Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Let's try this again TomSawyer. I will go slower this time.
I said,
Whether we will ever get a dividend after 8 years (and counting??) or we will finally get legal action against FFGO -- we need the shares either way.
That is a true statement about the necessity of needing the shares. I did not weigh in on the likelihood of whether we will get a dividend or legal action or just keeping waiting for years as we continue to do--instead I just said that we need the shares if any action is ever taken.
It was deemed as a worthless security and literally removed from my Scottrade account. There is often no ticker when listed in different places. It is often listed as a number and a name without a ticker.
Scottrade Removal
Scottrade removed my FFGO shares. After several emails and a phone call it looks like they will be reinstated next week.
Whether we will ever get a dividend after 8 years (and counting??) or we will finally get legal action against FFGO -- we need the shares either way.
Makes you wonder why the urgent need by Scottrade to remove the shares without a request or permission from the shareholder??
If a company dilutes a stock by offering more shares, they have to have a public filing. If a retail broker dilutes shares, what should they be required to do?
I hope the matter is actually under investigation. Try to get a case # from FINRA or the SEC if you talk to them again and if they will give it or have one. GNCC buying the mines would serve no purpose, GNCC has no cash and any sale will have no cash for FFGO shareholders.
Ok, after reading your link, it is possible to pursue justice after many years. I just hope our evidence doesn't evaporate in the wait for justice...
There could be this clandestine cloak and dagger secret meetings to really bring a maximum jolt of justice. More likely, if something was going on, it would be a trackable public event with a case number or filing. If NMGL had sold the gold mines, there would be a filing to that event. If the regulators were working on a NSS corruption case, there would be a case # for that. They would not be working under the mandate that "more corruption needs to be cleaned up" first. They would perform their task and move on. They would not drag this on for years. It is more likely that they have not even started. It doesn't take years on end to sell a gold mine or regulate or settle some NSS. The regulators have bosses to answer to and they could not "sit" on this for years as suggested. The reality is that gold mines have not been sold and regulators have not begun to investigate FFGO. Dealing with the truth and doing something about it is a better plan than assuming with absolutely no proof. This is why I tried to get a real lawsuit with real case #'s and real people working it. We have no real proof and no real people working this. All we have are assumptions and wishes that maybe we haven't been played and that someone might be doing something. We have no proof after so many years. The lack of proof is more congruent with a fraud than a secret campaign of justice to me.
The investigation is almost over? I don't follow this board every day, but, did I miss something big here? Do we have actual proof that the SEC or FINRA actually has a real case here? If so, what is the case #, I would like to investigate it. It could be useful in a future lawsuit if there is NSS and it is not addressed by the SEC or FINRA in a complete way.
I agree that the date of revocation could prove to be the record and payment date in the event that a liquidating dividend actually occurs.
The use of the words "is" and "will" is way ahead of itself.
I rarely post here anymore because of the constant speculation without any concrete proof of anything moving forward.
To have preferreds issued then someone has to be suing or regulating to make that happen. There is no proof of anyone taking any action to get this done. I know many have wishes or assumptions that action is being undertaken in their behalf. There is no proof that this is occurring. The argument that charges have not been filed against FFGO or NMGL principals must mean that action must have been undertaken in our behalf. That is a ludicrous assumption. Ofcourse, the principals would not cancel the dividend, that might actually get more people fired up to take action.
With all the assumptions floating around, it pacifies people who should be taking action. The preferreds are not going to issue themselves. Regulators are not going to get around to regulating FFGO on their own.
A plan requires action. No action has been done in years. Pointing to action of a couple other companies does nothing for shareholders of this company. If everyone got together and started filling out whistleblower forms or calling lawfirms or emailing regulators or local press etc etc then we might get some traction.
As long as we believe that there is a plan that is being undertaken in our behalf then we will be pacified to keep doing nothing.
This is why it is important to only go in heavy on companies that have a CRL or two in their pocket already. They are much safer. If CLSN continues with this drug then about two years later, it will be a much safer investment to invest in with a CRL in its pocket.
LAWSUIT TEMPLATE I am going to pass the reins off to others who might want to take what I have compiled and pursue a lawsuit. After 8 lawfirms and 1 year of trying, I might as well post everything before it disappears from the internet like our FFGO website and other things did. The ENTITY DETAILS from each of the companies did not transfer when I tried to copy and paste. FFGO BGI SCI WD entity details...
