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Regulation SHO List scandal ? Do the regulators need regulating
now ? What a crooked mess.
Regulation SHO Threshold List Gets Confuser and Confuser As Listings 'Disappear'
Jan 18, 2005 (financialwire.net via COMTEX) -- (FinancialWire) Is it a bird, or a plane? Regulation SHO seems anything but Superman as it is confusingly played out at the NASDAQ (NDAQ) trader site, whose latest oddity is the sudden and inexplicable disappearance of all but one Pink Sheets listed Company, MPTV Inc (MPTT), and all but nine companies listed on the OTC Bulletin Board on its widely publicized "threshold list."
Some companies, such as Isonics (ISON) and Taser International (TASR) might have expected to be listed on the now almost decimated list of only 110 securities, but the sudden disappearances are surprising, especially as most observers of naked short selling expected the list to be many times what it has been so far, and have no idea what happened to companies representing the largest trading platforms, widely expected to contain hundreds if not thousands of "failed trades."
Some detractors have just thrown up their hands, calling the whole thing a "charade," planned from the beginning, especially since the original listings just ignored the claimed millions of over-the-threshold "fails" that pre-existed.
"The pre-existing fails were just so far out of control to be beyond comprehension," said one, "perhaps enough to bankrupt the entire financial industry, so it is not surprising the regulators just 'grandfathered' those into the system, in effect wiping them out and starting fresh."
Others believe the lists and everything associated with them should have been and should be fully transparent. David Simon, chair of Smart Chip Technologies (SCTN) said his company's appearance, before it was among those that mysteriously vanished, on the threshold list, was "expected" but wanted to know how the company could "find out the amount of naked shorts outstanding?"
" Trading securities without ever settling is the selling of counterfeit stocks," said David Patch, editor of Stockgate Today electronic newsletter. "General Electric's (GE) CNBC reporter Ron Insana called this manipulation on his Friday Street Signs show."
According to Patch, Regulation SHO requires the release of "threshold securities" by each market center based on a simple calculation. Failed trades are calculated as a percentage of totals outstanding and if the percentage exceeded .5% of the outstanding for 5 consecutive trading days your company was required to be listed. The list, by SHO, is required to be published daily and those companies on the list would remain there until such time as the fails are brought below abusive levels for a similar 5 consecutive trading days. The data used to create the list comes from the industries central settlement system itself the National Securities Clearing Corporation (NSCC).
The threshold list has been published since January 10, and there have been questions about the list since it began. Hundreds of companies that were listed on FinancialWire after they claimed over the past year or two that their trading reflected patterns suspected of being illegal naked short sales, and none of the companies sued by the O'Quinn law firm that has sued the Depository Trust Corporation (DTCC).
According to Patch, the listings so far have been unsatisfactory and even not believable. For instance, pink sheets companies that were non-reporting were supposed to be omitted from the list, but he said as many as six that had been delisted by the SEC for failing to maintain proper finings, such as Infotopia and Dr. Koop, were mysteriously included. So were companies that had ceased trading altogether.
Says Patch: "When the SEC de-listed Infotopia, Dr. Koop, and some 80 other Pink Sheet Companies over these past few months they were notified of the possibility that these companies were driven into financial ruins by illegal trading of counterfeit securities. Wall Street was overselling these securities and driving the stocks into oblivion. They oversold without and cause or concern for settling trades because the SEC was going to assist them by shutting these companies down. Wall Street was ignoring their obligations, under the Securities Acts of 1933 and 1934 to properly seek out and obtain a certified share for the investor and the de-listings would create the virtual impossibility to settle the trades. The data would be captured forever that illegal shares were sold. With the recent publication of the NASDAQ's list, the NASDAQ disclosed the fraud."
Patch also wants to know if the companies with extended fails that persisted prior to the implementation of Regulation SHO will ever have to be settled. "For how long will the SEC allow these fails to stay on the books because the members refuse to seek out real shares in the open market to settle what they sold?"
Prior to the mysterious vanishings, the list at http://www.nasdaqtrader.com/aspx/regsho.aspx , initially included 374 stocks on the NASDAQ list, including 96 on the exchange, 29 OTCBB and 254 on the Pink Sheets.
General Electric's (GE) "Dateline" is said to be on the verge of a major expose that will reportedly touch on possible collusion between brokerages that are purportedly impossibly behind in their fails to deliver certificates, the Depository Trust Corporation, whose "Stock Borrow Program" reportedly garners it almost a billion dollars a year in fees for what detractors call "counterfeit trades," and even the vaunted U.S. Securities and Exchange Commission itself, which makes a fee on every stock transaction, whether legitimate or not.
The recent Securities Industry of America symposium on Regulation SHO, which was supposed to curtail illegal naked short selling, only further deepened the U.S. Securities and Exchange Commission divide as a dramatic ' some say startling ' new 22-page working paper, "Strategic Delivery Failures in U.S. Equity Markets," was published.
The referenced working paper by University of New Mexico Professor Leslie Boni was initiated while the author was visiting financial economist at the SEC.
