of shorty when it's each companies' own actions, or more accurately, their lack of actions, that have created this current situation for shareholders.
Shorty never prevented FFGO from filing all their required financials or from conducting feasibility studies and releasing assays on the Bouse & S. Copperstone properties.
Shorty never prevented NMGL from buying those remaining BGI & SCI shares, nor from selling the ones they already have.
Shorty never prevented Bezzano or Lowenthal from keeping current with their corporations' status.
When those BGI & SCI shares legally vanish in March, there will no longer be any chance of the dividend ever being declared, much less distributed, according to the very terms found in the 8-K's filed by both FFGO & NMGL. And yes, I have read them. Many more than once. Even included excerpts in posts from time to time.
Since none of those five companies involved are allowed to legally conduct any new business, there is no chance of new dividend declaration conditions or deals being made...at least, not for FFGO shareholders.
That is as clear and as concise as it gets.
Scenarios of dividends being declared and NMGL's Preferreds being registered might make for some nice bedtime stories but in light of overwhelming evidence to the contrary, they are an injustice to the remaining shareholders since they ignore the harsh reality of the dividend's imminent demise. This is one bedtime story where the good guys are not the ones riding happily into the sunset.
Rumors of GNCP or any other of Lumb & crew's companies using the Bouse Gold & S. Copperstone claims to somehow pay the FFGO dividend have no legal basis whatsoever and are 100% false & misleading.
Maybe one day, everyone will finally wake up to the fact that the FFGO dividend scheme turned out exactly as planned...but that will probably happen much later than sooner.
That it has gone on for as long as it has, borders on the miraculous. I doubt that the principals were counting on the continued zealous support of the True Believers after all this time and in light of all that has transpired.
This was the proverbial icing on the cake since it gave them the extra time needed to have their companies permanently dissolved without having to lift a finger or spend another pound.
And while I cannot condone their actions, I begrudgingly admit that their plan was brilliant.
As far as your efforts to pursue NSS, OldBen, you will simply need much more than those FINRA records...but I think you know that by now. If it turns out that management themselves illegally shorted the stock in offshore accounts, then you will have an uphill & expensive battle on your hands.
You, at least, admit to the broken, i.e., fraudulent promises management had made regarding the dividend which is more than I can say for many others. But you are also smart enough to know to not expect any help from any of the companies involved which is a serious impediment to uncovering any illegal shorting on their part.
The only successful NSS settlement cases on record have been when the companies themselves were fully engaged...but don't expect that to happen here. At least, not voluntarily. There is always that pesky 5th Amendment to be invoked.
You deserve the respect of everyone for actively pursuing a course of action rather than just yammering on and expecting someone else to do it.
The very best of luck to you, sir. I hope you nail the bastards.
I personally have little regard and even less respect for large institutions which handle the "little guy's" money because of how he is often mistreated. I'm sure they all have some pretty nasty skeletons in their closets but since that is a personal conviction, I choose to keep it to myself.
NITE's software glitch last year revealed some of the risks of being on the cutting edge of technology and then rather sloppily putting one of those ideas into use. I'm sure that more than one market maker looked at the consequences and thought, "There but for the grace of God..."
The reason why there is more speculation and accusation in these markets regarding NSS is fairly simple. It is not because it is so rampant (both regulatory & credible watchdog agencies appear to agree) but because it is used as a means to cover up company misconduct, such as share dilution.
Need proof? Look at all the successfully prosecuted court cases in which CEO's & promoters have been convicted of lying about NSS. Now show me even a single case where massive NSS was found to have seriously damaged an OTC company.
Does NSS exist? Absolutely. Some of it is actually legal and there are instances of illegal cases being uncovered & prosecuted...but not a single one involving a "stinky pinky". Of course, everyone hopes that their fave will be the first. However, keep one thing in mind. Those cases that had been won had very active & very visible company principals involved from beginning to end.
They all worked from real offices with real live phone numbers & fax machines and active email accounts and remained in constant contact with their shareholders with any relevant updates.
FFGO on the other hand...
Well, you know what that situation is. The idea that they "allowed" the SEC to revoke them and WY SOS to administratively dissolve them as all part of some super secret plan to trap shorty far exceeds any rational thought. A clandestine process like that would be wrong on so many levels, including its actual legality, that it doesn't even merit a discussion.