The case starts with shareholders who purchased shares of FFGO. Shareholders of FFGO were provided through dozens of press releases from around 11/2009 - 9/2010 that they would receive an extraordinary dividend immediately following the sale of Bouse and S. Copperstone gold mines. I have filtered the many applicable press releases that I thought directly pertained to the cash sale of the gold mine. The first group of links is that list I found directly relevant. There is a single link after that shows when FFGO acquired these gold properties or entities. The single link after that is the actual link to the web address where I pulled these individual links. These press releases show the exact prices, terms and conditions of the cash dividend that was promised to occur.
http://www.marketwire.com/press-release/fortress-financial-group-inc-completion-of-sale-1303475.htm
http://www.marketwire.com/press-release/fortress-financial-group-inc-sale-of-gold-interests-1298456.htm
http://www.marketwire.com/press-release/fortress-financial-group-inc-completion-final-steps-immediate-sale-gold-interests-1297691.htm
http://www.marketwire.com/press-release/fortress-financial-group-inc-final-steps-to-complete-upon-sale-of-gold-interests-1295999.htm
http://www.marketwire.com/press-release/fortress-financial-group-inc-largest-stockholder-backs-immediate-sale-gold-interests-1293172.htm
http://www.marketwire.com/press-release/fortress-financial-group-inc-launches-new-corporate-web-site-will-issue-no-further-statements-1281003.htm
http://www.marketwire.com/press-release/fortress-financial-group-inc-clarification-on-authorized-share-capital-1277272.htm
http://www.marketwire.com/press-release/fortress-financial-group-inc-company-becomes-a-value-and-breakup-play-1269889.htm
http://www.marketwire.com/press-release/fortress-financial-group-inc-strong-possibility-of-increased-sale-price-1265265.htm
http://www.marketwire.com/press-release/fortress-financial-group-inc-soaring-gold-price-to-lift-sale-value-1201453.htm
http://www.marketwire.com/press-release/fortress-financial-group-inc-highlights-progress-toward-sale-1160517.htm
http://www.marketwire.com/press-release/fortress-financial-group-inc-increase-in-value-of-companys-gold-holdings-1162006.htm
http://www.marketwire.com/press-release/fortress-financial-group-inc-possible-increase-in-sale-price-of-gold-interests-1167388.htm
http://www.marketwire.com/press-release/fortress-financial-group-inc-clarification-of-important-stockholder-issues-1166809.htm
http://www.marketwire.com/press-release/fortress-financial-group-inc-final-resolution-of-sale-of-companys-gold-interests-1166171.htm
http://www.marketwire.com/press-release/fortress-financial-group-inc-completion-of-the-sale-of-gold-assets-1164466.htm
http://www.marketwire.com/press-release/fortress-financial-group-inc-appointment-1197497.htm
http://www.marketwire.com/press-release/fortress-financial-group-inc-company-to-complete-on-the-sale-of-its-gold-assets-1197466.htm
http://www.marketwire.com/press-release/fortress-financial-group-inc-companys-deadline-remains-in-place-1196887.htm
http://www.marketwire.com/press-release/fortress-financial-group-inc-company-now-complete-upon-sale-its-gold-interests-high-1194312.htm
http://www.marketwire.com/press-release/fortress-financial-group-inc-further-update-on-sale-of-companys-gold-interests-1182831.htm
http://www.marketwire.com/press-release/fortress-financial-group-inc-update-on-sale-of-companys-gold-interests-1181742.htm
http://www.marketwire.com/press-release/fortress-financial-group-inc-update-on-offer-to-acquire-companys-gold-interests-1181221.htm
http://www.marketwire.com/press-release/fortress-financial-group-inc-confirmed-offer-to-acquire-companys-gold-interests-1179873.htm
http://www.marketwire.com/press-release/fortress-financial-group-inc-statement-1178845.htm
http://www.marketwire.com/press-release/fortress-financial-group-inc-update-regarding-sale-companys-gold-mining-assets-possible-1178062.htm
http://www.marketwire.com/press-release/fortress-financial-group-inc-disposal-all-companys-gold-mining-assets-possible-bid-company-1177060.htm
http://www.marketwire.com/press-release/first-platinum-retail-innovations-inc-acquisitions-1242009.htm
http://www.marketwire.com/AdvancedSearch/AdvancedSearchResults.aspx?sid=e5c615f0-92a1-40fc-b341-b68c5cda2862&idx=1
FFGO said they owned a portion of the gold mines, but, had the "irrevocable consent" of all third party minority shareholders of the mine. FFGO claimed that they had complete backing of all owners and parties to the proposed sale of the gold mines.
