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On the surface, I agree, it looks pretty bad. However, we can all speculate until the cows come home, but none of us really knows what's going on or what went on behind the scenes.
We don't know if the additional Account Receivables (in the 1st qtr) were from Atlas and if so, have they been realized yet. We don't know if Atlas has been able to close any deals from the film festival, which might have brought money in. We don't know if CK was able to find money. We just don't know and at this point, we probably won't, until at least after the hearing on July 23rd. I doubt they want to let some cats out of the bag.
There's no doubt some things were done wrong, that's obvious from the dilution and the lack of some details in the filings. How bad is the question.. is it repairable?
Bottom line, I'm not ready to concede yet and I'm sure not ready to smear Koppelman and call it a total scam. I just don't have enough verified information to make that call.
I'm still trying to figure out how he owns 10%, because he didn't own 10% when he filed that suit. He either lied to the courts or lied to the SEC (by not filing his actual holdings).
I hate that Medient is now on hold due to the TRO, but I don't think he stands a chance of winning his suit. He should be saving his money, because depending on how this plays out, I think he will have to pay large fines to the SEC and possible disgorgement to the shareholders.. not to speak of the attorneys he will probably have to hire to represent him against shareholder suits.
Looks like the Judge granted the TRO and a hearing has been scheduled for July 23rd (see two quotes below).
Go to the link below and put the case number in.
Case number = CV14-01340
http://www.washoecourts.com/index.cfm?page=casesearch
New docket entry on Manu's case.. he must be getting impatient! Still doesn't show a hearing date.
Wish we could read the document that was filed. I would like to understand why the "Temporary Restraining Order" (TRO).
FYI, the approved on this entry, does not mean the application/motion was approved. Every docket entry shows an approved by.
lenny, the report he is talking about is the RegSho report. The shares that show up on that report are in accordance with rule 200 (link below).
They have to submit daily reports and then twice a month submit reports that show their aggregate position.
Rule 200 link:
http://law.uc.edu/sites/default/files/CCL/regSHO/rule200.html
Daily RegSho link:
Daily RegSho reports (MDNT can be found in the ORF reports at the bottom of page. The daily reports only show the short activity for the day not in total. (note that PHOT (Grey)is on Mondays report! HA)
http://regsho.finra.org/regsho-June.html
Link to get twice a month reports which show total position as of settlement date on table. You can pull the reports up on this page.
http://www.otcbb.com/asp/otce_short_interest.asp
Try this site. It has quotes (not bid/ask)for stocks on the Grey Market. Put PHOT (on the Grey market)in and you can see what type of info you can see.
http://www.otcbb.com/asp/Info_Center.asp
coop, your memory isn't bad! It was released on this 8K dated Dec 2013. Benny had pledged the stock out of his personal holdings and as a result of not declaring the registration by the timeline, WHC notified the intent to sell Benny's shares. I've been trying to figure out what everyone was getting upset about. The original post Ghost made, said Benny had pledged his own shares to WHC.
http://www.sec.gov/Archives/edgar/data/1411179/000116552713001037/g7206.txt
ahhh.. that makes sense, I hadn't looked at it that way. Thank you, I appreciate the response!
Sorry, I didn't scroll down far enough to see you gave me section and letter. Once again, it's not talking about notification from SEC. We have 4 days to reply after we get communication from the national securities exchange not the SEC. They have to summarize the contents of the letter from them.
(c) If the national securities exchange or national securities association (or a facility thereof) that maintains the principal
listing for any class of the registrant’s common equity (as defined in Exchange Act Rule 12b-2 (17 CFR 240.12b-2)), in lieu of
suspending trading in or delisting such class of the registrant’s securities, issues a public reprimand letter or similar communication
indicating that the registrant has violated a rule or standard for continued listing on the exchange or association, the registrant must
state the date, and summarize the contents of the letter or communication.
I've read section 3 several times. It would help if you told me what subsection under 3 and then letter number you're talking about. Because other than 3.01 talking about the notice regarding quotations, I don't see it.
If you're talking about an 8K to announce the SEC suspension, I'm not convinced that's a requirement. I've read the instructions in the 8K form several times and I'm not seeing it. The only thing it states about suspensions, pertains to Employee Benefit Plans.
One thing I did find confusing in the instructions was the part about the inter-dealer quotation (item 3.01). I think that applies here, but it states after they receive notification from the national securities exchange, so the 4 day event would start from the time they get that notification (if indeed that section applies). It was a little confusing to me what it was stating, but I know the grey market is not on the inter-dealer quotation.