I believe it was back in 2008 when trade reporting standards were revamped which resulted in much improved accuracy & visibility. At least it satisfied credible watchdog organizations (for the most part) and helped to substantially reduce real NSS incidents in the OTC Market. Of course, there will always be those unhappy traders who will claim that more NSS than ever is occurring but is simply being covered up by criminal falsification of records. The problem there is obvious...NO CREDIBLE PROOF.
I am not nor will I ever be an expert on NSS. It's why I usually try to stay away from the subject and focus instead on activities of the companies themselves. But I do know those who are well versed and I have learned from them. Rational, cogent presentations will always be welcomed.
I would suggest that anyone who sincerely wants to understand FINRA's Daily data do so by contacting FINRA directly and asking them general questions. You might even ask them to review the explanation in this post and see what they say.
Try to argue FFGO naked shorting with them and watch how quickly you are brushed off. And it's not because they are hiding anything but I'm guessing it's because they have all had more than one prolonged & fruitless conversation with a True Believer and have learned how big a waste of time it is.
I see the very same thing on iHub every single day so I know the exact feeling...and I can't say I blame them in the least.
Nobody has yet to explain the legal basis for shorty having to pay an undeclared dividend when the company itself doesn't have to.
And this talk about shorty being punished for allegedly shorting FFGO illegally? Again I ask...who is pursuing this through the judicial system?
Lumb & crew are long gone with all the investors' money. Why should they now, or ever care how low the stock price dropped as long as they could sell as many shares as they needed to in order to reach their target amount?
Unless shareholders themselves can come up with more "evidence" than those FINRA Daily numbers, this whole NSS charade is over. Regulatory agencies have far better things to do than to spend another minute with this Daily Data misinterpretation nonsense.
If someone offshore did illegally short FFGO, then odds are they are now free & clear forever because no one has done a damn thing about it except to impotently holler & scream to an indifferent audience.
Oops, I forgot. There was that well organized campaign of not being talked into writing off those worthless, de-registered shares by an invisible army of bankers, brokers and market makers. I'm sure that all those NSS-ers out there got a big kick out of that one. Panicking, my arse! The only threat to them was possible seizures from laughing so hard.
If the TB-ers can get even one sane, rational person or organization to take up the FFGO NSS battle, I will be more than happy to sit back and quietly watch it all unfold.
Not holdin' my breath for that to happen though. Talk is cheap and unfortunately, pursuing justice isn't.
Even crazy lawyers are expensive.
The 10Q isn't due until 2/15. It's the 10K that's late and which has earned the big old red Stop Sign.
Besides, Fourth Quarter financials are never filed since they are included in the Annual.
Hope that helps.
Absolutely amazing, isn't it? TD is told in an arbitration hearing to produce some kind of cert for a revoked pinky and suddenly, FFGO is next in line for a bazillion dollar NSS settlement.
I have seen more rational thought processes in my vegetable garden, particularly with the eggplants, than I see here.
I may be at a loss for words for the rest of the NITE...
oops, I mean, night.
How simple can it be?
The sad answer to that is that it can never be simple enough.
Documented facts mean nothing here.
Only hopes & wishes & misinformation are given any credence whatsoever.
Sorry, Seven. That "Unknown" is something you simply made up...(big surprise).
My list is comprised of actual events that are specifically mentioned in the FFGO FAQ page and they are all Definitively documented.
But hey...feel free to make up your own list of imaginary events like that one. It'll be no different from the usual half ass research produced by TB-ers.
***Countdown To 3/12/2013 Divigeddon***: T Minus 61 Days
medchal, enough verifiable documentation has been presented here that would allow even a mock kindergarten court to prove that FFGO was a fraud.
Unfortunately, even those standards are too high for the True Believers.
I guess the search is on for a nursery school that might agree that a Dividend Is Coming!
There's bound to be a few toddlers out there who aren't able to grasp the obvious.
Current Status of FFGO's 3499% Dividend Declaration Process
We are now in Year Three since NMGL's unofficial & non-binding role in FFGO's Dividend Declaration process was made public. Here is a factual progress report:
***Detailed Status of FFGO's Unilateral "Understanding" of NMGL's Agreement Fulfillment Conditions in FFGO's Dividend Declaration Process***
Unknown NMGL completes its purchase of the shares of Bouse Gold, Inc. common stock from those FFGO stockholders who received those shares of common stock through the 2005 Dividends
Unknown NMGL completes its purchase of the shares of South Copperstone, Inc. common stock from those FFGO stockholders who received those shares of common stock through the 2005 Dividends
Unknown NMGL completes its purchase of the shares of Bouse Gold, Inc. common stock from Searchlight Exploration, LLC.
