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.
Not sure what this post has to do with Lecere moving forward while trying to improve their situation thereby improving shareholder value... ???
Since you don't own shares I suppose it would be inappropriate to give you that kind of information... However, even if you did own shares the name of Lecere's employees and contractors are considered proprietary information and unless Morris decides to make the information known, I won't be disclosing it to anybody.
You'll just need to work your day job until Lecere provides deliverables. Then, even you will be able to make a profit.
According to the CEO Letter to Shareholders, downloaded from the Lecere website... Rosebrugh walked out leaving a mess. Apparently Morris has hired a new developer who has uncovered a bunch of major flaws and repaired them. I'm sure at the time Rosebrugh left Morris was trying to be diplomatic due to Rosebrugh's ownership stake, the mistakes always surface.
Come on CaptBob... TD Ameritrade is our main trading account and we've purchased a bunch through TD. It's working just fine for us. Shares are clearing!
We've bought shares through Scottrade... In fact just this last week.
I believe Chris, Jim and Stallion have had some unique interactions, yes.
No claims were made... just humble opinions... based on facts!
I believe so.
I don't suppose this is the appropriate forum to educate you in corporate finance 101...
However, with regard to Lecere and your statement about the Pinks...
The Pinks are for start up companies like Lecere who can't afford the massive audit fees required to be fully reporting, nor can they meet the minimum financial requirements to be listed on the big boards.
Where are start ups supposed to get funding? Most go to banks, but banks haven't been lending for quite some time, and the rates are not beneficial.
The best alternative is the Pinks. It's the only alternative these days, it seems.
Every brokerage is required to disclose risks to investors, and I assure you, they heavily disclaim the Pinks. Many brokers won't settle trades in the Pinks. When the stock market first became an entity it traded similar to the Pinks, but over the years has become more regulated.
The Pinks are for small businesses. They are highly volatile stocks and many times illiquid. From a Long Term investment standpoint, we don't recommend stocks in the Pinks. In fact we don't recommend stocks on the OTCBB either. However, for high risk, short term gains the Pinks and OTCBB have some diamonds in the rough. Finding them is the problem.
With regard to your other comments...
Companies consolidate financing all the time... Yes, they get a loan, then get a better interest loan to pay off the last loan... then they get a higher credit line... then get a better interest credit line... then they sell senior convertible notes to pay off the debt... then they take on more debt...
Look, I don't agree with it either, but it's part of the Wall Street / Federal Reserve / Fractional Reserve Banking Scam that America is now sunk in.
Lecere can succeed if they work this system correctly.
Codesters... The Lord haveth nothing to do with the stock market... or Lecere!
I believe your Zecco problem is just that... a Zecco problem! Nothing to do with Lecere, or its management.
No public company will ever buy your shares and replace your losses. The stock market is volatile and risky, there are no guarantees... no FDIC insurance!
Lecere filed the appropriate documents to enact the reverse split. The SEC, FINRA, DTC and OTC Markets recognized the split. TD Ameritrade and others brokers are trading the stock. Lecere did not issue "new shares" to anybody during this process.
Jim has stepped up to allow your shares to at least have a value, he could have folded and walked away like some others have done, but he didn't. He hung in there. I think he deserves some kudos for integrity here.
I believe much of it still available, but some went to debt service. They needed a bridge to a larger capitalization, and that's what they got.
Now it's vital that they produce some revenues and raise some capital.
I'm hopeful that they will.
The SEC and FINRA have recognized the Attorney who completed the latest opinion letter. So, I believe they would disagree with you that Morris' shares are dubious. Moreover, the state of Minnesota requires only one board member, and that board member can issue shares.
It's not surprising that Jim would issue more shares to himself, after all Rosebrugh walked out while having an equal stake, but was no longer liable for debts... Jim needed to shore up his risk! This was a wise move IMO.
I did indeed like the software, nothing to be confused about there. However, the software that has been re-developed has much simpler code, is cleaner, more accurate, easier to use and is allowing a much smoother transition into credit card processing.
Nobody can expect Morris to transform this thing overnight. Basically it started over in December 2010 after a brief implosion, which it has recovered from.
I think you're right. It is a drag on the financials, which is why it needs to be addressed, and then repaired.
It's no secret they need to raise additional funds. I see these companies all the time, the ones that fall apart are the ones that have a guy at the helm who knows nothing about corporate finance, but is a genius with their product.
Investments are the life blood of these small companies. The ones that are successful are the ones who understand this process.
