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OT: Court Makes It Harder for Investors to Sue
By GINA HOLLAND, Associated Press Writer
8 minutes ago
WASHINGTON - The Supreme Court made it harder Tuesday for investors to join forces to file high-stakes fraud lawsuits against companies.
The 8-0 decision blocks state class-action lawsuits by stockholders who contend they were tricked into holding onto declining shares.
Justice John Paul Stevens, writing for the court, said that to rule otherwise would allow "wasteful, duplicative litigation."
The decision does not shut the door to lawsuits filed by individual stockholders, but rather to suits brought on behalf of large groups.
"There had been some upswing in these after the Enron and WorldCom scandals," said Columbia Law School professor John Coffee, who believes it will be too expensive for individual stock owners to pursue such suits.
It was a major victory for Merrill Lynch & Co., which faced a spate of lawsuits prompted in part by New York Attorney General Eliot Spitzer's 2002 probe into the investment banking firm's practices.
Spitzer uncovered records showing that Merrill Lynch analysts publicly recommended that investors buy stocks that were described privately as a "disaster" or "dog." Merrill Lynch agreed to a $100 million fine.
Former Merrill Lynch brokers said in the Supreme Court case that the company's overly positive appraisals caused them to give bad advice — and eventually lose customers and money in their own investments.
The case required the court to consider a 1995 federal law, passed over a presidential veto after Republicans took control of Congress, and a follow-up law approved three years later intended to restrict investor class-action lawsuits.
The Merrill Lynch brokers filed a class-action suit under state law in Oklahoma, but the justices said in Tuesday's decision that Congress intended to prevent their claims and others like them.
"Public companies no longer have to fear the threat of securities class-actions in 50 different states under potentially 50 different sets of laws," said Jay Kasner, a New York attorney who represented Merrill Lynch.
William Federman, the Oklahoma City attorney for the brokers, said Congress had already barred federal court lawsuits claiming that someone was duped into holding onto stocks. Now they can no longer be filed in state courts.
"It sends a signal to investors this court is seeking to continue what Congress started, to protect big business," Federman said.
Nineteen states, led by New York, backed the brokers and urged the justices not to "strip states of essential authority to protect their citizens from fraud in securities transactions." The others were California, Connecticut, Hawaii, Illinois, Iowa, Michigan, Minnesota, Mississippi, Montana, New Jersey, New Mexico, Ohio, Oklahoma, Oregon, South Carolina, Vermont, Washington and Wisconsin.
Coffee said the ruling shows that the Supreme Court, like Congress, is concerned about class-action lawsuits.
The opinion cited congressional findings of nuisance lawsuits that target "deep-pocket defendants."
"The magnitude of the federal interest in protecting the integrity and efficient operation of the market for nationally traded securities cannot be overstated," Stevens wrote.
Merrill Lynch spokesman Bill Halldin said, "The fact that the court was unanimous confirms what we said from the start: This case had no merit."
The court's ruling did not end part of the lawsuit that involves employee claims of lost income due to Merrill Lynch fraud.
New Justice Samuel Alito did not participate in the case because it was argued before he joined the court.
The case is Merrill Lynch v. Dabit, 04-1371.
___
On the Net:
Supreme Court: http://www.supremecourtus.gov
MP3 Used to Measure Inflation in Britain
Mon Mar 20, 12:39 PM ET
LONDON - Those who keep track of consumer spending in Britain are keeping up with changing tastes — the MP3 digital music player has replaced the CD player on the list of goods used to measure inflation.
The Office of National Statistics said more Britons now use MP3s than the once-popular personal CD player.
Dixons, a chain of electronics stores, said it sold an MP3 player every three seconds last Christmas season.
"The MP3 player has become the default amongst music devices," said Hamish Thompson, a Dixons spokesman. "It is definitely the format of the future."
The statistics office also added flat-screen televisions, digital camcorders and Internet music downloads to its "shopping basket" of goods.
The office updates the list of 650 representative goods and services it uses to measure inflation every year. It collects about 120,000 prices on the items every month from stores around the country.