Unknown NMGL completes its purchase of the shares of South Copperstone, Inc. common stock from Searchlight Exploration, LLC.
12/9/2010 NMGL completed its purchase of the shares of Bouse Gold, Inc. common stock from Fortress Financial Group, Inc.
12/9/2010 NMGL completed its purchase of the shares of South Copperstone, Inc. common stock from Fortress Financial Group, Inc.
Unknown NMGL completes its purchase of the shares of Bouse Gold, Inc. common stock from "Other Stockholders"
Unknown NMGL completes its purchases of the shares of South Copperstone, Inc. common stock from "Other Stockholders"
(NOTE: The last documented share count of all 4 categories of stockholders as listed above can be found in FFGO's 4/23/2010 8-K)
Unknown NMGL audits both Bouse Gold, Inc. and South Copperstone, Inc.
N/A NMGL files a “Super Form 8-K with SEC after obtaining control of both Bouse Gold, Inc. and South Copperstone, Inc.
N/A NMGL files a Registration Statement with the SEC in respect of the NMGL Preferred Series “A” and Series “B” shares
N/A Registration Statement becomes effective
N/A NMGL obtains a CUSIP Number and a Trading Symbol for both the NMGL Preferred Series “A” and the Series “B” shares
N/A NMGL Preferred Series “A” and Series “B” shares admitted for trading on a recognized exchange.
***NMGL's Plan B For Covering Their A&B Preferred Shares***
Unknown NMGL liquidates their BGI & SCI shares for either the Liquidation Preference of $16/share & $2.20/share respectively...or for whatever they can get for them
***Status of NMGL's Agreement Termination Conditions in FFGO's Dividend Declaration Process***
10/27/2011 & 12/7/2011; 2/9/2012 Regulatory actions against Fortress (SEC suspension & revocation; WY SOS dissolution).
Undocumented Damaging and libelous statements publicly leveled at NMGL, its Directors, Advisors and controlling stockholders.
Unknown In the event of NMGL terminating these agreements, Searchlight Exploration exercises its rights and remedies to terminate its Agreements and reclaim all of the Bouse Gold, Inc. and South Copperstone, Inc. properties as it is legally entitled to do so.
***Status of Events That Will End FFGO's Dividend Declaration Process Due To Participant's Legal Dissolution***
On schedule for 3/12/2013 WY SOS permanently dissolves Bouse Gold Inc & South Copperstone Inc; all shares legally cease to exist; all unliquidated assets will no longer permitted to be distributed
On schedule for 8/10/2013 WY SOS permanently dissolves Western Diversified Mining Resources Inc; all unliquidated assets will no longer permitted to be distributed (not that unregistered A&B Preferreds are assets)
On schedule for 2/9/2014 WY SOS permanently dissolves Fortress Financial Group Inc; all SEC de-registered shares will legally cease to exist and with that, the FFGO Dividend process will be irrefutably terminated by default
Sources:
(FFGO archived FAQ) http://investorshub.advfn.com/boards/read_msg.aspx?message_id=76460782
FFGO 8-K (4/23/2010) http://www.sec.gov/Archives/edgar/data/802206/000101376210000934/form8k.htm
NMGL purchase of Bouse shares (12/9/2010) http://www.sec.gov/Archives/edgar/data/1393283/000116552710000976/xslFormDX01/primary_doc.xml
NMGL purchase of S. Copperstone shares (12/9/2010) http://www.sec.gov/Archives/edgar/data/1393283/000116552710000977/xslFormDX01/primary_doc.xml
SEC trading suspension (10/27/2011) http://sec.gov/litigation/suspensions/2011/34-65639.pdf
SEC final revocation (12/7/2011) http://sec.gov/litigation/admin/2011/34-65905.pdf
WY SOS (Fortress Financial Group Inc.) https://wyobiz.wy.gov/Business/FilingDetails.aspx?eFNum=182143038089132045190048039040111180192208018174
NMGL Liquidation 8-K http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=7410584
WY SOS (Bouse Gold Inc) https://wyobiz.wy.gov/Business/FilingDetails.aspx?eFNum=126243018060139019190164091186107108037109157044
WY SOS (South Copperstone Inc) https://wyobiz.wy.gov/Business/FilingDetails.aspx?eFNum=058103080151074021151244145010062100219232193107
WY SOS (Western Diversified) https://wyobiz.wy.gov/Business/FilingDetails.aspx?eFNum=0350850472440841
WY SOS (Fortress Financial Group) https://wyobiz.wy.gov/Business/FilingDetails.aspx?eFNum=182143038089132045190048039040111180192208018174
like the.. "FFGO traded for $4.00" nonsense?
