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COWI is not legitimate. It is a pump and dump, nothing more.
No real business can operate with $20,000 in tangible assets and $25,000,000 in liabilities. 25 MILLION DOLLARS in the hole!
If the current business were real, Lloyd would have put it in a clean shell that could raise money. Not the debt ridden insolvent COWI. But he did so to use the dream of the green industry to pump and dump the stock. Nothing more.
Just like he did with the 3 prior "businesses" that were also used to pump and dump the stock and transfer shareholder money into his own pocket.
That is what Lloyd does, and has done it for years.
The issue is NOT that it is a penny stock. It is that it is a fraud. A scam.
There are many legitimate penny stocks with a real business.
COWI isn't one of them.
It the business was real, Lloyd would not have put it in an insolvent company with 3 pump and dumps already to its name. He would have put it in a clean shell that would have been able to raise money to fund the development of the business.
But, he didn't because the BUSINESS IS NOT REAL. It is just the hook to fool people into dumping money into the pockets of Lloyd and the toxic death spiral convertible funders. Period.
All Bullshit.
If Lloyd Spencer was ".looking to succeed" he wouldn't have put the project into the insolvent COWI. He would have used a new company that didn't have tens of millions of existing debt that prevents him from raising a penny of new investment money. And, it wouldn't have come with the history of the 3 previous pump and dumps on the ticker.
But, he didn't. Why? Because the business IS NOT REAL! Instead, the green business is nothing but part of the scam being used for the 4th pump and dump on the COWI ticker.
Period.
This is about much more than the company's financial insolvency. It is about being a pump and dump. The business IS NOT REAL. It is all a fraud. AGAIN. Just like the 3 prior "businesses" that Lloyd claimed COWI was conducting. But, when he ran out of stupid investors willing to believe his crap, he just folded up shop and went dark until he found a new story to fool people into buying. Nothing has changed from COWI 3 previous pumps. NOTHING.
The problem is NOT that COWI is a penny stock. The problem is that COWI is a fraudulent, insolvent pump and dump that just happens to be a penny stock.
The fact that COWI is a penny stock is immaterial, because COWI is a fraud. And frauds come in all shapes and sizes. Look at Tingo.
Most penny stocks are not fraudulent. COWI, however, is. Lumping COWI in with other penny stocks is an insult to those other stocks.
Trust me. They don't need the SEC to spell it out. Everyone down in that sewer already knows how it is done by heart. And more. There are many tricks the SEC doesn't disclose.
Chapter 13 is for individuals. It does not apply to corporations.
Again, learn about bankruptcy. Chapter 11 is very expensive, and Chapter 7, although cheaper than Chapter 11 as it is automatic liquidation, is still very expensive.
COWI has total physical assets of $20,000. Any bankruptcy filing, including Chapter 7, would eat that up in a day in just fees and the cost to the attorney for filing.
COWI's liabilities are $25 MILLION.
Insolvent.
And not a candidate for bankruptcy of any kind.
I have forgotten more about bankruptcy than you will ever know about the process and the laws.
Bankruptcy is VERY expensive. Which is why so many insolvent companies don't do it. They just shut down and go away.
If you want a current example, try Kelly-Moore paints which went out of business over the weekend. They can't afford bankruptcy, which is meaningless anyway as creditors would not recover anything after the costs of the bankruptcy.
COWI is insolvent. They don't have a penny to their name. They can't afford to do anything. They own nothing of value whatsoever. It is all hot air.
The entire company isn't worth a nickel.
It is an insolvent pump and dump. Has anyone read the financial statements? They are even too broke to go bankrupt, which actually costs a lot of money.
There is nothing here but hot air. It is worthless.
The volume is insignificant. 0.05 percent of the O/S? That is nothing.
Especially when they have to issue 80 million shares every single day just to cover their daily interest cost!
Which, of course, they are not doing. Which means their financial hole gets deeper and deeper every single day.
COWI is a worthless pump and dump. Nothing more.
Ha ha ha! Stocks are much easier to move at the beginning of the pump before the full on dump. This is the end of the pump. The increasing dilution and urgency of the toxic funders to dump as much as possible before the stock completely dies makes any real move impossible.
You have also called for moves up in this stock multiple times before and it has never happened. It won't this time either
COWI has over 21 billion shares outstanding.
98 million in volume is nothing. That is less than 0.5% of the issued and outstanding shares. Especially since their DAILY interest bill on their outstanding toxic debt is about 80 million shares. EVERY SINGLE DAY. If they issued 80 million new shares daily, which the toxic convertible holders would then dump, they still wouldn't get out of the hole.
And that assumes every single share traded every day is shares issued to cover that day's interest bill. 1 day in 20 trading days trading above that volume requirement doesn't help.