I believe it is 1-855-4Lecere (855-453-2373)
With regard to Lecere...
Attorney Opinions are definitely something important! This is because attorneys have a code of ethics and they swear an oath to the courts. In fact OTC Markets has a list of banned attorneys, none of which does business with Lecere.
A legal opinion letter is basically a very high level notary, stating that the material facts have been reviewed and verified. I suppose one could consider it an attorney audit of material facts.
A general audit would be done by a CPA.
So, I suppose saying that a legal opinion holds no weight, is saying that the markets themselves hold no weight, because nothing can get done in the markets without a verified legal opinion.
JMHO
Rosebrugh was an eqaul Partner with Morris, not a paid contractor. He owned, and still owns 40,000 shares of Preferred Stock. He walked out "only" after Morris asked him to become a co-borrower on the $500k LOC. Not due to Morris' behavior...
No-bid was No-bid in "November," not February 2011...
$500k LOC is a "Letter of Credit" meaning a credit/debt arrangement...
The company does have some debt service costs, most companies do...
Whether the CEO was present or not, the rest of the hired help should have done their jobs... Rosebrugh did not.... IMO
Morris became personally liable for a credit line, hence he issued himself more Preferred Shares... I would have done the same thing if I was going to be on the hook for $500k. Smart move on his part...
What elbows should he have been rubbing? The software wasn't complete! They didn't want to give competitors an advantage by learning about their niche. The only relationships he could build was with financing sources. Lecere was a start up. Development stage. Doesn't smell fishy from where I sit. Looks like every other software development company out of the gate.
It's nice your family is involved, maybe they will acquire a nice return at some point... Long Term of course. Most equity investments are "Long Term" unless one is a day trader and looks at stock investments from a purely "short term" stand point, in which case a start up, development stage company may not be the appropriate risk... JMHO
Although LCRE has lost some of its value, stocks go through cycles. I would imagine this one will be the same. IMO
:)
Obviously, if Lecere's prices are published here, competitors will have an unfair advantage, and for a development stage company this can be detrimental. If you want prices I suggest going to www.lecere.com and signing up for the service. I've done it. The software is real. Make sure you call during business hours. They're on the west coast.
I love this software. Even if of a bunch of competitors were in this space, Lecere would still do well. Software is a relationship business. They just need an aggressive sales staff. IMO
Restructured in December 2010!
IMO - Lecere crunched down its A/S and O/S to get in a better position to raise more capital. The company will be facing more and more competition, and they will need more capital to effectively market the company. I believe they're close to finalizing the software, which will, at minimum, make them a player in the space.
To date they have managed to raise roughly $1.3M, which is tough to do given the current PE environment. The capital has taken them from an idea to a finalized product. Now they need an additional capital infusion for marketing support and they're off to the races.
I don't see why everyone is so upset about the R/S, the value on the shares was exactly the same on the day of the split as it was the day prior to the split. All the negative sentiment seems to be causing the stock value to drop. Seems a bit counter productive to me. JMHO
@ BeachPilot
If history serves; Lecere was restructured in December 2010. $500k LOC was announced in December 2010.
Remaining with the ship tells me that Jim Morris has "integrity," and he apparently has the "talent" to nail down $1.3M in funding, and a $500k LOC, which is more than I can say for many other Pink Sheet companies. Stock price doesn't necessarily reflect the "ability" of management. For example take a look at LVLT. Also, Morris could have walked away completely just like Rosebrugh, but he didn't, and thanks to Jim the stock still has a value, rather than being delisted completely and going OOB.
It appears to me that the reason the news regarding clients is slow to come is due to Morris cleaning up after Rosebrugh walked out. My understanding is that new customers have been signed, but the PR/IR staff won't release a PR regarding individual clients unless a deal is signed with a major customer, i.e., national chain, etc.
Sources tell me the credit card processing is near completion and the software has been completely cleaned, and updated, removing many of the bugs that were apparently left by Rosebrugh.... (just what I've heard)
But who knows, I remain positive that LCRE will deliver good news very soon!
;) ;)
@ CaptBob,
Lecere is NOT issuing any new shares, they aren't required to issue new shares in a reverse split. SEC, FINRA, DTC and all other regulatory agencies have recognized the reverse split. TD Ameritrade isn't waiting on shares, neither is any other brokerage to my knowledge. Zecco is the only trading firm that is having problems. I don't see that as a problem caused by Lecere. Lecere filed the appropriate docs, that's obvious, the split went through and 2 separate attorneys have written opinions about the split. One to DTC and another to OTC Markets.