FFGO did sell their share of the gold mines to NMGL. FFGO shareholders never heard any public statements or filings or records from any other "minority shareholders" who collectively totalled more than 50% of the gold mines.
FFGO boldly stated that the gold mines were sold. The reality was that FFGO only sold its portion of the gold mines. FFGO apparently lied about having irrevocable consent of all mine shareholders. As of 12/2012 or 27 months after the sale of the gold mines, no sale of the remainder of the gold mine has occurred.
FFGO knowingly lied about the proposed extraordinary dividend. FFGO did not distribute an extraordinary dividend immediately following the sale (or atleast their portion) of the gold mines. The whole time that press releases detailing a dividend were being released, FFGO was working out a deal with NMGL that was completely different than the press releases. The immediate dividend was replaced by an indeterminate dividend that involved many moving parts. These secret dealings coincided with the public press releases. FAQ's (Frequently Asked Questions) were later released on FFGO's website that detailed the "new" way the dividend was now going to be handled.
FFGO received compensation for the gold mines in the form of NMGL A&B's shares to the amount of $258 million dollars per an official filing. http://www.sec.gov/Archives/edgar/data/802206/000101376210001860/form8k.htm
FFGO Common Shareholders never received these NMGL A&B shares. No evidence of any 3% liquidating preference (mentioned in the filing).
FFGO was later revoked http://www.sec.gov/Archives/edgar/data/802206/999999999712010626/filename1.pdf
Despite this revocation, common shareholders never received NMGL A&B shares. The revocation made the NMGL A&B shares a static entity. FFGO Common shareholders still never received any NMGL A&B shares.
Western Diversified is a wholly owned subsiduary of FFGO. Western Diversified holds the NMGL A&B shares they received from NMGL in exchange for shares of FFGO. It appears that "gold mine" that FFGO sold were shares that it held in Bouse Gold Inc. and South Copperstone Inc. All of these companies involved appear to be dissolved or heading for dissolution. Any opportunity to receive a CASH dividend as promised in press releases and backed up by the SEC filing appear to be fading away quickly. I have pulled some entity detail for these companies to highlight this. The website FFGO had to direct shareholders through the dividend process was allowed to "expire." It no longer exists. It is becoming harder to get the evidence as everything is expiring or dissolving.
In addition to the dividend, there may be over 5 trillion Fail to Deliver or naked short shares in FFGO. We believe the naked shorting goes back to 2005 or earlier. FINRA's own data support this claim. FINRA neither confirms nor denies this data when confronted with phone calls and emails from FFGO shareholders. We have a myriad of data that we can provide to support our position. Release of FINRA data, we believe, would overwhelmingly help support this position with legal help.
Knight Capital was a Market Maker for FFGO for years. We believe that they are the single largest holders of FFGO naked shorts. The "glitch" or trading error that you are currently litigating Knight Capital is only a small part of the manipulation that they have perpetrated for years on end. We hope that you will advise us if we have a legal case. We would hope that a distribution of the NMGL preferred A&B shares held by Western Diversied, a wholly owned subsidiary of FFGO, would quickly evaporate the limited shares of NMGL A&B shares that FFGO received in compensation for the sale of the gold mines. This evaporation of shares could expose the enormous naked short position that exists. We would take advice as to other strategies as well.
I wanted to provide an additional area of interest. I know that lawfirms need cash cows to pursue. This target is more lucrative perhaps. Billionaire Stephen Craig Lumb is involved in FFGO and Bouse and S. Copperstone mines. He may be held liable in the promises that FFGO made regarding the cash dividend I explained in the last email. Here are some links. This single link shows many 8k filings that show his involvement and name as power of attorney, etc. on the filing. If I uncover more in the next week, I will send it along.
http://yahoo.brand.edgar-online.com/PeopleFilingResults.aspx?PersonID=3744900&PersonName=STEPHEN%20CRAIG%20LUMB
Good deal!! More transparency in the markets and the information conduits that feed the markets (message boards, etc) would be great!!
Short squeezes do exist... A good lesson for FFGO might be NFLX 70% short squeeze run for $100 to $170.
AlanC, a plan requires action. The only action that I have seen is not declaring bankruptcy, allowing a revocation and filing NMGL A&B shares in exchange for less than half of the gold mines.
Is that enough? Is the SEC supposed to eventually find, count, prosecute small revoked companies that have NSS? How many years is this supposed to take? Was the A-H list and all the FAQs and the eventual sale of the gold mines supposed to happen AFTER the NSS holders can be "guaranteed" to have to pay for any NSS. Does the NSS take PRIORITY over the dividend? Is this is the "real plan"?? If that is the case, FFGO is following the plan of doing nothing until the NSS can be brought to justice and forced to cover. Could you even dream of this being the ONLY plan.