Sting: Agreed. I'm patiently (actually, not so patiently anymore) waiting for an in depth explanation of what SCMI is doing on these "alternative" fronts, but it sure seems like we've been waiting a hell of a long time doesn't it?
RoxinCa: Good read. Thanks for that. Glad this topic sparked some interest. My position is simply this: There is a major paradigm shift in the way the music business, as a whole (and I'm talking from signing the artist all the way down to when the consumer pops their CD into their player at home), does business. If these record labels don't get with the program and revamp the system (most importantly the music sale and distribution system), they're going to lose a bunch of money and ground to people that are already thinking outside the box.
I believe that the CD will be around for a while, but I definately feel that it will be in a diminished capacity. The article that you posted has a great line in it:
Highlight benefits? Promote sales of physical music? Preserve the value? Is such a notion possible in a rapidly digitizing world? The conclusion of the NPD Group: maybe.
The key word there is "maybe". Anything is possible, but the question should be, "Is it likely?" In my opinion, the answer to that is no, but we'll see.
SCMI can still thrive, but like I've been saying for a while now, I pray that they're moving a bunch of those eggs into some other baskets. Still waiting for news on that though.
GC: Thanks for that. I was pretty sure that anyone author with any integrity would have to mention the facts which you highlighted. Thanks again!
Howdy: Although I don't agree with Kenco's assessment of CD's "whitering" quite just yet, the fact of the matter is that CD sales are down (not just in the US, but worldwide). That's a fact that's undisputable.
In the article that you referenced, they say that teen CD sales are up 5% (which is the first time I've seen anything like that stated anywhere by anyone......and believe me, I look for these types of articles because that's how I eat), but it fails to point out that teens have the least amount of disposable income to spend. To me, that smacks of a bit of "spin". In addition, NARM is an organization for record labels and record stores, not online music sites (to the best of my knowledge at least). The article you referenced gives the impression that NARM is trying to "rally the troops" around the curret CD market model.
Not saying that the article is dishonest or wrong by any means, but if you stop and look at the big picture, I think most would agree that the days of the current CD market model are numbered.
M.F.: Thanks! eom
French plan would open iTunes to other devices By Astrid Wendlandt
2 hours, 51 minutes ago
PARIS (Reuters) - France is pushing through a law that would force Apple Computer Inc to open its iTunes online music store and enable consumers to download songs onto devices other than the computer maker's popular iPod player.
Under a draft law expected to be voted in parliament on Thursday, consumers would be able to legally use software that converts digital content into any format.
It would no longer be illegal to crack digital rights management -- the codes that protect music, films and other content -- if it is to enable to the conversion from one format to another, said Christian Vanneste, Rapporteur, a senior parliamentarian who helps guide law in France.
"It will force some proprietary systems to be opened up ... You have to be able to download content and play it on any device," Vanneste told Reuters in a telephone interview on Monday.
Music downloaded from Apple's iTunes online music store currently can only be played on iPods.
The law, if enacted, could prompt Apple to shut its iTunes store in France, some industry observers say, to keep from making songs vulnerable to conversion outside France, too.
"The person who will have converted iTunes songs will be able to make it available elsewhere," Marc Guez, head of the French Collecting Society for Music Producers rights (SCPP) told Reuters.
Apple officials in France and Britain did not return calls seeking comment.
The law would also mean that other online French music retailers such as Fnac, part of PPR, would have to make iTunes songs available on their Web sites.
DIGITAL SALES BOOST
Vanneste said the draft law aimed to fight piracy, encourage the development of the online digital music market in France and benefit legal online music retailers.
Record sales tumbled 8 percent in France last year while digital music sales rose fivefold.
Digital sales comprised 5.3 percent, or 259 million euros ($309 million), of total 2005 revenue for Universal Music Group, the world's largest record company, which is owned by the French group Vivendi.
Under the latest version of the proposed law, people who download material illegally would be subject to a fine of 38 euros and those sharing illegally downloaded material with others would be subject to a fine of 150 euros.
People who make and sell software for illegal file-sharing and content downloading would remain subject to a maximum fine of 300,000 euros and prison sentences of up to three years.