She termed the "failures to deliver," which litigants have called "counterfeiting," as being "pervasive."
The professor said that a whopping 42% of listed stocks at the New York Stock Exchange, NASDAQ and AMEX, and 47% of unlisted stocks in the OTCBB and Pink Sheets had persistent fails of 5 days or more with 4% being above the SEC's threshold limits for failures.
The economist pointed to a study conducted by Evans, Geczy, Musto, and Reed in 2003 that provided evidence that while the SRO's have buy-in requirements, such buy-ins almost never occur. She noted that an audit of one market maker showed that all or a portion of shares in 69,063 transactions during 1998-1999 were "fails to deliver."
"The market maker was bought-in on only 86 of these positions," she stated.
Dave Patch, editor of "Stockgate Today," said that his own review of the Securities Acts of 1933 and 1934 finds no reference to "strategic failures." In fact, he said, Section 17a of the 1934 act "mandates prompt and accurate clearance and settlement of trades, and the admission of Strategic Failures is also in direct violation of Rule 15c6-1."
Rule 15c6-1 defines the settlement cycle for trades executed and states that no Broker Dealer may enter into a contract for the sale of a security whereby the payment for that security and the delivery of that security is greater than 3 business days. For market making activities there is a slight exemption from the delivery in a Bona Fide Market Making activity but as the SEC and SRO's have repeatedly stated, Bona Fide Market making is not simply supporting the best offer in a naked short sale without also representing the best bid or near best bid in a long trade. They must be actively making a market on both sides of trading to use the exemption, noted Patch.
Robert Shapiro, chair of Sonecon LLC, an economic advisory firm and former Under Secretary of Commerce from 1998 to 2001 and principal economic advisor to President William Clinton in his 1992 campaign, has expressed "serious concerns about the impact of the final version of Regulation SHO regarding short sales on the equity and transparency of our equity markets."
Shapiro holds a Ph.D. from Harvard University and has been a Fellow of the National Bureau
of Economic Research, the Brookings Institution, and Harvard University.
Shapiro said the SEC is correct to broaden the terms of regulation of short sales, and applauded the section directing broker dealers to mark all equity orders as "long," "short" or "short exempt." More important, he said, the new "locate and delivery" requirements could substantially reduce stock manipulation carried out through naked short sales -- but only if those requirements are
widely applied and strictly enforced.
"Unfortunately, Regulation SHO does not meet either of these two standards. The troubling result is that the Regulation, in effect, establishes an official level of tolerance for unsettled or naked short sales," Shapiro charged.
Shapiro said he strongly concurs with the comments of the North American Securities Administrators Association (NASAA) on the draft rule, which said NASAA was "unable to determine why the Commission proposes to permit significant settlement failures at all. While there are instances when settlement may be legitimately delayed, existing regulations provide for extensions for settlement. If the Commission continues to allow settlement failures, it may well facilitate the harm that the proposal is designed to remedy."
"Until Regulation SHO, this economic counterfeiting has been facilitated by electronic record keeping and the apparent practice of the DTCC and its subsidiary National Securities Clearing Corporation (NSCC) of often disregarding persistent unsettled short positions. With Regulation SHO, the SEC has provided its implicit imprimatur for the same practice in cases covering the vast majority of public companies and billions of dollars."
Shapiro urged the SEC to "reconsider the provisions of Regulations SHO and, at a minimum, apply the 'locate and delivery' requirements for threshold securities to all short sale transactions, and adopt a zero-tolerance policy for significant settlement failures. American investors should feel confident that the SEC will ensure the integrity of every equity transaction they undertake and fully protect their right to receive what they have paid for."
Twenty civil cases have now been filed by O'Quinn, Laminack & Pirtle, Christian Smith & Jewell, and Heard, Robins, Cloud, Lubel & Greenwood, LLP, all of Houston, Texas. The consortium of law firms, famed for the giant awards they obtained suing tobacco companies. The group recently brought suit against the Depository Trust and Clearing Corp. for allegedly participating in the short-selling conspiracy through its "stock borrow" program which the attorneys say is nothing more than an illegal electronic printing press for stock certificates.
Lead counsel John O'Quinn said: "We are committed to the relentless pursuit of justice."
In comments to the U.S. Securities and Exchange Commission, C. Austin Burrell, who is providing litigation support and research for the law firms, said that StockGate is more massive than anyone may have imagined. "Illegal Naked Short Selling has stripped hundreds of billions, if not TRILLIONS, of dollars from American investors," and have resulted in over 7,000 public companies having been "shorted out of existence over the past six years." Burrell said some experts believe as much as $1 trillion to $3 trillion has been lost to this practice.
He stated that the restrictions on short selling were deliberately put into the Securities Acts of 1933 and 1934 because of the first-hand evidence then available that the "sheer scale of the crashes was a direct result of intentional manipulation of US markets through abusive short selling by a massive conspiracy."
Burrell noted that the 65-lawyer team presided over by lead lawyers Wes Christian and John O'Quinn has uncovered more than 1,200 hedge fund and offshore accounts working through more than 150 broker-dealers and market makers in a joint cooperative effort to strip small and medium size public companies of their value.