A plan should have a catalyst for the plan to succeed. The "published" plan was for a dividend. The plan was to sell the gold mines. Less than half of the gold mines have been sold. NMGL needs to buy 100% of the gold mines. NMGL then needs to sell 100% of the gold mines. NMGL will soon have to get the gold mines out of a dissolution to buy or sell the gold mines. Distributing NMGL A&Bs to shareholders could expose a NSS position. Distributing a dividend could expose a NSS position. Keeping up licenses and not allowing everything to dissolve would help keep the plan intact.
Releasing press releases and taking action is part of a plan. Did Patrick Byrne rollover and play dead when it came to OSTK. Was his plan to play dead and do nothing. Should that ever be a plan?
My distinction between intentions and duties were totally circumnavigated in your post, but, we can examine "the plan" for now.
FFGO has an intent, but, not a duty to distribute a cash dividend?? The dozens of press releases promising a cash dividend immediately following the sale of the gold mines are more clear to me than Wyoming Statutes. Allowing FFGO to hide behind Wyoming Statutes is no better than allowing NSS violators to hide behind loopholes in the law. Both FFGO and market makers made promises either to deliver a cash dividend or deliver real shares that shareholders purchased. Both have a duty to fulfill those promises.
I agree that FFGO and other OTC companies have a harder time organizing against any criminal NSS or other actions. The legal "hassle and risk" for large companies are a good thing because it draws more attention to any wrongdoings. Which is what we need at FFGO. Attention. A revocation is public and draws attention. It doesn't highlight any NSS. It doesn't fight NSS. It locks it up in a box. I would rather draw legal and political attention to it, allow a company to trade and have the DTCC or other entities force them to cover the shorted shares. I imagine that you will tell me that the revocation is a tool to force the coverage of NSS shares to occur AT THE DIVIDEND price. First, there must be a dividend. Next, they would have to acknowledge the NSS. Finally, the NSS holders would have to be forced to cover at this price.
I am not sure how a revocation makes all the above conditions more likely to occur?
That would make some sense if there was action undertaken in some kind of relative time frame. Asking for a revocation and a freeze to clear up NSS would be a temporary thing that a company would likely put out a press release to alert shareholders of their intentions. I am not sure if you can "self-revoke" in the first place. I don't see Apple stock putting out a freeze and revocation and not telling shareholders or the public about it. They would not hold their shareholders hostage.
You have been incorrect about the 3% interest for a very long time. Let me quote the passage and explain how it works.
ITEM 1.01 ENTRY MATERIAL AGREEMENT
On August 12, 2010 the Company’s wholly owned subsidiary Western Diversified Mining Resources, Inc. (“Western”) entered into an agreement with North American Gold & Minerals Fund (“North American”) pursuant to which North American agreed to acquire Western’s 23.22% shareholding in Bouse Gold Inc. (“Bouse Gold”) and Western’s 46.84% shareholding in South Copperstone Inc. (“South Copperstone”) for North American preferred stock valued at US$258,073,107, or US $0.003449 per share of the Company’s issued and outstanding common stock. The North American Series A Preferred Stock that will be issued under the Agreement has liquidation and dividend preferences that apply to future distributions from Bouse Gold, Inc.; the Series B Preferred Stock has liquidation and dividend preferences that apply to future distributions from South Copperstone, Inc.. The valuation of US$258,073,107 is based on the liquidation preference of the preferred stock, which is US$16.00 per share for the Series A Preferred Stock and US$2.20 per share for the Series B Preferred Stock. The annual non-cumulative dividend preference for both[/i Series A and Series B Preferred Stock is 3% of the respective liquidation preference. Both the Series A and Series B Preferred Stock may be redeemed by the North American Gold & Minerals Fund at any time after January 1, 2011at a cash redemption price equal to the liquidation preference.
Note these passage from Wikipedia
In general, preferreds have preference to dividends payments. A preference does not assure the payment of dividends, but the company must pay the stated dividend rate before paying dividends on common stock.[4]
Preferred stock may be cumulative or noncumulative. A cumulative preferred requires that if a company fails to pay a dividend (or any amount) below the stated rate, it must make up for it at a later time. Dividends accumulate with each passed dividend period (which may be quarterly, semi-annually or annually). When a dividend is not paid in time, it has "passed"; all passed dividends on a cumulative stock make up a dividend in arrears. A stock without this feature is known as a noncumulative, or straight,[5] preferred stock; any dividends passed are lost if not declared.[6]
Cumulative preferred stock—If the dividend is not paid, it will accumulate for future payment.