Police agents can monitor music exchange Web sites and trace back the email address of beneficiaries by asking the Internet service provider for it through a court order.
The proposed law would also secure private copies of legally downloaded material, but the number of private copies could be limited and have yet to be determined. DVDs are expected to be excluded from the law, Vanneste said.
The new legislation is triggered by France's need to transpose the European directive on copyrights into its own body of law, which it failed to do by the December 2002 deadline.
Vanneste said France and Spain were the only two EU countries which had yet to make the move.
Guez, from the rights group, said the law would probably not come into force until June. It would still need approval by the Senate, the upper house.
An earlier amendment that would have legalized the use of peer-to-peer networks to download songs and films for a flat monthly fee of several euros has been shelved, Vanneste said.
That proposal was fiercely opposed by music artists, film production houses and record companies.
Some legalized versions of peer-to-peer networks are starting to crop up, however, including one expected to be launched in Germany by Warner Bros, part of Time Warner Inc.
lobo: You crack me up!!! Wish you dropped in more. eom
sahd: Great point. I'm sure BMG doesn't want to be in bed with a company that may have trouble keeping it's doors open if things don't get moving somewhere along the lines (and soon). A small PR to reaffirm their commitment to us would go a loooong way right now.
JR: I'm not sure if I understood you correctly, but it sounds to me like you're saying that you're not concerned that the merger hasn't taken place yet. If so, how come? Are you not wondering how the profits from your stock dividends were used since they weren't used to the fund the merger? Is it going to concern you when they come to us and tell us that they have to increase the share count again because the profits from our dividends (which again....was supposed to fund the merger and it still hasn't happened yet) has been spent already?
This company has been terribly mismanaged (?) for a good long time now and I'm waiting to see our new captain make some moves or, at very least, tell us what moves he plans to make. I'm actually interested in the two latest PR's, but as usual, they don't have substance to make them solid. Holdingthebag makes a valid point. How are we going to pay for new board members?? How do they plan on getting the price up to a point to force a short squeeze??? We get statements, but end up with nothing but questions from SCMI. We're at the lowest point we've been in at least 3 years. Whats the plan to turn this around and when do we start implementing it?
New SEC Guidelines Shield Shareholders
I think this may be important to many here!
New SEC Guidelines Shield Shareholders
Sat Jan 28, 12:55 PM ET
NEW YORK - How can the Securities and Exchange Commission punish corporate crime without punishing shareholders? The scandals of the bubble years ended with record corporate penalties and restitution payments. WorldCom Inc. alone was ordered to repay $750 million. Under laws passed after the scandals, the fines were returned to the shareholders whose investments evaporated when the companies crashed and their stock prices plunged.
But even hundreds of millions of dollars in fines at the corporate level did little to compensate shareholders.
So the SEC says it may turn to the individuals convicted of corporate wrongdoing for further restitution for investors.
At the beginning of January, the SEC issued a statement on financial penalties for corporations, saying it will look at "whether the issuer's violation has provided an improper benefit to shareholders, or conversely whether the violation has resulted in harm to shareholders.
"Where shareholders have been victimized by the violative conduct, or by the resulting negative effect on the entity following its discovery, the commission is expected to seek penalties from culpable individual offenders acting for the corporation," the statement said.
The guidelines are meant to bring "clarity, consistency and predictability" to the SEC's enforcement efforts, agency Chairman Christopher Cox said at a news conference.
As SEC Commissioner Paul S. Atkins said in a Jan. 19 speech before the Securities Regulation Institute in San Diego, "In financial fraud cases, shareholders, who are the ultimate owners of the corporations on which we impose these penalties, may have already been punished through reputational and stock-price damage."
Atkins called the SEC's statement "a more rational and systematic approach to deciding whether to impose penalties on shareholders."
Not everyone is impressed.
"The statement is so general, it really doesn't tell you much," said Peter J. Henning, a former senior attorney for the division of enforcement at the SEC who is now a law professor at Wayne State University in Detroit. "It's kind of what everyone knew already: If you cooperate, it's going to help you. If senior management were involved, it's going to be a problem. How extensive the wrongdoing was and what timeframe it covered will be considered."