According to lawyer Christian, et.al., the DTC is at the very heart of the problem, and has almost a billion dollars a year at stake in keeping the problem.
The Depository Trust Company (DTC) is a member of the U.S. Federal Reserve System, a limited-purpose trust company under New York State banking law and a registered clearing agency with the SEC. The depository supposedly brings efficiency to the securities industry by retaining custody of some 2 million securities issues, effectively "dematerializing" most of them so that they exist only as electronic files rather than as countless pieces of paper. The depository also provides the services necessary for the maintenance of the securities it has in "custody."
According to the suit, the DTCC has an enormous pecuniary and conflicted interest in the entire short selling scandal through the huge income stream they were realizing from it every day. They have made literally billions of dollars lending individual real shares, in most cases over and over, getting a fee each time they made a journal entry in the "Stock Borrow Program."
The Stock Borrow Program was purportedly set up to facilitate expedited clearance of stock trades. Somewhere along the line, the DTCC became aware that if it could lend a single share an unlimited number of times, it could collect a fee each time, according to Burrell. "There are numerous cases of a single share being lent ten or many more times," giving rise to the complaint that the DTCC has been electronically counterfeiting just as was done via printed certificates before the Crash.
"Such re-hypothecation has in effect made the potential 'float' in a single company's shares virtually unlimited and the term 'float' meaningless. Shares could be electronically created/counterfeited/kited without a registration statement being filed, and without the underlying company having any knowledge such shares are being sold or even in existence." Burrell said the Christian/O'Quinn lawsuits will seek to show that the "counterfeiting/creation of unregistered shares is a specific violation of the Securities Act of 1933, barring the 'Sale of Unregistered Securities'."
One lawsuit alleges that the DTC has a colossal disincentive to stop the "stock borrow" program, booking revenues from services of $425,416,000 and similarly, the NSCC deriving revenues of $293,133,000.
Further, the suit alleges that "open positions" resulting from this activity at the close of business on December 31, 2003, "approximated $3,025,467,000" due to NSCC, and $2,303,717,000 due by NSCC, and unsettled positions of $721,750,000 for securities borrowed through the NSCC's "Stock Borrow Program." The largely unregulated DTC has become something of a defacto Czar presiding over the entire U.S. markets system, wielding more day-to-day influence and control than the SEC, the NASD and NASDAQ combined.
The Depository Trust and Clearing Corp.'s two preferred shareholders are the New York Stock Exchange and the NASD, a regulatory agency that also owns the NASDAQ (NDAQ) and the embattled American Stock Exchange.
In their comments to the SEC regarding Regulation SHO in January, 2004, the 50 state regulators, through their association, the North American Association of Securities Administrators (NASAA) issued what many consider to be a strong warning that if the DTC is not dealt with in the final regulations, state regulators such as New York State Attorney General Eliot Spitzer may step to the plate.
In what many considered to have been explosive comments, Ralph Lambiase, NASAA president and Director of the Connecticut Division of Securities, warned "NASAA urges the Commission to reconsider its stance regarding the role of the Depository Trust and Clearing Corporation (the DTC). As a threshold matter, NASAA believes that the Commission should explicitly prohibit the DTC from lending more shares of a security than it actually holds. The ability of the overall proposed rule would be severely impared unless the Commission undertakes to implement such a prohibition."
For up-to-the-minute news, features and links click on http://www.FinancialWire).net
FinancialWire) is an independent, proprietary news service of Investrend Information, a division of Investrend Communications, Inc. It is not a press release service and receives no compensation for its news or opinions. Other divisions of Investrend, however, provide shareholder empowerment platforms such as forums, independent research and webcasting. For more information or to receive the FirstAlert daily summary of news, commentary, research reports, webcasts, events and conference calls, click on http://www.investrend.com/contact.asp
Listen to StreetSignals" (Investrend "ON-THE-AIR") "live" Saturdays from 9 p.m. to 10 p.m. on Business TalkRadio Network stations coast-to-coast, or right now on the web at http://www.StreetSignals.com
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http://www.investors.com/breakingnews.asp?journalid=25005536&brk=1
Win.
Has anyone noticed the increase in bashers here lately ? Hmmm, it's a good sign when we see them work their tiny little buttheads off like this. GO NMCX!
Win.
Buttfever, since when was a president the same thing as a CEO ? CEO = Chief Operating Officer. You have absolutely no brain.
Win
Mr. Biz, good posts. We have like minds. This company is going through a metamorphosis with the new CEO. He has already caught my full attention.
Win.