If shares were being held these attorneys would have verified this. I recommend you contact Zecco and move your account to TD Ameritrade or another brokerage.
Also, a lot of brokerages have problems finalizing orders with Pink Sheet stocks. Make sure you read their fine print.
According to the recent Attorney Opinion... It appears Stallion is simply a hired consultant. Not sure how Stallion could be considered part of Lecere. I highly doubt Lecere is a scam as well, as they have continued operations, even after Chris Rosebrugh walked away from the shareholders leaving Morris holding the bag. Morris obviously stepped up and remained with the ship.
Should I wear orange here...
No, it's not odd. Would you want everyone digging into your private information? Information that is nobodies
Business?
The problem is this...
The American culture seems to think that just because someone takes a CEO position that they are somehow free game to the public... Think again...
You will start seeing Americas jobs disappearing because Americans think they are entitled to do anything they want... Even ruin peoples lives if they think they don't agree with something a CEO does. CEO's are currently executing an exodus from America... And it has nothing to do with taxes...
It is the American public who are causing their own demise.
I doubt any of that will be admissible...
The facts of the case will be whether the Defendants committed Defamation, not why they did it... but whether they did it!
If Jim Morris made certain forward looking statements regarding Lecere... it has nothing to do with the actions of the Defendants.
The law is clear! You can not defame the character of corporate officers because you are angry about losing money in a company's stock. Nobody has that right.
No. You would need a lawyer in the jurisdiction where the lawsuit is filed. That is my opinion :)
Now:
Generally speaking, defamation is the issuance of a false statement about another person or entity, which causes that person or entity to suffer harm.
Typically, the elements of a cause of action for defamation include:
- A false and defamatory statement concerning another;
- The unprivileged publication of the statement to a third party (that is, somebody other than the person defamed by the statement);
- If the defamatory matter is of public concern, fault amounting at least to negligence on the part of the publisher; and
- Damage to the plaintiff.
In the context of defamation law, a statement is "published" when it is made to the third party. That term does not mean that the statement has to be in print.
Damages are typically to the reputation of the plaintiff, but depending upon the laws of the jurisdiction it may be enough to establish mental anguish.
Most jurisdictions also recognize "per se" defamation, where the allegations are presumed to cause damage to the plaintiff. Typically, the following may consititute defamation per se:
- Attacks on a person's professional character or standing;
- Allegations that an unmarried person is unchaste;
- Allegations that a person is infected with a sexually transmitted disease;
- Allegations that the person has committed a crime of moral turpitude;
Defamation does not necessarily have to be proven...
Jim Morris's attorney advised him to sue...
Stallion is a vendor of Lecere, nothing more...
Remember Federal "Rule 11" boys and girls.....
Frivolous lawsuits are VERY expensive... and Counter Lawsuits are subject to Rule 11.
Have a nice day :)
I believe "The CEO" has hired third parties to read these forums and report back with copies of posts which are considered defamatory.
In the good ole U.S.A. you're afforded the right to speak your opinion... provided you don't defame or slander others in the process.
Look it up.
Defamation per se
All states except Arizona, Arkansas, Missouri, and Tennessee recognize that some categories of false statements are so innately harmful that they are considered to be defamatory per se. In the common law tradition, damages for such false statements are presumed and do not have to be proven.
"Statements are defamatory per se where they falsely impute to the plaintiff one or more of the following things":[5]
Allegations or imputations "injurious to another in their trade, business, or profession"
Allegations or imputations "of loathsome disease" (historically leprosy and sexually transmitted disease, now also including mental illness)
Allegations or imputations of "unchastity" (usually only in unmarried people and sometimes only in women)
Allegations or imputations of criminal activity (sometimes only crimes of moral turpitude) [6][7]
Also...
Between 1992 and August 2004, 41 criminal defamation cases were brought to court in the United States, among which six defendants were convicted. From 1965 to 2004, 16 cases ended in final conviction, among which nine resulted in jail sentences (average sentence, 173 days). Other criminal cases resulted in fines (average fine, 1700 USD), probation (average of 547 days), community service (on average 120 hours), or writing a letter of apology.[10].
Again, there is a difference between expressing ones opinion, and defaming the character of the officers and directors, who are supposed to have the veil of the Corporation protecting them from such...
The First Amendment rights do not include defamation and/or slander.
Hey, but who am I to say. Let's let a judge figure that out.
JMHO
We shall see...
In the meantime Tort violations can be very expensive to fight... from a defendants standpoint -- who holds the burden of proof!