Every day, COWI gets further and further in debt, but that doesn't mean much considering they are completely insolvent already. They are already doomed to complete failure.
COWI is dead. They are hiding and won't come back.
People are looking to bail out. They have learned their lesson about Lloyd and his constant lies.
The BS about the "spin-off" seems to be the tipping point. Just wait when they go dark and completely disappear. That day is coming sooner than most know, and might already be here now.
COWI is an insolvent pump and dump and in a death spiral. That is how death spiral convertibles KILL every company that issues them.
COWI can't even afford a cup of coffee, much less issue many, if any, news releases any more. They can't afford to do anything, and certainly not "change the world" with whatever fake technology they claim to have.
2021 was the beginning of this 4th pump and dump. Not many stupid people left to believe any of Lloyd's BS anymore.
How is that spin-off coming? Where is the S-1 Lloyd promised a year ago? Will COWI even file anything with the SEC from this point forward? Filing ain't free.
The end is near.
Complete bullshit. You have posted that many times before, and it has never happened.
The toxic death spiral convertible holders have tens of billions of shares to dump RIGHT NOW. All they need is more idiots to buy the worthless shares from them.
There are not enough stupid people in the world to do that.
Not factual. No one is doing that because...they can't! The bid and ask is controlled by the toxic funders. Great on paper, impossible in the real world.
Plenty of social media posts elsewhere on the internet of holders bitching that they can't buy at the bid and sell at the offer. They are stuck.
That is how penny stocks REALLY WORK.
Anyone buying shares of an obvious pump and dump is far from a genius.
It makes me wonder how these people were able to earn the money they are throwing away on these worthless shares in the first place.
Dilution, dilution, dilution. Just because stupid people are ignoring the obvious and still buying this worthless POS doesn't mean anything.
Except that some people are stupid, of course.
Hacking the SEC is not a good idea. Someone just kicked the hornet's nest.
Bitcoin spikes to $48k on back of FAKE tweet from SEC stating the crypto ETFs had been approved - but drops to low of day after hack emerges
https://www.dailymail.co.uk/yourmoney/article-12943595/bitcoin-spike-price-stock-caution.html
Bitcoin surged to almost $48,000 on Tuesday after a fake tweet from the US Securities and Exchange Commission (SEC) said it had approved spot-Bitcoin exchange traded funds.
The false tweet, published on X at 4.11pm, came from the SEC's official account and read: 'Today the SEC grants approval for #Bitcoin ETFs for listing on all registered national securities exchanges.'
Fifteen minutes later the SEC's chief Gary Gensler tweeted from his own account: 'The @SECGov account was compromised, and an unauthorized tweet was posted. The SEC has not approved the listing and trading of spot bitcoin exchange-traded products.'
After the false tweet the token momentarily jumped to its highest level since around March 2022. Its all time high of just under $70,000 was in November 2021.
Shortly after the second tweet from Gensler on Tuesday early evening its price retreated to under $46,000 and just below where it had been hovering for much of the day.
Questions were immediately raised about who was behind such a 'compromise' and who would benefit.
Gensler's tweet was flooded with responses with other X users questioning how the US financial regulator could have such poor security on its social media channels, especially given its tweets can dramatically move markets.
It is possible that the account was hacked it in a bid to push up the price. Experts have suggested if coins were sold on the spike significant profit could be made.
Accounts for X are typically protected by a password and so-called two factor authentication, which requires an additional code sent to a cell phone or email address.
But experts point out hackers can get round these - either by accessing the phone or email, or getting leverage via blackmail over someone who has access.
Bitcoin had jumped almost 10 percent on Monday to above $47,000 as investors grew increasingly optimistic the SEC will approve a spot Bitcoin ETF.
It comes as regulators face a deadline on Wednesday to approve one of around 10 pending applications from asset managers for a Bitcoin ETF - a fund that would behave like a stock and roughly follow the value of the cryptocurrency.
Head of financial research at Standard Chartered Bank, Geoffrey Kendrick, told investors in a note this week that approval was imminent and 'most likely' to happen on January 10.
Should the approval occur, he predicted bitcoin could reach $200,000 by the end of 2025.
'We see this as a watershed moment for normalizing bitcoin participation by institutional money, and we expect approval to drive significant inflows and price upside for BTC,' wrote Kendrick.
Standard Chartered also predicted that between $50 billion and $100 billion will be invested into US spot bitcoin ETFs by the end of this year.
To justify the position that ETF approval will result in a significant influx of cash into bitcoin, Kendrick referred to investments in gold after the approval of a gold ETF in 2004.
Within ten years the price of an ounce increased by more than four, he pointed out in the note.
'We use this 4.3 times price increase as our base case for bitcoin, but we expect the BTC gains to occur during a shorter one- to two-year period because we expect the BTC ETF market to mature more quickly.'