"SHO could move potential threshold stocks upward early": Merryl Lynch
'Mary Ann Bartels, global equity trading strategist at Merrill Lynch reports that Regulation SHO could result in higher borrowing costs and put upward pressure on threshold stocks. "Short interest as a percentage of float should become the more important ratio measure to determining stock potentially at risk of moving on to the threshold list," writes Bartels in her report published on Dec. 21, 2004. "A market impact could happen earlier than expected as potential threshold securities stocks could become more attractively traded in the beginning of the year as the market begins to anticipate future movements in these stocks."'
http://www.tmcnet.com/usubmit/2005/Jan/1104741.htm
This DNAP board has become a garbage pail for professional bashers, just the way that the DNAP Raging Bull board did. Too bad that these sites don't allow 'cleaning house' . But, if newcomers would like to see real news/research/discussion on DNAP then go to to the 'Napheads 2' board. It's the only (private) board where bashers and liars can be banished instantly with the simple click of a mouse by the moderator.
And....it's free.
Now....watch the bashers bash me for posting this. It's part of their job you know, sad as that is.
Here you go for the new 'moderated site':
http://ragingbull.lycos.com/mboard/viewclub.cgi?board=CLB01189
Win.
USGrant, I've lost my link for the Napheads board. Would you be kind enough to post it for all of us ? Thanks !
Win.
Dr. Cal, I hope you are buying back into DNAP when the price falls like this. I have, on occasion, sold a few shares of DNAP on spikes, solely for the purpose of increasing my shares. I'm not interested in profit at this point, just shares ! Someday, there will be no more 'penny stock' label attached to this company. Get'em while they're cheap.
Win.
Arch,....
I've been here for years and I love your simple honesty and conviction about DNAP. I just thought you would like to know that there are a few of us who thank you for all you do to keep us informed with the news on DNAP and their competitors and even sometimes, your own personal thoughts. You're an asset to DNAP and I appreciate your having devoted so much time to doing all your news research in this field. We ancient shareholders in DNAP are really enjoying our investment more and more, thanks to all your news articles. CUDOS to you and thanks !
Win
News: Serial rapist's race disclosed by DNAP:
http://ragingbull.lycos.com/mboard/boards.cgi?board=DNAP&read=311826
Win.
Chris, I don't know about you, but I'm looking forward to 'move in' day ! Can you imagine that happening ?
Awesome.
Win
Miss Scarlet, I've been with DNAP since the very beginning ! Although I never lost complete faith, I did get mighty "itchy" for them to get on with their original plan. The roadblocks have been numerous. It has been a VERRRRRRRRRRyyyyyyyyyy long wait. Last week I bought another block of shares at .0135, BTW, just so you know how much 'faith' in DNAP I had left, lol...
Win
Finally, DNAP can do what it set out to do. This news is beyond wonderful. My faith is restored...........
GO DNAP !!!
Win
WoW, read this...NEWS Headline:
Can't get the link to work:
DNAPrint(TM) genomics, Inc. Agrees to Acquire Majority Ownership in German Pharmaceutical Company Biofrontera AG; Secures $35 Million Equity
WOW, this is the beginning folks, hope you like the ride up !
Win
Hmmmm, this was in my mailbox:
http://www.investors.com/breakingnews.asp?journalid=23273681&brk=1
'Analyst Buy Recommendation' Menu Features Five 'Independent' Research Providers
Sep 28, 2004 (financialwire.net via COMTEX) -- (FinancialWire) Raising more eyebrows in a research industry still struggling to convince the financial markets of the independence, professionalism and ethics of fee-based providers, several research analyst firms, including JM Dutton & Associates, Taglich Brothers, Sands Brothers, Manage Source Research and Laguna Research Partners are shockingly represented by FinancialNewsUSA as offering "Analyst buy recommendations" for a fee as part of a "Menu of Financial Services."
Some of those, such as Manage Source and Dutton, have been cited by various media, such as Forbes and Businessweek, a McGraw-Hill (MHP) publication, of slip-shod or non-existent compensation disclosures related to announcements of coverage of such companies as EasyLink (EASY), HydroFlo (HYRF), and Nymox (NYMX).
None of those listed by FinancialNewsUSA have subscribed to the industry's "Standards for Independent Research Providers" while proclaiming in interviews to CFA Magazine, to the SEC, and to various media that they follow "stringent" ethics.
"We follow a very strong code of ethics here," Dutton told CFA Magazine.
Perhaps more troubling is the menu option that allows subscribing public companies to pay in stock: "Use a 'C' for payments in cash and an 'S' for payments in stock."
CFA Magazine says its task force with the National Investor Relations Institute proposes that analysts:
"Accept only cash for their work and to decline any compensation that is 'contingent on the content or conclusions of the research or the resulting impact on share price';
"Disclose the nature and extent of their compensation, along with any relationship they may have with the issuer or an affiliate, their credentials and professional background, and any matters that might reasonably be expected to impair their objectivity; and
"Certify that analysts and recommendations contained in the report represent their true opinion."
The menu also links the "Research Analyst" providers to "investment opinions" from a wide range of providers, including The Subway, Stock Winners, InvestBIO, AIDS Healthcare Foundation, EquityAlert, Wall Street News Alert and Stock Traders Daily.
The SEC, at http://www.sec.gov/cgi-bin/txt-srch-sec?text=tamburello&x=1&y=3 , has accused TheSubway.com and its parent company and principal, Charles Tamburello of "dumping too close to the pump," as one observer put it. It is accused of "scalping," defined as selling shares received for a tout in close proximity to the promotion.