There's been a push-pull within the SEC on penalties, with the commission's Democratic members in favor of penalties and its Republican members opposed.
For investors, there is no punishment for corporate crooks that will make them whole.
Take the case of John Rigas, the founder of Adelphia Communications Corp., which imploded after Rigas and his sons diverted $1.9 billion from the company for personal use. John Rigas and son Timothy were sentenced to jail terms last year. Both are appealing, but even if they do their time, shareholders in Adelphia, a cable company that went bankrupt, will still have dramatically shrunken portfolios.
The SEC imposed fines and restitutions totaling $715 million from Adelphia, but it didn't come close to pulling investors out of the red. The company's peak market cap, before the scandals and subsequent bankruptcy, was $8.4 billion.
What's the best way to punish corporate crimes?
"I wish I knew," Henning said. "To this point, no one has come up with one. ... It's so much easier if someone steals your purse."
Music Sales Are Booming on Internet
2 hours, 56 minutes ago
LONDON - Worldwide sales of music via the Internet and mobile phones hit $1.1 billion last year, triple 2004 sales and accounting for 6 percent of global record company revenues, the industry said.
The London-based International Federation of the Phonographic Industry, or IFPI, said music fans around the globe downloaded 420 million single tracks in 2005, more than double the 156 million downloaded the previous year.
"2005 was the year that the digital music market took shape," said IFPI Chairman John Kennedy.
The IFPI also called on Internet Service Providers, or ISPs, to join the fight against music piracy, which it claims severely erodes the profits of its 1,450 member record companies across the globe.
The IFPI added that the legitimate music business was gradually gaining ground on digital piracy. It said research showed that in Europe's two biggest digital markets — Britain and Germany — more music fans are now legally downloading music than illegally file-swapping.
A series of lawsuits against piracy by the IFPI has so far largely targeted individual song swappers for breach of copyright rather than ISPs, which can claim that they have no knowledge of any piracy occurring on their networks.
Kennedy, who said he approached prominent ISPs a year ago about a coordinated response and has received "effectively a zero response," put them on notice Thursday that the IFPI would consider litigation if they did not join the fight against piracy.
http://news.yahoo.com/s/ap/20060119/ap_on_hi_te/downloading_music
Lobo: Keep up the good work. Your new signature owns.
kenco: Then what does that make Macrovision's product?
Sony May Settle CD Lawsuit China Martens, IDG News Service
Tue Jan 3, 8:00 AM ET
Sony BMG Music Entertainment is hoping to put some of the heat behind it caused by security flaws made public in early November in the controversial copy-protection software the vendor was shipping on some of its CDs. Together with SunnComm International and First 4 Internet, Sony has tentatively agreed to a settlement in a nationwide class-action lawsuit about the security flaws, according to court documents released last week.
Lawsuits from consumers begun to fly in mid November after it was revealed that Sony had been installed copy protection software on some of its music CDs which could leave a purchaser's PC vulnerable to security attacks. The software, XCP (Extended Copy Protection), designed by First 4 Internet, was also very difficult to remove. After weeks of criticism, Sony announced plans to remove the CDs containing XCP and launched an exchange program so consumers could trade in their XCP CDs for discs without the copy-protection software.
The class-action lawsuits from around the U.S. were consolidated into a single case--Sony BMG CD Technologies Litigation--pending in the U.S. District Court for the Southern District of New York. At the same time, a number of U.S. states, including New York, have been looking into Sony's use of XCP, with the company already being sued by the Texas Attorney General.
Sony begun including the XCP software in some of its CDs in January 2005. The company has also been shipping CDs containing SunnComm's MediaMax content protection software since August 2003, according to the court documents. More than 15 million CDs are believed to contain XCP or MediaMax, the court documents state.
What Happens Next
If the proposed settlement is approved by the court, it would resolve the claims in the class-action lawsuit that Sony, SunnComm, and First 4 Internet engaged in deceptive conduct in designing, manufacturing and selling CDs containing XCP and MediaMax software without fully disclosing the limitations the software imposed on the use of the CDs and the security vulnerabilities the software creates, according to the court documents.