Exactly like that which is one of many. I have yet to see credible documentation that FFGO ever traded for $4 a share...and please notice that the word credible is highlighted.
True Believer DD is in a world of its own.
Except for OldBen, talk about going after NSS has been just that...talk.
No law firm will pursue FFGO naked shorting armed with only FINRA Daily data and it's not about them having enough ethics to not take money up front from naive, ill-formed clients. It's more of a case of not wanting to be the subject of ridicule for using such inappropriate "evidence" that by itself, has no bearing on FTD's whatsoever.
It sure would be nice if the True Believers researched that themselves...and I mean real research and not their normal Whisper Down The Lane stuff. A simple call to FINRA is all it would take for the explanation as to exactly why the Daily data is not black & white proof of illegal shorting. Synopses of many such conversations have been posted on various message boards here, although I still find this one to be the best.
Unfortunately, they will no more risk doing that then they will with contacting Ron Lowenthal to ask him what NMGL is doing about those BGI & SCI shares before March 12, the ones which TB-ers believe are still worth a quarter billion dollars and the source of the 3400% Dividend funding.
Should you dare to inquire as to why such calls aren't being made with that deadline fast approaching and I will guarantee that if any answer is given, it won't be one in the best interest of shareholders but rather, one that will only benefit the FFGO con men themselves who count on investor passivity.
In FFGO World, Ignorance Is True Bliss & the Ultimate Power.
As a result, we are subject daily to all the silly, undocumented, misinterpreted BS that is the foundation for Divvy Coming!
Oh well, once Bezzano's WY corporations disappear, things should quiet down. Or maybe it's best to never underestimate the depths of a True Believer's passion & creativity.
GNCP Short Sales data showing Short Interest since 8/31/2010:
http://www.otcmarkets.com/stock/GNCP/short-sales
Read it and weep.
Oh yeah...notice the big red stop sign?
Nice recent addition, isn't it?
Hi UK Pete
I know it's tough buying into the promises of a slick talking CEO, only to end up being conned out of your hard earned money. Every single one of those scoundrels responsible for those losses should be tracked down, prosecuted and do hard time for their crimes.
Unfortunately, they have always been able to rely on not only the limited regulatory resources but also, the denial of the True Believers, their staunchest defenders, to not only get away with their ill gotten gains but also to brazenly set up shop again and repeat the fraud on a new batch of naive investors.
Their biggest fear is not more regulations but rather an educated, well informed public who can see the warning signs through all the smoke & mirrors.
Imagine for a moment if potential investors had actually heeded the SEC warnings of the risks involved of dealing with non-reporting companies...exactly as FFGO had been. In all likelihood, the Dividend promises would have had very few takers.
But as long the victims refuse to accept reality and newbies fail to see the dangers, the scammers will always have another operation in the the making.
I would like to thank you very much for all your efforts in helping to reveal the true intentions of some of the principals involved in the FFGO scheme. Unfortunately, such valuable information is too often drowned out by all the silliness here.
If everyone had the courage to do as you had done in order to learn the truth themselves, this board would be completely silent...except for maybe occasional reminiscing.
But it's obviously better for some to not take that chance and to instead, continue to dwell on hopes & wishful thinking & outright fantasies of things that can never be.
Yes, reality for shareholders here sucks...BIG time. But we can only grow & move on in life when we learn from our mistakes.
Asi es la vida!
Pete Bezzano et al, you designed a paln that is driving the shortman crazy!
And after designing that "paln", Sir Bezzano mounted his mighty unicorn and galloped off into the sunset with the remainder of the investors' money...
where he et al, lived happily ever after...
never to be heard from again.
The End.