The U.S. Securities and Exchange Commission Regulation 17(b) states:
"It shall be unlawful for any person, by the use of any means or instruments of transportation or communication in interstate commerce or by the use of the mails, to publish, give publicity to, or circulate any notice, circular, advertisement, newspaper, article, letter, investment service, or communication which, though not purporting to offer a security for sale, describes such security for a consideration received or to be received, directly or indirectly, from an issuer, underwriter, or dealer, without fully disclosing the receipt, whether past or prospective, of such consideration and the amount thereof."
The SEC has told FinancialWire that Regulation 17(b) means full and complete compensation for research and any other services provided, including amounts and sources, must be disclosed in "every press release" as well as other published documents. The SEC states that third party compensations must include the relationship of the payer to the issuer.
In an email to FinancialWire, John J. Nester, a spokesperson for the U.S. Securities and Exchange Commission, confirmed that regulators interpret 17(b) to mean that specific compensation information must be contained in press releases, and that a link to a disclosure somewhere else, for example, is a violation of the regulation. He further stated that the compensation disclosure required by the SEC includes "amounts and sources in any press release mentioning the company under research coverage."
The SEC had previously told FinancialWire that it intends to enforce these provisions so that investors may have a fully transparent understanding of any potential agenda or lack thereof.
In a January 2000 research report, for example, the SEC said outside analyst Paul Bornstein, who it has charged with 17(b) violations and fraud, "failed to disclose that at least part of Bornstein's optimism about CyberCare (CYBR), then on the NASDAQ (NDAQ), resulted from his simultaneous employment by CyberCare's public relation's firm.
In subsequent communications with Nester, the SEC's spokesperson, he appeared to equivocate on the subject of whether public companies bear the same disclosure responsibilities as do the research firms covering them. Nester said there is currently no authoritative interpretation from the Commission as to public disclosure transparency by public companies themselves.
On September 20, an Investrend Research proposal for the U.S. Securities and Exchange Commission to clarify Regulation 17(b), including confusion about the requirements of public issuers for full compensation transparency, was adopted by the annual SEC Business Forum on Small Business Capital Formation, and will be placed in its minutes for submission to the Commissioners.
The proposal had been opposed by research provider Dutton, who told the SEC "there is no crisis in disclosure." Meanwhile, Dutton was cited by BusinessWeek for providing incomplete disclosure for his coverage of EasyLink, currently under SEC investigation, and his firm's coverage of companies such as Nymox Pharmaceuticals, which sometimes bypasses compensation disclosures in its own announcements.
Investrend Research counsel Marshal Shichtman, Esq., spearheaded the proposal through the "Smaller Public Companies" committee of the Forum.
While not identifying his source, a spokesperson for Dutton had stated, "The (SEC) staff has confirmed that Section 17(b) only requires disclosure by persons who have received compensation (or other consideration) for the publication of information regarding a company, such as a research report or a press release.
"For example, while a press release issued by J M Dutton would require Section 17(b) disclosures if the press release related to a company that had paid J M Dutton for research coverage; however, a press release issued by a company that had retained Dutton . would not.
"There is no duty under 17(b) for a company that has retained an independent research firm to disclose the fact that it has done so .," he concluded.
While officials at the SEC said they had no memory of talking to anyone representing Dutton, they subsequently told FinancialWire that the SEC indeed has not clarified whether public companies can circumvent the transparency of disclosure by issuing a press release about coverage by a paid research provider instead of the research provider issuing the announcement itself.
Investrend has also asked the National Investor Relations Institute and CFA Institute joint panel developing guidelines for independent research providers for permission to amend its March 20 comments to ask the panel to require public company issuers "to make all disclosures contemplated by Regulation 17(b), whether or not the SEC has issued an authoritative interpretation or the company's counsel states that it does not have to do so by law."
While independent research by standards-driven providers are "growing in legitimacy," according to the Dow Jones (DJ) in a recent article that singled out Investrend Research in that category, the article went on to quote Lou Thompson, president of the National Investor Relations Institute, which had issued new Guidelines in 2002 endorsing legitimate "paid-for" research, as warning of "various mutations of paid-for research."
The SEC Forum is the annual event mandated by Congress to secure opinions and recommendations from public issuers, financial industry professionals and the public.