The proposed settlement would enable consumers who bought, received, or used a Sony CD loaded with XCP to exchange the disc for a replacement CD, an MP3 download of the same album, and either a cash payment of $7.50 and one free album download or three free album downloads. Consumers who have a CD containing MediaMax 5.0 will receive a free MP3 download of the same album and one additional free album download, while those with CDs containing MediaMax 3.0 software will receive a free MP3 download of that same album.
The proposed class action settlement also requires the three companies to stop manufacturing Sony BMG CDs with XCP or MediaMax 3.0 or 5.0 software and to make available updates to fix all known security vulnerabilities caused by the products. The companies would also provide software programs to uninstall XCP and MediaMax safely and agree to fix any future security vulnerabilities that may be discovered in MediaMax and any other content protection software installed on Sony BMG CDs, according to the court documents.
The companies also pledge to provide independent verification that personal information about users of Sony BMG CDs has not and will not be collected through XCP or MediaMax. They also will ensure that any other content protection software they may use in the future will be clearly disclosed, independently tested and readily uninstalled, according to the court documents.
http://news.yahoo.com/s/pcworld/20060103/tc_pcworld/124143
zap: "The user can now copy at will where permitted by
their court-mandated rights"
The above statement is key. Still no hard set of rules for what or how consumers can or can't copy. This will be addressed very soon IMHO and the catalyst will be Hollywood. I heard today on the news that movie attendance was down 8.5% this year. That translates to a loss of $400 million dollars, which a large amount of the blame was assigned to illegal downloads. Rest assured that Hollywood is going to do something about illegal downloaes this year and the music industry will benefit from Hollywood's clout.
cgi: Same to you! eom
cgi: I agree it's a tough call, but I'm going by what the settlement actually says. Here's the link:
http://www.girardgibbs.com/sonysettlementagreement.pdf
Again, they could have simply agreed to not use Mediamax products at all. Why specify versions?
The USA Today article you posted does say, "The label had said it wouldn't recall SunnComm's MediaMax CDs, but now says it will stop making them." My question is, "Where did USA Today get that from?" There's no quote by anyone from the company referenced. There's no reference to a Sony/BMG PR stating this. This wouldn't be the first time the media had gotten information wrong.
Now I'm no SCMI cheerleader (that's for sure), but until I see something definitive from the company saying that Mediamax is no longer going to be in use, I'll believe that Versions 3.0 and 5.0 are out and I'll continuing looking for Version 6.0.
Kenco: "and now that customer is stating that they are no longer using the company product"
Wrong. They said they are no longer using certain VERSIONS of Mediamax. If they planned on not using Mediamax at all they simply would have said so and not specified not using certain VERSIONS. Nice try though.
zstevek: I'm aware of Secure Burn and our Track Level Protection, which is fantastic, but if we don't penetrate the CD market with it before the pendulum swings the way of downloads, what good will it do us? Kiosks will help us if they ever catch on, but we already had what was supposed to be a massive kiosk deal. When was the last time you heard anything about it? Now, if we can get this technology applied to download sites, that would most likely be very profitable for us, but have you heard of any strides we've made in that department? I haven't.
tdj: Agreed. Penetration is the primary goal, but that's my point. Although we are making strides in penetrating the CD market (happy with the progress our not, no one can argue that we don't have more "Mediamaxed" CD's on the market than last year), the speed that at which we are doing it is troubling to me. Personally, I believe that a definate momentum shift from CD's to downloads will be evident in a maximum of 2-3 years time, so IMHO, it would make more sense to at least split our focus and put an even amount of effort into DVD's as we do with CD's. I'd like to hear some fresh news on the DVD front and what we're doing to crack that market wide open. Thanks for the banter!
The $6 Billion in CD sales and $325 Million in downloads is most likely inaccurate. You missed this point in the article:
"Full-album downloads are counted under album sales along with other formats. Most digital downloads reflect single-track purchases."