But Gilles Ubaghs, strategic advisor in commercial banking and payments at Datos Insights, told DailyMail.com last year that investors should exercise caution.
Ubaghs noted that bitcoin was not especially valuable as an actual currency and questioned its long-term ability to hold value.
'It's convoluted, difficult to spend and cash out, [has] a sketchy reputation, and most importantly it's so volatile,' he said.
Nonetheless, he acknowledged that although it has limited practical utility for making payments, it does function as a 'digital asset' that can hold value similar to gold or fine wines.
'Ultimately, as much as bitcoin is a pretty weak payment tool - its also unlikely to die anytime soon,' wrote Ubagh.
Currently, it is an END STAGE pump and dump because they can no longer find enough stupid people to buy the shares the toxic death spiral convertible holders want to dump. COWI is also completely insolvent, and now is even in debt to their former subsidiary because they needed to borrow money to keep the lights on and file the last 10-K.
This is exactly what happened the first 3 times Lloyd pump and dumped this ticker. Eventually they just run out of suckers and volume disappears. So, Lloyd goes dark, becomes incommunicado, and disappears. Later, he finds some other new market fad to jump on and pretends COWI is involved to pump the stock for a new round of greedy investors foolish enough to not do any DD and believe him.
Often, a split that big would be a prelude to going private, but it doesn't look like it in this case.
Under the Plan, the creditors received all those shares of new stock which explains the over 108 billion O/S. They kept the old shareholders intact and owning 1/10 of 1% of the new company because they didn't want to lose the liquidity that public companies have. Many major debt investors are not long-term equity holders. The creditors probably want a way to eventually offload their shares, and the public markets is the best way to do that. Even though they were delisted from the NYSE in the bankruptcy, they could apply to relist later, and they don't have to go through the SEC registration process again. I haven't looked at the company in detail, but they have over $2 billion in annual revenue, so they probably want to stay public.
American Airlines Group did something similar when they went through bankruptcy. Creditors ended up the vast majority of the stock, but giving the old shareholders a tiny amount of the reorganized company allowed them to keep their listing and registration intact. Venator probably could have stayed listed on the NYSE if they were quicker in completing the bankruptcy, but bankruptcies of foreign companies are almost always take longer.
Of course, I could be wrong, but if they were going private soon, they would have had to disclose that in the filings for both the Bankruptcy Court and the SEC, and I don't see that they did.
COWI is a pump and dump to enrich the insiders (Lloyd) and the toxic death spiral convertible lenders. Nothing more.
Their pump is quickly running out of steam. Nothing Lloyd has touted has come true, and people foolish enough to believe him and buy this POS are finally discovering they were lied to.
Considering this is Lloyd's FOURTH pump and dump on this ticker, one has to ask why didn't they discover the facts of the situation BEFORE they bought the stock and became bagholders of this worthless POS.
I expect the Feds know exactly where Dozy is, and now that criminal charges have been filed, they will work with the foreign government to grab him and extradite him ASAP.
The other members of management and the Board have are not innocent here. I would like to see the SEC move on them soon, too. Many of them, especially Denos, also signed false certifications.
No, there isn't ANY auditing involved whatsoever. These are non-SEC registered penny stocks. Frankly, no one should believe ANYTHING a non-SEC registered company says. NOTHING.
If someone does, they are a fool and an idiot.
There is no auditing involved. He just prepared the financial statements on behalf of the management.
You would be surprised how many companies, large and small, outsource their financial statement preparation. Very few CFO's actually do it these days. It is very common to outsource for a number of reasons.
If you followed the link, you see that he is not identified as a CPA on the OTCMarkets disclosure.
So no professional violation there.
There you go. Being banned by the SEC has no effect on his ability to provide services to non-SEC registered OTC companies.
It should, but as we know, OTCMarkets doesn't want to upset their paying customers and really cares nothing for the investing public. They just don't count.
OTCMarkets could always "ban" them from being a provider, but that is pretty meaningless. They have no enforcement power, and it really just means a company doesn't put their name in their disclosure submitted to OTCMarket's website. A lot of sleazy OTC companies utilize banned and/or convicted fraudsters for services. They just keep it on the down low.
Now, if they were an SEC registrant employing an individual prohibited from practicing in front of the SEC (which includes CPA's and other financial reporting professionals), that is a different matter. That is actually a law, and the SEC's enforcement powers and penalties are real.
But, a number of SEC prohibited individuals continue to provide professional services to OTC companies as long as they are not SEC registrants. It shouldn't work that way, but does.
"So, is it legal for a CPA to be a CPA for a penny stock while his CPA licenses is revoked?"
Yes.