Companies in the FinancialWire series about questionable research practices and disclosures have included Horizon Medical (HMP), Nymox (NYMX), Genesis Technology Group (GTEC), Martek Biosciences (MATK), Ecolab (ECL), Clorox (CLX), Dial Corp. (DL), AdZone (ADZR), American Water Star (OTCBB: AMWS), Markland Technologies (MRKL), Transnational Financial Network (TFN) and Telkonet (OTCBB: TLKO), Cytomedix (CYME), LocatePlus (LPLHA), Rockport Healthcare (RPHL), Universal Express Co. (USXP), Lifestream Technologies (LFTC), Home Solutions of America, Inc. (HOM), AirRover Wi-Fi Corporation (AVWF), Raike Financial Group (RKFG), CareDecision Corp. (CDED), Life Energy and Technology Holdings, Inc. (OTCBB: LETH), TeraForce Technology Corporation (TERA), and Flight Safety (OTCBB: FSFY);
Also, Playtex Products (PYX), Ericware Technologies (ECWR), NuTech Digital, Inc. (NTDL), Terra Nostra Technology Ltd. (TNRL), and NanoSignal Corp. (NNOS)., DNAPrintGenomics (DNAP), Syndication Net.com (SYCI), Quintek Technologies (QTEK), GeneLink (OTCBB: GLNK), Quality of Life Health Corp. (QLHC), Environmental Remediation Holding Corp. (ERHC), Cornerstone Entertainment (OTC: CNRH), Medifast, Inc. (MED), Workstream, Inc. (WSTM), SIGA Technologies (SIGA), Sub Surface Waste Management of Delaware (SSWM), Xfone, Inc. (XFNE), Offshore Systems International (OFSYF)(OSI), American Ammunition, Inc. (AAMI), Electric City Corporation (ELC), Digital Recorders Inc (TBUS), Sonoran Energy, Inc. (OTCBB: SNRN), AeroCentury (ACY), CTI Industries Corp. (CTIB), MFIC Corporation (MFIC), Vermont Pure Holdings Inc (VPS), CytRx Corporation (CYTR), World Golf League, Inc. (WGFL), Gaming & Entertainment Group, Inc. (GMEI), Misonix (MSON), Destiny Media Technologies (DSNY), Chicago Pizza and Brewery (NASDAQ: CHGO, BioSante Pharmaceuticals Inc (AMEX: BPA), a21, Inc. (ATWO); and
Also, OrderPro Logistics (OPLO), Military Resale Group, Inc. (MYRG), Timber Resources International, Inc. (TMBN), OptimumCare Corporation (OPMC), Command Security (CMMD), Molecular Imaging Corporation (MLRI), TechnoConcepts Inc. (OTCBB: TCPT), Sequiam Corporation (SQUM), MEMS USA, Inc. (MEMS), Provectus Pharmaceuticals, Inc. (PVCT), eFoodSafety.com (EFSF), Intelligent Business Systems Group International, Inc (IGII), Chilmark Entertainment (CMKK), Tech Laboratories, Inc. (TCHL), BodyScan Corp. (BDYS), Wireless Frontier Internet, Inc. (WFRI), Ableauctions.com, Inc. (AAC), UFP Technologies (UFPT), Systems Evolution Inc. (SEVI), Resin Systems, Inc (RSSYF), Touchstone Applied Sciences (TASA), Daxor Corporation (DXR), JMAR Technologies (JMAR), WWA Group Inc. (WWAG), TravelZoo (TZOO), I-Trax (DMX), Axonyx Inc. (AXYX), ACL Semiconductors, Inc (ACLO), ImageWare Systems (IW), DXP Enterprises (NASDAQ DXPE), and Epixtar Corp. (EPXR).
For up-to-the-minute news, features and links click on http://www.financialwire.net
FinancialWire is an independent, proprietary news service of Investrend Information, a division of Investrend Communications, Inc. It is not a press release service and receives no compensation for its news or opinions. Other divisions of Investrend, however, provide shareholder empowerment platforms such as forums, independent research and webcasting. For more information or to receive the FirstAlert daily summary of news, commentary, research reports, webcasts, events and conference calls, click on http://www.investrend.com/contact.asp
Listen to StreetSignals" (Investrend "ON-THE-AIR") "live" Saturdays from 9 p.m. to 10 p.m. on stations coast-to-coast, or live and archived on the web at http://www.BusinessTalkRadio.net, beginning October 2, 2004.
The FinancialWire NewsFeed is now available in multiple formats to your site or desktop, free. Click on: http://www.investrend.com/XmlFeeds?level=268
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I put in a GTC order at .0135 on Thursday. Today, I looked and the order filled. I wasn't expecting to get this price, but I figured it was worth a try. "Patience pays" as they say. These are good times for buyers who know what they're getting in DNAP. Unbelievable prices for those who want to accumulate or lower their cost basis.
Win.
W2P, here's that article. DNAP is mentioned at the end of the article as a source for the test. There are just several others mentioned as well.
http://www2.townonline.com/hanover/opinion/view.bg?articleid=69614
Win.
I'm still here, Chris. It's good to see you here, too !
I'm sorry to say that all my Maters' have been eaten this year by Chipmunks.... Or was it Melvinator transforming himself again ?
Hey, what ever happened to Melv ? He was darned funny at times if you understood his strange form of dark humor.
Take care and happy gardening! Oh, did you find a redhead yet ?
Win
By the way, our local town newspaper just did a genealogy article on genetic testing for ethnic background. Guess who was the featured company doing these tests ? DNAP, of course !!
Small town America is now hearing about DNAP and getting excited.
Step by step, inch by inch.....
Win.