Here.. scroll down to the bottom of the form and read the instructions. Maybe you or someone else can find something that I'm not seeing. With all of that said, I do think they need to talk to us and I'm pretty sure we will hear from them this week. We just need to give them time to pull the whole story together!
https://www.sec.gov/about/forms/form8-k.pdf
I find it interesting, someone just sent me a private tweet with that latest report they got from the TA (which matches what you show). The person that told me is not on ihub.
It looks like someone is doing an audit of the shares. The outstanding shares are less then the last 3 TA reports we got... including before the suspension! hmmmm.
Thanks for keeping these totals on one post. I appreciate it!
Great day! It looks like we've finally turned the corner. Chart looks great.. we should see a lot of interest leading up to the 24th!
If you look at that website, it doesn't have Manu listed as a Director or if you click on the Management, it doesn't have him listed there either.
I think that website is Kapoor's doing. I'm not sure any of them (including Manu) understand what going public meant! The investors have been paying the "Yellow" debt the last couple of years. If they find a way to reclaim "Yellow", they will have to pay the company back for all the debt paid and there's been a lot of it paid! I just don't see anyway they could reclaim it, there were contracts signed and filed when he merged Kumaran Holding (KH) into the company. Even if something voids the preferred shares he was paid for KH, he's still going to have problems, because it appears the 27M common shares that were also paid for KH have been sold. They don't appear anywhere. They would have to repay that too.
My gut tells me, Manu is probably in trouble all the way around. He mismanaged a public company/paperwork and as a result, I don't think he's going to just be able to walk off and take his toys with him.. that's just not going to happen IMHO.
Yes, when I first saw his post, my immediate thought was it came from one of the guys that got let go. They might be making an assumption, but I don't think it's true.
EXACTLY! Nobody should panic yet. I'm sure the lawyers are involved in this and giving the players guidance. CK is going to have some good council. I'm not going to believe any of the rumors, until I hear it right from the management. They've had a lot to deal with in a short amount of time between Manu's complaint, the SEC and now shareholder suit. The lawyers are going to analyze everything before letting CK make any public responses. That's probably a good thing and protects us!
Originally registered as Fairway Properties and then changed to Medient Studios. That's the only two names I've seen.
It's been my experience with the TA, that they will not answer questions over the phone, only by e-mail.
Here is who has been sending me the I/O.
Her e-mail - mpierson@corporatestock.com
Meagan D Pierson
Client Services
Corporate Stock Transfer, Inc.
3200 Cherry Creek Drive South, #430
Denver, CO 80209
Ph:303-282-4800
Fax:303-282-5800
Here's a link to the Def14C that added the 50M preferred and increased the authorized commons to 500M back in 2012.
There's not a link to what they filed with Nevada, it just states they will file 20 days after the release of the 14C.
http://www.sec.gov/Archives/edgar/data/1476278/000101489712000271/0001014897-12-000271-index.htm
There was a one page amendment filed with Nevada in 10/2012 which added this change, however, it looks messed up because it looks like the common and preferred are combined. Without ordering that filing from Nevada, we have no idea what it was or if it was the designation for the Preferred Stock. I thought about ordering all of the Nevada filings, but they charge $2 a page.
Action Type: Amendment
Document Number: 20120682532-41 # of Pages: 1
File Date: 10/4/2012 Effective Date:
Previous Stock Value: Par Value Shares: 140,000,000 Value: $ 0.001 No Par Value Shares: 0 ----------------------------------------------------------------- Total Authorized Capital: $ 140,000.00 New Stock Value: Par Value Shares: 550,000,000 Value: $ 0.001 No Par Value Shares: 0 ----------------------------------------------------------------- Total Authorized Capital: $ 550,000.00
They filed the Preferred. Here's a link that shows confirmation from Nevada. See my last post for a link to everything.
http://www.sec.gov/Archives/edgar/data/1476278/000101489714000064/opinion007.jpg
The original Bylaws/Articles of Incorporation were filed with Nevada on 9/2007. Here's the SEC link to those:
http://www.sec.gov/Archives/edgar/data/1476278/000106594909000219/0001065949-09-000219-index.htm
Then they amended those to add the Series A preferred on 2/7.
The Certificates and amendments were filed here. Here is the SEC link that shows the Certificate of Filing from the state and what was filed. Look at line 7 (Exhibit A) which has a list of what I believe was filed. The next several pages shows the actual amendments which talks about the rights of the preferred. One thing to note.. this shows voting rights of 25 instead of 250. They did file another amendment on 4/7, but I can't find a link for that amendment in the SEC filings.
http://www.sec.gov/Archives/edgar/data/1476278/000101489714000064/0001014897-14-000064-index.htm
After thinking about it, I think you're right about any SEC litigation, but I'm not sure you're right about all class action suits. It depends on what the suit it for and when. I'm thinking in terms of a "Holder's Action". I know the California courts recognize "Holder's Action" (or at least they use to), but I'm not sure Nevada does.