Non-cumulative preferred stock—Dividends for this type of preferred stock will not accumulate if they are unpaid; very common in TRuPS and bank preferred stock, since under BIS rules preferred stock must be non-cumulative if it is to be included in Tier 1 capital.[9]
You see from the FFGO filing that we are NONCUMULATIVE meaning that any PASSED dividend opportunities will NOT be made up in arrears. There is no 3% interest accruing each year since 2010. This is simply not true. The 3% number is an arbitrary number referencing the fact that if NMGL were to pay a dividend under 3% they would have to make it up and pay it at a later date. There is no payments under 3%. There are no payments at all. Being NONCUMULATIVE, there is no penalty or obligation to make up any dividends at a later date. You have thought that this passage was a good thing that guaranteed you future interest payments. This is a bad thing that guarantees each quarter or year or any time frame will not obligate NMGL to pay a dividend. If you don't believe me and Wikipedia, run it by a lawyer.
It is one thing to be "right" about something. It is another thing to be able to do anything about it. I know that FFGO used to trade at $5 around 2005. Granted, the share count was much smaller. I remember looking at it a few times. I cannot access these historical charts because FFGO doesn't trade any more. Now, I cannot access our FFGO website. I provided around 36 links to 8 different lawyers. Even the ability to access links will probably slowly go away as time limits on their access expire. No one wants to take our case, so far, in my experience. I welcome anyone to take up the torch and pursue the lawsuit. I am pretty well done pursuing this. At least, this is my feeling right now.
Maybe we will get action after 6 years like "Alan C" but it is a low probability I think, but, it could happen.
Good deal!!
I agree that there are more pieces to this puzzle than we are aware of. I hope that shareholders will be rewarded. I think that we need to do a little more than staying the course though. I sent out 3 emails to 3 different lawfirms this weekend. I got one email response back from a specific individual. I sent a long detailed email to this individual. I will call this individual today.
Legal or not. If a company or entity were breaking ground on a gold mine without our knowledge, I find that disturbing.
If this were true, that means that NMGL and all minority shareholders must have gotten together and agreed to extract gold from the mines WITHOUT filing ownership, WITHOUT filing permits, WITHOUT filing with the SEC or state and federal support, WITHOUT a myriad of other measures least of which notifying or compensating shareholders.
Of course, this is a sign that a dividend is coming LOL. IF this were true, should we be concerned more than a google search?? The lack of DD and jumping to conclusions is amazing.
Scorecard--Here are the genuine and legitimate actions that you requested along with the disingenuous actions while I am at it.
I should first preface that the list includes things that, if taken at face value, are genuine and legitimate.
1) Selling the gold mines
2) Filing the NMGL A&Bs
3) Filing the "Sloane" purchase at "dividend" price
4) A-H list and FAQs
5) Not directly canceling the dividend at any time
6) No criminal actions undertaken against the management of FFGO or NMGL. They still look good on paper
7) A historical dividend paid in the past
I will also include the disingenuous list. I want to preface this by saying that inaction is action. Inaction is a choice not to act.
1) No cash dividend after selling the gold mines
2) Dozens of press releases after FFGO knew that both buyer and seller would not be delivering cash
3) Press releases right up to the day that the gold mines were sold that still promised a cash dividend
4) FFGO receiving compensation for sale of the mines in the form of NMGL A&Bs and not compensating shareholders with those NMGL A&Bs both before and after revocation.
5) Revocation from lack of filing
6) No buyer after 3 years
7) Revocation of Bouse and S. Copperstone mining shares on 3/13?
8) Business, tax and other license dissolutions
9) Lack of quarterly or annual communication
I have already determined that NSS in FFGO is not the cause of NMGL failure to deliver a dividend. The face value cause is that NMGL has not found a buyer for the remaining portion of the mines. So, no one owns 100% of the mines. So, no one can sell 100% of the mines. I cannot blame NSS for that.
I don't believe examining why FINRA daily numbers and Bi-monthly numbers do not gel is foolish. You should be able to track volume day by day and it should add up. It should be something that you can calculate and track. There are some discrepancies to say the least. There are some outages to say the least. These events can even be experienced. When FFGO traded, buys were usually executed in seconds or minutes and sells were executed in months or not at all. If market makers show buy orders equal to sell orders from individual investors, a sale should result. There were several market makers that had billions of shares on the bid, but, you were not able to ask (or sell) your FFGO shares. If there were no NSS or any "problems" then Level 2 data would have instant buy and sells. I have never seen that before. It is something that was experienced.