Ming, I would assume that a "Special Master" would be appointed in special circumstances, ie: When the information in dispute is 'over the courts heads' entirely. Someone non-biased, who understands the scientific information would help the court. Just an opinion.
Win.
Hello all. Does anyone here know if some from this board attended the meeting ? I'd love to hear all about it. Thanks.
Win
This is exactly what I was looking for from DNAP. As a stockholder, I want to hear what's going on, straight from Richard Gabriel, the CEO. Thank you Richard, now lets keep the stockholders informed from time to time. We've been feeling entirely neglected for a very long time. A few words go a long way. Thanks !
Win
With all due respect W2P, why is DNAP 'paying' for a stock analysis ? Please answer that question. This is not exactly the way to get respect in the industry.
As far as news goes, why are you satisfied that the report hints at things that the stockholders have never been privy to ? Why hasn't DNAP ever given this information to their OWN stockholders ? ??? I'm not a happy camper with the treatment of DNAP investors these days.
I'm venting, sorry. I've been a stockholder since day one ! I'm still holding strong, but I'm madder than H%^& at DNAP for it's treatment of it's stockholders the past 2 years. The stock price reflects exactly how I feel, and obviously so do others. It's time for all of us to say we want to know what's going on ! I OWN a part of DNAP, but DNAP doesn't care, so I'm doing what comes naturally. SCREAMING at them to care !!!
Win
Pardon me, but I wish there wasn't a payment involved to J.M. Dutton. Or is this the only way a penny stock company can get any coverage at all ? To me this is a paid advertisement. I want some real news. Hopefully soon.
From JM Dutton:
"The cost of enrollment in our one-year continuing research program is US $28,000 prepaid before commencement of our research activities. We received $28,000 from the Company for coverage for the year, and do not accept payment of our fees in company stock. Our principals and analysts are prohibited from owning or trading in securities of covered companies. The views expressed in this research report accurately reflect the analyst's personal views about the subject securities or issuer. Neither the analyst's compensation nor the compensation received by us is in any way related to the specific ratings or views contained in this research report or note. Please read full disclosures and analyst background at www.jmdutton.com before investing."
Win
OT: Tamulonis, I can see you smiling from here ! We also have an adopted Korean son who just passed the teacher's exam. (Praxis exam)
He called this morning with the news. We're both smiling big today! (To the others on this forum, please excuse this understandable exuberance from 2 proud parents who have seen our children come a long way to get to this point. It wasn't easy, believe me.)
Win.
Ifida, Chris, and all....so many clues given, but there's nothing I'm sure of, except that I'm still hanging on for "THE BIG TAMALE", as they say. One of these days the pieces will fit.
Win
Press Release
President of Senecio Software Inc. to Design and Coordinate DNA Phenomics' Bioinformatics and Web-based Research Initiatives
DNA Phenomics Appoints Dr. Jerry W. Wicks, Chief Technology Officer
KUALA LUMPUR, Malaysia – February 25, 2004 – DNA Phenomics, a biotech company focused on the emerging field of phenomics and the development of genomic-based diagnostic tests and drug discovery, announces that Dr. Jerry W. Wicks will become Chief Technology Officer (CTO), coordinating the company's bioinformatic plan including cluster computing design, data storage, statistical analysis systems, corporate communication technology, data gathering protocols, and software selection.
"Dr. Wicks brings an unusually diverse background and knowledge of statistical packages, hardware systems, software design, and electronic commerce to the CTO position at DNA Phenomics," said Chief Operating Officer, Ezehan Kamaluddin. "As we move into the emerging market of personalized medicine – a market defined by a variety of information and Internet-related technologies – it is essential we have an experienced technologist and scientist like Dr. Wicks to help us achieve our long term objectives. We agreed it was to both our advantages having Dr. Wicks remain President of Senecio Software. This arrangement makes it easier to draw upon that company's development and engineering experience," said Mr. Kamaluddin. "In many ways it is as though DNA Phenomics now has its own software division with all of the talent, resources, and engineering knowledge of that company immediately at hand."
Dr. Shaharuddin Datuk Aziz, DNA Phenomics' Chief Scientific Officer, noted, "Dr. Wicks' decades-long teaching experience at the graduate level in demographic methods, statistical packages, and survey research techniques will be invaluable to us as we implement our clinical genomics protocols, PhenoKit discovery platform, and planned personalized medicine field units. We will draw upon and use all of that experience."
"The opportunities available to DNA Phenomics in the Asia-Pacific region are boundless," said Dr. Wicks. "DNA Phenomics' business plan, world class scientific and management teams, and the growing number of alliances suggest DNA Phenomics could soon achieve a dominant position in the market. Accepting the CTO position was an easy decision for me to make in light of this young company's strengths and its potential for exponential growth."