I personally think Lecere can win :|
OOPPPS! There's news out!!!!!
http://finance.yahoo.com/news/Lecere-Files-Defamation-pz-1103593164.html?x=0&.v=1
LMAO!!!
Number your questions, organize them so that I may reference each question with particularity.
I believe you would be correct... however, given the fact that this board represents a plethora of false and non-factual data, and given the fact that this board represents a tool for effecting the company's operations as a going concern, my opinion would be that Mr. Morris might have a valid defamation case.
Actually we didn't structure the R/S, Jim did.
Our idea of Standard is having 20M A/S to work with after restructuring a company.
We originally thought 7.5M was too low, but that was Jim's call at the time. It wasn't a bad call in my opinion. But now that he has enough shares to move forward I think the investors should back off and give him some room. Unless of course you have another motive for bashing the company...
Btw, you should only be concerned with the O/S anyway.
Not if it's an opinion...
And, not if it's already in the press...
I doubt TIB Bank would have approved the LOC if anything out of the ordinary was going on...
Especially since TIB is under tight restrictions from FDIC as of summer 2010.
Well, I guess all I can do is tell you that we have over 130 paying clients, and all of our shareholders are very happy.
Stallion is a for-profit corporation, that is a fact. And given that fact, you can't fault a for-profit company for making a profit.
We can not discriminate against clients who actually pay their bill. No company could do tis and stay in business very long. If you're going to fault the vendor of a company you should look at Walmart...
Walmart sells millions of dollars worth of merchandise to criminals... such as Jerid Loughner... the Arizona gunman.
Stallion is a profitable, good natured company, that actually delivers and gets paid. We screen our clients well, but it is impossible to know if certain individuals are going to lash out at the customers and/or vendors of a public company, just because they may have lost a few thousand dollars. My advice would be, rather than get sued for defamation while lashing out at a small company and its owners, smaller investors should invest in NASDAQ and NYSE companies if they can't handle the risk of loss in the Pink Sheets. Many people lose their entire investment in the Pinks. It's unfortunate, but it happens, and there are disclaimers and warnings along the way telling them to rethink their investment strategy.
Frank...
I understand an employee stock program has been going on all along... but for it to continue he needs more shares.
The shares that were given out in the past are gone... issued... those people own those shares...
I predict you will learn more today... :)
Again, I wasn't around prior to December 2010, so I don't know what transpired, except for what people are telling me... which we quickly intermediate to get both sides of the story.
I always consult clients to look at things long-term, short-term thinkers create short-term companies... that's one of our motto's at Stallion.
It's important to realize that crazy things happen in business. People make mistakes. After a mistake is made everyone who is affected needs to stand up and get back on the horse. That's what Stallion does! We help people get back on the horse. Hopefully, 12 months from now Lecere will be a in a good place, and you will all have profited. That's our wish!
Because "real" institutional investors will only buy and hold a stock if it's over $5 per share, and some won't touch it unless it's $10
The only chance Lecere had to get its stock price up to those levels... and get on the radar of institutionals was to implement a R/S, deliver revenues, then get on the OTCBB or AMEX.
To have true northern direction in a stock it has to have large institutional holders, mutual funds, pension funds, hedge funds, corporate investors, etc...
Right now Lecere is held by small individual investors, many of whom day trade and manipulate the stock for personal gain...
Stallion monitors its clients very carefully. To date we have set a few ground rules for Mr. Morris, for instance, after a few heated email exchanges, which Stallion had to intermediate, we will no longer allow him to communicate directly with shareholders. Stallions ethics statement is posted on its website, and we adhere to its principles...
Stallion Ethics Statement: http://www.stallionassets.com/index.php?option=com_content&view=article&id=113&Itemid=223
I disagree. Jim cares enough to have hired someone to answer your questions. If our firm thought he didn't care about shareholders it would be a conflict of interest for Stallion...
Actually, I believe it was raised after one of my partners introduced another client who may have been a merger or acquisition scenario, this did not transpire, but Mr. Morris would have needed more Authorized Shares to fund something like this.
Wow, I know you guys are gun shy, but Jeesh! He has to have enough shares to run the company. We're only talking about another 12M shares, not 120M...
Also, it was Stallion's recommendation to start an employee stock option program, which would need to have shares available. This is obviously a good way to attract good talent.
20M shares is not enough shares to dilute the shareholders to the point that they were diluted prior to Stallion. You guys all need to relax and let Jim run the company. You have nothing to lose at this point. He may actually make you a profit, who knows...