That $325 million number (assuming we're using Itunes pricing) is for singles only. We don't know how many full album downloads helped inflate the analog format total.
I do agree that the CD format still has some life in it, but you have to recognize that a 148% increase in downloads (and we're only speaking about singles) is a MASSIVE number. If that trend continues, are you comfortable with SCMI having their primary focus on the CD market, especially since we fell, what I can only imagine is, far short of management's projected goal of "Mediamaxed" CD's this year (this is IMHO, since we don't have numbers on that, but I think most here accept that our goals were not met)? Our "window of opportunity" is closing. How fast is debatable. The question is, "Are we climbing through the window fast enough to make our pursuit of a dominate position in the CD market a viable, profitable goal?"
U.S. Music Album Sales Down 7 Percent
By ALEX VEIGA, AP Business Writer
52 minutes ago
LOS ANGELES - U.S. album sales were down about 7 percent as 2005 drew to a close, but the budding market for music downloads, which more than doubled over last year, helped narrow the revenue gap, according to figures released Wednesday.
Album sales from January through the week ending Dec. 25 stood at 602.2 million, compared with 650.8 million for the same period last year, according to Nielsen SoundScan.
Combined, album and singles sales fell about 8 percent over the same time last year. More than 95 percent of music is sold in CD format.
Downloaded tracks from online retailers soared to 332.7 million this year, compared with 134.2 million in 2004, an increase of 148 percent.
While good news for recording companies looking to expand download sales, it doesn't bode well for music retailers relying on customers to buy music CDs rather than digital downloads to turn a profit amid declining sales.
"More and more we're seeing customers switch to downloads or burning CDs from their friends," said Jesse Klempner, owner of Aron's Records in Hollywood. "The last couple of years we've been hanging on by our teeth."
The top three best-selling albums of 2005 through Dec. 21 were rapper 50 Cent's "The Massacre," which had sold 4.8 million copies, followed by Mariah Carey's "The Emancipation of Mimi" with 4.6 million sold, and Kelly Clarkson's "Breakaway," which sold 3.3 million units, Nielsen SoundScan said.
Full-album downloads are counted under album sales along with other formats. Most digital downloads reflect single-track purchases.
Sales of music-related videos, another key revenue source for brick-and-mortar retailers, plunged 23 percent over the same time last year, Nielsen SoundScan said.
Holiday shoppers helped pump up music download sales figures with some last-minute shopping, buying 9.6 million downloads — the biggest sales week ever for digital downloads, according to the company.
Music lovers bought 5 million tracks during the same week last year.
Final 2005 figures won't be available until Jan. 4, 2006. The last week of the year typically sees a boost in music sales as gift certificates or other promotions given out for the holidays are spent. Those additional sales could help narrow the sales gap further.
http://news.yahoo.com/s/ap/20051229/ap_en_mu/music_sales
So SCMI, how's that DVD protection looking? Good I hope, because our window of opportunity is closing. Time IS NOT on our side in regards to CD's, so I hope plan B is getting ready to get into full swing sometime in the near future. All IMHO.
itesprit: Yes...he mentioned it, but IMHO, he can mention anything without proof. How is it generating $200K a year? Who is licensing these films from us and for what usage? He can say anything, but without showing the books, it's talk. Now, if he were to say Company X used Movie D for Broadcast E, that would say something. He doesn't have to document every movie ever used. Just some examples would be good enough for me.
Island: I sure can't give you one with more potential, but potential isn't something that you can cash. Don't get me wrong. I believe that QBID will succeed, but that's really not the question for me. IMHO, the question is, "Will today's QBID investor's reap rewards of real value from tommorow's QBID?" I see r/s or a spin off in the future. IMO, either way, today's investor's will be hurt immensely.
Thanks for the back and forth today!
island: So as long as he keeps the carriers happy, investors be damned? Interesting concept, but I respect your opinion none the less. Aloha back to you!
island: So as long as he keeps the carriers happy, investors be damned? Interesting concept, but I respect your opinion none the less. Aloha back to you!
island: Thanks for the reply and I respect your opinion. From my view, it just seems that you and a handful here are prepared to give Frank a pass on everything and I simply can't comprehend why.