RoadLessTraveled, you bring up some interesting areas of focus. There is a reluctance for some parties to even acknowledge that the company has done anything wrong. There is a reluctance for other parties to even acknowledge that NSS exists or could exist in FFGO.
There should more focus on action. You cannot achieve any actionable results if many possibilities are left off the table. To get legal or regulatory action, you have to focus on what is a specific reality now and then move outward on what could be a reality.
Shorty has been a reality for a long time, to me. That is more of a static thing. The company's inaction and intent is dynamic as the inaction has consequences that unfold in a legal and financial way. I have been shifting my focus on this unfolding trend.
I agree that the company (NMGL or FFGO) may be no help in getting relief from any NSS or even a dividend. As far as speculation that the company might actually have participated in NSS, I don't know. If the company was actually involved in NSS, any lawsuit would become much easier in my opinion. Intent and fraud would be very clear. Right now, for me, it is cloudy. There are actions that the company has taken that seem genuine and legitimate, there are actions that are fraudelent in my opinion.
I have contacted several lawfirms. I have 3 more lawfirms that I intend to contact very soon.
I don't believe that anyone has said that shorty has to pay a dividend. What has been explained is that the dividend might be a trigger to expose a NSS position in FFGO. If a dividend were declared and NMGL A&B's were ready to be exchanged for shares of FFGO shares there could be a huge problem. The NMGL A&Bs were based on the shares that are SUPPOSED to exist in FFGO. If there are more shares of FFGO (naked shorted or very late FTDs LOL) then those additional shares would need to be covered. Which leads us to your possible misinterpretation of shorty paying a dividend. Shorty might be forced to cover at the dividend price for all his NSS shares of FFGO. Shorty is not paying a dividend. Shorty is covering his NSS at a dividend price. Two entirely different things. I am glad we could clear that up.
Who is pursuing NSS?? We are trying whether you can see it clearly or not. Phone calls, emails, etc. We are not setting the world on fire with our progress, but, I see a slow but steady effort being made. The time may be running out, but, there may no time limit or statute of limitations for NSS. If you can link a time limit for prosecuting NSS then let me know.
True, the current Knight lawsuit may show that Knight may not have directly "stole" money in a direct way. That might be true. What might also be true is that IF records of all Knights dealings were turned over to the court then there might be NSS or atleast some very late FTDs found in many companies including FFGO.
As far as NSS in OTC BB and Pink sheet markets... Have you wondered why there is more speculation and accusation in these markets regarding NSS?? I imagine you know the best possible answer. For example, in a regular market a penny might represent less than 1/100 of a single percent. In OTC markets a penny might represent 1000% or more. So, a move from a thousands of a penny or two is percentage wise a much greater profit margin. If we can get any kind of volume behind it, it does begin to pay off. Add the passitivity and other factors and you make it easier to hide the NSS. I am sure you will present other reasons. This really is the reason that you hear about it more in OTC markets.
Tom Sawyer and others DID talk to regulators regarding NSS. They have not given an explanation. If it was as simple as "self correcting" in the Bi-Monthlies they would stated such. They said repeatedly that they would look into it. What did they find???????????
an egregious waste of time.??? Yes, in a world where there is a Facebook class action lawsuit for $20 million where every participant can get a literal $10 settlement. No, we don't want to address real crimes... We don't want to look at market makers such as Knight Capital that is being sued for over $400 million dollars who stole large sums of money from investors. The same Knight Capital that was a market maker at FFGO for years on end!!! We don't want to investigate why FINRA data would show 90% short volume day after day, year after year, irregardless, of whether it may or may not appear to "correct" itself in any bi-monthly report.
Speaking of shorty, in what kangaroo court would he ever have to pay hundreds of millions of dollars on a dead, undeclared dividend that even the company principals have long abandoned?
???? If market makers sold shares, but, never bought them back, i.e. naked short selling, then they need to correct that crime. This was a $5 stock that was cellar boxed to .0001. The company may have been able to have a better chance of staying afloat without the naked short selling. These are crimes against the company and shareholders. Whether the dividend is abandoned or not does not change the nature of the crimes that the market makers have perpetuated.
Yes, I know that the company also is liable for fraud and deception. With the dozens of press releases and prior knowledge and collusion, FFGO and NMGL should be held liable for any crimes they may have committed.