Dr. Wicks is President and co-founder of Senecio Software Inc., a US-based corporation specializing in the design and production of advanced multi-tier, web-based applications. Dr. Wicks is Professor Emeritus at Bowling Green State University and Adjunct Professor of e-Commerce at the Helsinki School of Economics and Business Administration. For well over two decades, Dr. Wicks conducted research in the areas of population studies, survey research, and software design. As Director of Bowling Green State University's demographic and survey research center, he directed several hundred state, national, and international research projects. His teaching included graduate seminars in applied demography, statistical packages, survey research methods, and computers and society. He teaches the seminar in e-Commerce at the Helsinki School of Economics and Business Administration and regularly serves on scientific review panels at NIH. As co-founder of Senecio Software in 1992, his efforts and those of his colleagues have been directed largely at automating and refining Internet-based, large-scale data collection efforts using an array of web-related software technologies.
About DNA Phenomics Sdn Bhd
DNA Phenomics is a development-stage company focused on the emerging field of phenomics and the development of genomic-based diagnostic tests and drug discovery. The company's phenomics discovery platform offers university labs as well as pharmaceutical and life science companies a powerful research tool for uncovering patterns in the genome associated with health factors and drug responses. The company's goal is to become a leader in the discovery, development, and sale of genomic-based diagnostic healthcare products, pharmaceuticals, and biotech research services throughout Asia and the Pacific. Founded in 2003, DNA Phenomics is headquartered in Kuala Lumpur, Malaysia. DNA Phenomics is a privately-held company. Additional information about DNA Phenomics and its genomic-based solutions can be found at www.DNAphenomics.com.
Public Relations Contacts
Corporate Headquarters
Ezehan Reza Kamaluddin
Chief Operating Officer
28-1, Level 1, Jalan 28/70A
Desa Sri Hartamas
50480 Kuala Lumpur, Malaysia
ezehan@dnaphenomics.com
[TOP]
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© Copyright 2003-2004 DNA Phenomics. All rights reserved. "Translating the text of DNA into solutions for humankind" and Logo are the trademarks of DNA Phenomics Sdn Bhd.
Re: DNA Phenomics site : Mahastock, I have also noticed that the last news at DNAPhenomics was last August. The news pace was rather swift in those early months, then the news simply stopped. Wonder why ? BTW, the site is up and running again.
Win.
I don't usually say this, but YES, TO DA MOOOOOOOOOON DNAP !
Chris, did I say that right ?
Win
Thanks Bag8ger, mystery solved ! I'm glad it has nothing to do with the old company as well, since I wouldn't want to see DNAP inherit any lawsuits.
Win
Walter, I believe that old lawsuit was actually against the old company that DNAP bought in order to get onto the pink sheets. I don't know if DNAP has 'inherited' this lawsuit, but they may be held financially responsible since they 'bought' the company. I've seen this before and have wondered myself.
Win
WOW, it must be news ! EOM
Head fake or news ? I just checked in to see this sudden buying. Is this the result of hitting bottom on the charts or is this a PR coming soon ? I don't know, but I like the green for a change.
Win.
Angelfund, that's good to know. Thanks for your input on this.
Win.
Question:
To anyone who may know the answer to this...
EyecolorO posted an e-mail which he claimed Dr. Frudakis wrote and then sent to his staff. Has anyone here heard whether or not that was an actual letter from Doc T, or was that simply a manufactured lie ? I read that letter over and over and I don't believe it came from Doc T. The part about selling his car didn't fit at all, nor did it sound like his own words. If Doc T needed money to make payroll, he'd just sell some of his stock. That letter sounded rather gloomy and not at all upbeat and enthusiastic, which is how we all view Doc T. I'm just trying to put the pieces together.
Any comments ?
Win
Slopster, do you know what the procedure was for RB to divulge the name of the poster who wrote that stuff about DNAP? Just curious.
There are a few notable bashers there that I'd like to see exposed as well, lol.
By the way, nice job of informing DNAP !
Win.
Arch, I'm glad you've cooled down enough to help us all get this deciphered. I'm feeling pretty much the same, which is not too good at the moment. The more we find out, the worse it gets. I've been a DNAP holder since the beginning, as you know and this is about the only time I have felt angry as a stockholder, except for the time when we all found out about TBF totally fleecing DNAP. This new development is right up there with that....maybe worse. Tomorrow will look different, I hope. Have a good night.
Win
Goalydad, in this case the "what ifs" could very well be the reality of the situation if Kondrakunta leaves the country with DNAP's secrets. As for worrying about something happening to Dr. T, I'm not quite that far gone, as of yet...lol.
Win.
Doug, unfortunately, I've always been a "what if" type of thinker....It's helped me to stay one step ahead of the game.
Thanks for your input here.
Win
Doug, thanks for the reply. However, one of my biggest concerns is the fact that Kondragunta may secretly retain a copy of the information he stole from DNAP even after a court order was issued for it's return. Then, he may leave the country..... Worst scenario: He may join another foreign company with DNAP's proprietary information as his 'ace' (which is what he may have been trying to do).
Just how much can the State of Florida do in a situation like this, once Kondragunta leaves the country ? I don't think there's much that DNAP can do in this situation either, except try to wage years and years of 'go nowhere'court battles with a foreign company and Kondragunta. Please correct me if I'm wrong!
Win