CPA is only a designation. You don't need to be a CPA to provide accounting or financial reporting services to any company, even SEC reporting ones.
Of course, having a revoked CPA involved with ANY company is a massive red flag........
Forbes presents "Attack of the Naked Short Sellers"!
It is hilarious. And pretty much 100% true about how the MMTLP mess went down.
https://www.forbes.com/sites/brandonkochkodin/2023/12/27/attack-of-the-naked-short-sellers-mythical-beasts-of-the-night-or-how-meme-stock-investors-went-cult-y/
Common shares are being cancelled under the final bankruptcy plan. Common shareholders will receive nothing.
"On the Effective Date, each Existing Equity Interest, shall be cancelled, extinguished, and discharged, subject to applicable law, and each holder thereof shall not receive or retain any property under this Plan on account of such Existing Equity Interest."
I haven't had a chance to read it yet, but I do remember the story and Mitts. IIRC, some of the shorters being investigated named him in their public responses over the Spring and Summer when the mainstream media picked up on the story, but I haven't heard much of anything since.
I am not convinced the SEC took what he did at face value, or that his research directly led to the SEC's investigation. His supporters insinuate they did, but I am skeptical. I believe the basis of his claims of "short and distort" is that there is a lot of volume in short-term, out -of-the-money option contracts in stocks that are covered by the short sellers. But what is missing that trading in such contacts has exploded in ALL stocks due to meme players. They are regularly buying and selling such contracts because they are low-priced and short-term in nature. If it were only in the stocks immediately before the short sellers issue a report, that would be one thing. But it isn't that at all.
I haven't seen anything recently that has changed my opinion that what the SEC is looking at is NOT "short and distort", which includes these short sellers issuing known falsehoods to manipulate stocks, but instead that the short sellers are somehow sharing information with others prior to the release of the reports. It isn't stock manipulation as the anti-short selling cabal claims, but instead is about insider information. A completely different thing, but likely illegal, just as if a long analyst tipped others prior to the public release of a bullish report. I don't know if the SEC is even considering that the short sellers are issuing false reports at all. Where I sit, it seems the short sellers' reports are factual (the market doesn't always listen, but that doesn't change the confirmation of the facts), and their batting average is at least as good, if not better, than many of the established long analysts these days.
TIO's Dozy speaks! (supposedly)
Dozy supposedly issued a statement this morning. But I can't find the statement itself, just references to it in various African media outlets. That makes me believe that Dozy or his people E-mailed a statement to only friendly African outlets, many of which are already covering for him.
Here is one of them (one of the least crazy ones):
https://www.legit.ng/business-economy/money/1570133-after-days-waiting-nigerian-billionaire-accused-fraud-finally-speaks-out/
Yup, from jail!
Oh, wait a minute........
I believe this is Tingo's paid PR firm.
https://www.mzgroup.us/
They are just one of the many providers that are likely to get a nasty black eye from the Tingo scam. But unlike some others, I doubt the PR firm will end up coughing up any cash in potential lawsuits.
I believe Tingo has a paid PR company under contract that writes their releases, and that release smacks of professional CYA.
And how long before Dozy is behind bars? Not long, I bet. I would not be surprised if he has already been indicted in the US, but it remains sealed until they can arrange with whatever foreign nation he is currently in (UK?) to get him on US soil and place him into custody.
This time may very well be the last time, as I think it likely that there are criminal charges coming for Christopher here.
And his cousin is the current Home Secretary.
https://www.gov.uk/government/people/james-cleverly
He is likely trading on the family connection.
Dividends do not have to come from current profits, or even from current cash flow. But, by law, they must come from capital which is surplus to the company's total liabilities. In other words, assets which belong to the shareholders, not to debtors or creditors. (in very rare cases, companies have declared dividends based on asset values which are not reflected on the balance sheet, but typically they only do so after independent, legitimate third party valuations have been done and court cases brought by the debtholders have been resolved. It usually involves significantly appreciated, and liquid, real estate holdings, so the number of companies that have done that can probably be counted on one hand with a couple fingers left over).
For Epix, if the Hindenburg research is correct, they may have had no actual shareholder's equity to legally pay dividends from. All the company's actual assets may have belonged to the debtors, and then perhaps some to the creditors. They filed bankruptcy because they couldn't repay their massive amount of debt, and the early valuation of the assets is looking bleak for the debtors recovering all they are owed, much less the creditors. If that turns out to be the case, and it is certainly looking that way, then company almost certainly paid dividends they were not legally allowed to pay.
I would not be surprised in the least if it turns out they were paying that small dividend from their debt and not actual positive cash flow, much less earnings.
If so, that is almost certainly an illegal act. Shareholders can only receive assets that are rightfully and legally theirs. In this case, shareholders may actually own nothing.