No "kangaroo court" here. A court addressing these issues might actually accomplish something good for society. Instead, we have lawyers that like to make an easy million or two to pay someone $10 per head. $10 helps no one. THAT is a kangaroo court!!
FFGO is more difficult than a huge company with a large cash reserve to attack. The lawyers here might be trailblazing history. The settlement is less certain and known, but, certainly more worthy for all class action participants!!! There is groundbreaking history to be made here!!
I have a personal testament to those new rules in effect. I was a class participant in Wagner V. Travelers Settlement Fund and received two (small) payments in the settlement. Part of the second payment read:
This additional benefit is being mailed to you pursuant to a Court order instructing the Settlement Class Administrator to allocate the unclaimed funds to all class members who negotiated their initial benefit check, and whose pro-rata share of the unclaimed funds is $25.00 or more.
It appears someone has broken the law here in the way that you were dealt with, Rocket. Unfortunately, there have been many broken laws regarding the players and participants surrounding FFGO if you know what I mean. The laws are right there in black and white. I know I have sent a few black and white violations to some lawyers already. I guess I have to keep trying.
Thought I would share my experience...
A NITE audit of their retail brokers from August 2010 would be nice, indeed.
7 years is a lot of suffering, especially, when someone did something very wrong. I have lost money before. I imagine everyone has. This is different here. I hope HGLC will work out for you.
SevenTenEleven, very true, here's a list I have so far of lawfirms lining up against Knight Capital.
Rigrodsky & Long,
Levi & Korsinsky,
Block & Leviton,
Stueve, Siegel & Hanson,
If you have more names, please advise.
When you look at these filings, these guys paint themselves as they are the greatest thing since sliced bread. 277 pages. Link below.
http://www.otcmarkets.com/financialReportViewer?symbol=GNCP&id=90762
Read each participant's biography in the filing. They look great on paper. Being a shareholder since 2009, or should I say being ignored since 2009 has been a different experience. Their actions do not match their words for the most part.
Like you have posted, $3,200 is not $800,000. This does not track. I agree, this promise to get current in June should not take 6 months and counting, even if you file 277 pages again. I bet a person could copy and paste 50% of the above filing and make a few new changes, etc. Doesn't take 6 months or $800,000. I also agree that if any buyer looks at anything besides a filing such as the above link and actually looks at all the filings (or lack thereof) and corporate actions over the years, they would be getting some red flags. A buyer would question lack of filings and corporate actions. A buyer would be working with this company and needs to know that they can trust the company they are buying from. Private assay reports, failures to file, not following through on past commitments, keeping past shareholders and clients in the dark would ALL be red flags to a buyer. No public listing and letting shares of Bouse and S. Copperstone mines expire is beyond a red flag, it is a huge obstacle.
I agree that no one has credibly refuted what March 12 will do to shares of Bouse and S. Copperstone gold mines. Though, I do not know if this a virtual death blow or not??? I still own FFGO shares despite the shares being revoked. I will still be tied into shares of the BGI & SCI gold mines even if they are administratively dissolved. I know it COULD be a virtual death blow. I cannot argue that it COULD be over and we would not know it for sure. Being revoked and dissolved and expired are all bad things. They COULD be a virtual death blow.
This leads me to my last point where you mention finding the truth. I don't know what the real or final truth will work out to be. For me, I would need some kind of legal action such as principals of FFGO being indicted for a crime and it being reported that the dividend will never be paid and so on. Or, I would need a lawyer to finally take my case (I have tried 5 lawfirms so far) and compel legal documents or testimony that would allow me to know if 1) the gold mines have gold in them and their value 2) the status of minority shareholders selling their shares of the mines 3) the status of any progress to buying the mines 4) actions or progress toward the promised dividend 5) the illegality of promising a cash dividend in press releases and failing to deliver 6) FFGO receiving NMGL A&B's without shareholders receiving them and on and on. OR, we get word that the company has been working on delivering a dividend after all. OR, we find out that the 90% short volume every day for years will be settled with a cash settlement for FFGO shareholders for the NSS.
You see, to have something expire or dissolve does not answer these questions for me. I can guess or surmise at the above questions. It is not black and white to me, atleast. I would need a definitive answer to some of those questions. I may never get the real truth....