Yes...Frank has taken his idea from a thought to reality and he gets credit for that, but that simply isn't enough for investors. IMHO his decisions are questionable. We are still yet to hear about how purchasing NTI is actually helping us (any new deals struck, revenue generated, etc). How about that film library? Who, if anyone is paying us for their use? What kind of revenue is it generating? What movies are even in the library? Aren't these questions that we should have already had some sort of answer for?
At very best, his credibility is zero based soley on his track record (meaning following through on what he says he will AND in the time frame he lays out). I find fault with his constant ability to set up a scenario where 1) he fails to achieve or 2) he fails to achieve a goal in a time frame that HE HIMSELF SETS. The prime example is the audit. Why mention a time frame if you're not sure you're going to achieve the set goal within it (especially since this is a theme that occurs on the regular)? That's just a sign of cluelessness. I understand things happen, but with Frank the not following through is the rule, not the exception.
Even though we're on opposite sides of the tracks regarding QBID, I respect what you've had to say about the company since you always offer clear, thought out posts, but having said that, I'm left to wonder when enough will be enough for you and those like you.
p.s. I agree that investors shouldn't have an expectation of an explanation for EVERY move the company makes, however, I believe we should have an expectation of an explanation for the big things, especially when the pps is in a free fall. JMHO
island: Good post. I'm curious though. Do you not feel the least bit that management has been less than truthful with you? You've been here a long time and you've seen alot of statements come from the company. Are you content to let those untruths go or do you simply not see them as untruths? For example, the CC was while ago and still no audit, when it was supposed to be in it's very last stages. Do you not feel like you've been strung along on that point at least?
cgi: LOL...only thing to come is more FOS statements from management. I want to see and hear how they plan to string investors along for another year without actually doing anything. They already did a "conference commercial" and that didn't work. Dangle more merger news? I think that tank is running close to dry. Another 145 million CD projection? That bullet missed it's target. An audit? Wait....I can't even ask that with a straight face. Well....there's fresh blood in the office. I'm sure they'll get creative. Once again....All JMHO.
p.s. Where are the Koch releases?
fenian: Quite possible. Again, time will tell. eom
real: Assuming the line that they've been feeding us about being profitable by Q2 2006 is true (which I have my doubts about of course), I would support a loan without a doubt! I'd aim to cut the o/s by no less than half (half of what actual number, we'd all like to know). I would also like to see that happen before the audit numbers are released, so we can actually SEE that the loan money went to reducing the o/s. IMHO, it's the only way to at least start to get back on track. This thing is turning into a bloated hog that won't be able to be moved without an R/S if something isn't done soon. Actually, it may already be too late. IMHO, I think the decision has already been made to spin QTV into a new entity and I fear that leaves TMM holders in a terrible position. How bad? Time will tell. Again, JMHO.
real: Easy.....it's called a loan. Banks give them all the time. This is taken from the Q website investors page (The Reflections Of A CEO crap):
"As I reflect further, I believe that Q Television will be profitable by the end of the 2nd quarter of 2006."
If you swallow that nonsense, a bank should have zero problem approving Q for a loan, provided of course that Frank can prove the above claim. In addition, if the stuff we've acquired is really worth anything (teleport, movies, etc.), we should have plenty of collateral.
Maybe new shares were issued to buy this?
http://www.qtelevision.net
ROFL (to hide the pain of course)!
Zandant: Actually, I don't care who does it....Olsen, Richard, Michael Jackson, Elton John....somebody....just put the brakes on issuing shares and start buying them back (for real)!
migs: I think the majority of us here have seen time and time again that technicals in regards to the Q don't really tell us a whole lot (IMVHO). The only technical that seems to matter for the last year or so is that if we fall, we're going to fall lower. Unfortunately, it doesn't work the other way around (if we climb, we keep climbing). All the other technicals have basically been meaningless. Again, all MVHO.
Me? Naw...just thought I'd confirm that Abe was a live and kicking for ya.
Nope...he's on Conan all the time. eom
stehvestor: May be more than one funding source. eom