Thank you, that is quite an interesting story. It is hard to imagine that brokers got away with staggering the time and the price of HGLC opening day share distributions. Everything you said about Facebook in your example is true also. Facebook WOULD have fallen below the IPO (initial price offering) share price of $38 on its FIRST day of trading!!! Market Makers/brokers/underwriters bought every single share that anyone requested on the first day. It may be part of the reason that they opened trading late that day for Facebook stock. It was a committed, guaranteed thing for the IPO. That's why the low and close was at the IPO price the first day. The NEXT day and many days after, the price fell day after day. Thanks for the post...!!!
I have heard all kinds of theories to try to explain away 90% short volume. Best case scenario, these explanations might have happened sometimes. Not everyday for years on end. I would agree that no other stock has been shorted like this. But, FFGO like HGLC appears to be on the ignore list. I don't think that any filing by NMGL will change that. I don't know, besides legal or regulatory action would compel any change.
I am not sure exactly how to take this information. It is a positive or a negative?
On one hand, bringing NMGL current would be helpful in the big picture of the dividend.
On the other hand, does bringing NMGL current do anything to help our dividend? There may be only so much time left to "wind down" business affairs, pay dividends, retain active shares in the gold mines, etc. etc.?? I don't understand why it would take $800,000 to do some company filings. I can't even imagine a filing costing more than $10,000 per filing. It should be much less. There is 80-100 filings worth of money there. There is only a handful of filings that need to be completed?
This $800,000 has interest. I am sure that will be pretty well ignored in relevance. The $258,000,000 when we sold the gold mines had a 3% interest attached to it and additional penalties. Simple interest for 3% is $7,740,000 per year * 2 years and counting = $15,480,000++ I see no hurry for NMGL to get these gold mines sold. We have not bought 100% of the gold mines, so, we cannot buy 100% of the gold mines. I really doubt that any real cash or real event has happened in the last 2 years. I don't believe that it takes $800,000 to file some filings and I don't believe that a company would make no progress as over $15 million dollars is wasting away. It makes me question the validity of these transactions.
If this is the kind of overestimation that NMGL has done, it makes me question the value of the gold mines and why they have not been bought or sold.
Can you elaborate on this? What were the % of the dividends? Were there record dates or did they show up in shareholders accounts. I have heard that the dividends were very small. If FFGO pays a 3300+% dividend on this current dividend, I would imagine it would eclipse all previous dividends combined. Fill me in. Thanks.
Still haven't heard of anyone writing off their shares for any reason while there is still some chance of a positive outcome!!!
Personal responsibility should be taken when prices fluctuate due to investors perceptions to what a stock should be worth. Personal responsibility should be taken when companies act within the scope of reasonable expectations. Share dilutions or loans are to expected if a company needs time to develop a product or get government approval, etc. It is up to the investor to investigate whether a company has enough cash and resources to bring a product to market. There are many things investors and companies do that are "reasonable" for an investor or company to do.
Some things are directly unreasonable. FFGO directly lied about selling 100% of a gold mine. FFGO did not have support of the minority shareholders. It did not have a cash buyer. When a company directly lies in dozens of press releases, to me that is a direct crime.
penny stock scam victims like those here at FFGO are never compensated, nor should they be. whatever happened to personal responsibility for ones decisions?--alien42
I take some personal responsibility for my future actions. I stopped investing in penny stocks after FFGO. I take some responsibility for believing something too good to be true. I justified the 3400% return on investment as a "one time" goodwill gesture to build goodwill for Stephen Craig Lumb and FFGO both who needed an image boost. I figured that FFGO was going out of business and wanted to boost their image for the future.
It might sound somewhat naive in retrospect, but, at the time it seemed plausible. I don't think that myself and others DESERVE to never be compensated as you are suggesting. We should learn a lesson, but, I don't think allowing criminals to lie and steal from us should be accepted. It sends a bad message to entire markets when criminals are allowed to evade punishment for their crimes.
I take some personal responsibility to try to "fix" whatever problems that exist. If FFGO and NMGL are on the level, after all, then great, they can clear up the misconceptions. Otherwise....
We should be able to get help on a contingency basis. If not, then we might have to consider such options as that...
I have tried one law firm so far that is specifically going after Knight Capital. I even emailed the specific lawyer in charge of the case. At first, he emailed me back trying to arrange a time to talk. I sent several possible days and times, but, have heard nothing back in 4 days... I did my best, in writing, to explain the connection between the current Knight case and our proposed case for FFGO.
I believe you could do a much better job with your expertise with Knight Capital. It might take dozens of lawfirms to find the right one that might take our case. I have reached out to 5 lawfirms so far. You would be a great spokesman for helping us find a lawfirm.